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
15, 2008
SANDY
SPRING BANCORP, INC.
(Exact
name of registrant as specified in its charter)
|
Maryland
|
000-19065
|
52-1532952
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
17801
Georgia Avenue, Olney, Maryland 20832
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (301) 774-6400
Not
Applicable
(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
October 15, 2008, Sandy Spring Bancorp, Inc. (the “Company”) gave notice to the
following executive officers that their employment contracts would not
automatically renew at the end of their respective terms: R. Louis Caceres,
James R. Farmer, Ronald E. Kuykendall, Joseph J. O’Brien, Jr., Frank H. Small,
and Sara E. Watkins. As part of the continuing evaluation of its executive
compensation practices, the Board of Directors determined to reduce the number
of executive officers with whom the Company has employment contracts. None
of
the executive officers are being terminated as a result of this action. Upon
the
expiration of the existing employment contracts, the Company intends to enter
into Change in Control Agreements with the executive officers that would entitle
the executive to a severance payment in the event that the executive is
terminated following a change in control 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.
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SANDY
SPRING BANCORP, INC.
|
|
|
|
| Date: October
16,
2008 |
By: |
/s/ Hunter
R.
Hollar |
| |
Hunter
R. Hollar |
| |
Chairman
and Chief Executive Officer |