Form 8-K Incentive Comp
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
Date of Report (Date of earliest event reported): February 8, 2005 (February 3, 2005)
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BANCORP RHODE ISLAND, INC.
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(Exact name of registrant as specified in its charter)
Rhode Island
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(State or other jurisdiction of incorporation)
333-33182 05-0509802
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(Commission File Number) (IRS Employer Identification Number)
One Turks Head Place, Providence, Rhode Island 02903
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(Address of principal executive offices)
(401) 456-5000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Item 1.01. Entry into a Material Definitive Agreement
On February 3, 2005, the Compensation Committee of the Board of Directors of the
Registrant adopted the executive incentive compensation plan for cash bonuses
(the "Plan") for the current year. Under the Plan, incentive bonuses for senior
executive officers of the Registrant will be determined based upon achieving the
Registrant's 2005 budgeted net income. The Plan provides for threshold, target
and maximum awards to the Registrant's executive officers based upon the level
of net income achieved versus the level of net income budgeted by the Registrant
as indicated in the Incentive Compensation Grid filed herewith as Exhibit 10.
The Compensation Committee may adjust such awards, in its discretion, based on
its evaluation of an executive's performance.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Exhibit
10. 2005 Incentive Compensation Grid.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BANCORP RHODE ISLAND, INC.
/s/ Albert R. Rietheimer
By: ------------------------------
Albert R. Rietheimer
Chief Financial Officer
Date: February 8, 2005