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): March 1, 2007
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MAGYAR BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-51726 20-4154978
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(State or other jurisdiction (Commission File No.) (IRS 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:
[ ] 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 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 1, 2007, the Compensation Committee of the Board of Directors
approved the granting of stock options and restricted stock awards to the named
executive officers and directors of Magyar Bancorp, Inc. (the "Company") listed
below:
Executive Officer or Director Number of Options Number of Shares of Restricted Stock
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Elizabeth E. Hance 49,250 25,000
Jon R. Ansari 32,500 15,400
John S. Fitzgerald 32,500 15,400
Joseph J. Lukacs, Jr. 11,348 5,447
Thomas Lankey 10,212 4,902
Andrew G. Hodulik 10,212 4,902
Martin A. Lukacs 9,076 4,357
Salvatore J. Romano 9,076 4,357
Edward C. Stokes, III 9,076 4,357
Joseph A. Yelencsics 9,076 4,357
The grants were made in accordance with the terms of the 2006 Equity
Incentive Plan, which was approved by the Company's stockholders at the February
12, 2007 annual meeting of stockholders. All of the options vest in equal
installments over a five-year period, commencing one year from the date of the
grant (March 1, 2007) and have an exercise price of $14.61 per share, which was
the final reported sales price of the Company's common stock on the Nasdaq
Global Market on March 1, 2007, the date of the grant. The restricted stock
awards also vest in equal installments over a five-year period, commencing one
year from the date of the grant (March 1, 2007). The vesting of the options and
restricted stock awards accelerate upon death or disability, involuntary
termination of employment following a change in control and upon consummation of
a second step conversion of Magyar Bancorp, MHC. The grants have other terms and
conditions consistent with the 2006 Equity Incentive Plan. Including the options
and restricted stock shares granted with respect to the above-named officers and
directors, a total of 217,826 options and 103,479 shares of restricted stock
were granted to directors, officers and employees of the Company.
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: March 7, 2007 By: /s/ Jon R. Ansari
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Jon R. Ansari
Senior Vice President and
Chief Financial Officer