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 23, 2009
MAGYAR BANCORP, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-51726 20-4154978
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
400 Somerset Street, New Brunswick, New Jersey 08901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (732) 342-7600
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Not Applicable
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(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 1.02. Termination of a Material Definitive Agreement.
As disclosed in Item 5.02 of this Current Report on Form 8-K, the
employment agreement between Magyar Bancorp, Inc. and Elizabeth E. Hance has
been terminated as of December 23, 2009.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
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On December 23, 2009, Magyar Bancorp, Inc. (the "Company"), the holding
company for Magyar Bank (the "Bank"), issued a press release announcing that its
Board of Directors appointed John S. Fitzgerald as Acting President and Chief
Executive Officer. Elizabeth E. Hance, who served as President and Chief
Executive Officer since January 2005, has resigned from this position and from
the Board of Directors of the Bank and the Company. A copy of the press release
is filed as exhibit 99.1 to this report.
Mr. Fitzgerald, age 45, has served as Executive Vice President and Chief
Operating Officer of the Company and the Bank since October 2007, and prior to
that time was Executive Vice President and Chief Lending Officer. Mr. Fitzgerald
is employed pursuant to the terms of an employment agreement, the material terms
of which are disclosed in the Company's proxy statement dated December 31, 2008.
The employment agreement has not been modified or amended as a result of his
appointment as Acting President and Chief Executive Officer. There are no
transactions between the Company and Mr. Fitzgerald that are required to be
disclosed pursuant to Item 404(a) of SEC Regulation S-K.
Pursuant to the terms of the employment agreement between Ms. Hance and the
Company, and in accordance with a Separation Agreement and General Release dated
December 23, 2009, the departure of Ms. Hance is considered an "Event of
Termination" that entitles her to severance benefits under the employment
agreement. Accordingly, Ms. Hance will receive a cash payment of $792,225 (three
times her base salary) and the continuation of certain insurance coverages for a
period of thirty-six months. The Company and Ms. Hance have agreed to the mutual
release of all claims relating to her employment, and have agreed that the
payments with respect to the 2009 plan year under the supplemental retirement
income agreements are the final payments due. Under the terms of her employment
agreement and under the Separation Agreement, Ms. Hance will be subject to
certain non-competition restrictions for a one year period. The employment
agreement between Ms. Hance and the Company has been terminated.
Item 9.01 Financial Statements and Exhibits
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(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibits.
Exhibit No. Description
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99.1 Press release dated December 23, 2009
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.
MAGYAR BANCORP, INC.
DATE: December 23, 2009 By: /s/ John S. Fitzgerald
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John S. Fitzgerald
Acting President and Chief Executive
Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release dated December 23, 2009