-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LQmcOb6LMTnCYUjr7KhycWJGJspAc7icNfNM+bAPTF6bD6PFSh665NSiYnzmvWT4 2tQFaiZ07fUfc0sBZv2CGw== 0001193125-07-031662.txt : 20070214 0001193125-07-031662.hdr.sgml : 20070214 20070214153130 ACCESSION NUMBER: 0001193125-07-031662 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070214 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20070214 DATE AS OF CHANGE: 20070214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLD POINT FINANCIAL CORP CENTRAL INDEX KEY: 0000740971 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 541265373 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12896 FILM NUMBER: 07619591 BUSINESS ADDRESS: STREET 1: 1 WEST MELLEN ST CITY: HAMPTON STATE: VA ZIP: 23663 BUSINESS PHONE: 7577281247 MAIL ADDRESS: STREET 1: 1 WEST MELLEN ST CITY: HAMPTON STATE: VA ZIP: 23663 8-K 1 d8k.htm FORM 8-K FORM 8-K

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): February 14, 2007

OLD POINT FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

Virginia   000-12896   54-1265373
(State or other jurisdiction of   (Commission   (IRS Employer
incorporation)   File Number)   Identification No.)

1 West Mellen Street

Hampton, Virginia 23663

(Address of principal executive offices) (Zip Code)

(757)728-1200

(Registrant’s telephone number, including area code)

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:

 

¨ 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 February 13, 2007, the Board of Directors of Old Point Financial Corporation approved the 2007 target bonuses and performance goals for the Company’s named executive officers under the Company’s Executive Incentive Plan as recommended by the Compensation Committee.

Short-Term Cash Incentive Awards. The 2007 performance targets are based on the Bank’s average asset growth (weighting: 10%), the Bank’s average deposit growth (weighting: 10%), the Trust Company’s revenue growth (weighting: 10%), the Company’s earnings growth (weighting: 40%) and a subjective component related to nonfinancial goals as determined by the board (weighting: 20%). Depending on the company’s 2007 performance with respect to these measures, the Company’s named executive officers, among others, may earn a short-term cash incentive award for 2007 in a range from 0% to 23% of their 2007 annualized based salary, subject to adjustment in the discretion of certain officers of the Company.

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.

 

Old Point Financial Corporation
Registrant

Date: February 14, 2007

 

/s/ Robert F. Shuford
Robert F. Shuford
Chairman of the Board
President & Chief Executive Officer
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