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) September 19, 2007
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OTTAWA SAVINGS BANCORP, INC.
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(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))
ITEM 5.02 COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
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On September 19, 2007, Ottawa Savings Bank (the "Bank"), the
wholly-owned subsidiary of Ottawa Savings Bancorp, entered a Salary Continuation
Agreement (each an "Agreement" and collectively, the "Agreements") with each of
Gary L. Ocepek, President and Chief Executive Officer, Jon Kranov, Senior Vice
President and Chief Financial Officer, and Philip B. Devermann, Vice President.
Under the Salary Continuation Agreements, except for a termination of
employment for cause on or after the age of 65, if Mr. Ocepek's, Mr. Kranov's or
Mr. Devermann's employment with the Bank is terminated (1) on or after his 65th
birthday; (2) subsequent to a Change in Control (as defined in each Agreement);
(3) on account of a disability; or (4) because of death, they will be entitled
to receive $15,062, $25,258 or $27,480, respectively, per year for 20 years
commencing on his 65th birthday or the date of his termination of employment.
The executive may elect, subject to the requirements of Section 409A of the
Internal Revenue Code, to receive a lump sum payment that is actuarially
equivalent to his Normal Retirement Benefit (as defined in the Agreement), with
such payment to be made within 60 days after his termination. If the executive's
employment is terminated before his 65th birthday for reasons other than for
cause, death or disability, and not subsequent to a Change in Control, the
executive will receive a lesser amount, which varies depending on the date of
termination. The executive will forfeit his entitlement to all benefits under
the Agreement if his employment with the Bank is terminated for cause as
specified in his Agreement.
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 thereunto duly authorized.
Date: September 25, 2007 By: /s/ Jon L. Kranov
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Jon L. Kranov
Senior Vice President and Chief Financial
Officer