8-K 1 ncb-form8k_052606.txt FORM 8-K 05/26/06 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): May 26, 2006 NORTH CENTRAL BANCSHARES, INC. (Exact name of registrant as specified in its charter) Iowa 0-27672 42-1449849 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 825 Central Avenue Fort Dodge, Iowa 50501 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (515) 576-7531 Not Applicable (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)) Item 1.01 Entry into a Material Definitive Agreement On May 26, 2006, the Board of Directors of North Central Bancshares, Inc. (the "Company"), the holding company for First Federal Savings Bank of Iowa (the "Bank"), approved the North Central Bancshares, Inc. 2006 Incentive Award Plan (the "Plan"). (Capitalized terms are defined in the Plan). The Plan was adopted for the purpose of promoting growth and profitability of the Company and the Bank by providing eligible key officers ("eligible officers") with an incentive award opportunity to achieve corporate objectives and by attracting and retaining individuals of outstanding competence by aligning their interests with the interest of the Company in obtaining superior financial results. The Plan provides for an Incentive Award if certain award objectives are accomplished by the eligible officer. The Plan is administered by members of the Compensation Committee of North Central Bancshares, Inc. or First Federal Savings Bank of Iowa who are Disinterested Board Members. Each participant in the Plan is assigned to a participation tier and is assigned company and/or individual objectives that are weighted according to the participation tier. For 2006, the participation tiers and weights assigned to company and/or individual objectives are as follows: Award Objectives ----------- ----------------- ----------------- Tier Company Individual ----------- ----------------- ----------------- 1 100% -- 2 75% 25% 3 50% 50% 4 25% 75% Each participant in the Plan is awarded the opportunity to earn Incentive Units based on the participation tier to which he or she is assigned, the number of which varies with the degree of attainment of the applicable Award Objectives and the value of which is determined by the Committee, as follows: 2 Number of Incentive Units -------- ----------- ----------- ------------ ----------- Tier Threshold Target Above Target Maximum Achievement Achievement Achievement Achievement -------- ----------- ----------- ------------ ----------- 1 3 6 9 12 2 2 4 6 8 3 2 3 4 6 4 2 3 4 6 For 2006, the Committee has assigned each Incentive Unit a value equal to 0.1% (1/10th of 1%) of the Company's 2006 budgeted net income (determined in accordance with generally accepted accounting principles). Where a participant's actual achievement falls between two of the designated levels, the Committee may use interpolation to calculate and pay an intermediate number of Incentive Units. For 2006, the Committee has assigned each of the eligible officers the following participation tiers and Award Objectives:
Award Objectives --------------------------------------------------------------------------------------------------- Executive Officer Tier Company Individual ------------------- -------- ---------------------------------- --------------------------- David M. Bradley 1 Net income or earnings per share. N/A C. Thomas Chalstrom 1 Net income or earnings per share. N/A David W. Edge 3 Net income or earnings per share. Compliance with section 404 of the Sarbanes-Oxley Act of 2002, compliance with the reporting requirements under the Securities Act of 1933, compliance with the reporting requirements under the Securities Exchange Act of 1934, compliance with Generally Accepted Accounting Principles. Kirk A. Yung 4 Net income or earnings per share. Loan production.
Item 9.01 Financial Statements and Exhibits None 3 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. NORTH CENTRAL BANCSHARES, INC. By: ----------------------------------------- Name: David M. Bradley Title: Chairman, President and Chief Executive Officer Dated: May 26, 2006 4