Exhibit 20.1
________________, 2004
Dear _________________:
This letter is notification to you as a current holder of warrants, of the
First Ipswich Bancorp's Intent to redeem all outstanding warrants per the
agreement. According to section 12 of the warrant agreement, "At any time
following the date which is four years after the date of issuance of a Warrant,
the Bancorp may, at its option, upon at least ninety (90) days' written notice
to the holders thereof (which notice may be given prior to the expiration of the
four-year period), redeem all or any portion of such Warrant at a redemption
price of $0.001 per Warrant ("Redemption Price")". As such, we are exercising
this option. Below you will find a breakdown of the number of your outstanding
warrants.
Warrant certificate number
Number of warrants
Exercise price $55.55
Total $
On February 18, 2004, the Board of Directors declared a stock split
effective March 19, 2004 in the amount of ten (10) shares of common stock for
each (1) share of common stock. This included all outstanding warrants. As a
result, the new warrant calculation will be:
Number of warrants
Exercise price $5.555
Total $
The effective date of this notification is September 30, 2004. Therefore
the 90-day period expires December 29, 2004. If we do not receive notification
from you by that date we will assume that your intent is to let your warrants
expire and we will pay you the $0.001 ($0.0001 adjusted for the stock split) as
per the agreement on December 29, 2004.
Should you have any questions regarding this notification, feel free to
contact me at (000) 000-0000.
Yours truly,
Xxxxxx X. Xxxx
President & CEO
