================================================================================
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): October 24, 2005
FIRST IPSWICH BANCORP
(Exact name of registrant as specified in its charter)
Massachusetts 333-114018 04-2955061
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
31 Market Street, Ipswich, Massachusetts 01938
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 356-3700
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 communication 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 October 24, 2005, First Ipswich Bancorp (the "Company"), The First National
Bank of Ipswich (the "Bank"), and Michael J. Wolnik, a former Senior Vice
President, Treasurer and Chief Financial Officer of the Company and the Bank,
who resigned from his positions with the Company, the Bank and all of their
direct and indirect subsidiaries (together hereinafter referred to as "Ipswich")
effective September 26, 2005, entered into an Employment Separation Agreement
(the "Agreement").
Under the terms of the Agreement, Mr. Wolnik agreed to provide consulting
services to Ipswich from the date of the Agreement through December 31, 2005.
The Agreement also provides that Mr. Wolnik will continue to receive his base
salary and group insurance benefits through December 31, 2005. In addition, the
Agreement provides for a general release of all legal claims that are or may be
held by Mr. Wolnik against Ipswich. Further, Mr. Wolnik has a period of seven
days following the date of his signing of the Agreement during which he may
revoke it.
SIGNATURE
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 IPSWICH BANCORP
By: /s/ Donald P. Gill
--------------------------
Donald P. Gill
President and C.E.O.
Date: October 28, 2005