Form 8-K For Event on December 30, 2005
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): December 30, 2005
DIME
COMMUNITY BANCSHARES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
0-27782
|
|
11-3297463
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
209
Havemeyer Street, Brooklyn, New York 11211
(Address
of principal executive offices, including zip code)
Registrant's
telephone number, including area code: (718)
782-6200
None
(Former
name or former address, if changed since last report)
Item
1.01 Entry into a Material Definitive Agreement
On
December 30, 2005, pursuant to authorization granted by the Company's Board
of
Directors on October 20, 2005, Dime Community Bancshares, Inc. accelerated
vesting for 1,141,813 outstanding unvested stock options awarded to outside
directors, officers and employees of the Company or The Dime Savings Bank of
Williamsburgh under the Dime Community Bancshares, Inc. 2001 Stock Option Plan
for Outside Officers Directors and Employees and the Dime Community Bancshares,
Inc. 2004 Stock Incentive Plan. As a part of the acceleration action, the
Company received, prior to December 30, 2005, written consent from its executive
officers to permit previously granted incentive stock options to be
re-designated as non-qualified stock options as a result of income tax
consequences associated with the acceleration of vesting. The re-designation
of
the stock options from incentive to non-qualified for the Company's executive
officers is summarized as follows:
Name
and Title of Executive Officer
|
|
Number
of Options Re-Designated from Incentive to
Non-Qualified
|
Vincent
F. Palagiano, Chairman of the Board
and
Chief Executive Officer
|
|
26,855
|
|
|
|
Michael
P. Devine, President
and
Chief Operating Officer
|
|
26,855
|
|
|
|
Kenneth
J. Mahon, Executive Vice President
and
Chief Financial Officer
|
|
26,855
|
|
|
|
Timothy
B. King, Senior Vice President
and
Chief Investment Officer
|
|
24,038
|
|
|
|
Michael
Pucella, Senior Vice President - Finance
|
|
22,595
|
TOTAL
FOR EXECUTIVE OFFICER GROUP
|
|
127,198
|
Item
9.01 Financial
Statements and Exhibits.
(d)
Exhibits.
The
following exhibits are furnished herewith:
Exhibit
Number
|
|
Description
|
99.1
|
|
Consent
form executed by Messrs: Palagiano, Devine, Mahon, King and Pucella
on or
before December 30, 2005
|
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.
DIME
COMMUNITY BANCSHARES, INC.
/s/
KENNETH J. MAHON
By:
___________________________________________
Kenneth
J. Mahon
Executive
Vice President and Chief Financial Officer
Dated:
January 4, 2006