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): March 14, 2005
SLADE'S FERRY BANCORP.
(Exact name of registrant as specified in its charter)
Massachusetts 000-23904 04-3061936
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Slade's Ferry Avenue, PO Box 390, Somerset, Massachusetts 02726
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 675-2121
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 (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 CFR 240.13e-4(c))
Item 1.01 Entry Into a Material Definitive Agreement
Effective March 14, 2005, Slade's Ferry Bancorp. (the "Company") and
Slade's Ferry Bank and Trust (the "Bank") jointly entered into a Change of
Control Agreement with employee Arthur Gauthier in the form attached as
Exhibit 10.9 to the Company's filing on Form 8-K, filed with the Securities
and Exchange Commission on January 13, 2005.
Generally, the agreement provides that the Bank may terminate the
employment of any employee covered by the agreement, with or without cause,
at any time prior to a "change of control" or "pending change of control"
(as each such term is defined in the agreement) without obligation for
severance benefits. However, upon the occurrence of a "change of control"
or "pending change of control", the employee will receive severance
benefits if his or her employment is terminated without cause or the
employee resigns with good reason. The severance benefits would generally
be equal to the value of the cash compensation and fringe benefits that the
employee would have received if he or she had continued working for one
additional year. The term of the agreement is perpetual until one year
after the date on which the Bank notifies the employee of its intention to
terminate the agreement (the "Initial Expiration Date") or, if later, the
first anniversary of the latest "change of control" or "pending change of
control" that occurs before the Initial Expiration Date.
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.
SLADES FERRY BANCORP.
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(REGISTRANT)
By: /s/ Deborah A. McLaughlin
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Name: Deborah A. McLaughlin
Title: Treasurer/Vice President and
Chief Financial Officer
Date: March 17, 2005