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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 8, 2005
COMMUNITY FIRST BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Maryland 0-50322 36-4526348
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2420 North Main Street, Madisonville, KY 42431
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (270) 326-3500
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Not Applicable
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(Former name or former address, if changed since last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)).
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INFORMATION TO BE INCLUDED IN REPORT
Item 1.02 Termination of a Material Definitive Agreement
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On December 8, 2005, all outstanding options under the Community First
Bancorp, Inc. 2004 Stock Option Plan were cancelled. Each option holder executed
a cancellation agreement with the Registrant pursuant to which the option
holders agreed to the cancellation of their options without the payment of my
consideration. Option holders agreed to the cancellation of their options to
allow the Registrant to avoid the recognition of expense on future vesting of
these options. Pursuant to the cancellation agreements, the following directors
and executive officers cancelled the number of options beside their names.
Number of Options
Name and Position Cancelled
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William M. Tandy, President and Chief Executive Officer 6,943
Michael D. Wortham, Chief Financial Officer, Treasurer and Secretary 2,777
Steven E. Carson, Director 1,043
J. Craig Riddle, Director 1,224
Ralph T. Teague, Director 1,224
Charles G. Ramsey, Director 609
Paul W. Arison, Director 898
Charlotte E. Baldwin, Director 1,043
C. Barry Vaughn, Director 681
Item 9.01 Financial Statements and Exhibits
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(c) Exhibits. The following exhibits are filed with this report.
Exhibit 10.1 - Form of Option Cancellation Agreement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMMUNITY FIRST BANCORP, INC.
Date: December 8, 2005 By: /s/William M. Tandy
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William M. Tandy
President and Chief Executive Officer