form8k-121608.htm
 
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)
December 10, 2008
 
QUAINT OAK BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Pennsylvania                                                          000-52964                                                                                    35-2293957
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
607 Lakeside Drive, Southampton, Pennsylvania                                                                                                                 18966
(Address of principal executive offices)                                                                                                                            (Zip Code)
 
Registrant's telephone number, including area code
(215) 364-4059
 
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 (see General Instruction A.2 below):
 
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
 
On December 10, 2008, the Board of Directors of Quaint Oak Bank (the "Bank"), the wholly owned subsidiary of Quaint Oak Bancorp, Inc., approved the amendment and restatement of the employment agreement between the Bank and Robert T. Strong, President and Chief Executive Officer of the Bank (the "Employment Agreement").
 
The Employment Agreement was amended and restated in order to comply with final regulations issued by the Internal Revenue Service under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code").  Section 409A of the Code governs the deferral of compensation where the director, officer or employee has a legally binding right to compensation that is payable in a future year.  Section 409A imposes new requirements with respect to deferral elections, payment events and payment elections.
 
For additional information, reference is made to the Employment Agreement included as Exhibit 10.1 hereto, which is incorporated herein by reference.
 
Item 9.01            Financial Statements and Exhibits
 
(a)           Not applicable.
(b)           Not applicable.
(c)           Not applicable.
(d)           Exhibits.
 
The following exhibit is included with this Report.
 
 
Exhibit No.
  
Description
 
10.1
  
Amended and Restated Employment Agreement between Quaint Oak Bank and Robert T. Strong, dated as of December 10, 2008
 
2
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 thereunto duly authorized.
 
 
QUAINT OAK BANCORP, INC.
     
     
     
Date: December 16, 2008
By:
/s/ Robert T. Strong
   
Robert T. Strong
   
President and Chief Executive Officer
 
3
EXHIBIT INDEX
 
Exhibit No.
  
Description
10.1
  
Amended and Restated Employment Agreement between Quaint Oak Bank and Robert T. Strong, dated as of December 10, 2008