Exhibit 10.16
INCENTIVE STOCK OPTION AGREEMENT
UNDER THE DANVERS BANCORP, INC.
2008 STOCK OPTION AND INCENTIVE PLAN
Name of Optionee:
__________________________________
No. of Option Shares: __________________________________
Option Exercise Price per Share: __ $ ___________________________________
[FMV on Grant Date]
Grant Date: _____________________________________
Expiration Date: _______________________________________
[No more than 10 years]
Pursuant to the Danvers Bancorp, Inc. 2008 Stock Option and Incentive Plan as amended through the
date hereof (the “Plan”), Danvers Bancorp, Inc. (the “Company”) hereby grants to the Optionee named above
an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the
number of shares of Common Stock, par value $0.01 per share (the “Stock”), of the Company specified above
at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in
the Plan.
1. Exercisability Schedule . No portion of this Stock Option may be exercised until such portion
shall have become exercisable. Except as set forth below, this Stock Option shall be exercisable with respect to
the following number of Option Shares on the dates indicated:
Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the
close of business on the Expiration Date, subject to the provisions hereof and of the Plan.
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