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 17, 2006
First Federal of Northern Michigan Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Maryland 0-31957 38-0135202
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(State or other jurisdiction (Commission File No.) (IRS Employer
Identification No.)
100 S. Second Ave., Alpena, Michigan 49707
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (989) 356-9041
Not Applicable
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(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):
[ ] 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 CRF 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On May 17, 2006, stockholders of First Federal of Northern Michigan
Bancorp, Inc. (the "Registrant") approved the Registrant's 2006 Stock
Based-Incentive Plan (the "Stock Incentive Plan"). A description of the Stock
Incentive Plan is included in "Proposal 2 - Approval of First Federal of
Northern Michigan Bancorp, Inc. 2006 Stock-Based Incentive Plan" of the
Registrant's Definitive Proxy Statement for its 2006 Annual Meeting, as filed
with the Securities and Exchange Commission (the "SEC") on April 10, 2006, and
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
Exhibit No. Description
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10.1 First Federal of Northern Michigan Bancorp,
Inc. 2006 Stock Based-Incentive Plan
(incorporated by reference to Appendix A of
the Registrant's Definitive Proxy
Statement for the 2006 Annual Meeting of
Stockholders (File No. 0-31957), as
filed with the SEC on April 10, 2006)
10.2 Form of Stock Option Agreement for Outside
Directors
10.3 Form of Stock Option Agreement for Employees
10.4 Form of Restricted Stock Agreement
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.
FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC.
DATE: May 23, 2006 By: /s/ Michael W. Mahler
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Michael W. Mahler
President
EXHIBIT INDEX
Exhibit No. Description
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10.1 First Federal of Northern Michigan Bancorp, Inc.
2006 Stock Based-Incentive Plan (incorporated by
reference to Appendix A of the Registrant's Definitive
Proxy Statement for the 2006 Annual Meeting of
Stockholders (File No. 0-31957), as filed with the SEC
on April 10, 2006)
10.2 Form of Stock Option Agreement for Outside Directors
10.3 Form of Stock Option Agreement for Employees
10.4 Form of Restricted Stock Agreement