SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 1, 2006
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Date of Report (Date of earliest event reported)
BUCS Financial Corp
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(Exact name of Registrant as specified in its Charter)
Maryland 000-32437 52-2265986
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(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification Number)
10455 Mill Run Circle, Owings Mills, Maryland 21117
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 998-5304
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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:
|_| Written communications pursuant to Rule 425 under the Securities Act
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
BUCS FINANCIAL CORP
INFORMATION TO BE INCLUDED IN REPORT
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Item 1.01 Entry into a Material Definitive Agreement
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On February 23, 2006, the Compensation Committee ("Compensation
Committee") of the Board of Directors of BUCS Financial Corp (the "Company")
approved a 2006 performance incentive plan for its President and Chief Executive
Officer, Mr. Herbert J. Moltzan, based upon a variety of performance criteria,
including earnings per share growth, return on equity, deposit growth and other
factors. The target bonus for Mr. Moltzan for 2006 performance, payable in 2007,
is $23,032 payable as a cash bonus and $50,000 as a deferred payment under a
supplemental retirement plan.
Previously, the Board of Directors approved a bonus payout in 2006 to
Mr. Moltzan for 2005 performance in the amount of $33,588 as a cash bonus and
$42,500 as a deferred payment under the supplemental retirement plan.
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, thereunto duly authorized.
BUCS FINANCIAL CORP
Date: March 1, 2006 By: /s/Matthew J. Ford
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Matthew J. Ford
Senior Vice President and Chief Financial
Officer