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): February 9,
2010
OLD POINT FINANCIAL
CORPORATION
(Exact
name of registrant as specified in its charter)
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Virginia
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000-12896
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54-1265373
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(State
or other jurisdiction of
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(Commission
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(IRS
Employer
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incorporation)
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File
Number)
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Identification
No.)
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1
West Mellen Street
Hampton,
Virginia 23663
(Address
of principal executive offices) (Zip Code)
(757)728-1200
(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
1.01 Entry into a Material Definitive Agreement.
On
February 9, 2010, the Board of Directors of Old Point Financial Corporation
approved the 2010 target bonuses and performance goals for the Company’s named
executive officers under the Company’s Executive Incentive Plan as recommended
by the Compensation Committee.
Short-Term
Cash Incentive Awards. The 2010 performance targets are based on the
Bank’s average asset growth (weighting: 10%), the loan growth (weighting: 10%),
the Bank’s average deposit growth (weighting: 10%), the Trust Company’s revenue
growth (weighting: 10%), the Company’s earnings growth (weighting: 40%) and a
subjective component related to nonfinancial goals as determined by the board
(weighting: 20%). Depending on the company’s 2010
performance with respect to these measures, the Company’s named executive
officers, among others, may earn a short-term cash incentive award for 2010 in a
range from 0% to 22% of their 2010 annualized based salary, subject to
adjustment in the discretion of certain officers 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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Old Point Financial
Corporation
Registrant
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Date: February
10, 2010
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/s/ Robert F.
Shuford
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Robert
F. Shuford
Chairman
of the Board
President
& Chief Executive Officer
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