Document:

Exhibit 10.2
    

    
      

    

    
      OPEXA THERAPEUTICS, INC.
    

    
      2010 STOCK INCENTIVE PLAN
    

    
      NOTICE OF STOCK OPTION GRANT
    

    
      You have been granted the following Option to purchase Common Stock of
      Opexa Therapeutics, Inc. (the “Company”) under the Company’s 2010 Stock
      Incentive Plan (the “Plan”):
    

    	
          Name of Optionee:
        	
          [Name of Optionee]
        
	

        	
           
        
	
          
            Total Number of Option Shares Granted:
          

        	
          [Total Number of Shares]
        
	

        	
           
        
	
          Type of Option:
        	
          
            ⃞
               Incentive Stock Option
          

        
	

        	
          
            ⃞    Nonstatutory
            Stock Option
          

        
	

        	
           
        
	
          Exercise Price Per Share:
        	
          
            $ ______________________
          

        
	

        	
           
        
	
          Grant Date:
        	
          [Date of Grant]
        
	

        	
           
        
	
          Vesting Commencement Date:
        	
          [Vesting Commencement Date]
        
	

        	
           
        
	
          Vesting Schedule:
        	
          [The Shares subject to this Option become exercisable quarterly over
          a 3-year period beginning on the day which is three months after the
          first anniversary of the Vesting Commencement Date, at a rate of
          8.333% of the total number of Shares subject to such Option, subject
          to continuous Service as an Employee or a Consultant from the
          Vesting Commencement Date.] [Vesting TBD by Board or Committee]
        
	

        	
           
        
	
          Expiration Date:
        	
          [Expiration Date] This Option expires earlier if your Service
          terminates earlier, as described in the Stock Option Agreement.
        

    

    
      By your signature and the signature of the Company’s representative
      below, you and the Company agree that this Option is granted under and
      governed by the term and conditions of the Plan and the Stock Option
      Agreement (the “Agreement”), both of which are attached to and made a
      part of this document.
    

    
      By signing this document you further agree that the Company may
      deliver by e-mail all documents relating to the Plan or this Award
      (including without limitation, prospectuses required by the Securities
      and Exchange Commission) and all other documents that the Company is
      required to deliver to its security holders (including without
      limitation, annual reports and proxy statements).  You also agree that
      the Company may deliver these documents by posting them on a website
      maintained by the Company or by a third party under contract with the
      Company.  If the Company posts these documents on a website, it will
      notify you by e-mail.
    

    	
          OPTIONEE:
        	
          OPEXA THERAPEUTICS, INC.
        
	

        	

        	
           
        
	

        	

        	
           
        
	
           
        	

        	
          
            By:
          

        	
          
             
          

        
	
          Optionee’s Signature
        	

        	

        
	

        	

        	
           
        
	
           
        	

        	
          
            Title:
          

        	
          
             
          

        
	
          Optionee’s Printed Name
        	

        	

        

    

    
      

      OPEXA THERAPEUTICS, INC.
NOTICE OF STOCK OPTION GRANT
    

    
      
        

        

      

      
        
          - 1 -
        

        
          

        

      

      
        

        

      

    

    

    

    
      OPEXA THERAPEUTICS, INC.
    

    
      2010 STOCK INCENTIVE PLAN
    

    
      STOCK OPTION AGREEMENT
    

    

    

    	
          Tax Treatment
        	
          
            This Option is intended to be an incentive stock option under
            Section 422 of the Internal Revenue Code or a nonstatutory option,
            as provided in the Notice of Stock Option Grant. Even if this
            Option is designated as an incentive stock option, it shall be
            deemed to be a nonstatutory option to the extent required by the
            $100,000 annual limitation under Section 422(d) of the Internal
            Revenue Code.
          

        
	

        	
           
        
	
          Vesting
        	
          This Option becomes exercisable in installments, as shown in the
          Notice of Stock Option Grant. This Option will in no event become
          exercisable for additional Shares after your Service as an Employee
          or a Consultant has terminated for any reason.
        
	

        	
           
        
	
          Term
        	
          This Option expires in any event at the close of business at Company
          headquarters on the day before the 10th anniversary of the Grant
          Date, as shown on the Notice of Stock Option Grant (fifth
          anniversary for a more than 10% stockholder as provided under the
          Plan if this is an incentive stock option). This Option may expire
          earlier if your Service terminates, as described below.
        
	

        	
           
        
	
          Regular Termination
        	
          If your Service terminates for any reason except death or “Total and
          Permanent Disability” (as defined in the Plan), then this Option
          will expire at the close of business at Company headquarters on the
          date three (3) months after the date your Service terminates (or, if
          earlier, the Expiration Date). The Company determines when your
          Service terminates for this purpose and all purposes under the Plan
          and its determinations are conclusive and binding on all persons.
        
	

        	
           
        
	
          Death
        	
          If your Service terminates because of death, then this Option will
          expire at the close of business at Company headquarters on the date
          12 months after the date your Service terminates (or, if earlier,
          the Expiration Date). During that period of up to 12 months, your
          estate or heirs may exercise the Option.
        
	

        	
           
        
	
          Disability
        	
          If your Service terminates because of your Total and Permanent
          Disability, then this Option will expire at the close of business at
          Company headquarters on the date 12 months after the date your
          Service terminates (or, if earlier, the Expiration Date).
        
	

        	
           
        
	
          Leaves of Absence
        	
          For purposes of this Option, your Service does not terminate when
          you go on a military leave, a sick leave or another bona fide
          leave of absence, if the leave was approved by the Company in
          writing and if continued crediting of Service is required by the
          terms of the leave or by applicable law. But your Service terminates
          when the approved leave ends, unless you immediately return to
          active work.
        

    

    
      

      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      
        

        

      

      
        
          - 1 -
        

        
          

        

      

      
        

        

      

    

    

    

    	

        	
          If you go on a leave of absence, then the vesting schedule specified
          in the Notice of Stock Option Grant may be adjusted in accordance
          with the Company’s leave of absence policy or the terms of your
          leave. If you commence working on a part-time basis, then the
          vesting schedule specified in the Notice of Stock Option Grant may
          be adjusted in accordance with the Company’s part-time work policy
          or the terms of an agreement between you and the Company pertaining
          to your part-time schedule.
        
	

        	
           
        
	
          Restrictions on Exercise
        	
          The Company will not permit you to exercise this Option if the
          issuance of Shares at that time would violate any law or regulation.
          The inability of the Company to obtain approval from any regulatory
          body having authority deemed by the Company to be necessary to the
          lawful issuance and sale of the Company stock pursuant to this
          Option shall relieve the Company of any liability with respect to
          the non-issuance or sale of the Company stock as to which such
          approval shall not have been obtained.
        
	

        	
           
        
	
          Notice of Exercise
        	
          When you wish to exercise this Option you must provide a notice of
          exercise form in accordance with such procedures as are established
          by the Company and communicated to you from time to time. Any notice
          of exercise must specify how many Shares you wish to purchase and
          how your Shares should be registered. The notice of exercise will be
          effective when it is received by the Company. If someone else wants
          to exercise this Option after your death, that person must prove to
          the Company’s satisfaction that he or she is entitled to do so.
        
	

        	
           
        
	
          Form of Payment
        	
          When you submit your notice of exercise, you must include payment of
          the Option exercise price for the Shares you are purchasing. Payment
          may be made in the following form(s):
        
	

        	
           
        
	

        	
          
            ●
          

        	
          Your personal check, a cashier’s check or a money order.
        
	

        	

        	
           
        
	

        	
          
            ●
          

        	
          Certificates for Shares that you own, along with any forms needed to
          effect a transfer of those Shares to the Company. The value of the
          Shares, determined as of the effective date of the Option exercise,
          will be applied to the Option exercise price. Instead of
          surrendering Shares, you may attest to the ownership of those Shares
          on a form provided by the Company and have the same number of Shares
          subtracted from the Shares issued to you upon exercise of the
          Option. However, you may not surrender or attest to the ownership of
          Shares in payment of the exercise price if your action would cause
          the Company to recognize a compensation expense (or additional
          compensation expense) with respect to this Option for financial
          reporting purposes.
        
	

        	

        	
           
        
	

        	
          
            ●
          

        	
          By delivery on a form approved by the Company of an irrevocable
          direction to a securities broker approved by the Company to sell all
          or part of the Shares that are issued to you when you exercise this
          Option and to deliver to the Company from the sale proceeds an
          amount sufficient to pay the Option exercise price and any
          withholding taxes. The balance of the sale proceeds, if any, will be
          delivered to you. The directions must be given by providing a notice
          of exercise form approved by the Company.
        

    

    
      

      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      
        

        

      

      
        
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            ●
          

        	
          By delivery on a form approved by the Company of an irrevocable
          direction to a securities broker or lender approved by the Company
          to pledge Shares that are issued to you when you exercise this
          Option as security for a loan and to deliver to the Company from the
          loan proceeds an amount sufficient to pay the Option exercise price
          and any withholding taxes. The directions must be given by providing
          a notice of exercise form approved by the Company.
        
	

        	

        	
           
        
	

        	
          
            ●
          

        	
          Any other form permitted by the Committee in its sole discretion.
        
	

        	

        	
           
        
	

        	
          Notwithstanding the foregoing, payment may not be made in any form
          that is unlawful, as determined by the Committee in its sole
          discretion.
        
	

        	
           
        
	
          
            Withholding Taxes
and Stock Withholding
          

        	
          You will not be allowed to exercise this Option unless you make
          arrangements acceptable to the Company to pay any withholding taxes
          that may be due as a result of this Award or the Option exercise.
          These arrangements, at the sole discretion of the Company, may
          include (a) having the Company withhold taxes from the proceeds of
          the sale of the Shares, either through a voluntary sale or through a
          mandatory sale arranged by the Company (on your behalf pursuant to
          this authorization), (b) having the Company withhold Shares that
          otherwise would be issued to you when you exercise this Option
          having a Fair Market Value equal to the amount necessary to satisfy
          the minimum statutory withholding amount, or (c) any other
          arrangement approved by the Company. The Fair Market Value of any
          Shares withheld, determined as of the effective date of the Option
          exercise, will be applied as a credit against the withholding taxes.
          You also authorize the Company, or your actual employer, to satisfy
          all withholding obligations of the Company or your actual employer
          with respect to this Award from your wages or other cash
          compensation payable to you by the Company or your actual employer.
        
	

        	
           
        
	
          Restrictions on Resale
        	
          You agree not to sell any Shares at a time when applicable laws,
          Company policies or an agreement between the Company and its
          underwriters prohibit a sale. This restriction will apply as long as
          your Service continues and for such period of time after the
          termination of your Service as the Company may specify.
        
	

        	
           
        
	
          Transfer of Option
        	
          In general, only you can exercise this Option prior to your death.
          You may not sell, transfer, assign, pledge or otherwise dispose of
          this Option, other than as designated by you by will or by the laws
          of descent and distribution, except as provided below. For instance,
          you may not use this Option as security for a loan. If you attempt
          to do any of these things, this Option will immediately become
          invalid. You may in any event dispose of this Option in your will.
          Regardless of any marital property settlement agreement, the Company
          is not obligated to honor a notice of exercise from your former
          spouse, nor is the Company obligated to recognize your former
          spouse’s interest in your Option in any other way.
        

    

    
      

      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      
        

        

      

      
        
          - 3 -
        

        
          

        

      

      
        

        

      

    

    

    

    	

        	
          However, if this Option is designated as a nonstatutory stock option
          in the Notice of Stock Option Grant, then the Committee may, in its
          sole discretion, allow you to transfer this Option as a gift to one
          or more family members. For purposes of this Agreement, “family
          member” means a child, stepchild, grandchild, parent, stepparent,
          grandparent, spouse, former spouse, sibling, niece, nephew,
          mother-in-law, father-in-law, son-in-law, daughter-in-law,
          brother-in-law, or sister-in-law (including adoptive relationships),
          any individual sharing your household (other than a tenant or
          employee), a trust in which one or more of these individuals have
          more than 50% of the beneficial interest, a foundation in which you
          or one or more of these persons control the management of assets,
          and any entity in which you or one or more of these persons own more
          than 50% of the voting interest.
        
	

        	
           
        
	

        	
          In addition, if this Option is designated as a nonstatutory stock
          option in the Notice of Stock Option Grant, then the Committee may,
          in its sole discretion, allow you to transfer this option to your
          spouse or former spouse pursuant to a domestic relations order in
          settlement of marital property rights.
        
	

        	
           
        
	

        	
          The Committee will allow you to transfer this Option only if both
          you and the transferee(s) execute the forms prescribed by the
          Committee, which include the consent of the transferee(s) to be
          bound by this Agreement.
        
	

        	
           
        
	
          Retention Rights
        	
          Neither your Option nor this Agreement gives you the right to be
          employed or retained by the Company or a subsidiary of the Company
          in any capacity. The Company and its subsidiaries reserve the right
          to terminate your Service at any time, with or without cause.
        
	

        	
           
        
	
          Stockholder Rights
        	
          Your Options carry neither voting rights nor rights to dividends.
          You, or your estate or heirs, have no rights as a stockholder of the
          Company unless and until you have exercised this Option by giving
          the required notice to the Company and paying the exercise price. No
          adjustments will be made for dividends or other rights if the
          applicable record date occurs before you exercise this Option,
          except as described in the Plan.
        
	

        	
           
        
	
          Adjustments
        	
          In the event of a stock split, a stock dividend or a similar change
          in Company Shares, the number of Shares covered by this Option and
          the exercise price per Share shall be adjusted pursuant to the Plan.
        
	

        	
           
        
	
          Successors and Assigns
        	
          Except as otherwise provided in the Plan or this Agreement, every
          term of this Agreement shall be binding upon and inure to the
          benefit of the parties hereto and their respective heirs, legatees,
          legal representatives, successors, transferees and assigns.
        
	

        	
           
        
	
          Notice
        	
          Any notice required or permitted under this Agreement shall be given
          in writing and shall be deemed effectively given upon the earliest
          of personal delivery, receipt or the third full day following
          mailing with postage and fees prepaid, addressed to the other party
          hereto at the address last known in the Company’s records or at such
          other address as such party may designate by ten (10) days’ advance
          written notice to the other party hereto.
        

    

    
      

      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      
        

        

      

      
        
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          Applicable Law
        	
          This Agreement will be interpreted and enforced under the laws of
          the State of Delaware (without regard to their choice-of-law
          provisions).
        
	

        	
           
        
	
          The Plan and Other Agreements
        	
          The text of the Plan is incorporated in this Agreement by reference.
          All capitalized terms in the Agreement shall have the meanings
          assigned to them in the Plan. This Agreement and the Plan constitute
          the entire understanding between you and the Company regarding this
          Option. Any prior agreements, commitments or negotiations concerning
          this Option are superseded. This Agreement may be amended by the
          Committee without your consent; however, if any such amendment would
          materially impair your rights or obligations under the Agreement,
          this Agreement may be amended only by another written agreement,
          signed by you and the Company.
        

    

    
      

      

      BY SIGNING THE COVER SHEET OF THIS
      AGREEMENT,
    

    
      YOU AGREE TO ALL OF THE TERMS AND
      CONDITIONS
    

    
      DESCRIBED ABOVE AND IN THE PLAN.
    

    
      

    

    
      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      
        

        

      

      
        
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      OPEXA THERAPEUTICS, INC.
2010 STOCK INCENTIVE PLAN
NOTICE
      OF CASH EXERCISE OF STOCK OPTION
    

    

    

    	
          OPTIONEE INFORMATION:
        	

        
	
           
        	

        	

        
	
          Name:
        	
           
        	
           
        	
          Social Security Number:
        	
           
        
	

        	

        	

        	

        	
           
        
	
          Address:
        	
           
        	

        	
          Employee Number:
        	
           
        

    

    

    

    
      OPTION INFORMATION:
    

    	
          Date of Grant:
        	
          _______________, 201___
        	
           
        	
          
            Type of Stock Option:
          

        
	
          
            Exercise Price per Share: $______________
          

        	

        	
          
            ⃞
          

        	
          
            Nonstatutory (NSO)
          

        
	
          
            Total number of Shares of OPEXA THERAPEUTICS, INC.
          

        	

        	
          
            ⃞
          

        	
          
            Incentive (ISO)
          

        
	
          
            (the “Company”) covered by option: __________
          

        	

        	

        	

        

    

    

    

    
      Number of Shares of the Company for which option is being exercised now:                   (“Purchased
      Shares”).
Total exercise price for the Purchased Shares: $                            
Form
      of payment enclosed:
    

    	
          
            ⃞
            ⁭Check for $ _________________, payable to “Opexa
            Therapeutics, Inc.”
          

        

    

    

    

    
      Name(s) in which the Purchased Shares should be registered:
_______________________________________________________
    

    

    

    	
          
            The certificate for the Purchased Shares should be sent
          

        	
          
             
          

        
	
          
            to the following address:
          

        	
           
        
	
          
             
          

        	
           
        
	

        	
           
        

    

    

    

    
      ACKNOWLEDGMENTS:
    

    	
          1.
        	
          I understand that all sales of Purchased Shares are subject to
          compliance with the Company’s policy on securities trades.
        
	

        	
           
        
	
          2.
        	
          I hereby acknowledge that I received and read a copy of the
          prospectus describing the Company’s 2010 Stock Incentive Plan and
          the tax consequences of an exercise.
        
	

        	
           
        
	
          3.
        	
          In the case of a nonstatutory option, I understand that I must
          recognize ordinary income equal to the spread between the fair
          market value of the Purchased Shares on the date of exercise and the
          exercise price. I further understand that I am required to pay
          withholding taxes at the time of exercising a nonstatutory option.
        
	

        	
           
        
	
          4.
        	
          In the case of an incentive stock option, I agree to notify the
          Company if I dispose of the Purchased Shares before I have met both
          of the tax holding periods applicable to incentive stock options
          (that is, if I make a disqualifying disposition).
        

    

    

    

    	
          SIGNATURE AND DATE:
        
	
           
        	

        
	

        	
           
        
	
           
        	

        	
           
        	
          __, 201__
        

    

    
      

      OPEXA THERAPEUTICS, INC.
STOCK OPTION AGREEMENT
    

    
      - 1 -a6479640ex10-1.htm

Exhibit 10.1

 

	
The Simsbury Bank & Trust Company

Supplemental Executive Retirement Agreement

Beneficiary Designation Form

 

THE SIMSBURY BANK & TRUST COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

This SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (this “Agreement”) is adopted as of the 20th day of October, 2010, by and between THE SIMSBURY BANK & TRUST COMPANY a state-chartered commercial bank located in Simsbury, Connecticut (the “Bank”), and MARTIN J. GEITZ (the “Executive”).

The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of the Bank.  This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.

Article 1

Definitions

Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

	
1.1  

	
“Accrual Balance” means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 as amended by Statement of Financial Accounting Standards Number 106 and the Discount Rate.  Any one of a variety of amortization methods may be used to determine the Accrual Balance.  However, once chosen, the method must be consistently applied.

 

	
1.2  

	
“Beneficiary” means each designated person or entity, or the estate of the deceased Executive, entitled to any benefits upon the death of the Executive pursuant to Article 4.

	
1.3  

	
“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

	
1.4  

	
“Board” means the Board of Directors of the Bank as from time to time constituted.

	
1.5  

	
“Change in Control” means a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the assets of the Bank (with the Bank, for  purposes of this Section 1.5, being defined as the Bank as well as any other related entities as determined under Treas. Reg. § 1.409A-3(i)(5)(ii)), as such change is defined in Code Section 409A and regulations thereunder.

	
1.6  

	
“Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date.

 

  

  

  

 

	
1.7  

	
“Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which 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) is, by reason of any medically determinable physical or mental impairment which 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 an accident and health plan covering employees or directors of the Bank.  Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability insurance covering employees or directors of the Bank provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence.  Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.

	
1.8  

	
“Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance.  The initial Discount Rate is six percent (6%).  However, the Plan Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance.

	
1.9  

	
“Early Termination” means the Executive’s Separation from Service before attainment of Normal Retirement Age except when such Separation from Service occurs within twenty-four (24) months following a Change in Control or due to death or Termination for Cause.

	
1.10

	

“Effective Date” means October 20, 2010.

 

	
1.11  

	
“Normal Retirement Age” means the Executive’s age sixty-five (65).

	
1.12  

	
“Plan Administrator” means the Board or such committee or person as the Board shall appoint.

	
1.13  

	
“Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year.  The initial Plan Year shall commence on the Effective Date of this Agreement and end on the following December 31.

	
1.14  

	
“Separation from Service” means termination of the Executive’s employment with the Bank for reasons other than death or Disability.  Whether a Separation from Service has occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing services to the Bank less than thirty-six (36) months).

 

  

  

  

 

	
1.15  

	
“Specified Employee” means an employee who at the time of Separation from Service is a key employee of the Bank, if any stock of the Bank (or its affiliated entities, as determined under Code Section 409A) is publicly traded on an established securities market or otherwise.  For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”).  If the employee is a key employee during an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period.

	
1.16  

	
“Termination for Cause” means Separation from Service for:

	
(a)  

	
Gross negligence or gross neglect of duties to the Bank;

	
(b)  

	
Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank; or

	
(c)  

	
Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed in connection with the Executive’s employment and resulting in a material adverse effect on the Bank.

Article 2

Distributions During Lifetime

	
2.1

	
Normal Retirement Benefit.  Upon or after the Executive’s attainment of Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Article.

	
  

	
2.1.1

	
Amount of Benefit.  The annual benefit under this Section 2.1 is Eighty-Two Thousand Eight Hundred Dollars ($82,800).

	
  

	
2.1.2

	
Distribution of Benefit.  The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Normal Retirement Age.  The annual benefit shall be distributed to the Executive for fifteen (15) years.

	
2.2

	
Early Termination Benefit.  If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

	
  

	
2.2.1

	
Amount of Benefit.  The annual benefit under this Section 2.2 is the Accrual Balance, determined as of the end of the month preceding the Executive’s Separation from Service.

	
  

	
2.2.2

	
Distribution of Benefit.  The Bank shall distribute the benefit to the Executive in one hundred eighty (180) equal monthly installments commencing on the first day of the month following Normal Retirement Age.

 

  

  

  

 

	
2.3

	
Disability Benefit.  If the Executive experiences a Disability prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article.

	
  

	
2.3.1

	
Amount of Benefit.  The annual benefit under this Section 2.3 is Eighty-Two Thousand Eight Hundred Dollars ($82,800).

	
  

	
2.3.2

	
Distribution of Benefit.  The Bank shall distribute the benefit to the Executive in one hundred eighty (180) equal monthly installments commencing on the first day of the month following Normal Retirement Age.

	
2.4

	
Change in Control Benefit.  If a Change in Control occurs prior to Normal Retirement Age, followed within twenty-four (24) months by Separation from Service, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

 

 

	
  

	
2.4.1

	
Amount of Benefit.  The annual benefit under this Section 2.4 is Eighty-Two Thousand Eight Hundred Dollars ($82,800).

	
  

	
2.4.2

	
Distribution of Benefit.  The Bank shall distribute the benefit to the Executive in one hundred eighty (180) equal monthly installments commencing on the first day of the month following Normal Retirement Age.

	
  

	
2.4.3

	
Parachute Payments.  Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.

	
2.5

	
Restriction on Commencement of Distributions.  Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions hereunder.  If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation from Service.  Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service.  All subsequent distributions shall be paid in the manner specified.

 

	
2.6

	
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Executive becomes subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution to the Executive in a manner that conforms to the requirements of Code Section 409A.  Any such distribution will decrease the Executive’s benefits distributable under this Agreement.

 

  

  

  

 

	
2.7

	
Change in Form or Timing of Distributions.  For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of Section 8.1, amend this Agreement to delay the timing or change the form of distributions.  Any such amendment:

 

	
(a)  

	
may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A;

	
 (b)  

	
must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and

	
 (c)  

	
must take effect not less than twelve (12) months after the amendment is made.

 

Article 3

Distribution at Death

	
3.1

	
Death During Active Service.  If the Executive dies prior to Separation from Service, the Bank shall distribute to the Beneficiary the benefit described in this Section 3.1.  This benefit shall be distributed in lieu of any benefit under Article 2.

	
  

	
3.1.1

	
Amount of Benefit.  The annual benefit under this Section 3.1 is Eighty-Two Thousand Eight Hundred Dollars ($82,800).

	
  

	
3.1.2

	
Distribution of Benefit.  The Bank shall distribute the annual benefit to the Beneficiary in twelve (12) equal monthly installments for fifteen (15) years commencing on the first day of the fourth month following the Executive’s death. The Beneficiary shall be required to provide to the Bank the Executive’s death certificate.

 

	
3.2

	
Death During Distribution of a Benefit.  If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

 

	
3.3

	
Death Before Benefit Distributions Commence. If the Executive is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the same benefits to which the Executive was entitled prior to death, except that the benefit distributions shall be paid in the manner specified in Section 3.1.2 and shall commence on the first day of the fourth month following the Executive’s death.

Article 4

Beneficiaries

	
4.1

	
In General.  The Executive shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the Executive.  The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Executive participates.

 

  

  

  

 

	
4.2

	
Designation.  The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent.  If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Plan Administrator, executed by the Executive’s spouse and returned to the Plan Administrator.  The Executive's beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.  The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures.  Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled.  The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death.

	
4.3

	
Acknowledgment.  No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

	
4.4

	
No Beneficiary Designation.  If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.  If the Executive has no surviving spouse, any benefit shall be paid to the Executive's estate.

	
  

	 

	
4.5

	
Facility of Distribution.  If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person.  The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Any distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall completely discharge any liability under this Agreement for such distribution amount.

Article 5

General Limitations

	
5.1

	
Termination for Cause.  Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive’s employment with the Bank is terminated by the Bank or an applicable regulator due to a Termination for Cause.

 

  

  

  

	
5.2

	
Suicide or Misstatement.  No benefit shall be distributed if the Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life insurance policy covering the Executive and owned by the Bank denies coverage (i) for material misstatements of fact made by the Executive on an application for such life insurance, or (ii) for any other reason.

	
5.3  

	
Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.  Notwithstanding anything herein to the contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, shall be subject to and conditioned upon compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.

	
5.4

	
Forfeiture Provision.  The Executive shall forfeit any non-distributed benefits under this Agreement if during the term of this Agreement and within twelve (12) months following a Separation from Service, the Executive, directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual, partnership, corporation or other entity (excluding an ownership interest of three percent (3%) or less in the stock of a publicly-traded company):

	
  

	
(i)

	
becomes employed by, participates in, or becomes connected in any manner with the ownership, management, operation or control of any bank, savings and loan or other similar financial institution, if the Executive’s responsibilities will include providing banking or other financial services to a financial institution that maintains its main office in the Farmington Valley of Connecticut as of the date of the termination of the Executive’s employment;

	
  

	
(ii)

	
participates in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary, part-time or permanent basis, any individual who was employed by the Bank as of the date of termination of the Executive’s employment;

	
  

	
(iii)

	
assists, advises, or serves in any capacity, representative or otherwise, any third party in any action against the Bank or transaction involving the Bank;

	
  

	
(iv)

	
sells, offers to sell, provides banking or other financial services, assists any other person in selling or providing banking or other financial services, or solicits or otherwise competes for, either directly or indirectly, any orders, contract, or accounts for services of a kind or nature like or substantially similar to the financial services performed or financial products sold by the Bank (the preceding hereinafter referred to as “Services”), to or from any person or entity from whom the Executive or the Bank, to the knowledge of the Executive provided banking or other financial services, sold, offered to sell or solicited orders, contracts or accounts for Services during the three (3) year period immediately prior to the termination of the Executive’s employment;

 

  

  

  

 

	
  

	
(v)

	
divulges, discloses, or communicates to others in any manner whatsoever, any confidential information of the Bank, to the knowledge of the Executive, including, but not limited to, the names and addresses of customers or prospective customers, of the Bank, as they may have existed from time to time, of work performed or services rendered for any customer, any method and/or procedures relating to projects or other work developed for the Bank, earnings or other information concerning the Bank. The restrictions contained in this subparagraph (v) apply to all information regarding the Bank, regardless of the source who provided or compiled such information.  Notwithstanding anything to the contrary, all information referred to herein shall not be disclosed unless and until it becomes known to the general public from sources other than the Executive.

 

	
5.5

	
Change in Control.  The forfeiture provision detailed in Section 5.4 hereof shall not be enforceable following a Change in Control.

Article 6

Administration of Agreement

	
6.1

	
Plan Administrator Duties.  The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administra­tion of this Agreement and (ii) decide or resolve any and all ques­tions, including interpretations of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A.

	
6.2

	
Agents.  In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative, and may from time to time consult with counsel who may be counsel to the Bank.

	
6.3

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

	
6.4

	
Indemnity of Plan Administrator.  The Bank shall indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator.

	
6.5

	
Bank Information.  To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the date and circum­stances of the Executive’s death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.

 

  

  

  

 

Article 7

Claims And Review Procedures

	
7.1

	
Claims Procedure.  An Executive or Beneficiary (“claimant”) who has not received benefits under this Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

	
  

	
7.1.1

	
Initiation – Written Claim.  The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits.  If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant.  All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the claimant.

 

	
  

	
7.1.2

	
Timing of Plan Administrator Response.  The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

	
  

	
7.1.3

	
Notice of Decision.  If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

	
  

	
(a)

	
The specific reasons for the denial;

	
  

	
(b)

	
A reference to the specific provisions of this Agreement on which the denial is based;

	
  

	
(c)

	
A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

	
  

	
(d)

	
An explanation of this Agreement’s review procedures and the time limits applicable to such procedures; and

	
  

	
(e)

	
A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

	
7.2

	
Review Procedure.  If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:

	
  

	
7.2.1

	
Initiation – Written Request.  To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

 

  

  

  

 

	
  

	
7.2.2

	
Additional Submissions – Information Access.  The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim.  The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

	
  

	
7.2.3

	
Considerations on Review.  In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

	
  

	
7.2.4

	
Timing of Plan Administrator Response.  The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

	
  

	
7.2.5

	
Notice of Decision.  The Plan Administrator shall notify the claimant in writing of its decision on review.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

	
  

	
(a)

	
The specific reasons for the denial;

	
  

	
(b)

	
A reference to the specific provisions of this Agreement on which the denial is based;

	
  

	
(c)

	
A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

	
  

	
(d)

	
A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

Article 8

Amendments and Termination

	
8.1  

	
Amendments.  This Agreement may be amended only by a written agreement signed by the Bank and the Executive.  However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A.

	
8.2  

	
Plan Termination Generally.  This Agreement may be terminated only by a written agreement signed by the Bank and the Executive.  The benefit shall be the Accrual Balance as of the date this Agreement is terminated.  Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement.  Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

 

  

  

  

 

	
8.3  

	
Plan Terminations Under Code Section 409A.  Notwithstanding anything to the contrary in Section 8.2, if the Bank terminates this Agreement in the following circumstances:

	
  

	
(a)

	
Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of this Agreement and further provided that all the Bank's arrangements which are substantially similar to this Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination;

 

	
  

	
(b)

	
Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Executive's gross income in the latest of (i) the calendar year in which this Agreement 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 distribution is administratively practical; or

 

	
  

	
(c)

	
Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement;

the Bank may distribute the Accrual Balance, determined as of the date of the termination of this Agreement, to the Executive in a lump sum subject to the above terms.

Article 9

Miscellaneous

	
9.1

	
Binding Effect.  This Agreement shall bind the Executive and the Bank and their beneficiaries, survivors, executors, administrators and transferees.

	
9.2

	
No Guarantee of Employment.  This Agreement is not a contract for employment.  It does not give the Executive the right to remain as an employee of the Bank nor interfere with the Bank's right to discharge the Executive.  It does not require the Executive to remain an employee nor interfere with the Executive's right to terminate employment at any time.

 

  

  

  

 

	
9.3

	
Non-Transferability.  Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

	
9.4

	
Tax Withholding and Reporting.  The Bank shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement.  The Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities.  The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.

	
9.5

	
Applicable Law.  This Agreement and all rights hereunder shall be governed by the laws of the State of Connecticut, except to the extent preempted by the laws of the United States of America.

	
9.6

	
Unfunded Arrangement.  The Executive and the Beneficiary are general unsecured creditors of the Bank for the distribution of benefits under this Agreement.  The benefits represent the mere promise by the Bank to distribute such benefits.  The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors.  Any insurance on the Executive's life or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

	
9.7

	
Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm or person unless such succeeding or continuing bank, firm or person agrees to assume and discharge the obligations of the Bank under this Agreement.  Upon the occurrence of such an event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.

	
9.8

	
Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof.  No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

	
9.9

	
Interpretation.  Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

	
9.10

	
Alternative Action.  In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

	
9.11

	
Headings.  Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.

	
9.12

	
Validity.  If any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein.

 

  

  

  

 

	
9.13

	
Notice.  Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address below:

 

	 	
  

	
Compensation and Human Resources Committee Chairman

	 	
  

	
Board of Directors

	 	
  

	
Simsbury Bank and Trust Co., Inc.

	 	
  

	
760 Hopmeadow St.

	 	
  

	
Simsbury, CT 06070

 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

Any notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered or sent by mail to the last known address of the Executive.

	
9.14

	
Deduction Limitation on Benefit Payments.  If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement.  The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive's death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

	
9.15

	
Compliance with Section 409A.  This Agreement shall be interpreted and administered consistent with Code Section 409A.

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement.

 

	
EXECUTIVE

	
THE SIMSBURY BANK & TRUST COMPANY

	 	 
	 	 
	/s/ Martin J. Geitz	By:           Lincoln S. Young
	Martin J. Geitz	Title:        Chairman

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