Document:

Exhibit 10.1

      

      

      
        CHANGE IN TERMS AGREEMENT

      

      

      

      	
              Principal

              $6,000,000.00

            	
              Loan Date

              06-30-2012

            	
              Maturity

              07-01-2022

            	
              Loan No

              260024914

            	
              Call / Coll 

              9A /  54

            	
              Account

            	
              Officer

              AJJ

            	
              Initials

            
	
              References in the boxes above are for Lender's use only and do not limit the
                  applicability of this document to any particular loan or item.

              Any item above containing "***" has been omitted due to text length limitations.

            

      

      

    

    

    

    
      
        
          

          

          
            	
                    Borrower:

                  	
                    PREMIER FINANCIAL BANCORP, INC.

                     
                    (TIN: 61-1206757)

                     
                    2883 FIFTH AVE.

                    

                     
                    HUNTINGTON, WV  25702

                  	  	
                    Lender:

                  	
                    FIRST GUARANTY BANK

                     
                    Bossier City Branch

                       

                     
                    4221 Airline Drive

                     
                    Bossier City, LA  71111

                     
                    (318) 383-5234

                  

          

          

          

          
            	
                    Principal Amount: $6,000,000.00

                  	  	
                    Date of Agreement:  JUNE 24, 2019

                  

          

          

          

        

      

    

    DESCRIPTION OF
          EXISTING INDEBTEDNESS. PROMISSORY NOTE #260024914 DATED JUNE 30, 2012 IN THE ORIGINAL PRINCIPAL AMOUNT OF $2,000,000.00 MODIFIED WITH AN INCREASE TO $3,000,000.00 ON APRIL 24,2013 WITH A CURRENT PRINCIPAL BALANCE OF $0.00.

    DESCRIPTION OF COLLATERAL.
        2500 SHARES OF PREMIER BANK, INC STOCK, #2. 

    DESCRIPTION OF CHANGE IN
          TERMS. EFFECTIVE AS OF THE DATE OF THIS AGREEMENT: 

    EXTENDING MATURITY DATE TO 7-1-22

    INTEREST RATE CHANGED TO WALL STREET JOURNAL PRIME ADJUSTED DAILY WITH A FLOOR OF 4.25% 

     INCREASE PRINCIPAL AMOUNT FROM $3,000,000.00 TO $6,000,000.00

    SEE "PAYMENT" PARAGRAPH BELOW.

    ALL OTHER TERMS AND CONDITIONS REMAIN THE SAME.

    COLLECT:

    $350.00   Extension Fee

    $60,000.00 Origination Fee

    $60,350.00  DUE AT CLOSING.

    PAYMENT. Borrower will pay this loan in one payment of all outstanding principal plus
        all accrued unpaid interest on July 1, 2022. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning August 1, 2019, with all subsequent interest payments to be due on the same
        day of each month after that until this Agreement is paid in full.

    VARIABLE INTEREST RATE. 

        The interest rate on this loan is subject to change from time to time based on changes in an independent index which is the Prime rate as published in the Money Section of the Wall Street Journal.  When a range of rates has been published, the
        higher of the rates will be used. (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying
        Borrower.  Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each day.  Borrower understands that Lender may make loans based on other rates as well.  The Index currently is 5.500% per annum.  Interest on the unpaid principal balance of this loan will be calculated as described in the "INTEREST CALCULATION METHOD"
        paragraph using a rate equal to the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 5.500% per annum based on a year of 360 days.  Under no circumstances will the interest
        rate on this loan be less than 4.250% per annum or more than the maximum rate allowed by applicable law.

    INTEREST CALCULATION METHOD. Interest on this loan is computed on a 365/360 basis; that
        is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.  All interest payable under this loan is computed
        using this method.  This calculation method results in a higher effective interest rate than the numeric interest rate stated in the loan documents.

    CONTINUING VALIDITY. 
        Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by Lender to this
        Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the
        intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.  Any maker or endorser, including accommodation
        makers, will not be released by virtue of this Agreement.  If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the
        representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release, but also to all
        such subsequent actions.

    PROCESSED BY. 
        JWC.

    3 YEAR RLOC COVENANT.
        30 DAY CLEAN-UP PERIOD, VERIFIED AT ANNUAL REVIEW. IF COVENANT IS NOT MET, THE EVERGREEN BALANCE WILL BE TERMED OUT AS PER LOAN POLICY GUIDELINES.

    $30,350.00 ORIGINATION FEE/MAINTENANCE FEE DUE 1 AND 2 YEARS FROM BOOKING DATE.

    

    

    PRIOR TO SIGNING THIS
        AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.

    

    

     

      

    BORROWER:

    PREMIER FINANCIAL BANCORP, INC.

     

      

    By:  /s/ Robert W. Walker                          

    ROBERT W. WALKER, President & CEO of

    PREMIER FINANCIAL BANCORP, INC.

    

    

    

    

    LENDER:

    FIRST GUARANTY BANK

    

    

    By:  /s/ Adam J. Johnston                          

    Adam J. Johnston, Loan OfficerExhibit

                                                      Exhibit 10.4

MONTH DATE YEAR

NAME

Dear [NAME],

We appreciate your hard work and contributions to Red Hat’s success, and look forward to continuing to build an organization that’s the default choice for next-generation IT, delivering an open hybrid cloud, powered by an open organization. As an important part of this journey, we are offering you the opportunity to earn an exceptional special retention bonus in the amount of $[AMOUNT] (the “Retention Payment”) in accordance with the terms and conditions described below.  

This letter (this “Letter Agreement”) sets forth Red Hat's agreement with you regarding the Retention Payment.  Throughout the remainder of this document you and Red Hat, Inc. (“Red Hat”) may be collectively referred to as the “Parties.”  Certain other definitions are set forth at the end of this Letter Agreement.  

		
	1.
	Retention Payment  

[OPTION 1 - 75% at closing, 25% at 6-months anniversary of the closing:
		
	(a)
	As an incentive to remain employed by Red Hat or an Affiliate, you are entitled to receive the Retention Payment, which shall vest in two (2) installments. The first installment of seventy-five percent (75%) of the total Retention Payment shall vest on the Closing Date and the second installment of the remaining twenty-five percent (25%) of the total Retention Payment shall begin to vest on the Closing Date and shall vest on the six-month anniversary of the Closing Date (each installment individually, a “Retention Payment Installment”). Red Hat will pay you the applicable Retention Payment Installment on the first administratively feasible payroll date following each applicable vesting date. Subject to 1(b) below, in order to receive a Retention Payment Installment, you must remain continuously employed by Red Hat or an Affiliate through the applicable vesting date.

OPTION 2 - 50% at 6 month anniversary of the closing; 50% at one-year anniversary of the closing:
		
	(a)
	As an incentive to remain employed by Red Hat or an Affiliate, you are entitled to receive the Retention Payment, which shall begin to vest on the Closing Date and shall vest in two (2) installments. The first installment of fifty percent (50%) of the total Retention Payment shall vest on the six-month anniversary of the Closing Date and the second installment of the remaining fifty percent (50%) of the total Retention Payment shall vest on the one-year anniversary of the Closing Date (each installment individually, a “Retention Payment Installment”).  Red Hat will pay you the applicable Retention Payment Installment on the first administratively feasible payroll date following each applicable vesting date. Subject to 1(b) below, in order to receive a Retention Payment Installment, you must remain continuously employed by Red Hat or an Affiliate through the applicable vesting date.]

		
	(b)
	Involuntary Termination Without Cause. If, after the Closing Date and prior to payment in full of the Retention Payment, your employment with Red Hat or an Affiliate is involuntarily terminated by Red Hat or an Affiliate without Cause (as defined below), Red Hat will pay you the unpaid portion of the Retention Payment on the first administratively feasible payroll date following the date of employment termination.

		
	(c) 
	Cause. For purposes of this agreement only, “Cause” means conduct involving one or more of the following:

		
	 
	 (i)    your conviction of, or plea of guilty or nolo contendere to, a felony; 

		
	 
	 (ii)    your willful misconduct resulting in material harm to Red Hat; 

		
	 
	(iii)    fraud, embezzlement, theft or dishonesty by you against Red Hat or any Affiliate resulting in material harm to Red Hat;

		
	 
	 (iv)     your repeated and continuing failure to follow the proper and lawful directions of Red Hat or the officer to whom you report after a written demand is delivered to you that specifically identifies the manner in which Red Hat or the officer to whom you report believes that you have failed to follow such instructions;

		
	 
	  (v)     your current alcohol or prescription drug abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance;

		
	 
	 (vi)     a material violation of Red Hat’s Code of Conduct by you that causes harm to Red Hat; or

		
	 
	(vii)     your material breach of any term of this Letter Agreement or any other confidentiality and/or non-competition agreements. 

		
	2.
	Withholding; Other Tax Matters.  The Retention Payment(s) payable hereunder are subject to income tax and other required tax withholding.  Amounts payable under this Letter Agreement are intended to be treated as a separate “payment” for purposes of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”).  Red Hat makes no representation that such payment(s) will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment(s).  Amounts payable hereunder are intended to be exempt from Section 409A but to the extent subject thereto are intended to comply with Section 409A and accordingly, to the maximum extent permitted, shall be interpreted and administered to be in compliance therewith.  To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable during the six-month period immediately following your separation from service shall instead be paid on the first business day after the date that is six months following such separation from service (or upon your death, if earlier).    

		
	3.
	Confidentiality.  Unless required by law, you agree to keep the existence and terms of this Letter Agreement, including the amount of the Retention Payment(s), the timing of the Retention Payment(s), and the vesting date(s) confidential.  You further agree that you will not disclose the existence or terms of this Letter Agreement to any third party other than your spouse, significant other, or tax planning professional and only then with the instruction that the excepted individual meet the confidentiality and disclosure requirements described in this Paragraph. Nothing in this Letter Agreement or elsewhere prohibits you from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings.  You are not required to notify Red Hat or an Affiliate of any such communications; provided, however, that nothing herein authorizes you to disclose information you obtained through a communication that was subject to the attorney-client privilege.  

		
	4.
	No Right to Employment or Other Status; Non-Alienation.  Nothing in this Letter Agreement shall be construed as giving you the right to continued employment or any other relationship with Red Hat or an Affiliate.  The Retention Payment(s) will not be funded, set aside, or otherwise segregated prior to payment and shall only be earned by you upon a good faith determination by Red Hat or an Affiliate that all eligibility requirements have been successfully met.  The obligation to pay the Retention Payment shall at all times be an unfunded and unsecured obligation of Red Hat.

		
	5.
	Entire Agreement; Amendment. This Letter Agreement constitutes the entire agreement between the Parties regarding any retention payment associated with your ongoing employment with Red Hat or an Affiliate, and supersedes all proposals, written or oral, and all other communications between the Parties relating to the Retention Payment(s). Nothing in this Letter Agreement alters the at-will nature of your employment.

		
	6.
	Governing Law.  This agreement shall be governed by and construed in accordance with the laws of the State of North Carolina (without reference to the conflicts of laws provisions thereof).

		
	7.
	Definitions.

		
	(a)
	“Affiliate” means any person or entity that directly, or through one or more intermediaries, controls, or is controlled by, or is under common control with, Red Hat.

		
	(b)
	“Closing Date” refers to the date of the closing of the merger transaction agreed to by and among Red Hat, International Business Machines Corporation and Socrates Acquisition Corp. pursuant to the Agreement and Plan of Merger dated October 28, 2018 (the “Merger Transaction”). All payments hereunder are subject to the occurrence of the Closing Date.

		
	8.
	Miscellaneous.   

		
	(a)
	The Retention Payment is in addition to and not in lieu of any salary, bonus, benefits, or severance to which you may otherwise be entitled.  You may not assign your rights under this Letter Agreement.  This Agreement may be executed in two or more counterparts, and by the different parties in separate counterparts, each of which 

when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

		
	(b)
	Retention payments to be paid in currencies other than U.S. dollars will be converted using the applicable foreign exchange rate on the Closing Date as determined by Red Hat.

		
	(c)
	Nothing in this Letter Agreement limits, or is intended to limit, any right to concerted activity you have under the National Labor Relations Act.

		
	9.
	Headings.  The headings of the sections of this agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this agreement.

	
		
	EMPLOYEE
	Red Hat, Inc.

	Signature: ______________________
	By:____________________________

	Date:______________________
	Date:__________________________

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