form8k.htm
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
May
14, 2008
Date of
Report (Date of Earliest Event Reported)
AMES
NATIONAL CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
IOWA
|
0-32637
|
42-1039071
|
|
(State
or Other Jurisdiction of Incorporation
or Organization)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification
No.)
|
405
FIFTH STREET
AMES,
IOWA 50010
(Address
of Principal Executive Offices)
Registrant’s
Telephone Number, Including Area Code: (515) 232-6251
NOT
APPLICABLE
(Former
Name or Former Address, if Changed Since Last Report)
Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On May
14, 2008, the Board of Directors (the “Board”) of Ames National Corporation (the
“Company”) approved performance criteria to be used under the Company’s
Management Incentive Compensation Plan (the “MIC Plan”) for purposes of
determining the amount of deferred salary and performance awards to be paid to
the Named Executive Officers of the Company for the first half of
2008. The performance criteria consists of a “target” figure and a
“cap” figure that are both established based on selected “return on assets”
figures. The “target” return on assets figure is used to determine
whether the Named Executive Officer will receive all of the deferred salary to
which he is entitled for the six-month period. If the actual return
on assets exceeds the “target”, the Named Executive Officer will receive all
deferred salary established for the period and, in addition, will be entitled to
earn additional incentive compensation based on the amount by which the actual
return on assets exceeds the target figure, subject to the “cap” return on
assets (above which no additional incentive compensation is
paid). The MIC Plan is discussed in greater detail in the Company’s
proxy statement filed with the Securities and Exchange Commission on March 19,
2008 in connection with the Company’s 2008 annual meeting of
shareholders.
The Board
established the “target” return on assets figure at 1.06% and the “cap” return
on assets figure at 1.46%. Application of these performance factors
resulted in the following amount of deferred salary and additional incentive
compensation being earned by the Named Executive Officers for the first six
months of 2008 based on the earnings of the Company (or by a subsidiary bank to
the extent that a Named Executive Officer is employed by a subsidiary
bank):
|
Named
Executive Officer
|
|
Deferred
Salary Earned
|
|
|
Additional
Incentive Compensation Earned
|
|
|
Total
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas
H. Pohlman
|
|
$ |
22,485 |
|
|
$ |
23,948 |
|
|
$ |
46,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terrill
L. Wycoff
|
|
$ |
16,323 |
|
|
$ |
13,565 |
|
|
$ |
29,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daniel
L. Krieger
|
|
$ |
13,491 |
|
|
$ |
14,369 |
|
|
$ |
27,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John
P. Nelson
|
|
$ |
13,491 |
|
|
$ |
14,369 |
|
|
$ |
27,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scott
T. Bauer
|
|
$ |
13,603 |
|
|
$ |
11,304 |
|
|
$ |
24,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jeffrey
K. Putzier
|
|
$ |
5,009 |
|
|
$ |
6,084 |
|
|
$ |
11,093 |
|
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.
|
|
|
AMES
NATIONAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
Date: May
20, 2008
|
By:
|
/s/ Thomas H. Pohlman
|
|
|
|
|
Thomas
H. Pohlman, President
|
|
|
|
|
(Principal
Executive Officer)
|
|