UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 8, 2008
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ATLANTIC COAST FEDERAL CORPORATION
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(Exact name of Registrant as specified in its charter)
Federal 000-50962 59-3764686
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
505 Haines Avenue, Waycross, Georgia 31501
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(Address of principal executive offices)
(800) 342-2824
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Registrant's telephone number, including area code
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:
|_| 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 or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On February 8, 2008, Atlantic Coast Federal Corporation adopted the Atlantic
Coast Federal Corporation 2008 Executive Deferred Compensation Plan (the "Plan")
dated as of January 1, 2008. The Plan is an unfunded, non-qualified deferred
compensation plan designed to provide a select group of management and highly
compensated employees, which could include the Named Executive Officers and the
principal financial officer of Atlantic Coast Federal Corporation, an
opportunity to defer a portion of their salary and bonus. Benefits under the
Plan commence generally upon the participant's separation from service, on a
fixed date specified by the participant, upon the participant's death,
disability, or financial hardship, or in the event of a change in control of
Atlantic Coast Federal Corporation. The Plan is drafted in a manner to comply
with Section 409A of the Internal Revenue Code of 1986, which governs the tax
treatment of nonqualified deferred compensation arrangements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit 10.1: 2008 Executive Deferred Compensation Plan
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.
ATLANTIC COAST FEDERAL CORPORATION
Date: February 12, 2008 By: /s/ Jon C. Parker, Sr.
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Jon C. Parker, Sr.
Chief Administration Officer
(Duly Authorized Representative)
EXHIBIT 10.1