Document:

Exhibit 10.6

 

SETTLEMENT AGREEMENT

 

This Settlement Agreement
(the “Agreement”) is entered into as of April 4, 2016 by and among Guida R. Sajdak (the “Executive”),
Westfield Financial, Inc., a bank holding company (“Buyer”), Westfield Bank, a wholly-owned subsidiary of Buyer
(“Buyer Bank”), Chicopee Bancorp, Inc., a bank holding company (“Seller”), and Chicopee Savings
Bank, a wholly-owned subsidiary of Seller (“Seller Bank”).

 

WITNESSETH:

 

WHEREAS, concurrently
with the execution of this Agreement, Buyer and Seller are entering into an Agreement and Plan of Merger, dated as of April 4,
2016 (the “Merger Agreement”), and all capitalized terms not defined herein shall have the meaning set forth
in the Merger Agreement; and

 

WHEREAS, Buyer,
Buyer Bank, Seller, Seller Bank, and the Executive desire to enter into this Agreement, which shall supersede the Executive Employment
Agreement by and among Seller, Seller Bank and the Executive, dated October 28, 2015 (the “Employment Agreement”),
effective immediately prior to the Effective Time of the Merger, and in lieu of any rights and payments under the Employment Agreement,
the Executive shall be entitled to the rights and payments set forth herein irrespective of whether the Executive terminates employment
(which for the avoidance of doubt, the parties agree shall be the rights and payments to which the Executive is entitled in the
event of the Executive’s termination of employment without “Cause” or for “Good Reason” following
a “Change of Control” (as such terms are defined in the Employment Agreement) as contemplated by Sections 11 and 12
of the Employment Agreement).

 

NOW THEREFORE,
in consideration of the foregoing and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged,
the Executive, Buyer, Buyer Bank, Seller, and Seller Bank agree as follows:

 

1.                 
Settlement Amount.

 

1.1             
Employment Agreement Amount. On the Closing Date, provided the Executive has remained employed with the Seller
and Seller Bank to and including the Closing Date, Seller shall, or shall cause an affiliate to, pay to the Executive a lump-sum
cash amount equal to the total of $406,394, in full satisfaction of the payment obligations of Seller and Seller Bank under
the Employment Agreement, less applicable tax withholdings (the total of such sum, the “Employment Agreement Amount”)
with such amount to be further reduced pursuant to Section 1.2 hereof as may be needed.

 

For the avoidance of
doubt, the payment of the Employment Agreement Amount under this Agreement shall not release Buyer, Buyer Bank, Seller, or Seller
Bank, as applicable, from any of the following obligations: (a) obligations to pay to the Executive accrued but unpaid wages,
and make payments for accrued but unused vacation, earned up to the Effective Time of the Merger to the extent required by applicable
law; (b) the payment of any of the Executive’s vested benefits under the tax-qualified and non-qualified plans of Seller
or Seller Bank, including any benefits that become vested as a result of the Merger; (c) obligations regarding accelerated
vesting of equity awards and phantom stock awards, if any, under any equity awards or phantom stock unit awards granted by Seller
to the Executive and outstanding immediately prior to the Effective Time; (d) the payment of the Merger Consideration with
respect to the Executive’s common stock of Seller as contemplated by Section 2.01 of the Merger Agreement; or (e) rights
to indemnification under applicable corporate law, the organizational documents of Seller or Seller Bank, as an insured under any
director’s and officer’s liability insurance policy new or previously in force, or pursuant to Section 5.12 of the
Merger Agreement. For the avoidance of doubt, the parties to this Agreement acknowledge that the Merger constitutes a “change
of control” for purposes of Seller Bank 2012 Phantom Stock Unit Award and Long-Term Incentive Plan, and Seller Bank will
pay out all cash amounts under such agreements at the Closing Date.

 

     

     

    

1.2             
Section 280G Cut-Back. Notwithstanding anything in this Agreement to the contrary, if the Employment Agreement
Amount provided for in this Agreement, together with any other payments which the Executive has the right to receive from Buyer,
Buyer Bank, Seller, Seller Bank, or any corporation which is a member of an “affiliated group” (as defined in Code
Section 1504(a), without regard to Code Section 1504(b)) of which Buyer, Buyer Bank, Seller, or Seller Bank is a member, would
constitute an “excess parachute payment” (as defined in Code Section 280G(b)(2)), payments pursuant to this Agreement
shall be reduced to the extent necessary to ensure that no portion of such payments will be subject to the excise tax imposed by
Code Section 4999. It is hereby understood that the Employment Agreement Amount as determined under this Section 1.2 will
be subject to further adjustment upon the consummation of the Merger. Any determination required under this Section 1.2
shall be made by Seller and Buyer and their respective tax advisors, whose determination shall be conclusive and binding upon the
Executive, Seller, and Seller Bank, and it is hereby understood that such determination will follow the same methodology for calculating
the Code Section 280G limitation in order to avoid an “excess parachute payment” as provided in Seller Bank Disclosure
Schedule 3.18(f) to the Merger Agreement.

 

1.3             
No Further Adjustment. The parties hereby agree that the Employment Agreement Amount as determined in the
manner provided under Section 1.1 and Section 1.2 hereof is final and binding on all parties and shall not otherwise
be subject to further adjustment.

 

1.4             
Employment with Buyer. Buyer and Buyer Bank anticipate that Executive will be an at-will employee of Buyer
and/or Buyer Bank following the Closing Date as Executive Vice President, Chief Risk Officer at a base salary rate of $210,000
per year.

 

1.5             
Complete Satisfaction. In consideration of the payment of the Employment Agreement Amount, the employment
by Buyer and/or Buyer Bank following the Closing Date and the other provisions of this Agreement, the Executive, Buyer, Buyer Bank,
Seller, and Seller Bank hereby agree that effective immediately following the Effective Time of the Merger, the Executive agrees
that the full payment of the Employment Agreement Amount, as determined in accordance Section 1.1 and Section 1.2,
shall be in complete satisfaction of all rights to payments due to Executive under the Employment Agreement. Notwithstanding anything
to the contrary contained herein, to the extent that the loyalty and confidentiality provisions in Section 10 of the Employment
Agreement are not superseded by a separate written employment agreement by and between the Buyer, Buyer Bank and the Executive,
these provisions shall survive termination of the Employment Agreement.

 

     

     

    

2.                 
Code Section 409A Compliance. The intent of the parties is that payments under this Agreement either be exempt
from or comply with Code Section 409A and the Treasury Regulations and guidance promulgated thereunder and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To that end, Executive, Buyer, Seller,
and Seller Bank agree that the payment described in Section 1 is intended to be excepted from compliance with Code Section
409A as a short-term deferral pursuant to Treasury Regulation Section 1.409A-1(b)(4).

 

3.                 
General.

 

3.1             
Heirs, Successors, and Assigns. The terms of this Agreement shall be binding upon the parties hereto and their
respective heirs, successors, assigns and legal representatives.

 

3.2             
Final Agreement.  This Agreement represents the entire understanding of the parties with respect to
the subject matter hereof and supersedes all prior understandings, written or oral, except as set forth in a separate written employment
agreement by and between Buyer, Buyer Bank and the Executive. The terms of this Agreement may be changed, modified, or discharged
only by an instrument in writing signed by each of the parties hereto.

 

3.3             
Withholdings. Seller, Seller Bank, Buyer, and Buyer Bank may withhold from any amounts payable under this
Agreement such federal, state, or local taxes as may be required to be withheld pursuant to applicable law or regulation.

 

3.4             
Governing Law. This Agreement shall be construed, enforced, and interpreted in accordance with and governed
by the laws of the Commonwealth of Massachusetts, without reference to its principles of conflicts of law, except to the extent
that federal law shall be deemed to preempt such state laws.

 

3.5             
Regulatory Limitations. Notwithstanding any other provision of this Agreement, neither Buyer, Buyer Bank,
Seller, nor Seller Bank shall be obligated to make, and Executive shall have no right to receive, any payment under this Agreement
which would violate any law, regulation, or regulatory order applicable to Buyer, Buyer Bank, Seller, or Seller Bank, as applicable,
at the time such payment is due, including, without limitation, Section 1828(k)(1) of Title 12 of the United States Code and any
regulation or order thereunder of the Federal Deposit Insurance Corporation.

 

3.6             
Voluntary Action and Waiver. The Executive acknowledges that by her free and voluntary act of signing below,
the Executive agrees to all of the terms of this Agreement and intends to be legally bound thereby. The Executive acknowledges
that she has been advised to consult with an attorney prior to executing this Agreement.

 

3.7             
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument.

 

     

     

    

4.                 
Effectiveness. Notwithstanding anything to the contrary contained herein, this Agreement shall be subject
to consummation of the Merger in accordance with the terms of the Merger Agreement, as the same may be amended by the parties thereto
in accordance with its terms. In the event the Merger Agreement is terminated for any reason or the Merger does not occur, this
Agreement shall be deemed null and void.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

     

     

    

IN WITNESS WHEREOF, Buyer, Buyer
Bank, Seller, and Seller Bank have each caused this Agreement to be executed by their duly authorized officers, and the Executive
has signed this Agreement, effective as of the date first above written.

 

 

 

	 	EXECUTIVE:
	 	 
	 	/s/ Guida R. Sajdak
	 	Guida R. Sajdak 
	 	 
	 	CHICOPEE BANCORP, INC.
	 	 
	 	
        By:
        /s/ William J. Wagner

	 	Name: William J. Wagner
	 	 Title:   President and Chief Executive Officer 
	 	 
	 	CHICOPEE SAVINGS BANK
	 	 
	 	
        By:
        /s/ William J. Wagner

	 	Name: William J. Wagner
	 	Title:   President and Chief Executive Officer  
	 	 
	 	WESTFIELD FINANCIAL, INC.
	 	 
	 	
        By:
        /s/ James C. Hagan 

	 	Name:James C. Hagan 
	 	Title:Chief Executive Officer and President
	 	 
	 	WESTFIELD BANK
	 	 
	 	
        By:
        /s/ James C. Hagan 

	 	Name:James C. Hagan 
	 	Title:Chief Executive Officer and President

[SIGNATURE PAGE TO THE SETTLEMENT AGREEMENT]Exhibit

EXHIBIT 10.1
EXECUTION COPY

	
	
	[*] Indicates that confidential information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

SIXTH OMNIBUS AMENDMENT TO 
FOURTH AMENDED AND RESTATED RECEIVABLES 
FUNDING AND ADMINISTRATION AGREEMENT 
AND
THIRD AMENDED AND RESTATED RECEIVABLES 
SALE AND SERVICING AGREEMENT

This SIXTH OMNIBUS AMENDMENT (this “Amendment”), dated as of January 12, 2016, is entered into by and among SIT FUNDING CORPORATION (the “Borrower”), SYNNEX CORPORATION (“Synnex”), individually and in its capacity as Servicer and an Originator, HYVE SOLUTIONS CORPORATION (“Hyve”), in its capacity as an Originator, PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Committed Lender, PNC, as Managing Agent for the PNC Lender Group, SUMITOMO MITSUI BANKING CORPORATION (“SMBC”), as a Committed Lender, MANHATTAN ASSET FUNDING COMPANY LLC (“MAFC”), as a Discretionary Lender, SMBC NIKKO SECURITIES AMERICA, INC. (“SMBC Nikko”), as Administrator for the SMBC Discretionary Lender and as Managing Agent for the SMBC Lender Group, LIBERTY STREET FUNDING LLC (“Liberty Street”), as a Discretionary Lender, and THE BANK OF NOVA SCOTIA (“BNS”), as a Committed Lender, as Administrative Agent for the Committed Lenders and Discretionary Lenders, as Administrator for the BNS Discretionary Lender and as Managing Agent for the BNS Lender Group and is the (i) ELEVENTH AMENDMENT TO THE FOURTH AMENDED AND RESTATED RECEIVABLES FUNDING AND ADMINISTRATION AGREEMENT (as described below) and (ii) TWELFTH AMENDMENT TO THE THIRD AMENDED AND RESTATED RECEIVABLES SALE AND SERVICING AGREEMENT (as described below). 
RECITALS
A.WHEREAS, the Borrower, PNC, SMBC, MAFC, SMBC Nikko, Liberty Street and BNS are parties to that certain Fourth Amended and Restated Receivables Funding and Administration Agreement, dated as of November 12, 2010 (together with all exhibits and schedules thereto, and as heretofore amended, restated or supplemented, the “RFA”);
B.    WHEREAS, each of the persons signatory thereto from time to time as Originators, Synnex, in its capacity as servicer thereunder, and the Borrower, as buyer are parties to that certain Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of January 23, 2009 (together with all exhibits and schedules thereto, and as heretofore amended, restated or supplemented, the “SSA”); and

	
			
	 
	 
	 

C.    WHEREAS, the Borrower, PNC, SMBC, MAFC, SMBC Nikko, Liberty Street and BNS desire to amend and modify certain terms of the RFA as hereinafter set forth and the Borrower, Synnex, Hyve and BNS desire to amend and modify certain terms of the SSA, and to make certain other changes to the RFA, the SSA and the Related Documents, as hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.    Certain Defined Terms.  Capitalized terms that are used herein without definition shall have the same meanings herein as in Annex X to SSA and RFA.
2.    Amendment to Annex X to the SSA and the RFA.  Annex X to the SSA and the RFA is hereby amended as follows:
(a)    The definition of “Excluded Receivable” is hereby amended and restated in its entirety as follows:
““Excluded Receivable” shall mean (i) any Mexico Receivable, (ii) any Receivable owing by the Obligor of an Originator (the “Reseller”) arising directly as a result of a separate, but corresponding, Receivable originated by such Reseller and where the Obligor of such Reseller (the “End User”) with respect to such corresponding Receivable (x) has been instructed to make payment of all amounts owing in respect of such Receivable owed by the End User to the Reseller, directly to the Originator or the Borrower (which may be in the name of the Reseller) and (y) is not relieved of its obligation with respect to such Receivable unless and until payment of all amounts owing to the Reseller with respect thereto is made directly to the Originator or the Borrower in accordance with the terms of the sales contract or purchase order and other documents between the Originator and the Reseller, (iii) any Receivable owing by an Affiliate of any Originator, the Parent or the Borrower (other than a Permitted Affiliate Obligor), or (iv) any Receivable the Obligor of which is [*] or any of its Subsidiaries and Affiliates, including, without limitation, [*].”; and
(b)    The definition of “Special Obligor” is hereby amended and restated in its entirety as follows:
““Special Obligor” shall mean one or more Class A Obligors, Class B Obligors, Class C Obligors or Class D Obligors whose “Individual Obligor Percentage” of Eligible Receivables (as specified in the definition of “Concentration Percentage”) is adjusted as permitted under the Funding Agreement to a percentage greater than such “Individual Obligor Percentage” of Eligible Receivables, which adjustment has been approved in writing as a Special Obligor by notice substantially in the form of Annex Z to the Funding Agreement, following a request by Synnex to the Administrative Agent.  Any Lender may revoke Special Obligor status at any time.  As of the Fourth Omnibus Amendment Effective Date, and until such status is revoked by any Lender, (i) [*] shall be a Special Obligor with an “Individual Obligor Percentage” of 25.00% so long as [*]’s long-term 

	
			
	 
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unsecured rating is equal to or greater than A by S&P and Baa2 by Moody’s; (ii) [*] shall be a Special Obligor with an “Individual Obligor Percentage” equal to a Class C Obligor under the definition of “Concentration Percentage” so long as [*]’s long-term unsecured rating is equal to or greater than BB by S&P and Baa3 by Moody’s; and (iii) [*] shall be a Special Obligor with “Individual Obligor Percentage” of 7.00%.”.
3.    Amendment to the RFA.  Section 5.03(l) of the RFA is hereby amended and restated in its entirety as follows:
“Commingling.  The Borrower shall not deposit or permit the deposit of any funds that do not constitute Collections of Transferred Receivables into any Lockbox, the Concentration Account or the Accrual Account, except as otherwise contemplated under Section 4.02(1) of the Sale Agreement.  If funds that are not Collections are deposited into the Concentration Account or the Accrual Account, the Borrower shall, or shall cause the Servicer to, notify the Administrative Agent in writing promptly upon discovery thereof, and, the Servicer shall promptly remit (or direct the Concentration Account Bank or Accrual Account Bank, as applicable, to remit) any such amounts that are not Collections to the applicable Originator or other Person designated in such notice.”.
4.    Representations and Warranties.  Each of Synnex and the Borrower represents and warrants for itself as follows:
(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
(b)    This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c)    No consent, approval, authorization or order of, or filing (except for any filing required by federal securities laws), registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment that has not already been obtained.
(d)    The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its organization documents or (ii) violate, contravene or conflict in any material respect with any laws applicable to such Person.
(e)    Immediately after giving effect to this Amendment, (i) the representations and warranties of the Borrower set forth in the RFA and Synnex set forth in the SSA shall be true and correct (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof, in which case, such representations and warranties 

	
			
	 
	3
	 

shall be true and correct as of such other date) and (ii) no Termination Event or Incipient Termination Event shall have occurred and be continuing.
5.    Effect of Amendment.  Except as expressly amended and modified by this Amendment, all provisions of the RFA and the SSA shall remain in full force and effect. After this Amendment becomes effective, all references in the RFA and the SSA to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the RFA or the SSA, as applicable, shall be deemed to be references to the RFA and the SSA as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the RFA or the SSA other than as set forth herein.
6.    Effectiveness.  This Amendment shall become effective as of the date hereof (the “Effective Date”) receipt by the Administrative Agent of the following:  (i) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the other parties hereto; and (ii) such documents and certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of the Borrower and Synnex and the authorization of this Amendment, all in form and substance satisfactory to the Administrative Agent. 
7.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.
8.    Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
9.    Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.
10.    Section Headings.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the RFA or the SSA or any provision hereof or thereof.
[Signature Pages Follow]

	
			
	 
	4
	 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
SIT FUNDING CORPORATION, 
as the Borrower 
 
 
By:/s/ Simon Y. Leung_______________________ 
Name:  Simon Y. Leung 
Title:  Senior Vice President, General Counsel & Corporate Secretary

SYNNEX CORPORATION, 
individually and as Servicer and as an Originator 
 
 
By: /s/ Simon Y. Leung ______________________ 
Name:  Simon Y. Leung 
Title:  Senior Vice President, General Counsel & Corporate Secretary

HYVE SOLUTIONS CORPORATION, 
as an Originator 
 
 
By: /s/ Simon Y. Leung ______________________ 
Name:  Simon Y. Leung 
Title:  Senior Vice President, General Counsel & Corporate Secretary

S-1    Sixth Omnibus Amendment (Synnex)

THE BANK OF NOVA SCOTIA,  
as a Lender, as Administrator for 
Liberty Street Funding LLC, 
as Managing Agent for the 
BNS Lender Group and 
as the BNS Committed Lender

By:/s/ Eugene Dempsey_____________________ 
Name:     Eugene Dempsey 
Title:    Director 

LIBERTY STREET FUNDING LLC,  
as a Lender and the BNS Discretionary Lender

By:/s/ Jill A. Russo_________________________ 
Name:    Jill A. Russo 
Title:    Vice President 

THE BANK OF NOVA SCOTIA, 
as Administrative Agent

By:/s/ Eugene Dempsey_____________________ 
Name:     Eugene Dempsey 
Title:    Director

S-2    Sixth Omnibus Amendment (Synnex)

PNC BANK, NATIONAL ASSOCIATION,  
as Managing Agent for the PNC Lender Group
 
 
By:/s/ Eric Bruno__________________________ 
Name:    Eric Bruno 
Title:    Senior Vice President 

PNC BANK, NATIONAL ASSOCIATION,  
as a Lender and as the PNC Committed Lender 
 
 
By:/s/ Eric Bruno___________________________ 
Name:    Eric Bruno 
Title:    Senior Vice President 

S-3    Sixth Omnibus Amendment (Synnex)

SMBC NIKKO SECURITIES AMERICA, INC.,  
as Administrator for 
Manhattan Asset Funding Company LLC 
and as Managing Agent for the  
SMBC Lender Group 
 
 
By:/s/ Yukimi Konno________________________ 
Name:    Yukimi Konno 
Title:    Managing Director

SUMITOMO MITSUI BANKING CORPORATION,  
as a Lender and the SMBC Committed Lender 
 
 
By:/s/ Hiroyuki Suzuki_______________________ 
Name:    Hiroyuki Suzuki 
Title:    Executive Director

MANHATTAN ASSET FUNDING COMPANY LLC, as a Lender and 
the SMBC Discretionary Lender 

By:    MAF RECEIVABLES CORP.,
its sole member

By:/s/ Irina Khaimova_______________________ 
Name:    Irina Khaimova 
Title:    Vice President

    
         Sixth Omnibus Amendment (Synnex)

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