Document:

Exhibit

                                                                                                                                                                       Exhibit 10.5

                                                                                          As approved by the Board of Directors December 14, 2017

INDEPENDENT BANK CORP. AND ROCKLAND TRUST COMPANY
AMENDED AND RESTATED
NONQUALIFIED DEFERRED COMPENSATION PLAN

This Independent Bank Corp. and Rockland Trust Company Non-Qualified Deferred Compensation Plan (the “Plan”) was initially effective as of January 1, 2014 and is amended and restated on January 1, 2018.  This Plan is intended to comply with Internal Revenue Code Section 409A and any regulatory or other guidance issued under that Section.  Capitalized items used in this Plan have the meanings set forth below in Article VIII, Definitions.  

ARTICLE I - ELIGIBILITY AND VESTING

		
	1.1
	Eligibility.  The Plan is available to a select group of management or highly compensated employees of the Company and/or the Bank, within the meaning of ERISA and as determined by the Administrator.  Selection as a Participant for one calendar year does not guarantee selection as a Participant in the future.

		
	1.2
	Annual Enrollment.  Each Participant who is eligible to participate in the Plan for any calendar year shall enroll by executing a Participation Agreement and completing all other forms as the Administrator may request.  Participation in the Plan shall commence as of the date specified in the Participation Agreement.  

		
	1.3
	Vesting; Clawback.  The Participant’s Account shall be fully vested at all times.  Amounts deferred under this Plan from incentive compensation, however, may be subject to the Claw Back Policy if a Participant is subject to the Claw Back Policy.  If the Claw Back Policy is triggered and applicable to a Participant the Company and/or the Bank may recover from the Account any amounts due from the Participant pursuant to the Claw Back Policy.  Any Base Salary deferrals are not subject to clawback.

ARTICLE II - DEFERRALS; EARNINGS

		
	2.1
	Deferral Elections.  Participants may elect to defer receipt of all or any portion of their Base Salary or Incentive Compensation, subject to the deferral election timing rules set forth below.  

(a)    Base Salary Deferral Elections.  

(1)    General Rule.  Before the beginning of a Plan Year, any Participant who wishes to defer receipt of any amount of Base Salary must elect the amount of Base Salary to be deferred under the Plan for the upcoming Plan Year by completing a Participation Agreement.  A Base Salary deferral election shall expire at the end of that calendar year (i.e., Base Salary deferral elections are not “evergreen”) and a new election must be made for each new calendar year.  Deferral elections cannot be revoked or changed for a calendar year once the year has begun.  

(2)    Special Rule for Initial Eligibility to Participate in the Plan. Within the first 30 days after a Participant is first eligible to participate in the Plan, the Participant may elect to defer Base Salary that has not yet been earned in the current Plan Year by completing the Participation 

Agreement provided by the Plan Administrator.  The Base Salary deferral election shall expire at the end of that calendar year (i.e., Base Salary deferral elections are not “evergreen”) and a new election must be made for each new calendar year.  Deferral elections cannot be revoked or changed for a calendar year once the year has begun.  

(b)    Incentive Compensation Deferral Elections.  

(1)    A Participant may elect to defer Incentive Compensation on or before the date that is six months before the end of the performance period for the Incentive Compensation, provided that (i) the performance period is at least 12 months long; (ii) the Participant performs services continuously from the later of (X) the beginning of the performance period or (Y) the date the performance criteria are established, through the date the deferral election is made; and (iii) the election to defer performance-based compensation is not made after such compensation has become “readily ascertainable” within the meaning of Treasury Regulation Section 1.409A-2(a)(8). The Incentive Compensation deferral election shall expire at the end of that calendar year (i.e., Incentive Compensation deferral elections are not “evergreen” and a new election must be made for each new calendar year).  Deferral elections for performance-based compensation cannot be revoked or changed for a calendar year after the date that is six months before the end of the performance period.

(2)    Special Rule for Initial Eligibility to Participate in the Plan.  Within the first 30 days after a Participant is first eligible to participate in the Plan, or if later, up to the date that is six months before the end of the performance period, the Participant may elect to defer Incentive Compensation that has not yet been earned in the current calendar year. The Incentive Compensation deferral election shall expire at the end of that calendar year (i.e., Incentive Compensation deferral elections are not “evergreen”) and a new election must be made for each new calendar year.  Deferral elections cannot be revoked or changed for a calendar year once the year has begun.  

(3)    Examples.  The following examples illustrate how deferral rules are applied.  Both examples assume that Incentive Compensation was earned for the calendar year, that the performance targets for the Incentive Compensation were set on March 1, and that no amount of the Incentive Compensation is readily ascertainable at the time the deferral election is being made by the Participant.

Example 1:  A Participant is hired before March 1 (i.e., the date  performance targets are set).  He can make an election to defer his entire Incentive Compensation on or before June 30 (i.e., the date that is six months before the end of the performance period).  He is able to use the six-month exception because he will be performing services continuously from the later of (a) the beginning of the performance period (i.e., January 1) or (b) the date the performance criteria are established (i.e., March 1), through the date the election is made (i.e., June 30).

Example 2:  A Participant is hired after March 1 (i.e. the date the performance targets are set).  She cannot wait until June 30 (i.e., the date that is six months before the end of the performance period) and use the six-month exception to make an election to defer the Incentive Compensation because she will not be performing services continuously from the later of (a) the beginning of the performance period (i.e., January 1) or (b) the date the performance criteria are established (i.e., March 1) through the date the election would be made.  Accordingly, she can elect to defer her Incentive Compensation only if the election is made within 30 days after the date of hire (using the initial eligibility rule) and, the election can relate only to the portion of her 

Incentive Compensation that relates to the post-election period.

		
	2.2
	Account Credits.

		
	(a)
	Crediting of Contributions.  The Administrator shall credit each Participant’s Account under this Plan with an amount equal to the Participant’s Base Salary Percentage and/or Incentive Compensation Percentage, as specified on such Participant’s Participation Agreement, at the time that such amount would otherwise have been payable to the Participant.  The Administrator will establish separate accounts for Base Salary deferrals and Incentive Compensation deferrals for any Participant who is subject to the Claw Back Policy. 

		
	(b)
	Investments.  Participants shall have the right to direct the investment of their Accounts by choosing from among the investment alternatives made available by the Administrator.  The Administrator shall credit each Participant’s Account with earnings or losses as reported to the Administrator by the trustee of the rabbi trust (if any) or as reported from an investment source.  If the Participant does not provide timely or proper investment directions, the Administrator shall select a default investment in the sole discretion of the Administrator.  

		
	(1)
	Investment of Base Salary Deferrals.  Participants may not direct the investment of Base Salary deferrals under this Plan in any investment alternative which provides for actual or deemed investment in whole or in part in Company common stock.

		
	(2)
	Incentive Compensation Deferrals.  Notwithstanding anything in the Plan to the contrary, if a Participant’s Incentive Compensation is awarded in Company Stock, that portion of the Participant’s Account shall remain invested in Company Stock and shall be distributed in Company Stock (even if the Plan or Participation Agreement otherwise states that distributions will be made in cash).  If a Participant’s Incentive Compensation is awarded in Company Stock, any cash dividends paid on the Company Stock during the deferral period will be invested as per the direction of the Participant in the investment alternatives made available by the Administrator from time to time.  

ARTICLE III - BENEFIT PAYMENTS

		
	3.1
	Benefit Payment Dates.

		
	(a)
	Initial Selection of Benefit Payment Dates.  The Participant shall specify his Benefit Payment Date(s) on his Participation Agreement with respect to amounts deferred for a calendar year.  Benefits will be paid in cash, less applicable withholdings, no later than 60 days after each of the specified Benefit Payment Dates, unless the Participant elects annual installments on the Participation Agreement (and to the extent any portion of the Participant’s Account is invested in Company Stock, it shall be paid in Company Stock).  

		
	(b)
	Delaying Benefit Payment Dates.  A Participant may delay the timing of any Benefit Payment Date, provided that such change: 

(i)    must take effect not less than twelve (12) months after the date on which the change is made;

(ii)    except for payments upon the Participant’s death, or Disability, the first of a stream of payments for which the subsequent election is made shall be deferred for a period of not less than five (5) years from the date on which such payment would otherwise have been made; and;

(iii)    for payments scheduled to be made on a specified date or to commence under a fixed schedule, the subsequent election must be made at least 12 months before the date of the first scheduled payment; and

(iv)    may not accelerate the time or schedule of any distribution.

		
	3.2
	Separation from Service.  With respect to amounts initially deferred under this Plan, if the Participant has a Separation from Service before the Participant’s next scheduled Benefit Payment Date, other than due to death or Disability, the Participant shall be paid the Participant’s Account, which shall continue to be credited with earnings until paid to the Participant.  Such amount shall be paid in a cash lump sum no later than 60 days after the Participant’s Separation from Service date, unless the Participant timely and properly elected annual installments on his Participation Agreement (but may be delayed until 6 months after Separation from Service if the Participant is a Specified Employee) (and to the extent any portion of the Participant’s Account is invested in Company Stock, it shall be paid in Company Stock, together with any cash dividends paid on the Company Stock during the deferral period).

Notwithstanding the foregoing, if a Participant is a Specified Employee and payment of his or her Account is triggered due to Separation from Service (other than due to Disability or death), then solely to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made during the first six (6) months following the Participant’s Separation from Service.  Rather, any payment which would otherwise be paid to the Participant during such period shall be accumulated and paid to the Participant in a lump sum on the first day of the seventh month following the Separation from Service.  All subsequent payments of the Participant’s Account shall be paid in the manner specified in the Plan.  

		
	3.3
	Death Benefit.  If a Participant dies while employed at the Company or the Bank, the Participant’s Beneficiary shall be entitled to payment of the Participant’s Account, which shall be paid as a cash lump sum, less applicable withholdings, no later than 60 days after the Participant’s date of death, unless the Participant elects annual installments on the Participation Agreement (and to the extent any portion of the Participant’s Account is invested in Company Stock, it shall be paid in Company Stock, together with any cash dividends paid on the Company stock during the deferral period ).  If a Participant dies following Separation from Service but prior to the receiving all payments under the Plan, the Participant’s Beneficiary shall be paid all remaining payments as a lump sum, less applicable withholdings, no later than 60 days after the Participant’s date of death. 

		
	3.4
	Disability Benefit.  If an Participant becomes Disabled while employed at the Company or the Bank, the Participant shall be entitled to receive payment of his entire Account, calculated at time of the Disability determination and paid in a lump sum, less applicable withholdings, within 60 days after the date of the Disability determination, unless the Participant elects annual installments on his Participation Agreement. 

		
	3.5
	Code Section 409A.  The Plan shall be interpreted to comply with or be exempt from Code Section 409A, and all provisions of the Plan shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.  With respect to amounts 

deferred prior to January 1, 2018, each installment payment that is payable pursuant to this Plan is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(ii).  With respect to  installment payments from the Plan attributable to amounts deferred on or after January 1, 2018, such payments will be treated as a “single payment” for purposes of the rules on subsequent deferral elections made in accordance with this Plan.

ARTICLE IV - ADMINISTRATION

		
	4.1
	Administrator’s Duties.  This Plan shall be administered by the Administrator.  The Administrator shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise.

		
	4.2
	Agents.  The Administrator may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company or the Bank.

		
	4.3
	Binding Effect of Decisions.  The decision or action of the Administrator in respect to any question arising out of or in connection with the administration, interpretation,  and application of the Plan and the rules of regulations under this Plan shall be final, conclusive, and binding upon all persons having any interest in the Plan.

		
	4.4
	Indemnification.  The Bank and the Company shall indemnify and hold harmless all individuals acting as the Administrator against any and all claims, loss, damage, expense, or liability arising from any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

ARTICLE VI - CLAIMS PROCEDURE

		
	5.1
	Claim.  Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Administrator, which shall respond in writing within 30 days.

		
	5.2
	Denial of Claim.  If the claim or request is denied, the written notice of denial shall state:

(a)    The reasons for denial, with specific reference to the Plan provisions on which the denial is based.
(b)    A description of any additional material or information required and an explanation of why it is necessary.
(c)    An explanation of the Plan’s claim review procedure.
		
	5.3
	Review of Claim.  Any person whose claim or request is denied, or who has not received a response within 30 days, may request review by notice given in writing to the Administrator.  The claim or request shall be reviewed by the Administrator who may, but shall not be required to, grant the claimant a hearing.  On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

		
	5.4
	Final Decision.  The decision on review shall normally be made within 60 days.  If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the 

time limit shall be 120 days.  The decision shall be in writing and shall state the reasons and the relevant Plan provisions. 

		
	5.5
	Arbitration. If a claimant continues to dispute the benefit denial based upon completed performance of this Plan and the Participation Agreement or the meaning and effect of the terms and conditions of them, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules.  If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction.

ARTICLE VI - AMENDMENT AND TERMINATION OF PLAN

		
	6.1
	Amendment.  Notwithstanding anything contained in this Plan to the contrary, the Board reserves the exclusive right to freeze or to amend this Plan at any time, provided that no amendment to the Plan shall decrease or restrict any amount accrued prior to the amendment date.

		
	6.2
	Complete Termination.  Subject to the requirements of Code Section 409A, in the event of complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to each Participant his or her entire Account as of the date of termination of the Plan.  A complete termination of the Plan shall occur only under the following circumstances and conditions:

(a)    The Board may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of: (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.
(b)    The Board may terminate the Plan by irrevocable action within the 30 days preceding, or 12 months following, a Change in Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Company and the Bank are terminated so that the Participant and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the irrevocable termination of the arrangements.  
(c)    The Board may terminate the Plan provided that: (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company or the Bank; (ii) all arrangements sponsored by the Company or the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Participants covered by this Plan were also covered by any of those other arrangements are also terminated; (iii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iv) all payments are made within 24 months of the termination of the arrangements; and (v) the Company and the Bank do not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the Participants participated in both arrangements, at any time within three years following the date of termination of the arrangement.

ARTICLE VII - MISCELLANEOUS

		
	7.1
	Unfunded Plan.  This Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of management or highly compensated employees, within the meaning of ERISA.  This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who participate in the Plan.  Participants are select officers who, by virtue of their position with the Bank, are uniquely informed as to the Bank’s operations and have the ability to materially affect the Bank’s profitability and operations.

At no time shall any Participant be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Company or the Bank. The rights of the Participants, any Beneficiary, or any other person claiming through the Participant under this Plan, shall be solely those of an unsecured general creditor of the Company and the Bank. The Participants, the Beneficiary, or any other person claiming through the Participant, shall only have the right to receive from the Company or the Bank those payments so specified under this Plan. Neither the Participants nor any Beneficiary under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any benefits payable, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance owed by the Participants or their Beneficiaries, nor be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise.

		
	7.2
	Unsecured Creditor.  The Participant’s interest in his or her Account is limited to the right to receive payments under the Plan, and the Participant’s position is that of a general unsecured creditor of the Company and the Bank.  Notwithstanding the foregoing, the Administrator, in its discretion, may elect to establish a fund containing assets equal to the amounts credited to the Participant’s Account, and may elect in its discretion to designate a trustee and/or custodian to hold the fund in trust, provided, however that the fund shall remain a general asset of the Company or the Bank, subject to the rights of creditors of the Company and the Bank.

		
	7.3
	Trust Fund.  The Company or the Bank shall be responsible for the payment of all benefits provided under the Plan.  At its discretion, the Company or the Bank may establish one or more rabbi trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits.  Such rabbi trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s or the Bank’s creditors.  To the extent any benefits provided under the Plan are actually paid from any such trust, the Company or the Bank shall have no further obligation with respect to them, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company or the Bank.

		
	7.4
	Payment to Participant, Legal Representative or Beneficiary.  Any payment to any Participant or the legal representative, Beneficiary, or to any guardian or committee appointed for the Participant or Beneficiary shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Company or the Bank, which may require the Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release in a form as shall be determined by the Company or the Bank.

		
	7.5
	Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, hypothecate or convey in advance of actual receipt any amounts, payable which are, and all rights to which are, expressly declared to be un-assignable and nontransferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration 

for the payment of any debts, judgments, alimony, or separate maintenance owed by an Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

		
	7.6
	Validity.  In case any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been included.

		
	7.7
	Notice.  Any notice or filing required or permitted to be given to the Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Administrator.  Such notice shall be deemed given as of the date of receipt.

		
	7.8
	Successors.  The provisions of this Plan shall bind and inure to the benefit of the Company, the Bank, and their successors and assigns.  The term “successors” as used shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Company or the Bank, and successors of any such corporation or other business entity.

		
	7.9
	Payment of Employment and Code Section 409A Taxes.  Any distribution under this Plan shall be reduced by the amount of any taxes required to be withheld from such distribution.  This Plan shall permit the acceleration of the time or schedule of a payment to pay employment related taxes as permitted under Treasury Regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the regulations and other guidance promulgated thereunder.  In the latter case, such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A.

		
	7.10
	Acceleration of Payments.  Except as specifically permitted by this Plan, no acceleration of the time or schedule of any payment may be made.  Notwithstanding the foregoing, payments may be accelerated by the Bank, in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Department of the Treasury.  Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the federal government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) to apply certain offsets in satisfaction of a debt of the Participant to the Bank; (vi) in satisfaction of certain bona fide disputes between the Participant and the Bank; or (vii) for any other purpose set forth in the Treasury Regulations and subsequent guidance.  

		
	7.11
	Required Provisions.  Any payments made to the Participant pursuant to this Plan or otherwise are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations promulgated under them. 

		
	7.12
	Governing Law.  The Plan is established under, and will be construed according to, the laws of the Commonwealth of Massachusetts, to the extent such laws are not preempted by federal law.

ARTICLE VIII - DEFINITIONS

The following words and phrases shall have the meanings below unless the context clearly indicates otherwise:

		
	8.1
	“Account” means the amount credited to a Participant, including any gains or  losses thereon.

		
	8.2
	“Administrator” means the Compensation Committee of the Board.

		
	8.3
	“Bank” means Rockland Trust Company.

		
	8.4
	“Base Salary” means the base salary which a Participant is paid by the Company and/or the Bank.

		
	8.5
	“Base Salary Deferral Percentage” means a fixed percentage of a Participant’s Base Salary that a Participant elects to have contributed to the Participant’s Account for a particular Plan Year.  The Base Salary Deferral Percentage shall be set forth in the Participant’s Participation Agreement under this Plan.

		
	8.6
	“Beneficiary” means the person or persons (and their heirs) designated as Beneficiary by the Participant to whom the deceased Participant’s benefits are payable. Such beneficiary designation shall be made on a form filed with the Plan Administrator.  If no Beneficiary is so designated, then the Participant’s estate will be deemed the Beneficiary. The Participant shall make an initial designation of primary and secondary Beneficiaries upon execution of his or her Participation Agreement and shall have the right to change such designation, at any subsequent time, by submitting a form to the Administrator. Any Beneficiary designation made subsequent to execution of the Participation Agreement shall become effective only when receipt is acknowledged in writing by the Administrator.

		
	8.7
	“Benefit Payment Date” means each of the dates set forth in a Participant’s Participation Agreement

		
	8.8
	“Board” means the Board of Directors of the Company.

		
	8.9
	“Change in Control” means a change in ownership of the Company under paragraph (a) below, or a change in effective control of the Company under paragraph (b) below, or a change in the ownership of a substantial portion of the assets of the Company under paragraph (c) below:

(a)    Change in ownership of the Company.  A change in ownership of the Company shall occur on the date that any one person or more than one person acting as a group acquires ownership of stock of the Company that, together with any stock already held, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; or

(b)    Change in the effective control of the Company.  A change in the effective control of the Company shall occur on the date that either (i) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company; or (ii) a majority of members of the Company’s Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or

(c)    Change in the ownership of a substantial portion of the Company’s assets.  A change in the ownership of a substantial portion of the Company’s assets shall occur on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.  There is no Change in Control event under this paragraph (c) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer.

For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation Section 1.409A-3(i)(5), except to the extent modified herein. 

		
	8.10
	“Claw Back Policy” means the Company’s Incentive Compensation Recovery Policy and/or any revisions to it that the Company may subsequently adopt.

		
	8.11
	“Code” means the Internal Revenue Code of 1986, as amended.

		
	8.12
	“Company” means Independent Bank Corp.

		
	8.13
	“Company Stock” means Independent Bank Corp. common stock.

		
	8.14
	“Disability” means the first to occur of the following, where the Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under the disability insurance, if any, covering employees of the Company, or (iii) determined to be totally disabled by the Social Security Administration.

		
	8.15
	“ERISA” means the Employer Retirement Income Security Act of 1974, as amended.

		
	8.16
	“Incentive Compensation” means the Participant’s annual incentive compensation earned under a cash inventive plan which the Company or the Bank has adopted.  

		
	8.17
	“Incentive Compensation Percentage” means a fixed percentage of an Participant’s Incentive Compensation that will be contributed to the Participant’s Account for a particular calendar year.  The Incentive Compensation Percentage shall be set forth in the Participant’s Participation Agreement and shall apply only to that portion of the Participant’s Incentive Compensation that has not become readily ascertainable at the time of the Participant’s deferral election.

		
	8.18
	“Participant” means any officer who has been selected to participate in this Plan and has executed a Participation Agreement.

		
	8.19
	“Participation Agreement” means the agreement between Participant and the Company or the Bank which sets forth the particulars of Participant’s benefits under the Plan.

		
	8.20
	“Plan” means this Independent Bank Corp. and Rockland Trust Company Amended and Restated Nonqualified Deferred Compensation Plan 

		
	8.21
	“Separation from Service” means Participant’s death, retirement or other termination of employment with the Company or the Bank within the meaning of Code Section 409A.  No Separation from Service shall be deemed to occur due to military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months or, if longer, so long as Participant’s right to reemployment is provided by law or contract.  If the leave exceeds six months and Participant’s right to reemployment is not provided by law or by contract, then Participant shall have a Separation from Service on the first date immediately following such six-month period.

Whether a Separation from Service has occurred is determined based on whether the facts and circumstances indicate that the employer and employee reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the employee would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to less than 50% of the average level of bona fide services performed over the immediately preceding 36 months (or such lesser period of time in which Participant performed services for the Company or the Bank).  The determination of whether an Participant has had a Separation from Service shall be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A.

		
	8.22
	“Specified Employee” means a “Key Employee” as such term is defined in Code Section 416(i) without regard to paragraph 5 thereof.  Notwithstanding anything to the contrary herein, in the event a Participant is a Specified Employee and becomes entitled to a payment hereunder due to Separation from Service for any reason (other than death or Disability), the payments to the Participant shall not commence until the first day of the seventh month following such Separation from Service.  Whether and the extent to which a person is a Specified Employee shall be determined on the “Specified Employee Determination Date” which shall be December 31 of each calendar year and shall be applicable commencing on the following April 1, in accordance with the rules set forth in the Treasury Regulations under Code Section 409A.  

INDEPENDENT BANK CORP

By: /s/Edward H. Seksay
       Edward H. Seksay, General Counsel 

ROCKLAND TRUST COMPANY

By:  /s/Maria Harris                        
       Maria Harris, Director of Human ResourcesExhibit

Exhibit 10.14

Agreement Form Revised 2-13-18
INDEPENDENT BANK CORP. CHIEF EXECUTIVE OFFICER
 PERFORMANCE BASED RESTRICTED STOCK AGREEMENT

Notification and Acceptance of Performance Based Restricted Stock Award
The Independent Bank Corp. 2005 Employee Stock Plan, as amended and restated (the “Plan”), permits the granting of Restricted Stock Awards to employees of Independent Bank Corp. (the “Company”) and its subsidiaries who are expected to contribute to the Company’s future growth.  The Company greatly appreciates your ongoing efforts, and believes that you will contribute to the Company’s future success.  The Company is therefore extremely pleased to offer you the following Performance Based Restricted Stock Award:

	
		
	Effective Date of Agreement
	{GRANT DATE}

	Employee Name And Residential Address:
	{NAME}
{ADDRESS}

	Restricted Shares:  Number of shares of common stock awarded subject to the terms and conditions of this Performance Based Restricted Stock Agreement 
	{SHARES GRANTED} shares of the Company’s common stock

	Performance Period
	{PERFORMANCE PERIOD}

	Vesting Date
	The earlier of:  the date after the Performance Period on which the Board of Directors or Compensation Committee determines if the performance goal has been achieved; or, March 31, {YEAR AFTER END OF PERFORMANCE PERIOD}. 

	Vesting Period
	Period of time from the Effective Date through the Vesting Date (or such earlier date that the Restricted Shares become vested or forfeited in accordance with the terms of the Agreement)

This Performance Based Restricted Stock Award is subject to the terms and conditions of the Agreement set forth below (the “Agreement”).  By clicking “ACCEPT” in the Certent software system you both accept this Performance Based Restricted Stock Award and acknowledge that you have read, understand, and accept the terms and conditions of this Agreement.

Performance Based Restricted Stock Agreement

The Company agrees to issue to the employee named above (the “Employee”) the number of shares of the Company’s common stock (collectively, the “Restricted Shares”) set forth above subject to the terms and conditions of the Plan and this Agreement, as follows:
Section 1.      Issuance of Common Stock to Employee.
(a)Consideration.  The Employee shall not be required to pay any consideration to the Company for the Restricted Shares.
(b)Issuance of Shares.  After receiving a signed original of this Agreement back from the Employee the Company shall act with reasonable speed to either cause to be issued a certificate or certificates for the Restricted Shares, which shall be registered in the name of the Employee (or in the names of Employee and the Employee’s spouse as community property or as joint tenants with 

right of survivorship), or shall direct the Company’s transfer agent to make entries in its records for the Restricted Shares that are equivalent to issuance of a certificate or certificates to the Employee.  The Company shall cause the Restricted Shares to be deposited in escrow in accordance with this Agreement.  The issuance of the Restricted Shares shall occur at the offices of the Company or at such other place and time as the parties may agree.  
(c)Escrow. Upon issuance, the certificate(s) for the Restricted Shares shall be deposited by the Employee with the Company, the Company’s stock transfer agent, and/or the Company’s other agent, together with a stock power endorsed in blank to be held in escrow in accordance with the provisions of this Agreement for the Vesting Period.  Alternatively, if actual certificates for the Restricted Shares are not issued the Company shall direct its stock transfer agent to make entries in its records for the Restricted Shares to reflect that they are being held in escrow for the Vesting Period.   Prior to vesting, the Employee shall not be entitled to vote the Restricted Shares or to receive for the Restricted Shares any cash dividends paid by the Company to holders of its common stock  The Restricted Shares shall (i) automatically revert to the Company for cancellation without any payment by the Company to the Employee in the event the Restricted Shares are forfeited in accordance with the terms of this Agreement or, (ii) subject to achievement of the performance goal set forth in this Agreement, be released to the Employee upon the lapse of the Vesting Period, when they are no longer Restricted Shares.
(d)Withholding Taxes.  The Company shall have the right to deduct from payments of any kind otherwise due to the Employee from the Company or any of its subsidiaries any federal, state or local taxes of any kind required by law to be withheld due to vesting of the Restricted Shares.  The Employee may pay any taxes owed due to the vesting of the Restricted Shares in cash. The Employee may elect to satisfy withholding obligations, in whole or in part, (a) by directing the Company to retain vested Restricted Shares otherwise issuable to the Employee pursuant to this Agreement or (b) by delivering to the Company shares of the Company’s common stock already owned by the Employee.  Any shares so delivered or retained shall have a fair market value that is at least equal to the withholding obligation.  The fair market value of any shares used to satisfy a withholding obligation shall be determined in accordance with the terms of the Plan as of the Vesting Date.  The Employee may only satisfy a withholding obligation with shares of the Company’s common stock which are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.  Notwithstanding the foregoing, in the case of a Reporting Person (as defined in the Plan), no election to use shares for the payment of withholding taxes shall be effective unless made in compliance with any applicable requirements of SEC Rule 16b-3 (unless it is intended that the transaction not qualify for exemption under Rule 16b-3).
(e)Plan and Defined Terms.  The issuance of the Restricted Shares pursuant to this Agreement is in all respects subject to the terms, conditions, and definitions of the Plan, which are incorporated in this Agreement by reference.  The Employee accepts the Restricted Shares subject to the terms and conditions of the Plan and agrees that all decisions under and interpretations of the Plan by the Board of Directors (or a Committee of the Board of Directors, if applicable) shall be final, binding, and conclusive upon the Employee and his or her permitted heirs, executors, administrators, successors and assigns.  Capitalized defined terms in this Agreement shall have the meaning assigned to them in the Plan unless they are specifically defined in this Agreement.
Section 1.Vesting.
(a)Vesting.  Except as otherwise set forth in this Section 2 and in Section 4 below, the Restricted Shares shall vest on the Vesting Date subject to achievement of the performance goal described in Exhibit A to this Agreement and subject to the Employee’s continuous employment through the Vesting Date.  
(b)Accelerated Vesting at Company’s Discretion.  The Board of Directors (or a Committee of the Board of Directors, if applicable) may, in its sole and absolute discretion, accelerate the vesting of the Restricted Shares by providing a written notice of accelerated vesting to the Employee.

(c)Vesting In The Event of Death, Permanent and Total Disability, or Retirement.  If, prior to the Vesting Date, the Employee dies or the employment of the Employee is terminated on the account of permanent and total disability as such term is defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision thereto, or the employment of the Employee ceases as a result of the Employee’s retirement from the Company and/or its subsidiaries, the Restricted Shares shall vest in the Employee or his/her heirs on the Vesting Date in the number of shares equal to the total number of Restricted Shares earned under this Agreement based on achievement of the performance goal described in Exhibit A multiplied by a fraction, the numerator of which is the total number of days the Employee was employed by the Company during the Performance Period and the denominator of which is the total number of days in the Performance Period, rounded to the nearest whole share.    By way of example, if the Employee was continuously employed by the Company for two out of three years of the Performance Period, he would be entitled on the Vesting Date to vest in two-thirds of the amount of Restricted Shares earned based on achievement of the performance goal described in Exhibit A to this Agreement.  For purposes of this Agreement, the determination as to whether an Employee has ceased employment with the Company due to “retirement” shall be in the sole discretion of the Board of Directors.
(d)Vesting In The Event of Termination Without Cause; Resignation for Good Reason.  If prior to the Vesting Date, either (A) the Company terminates the Employee’s employment without Cause (as defined in Section 4(b)) or (B) the Employee resigns for Good Reason (as defined in Section 4(c)) from the Company, the Employee shall vest in the number of shares equal to the total number of Restricted Shares earned under this Agreement based on achievement of the performance goal described in Exhibit A multiplied by a fraction, the numerator of which is the total number of days the Employee was employed by the Company during the Performance Period and the denominator of which is the total number of days in the Performance Period, rounded to the nearest whole share.    By way of example, if the Employee was continuously employed by the Company for two out of three years of the Performance Period, he would be entitled on the Vesting Date to vest in two-thirds of the amount of Restricted Shares earned based on achievement of the performance goal described in Exhibit A to this Agreement.
(e)Accelerated Vesting In The Event of A Change In Control.  
(i)If a “Change of Control” of the Company occurs prior to the Vesting Date the Employee shall fully and immediately vest in the Restricted Shares as of the effective date of the Change of Control without regard to performance achievement.  A “Change of Control” shall be deemed to have occurred if, subsequent to the Effective Date and during the Vesting Period (A) any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company  representing 50 percent or more of the combined voting power of the Company’s or the Rockland Trust Company’s (“Rockland”) then outstanding securities having the right to vote in an election of the Company’s Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company or Rockland); or (B) during any period of two (2) consecutive years following the date hereof, individuals who at the beginning of such period constitute the Board of Directors of the Company (the “Incumbent Directors”) cease, at any time during such two (2) year period, for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the Company subsequent to the beginning of any such two (2) year period shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either (x) a vote of at 

least a majority of the Incumbent Directors or (y) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or (C)  the consummation of a consolidation, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction in which the stockholders of the Company immediately prior to the Corporate Transaction, would, immediately after the Corporate Transaction, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the corporation issuing cash or securities in the Corporate Transaction (or of its ultimate parent corporation, if any); or (D) the approval by the Company’s stockholders of any plan or proposal for the liquidation or dissolution of the Company.  

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (A) of this Section 2(e)(i) solely as the result of an acquisition of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (A) of this Section 2(e)(i).
(ii)In the event any Restricted Shares would otherwise vest pursuant to Section 2(e) hereof and the Change of Control pursuant to which the Restricted Shares would vest is an event described in Section 280G(b)(2)(A)(i)(II) of the Code, notwithstanding anything to the contrary contained herein, then in lieu of vesting, such Restricted Shares shall be cancelled and the Company shall pay the Employee therefor an amount equal to the fair market value (as defined in the Plan) of the shares of common stock as of the date of the Change of Control; provided, however, that such Change in Control must also satisfy the definition of “change in control” set forth in Treasury Regulations Section 1.409A-3(i)(5) for a payment to be made under this Section.  Any payment hereunder shall be made to Employee in cash no more than thirty (30) days after the date of the Change in Control.
The Employee is party to an employment agreement with the Company and/or one or more of its subsidiaries.  The Employee’s rights under that employment agreement are in addition to any rights conferred on the Employee by this Agreement.    
Section 2.No Transfer or Assignment of Restricted Shares.  The Employee shall not, without the prior written consent of the Company (which may be withheld in the Company’s sole and absolute discretion), sell, dispose of, assign, encumber, pledge, gift or otherwise transfer any of the Restricted Shares prior to vesting, other than (a) pursuant to a qualified domestic relations order (as defined in SEC Rule 16b-3), (b) by will or the laws of intestacy.
Section 3.Forfeiture Of Employee Rights In Restricted Shares If Terminated For Cause or Upon Resignation Without Good Reason
(a)Notwithstanding anything contained in the Plan to the contrary, the Employee’s rights to vest in the Restricted Shares pursuant to this Agreement shall be forfeited if prior to 

the Vesting Date the Employee’s employment is terminated by the Company (including for purposes of this Section 4(a), any of the Company’s subsidiaries) for Cause, as defined below in Section 4(b) or if the Employee resigns from his/her employment for any reason other than for Good Reason, as defined below in Section 4(c), or retirement as determined in accordance with Section 2(c).
(b)    Termination for “Cause” shall mean the Company’s termination of the Employee’s service with the Company at any time because the Employee has: (A) refused or failed, in any material respect (other than due to illness, injury or absence authorized by the Company or required by law) to devote his/her full normal working time, skills, knowledge, and abilities to the business of the Company and its subsidiaries and affiliates, and in promotion of their respective interests pursuant to the Employee’s employment agreement; or (B) engaged in (1) activities involving his/her personal profit as a result of his/her dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation or breach of fiduciary duty, or (2) dishonest activities involving the Employee’s relations with the Company and its subsidiaries and affiliates or any of their respective employees, customers or suppliers; or (C) committed larceny, embezzlement, conversion or any other act involving the misappropriation of Company or customer funds in the course of his/her employment; or (D) been convicted of any crime or committed any act abhorrent to the community which reasonably could affect in a materially adverse manner the reputation of the Company or its subsidiaries and affiliates the Company or the Employee’s ability to perform the duties required under the Employee’s employment agreement; or (E) committed an act involving gross negligence on the part of the Employee in the conduct of his/her duties under the Employee’s employment agreement; or (F) evidenced a drug addiction or dependency; or (G) materially breached the Employee’s employment agreement; provided, however, that, in the case of any termination pursuant to clauses (A), (E),(F) or (G) above, the Company shall give the Employee thirty (30) business days’ written notice thereof, an opportunity to cure within such thirty (30) day period, and a reasonable opportunity to be heard by the Board to show just cause for his/her actions, and to have the Compensation Committee of the Board, in its discretion, reverse or rescind the prior action of the Board under the clause(s).
(c)    Resignation for “Good Reason” shall mean the resignation of the Employee after (A) the Company or its subsidiaries without the express written consent of the Employee, materially breaches any terms of any written employment agreement he/she has with the Company to the substantial detriment of the Employee; or (B) the Board, without Cause (as defined in Section 4(b) above), substantially changes the Employee’s core duties or removes the Employee’s responsibility for those core duties, so as to effectively cause the Employee to no longer be performing the duties of Chief Executive Officer and President of the Company and its subsidiaries; or (C) the Board, without Cause (as defined in Section 4(b) above), places another executive above the Employee in the Company or its subsidiaries; provided, however, that, in the case of resignation pursuant to this subsection (c), the Employee shall give the Company thirty (30) business days’ written notice thereof and, during such thirty-day period, an opportunity to cure. 
Section 4.Miscellaneous Provisions.
(a)No Retention Rights.  Nothing in this Agreement or in the Plan shall confer upon the Employee any right to continue to serve as an employee of the Company or any of its direct or indirect subsidiaries.  Nothing in this Agreement or in the Plan shall interfere with or otherwise restrict the rights of the Company or any of its subsidiaries or of the Employee to terminate the Employee’s employment with the Company or any of its subsidiaries at any time and for any reason, with or without cause.
(b)Claw Back Provision.  The Employee understands and acknowledges that:  the award of Restricted Shares pursuant to this Agreement is expressly subject to the Company’s Incentive Compensation Recovery Policy (the “Claw Back Policy”) and/or any revisions or amendments of the 

Claw Back Policy that the Company may subsequently adopt; and, that if the Claw Back Policy is triggered the Company has the right to cancel any Restricted Shares awarded to the Employee under this Agreement if still owned by the Employee or, if the Restricted Shares are no longer owned by the Employee or the Company is otherwise unable to cancel the Shares, to recover from the Employee the value as of the Vesting Date of the Restricted Shares as and to the extent required under the Claw Back Policy.    
(c)Notice.  Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon (i) personal delivery, (ii) deposit with a nationally recognized overnight courier or (iii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at 288 Union Street, Rockland, Massachusetts 02370 or at its then principal executive office address if different, with simultaneous copies to the Human Resources Department and General Counsel of the Company, and to the Employee at the residential address set forth above or to the residential address that the Employee has most recently provided to the Company in writing if different.
(d)Entire Agreement.  This Agreement, together with the Plan, constitutes the entire understanding between the parties hereto with regard to the subject matter hereof, and supersedes any other agreements, representations, or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.
(e)Choice of Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts without regard to its choice of law principles.
(f)Remedies.  The Employee agrees that the Company will be irreparably damaged if this Agreement is not specifically enforced.  Upon a breach or threatened breach of the terms, covenants, or conditions of this Agreement by the Employee, the Company shall, in addition to all other remedies available, be entitled to a temporary or permanent injunction or other equitable relief against the Employee, without showing any actual damage, and/or a decree for specific enforcement in accordance with the provisions hereof
(g)Severability.  If any provision of this Agreement is found unenforceable or illegal, the remainder of this Agreement shall remain in full force and effect.
(h)Amendments; Waivers.  This Agreement may only be amended or modified in a writing signed by the Employee and the Company.  No party shall be deemed to waive any rights hereunder unless the waiver is in writing and signed by the party waiving rights.  A waiver in writing on one or more occasions shall not be deemed to be a waiver for any future occasions.
(i)Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument.
(j)Section 83(b) Tax Election.  The acquisition of the Restricted Shares may result in adverse tax consequences that may be avoided or mitigated by the Employee’s filing of an election under Section 83(b) of the Code.  Under Section 83 of the Code, the fair market value of the Restricted Shares on the date that any Forfeiture Restrictions applicable to the Restricted Shares lapse will be reportable as ordinary income of the Employee.  The term “Forfeiture Restrictions” means, for purposes of this Agreement, the lapse of the Vesting Period.  The Employee may elect under Section 83(b) of the Code to be taxed at the time the Restricted Shares are acquired by the Employee, rather than when such Restricted Shares cease to be subject to Forfeiture Restrictions.  A Section 83(b) election must be filed with the Internal Revenue Service within thirty (30) days after the Effective Date.

The form for making a Section 83(b) election is available to be printed from the Equity Administration Solutions, Inc. software system.  The Employee understands that a failure to make a 

Section 83(b) election within the thirty (30) day period will result in the recognition of ordinary income when the Forfeiture Restrictions lapse.
The Employee should consult with his or her tax advisor to determine the tax consequences of acquiring the Restricted Shares and the potential advantages and potential disadvantages of filing the Section 83(b) election.  The Employee acknowledges that it is his or her sole responsibility, and not that of the Company or any of its subsidiaries, to file a timely election under Section 83(b).

EXHIBIT A to
PERFORMANCE BASED RESTRICTED STOCK AGREEMENT

Performance Goal: Return On Average Tangible Common Equity

The Restricted Shares will be subject to vesting on the Vesting Date if the following levels of Return On Average Tangible Common Equity as measured against the companies in the Peer Group during the Performance Period are achieved:

		
	•
	Threshold Performance: 25% of the Restricted Shares will vest if the Company’s Return On Average Tangible Common Equity is equal to the 25th percentile of the Peer Group.  If Threshold Performance is not achieved, the Employee shall not vest in any Restricted Shares.

		
	•
	Median Performance:  50% of the Restricted Shares will vest if the Company’s Return On Average Tangible Common Equity is equal to the 50th percentile of the Peer Group.

		
	•
	Maximum Performance: 100% of the Restricted Shares will vest if the Company’s Return On Average Tangible Common Equity is equal to or exceeds the 75th percentile of the Peer Group.

If Return On Average Tangible Common Equity exceeds Threshold Performance but does not equal or exceed Median Performance, the Employee shall vest in an amount of Restricted Shares on the Vesting Date determined by linear interpolation on a straight-line basis rounded to the nearest whole share between Threshold Performance and Median Performance.  If Return On Average Tangible Common Equity exceeds Median Performance but does not equal or exceed Maximum Performance, the Employee shall vest in an amount of Restricted Shares on the Vesting Date determined by linear interpolation on a straight-line basis rounded to the nearest whole share between Median Performance and Maximum Performance.    

Required Pre-Condition for Vesting of Restricted Shares:  The Employee shall not vest in any of the Restricted Shares if the Tangible Book Value per share of the Company measured as of the last day of the Performance Period does not exceed the Tangible Book Value per share of the Company measured as of the first day of the Performance Period.

Definitions: 

Capitalized terms in Exhibit A are either already defined in the Agreement or have the definition provided below: 

“Peer Group” shall mean the companies identified as the Company’s peers in the Company’s Proxy Statement delivered to shareholders in connection with its annual meeting of shareholders held during the 

first year of the Performance Period. If a Peer Group company is acquired by or merged with another Peer Group company, the performance of the surviving company is tracked for the remainder of the Performance Period. If a Peer Group company is acquired by a non-Peer Group company, the acquired company is disregarded. A Peer Group company which becomes bankrupt or insolvent during the Performance Period shall be deemed to have Return On Average Tangible Common Equity of negative 100%. The Compensation Committee, in its discretion, may adjust the Peer Group if it determines that the Peer Group is of insufficient size for comparison to the Company due to mergers, acquisitions, or other events involving Peer Group companies during the Performance Period.    

“Return On Average Tangible Common Equity” shall mean net income, adjusted for tax-affected amortization of intangibles, as a percent of average tangible common equity for the Performance Period.  The Compensation Committee will determine Return On Average Tangible Common Equity for the Company and the Peer Group using data reported by SNL Financial LC or such other information which the Compensation Committee determines to be appropriate.

“Tangible Book Value per share” shall mean the total equity of the Company, less good will and any other intangibles, divided by the number of outstanding shares of the Company’s common stock.

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