-----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, LoMXPbaCtimThbi8Ki+0fBUavLX6vbgoC6EoRXyMRWjdolGsq0TJoYC/PHABz7CY a94rVdnyu3nZcGJSbtLDUg== 0000755933-05-000052.txt : 20051024 0000755933-05-000052.hdr.sgml : 20051024 20051024165857 ACCESSION NUMBER: 0000755933-05-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051024 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20051024 DATE AS OF CHANGE: 20051024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERCHANGE FINANCIAL SERVICES CORP /NJ/ CENTRAL INDEX KEY: 0000755933 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222553159 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1205 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10518 FILM NUMBER: 051152591 BUSINESS ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: ATTN INTERCHANGE STATE BANK CITY: SADDLE BROOK STATE: NJ ZIP: 07662 BUSINESS PHONE: 2017032265 MAIL ADDRESS: STREET 1: PARK 80 WEST STREET 2: PLAZA II CITY: SADDLE BROOK STATE: NJ ZIP: 07663 FORMER COMPANY: FORMER CONFORMED NAME: INTERCHANGER STATE BANK DATE OF NAME CHANGE: 19870416 FORMER COMPANY: FORMER CONFORMED NAME: INTERCHANGE FINANCIAL SERVICES CORP DATE OF NAME CHANGE: 19861209 8-K 1 acceleration8k.txt ACCELERATION OF OPTIONS 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): October 18, 2005 INTERCHANGE FINANCIAL SERVICES CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) New Jersey ---------- (State or Other Jurisdiction of Incorporation) 1-10518 22-2553159 ------------------------ ------------------------------------ (Commission File Number) (I.R.S. Employer Identification No.) Park 80 West/Plaza Two, Saddle Brook, New Jersey 07663 ------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (201) 703-2265 -------------- (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 (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 October 18, 2005, the Board of Directors of Interchange Financial Services Corporation (the "Company") authorized the accelerated vesting of 564,528 stock options, representing all unvested stock options on such date. The number of shares and exercise prices of the options subject to the acceleration are unchanged. The remaining terms for each of the options granted remain the same. The accelerated options included 313,875 options held by executive officers as identified in the Company's March 30, 2005 proxy statement, 57,000 options held by non-employee directors and 193,653 options held by other employees. Based on the Company's closing stock price of $15.89 per share on October 18, 2005, 19.5% of the total accelerated options have exercise prices above the closing market price at the time of acceleration of which almost all would have vested by the end of January 2006. All of the accelerated options have exercise prices between $11.33 and $17.64 per share, with a total weighted average exercise price per share of $16.09. The Company's decision to accelerate the vesting of these options was part of an on-going review by the Compensation Committee of the Board of Directors of the Company's incentive compensation programs and upcoming changes in the accounting for stock options. 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. Date: October 24, 2005 Interchange Financial Services Corporation By: /s/ Charles T. Field ------------------------------------ Name: Charles T. Field Title: SVP & Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----