Document:

Restricted Stock Award Agreement, dated December 29, 2010

 Exhibit 10.14 
 RESTRICTED STOCK AWARD AGREEMENT 
 UNDER NORTHEAST BANCORP 

2010 STOCK OPTION AND INCENTIVE PLAN 
  

			
	Name of Grantee:	  	James D. Delamater
		
	Type of Stock:	  	Voting Common Stock
		
	No. of Shares:	  	13,026
		
	Grant Date:	  	December 29, 2010

 Pursuant to the
Northeast Bancorp 2010 Stock Option and Incentive Plan (the “Plan”) as amended through the date hereof, Northeast Bancorp (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 Voting Common 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 cash, past or future services rendered to the Company by the Grantee or such other form of consideration as is acceptable to the Administrator. 

The Company is currently a participant in the Capital Purchase Program, developed pursuant to the United States Department of
Treasury’s Troubled Asset Relief Program (“TARP”) under the Emergency Economic Stabilization Act of 2008, as amended. To the extent the Grantee is subject to the restrictions of Section 30.10 of 31 C.F.R. part 30, an interim
final regulation promulgated by the United States Department of Treasury (“Treasury”) governing executive compensation for recipients of financial assistance under TARP, and the related guidance thereto (the “TARP Rules”), this
Award is and shall be intended to satisfy the requirements for and qualify as an award of “long term restricted stock,” as defined the TARP Rules, and this Agreement shall be interpreted and construed in accordance therewith. 

1. Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this
Award by (i) signing and delivering to the Company a copy of this Award Agreement, and (ii) delivering to the Company a stock power endorsed in blank. Upon acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted
shall be issued and held by the Company’s transfer agent in book entry form, 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. 

 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) 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. Notwithstanding the foregoing, if the Grantee’s employment
with the Company and its Subsidiaries is terminated due to the Grantee’s death or disability prior to the vesting of shares of Restricted Stock granted herein, all restrictions shall lapse and such shares shall automatically become fully
vested. The Administrator’s determination of the reason for termination of the Grantee’s employment shall be conclusive and binding on the Grantee and his or her representatives or legatees. 

(d) Notwithstanding anything herein or in the Plan to the contrary, but only to the extent the Grantee is subject to the
restrictions of Section 30.1(a) of the TARP Rules, vested shares of the Stock granted hereunder shall not be transferable (as defined in 26 C.F.R. 1.83–3(d)) at any time earlier than as permitted under the following schedule (except to the
extent provided below or as necessary to reflect a merger or acquisition of the Company (within the meaning of the TARP Rules)): 
 (i) 25 percent of the shares of Stock at the time of repayment of 25 percent of the aggregate financial assistance received by the Company from Treasury under TARP; 

(ii) an additional 25 percent of the shares of Stock granted (for an aggregate total of 50 percent of the shares of Stock)
at the time of repayment of 50 percent of the aggregate financial assistance received by the Company from Treasury under TARP; 
 (iii) an additional 25 percent of the shares of Stock granted (for an aggregate total of 75 percent of the shares of Stock granted) at the time of repayment of 75 percent of the aggregate financial
assistance received by the Company from Treasury under TARP; and 
 (iv) the remainder of the shares of Stock
granted at the time of repayment of 100 percent of the aggregate financial assistance received by the Company from Treasury under TARP. 

Notwithstanding the foregoing, at any time beginning with the date upon which the Restricted Stock becomes vested and ending on December 31 of the
calendar year including such vesting 

  
 2 

 
date, a portion of the vested shares of Stock may be made transferable as may reasonably be required to pay the Federal, state or local taxes that are anticipated to apply to the income
recognized due to such vesting, and the amounts made transferable for this purpose shall not count toward the percentages in the schedule above. 
 3. Vesting of Restricted Stock. Except as provided in Paragraph 2(d), the restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified in the
following schedule so long as the Grantee remains an employee of the Company or a Subsidiary on such Dates. If a series of Vesting Dates is specified, then 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 date. 
  

			
	 Number of
Shares Vested
	  	 Vesting Date

	 40% (40%)
	  	Second Anniversary of Grant Date
	 20% (60%)
	  	Third Anniversary of Grant Date
	 20% (80%)
	  	Fourth Anniversary of Grant Date
	 20% (100%)
	  	Fifth Anniversary of Grant Date

 Subsequent to such Vesting Date or 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, subject to the TARP Rules. Notwithstanding anything herein to the contrary, in the case of a Sale Event (and provided such Sale Event constitutes a “change in control event” under
the TARP Rules), all restrictions and conditions shall lapse and such shares shall automatically become fully vested. 
 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, and to the extent permitted under Paragraph 2(d), the Company shall have the authority to cause the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding 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. 

  
 3 

 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 or she agrees to provide a copy of the election to the Company. The Grantee acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b)
election and that he or she 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. 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. 
  

			
	NORTHEAST BANCORP
		
	By:	 	/s/ Robert Glauber
		 	Name: Robert Glauber
		 	Title: Chairman of the Board of Directors

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

									
	Dated: December 29, 2010	 		 		 	/s/ James D. Delamater
		 		 		 		 	Grantee’s Signature
					
		 		 		 		 	Grantee’s name and address:
					
		 		 		 		 	 James D. Delamater

  
 4Form of Non-Qualified Stock Option Agreement, dated December 29, 2010

 Exhibit 10.15 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 FOR COMPANY EMPLOYEES

 UNDER NORTHEAST BANCORP 
 2010 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Optionee:	 	  
	  	
			
	Type of Stock:	 	 Voting Common Stock
	  	
			
	No. of Option Shares:	 	 10,801
	  	
				
	Option Exercise Price per Share:	 	$	 	 13.93
	  	
			
	Grant Date:	 	 December 29, 2010
	  	
			
	Expiration Date:	 	 December 29, 2020
	  	

 Pursuant to the Northeast Bancorp 2010 Stock Option and Incentive Plan as amended through the date
hereof (the “Plan”), Northeast Bancorp (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of
shares of Voting Common Stock of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. This Stock Option is not intended to be an “incentive
stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 1. Exercisability Schedule.1 No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in
Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of Option Shares on the dates indicated: 

 

			
	 Incremental (Aggregate Number)

of Option Shares Exercisable
	  	 Exercisability Date

		
	 20%(20%)
	  	First Anniversary of Grant Date
	 20%(40%)
	  	Second Anniversary of Grant Date
	 20%(60%)
	  	Third Anniversary of Grant Date
	 20%(80%)
	  	Fourth Anniversary of Grant Date
	 20%(100%)
	  	Fifth Anniversary of Grant Date

 

	1	 For Messrs. Johnson and Blais, the option shall vest in 5 equal annual installments; for Mr. Lazenby, the option shall vest in 4 equal annual
installments. 

 Once exercisable, this Stock Option shall continue to be exercisable at any time or times
prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan. In the case of and subject to the consummation of a Sale Event, this Stock Option shall vest and become fully exercisable as of the effective
time of the Sale Event. 
 2. Manner of Exercise. 

(a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of
this Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be
purchased. 
 Payment of the purchase price for the Option Shares may be made by one or more of the following methods:
(i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that
are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a
properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee
chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such
payment procedure; (iv) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed
the aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments will be received subject to collection. 
 The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full purchase
price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement,
statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance
with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the
Stock Option shall be net of the Shares attested to. 
 (b) The shares of Stock purchased upon exercise of this Stock Option
shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such issuance and with
the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the 

  
 2 

 
Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this
Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books
of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock. 
 (c) The minimum number of shares with respect to which this Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being
exercised is the total number of shares subject to exercise under this Stock Option at the time. 
 (d) Notwithstanding any
other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof. 

3. Termination of Employment. If the Optionee’s employment by the Company or a Subsidiary (as defined in the Plan) is
terminated, the exercisability of this Stock Option may be accelerated and the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. The Administrator’s determination of the reason for
termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives or legatees. Except as set forth below, any portion of this Stock Option that is not exercisable on the date of termination
shall terminate immediately and be of no further force or effect. 
 (a) Termination Due to Death or Disability. If the
Optionee’s employment terminates by reason of the Optionee’s death or disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised
by the Optionee or the Optionee’s legal representative or legatee (as applicable) for a period of 12 months from the date of termination or until the Expiration Date, if earlier. 

(b) Termination for Cause. If the Optionee’s employment terminates for Cause, any portion of this Stock Option outstanding on
such date, whether or not exercisable, shall terminate immediately and be of no further force and effect. For purposes hereof, unless otherwise provided in an employment agreement between the Company and the Optionee, “Cause” for
termination shall be deemed to exist upon (a) the Optionee’s continued non-performance of the Optionee’s duties to the Company or a Subsidiary (other than by reason of the Optionee’s physical or mental illness, incapacity or
disability) which has continued for more than 30 days following written notice of such non-performance from the Company or a Subsidiary; (b) the Optionee’s commission of any crime involving moral turpitude or any felony; (c) the
Optionee’s violation of any confidentiality, noncompetition or nonsolicitation covenants with respect to the Company or a Subsidiary; (d) the Optionee’s material violation of the Company’s or a Subsidiary’s policies or rules
material to the Optionee’s employment which has continued for more than 30 days following written notice of such non-performance from the Company or a Subsidiary, (e) a good faith finding by the Board of Directors of the Company or a
Subsidiary that the Optionee engaged in deliberate dishonesty with regard to the Company or a Subsidiary or (f) failure to cooperate with a bona fide internal investigation or an investigation

  
 3 

 
by regulatory or law enforcement authorities, after being instructed by the Company or a Subsidiary to cooperate, or the willful destruction or failure to preserve documents or other materials
known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 
 (c) Other Termination. If the Optionee’s employment terminates for any reason other than the Optionee’s death, the Optionee’s disability or Cause, and unless otherwise determined by
the Administrator, any portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier.

 4. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option 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. 
 5. Transferability. This Agreement is personal to the Optionee, 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. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the
Optionee’s legal representative or legatee. 
 6. Tax Withholding. The Optionee shall, not later than the date as of
which the exercise of this Stock Option 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. The Optionee may elect to have the minimum required tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued a number of shares of
Stock with an aggregate Fair Market Value that would satisfy the withholding amount due. 
 7. 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 Optionee 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 Optionee at any time. 

  
 4 

 8. 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 Optionee 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. 

 

									
		 		 		 		 	
		 		 		 	NORTHEAST BANCORP
					
		 		 		 	By:	 	  

		 		 		 		 	Title:

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

									
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]