8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

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):  January 27, 2005  (January 21, 2005)

ENTERPRISE BANCORP, INC.

(exact name of registrant as specified in charter)

Massachusetts	0-21021		04-3308902
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
222 Merrimack Street Lowell, Massachusetts		01852
(address of principal executive offices)		(Zip Code)

(978) 459-9000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01.Entry into a Material Definitive Agreement

On January 21, 2005, the Compensation and Personnel Committee of the registrant’s Board of Directors approved an executive officer supplemental bonus plan, which provides for the payment of cash bonuses to the registrant’s executive officers if the registrant attains certain specified increases in annual net income for 2005 as compared to 2004.  Under the plan, each of the executive officers may be paid an additional cash bonus following the conclusion of 2005 equal to a specified percentage of the executive’s base salary for 2005 if the registrant’s net income for the year ended December 31, 2005 has increased as compared to its net income for the year ended December 31, 2004 by a corresponding specified percentage.  The range of cash bonuses that may be paid to the registrant’s executive officers for 2005, reflected as a range of percentages of base salary, and the corresponding percentage increases in net income that the registrant must attain for the year ended December 31, 2005 as compared to the year ended December 31, 2004 in order for the executive officers to receive such cash bonuses, are included as an exhibit to this report.

Item 9.01.Financial Statements and Exhibits

(a)Not applicable

(b)Not applicable

(c)The following exhibit is included with this report:

Exhibit 10.36Enterprise Bancorp, Inc. 2005 Executive Officer Supplemental Bonus Plan

[Remainder of Page Intentionally Blank]

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ENTERPRISE BANCORP, INC.
Date: January 27, 2005	By:	/s/ James A. Marcotte
		James A. Marcotte
		Executive Vice President, Treasurer
		and Chief Financial Officer

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EX-10.36

Exhibit 10.36

Enterprise Bancorp

Executive Officer Supplemental Bonus Table

Fiscal Year 2005

Net Income growth*

Name	Bonus % of salary, NI Growth 10.000%		Bonus % of salary, NI Growth 11.000%		Bonus % of salary, NI Growth 12.000%		Bonus % of salary, NI Growth 13.000%		Bonus % of salary, NI Growth 14.000%		Bonus % of salary, NI Growth 15.000%		Bonus % of salary, NI Growth 16.000%		Bonus % of salary, NI Growth 17.000%		Bonus % of salary, NI Growth 18.000%		Bonus % of salary, NI Growth 19.000%		Bonus % of salary, NI Growth 20.000%
George L. Duncan	10.000	%	18.300	%	26.600	%	35.000	%	43.300	%	51.600	%	59.900	%	68.200	%	76.500	%	84.800	%	93.100	%
Richard W. Main	10.000	%	18.300	%	26.600	%	35.000	%	43.300	%	51.600	%	59.900	%	68.200	%	76.500	%	84.800	%	93.100	%
Jack P Clancy	10.000	%	18.300	%	26.600	%	35.000	%	43.300	%	51.600	%	59.900	%	68.200	%	76.500	%	84.800	%	93.100	%
James A. Marcotte	5.714	%	10.457	%	15.200	%	20.000	%	24.743	%	29.486	%	34.229	%	38.971	%	43.714	%	48.457	%	53.200	%
Robert R. Gilman	5.714	%	10.457	%	15.200	%	20.000	%	24.743	%	29.486	%	34.229	%	38.971	%	43.714	%	48.457	%	53.200	%
Stephen J. Irish	5.714	%	10.457	%	15.200	%	20.000	%	24.743	%	29.486	%	34.229	%	38.971	%	43.714	%	48.457	%	53.200	%

%’s in table represent  bonus to be paid as a % of base salary.

*  Net income growth % is the % increase in Net Income as compared to the prior Fiscal Year.