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<P align=center><FONT face=serif size=2><B><FONT face=serif size=5>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>WASHINGTON, D.C.
20549</B></FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B></P>
<P align=center><FONT face=serif size=2>CURRENT REPORT </FONT></P>
<P align=center><FONT face=serif size=2>PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P align=center><FONT face=serif size=2>DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED):&nbsp;<B> Thursday, December 15, 2005</B></FONT></P>
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    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2><B><FONT face=serif
      size=5>Sandy Spring Bancorp, Inc.</FONT></B></FONT></TD>
    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
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    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2>(Exact name of registrant as
      specified in its charter) </FONT></TD>

    <TD align=left width="10%"><FONT face=serif
  size=2>&nbsp;</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>COMMISSION FILE
NUMBER<B>:&nbsp;&nbsp;</B><B><U></U></B></FONT></P>
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    <TD align=left width="10%">&nbsp;</TD>
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    size=2><B>Maryland</B></FONT></TD>
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      size=2><B></B></FONT></TD>
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    </TD>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle width="35%"><FONT face=serif size=2>(State or other
      jurisdiction of incorporation or organization)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle width="35%"><FONT face=serif size=2>(I.R.S. Employer
      Identification No.)</FONT></TD>
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    <TD align=middle><FONT face=serif size=1>&nbsp;</FONT><FONT face=serif
      size=2><B>17801 Georgia Avenue<BR><BR>Olney, MD 20832</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR>

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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2>(Address and zip code of
      principal executive offices)</FONT></TD>

    <TD align=left width="10%">&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>
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    <TD align=middle><FONT face=serif size=2><B>301-774-6400</B></FONT></TD>

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    <TD align=left>&nbsp;</TD>
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    </TD>
    <TD align=left>&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle><FONT face=serif size=2>(Registrant's telephone number,
      including area code</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face=serif 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></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</FONT></P></DIV>
<P align=center><FONT face=serif size=2>1 of 2 </FONT></P>
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<TD align=left width="11%"><FONT face=serif size=2><B>Item
1.01</B></FONT></TD>
<TD align=left><FONT face=serif size=2><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></FONT></TD></TR>
<TR vAlign=top>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR></table>

<p align="left">
<font size="3" face="Times New Roman">Sandy Spring Bancorp, Inc. and its wholly owned subsidiary, Sandy Spring Bank (together, &ldquo;Bancorp&rdquo;) have determined to take certain actions with respect to the form and timing of payments of amounts deferred after December 31, 2004, under the Supplemental Executive Retirement Agreements between Bancorp and certain executive officers of Bancorp and the Directors Fee Deferral Agreements between Bancorp and certain directors. These actions relate to Bancorp&rsquo;s compliance with Section 409A of the Internal Revenue Code and related regulations and guidance issued by the Internal Revenue Service. </font>
</p>
<br>
<p align="left">
<font size="3" face="Times New Roman">Specifically, Bancorp plans to amend these agreements to provide that (i) all amounts payable under them with respect to employee compensation or director fees deferred under the agreements after December 31, 2004, will be paid in the form of a lump sum; (ii) payments to an employee upon a termination of employment shall occur no earlier than 6 months after such termination of employment; and (iii) all employees and directors of the Bank who elected to defer amounts during 2005 under the agreements, may elect to withdraw, prior to January 1, 2006, all such 2005 deferrals and all of the earnings with respect to such deferrals. </font>
</p>
<br>
<p>&nbsp;<font size="3" face="Times New Roman">None of these changes will have a material effect on the income or financial condition of Bancorp.</font>
</p>
<br>
<p>&nbsp;<font size="3" face="Times New Roman">Bancorp expects that additional amendments to these agreements will be necessary in 2006. </font>
</p>
<br>
<p align="left">
<font size="3" face="">FORWARD-LOOKING STATEMENTS</font>
</p>
<br>
<p>&nbsp;<font size="3" face="">Bancorp makes forward-looking statements in this report on Form 8-K including statements of goals, intentions, and expectations that are subject to significant uncertainties. </font>
</p>

<p>&nbsp;</p>
<P align=center><FONT face=serif size=2><B>SIGNATURE</B></FONT></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2>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.</FONT></P></DIV>
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    <TD align=middle width="2%"></TD>
    <TD align=left colSpan=2><FONT face=serif size=2>Sandy Spring Bancorp, Inc.</FONT></TD></TR>
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    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD align=left>&nbsp;</TD></TR>
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    <TD align=middle width="2%"></TD>
    <TD align=left width="5%"><FONT face=serif size=2>By:</FONT></TD>
    <TD align=left><FONT face=serif size=2>/s/ Hunter R Hollar</FONT></TD></TR>
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    <TD align=left></TD>
    <TD align=left></TD>
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    <TD align=left width="2%"></TD>
    <TD align=left width="5%"><FONT face=serif size=2>Name:</FONT></TD>
    <TD align=left><FONT face=serif size=2>Hunter R Hollar</FONT></TD></TR>
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    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"><FONT face=serif size=2>Title:</FONT></TD>
    <TD align=left><FONT face=serif size=2>President and CEO</FONT></TD></TR>
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    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"><FONT face=serif size=2>Date:</FONT></TD>
    <TD align=left><FONT face=serif size=2>Thursday, December 15, 2005</FONT></TD></TR>
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    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR></TABLE>
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{"company-data": {"conformed-name": "SANDY SPRING BANCORP INC", "cik": "0000824410", "assigned-sic": "6021", "irs-number": "520312970", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19065", "film-number": "051277137"}, "business-address": {"street1": "17801 GEORGIA AVE", "city": "OLNEY", "state": "MD", "zip": "20832", "phone": "3017746400"}, "mail-address": {"street1": "17801 GEORGIA AVENUE", "city": "OLNEY", "state": "MD", "zip": "20832"}}
Prepared and Filed by St Ives Financial
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):
Thursday, December 15, 2005
Sandy Spring Bancorp, Inc.
(Exact name of registrant as
      specified in its charter)
COMMISSION FILE
NUMBER
:
Maryland
(State or other
      jurisdiction of incorporation or organization)
(I.R.S. Employer
      Identification No.)
17801 Georgia Avenue
Olney, MD 20832
(Address and zip code of
      principal executive offices)
301-774-6400
(Registrant's telephone number,
      including area code
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))
1 of 2
Item
1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Sandy Spring Bancorp, Inc. and its wholly owned subsidiary, Sandy Spring Bank (together, "Bancorp") have determined to take certain actions with respect to the form and timing of payments of amounts deferred after December 31, 2004, under the Supplemental Executive Retirement Agreements between Bancorp and certain executive officers of Bancorp and the Directors Fee Deferral Agreements between Bancorp and certain directors. These actions relate to Bancorp's compliance with Section 409A of the Internal Revenue Code and related regulations and guidance issued by the Internal Revenue Service.
Specifically, Bancorp plans to amend these agreements to provide that (i) all amounts payable under them with respect to employee compensation or director fees deferred under the agreements after December 31, 2004, will be paid in the form of a lump sum; (ii) payments to an employee upon a termination of employment shall occur no earlier than 6 months after such termination of employment; and (iii) all employees and directors of the Bank who elected to defer amounts during 2005 under the agreements, may elect to withdraw, prior to January 1, 2006, all such 2005 deferrals and all of the earnings with respect to such deferrals.
None of these changes will have a material effect on the income or financial condition of Bancorp.
Bancorp expects that additional amendments to these agreements will be necessary in 2006.
FORWARD-LOOKING STATEMENTS
Bancorp makes forward-looking statements in this report on Form 8-K including statements of goals, intentions, and expectations that are subject to significant uncertainties.
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, hereunto duly
authorized.
Sandy Spring Bancorp, Inc.
By:
/s/ Hunter R Hollar
Name:
Hunter R Hollar
Title:
President and CEO
Date:
Thursday, December 15, 2005