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): October 26, 2005
SANDY SPRING BANCORP, INC.
(Exact name of registrant as specified in its charter)
Maryland 000-19065 52-1532952
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification No)
17801 Georgia Avenue, Olney, Maryland 20832
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (301) 774-6400
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 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 26, 2005, the Option Committee of the Board of Directors of
Sandy Spring Bancorp, Inc. (the "Company") determined to modify the options for
common stock of the Company granted by it under the Company's 1999 Stock Option
Plan to officers and directors on December 15, 2004, in order to cause them to
be fully exercisable on December 15, 2005. As originally granted, such options
were exercisable 1/3 on the date of grant, 1/3 on the first anniversary of the
date of grant, and 1/3 on the second anniversary of the date of grant. No other
modifications were made in these options. All of these options expire on
December 15, 2014.
The following table shows the total number of shares issuable upon
exercise of the options granted on December 15, 2004 and the number of shares
for which exercisability was accelerated, as described above, for each executive
officer and director of the Company and for all executive officers and directors
as a group.
------------------------------- ---------------------------- ---------------------------- ----------------------------
SHARES FOR WHICH OPTION
TOTAL SHARES ISSUABLE UPON EXERCISABILITY WAS
EXERCISE OF OPTIONS ACCELERATED FROM
GRANTED ON DECEMBER 15, DECEMBER 15, 2006 TO
NAME POSITION 2004 DECEMBER 15, 2005
------------------------------- ---------------------------- ---------------------------- ----------------------------
John Chirtea Director 1,599 533
------------------------------- ---------------------------- ---------------------------- ----------------------------
Mark E. Friis (a) Director 0 0
------------------------------- ---------------------------- ---------------------------- ----------------------------
Susan D. Goff Director 936 312
------------------------------- ---------------------------- ---------------------------- ----------------------------
Solomon Graham Director 1,275 425
------------------------------- ---------------------------- ---------------------------- ----------------------------
Gilbert L. Hardesty Director 1,559 520
------------------------------- ---------------------------- ---------------------------- ----------------------------
Hunter R. Hollar Director, Executive Officer 18,650 6,217
------------------------------- ---------------------------- ---------------------------- ----------------------------
Pamela A. Little (a) Director 0 0
------------------------------- ---------------------------- ---------------------------- ----------------------------
Charles F. Mess Director 1,299 433
------------------------------- ---------------------------- ---------------------------- ----------------------------
Robert L. Mitchell Director 1,314 438
------------------------------- ---------------------------- ---------------------------- ----------------------------
Robert L. Orndorff, Jr. Director 1,567 522
------------------------------- ---------------------------- ---------------------------- ----------------------------
David E. Rippeon Director 1,125 375
------------------------------- ---------------------------- ---------------------------- ----------------------------
Craig A. Ruppert Director 1,275 425
------------------------------- ---------------------------- ---------------------------- ----------------------------
Lewis R. Schumann Director 1,512 504
------------------------------- ---------------------------- ---------------------------- ----------------------------
W. Drew Stabler Director, Chairman of the
Board 2,242 747
------------------------------- ---------------------------- ---------------------------- ----------------------------
Frank L. Bentz, III Executive Officer 6,050 2,017
------------------------------- ---------------------------- ---------------------------- ----------------------------
R. Louis Caceres Executive Officer 6,050 2,017
------------------------------- ---------------------------- ---------------------------- ----------------------------
Ronald E. Kuykendall Executive Officer 6,050 2,017
------------------------------- ---------------------------- ---------------------------- ----------------------------
Philip J. Mantua Executive Officer 6,050 2,017
------------------------------- ---------------------------- ---------------------------- ----------------------------
Daniel J. Schrider Executive Officer 6,625 2,208
------------------------------- ---------------------------- ---------------------------- ----------------------------
Frank H. Small Executive Officer 11,250 3,750
------------------------------- ---------------------------- ---------------------------- ----------------------------
Sara E. Watkins Executive Officer 6,050 2,017
------------------------------- ---------------------------- ---------------------------- ----------------------------
All executive officers and
directors as a group 82,478 27,493
------------------------------- ---------------------------- ---------------------------- ----------------------------
(a) Persons not in office at December 15, 2004.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. . Not applicable
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.
SANDY SPRING BANCORP, INC.
By: /s/ Hunter R. Hollar
-------------------------
Hunter R. Hollar
President and
Chief Executive Officer
Dated: October 27, 2005