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Exhibit 10.17
 
RESTRICTED STOCK AWARD AGREEMENT
 
UNDER THE DANVERS BANCORP, INC.
 
2008 STOCK OPTION AND INCENTIVE PLAN
 
Name of
Grantee:         __________________________________                               
 
No. of
Shares:              $_________________________________                          
 
Grant
Date:                     _________________________________                   
 
Pursuant to the Danvers Bancorp, Inc. 2008 Stock Option and Incentive Plan (the
“Plan”) as amended through the date hereof, Danvers Bancorp, Inc. (the
“Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee
named above.  Upon acceptance of this Award, the Grantee shall be entitled to
receive the number of shares of Common Stock, par value $0.01 per share (the
“Stock”) of the Company specified above, subject to the restrictions and
conditions set forth herein and in the Plan.  The Company acknowledges the
receipt from the Grantee of consideration with respect to the par value of the
Stock in the form of cash, past or future services rendered to the Company by
the Grantee or such other form of consideration as is acceptable to the
Administrator.
 
1.           Acceptance of Award.  The Grantee shall have no rights with respect
to this Award unless he or she shall have accepted this Award by (i) signing and
delivering to the Company a copy of this Award Agreement, and (ii) if requested
by the Company, delivering to the Company a stock power endorsed in blank.  Upon
acceptance of this Award by the Grantee, the shares of Restricted Stock so
accepted shall be issued and held by the Company’s transfer agent in book entry
form with appropriate restrictions and the Grantee’s name shall be entered as
the stockholder of record on the books of the Company.  Once the Grantee has
accepted this Award, the Grantee shall have all the rights of a stockholder with
respect to such shares, including voting rights and dividend rights, subject,
however, to the restrictions and conditions specified in Paragraph 2 below.
 
2.           Restrictions and Conditions.
 
(a)           Any certificates or book entries for the shares of Restricted
Stock granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are subject
to restrictions as set forth herein and in the Plan.
 
(b)           Shares of Restricted Stock granted herein may not be sold,
assigned, transferred, pledged or otherwise encumbered or disposed of by the
Grantee prior to vesting.
 
(c)           If the Grantee’s employment with the Company and its Subsidiaries
is voluntarily or involuntarily terminated for any reason, other than by reason
of the Grantee’s death or disability (as determined by the Administrator), prior
to vesting of shares of Restricted Stock granted herein, all shares of
Restricted Stock shall immediately and automatically be forfeited and returned
to the Company.
 

 
 

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3.           Vesting of Restricted Stock.  The restrictions and conditions in
Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified
in the following schedule so long as the Grantee remains an employee of the
Company or a Subsidiary on such Vesting Dates.  If a series of Vesting Dates is
specified, then the restrictions and conditions in Paragraph 2 shall lapse only
with respect to the number of shares of Restricted Stock specified as vested on
such date.
 
Number of
Shares Vested
Vesting Date
_____________ (___%)1
____________
_____________ (___%)
____________
_____________ (___%)
____________
_____________ (___%)
____________
_____________ (___%)
____________

 
In addition, upon the termination of the Grantee’s employment with the Company
by reason of the Grantee’s death or disability (as determined by the
Administrator), the restrictions and conditions in Paragraph 2 of this Agreement
shall lapse.  Subsequent to such Vesting Date or Dates, the shares of Stock on
which all restrictions and conditions have lapsed shall no longer be deemed
Restricted Stock and to the extent such shares of Restricted Stock are held in
escrow or trust by the Company, the shares of Stock shall be promptly
transferred to the Grantee.
 
4.           Dividends.  Dividends on shares of Restricted Stock shall be paid
currently to the Grantee.
 
5.           Incorporation of Plan.  Notwithstanding anything herein to the
contrary, this Agreement shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Administrator set forth in
Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the
meaning specified in the Plan, unless a different meaning is specified herein.
 
6.           Transferability.  This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.
 
7.           Tax Withholding.  The Grantee shall, not later than the date as of
which the receipt of this Award becomes a taxable event for Federal income tax
purposes, pay to the Company or make arrangements satisfactory to the
Administrator for payment of any Federal, state, and local taxes required by law
to be withheld on account of such taxable event.  Except in the case where an
election is made pursuant to Paragraph 8 below, the Grantee may elect to have
the required minimum tax withholding obligation satisfied, in whole or in part,
by authorizing the Company to withhold from shares of Stock to be issued or
released by the transfer agent or
 

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1     The rate of vesting must not be in excess of 20% of the total Award per
year, with the first vesting occurring no earlier than the first anniversary of
the Grant Date.

 
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trustee a number of shares of Stock with an aggregate Fair Market Value that
would satisfy the withholding amount due.
 
8.           Election Under Section 83(b).  The Grantee and the Company hereby
agree that the Grantee may, within 30 days following the acceptance of this
Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service
and the Company an election under Section 83(b) of the Internal Revenue
Code.  In the event the Grantee makes such an election, he or she agrees to
provide a copy of the election to the Company.  The Grantee acknowledges that he
or she is responsible for obtaining the advice of his or her tax advisors with
regard to the Section 83(b) election and that he or she is relying solely on
such advisors and not on any statements or representations of the Company or any
of its agents with regard to such election.
 
9.           No Obligation to Continue Employment.  Neither the Company nor any
Subsidiary is obligated by or as a result of the Plan or this Agreement to
continue the Grantee in employment and neither the Plan nor this Agreement shall
interfere in any way with the right of the Company or any Subsidiary to
terminate the employment of the Grantee at any time.
 
10.           Notices.  Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to
the Grantee at the address on file with the Company or, in either case, at such
other address as one party may subsequently furnish to the other party in
writing.
 
DANVERS BANCORP, INC.
 
By:   __________________________                                                                   
 
Title: __________________________
 
The foregoing Agreement is hereby accepted and the terms and conditions thereof
hereby agreed to by the undersigned.
 
Dated:                                                           
Grantee’s Signature:  ___________________________
 

Grantee’s name and address: _______________________
 

 

 

 
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