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): December 19, 2006
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 December 19, 2006, the Board of Directors of Slade's Ferry Trust
Company (the "Board"), the wholly-owned subsidiary of the Registrant,
authorized the amendment of individual agreements with non-employee directors
under the Directors' Supplemental Retirement Program in order to provide for
payment of the amounts owed under such program to those directors who serve
until December 31, 2006 with payment of the amounts owed to be made on January
15, 2007 in a lump sum. This payment and termination is structured to comply
with section 409A of the Internal Revenue Code of 1986 and regulations or other
guidance of the Internal Revenue Service published thereunder (collectively,
"Section 409A").
A form of the amendment to be entered into with non-employee directors
other than Directors Francis A. Macomber and Melvyn A. Holland is filed as
Exhibit 10.12. A form of the amendment to be entered into with Directors
Macomber and Holland is filed herewith as Exhibit 10.13.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.12 Form of Amendment to Directors' Supplemental Retirement Program for
non-employee directors.
10.13 Form of Amendment to Directors' Supplemental Retirement Program for
Francis A. Macomber and Melvyn A. Holland.
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: Executive Vice President and Chief
Financial Officer/Chief Operations
Officer
Date: December 22, 2006