8-K 1 b409478_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 26, 2005 SANDY SPRING BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 000-19065 52-1532952 (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) Identification No) 17801 Georgia Avenue, Olney, Maryland 20832 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (301) 774-6400 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 October 26, 2005, the Option Committee of the Board of Directors of Sandy Spring Bancorp, Inc. (the "Company") determined to modify the options for common stock of the Company granted by it under the Company's 1999 Stock Option Plan to officers and directors on December 15, 2004, in order to cause them to be fully exercisable on December 15, 2005. As originally granted, such options were exercisable 1/3 on the date of grant, 1/3 on the first anniversary of the date of grant, and 1/3 on the second anniversary of the date of grant. No other modifications were made in these options. All of these options expire on December 15, 2014. The following table shows the total number of shares issuable upon exercise of the options granted on December 15, 2004 and the number of shares for which exercisability was accelerated, as described above, for each executive officer and director of the Company and for all executive officers and directors as a group.
------------------------------- ---------------------------- ---------------------------- ---------------------------- SHARES FOR WHICH OPTION TOTAL SHARES ISSUABLE UPON EXERCISABILITY WAS EXERCISE OF OPTIONS ACCELERATED FROM GRANTED ON DECEMBER 15, DECEMBER 15, 2006 TO NAME POSITION 2004 DECEMBER 15, 2005 ------------------------------- ---------------------------- ---------------------------- ---------------------------- John Chirtea Director 1,599 533 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Mark E. Friis (a) Director 0 0 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Susan D. Goff Director 936 312 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Solomon Graham Director 1,275 425 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Gilbert L. Hardesty Director 1,559 520 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Hunter R. Hollar Director, Executive Officer 18,650 6,217 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Pamela A. Little (a) Director 0 0 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Charles F. Mess Director 1,299 433 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Robert L. Mitchell Director 1,314 438 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Robert L. Orndorff, Jr. Director 1,567 522 ------------------------------- ---------------------------- ---------------------------- ---------------------------- David E. Rippeon Director 1,125 375 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Craig A. Ruppert Director 1,275 425 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Lewis R. Schumann Director 1,512 504 ------------------------------- ---------------------------- ---------------------------- ---------------------------- W. Drew Stabler Director, Chairman of the Board 2,242 747 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Frank L. Bentz, III Executive Officer 6,050 2,017 ------------------------------- ---------------------------- ---------------------------- ---------------------------- R. Louis Caceres Executive Officer 6,050 2,017 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Ronald E. Kuykendall Executive Officer 6,050 2,017 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Philip J. Mantua Executive Officer 6,050 2,017 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Daniel J. Schrider Executive Officer 6,625 2,208 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Frank H. Small Executive Officer 11,250 3,750 ------------------------------- ---------------------------- ---------------------------- ---------------------------- Sara E. Watkins Executive Officer 6,050 2,017 ------------------------------- ---------------------------- ---------------------------- ---------------------------- All executive officers and directors as a group 82,478 27,493 ------------------------------- ---------------------------- ---------------------------- ----------------------------
(a) Persons not in office at December 15, 2004. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. . Not applicable 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. SANDY SPRING BANCORP, INC. By: /s/ Hunter R. Hollar ------------------------- Hunter R. Hollar President and Chief Executive Officer Dated: October 27, 2005