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  <TITLE> KNBT Bancorp, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 4, 2006
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  	KNBT Bancorp, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Pennsylvania
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  	000-50426
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  	38-3681905
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	90 Highland Avenue, Bethlehem, Pennsylvania
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  	18017
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	610-861-5000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  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:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Annual Performance Bonuses<br><br>Pursuant to the terms of the Executive Annual Incentive Plan, as amended as of September 26, 2005 (the "Plan"), the Compensation Committee of the Board of Directors (the "Committee") of KNBT Bancorp, Inc. (the "Company") which administers the Plan established performance targets for the annual cash bonuses for fiscal year 2006 to be earned by Sandra L. Bodnyk, Executive Vice President, Chief Risk Officer; David B. Kennedy, Executive Vice President, Regional President of Greater Lehigh Valley; and Deborah R. Goldsmith, Executive Vice President, Retail Lending and Administration.  The Committee also established performance targets for two other senior officers for fiscal year 2006:  John T. Andreacio, Executive Vice President, Regional President of Northeast Pennsylvania; and Carl F. Kovacs, Executive Vice President, Chief Information Officer.<br><br>Under the terms of the Plan, the Committee establishes a performance matrix for each participant which sets forth the quantitative measures used to determine the amount of a participant's possible bonus, the relative weight accorded each quantitative measure, the minimum and maximum amount of the participant's bonus as a percentage of his base salary as in effect at the beginning of the fiscal year with respect to each quantitative measure and the minimum threshold targets necessary to be achieved in order for any bonus to be awarded. For fiscal year 2006, the Committee has established targets for the five executives referenced above based on the Company's (i) earnings per share, as calculated in accordance with the terms of the Plan; (ii) efficiency ratio; and (iii) return on average equity. Under the terms of the targets for fiscal year 2006, the relative weight accorded each of the targets is 40% each for earnings per share and return on average equity and 20% for the efficiency ratio. The amount of the cash bonus for each executive ranges from a minimum of 20% for the chief risk officer and 15% for the other executive officers (if all the minimum threshold targets are achieved) to a maximum of 60% (in the case of the chief risk officer) and 45% (in the case of the other executive officers) of the executive's 2006 base salary if the "superior performance" targets are achieved with a target bonus of 40% (in the case of the chief risk officer) and 30% (in the case of the other executive officers) of base salary. Since the bonuses can be partially earned if one or more of the targets are achieved, if only the efficiency ratio target was achieved, the executive's bonus could be as low as 4% (in the case of the chief risk officer) and 3% (in the case of the other executive officers) of the executive's 2006 annual base salary.<br><br>Performance-Based Restricted Stock Awards<br><br>Pursuant to the terms of the 2004 Recognition and Retention Plan and Trust Agreement (the "RRP") approved by shareholders at the Annual Meeting of Shareholders held in May 2004, the Committee is authorized to issue restricted stock awards covering shares of common stock of the Company the earning of which are subject to the satisfaction of specified performance targets.  The Committee awarded Mmes. Bodnyk and Goldsmith restricted stock awards covering 10,000 and 5,000 shares, respectively, Messrs. Andreacio and Kennedy were each awarded 7,500 shares and Mr. Kovacs was awarded 5,000 shares.  These awards are subject to the achievement of return on average equity ("ROAE") and earnings per share ("EPS") targets for fiscal year 2008. If the targets are achieved and the executive officers are still employed by the Company on the third anniversary of the date of grant, 60% of the shares covered by the award will be earned with the remaining 40% being earned pro rata on the fourth and fifth anniversaries of the grant date, subject to the officers&#x2019; continued employment with the Company on each of such anniversary dates.  In addition, if certain higher specified ROAE and EPS targets for fiscal year 2008 are achieved, the awards to Mmes. Bodnyk and Goldsmith will be increased by 2,000 and 1,000 shares, respectively, and the awards to Messrs. Andreacio and Kennedy will each be increased by 1,500 shares and Mr. Kovac&#x2019;s award will be increased by 1,000 shares.  If a change of control, as defined in the RRP, of the Company occurs prior to the fifth anniversary of the date of grant of the awards, no acceleration of the earning of any unearned shares will occur.   <br>
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  	SIGNATURES
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  	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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  	KNBT Bancorp, Inc.
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  <I>
  	May 23, 2006
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  	By:
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  <I>
  	Eugene T. Sobol
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  	Name: Eugene T. Sobol
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  	Title: Senior Executive Vice President, Chief Financial Officer and Treasurer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12700.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12751}]
metadata_filer: {"company-data": {"conformed-name": "KNBT BANCORP INC", "cik": "0001236964", "assigned-sic": "6036", "irs-number": "383681905", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50426", "film-number": "06861140"}, "business-address": {"street1": "90 HIGHLAND AVENUE", "city": "BETHLEHEM", "state": "PA", "zip": "18017", "phone": "6108615000"}}
text: KNBT Bancorp, Inc. (Form: 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):
  May 4, 2006
  KNBT Bancorp, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Pennsylvania
  000-50426
  38-3681905
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  90 Highland Avenue, Bethlehem, Pennsylvania
  18017
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  610-861-5000
  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))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Annual Performance Bonuses
  Pursuant to the terms of the Executive Annual Incentive Plan, as amended as of September 26, 2005 (the "Plan"), the Compensation Committee of the Board of Directors (the "Committee") of KNBT Bancorp, Inc. (the "Company") which administers the Plan established performance targets for the annual cash bonuses for fiscal year 2006 to be earned by Sandra L. Bodnyk, Executive Vice President, Chief Risk Officer; David B. Kennedy, Executive Vice President, Regional President of Greater Lehigh Valley; and Deborah R. Goldsmith, Executive Vice President, Retail Lending and Administration.  The Committee also established performance targets for two other senior officers for fiscal year 2006:  John T. Andreacio, Executive Vice President, Regional President of Northeast Pennsylvania; and Carl F. Kovacs, Executive Vice President, Chief Information Officer.
  Under the terms of the Plan, the Committee establishes a performance matrix for each participant which sets forth the quantitative measures used to determine the amount of a participant's possible bonus, the relative weight accorded each quantitative measure, the minimum and maximum amount of the participant's bonus as a percentage of his base salary as in effect at the beginning of the fiscal year with respect to each quantitative measure and the minimum threshold targets necessary to be achieved in order for any bonus to be awarded. For fiscal year 2006, the Committee has established targets for the five executives referenced above based on the Company's (i) earnings per share, as calculated in accordance with the terms of the Plan; (ii) efficiency ratio; and (iii) return on average equity. Under the terms of the targets for fiscal year 2006, the relative weight accorded each of the targets is 40% each for earnings per share and return on average equity and 20% for the efficiency ratio. The amount of the cash bonus for each executive ranges from a minimum of 20% for the chief risk officer and 15% for the other executive officers (if all the minimum threshold targets are achieved) to a maximum of 60% (in the case of the chief risk officer) and 45% (in the case of the other executive officers) of the executive's 2006 base salary if the "superior performance" targets are achieved with a target bonus of 40% (in the case of the chief risk officer) and 30% (in the case of the other executive officers) of base salary. Since the bonuses can be partially earned if one or more of the targets are achieved, if only the efficiency ratio target was achieved, the executive's bonus could be as low as 4% (in the case of the chief risk officer) and 3% (in the case of the other executive officers) of the executive's 2006 annual base salary.
  Performance-Based Restricted Stock Awards
  Pursuant to the terms of the 2004 Recognition and Retention Plan and Trust Agreement (the "RRP") approved by shareholders at the Annual Meeting of Shareholders held in May 2004, the Committee is authorized to issue restricted stock awards covering shares of common stock of the Company the earning of which are subject to the satisfaction of specified performance targets.  The Committee awarded Mmes. Bodnyk and Goldsmith restricted stock awards covering 10,000 and 5,000 shares, respectively, Messrs. Andreacio and Kennedy were each awarded 7,500 shares and Mr. Kovacs was awarded 5,000 shares.  These awards are subject to the achievement of return on average equity ("ROAE") and earnings per share ("EPS") targets for fiscal year 2008. If the targets are achieved and the executive officers are still employed by the Company on the third anniversary of the date of grant, 60% of the shares covered by the award will be earned with the remaining 40% being earned pro rata on the fourth and fifth anniversaries of the grant date, subject to the officers' continued employment with the Company on each of such anniversary dates.  In addition, if certain higher specified ROAE and EPS targets for fiscal year 2008 are achieved, the awards to Mmes. Bodnyk and Goldsmith will be increased by 2,000 and 1,000 shares, respectively, and the awards to Messrs. Andreacio and Kennedy will each be increased by 1,500 shares and Mr. Kovac's award will be increased by 1,000 shares.  If a change of control, as defined in the RRP, of the Company occurs prior to the fifth anniversary of the date of grant of the awards, no acceleration of the earning of any unearned shares will occur.
  Top of the Form
  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.
  KNBT Bancorp, Inc.
  May 23, 2006
  By:
  Eugene T. Sobol
  Name: Eugene T. Sobol
  Title: Senior Executive Vice President, Chief Financial Officer and Treasurer