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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
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Date of report (Date of earliest event reported): July 18, 2007
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 5.02(e) Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of
Certain Officers.
On July 18, 2007, the Board of Directors of First Ipswich Bancorp (the
"Company") approved the grant of options to the senior managers listed below.
The grant date of the options was July 18, 2007 and the options were granted at
the fair market value of $9.25 per share on the grant date. The options will
expire ten years from the grant date.
The following senior managers were granted options in the amounts set forth
below, which vest over four years, beginning on the first anniversary of the
grant date.
Name and Title of Employee Number of Options
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Maryjon Brett, SVP, Operations and
Information Systems 2,500
Janice Costa, SVP, Retail Banking 2,500
John DiIorio, SVP, Sr. Lending Officer 500
Each recipient of an option grant will enter into an incentive stock option
agreement in the form attached as an exhibit hereto and incorporated by
reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit
Exhibit No. Description
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Exhibit 99.1 Form of Incentive Stock Option Agreement
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
Date: July 23, 2007 By: /s/ Timothy L. Felter
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Timothy L. Felter
SVP and CFO
EXHIBIT INDEX
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Exhibit No. Description
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Exhibit 99.1 Form of Incentive Stock Option Agreement
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