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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported)
November&nbsp;20, 2013 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CLIFTON SAVINGS BANCORP, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>United States</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-50358</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>34-1983738</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1433 Van Houten Avenue, Clifton, New Jersey 07015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(973) 473-2200 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</U>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) As previously reported, on September&nbsp;4, 2013, the Boards of Directors of Clifton Savings Bancorp, Inc. (the &#147;Company&#146;) and
Clifton Savings Bank (the &#147;Bank&#148;) appointed Paul M. Aguggia to the positions of Chairman, Chief Executive Officer and President of the Company and the Bank, effective January&nbsp;1, 2014.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;20, 2013, the Company and the Bank each entered into separate employment agreements with Mr.&nbsp;Aguggia. The agreements,
which become effective on January&nbsp;1, 2014, each provide for a three-year term. The term of Mr.&nbsp;Aguggia&#146;s employment agreement with the Company automatically extends to a three-year term each day until one party gives the other party
notice of its intent not to renew the agreement, at which time the term of the agreement becomes fixed at three years. The Board of Directors of the Bank may extend the term of Mr.&nbsp;Aguggia&#146;s employment agreement with the Bank annually.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the employment agreements, Mr.&nbsp;Aguggia&#146;s annual base salary is $650,000. In addition to base salary, the employment
agreements provide for, among other things, participation in stock-based benefit plans and fringe benefits consistent with those provided to other senior executive officers of the Company and the Bank. The agreements also provide for certain
payments to Mr.&nbsp;Aguggia following his termination of employment due to a change in control, his death or disability, or upon termination without just cause (as defined in each agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of each employment agreement, the Bank or the Company, as applicable, will pay or reimburse Mr.&nbsp;Aguggia for all
reasonable costs and legal fees paid or incurred by Mr.&nbsp;Aguggia in any dispute or question of interpretation relating to the employment agreement if Mr.&nbsp;Aguggia is successful on the merits in a legal judgment, arbitration or settlement.
The employment agreements also provide that the Bank and the Company, as applicable, will indemnify Mr.&nbsp;Aguggia to the fullest extent legally allowable. In addition, the agreements provide that, except in the event of a change in control,
Mr.&nbsp;Aguggia will be subject to a one-year non-compete clause in the event his employment is terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the
execution of the employment agreements, Mr.&nbsp;Aguggia will receive in January 2014 a one-time signing/transition bonus of $250,000 to assist him with relocation costs, lost benefits and related matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Aguggia has also been designated a participant in the Bank&#146;s amended and restated supplemental executive retirement plan (the
&#147;SERP&#148;) effective as of January&nbsp;1, 2014. The SERP provides benefits to eligible officers of the Bank designated by the Board of Directors that cannot be provided under the Bank&#146;s 401(k) savings plan or its employee stock
ownership plan as a result of eligibility requirements or limitations imposed by the Internal Revenue Code, but that would have been provided under the plans, but for these eligibility requirements or Internal Revenue Code limitations. In addition
to providing benefits that would otherwise be lost as a result of eligibility requirements or the Internal Revenue Code limitations on tax-qualified plans, the SERP also provides a supplemental benefit upon a change of control prior to the scheduled
repayment of the employee stock ownership plan loan. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Aguggia was also designated a participant in the Bank&#146;s Directors&#146; Retirement
Plan effective January&nbsp;1, 2014. The material terms of the Directors&#146; Retirement Plan were previously disclosed in the Company&#146;s Definitive Proxy Statement, filed June&nbsp;28, 2013, in the section titled &#147;<I>Corporate Governance
and Board Matters&#151;Directors&#146; Retirement Plan.&#148; </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Copies of Mr.&nbsp;Aguggia&#146;s employment agreements with the
Company and the Bank are attached as Exhibits 10.1 and 10.2 to this Form 8-K and are incorporated herein by reference in their entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;20, 2013, the Company and the Bank, as applicable, amended their existing employment agreements with each of
(i)&nbsp;Christine R. Piano, the Chief Financial Officer and Treasurer of the Company and the Executive Vice President and Chief Financial Officer of the Bank, (ii)&nbsp;Bart D&#146;Ambra, the Executive Vice President and Chief Operating Officer of
the Bank and (iii)&nbsp;Stephen Hoogerhyde, the Executive Vice President and Chief Lending Officer of the Bank. The amendments to the employment agreements eliminate a provision in each agreement that provided the executive with the right to
voluntarily terminate his or her employment and collect severance benefits in certain circumstances in connection with a change in control of the Company or Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Copies of the amendments to Ms.&nbsp;Piano&#146;s and Messrs. D&#146;Ambra&#146;s and Hoogerhyde&#146;s employment agreements with the Company
and the Bank are attached as Exhibits 10.3 through 10.6 to this Form 8-K and are incorporated herein by reference in their entirety. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Other Events</U>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;20, 2013, the Boards of Directors of the Company,
Clifton MHC (the &#147;MHC&#148;) and the Bank adopted an Amended and Restated Plan of Conversion and Reorganization (the &#147;Plan&#148;) pursuant to which the Bank will reorganize from the mutual holding company form of organization to the stock
holding company form of organization. The Plan amends and restates in its entirety the Plan of Conversion and Reorganization approved by the Boards of Directors of the Company, the MHC and the Bank on November&nbsp;8, 2010. The terms of the Plan
provide for the sale of shares of a newly-formed holding company to depositors and certain borrowers of the Bank and other members of the public and for the exchange of shares of the Company for shares of the new holding company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The new Maryland-chartered holding company will offer shares of its common stock for sale to the Bank&#146;s eligible account holders and
certain borrowers and to members of the general public in a subscription and community offering in the manner, and subject to the priorities, set forth in the Plan. The highest priority will be depositors with qualifying deposits as of
September&nbsp;30, 2012. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The conversion and reorganization will be subject to the approval of the members of the MHC, the
stockholders of the Company, and the Board of Governors of the Federal Reserve System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the Plan is not complete
and is qualified in its entirety by reference to the complete text of such document, which is filed as Exhibit 2.1 to this Form 8-K and which is incorporated herein by reference in its entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the press release announcing the adoption of the Plan is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference in its entirety. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Other Exhibits</U>. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Number</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Plan of Conversion and Reorganization</TD></TR>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement between Clifton Savings Bancorp, Inc. and Paul M. Aguggia</TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement between Clifton Savings Bank and Paul M. Aguggia</TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, as amended, between Clifton Savings Bancorp, Inc. and Christine R. Piano</TD></TR>
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<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, as amended, between Clifton Savings Bank and Christine R. Piano</TD></TR>
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<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, as amended, between Clifton Savings Bank and Bart D&#146;Ambra</TD></TR>
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<TD VALIGN="top" NOWRAP>10.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, as amended, between Clifton Savings Bank and Stephen Hoogerhyde</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated November 20, 2013</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">CLIFTON SAVINGS BANCORP, INC.</TD></TR>
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<TD VALIGN="top">Date: November&nbsp;21, 2013</TD>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John A. Celentano, Jr.</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom">John A. Celentano, Jr.</TD></TR>
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<TD VALIGN="bottom">Chairman of the Board and Chief Executive Officer</TD></TR>
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8-K
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)
November 20, 2013
CLIFTON SAVINGS BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
United States
0-50358
34-1983738
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(IRS Employer
Identification No.)
1433 Van Houten Avenue, Clifton, New Jersey 07015
(Address of principal executive offices) (Zip Code)
(973) 473-2200
(Registrant's telephone number, including area code)
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 of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
.
(e) As previously reported, on September 4, 2013, the Boards of Directors of Clifton Savings Bancorp, Inc. (the "Company') and
Clifton Savings Bank (the "Bank") appointed Paul M. Aguggia to the positions of Chairman, Chief Executive Officer and President of the Company and the Bank, effective January 1, 2014.
On November 20, 2013, the Company and the Bank each entered into separate employment agreements with Mr. Aguggia. The agreements,
which become effective on January 1, 2014, each provide for a three-year term. The term of Mr. Aguggia's employment agreement with the Company automatically extends to a three-year term each day until one party gives the other party
notice of its intent not to renew the agreement, at which time the term of the agreement becomes fixed at three years. The Board of Directors of the Bank may extend the term of Mr. Aguggia's employment agreement with the Bank annually.
Under the employment agreements, Mr. Aguggia's annual base salary is $650,000. In addition to base salary, the employment
agreements provide for, among other things, participation in stock-based benefit plans and fringe benefits consistent with those provided to other senior executive officers of the Company and the Bank. The agreements also provide for certain
payments to Mr. Aguggia following his termination of employment due to a change in control, his death or disability, or upon termination without just cause (as defined in each agreement).
Pursuant to the terms of each employment agreement, the Bank or the Company, as applicable, will pay or reimburse Mr. Aguggia for all
reasonable costs and legal fees paid or incurred by Mr. Aguggia in any dispute or question of interpretation relating to the employment agreement if Mr. Aguggia is successful on the merits in a legal judgment, arbitration or settlement.
The employment agreements also provide that the Bank and the Company, as applicable, will indemnify Mr. Aguggia to the fullest extent legally allowable. In addition, the agreements provide that, except in the event of a change in control,
Mr. Aguggia will be subject to a one-year non-compete clause in the event his employment is terminated.
In connection with the
execution of the employment agreements, Mr. Aguggia will receive in January 2014 a one-time signing/transition bonus of $250,000 to assist him with relocation costs, lost benefits and related matters.
Mr. Aguggia has also been designated a participant in the Bank's amended and restated supplemental executive retirement plan (the
"SERP") effective as of January 1, 2014. The SERP provides benefits to eligible officers of the Bank designated by the Board of Directors that cannot be provided under the Bank's 401(k) savings plan or its employee stock
ownership plan as a result of eligibility requirements or limitations imposed by the Internal Revenue Code, but that would have been provided under the plans, but for these eligibility requirements or Internal Revenue Code limitations. In addition
to providing benefits that would otherwise be lost as a result of eligibility requirements or the Internal Revenue Code limitations on tax-qualified plans, the SERP also provides a supplemental benefit upon a change of control prior to the scheduled
repayment of the employee stock ownership plan loan.
Mr. Aguggia was also designated a participant in the Bank's Directors' Retirement
Plan effective January 1, 2014. The material terms of the Directors' Retirement Plan were previously disclosed in the Company's Definitive Proxy Statement, filed June 28, 2013, in the section titled "
Corporate Governance
and Board Matters—Directors' Retirement Plan."
Copies of Mr. Aguggia's employment agreements with the
Company and the Bank are attached as Exhibits 10.1 and 10.2 to this Form 8-K and are incorporated herein by reference in their entirety.
On November 20, 2013, the Company and the Bank, as applicable, amended their existing employment agreements with each of
(i) Christine R. Piano, the Chief Financial Officer and Treasurer of the Company and the Executive Vice President and Chief Financial Officer of the Bank, (ii) Bart D'Ambra, the Executive Vice President and Chief Operating Officer of
the Bank and (iii) Stephen Hoogerhyde, the Executive Vice President and Chief Lending Officer of the Bank. The amendments to the employment agreements eliminate a provision in each agreement that provided the executive with the right to
voluntarily terminate his or her employment and collect severance benefits in certain circumstances in connection with a change in control of the Company or Bank.
Copies of the amendments to Ms. Piano's and Messrs. D'Ambra's and Hoogerhyde's employment agreements with the Company
and the Bank are attached as Exhibits 10.3 through 10.6 to this Form 8-K and are incorporated herein by reference in their entirety.
Item 8.01
Other Events
.
On November 20, 2013, the Boards of Directors of the Company,
Clifton MHC (the "MHC") and the Bank adopted an Amended and Restated Plan of Conversion and Reorganization (the "Plan") pursuant to which the Bank will reorganize from the mutual holding company form of organization to the stock
holding company form of organization. The Plan amends and restates in its entirety the Plan of Conversion and Reorganization approved by the Boards of Directors of the Company, the MHC and the Bank on November 8, 2010. The terms of the Plan
provide for the sale of shares of a newly-formed holding company to depositors and certain borrowers of the Bank and other members of the public and for the exchange of shares of the Company for shares of the new holding company.
The new Maryland-chartered holding company will offer shares of its common stock for sale to the Bank's eligible account holders and
certain borrowers and to members of the general public in a subscription and community offering in the manner, and subject to the priorities, set forth in the Plan. The highest priority will be depositors with qualifying deposits as of
September 30, 2012.
The conversion and reorganization will be subject to the approval of the members of the MHC, the
stockholders of the Company, and the Board of Governors of the Federal Reserve System.
The foregoing summary of the Plan is not complete
and is qualified in its entirety by reference to the complete text of such document, which is filed as Exhibit 2.1 to this Form 8-K and which is incorporated herein by reference in its entirety.
A copy of the press release announcing the adoption of the Plan is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference in its entirety.
Item 9.01
Financial Statements and Other Exhibits
.
(d)
Exhibits
Number
Description
2.1
Amended and Restated Plan of Conversion and Reorganization
10.1
Employment Agreement between Clifton Savings Bancorp, Inc. and Paul M. Aguggia
10.2
Employment Agreement between Clifton Savings Bank and Paul M. Aguggia
10.3
Employment Agreement, as amended, between Clifton Savings Bancorp, Inc. and Christine R. Piano
10.4
Employment Agreement, as amended, between Clifton Savings Bank and Christine R. Piano
10.5
Employment Agreement, as amended, between Clifton Savings Bank and Bart D'Ambra
10.6
Employment Agreement, as amended, between Clifton Savings Bank and Stephen Hoogerhyde
99.1
Press Release dated November 20, 2013
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.
CLIFTON SAVINGS BANCORP, INC.
Date: November 21, 2013
By:
/s/ John A. Celentano, Jr.
John A. Celentano, Jr.
Chairman of the Board and Chief Executive Officer