Southern Connecticut Bancorp 8-K
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): January 5, 2006
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SOUTHERN
CONNECTICUT BANCORP, INC.
--------------------------------------------------------------------------------
(Exact
Name of Registrant as Specified in its Charter)
|
Connecticut
(State
or other jurisdiction
of
incorporation)
|
0-49784
(Commission
File Number)
|
06-1609692
(I.R.S.
Employer
Identification
No.)
|
|
215
Church Street, New Haven, CT
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06510
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (203)
782-1100
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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-(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Section
1—Registrant’s Business and Operations
Item
1.01 Entry
into a Material Definitive Agreement.
On
January 5, 2006, Southern Connecticut Bancorp, Inc. (“Bancorp”) entered into an
agreement with Carlota I. Grate, Bancorp’s Chief Financial Officer and Senior
Vice President. The following description of the agreement is a summary of
its
material terms and does not purport to be complete, and is qualified in its
entirety by reference to the agreement which is filed as an exhibit to this
report on Form 8-K.
The
agreement provides that, in the event that Ms. Grate’s employment is terminated
or her responsibilities are significantly reduced as the result of a Business
Combination, Ms. Grate will be entitled to receive a lump sum payment in the
amount equal to two times her base annual compensation. The term “Business
Combination” is defined in the agreement as the sale by Bancorp of all or
substantially all of its assets, the acquisition of fifty-one percent (51%)
of
Bancorp’s outstanding voting stock, or the merger of Bancorp with another
corporation as a result of which Bancorp is not the surviving
entity.
Section
9—Financial Statements and Exhibits
Item
9.01 Financial
Statements and Exhibits.
(d)
Exhibits.
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10.1
|
Agreement
dated as of January 5, 2006 between Southern Connecticut Bancorp,
Inc. and
Carlota I. Grate.
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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.
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|
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SOUTHERN
CONNECTICUT BANCORP, INC.
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By:
/s/
Michael M. Ciaburri
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Name:
Michael M. Ciaburri
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Title:
Director, President & Chief Operating Officer
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| |
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Date:
January 10, 2006