Document:

exv10w12

 

Exhibit 10.12      

“CONFIDENTIAL TREATMENT”

PLEASE NOTE: The only portions of this Plan for which the Applicant seeks confidential
treatment are the financial performance criteria set forth in Schedule 3, Schedule 3A, and Schedule
3B, which have been omitted from the public filing and are indicated as follows: “{****}”.

INDEPENDENT BANK CORP.

AND ROCKLAND TRUST COMPANY

EXECUTIVE OFFICER PERFORMANCE INCENTIVE PLAN

Plan Approval, Plan Year, and Defined Terms

          This Independent Bank Corp. And Rockland Trust Company Executive Officer Performance Incentive
Plan (the “Plan”) has been approved by the Board on February 10, 2005, based upon the
recommendation of the Compensation Committee, for use in the 2005 calendar year.

          Capitalized terms used in this Plan are defined as set forth below in Section 5.

SECTION 1: PURPOSE

          This Plan has been created to provide salaried Executive Officers of the Holding Company and
the Bank who are not entitled to sales commissions with a cash incentive program designed to
motivate them to perform to their full potential and thereby assist the Holding Company and the
Bank in achieving financial success. The financial success of the Holding Company and the Bank
shall be determined by comparing the financial results of the Holding Company with specific
financial performance goals approved by the Board, based upon the recommendation of the
Compensation Committee.

          A diagram depicting the process and computation used to determine a Participant’s Award, which
is more fully described below, is attached hereto as
Schedule 1.

SECTION 2: AWARDS

          Awards to Participants will be determined, and paid, as follows:

	a.  	Participants. The persons eligible to receive Awards will consist of the Executive Officers.
Any Executive Officers who are paid sales commissions are not eligible to participate in this
Plan. Executive Officers will be eligible to participate in this Plan upon their first date
of employment. Executive Officers with less than one year of service will receive a prorated
award based on length of service. Newly elected Executive Officers will participate in this
Plan upon election to Executive Officer status.

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	b.  	Award Determination. The Award for the CEO will be derived from the product of the CEO’s
Target Award multiplied by the Bank Performance Adjustment Factor. The Award for all
Participants other than the CEO will be derived from the product of the Participant’s Target
Award multiplied by the Bank Performance Adjustment Factor and multiplied by the Individual
Performance Adjustment Factor. The Award payable to any Participant, therefore, may be less
than or more than the Participant’s Target Award, depending upon whether, or the extent to
which, Bank Performance Goals and — if applicable — individual Performance Goals and
Objectives for the Plan Year have been achieved.
	 
	c.  	Target Awards. Target Awards will be established by the Board for each Participant. The
tiers of percentages used to determine Target Awards for Executive Officers for the Plan Year
is attached hereto as Schedule 2.
	 
	d.  	Bank Performance Goals. Bank Performance Goals will be established by the Board as soon as
practical. The Bank Performance Goals for the Plan Year are attached hereto as Schedule 3.
In general, Bank Performance Goals will measure the Holding Company’s financial performance
and also, when appropriate, the achievement of specified strategic goals and/or operational
objectives.
	 
	e.  	Bank Performance Adjustment Factor. The Bank Performance Adjustment Factor may be adjusted
upward or downward within the parameters set forth on Schedule 3 based upon the performance of
the Holding Company as to a given performance criteria set forth in the Bank Performance
Goals. The range of the Bank Performance Adjustment Factor for the CEO with respect to the
Earnings Per Share Measure is set forth on Schedule 3A. The range of the Bank Performance
Adjustment Factor for all Participants other than the CEO with respect to the Earnings Per
Share Measure is set forth on Schedule 3B. The range of the Bank Performance Adjustment
Factor set forth on Schedule 3A and Schedule 3B, however, is subject to a 75% reduction if the
threshold set forth on Schedule 3 for either the Return On Average Equity Measure or the
Return On Average Assets Measure is not met.
	 
	f.  	Individual Performance Adjustment Factor. The Individual Performance Adjustment Factor will
not be applicable to the CEO. For all Participants other than the CEO, the Individual
Performance Adjustment Factor may be adjusted upward or downward within the parameters set
forth on Schedule 4 based upon an evaluation of their achievement of individual Performance
Goals and Objectives for the Plan Year.
	 
	g.  	Payment of Awards. Awards will be paid, in cash, as soon as practicable after the close of
the Plan Year. No Award will be payable to any Participant who is not an Employee on the last
day of the Plan Year except that if, during the last eight months of the year, the Participant
takes normal retirement (as defined in the Bank’s principal retirement program), dies, or is
involuntarily terminated other than for Cause, the Participant may be entitled to a prorated
Award as and to the extent determined by the Board. If a Participant is on disability for
more than four months of the Plan Year, the Participant will be entitled to a prorated Award. If disability lasts four months or

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“CONFIDENTIAL TREATMENT”

	   	less,
there will be no reduction in the amount of the Award. Participants who resign voluntarily
after the end of the year, but before Award payments are made, will be eligible for an Award as
and to the extent determined by the Board. Participants who leave after the end of the Plan
Year with an overall rating of “1” or “2” on their Employee Performance Appraisal for the Plan
Year will not be eligible for an Award. In the event of a Change of Control, the funds accrued
by the Bank to the date of the Change of Control will, subject to the approval of the Board, be
awarded to the Participants according to the terms of this Plan.

SECTION 3: ADMINISTRATION

This Plan will be administered by the Board, based upon the recommendations of the Compensation
Committee. All determinations regarding the achievement of any Bank Performance Goals, the
achievement of a Participant’s individual Performance Goals and Objectives, and the amount of any
individual Award will be made by the Board, in its sole and absolute discretion, based upon the
recommendations of the Compensation Committee. Notwithstanding any other provision of this Plan to
the contrary, the Board reserves the right, in its sole and absolute discretion, to: make
adjustments to the Bank Performance Adjustment Factor within the parameters set forth on Schedule 3
based upon one-time, non-recurring, or extraordinary events; and, to reduce, including a reduction
to zero, any Award to a Participant otherwise payable under this Plan.

	a.  	Authority. The Board will have authority (i) to exercise all of the powers granted under
this Plan, (ii) to construe, interpret and implement this Plan and any related document, (iii)
to prescribe, amend and rescind rules relating to this Plan, (iv) to make all determinations
necessary or advisable in administering this Plan, and (v) to correct any defect, supply any
omission and reconcile any inconsistency in this Plan. The Board shall also have such other
and further specified duties, powers, authority, and discretion as are elsewhere expressly set
forth in this Plan or as may be conferred upon the Board by necessary implication.
	 
	b.  	Determinations Final. The actions and determinations of the Board on all matters relating to
the Plan and any Awards will be final and conclusive, except to the extent otherwise provided
by law.
	 
	c.  	Liability. The Board will not be liable for any action taken or determination made in good
faith with respect to this Plan or any Award hereunder, and the Holding Company and the Bank
will indemnify and hold the Board harmless with respect to any actions taken or decisions made
in good faith under this Plan.
	 
	d.  	Awards. The Board will have authority to determine, among other things, the Executive
Officers to whom, and the time or times at which, Awards will be made and the requisite
conditions thereof.

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“CONFIDENTIAL TREATMENT”

SECTION 4: MISCELLANEOUS

	a.  	Nonassignability. No Award will be assignable or transferable (including pursuant to a pledge
or security interest) other than by will or by laws of descent and distribution.
	 
	b.  	Withholding Taxes. Whenever payments under this Plan are to be made, the Bank may withhold
therefrom an amount sufficient to satisfy any applicable governmental withholding tax
requirements related thereto.
	 
	c.  	Amendment or Termination of this Plan. The Board may from time to time suspend or discontinue
this Plan or revise, amend, or terminate this Plan.
	 
	d.  	Non-Uniform Determinations. The Board’s determinations under this Plan need not be uniform
and may be made selectively among persons who receive, or are eligible to receive, Awards
under this Plan, whether or not such persons are similarly situated. Without limiting the
generality of the foregoing, the Board will be entitled, among other things, to make
non-uniform and selective determinations and to establish non-uniform and selective Target
Awards. Any non-uniform determinations known at the time this Plan was approved are set forth
on Schedule 5.
	 
	e.  	Other Payments or Awards. Nothing contained in this Plan will be deemed in any way to limit
or restrict the Holding Company, the Bank, or the Board, from making any award or payment to
any person under any other plan, arrangement or understanding, whether now existing or
hereafter in effect.
	 
	f.  	Payments to Other Persons. If payments are legally required to be made to any person other
than the person to whom any amount is available under this Plan, payments will be made
accordingly. Any such payment will be a complete discharge of the liability of the Holding
Company, the Bank, and/or the Board.
	 
	g.  	Unfunded Plan. This is an unfunded Plan. No provision of this Plan will require the Holding
Company or the Bank, for the purpose of satisfying any obligations under this Plan, to
purchase assets or place any assets in a trust or other entity to which contributions are made
or otherwise to segregate any assets, nor will the Holding Company or the Bank maintain
separate bank accounts, books, records or other evidence of the existence of a segregated or
separately maintained or administered fund for such purposes. Participants will have no
rights under this Plan other than as unsecured general creditors of the Holding Company and
the Bank, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they will have the same rights as other employees
under generally applicable law.
	 
	h.  	Limits of Liability. Neither the Holding Company, the Bank, the Board, nor any other person
participating in any determination of any question under this Plan, or in the interpretation,
administration or application of this Plan, will have any liability to any party for any
action taken or not taken in good faith under this Plan.

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“CONFIDENTIAL TREATMENT”

	i.  	Rights of Employees. Nothing contained in this Plan will confer upon any Employee or
Participant any right to continue in the employ or other service of the Holding Company or the
Bank or constitute any contract or limit in any way the right of the Holding Company or the
Bank to change such person’s compensation or other benefits or to terminate the employment or
other service of such person with or without Cause.
	 
	j.  	Section Headings. The section headings contained herein are for the purposes of convenience
only, and in the event of any conflict, the text of this Plan, rather than the section
headings, will control.
	 
	k.  	Invalidity. If any term or provision contained herein will to any extent be invalid or
unenforceable, such term or provision will be reformed so that it is valid, and such
invalidity or unenforceability will not affect any other provision or part hereof.
	 
	l.  	Applicable Law. The Plan will be governed by the laws of the Commonwealth of Massachusetts
without regard to the conflict of law principles thereof.

SECTION 5: DEFINITIONS

The following terms, as used herein, will have the meaning specified:

	a.  	“Award” means a cash incentive payment made to a Participant pursuant to this Plan.
	 
	b.  	“Bank” means Rockland Trust Company.
	 
	c.  	“Bank Performance Goals” means the criteria set forth on Schedule 3 that have been selected
to measure the Holding Company’s financial performance and also, when appropriate, the
achievement of specified strategic goals and/or operational objectives.
	 
	d.  	“Bank Performance Adjustment Factor” means a factor determined by the level of performance
against the criteria set forth in the Bank Performance Goals.
	 
	e.  	“Board” means the Board of Directors of the Holding Company, as it may be comprised from time
to time.
	 
	f.  	“Cause” means (i) a felony conviction of a Participant; (ii) the commission by a participant
of an act of fraud or embezzlement against the Bank or the Holding Company; (iii) willful
misconduct or gross negligence materially detrimental to the Holding Company or the Bank;
(iv) the Participant’s continued failure to implement reasonable requests or directions after
thirty (30) days written notice to the Participant; (v) the Participant’s wrongful
dissemination or use of confidential or proprietary information; (vi) the intentional and/or
habitual neglect by the Participant of his or her duties to the Holding Company or the Bank;
or (vii) a breach of the Code

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“CONFIDENTIAL TREATMENT”

	   	of Ethics for the Holding Company and the Bank; (viii) any other reasons consistent with the
Holding Company’s and/or the Bank’s policies and procedures regarding dismissals as they are
adopted and implemented from time to time.
	 
	g.  	“Change of Control” means that, prior to any payout under this Plan (a) any “person” (as
such term is defined in Section 13 (d) of the Securities Exchange Act of 1934, as amended) is
or becomes the beneficial owner, directly or indirectly, of either (i) a majority of the
outstanding common stock of the Holding Company or the Bank, or (ii) securities of either the
Holding Company or the Bank representing a majority of the combined voting power of the then
outstanding voting securities of either the Holding Company or the Bank, respectively, or (b)
during any period of two consecutive years following the date of this Plan, individuals who at
the beginning of any such two year period constitute the Board of Directors of the Holding
Company cease, at any time after the beginning of such period, for any reason to constitute a
majority of the Board, unless the election of each new director was nominated or approved by
at least two thirds of the directors of the Board then still in office who were either
directors at the beginning of such two year period or whose election or whose nomination for
election was previously so approved.
	 
	h.  	“CEO” shall mean the Chief Executive Officer of the Holding Company and of the Bank.
	 
	i.  	“Compensation Committee” means the Joint Compensation Committee of the Boards of Directors of
the Holding Company and the Bank.
	 
	j.  	“Executive Officer” means the CEO and any other person who has been identified as an
Executive Officer of the Holding Company and/or the Bank in filings with the Securities
Exchange Commission.
	 
	k.  	“Holding Company” means Independent Bank Corp.
	 
	l.  	“Individual Performance Adjustment Factor” means a factor (or factors) that will, when
multiplied by a Participant’s Target Award and the Bank Performance Adjustment, determine the
amount of a Participant’s Award.
	 
	m.  	“Participant” means an Executive Officer selected to participate in this Plan whose cash
compensation (other than salary) is not superseded by an individual employment agreement or
other incentive plan. If any employee is governed by an individual employment agreement, such
employee may be a Participant in the Plan to the extent the terms of such agreement does not
supersede this Plan. Employees who are paid sales commissions are not eligible to participate
in this Plan.
	 
	n.  	“Plan” means this Independent Bank Corp. And Rockland Trust Company Executive Officer
Performance Incentive Plan.
	 
	o.  	Plan Year” shall mean the calendar year for which this Plan has been approved.

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“CONFIDENTIAL TREATMENT”

	p.  	“Target Award” means the Participant’s base salary on November 1st of the Plan
Year, multiplied by the target percentage established for that Participant.

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“CONFIDENTIAL TREATMENT”

SCHEDULE 1

The Individual Performance Adjustment Factor is not applicable to the CEO.

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“CONFIDENTIAL TREATMENT”

SCHEDULE 2

PERCENTAGE TIERS USED TO DETERMINE

TARGET AWARDS FOR EXECUTIVE OFFICERS

	 	 	 	 	 
	President/CEO
	 	 	45	%
	EVP – Commercial Loan
	 	 	30	%
	EVP –Retail & Marketing
	 	 	30	%
	Treasurer/Chief Financial Officer
	 	 	30	%
	Director Of Human Resources
	 	 	20	%
	General Counsel
	 	 	20	%
	Managing. Dir Residential Mortgage
	 	 	20	%
	Chief Technology & Operations Officer.
	 	 	20	%
	Managing Dir. Business Banking
	 	 	20	%

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“CONFIDENTIAL TREATMENT”

SCHEDULE 3

BANK PERFORMANCE GOALS AND

BANK PERFORMANCE ADJUSTMENT FACTORS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Bank Performance Goals & Bank	 
	Measure	 	 	 	Performance Adjustment Factors	 
	 	 	 	 	 	 	 	 	Threshold	 	 	 	Target	 	 	 	Maximum	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Holding Company
Earnings Per Share
According To
Generally Accepted
Accounting
Principles
	 	 	Performance Level	 	 	 	{****}	 	 	 	 	{****}	 	 	 	 	{****}	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Adjustment: All but	 	 	 	50	%	 	 	 	100	%	 	 	 	125	%
	 
	 	 	CEO	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Adjustment: CEO	 	 	 	25	%	 	 	 	100	%	 	 	 	200	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Holding Company
Return On Average
Equity *
	 	 	Performance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Level	 	 	 	{****}	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Adjustment	 	 	 	75	%	 	 	Not Applicable	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Holding Company
Return On Average
Assets*
	 	 	Performance Level	 	 	 	{****}	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Adjustment	 	 	 	75	%	 	 	 	 	 	 	 	 	 	 

Consistent with this Plan, the Board reserves the right to adjust any Awards by

considering factors including – but not limited to – compliance and credit

quality

	* 	 	The greatest adjustment is a reduction to 75%
of the Bank Performance if one or both of the Thresholds is missed.

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“CONFIDENTIAL TREATMENT”

SCHEDULE 3A

BANK PERFORMANCE ADJUSTMENT FACTORS

FOR CEO AT SPECIFIED LEVELS OF EPS ATTAINMENT

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	CEO	 	 
	 	 	 	 	Bank	 	 
	 	 	EPS	 	Performance	 	Increment
	Threshold

	 	{****}
	 	 	25	%	 	 	4.16	%
	

	 	{****}
	 	 	29	%	 	 	4.16	%
	

	 	{****}
	 	 	33	%	 	 	4.16	%
	

	 	{****}
	 	 	38	%	 	 	4.16	%
	

	 	{****}
	 	 	42	%	 	 	4.16	%
	

	 	{****}
	 	 	46	%	 	 	4.16	%
	

	 	{****}
	 	 	50	%	 	 	4.16	%
	

	 	{****}
	 	 	54	%	 	 	4.16	%
	

	 	{****}
	 	 	58	%	 	 	4.16	%
	

	 	{****}
	 	 	62	%	 	 	4.695	%
	

	 	{****}
	 	 	67	%	 	 	4.695	%
	

	 	{****}
	 	 	72	%	 	 	4.695	%
	

	 	{****}
	 	 	77	%	 	 	4.695	%
	

	 	{****}
	 	 	81	%	 	 	4.695	%
	

	 	{****}
	 	 	86	%	 	 	4.695	%
	

	 	{****}
	 	 	91	%	 	 	4.695	%
	

	 	{****}
	 	 	95	%	 	 	4.695	%
	Target

	 	{****}
	 	 	100	%	 	 	0.0	%
	

	 	{****}
	 	 	114	%	 	 	14	%
	

	 	{****}
	 	 	129	%	 	 	14	%
	

	 	{****}
	 	 	143	%	 	 	14	%
	

	 	{****}
	 	 	157	%	 	 	14	%
	

	 	{****}
	 	 	172	%	 	 	14	%
	

	 	{****}
	 	 	186	%	 	 	14	%
	Maximum

	 	{****}
	 	 	200	%	 	 	14	%

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“CONFIDENTIAL TREATMENT”

SCHEDULE 3B

BANK PERFORMANCE ADJUSTMENT FACTORS

FOR PARTICIPANTS OTHER THAN CEO

AT SPECIFIED LEVELS OF EPS ATTAINMENT

	 	 	 	 	 	 	 
	Threshold

	 	{****}
	 	 	50.0	%
	

	 	{****}
	 	 	52.8	%
	

	 	{****}
	 	 	55.6	%
	

	 	{****}
	 	 	58.3	%
	

	 	{****}
	 	 	61.1	%
	

	 	{****}
	 	 	63.9	%
	

	 	{****}
	 	 	66.7	%
	

	 	{****}
	 	 	69.4	%
	

	 	{****}
	 	 	72.2	%
	

	 	{****}
	 	 	75.0	%
	

	 	{****}
	 	 	78.1	%
	

	 	{****}
	 	 	81.2	%
	

	 	{****}
	 	 	84.4	%
	

	 	{****}
	 	 	87.5	%
	

	 	{****}
	 	 	90.6	%
	

	 	{****}
	 	 	93.7	%
	

	 	{****}
	 	 	96.9	%
	Target

	 	{****}
	 	 	100.0	%
	

	 	{****}
	 	 	103.6	%
	

	 	{****}
	 	 	107.1	%
	

	 	{****}
	 	 	110.7	%
	

	 	{****}
	 	 	114.3	%
	

	 	{****}
	 	 	117.9	%
	

	 	{****}
	 	 	121.4	%
	Maximum

	 	{****}
	 	 	125.0	%

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“CONFIDENTIAL TREATMENT”

SCHEDULE 4

INDIVIDUAL PERFORMANCE ADJUSTMENT FACTORS

	 	 	 	 	 	 
	 
	 	Individual Goals and Objectives	 	 	Individual Performance	 
	 	for Plan Year	 	 	Adjustment Factor	 
	 	Does Not Meet Most
	 	 	0.0	 
	 	Meets Most
	 	 	0.5 — 0.8	 
	 	Fully Meets All or all the most important
	 	 	0.8 — 1.05	 
	 	Exceeds Most or most meaningful
	 	 	1.05 — 1.30	 
	 	Exceeds All or performs beyond objectives
	 	 	1.30 — 1.70	 
	 

An Executive Officer’s achievement of individual performance Goals and Objectives will be
measured at his/her broadest level of individual responsibility, based upon the “Goals for Next
Year” section of his/her performance appraisal for the Plan Year. The evaluation as to achievement
of individual performance Goals and Objectives will be based on the Board’s judgment of the
Executive Officer’s performance on results goals only, not overall performance rating. The Board
may adjust an Executive Officer’s entire Award downward if non-goals aspects of performance (e.g.,
values) assessed with the Bank’s Employee Performance Appraisal are considered less than
acceptable. Awards, however, may not be increased for performance at or better than acceptable
levels on non-goals aspects of performance.

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SCHEDULE 5

NON-UNIFORM DETERMINATIONS FOR 2005

No non-uniform determinations have yet been made for 2005

Page 14 of 14ARTICLES SUPPLEMENTARY

                                       OF

                         URSTADT BIDDLE PROPERTIES INC.

     Urstadt Biddle Properties Inc., a Maryland corporation (the "Company"),
hereby certifies to the State Department of Assessments and Taxation of the
State of Maryland that:

     FIRST: Under the authority set forth in Article VII of the charter of the
Company, the Board of Directors of the Company on April 29, 2005, classified
850,000 additional unissued shares of the Company's preferred stock, par value
$0.01 per share, as "7.5% Series D Senior Cumulative Preferred Stock." As a
result, the aggregate number of authorized shares of 7.5% Series D Senior
Cumulative Preferred Stock (the "Series D Preferred Stock") is increased from
1,150,000 to 2,000,000.

     SECOND: The additional 850,000 shares of the Series D Preferred Stock shall
be subject in all respects to the terms and conditions of the Company's charter
and shall have the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and
conditions of redemption that are applicable to the existing shares of the
Series D Preferred Stock as set forth in the Articles Supplementary of the
Company accepted for record by the State Department of Assessments and Taxation
of the State of Maryland on April 8, 2005.

     THIRD: The classification of authorized but unissued shares as set forth in
these Articles Supplementary does not increase the authorized capital of the
Company or the aggregate par value thereof.

     FOURTH: These Articles Supplementary have been approved by a majority of
the Board of Directors of the Company in the manner prescribed by the Maryland
General Corporation Law.

     IN WITNESS WHEREOF, the undersigned President of the Company acknowledges
these Articles Supplementary to be the corporate act of the Company and, as to
all matters or facts required to be verified under oath, the undersigned
acknowledges that to the best of his knowledge, information and belief, these
matters and facts set forth herein are true in all material respects and that
this statement is made under the penalties for perjury.

     These Articles Supplementary have been executed under seal in the name of
the Company and on its behalf by its President and attested to by its Assistant
Secretary on this 29th day of April, 2005.

ATTEST:                                           URSTADT BIDDLE PROPERTIES INC.

/s/Thomas D. Myers                                By: /s/ Willing L. Biddle
------------------------------                        --------------------------
Thomas D. Myers                                       Willing L. Biddle
Secretary                                             President

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