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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): December 9, 2009
OTTAWA SAVINGS BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
United States 0-51367 20-3074627
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
925 LaSalle Street, Ottawa, IL 61350
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(Address of principal executive offices) (Zip Code)
(815) 433-2525
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(Registrant's telephone number, including area code)
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:
[ ] 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))
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
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APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
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CERTAIN OFFICERS.
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On December 9, 2009, the Board of Directors of Ottawa Savings Bancorp,
Inc. (the "Company") announced its determination that, in accordance with the
amended and restated employment agreements by and between the Company and Ottawa
Savings Bank (the "Bank") and Gary Ocepek, President and Chief Executive Officer
of the Company and the Bank; Jon L. Kranov, Senior Vice President and Chief
Financial Officer of the Company and the Bank; and Philip P. Deverman, Vice
President and Chief Lending Officer of the Company and the Bank (the
"Agreements"), the Agreements will not renew for a three-year period, but will
instead expire August 1, 2011. The remaining provisions of the Agreements shall
remain the same through August 1, 2011. The Board's determination was based on
its desire for more flexibility in executive compensation matters. As required
under the Agreements, the Board will continue to review the Agreements annually
to determine whether to extend their terms.
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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.
OTTAWA SAVINGS BANCORP, INC.
(Registrant)
Date: December 10, 2009 By: /s/ Jon Kranov
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Jon Kranov
Chief Financial Officer