Exhibit 10.1
EMPLOYMENT AGREEMENT
Agreement made and entered into as of this 7th day of June, 2006 by and between
First Ipswich Bancorp and First National Bank of Ipswich, Massachusetts,
companies having their principal places of business in Ipswich, Massachusetts
(the "Company") and Xxxxxxx X. Xxxx of Kennebunk, Maine (the "Employee").
1. Term - The Company hereby employs the Employee and the Employee
hereby accepts employment by the Company for a period of six months
beginning June 7, 2006.
2. Position - During the term of this agreement the Company agrees to
employ the Employee as its interim President and Chief Executive
Officer.
3. Compensation - During the term of this agreement the Company shall
pay to the Employee, in equal bi-weekly payments, an annualized
salary of Two Hundred Thousand ($200,000) Dollars.
4. Fringe Benefits -
a. During the term of this agreement the Company shall provide to
the Employee all fringe and other benefits plans that the
Company offers to all employees and to which the Employee may
have participated in prior to this agreement or may
participate in subsequent to this agreement.
b. During the term of this agreement the Company shall reimburse
the Employee for housing costs associated with obtaining
housing within the Greater Ipswich area. Such reimbursed costs
shall be limited to $3,000 per month.
c. The Company shall provide up to $10,000 in relocation expense
reimbursement.
5. At the termination of this agreement, the Employee shall return to
the position, responsibilities, compensation, and benefits he held
prior to this agreement.
IN WITNESS WHEREOF, the parties hereto have executed the within instrument as a
sealed document as of the date first above written.
Witness: FIRST IPSWICH BANCORP and
FIRST NATIONAL BANK OF IPSWICH
/s/ Xxxxx X. Xxxxx By: /s/ Xxxx St. Xxxx Xxxxxxx
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Chairman of the Board
Witness:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
