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): January 10, 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
On January 10, 2005, Slade's Ferry Trust Company (the "Bank"), the
wholly-owned subsidiary of Slade's Ferry Bancorp, adopted a Company-wide
severance plan, the Severance Pay Plan of Slade's Ferry Bank (the
"Severance Plan"), that permits the payment of severance benefits to all
eligible employees of the Bank and affiliated entities (collectively, the
"Company"). Employees who have an employment contract, change of control
agreement, or other agreement with the Company who are covered by other
programs which prove severance benefits, or by their terms exclude such
persons from participating in the Severance Plan, are not eligible to
participate in the Severance Plan. The Severance Plan is attached hereto
as Exhibit 10.10.
Under the Severance Plan, a participant with at least one year of
service is entitled to receive severance pay if the participant's
employment is terminated under circumstances constituting an "Involuntary
Severance" (as defined in the Severance Plan), other than for cause, as a
result of, within 12 months following or within three months prior to a
Change of Control (as defined in the Severance Plan).
Under the Severance Plan, employees are eligible to receive two weeks
severance pay for each completed year of service, not to exceed twenty-six
weeks. No employee who is entitled to receive benefits under the Severance
Plan and is not subject to the wage and hour standards imposed under the
federal Fair Labor Standards Act shall receive a severance benefit equal to
less than 12 weeks salary.
Employees with at least one year of service whose employment is
terminated under circumstances constituting an Involuntary Severance but
not related to a Change of Control may be eligible for severance as the
Severance Plan administrator may determine.
The receipt of any severance play under the Severance Plan is
conditioned on a written release by the participant of all claims against
the Company.
Item 9.01 Financial Statements and Exhibits
(c) The following exhibit is furnished with this current report:
Exhibit No. Description
----------- -----------
10.10 Severance Pay Plan of Slade's Ferry Bank
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
-----------------------------
Name: Deborah A. McLaughlin
Title: Treasurer/Vice President and
Chief Financial Officer
Date: January 14, 2005
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
10.10 Severance Pay Plan of Slade's Ferry Bank