Document:

Exhibit
10.5

 

Amendment
No. 1 to the

Securities Purchase Agreement

This
Amendment No. 1, dated June 17, 2021 to the Securities Purchase Agreement, dated January 19, 2021 (this “Agreement”),
is made by and between JAWS Juggernaut Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and Juggernaut Sponsor LLC, a Delaware limited liability company (the “Purchaser”).

WHEREAS,
the Company and the Purchaser have entered into that certain Securities Purchase Agreement, dated as of January 19, 2021 (the “Purchase
Agreement”), pursuant to which the Purchaser agreed to purchase an aggregate of (i) 3,300,000 warrants (the “Private
Placement Warrants”), each Private Placement Warrant entitling the holder to purchase one Class A ordinary share, par value
$0.0001 per share, of the Company (the “Class A Shares”) at an exercise price of $11.50 per Class A Share and (ii)
5,750,000 shares of the Company’s Class B ordinary shares, par value $0.0001 per share (the “Class B Shares,”
and, together with the Private Placement Warrants, the “Securities”), for an aggregate purchase price of $6,625,000,
and up to 300,000 of such Private Placement Warrants and 750,000 of such Class B Shares are subject to complete or partial forfeiture
by the Purchaser if the underwriter of the Company’s initial public offering (the “IPO”) does not fully exercise
its over-allotment option as described therein;

WHEREAS,
the Board of Directors of the Company adopted that certain written consent, dated June 17, 2021, pursuant to which the Company effected
a share dividend, increasing the number of Class B Shares outstanding to an aggregate of 6,900,000 Class B Shares, up to 900,000 of which
are intended to be subject to complete or partial forfeiture by the Purchaser if the underwriter of the Company’s IPO does not
fully exercise its overallotment option as described in the Purchase Agreement; and

WHEREAS,
the Company and the Purchaser desire to amend the Purchase Agreement to increase the number of Private Placement Warrants outstanding
and modify the number of Private Placement Warrants subject to forfeiture in connection with the IPO.

NOW,
THEREFORE, in consideration of the mutual conditions and agreements set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

	1.	Amendments
                                            to Purchase Agreement.

a.
The Purchase Agreement is hereby amended by deleting the phrase “3,300,000 warrants” in its entirety and by substituting
in lieu thereof the phrase “3,760,000 warrants”.

b.
Section 1(B) of the Purchase Agreement is hereby amended by deleting the phrase “$6,625,000” in its entirety and by
substituting in lieu thereof the phrase “$7,545,000”.

c.
Schedule I to the Purchase Agreement is hereby amended by deleting the phrase “20,000,000 Units” in its entirety and by substituting
in lieu thereof the phrase “24,000,000 Units”.

    

     

    

 

	2.	Agreement
                                            Remains Effective. Except as modified herein or amended hereby, the terms and conditions
                                            contained in the Purchase Agreement shall continue in full force and effect.

 

	3.	Governing
                                            Law. This Agreement and the rights and obligations of the parties hereunder shall be
                                            construed in accordance with and governed by the laws of New York applicable to contracts
                                            wholly performed within the borders of such state, without giving effect to the conflict
                                            of law principles thereof.

 

	4.	Headings
                                            and Captions. The headings and captions of the various subdivisions of this Agreement
                                            are for convenience of reference only and shall in no way modify or affect the meaning or
                                            construction of any of the terms or provisions hereof.

 

	5.	Counterparts.
                                            This Agreement may be executed in one or more counterparts, all of which when taken together
                                            shall be considered one and the same agreement and shall become effective when counterparts
                                            have been signed by each party and delivered to the other party, it being understood that
                                            both parties need not sign the same counterpart. In the event that any signature is delivered
                                            by facsimile transmission or any other form of electronic delivery, such signature shall
                                            create a valid and binding obligation of the party executing (or on whose behalf such signature
                                            is executed) with the same force and effect as if such signature page were an original thereof.

 

    2

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

	 	JAWS JUGGERNAUT ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Michael Racich
	 	 	Name:	Michael
Racich
	 	 	Title:	Chief
Financial Officer
	 	 	 
	 	 	 
	 	JUGGERNAUT SPONSOR LLC
	 	 	 
	 	By:	/s/ Michael Racich
	 	 	Name:	Michael
Racich
	 	 	Title:	Chief
Financial Officer

 

 

[Signature Page to Amendment No. 1 to the Securities Purchase Agreement]<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit 10.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>PERFORMANCE
AWARD</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RESTRICTED STOCK UNITS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Granted by</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>SALISBURY
BANCORP, INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SALISBURY BANCORP, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2017 LONG TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Performance Award
Agreement for Restricted Stock Units (&ldquo;<B>Performance Award</B>&rdquo; or &ldquo;<B>Agreement</B>&rdquo;) is and will be subject
in every respect to the provisions of the 2017 Long Term Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) of Salisbury Bancorp, Inc. (the
&ldquo;<B>Corporation</B>&rdquo;) which are incorporated herein by reference and made a part hereof, subject to the provisions of this
Agreement. A copy of the Plan has been provided or made available to each person granted a Performance Award pursuant to the Plan. The
holder of this Performance Award (the &ldquo;<B>Participant</B>&rdquo;) hereby accepts this Performance Award, subject to all the terms
and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement
by the Compensation Committee of the Board of Directors of the Corporation (&ldquo;<B>Committee</B>&rdquo;) will be final, binding and
conclusive upon the Participant and the Participant&rsquo;s heirs, legal representatives, successors and permitted assigns. Capitalized
terms used herein but not defined will have the same meaning as in the Plan.</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0pt; text-indent: 40pt"><B>Name of Participant.</B>_______________________________________________</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 40pt"><B>Date of Grant.</B> _________, 20__.&#9;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 40pt"><B>Tangible Book Value</B>. __________, 20___&#9;$_________
(unaudited)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 12pt 40pt; text-indent: 0pt"><B>Target number of shares of Corporation common stock, $0.10 par value per share, covered by the Performance Award.</B> <U>&#9;&#9;<BR>
</U>(subject to adjustment pursuant to Section 9 hereof).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock Unit.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 37.05pt; text-align: justify">A Restricted Stock Unit is an Award
denominated in shares of Stock, except that no shares of Stock are actually awarded to the Participant on the date of grant. The Restricted
Stock Units will be credited to the Participant&rsquo;s account, subject to the terms of the Plan and this Agreement. A Restricted Stock
Unit will be settled in shares of the Corporation&rsquo;s Stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Performance Goal(s)/Vesting Schedule.</B> Except as otherwise provided in this Agreement, this Performance
Award is earned at the end of the measurement period (sometimes referred to herein as the &ldquo;performance period&rdquo;) based on the
level of achievement of the performance goal(s). The measurement period for the Award is the three (3) calendar years from 2021 through
2023. The determination date for purposes of vesting of the Award will be no later than March 15, 2024 (or as soon thereafter during 2024
as achievement or non-achievement of the performance measure can be determined, with any earlier or delayed date being deemed the &ldquo;determination
date&rdquo;). In order to vest in the Award: (i) the Committee must certify in writing, the level at which the performance measure was,
in fact, satisfied and (ii) the Participant must be employed on the determination date, unless vesting is accelerated due to the Participant&rsquo;s
death or Disability or involuntary termination of service in connection with or following a Change in Control.&#9;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 37.05pt; text-align: justify; text-indent: -1.05pt">The performance
measure for this Award is based on the increase in the Corporation&rsquo;s tangible book value (&ldquo;<U>TBV</U>&rdquo;)&#9;over the
three-year measurement period. The threshold increase in TBV in order to receive an Award is $7.00. No portion of the Award will be earned
if the increase in TBV at the end of the measurement period is less than $7.00. One Hundred Percent (100%) of the Award (the &ldquo;target
payout&rdquo;) will be earned if the increase in TBV for the measurement period is $9.00, and an Award will be earned in excess of the
target payout if growth in TBV exceeds $9.00. The actual number of Restricted Stock Units earned will be scaled, based on actual performance
over the measurement period versus the stated goals. For further information regarding the percentage of the Award that may be earned
at various levels of TBV growth, please refer to Appendix A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">6.</TD><TD STYLE="text-align: justify"><B>Terms and Conditions.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 40.5pt">6.1</TD><TD STYLE="text-align: justify">Dividend Equivalent Rights. If set forth in the Committee&rsquo;s grant &#9;resolutions and noted by checking
the box below, Dividend Equivalent Rights</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 76.5pt; text-align: justify; text-indent: 0pt">&#9744;<FONT STYLE="font-family: Webdings">
</FONT>will &nbsp;<FONT STYLE="font-size: 12pt"><B>&#9746;&nbsp;</B></FONT>will not</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 76.5pt; text-align: justify">be paid on Restricted Stock Units. If
Dividend Equivalent Rights are to be paid on the Restricted Stock Units, any such Dividend Equivalent Rights shall be credited by the
Corporation to an account for the Participant and accumulated, with interest for each calendar year (or portion thereof) at an annual
rate equal to the dividend yield rate for the immediately preceding calendar year, until the date upon which the underlying Restricted
Stock Unit becomes vested.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 40.5pt">6.2</TD><TD STYLE="text-align: justify">Voting Rights. The Participant will have no voting right with respect to any Restricted Stock Unit granted
hereunder.&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.85pt"></TD><TD STYLE="width: 34.2pt">7.</TD><TD STYLE="text-align: justify"><B>Delivery of Shares.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify">Delivery of shares of Stock under this
Performance Award will comply with all applicable laws (including, the requirements of the 1934 Act), and the applicable requirements
of any securities exchange or similar entity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Change
in Control.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">8.1</TD><TD STYLE="text-align: justify">In the event of a Participant&rsquo;s involuntary termination of service (including a termination for
Good Reason) on the effective date of or within twenty-four (24) months following a Change in Control, the Participant will vest in a
portion or all of this Award, based upon an assumed achievement of the performance goals at the greater of the target level or actual
achievement level (measured at the date of the Change in Control) <I>multiplied by a fraction</I>, the numerator of which is the actual
whole or partial months that have expired in the three-year performance period at the time of the Participant&rsquo;s termination of service
and the denominator of which is 36. In either case, there shall be a prorated payout to the Participant as soon as reasonably practicable
but in no event later than 60 days following the Participant&rsquo;s termination of service (unless a later date is required by Section
15.3 of the Plan).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -35.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">8.2</TD><TD STYLE="text-align: justify">In the event of a Change in Control in which the Corporation is not the surviving entity, if the Participant
continues in employment with the surviving entity and the Performance Awards are assumed by the surviving entity, the Performance Awards
hereunder held by the Participant shall remain outstanding for the remainder of the three-year performance period and shall be deemed
to be earned at the end of the performance period at the greater of the target level or actual achievement level (measured at the date
of the Change in Control), subject to accelerated vesting in the event of the Participant&rsquo;s death (under Section 10.1(i) below),
Disability (under 10.1(ii) below), or involuntary termination of service (under Section 8.1 above).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -35.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">8.3</TD><TD STYLE="text-align: justify">In the event of a Change in Control in which the Corporation is not the surviving entity, if the Performance
Awards are not assumed by the surviving entity, then the vesting of the Awards will accelerate and be paid in the same manner as under
Section 8.1 (as if the Participant had an involuntary termination of service on the date of the Change in Control).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">8.4</TD><TD STYLE="text-align: justify">A &ldquo;Change in Control&rdquo; will be deemed to have occurred as provided in Section 2.1(i) of the
Plan.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment
Provisions.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 37.05pt; text-align: justify; text-indent: -1.05pt">This Performance
Award will be adjusted, in accordance with Appendix A, based on actual achievement at the end of the measurement period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 37.05pt; text-align: justify; text-indent: -1.05pt">In addition,
this Performance Award, including the number of shares of Stock subject to the Restricted Stock Units, will be adjusted upon the occurrence
of the events specified in, and in accordance with the provisions of, Section 13.1 of the Plan. This Performance Award may also be adjusted,
in the sole discretion of the Committee, pursuant to the terms of Sections 9.2(b) (other than those governing Awards subject to Code Section
162(m) and13.2 of the Plan).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect
of Termination of Service on Performance Award.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Performance Award will vest as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 108.3pt; text-align: justify; text-indent: -37.05pt"><B>Death.</B>
In the event of the Participant&rsquo;s termination of service by reason of the Participant&rsquo;s death, all Restricted Stock Units
will vest at the target level at the date of termination of service.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 108.3pt; text-align: justify; text-indent: -37.05pt"><B>Disability.</B>
In the event of the Participant&rsquo;s termination of service by reason of Disability, all Restricted Stock Units will vest at the target
level, at the date of termination of service<FONT STYLE="font-size: 11pt">. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -0.5in"><B>Retirement.</B>
In the event of the Participant&rsquo;s termination of service by reason of retirement, Restricted Stock Units that are granted as Performance
Awards hereunder shall vest as follows: vesting shall not be accelerated to the retirement date, but at the end of the measurement period,
the Participant may vest in a portion of the remaining Award on a pro rata basis by multiplying: (i) the number of shares of Stock earned
based on the TBV growth achieved over the measurement period (as set forth on Appendix A) and (ii) the percentage of the measurement period
that the Participant served prior to retirement (i.e., 18 months equals 50%). For these purposes, a participant will be deemed to have
a termination of service due to &ldquo;retirement&rdquo; if the Participant terminates Service voluntarily on or after attainment of age
sixty-two (62) with five years of service with the Corporation or the Bank. Notwithstanding anything herein to the contrary, the Participant
shall not be eligible for, or shall forfeit the entire Award if the Participant violates the terms of the noncompete requirements set
forth in Section 11.6 hereof.<FONT STYLE="font-size: 11pt">&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 108.3pt; text-align: justify; text-indent: -37.05pt"><B>Termination
for Cause.</B> If the Participant&rsquo;s Service has been terminated for Cause, all Restricted Stock Units granted to a Participant hereunder
will expire and be forfeited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 108.3pt; text-align: justify; text-indent: -37.05pt"><B>Other Termination.</B>
If a Participant terminates Service for any reason other than due to death, Disability, retirement, for Cause, or an involuntary termination
all shares of Restricted Stock Units awarded to the Participant hereunder which have not vested as of the date of termination of service
will expire and be forfeited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">11.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">11.1</TD><TD STYLE="text-align: justify">No Performance Award will confer upon the Participant any rights as a stockholder of the Corporation prior
to the date on which the individual fulfills all conditions for receipt of such rights and shares of Stock are transferred to the Participant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">11.2</TD><TD STYLE="text-align: justify">This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Corporation and the Participant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">11.3</TD><TD STYLE="text-align: justify">Restricted Stock Units are not transferable prior to the time such Awards vest in the Participant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">11.4</TD><TD STYLE="text-align: justify">This Performance Award will be governed by and construed in accordance with the laws of the State of Connecticut.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt">11.5</TD><TD STYLE="text-align: justify">This Performance Award is subject to all laws, regulations and orders of any governmental authority which
may be applicable thereto and, notwithstanding any of the provisions hereof, the Corporation will not be obligated to issue any shares
of Stock hereunder if the issuance of such shares would constitute a violation of any law, regulation or order or any provision thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">11.6</TD><TD STYLE="text-align: justify">In order to be eligible for any portion of this Performance Award following a termination of service due
to retirement, the Participant shall not, for a period of one year after termination of service, <FONT STYLE="letter-spacing: -0.1pt">become
an officer, employee, consultant, director, independent contractor, agent, sole proprietor, </FONT>joint <FONT STYLE="letter-spacing: -0.1pt">venturer,
greater than 5% equity-owner or stockholder, partner or trustee of any savings bank, savings and loan association, savings and loan holding
company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other</FONT> entity
that has headquarters or offices within fifteen (15) miles of the locations in which the Bank or its affiliates has business operations
or has filed an application for regulatory approval to establish an office as of the date of Participant&rsquo;s termination; <FONT STYLE="letter-spacing: 0.5pt">provided,
however,</FONT> that this restriction shall not apply if the Participant&rsquo;s retirement occurs contemporaneously with or following
a Change in Control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">11.7</TD><TD STYLE="text-align: justify">The granting of this Performance Award does not confer upon the Participant any right to be retained in
the employ of the Corporation or any subsidiary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.8</TD><TD STYLE="text-align: justify">Subject to written consent by the Committee, the <FONT STYLE="letter-spacing: 0.1pt">Participant shall
have the right to direct the Corporation (or an Affiliate) to collect federal, state and local income taxes and the employee portion of
FICA taxes (Social Security and Medicare) with respect to any Restricted Stock Unit Award in accordance with Section 15.2 of the Plan.
Notwithstanding the foregoing, the Corporation shall have the right to require the Participant to pay the Corporation (or Affiliate) the
amount of any tax that the Corporation (or Affiliate) is required to withhold with respect to the settlement of the Restricted Stock Unit
or sell without notice, a sufficient number of shares of Stock received upon settlement of the Restricted Stock Unit to cover the maximum
amount required to be withheld under applicable law. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.9</TD><TD STYLE="text-align: justify">To the extent any provision of this Agreement conflict with the terms of the Plan, the terms of the Plan
shall control, provided, however, that the provisions of Section 9.2(c) of the Plan pertaining to Section 162(m) of the Code shall not
apply to this Performance Award.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>[Signature Page Follows]</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the Corporation has caused
this Agreement to be executed in its name and on its behalf as of the date of grant of this Performance Award set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0 0 24pt 3.5in"><FONT STYLE="font-variant: small-caps"><B>SALISBURY BANCORP,
INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">By: <U>&#9;&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><U></U>Its:
<U>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PARTICIPANT&rsquo;S ACCEPTANCE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned hereby
accepts the foregoing Performance Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2017
Long Term Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Corporation&rsquo;s 2017 Long Term Incentive Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 260pt"><B>PARTICIPANT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 260pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 260pt"><U>&#9;&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 260pt"><U></U>[NAME]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: center"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Example of Grant:&#9;<U>1,000 Restricted Stock Units
(Performance Based)</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TBV </B></P>
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Growth</B></P></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Payout</B></P>
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>%</B></P></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD></TR>
  <TR STYLE="background-color: #D5DCE4">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -40pt; text-align: center; padding-right: 5.4pt; padding-left: -20pt"><FONT STYLE="font-size: 10.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt; $7.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">$7.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">750</FONT></TD></TR>
  <TR STYLE="background-color: #D5DCE4">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">$9.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">1,000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">$11.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">125%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">1,250</FONT></TD></TR>
  <TR STYLE="background-color: #D5DCE4">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">$13.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">150%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt">1,500</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]