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 17, 2007
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 July 17, 2007, Slade's Ferry Trust Company, the wholly-owned
subsidiary of the Registrant, entered into an Amended and Restated Supplemental
Executive Retirement Agreement with Manuel J. Tavares, the Registrant's Senior
Vice President, in order to comply with section 409A of the Internal Revenue
Code of 1986 and regulations or other guidance of the Internal Revenue Service
published thereunder. Section 409A requires certain Internal Revenue Service
restrictions on payment timing to participants under non-qualified deferred
compensation plans and the circumstances under which elections to receive
distributions of deferred compensation may be made. In addition, the retirement
date for Mr. Tavares was changed from age 65 to age 62.
The Amended and Restated Supplemental Executive Retirement Agreement for
Mr. Tavares is filed herewith as Exhibit 10.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.2 Amended and Restated Supplemental Executive Retirement Agreement
between Slade's Ferry Trust Company and Manuel J. Tavares.
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: July 18, 2007