UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): December 21, 2005
EMCLAIRE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Pennsylvania 000-18464 25-1606091
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
612 Main Street, Emlenton, PA 16373
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (724) 867-2311
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 1.01 Entry into a Material Definitive Agreement.
On December 21, 2005 the Board of Directors of The Farmers National Bank of
Emlenton ("Bank") adopted the The Farmers National Bank of Emlenton Executive
Management Bonus Program for 2006, which provides for an annual bonus to
executive management employees of the Bank (President, Chief Lending Officer,
Chief Operating Officer, Human Resources Director, and Controller) for the
period from January 1, 2006 through December 31, 2006. Bonuses (based on a
percentage of the executive's annual salary) are based on the Bank achieving a
minimum return on average equity ("ROE"). Executives are eligible for varying
levels of bonuses in the event the Bank achieves targeted levels of ROE (entry
level, goal and maximum).
The plan is administered by the Human Resources Committee and reviewed
annually by the Committee with any changes being recommended to the full Board
of Directors of the Bank for approval
Item 9.01. Financial Statements and Exhibits
Exhibit Number Description
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10.1 Executive Management Bonus Program
SIGNATURE
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.
EMCLAIRE FINANCIAL CORP.
Date: December 23, 2005 BY: /s/ Shelly L. Rhoades
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Name: Shelly L. Rhoades
Title: Principal Financial Officer
Treasurer