Document:

First Amendment to Boston Private Financial Holdings Inc. 2010 Inducement Stock

 Exhibit 10.1 

FIRST AMENDMENT 

TO 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 

2010 INDUCEMENT STOCK PLAN 

A. The Boston Private Financial Holdings, Inc. 2010 Inducement Stock Plan (the “Plan”) is hereby amended by deleting the first sentence of
Section 3(a) and substituting therefore the following: 
 “The maximum number of shares of Stock reserved and available
for issuance under the Plan shall be 600,000 shares.” 
 B. The effective date of this First Amendment shall be July 31, 2010.

 C. Except as amended herein, the Plan is confirmed in all other respects.Inducement Restricted Stock Award Agreement

 Exhibit 10.2 

INDUCEMENT 

RESTRICTED STOCK AWARD AGREEMENT 

UNDER THE BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 

2010 INDUCEMENT STOCK PLAN 
  

											
	 Name of Grantee:
	 	 Clayton G. Deutsch
	  		  		  		  	
						
	 No. of Shares:
	 	 302,572
	  		  		  		  	
						
	 Grant Date:
	 	 July 31, 2010
	  		  		  		  	

 Pursuant to the Boston Private Financial Holdings, Inc. 2010 Inducement Stock Plan (the
“Plan”) as amended through the date hereof, Boston Private Financial Holdings, Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the
Grantee shall receive the number of shares of Common Stock, par value $1.00 per share (the “Stock”) of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the
receipt from the Grantee of consideration with respect to the par value of the Stock in the form of future services to be rendered to the Company by the Grantee. This Award is intended to be an award of Stock described in Rule 5635(c)(4) of the
Marketplace Rules of the NASDAQ Stock Market, Inc. and is being made to the Grantee as an inducement material to the Grantee’s entering into employment with the Company. 

1. Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he shall have accepted this Award by
signing and delivering to the Company a copy of this Award Agreement. Upon acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted shall be issued electronically and allocated to the Grantee’s Stock Plan
Administration System account and the Grantee’s name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares, including voting and
dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below. The shares of Restricted Stock so accepted shall be held in this account as granted by the Company through the vesting dates noted in Paragraph 3,
below. 
 2. Restrictions and Conditions. 

(a) Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan. 

(b) Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by
the Grantee prior to vesting. 

 (c) Except as otherwise provided in the Employment Agreement dated as of June 7, 2010,
by and between the Company and the Grantee (the “Employment Agreement”), if the Grantee’s employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason prior to vesting of shares of
Restricted Stock granted herein, all shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company. The Administrator’s determination of the reason for termination of the Grantee’s employment shall
be conclusive and binding on the Grantee and his representatives or legatees. 
 (d) Notwithstanding anything in this Agreement
to the contrary, the Grantee shall forfeit the shares of Restricted Stock granted hereunder and any right and interest in this Award if and to the extent that the Grantee does not purchase a number of shares of Stock at least equal to the number of
shares of Restricted Stock set forth above prior to the second anniversary of the Grant Date (the “Purchased Shares”) and hold such Purchased Shares through the Vesting Dates specified in Paragraph 3, below. 

3. Vesting of Restricted Stock. The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Dates
specified in the following schedule to the extent the Grantee remains an employee of the Company or a Subsidiary on such Vesting Dates and the Grantee continues to hold the Purchased Shares through such Vesting Dates. The restrictions and conditions
in Paragraph 2 shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such Vesting Date. 
  

							
	  	 	 Number of Shares Vested
	  	Vesting Date	  	 
		 	 1/3 of Shares
	  	July 31, 2013	  	
				
		 	 1/3 of Shares
	  	July 31, 2014	  	
				
		 	 1/3 of Shares
	  	July 31, 2015	  	

 Subsequent to such Vesting Dates, the shares of Stock on which all restrictions and conditions
have lapsed shall no longer be deemed Restricted Stock. The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 3. Notwithstanding the provisions of Sections 3(c) or 16 of the Plan, upon the occurrence of a Sale
Event or a Change of Control (as defined in the Plan), this Award shall not automatically vest. 
 4. Dividends.
Dividends on Shares of Restricted Stock shall be paid currently to the Grantee. 
 5. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in
this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein. 
 6.
Transferability. This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 

 

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 7. Tax Withholding. The Grantee shall, not later than the date as of which the
receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of
such taxable event. Except in the case where an election is made pursuant to Paragraph 8 below, the Grantee may elect to have the required minimum tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from
shares of Stock to be issued or released by the transfer agent a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due. 

8. Election Under Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within 30 days following the
acceptance of this Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he agrees to
provide a copy of the election to the Company. The Grantee acknowledges that he is responsible for obtaining the advice of his tax advisors with regard to the Section 83(b) election and that he is relying solely on such advisors and not on any
statements or representations of the Company or any of its agents with regard to such election. 
 9. No Obligation to
Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of
the Company or any Subsidiary to terminate the employment of the Grantee at any time. 
 10. Clawback. If the Company
terminates the Grantee’s employment due to the Grantee’s gross negligence or willful misconduct (whether or not such actions also constitute Cause as defined in the Employment Agreement) which conduct, directly or indirectly results in the
Company preparing an accounting restatement, this entire Award, whether or not vested, shall be subject to recovery and “clawback.” 
  

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 11. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
		
	By:	 	/s/ Martha T. Higgins
		 	 Title: Executive Vice President

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned. 

 

							
	 Dated:
	 	 August 2, 2010
	 		  	 /s/ Clayton G. Deutsch

		 		 		  	Grantee’s Signature
				
		 		 		  	Grantee’s name: Clayton G. Deutsch
				
		 		 		  	Grantee’s address:
				
		 		 		  	  

				
		 		 		  	  

				
		 		 		  	  

  

 4Time-Based Restricted Stock Award Agreement

 Exhibit 10.3 

2010 TIME-BASED 

RESTRICTED STOCK AWARD AGREEMENT 

UNDER THE BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 

2010 INDUCEMENT STOCK PLAN 
  

					
	 Name of Grantee:
	  	 Clayton G. Deutsch
	  	
			
	 No. of Shares:
	  	 76,589
	  	
			
	 Grant Date:
	  	 July 31, 2010
	  	

 Pursuant to the Boston Private Financial Holdings, Inc. 2010 Inducement Stock Plan (the
“Plan”) as amended through the date hereof, Boston Private Financial Holdings, Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the
Grantee shall receive the number of shares of Common Stock, par value $1.00 per share (the “Stock”) of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the
receipt from the Grantee of consideration with respect to the par value of the Stock in the form of future services to be rendered to the Company by the Grantee. This Award is intended to be an award of Stock described in Rule 5635(c)(4) of the
Marketplace Rules of the NASDAQ Stock Market, Inc. and is being made to the Grantee as an inducement material to the Grantee’s entering into employment with the Company. 

1. Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he shall have accepted this Award by
signing and delivering to the Company a copy of this Award Agreement. Upon acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted shall be issued electronically and allocated to the Grantee’s Stock Plan
Administration System account and the Grantee’s name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares, including voting and
dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below. The shares of Restricted Stock so accepted shall be held in this account as granted by the Company through the vesting dates noted in Paragraph 3,
below. 
 2. Restrictions and Conditions. 

(a) Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan. 

(b) Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by
the Grantee prior to vesting. 
 (c) Except as otherwise provided in the Employment Agreement dated as of June 7, 2010, by
and between the Company and the Grantee (the “Employment Agreement”), if 

 
the Grantee’s employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason prior to vesting of shares of Restricted Stock granted herein, all
shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company. The Administrator’s determination of the reason for termination of the Grantee’s employment shall be conclusive and binding on the
Grantee and his representatives or legatees. 
 3. Vesting of Restricted Stock. The restrictions and conditions in
Paragraph 2 of this Agreement shall lapse on the Vesting Dates specified in the following schedule to the extent the Grantee remains an employee of the Company or a Subsidiary on such Vesting Dates. The restrictions and conditions in Paragraph 2
shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such Vesting Date. 
  

			
	 Number of
Shares Vested
	  	 Vesting Date

	 20% of Shares
	  	July 31, 2011
	 20% of Shares
	  	July 31, 2012
	 20% of Shares
	  	July 31, 2013
	 20% of Shares
	  	July 31, 2014
	 20% of Shares
	  	July 31, 2015

 Subsequent to such
Vesting Dates, the shares of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock. The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 3. Notwithstanding the
provisions of Sections 3(c) or 16 of the Plan, upon the occurrence of a Sale Event or a Change of Control (each as defined in the Plan), this Award shall not automatically vest. 

4. Dividends. Dividends on Shares of Restricted Stock shall be paid currently to the Grantee. 

5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all
the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified
herein. 
 6. Transferability. This Agreement is personal to the Grantee, is non-assignable and is not transferable in
any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 
 7. Tax
Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any
Federal, state, and local taxes required by law to be withheld on account of such taxable event. Except in the case where an election is made pursuant to Paragraph 8 below, the Grantee may elect to have the required minimum tax withholding
obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued or released by the transfer agent a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding
amount due. 
  

 2 

 8. Election Under Section 83(b). The Grantee and the Company hereby agree that
the Grantee may, within 30 days following the acceptance of this Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the
Grantee makes such an election, he agrees to provide a copy of the election to the Company. The Grantee acknowledges that he is responsible for obtaining the advice of his tax advisors with regard to the Section 83(b) election and that he is
relying solely on such advisors and not on any statements or representations of the Company or any of its agents with regard to such election. 

9. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this
Agreement to continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time. 

10. Clawback. If the Company terminates the Grantee’s employment due to the Grantee’s gross negligence or willful
misconduct (whether or not such actions also constitute Cause as defined in the Employment Agreement) which conduct, directly or indirectly results in the Company preparing an accounting restatement, this entire Award, whether or not vested, shall
be subject to recovery and “clawback.” 
 11. Notices. Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

  

			
	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
		
	 By:
	 	 /s/ Martha T. Higgins

	 Title:
	 	 Executive Vice President

  

 3 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned. 
  

							
	 Dated:
	 	 August 2, 2010
	 		  	 /s/ Clayton G. Deutsch

		 		 		  	Grantee’s Signature
				
		 		 		  	Grantee’s name: Clayton G. Deutsch
				
		 		 		  	Grantee’s address:
				
		 		 		  	  

				
		 		 		  	  

				
		 		 		  	  

  

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