Document:

Aircraft Time Sharing Agreement

 Exhibit 10.29 
 QWEST BUSINESS RESOURCES, INC. 
 AIRCRAFT TIME SHARING AGREEMENT 
 This Aircraft Time Sharing Agreement (“Agreement”) by and between Qwest Business Resources, Inc. (“Lessor”), a Colorado corporation
whose address is 1801 California Street, Denver, Colorado 80202 and John Richardson (“Lessee”), whose address is 4550 Cherry Creek, Apt 703, Glendale, Colorado 80246 (collectively the “Parties”), is effective March 22, 2007
and shall terminate on December 31, 2008, unless terminated sooner by either party pursuant to Article 1 below. 
 WHEREAS, Lessor is
legal owner of an aircraft (“Aircraft”), equipped with engines and components as described in the Aircraft Subject to the Time Sharing Agreement attached hereto and made a part hereof, as Exhibit A; 
 WHEREAS, Lessor has the right of possession of an aircraft (“Aircraft”), equipped with engines and components as described in the Leased
Aircraft Subject to the Time Sharing Agreement attached hereto and made a part hereof, as Exhibit B; 
 WHEREAS, Lessor has contracted for a
fully qualified flight crew to operate the Aircraft; 
 WHEREAS, Lessor desires to provide to Lessee, and Lessee desires to have the use of,
said Aircraft with flight crew on a non-exclusive time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”); 
 WHEREAS, this Agreement sets forth the understanding of the Parties as to the terms under which Lessor will provide Lessee with the use, on a periodic basis, of the Aircraft as described in Exhibits A and B hereto,
currently owned or operated by Lessor; and 
 WHEREAS, the use of the Aircraft will at all times be pursuant to and in full compliance with
the requirements of FAR Sections 91.501(b)(6), 91.501(c)(1), and 91.501(d). 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the Parties agree as follows: 
 1. Termination. 
 Either party may terminate this Agreement for any reason upon written notice to the other, such termination to become effective ten (10) days from
the date of the notice; provided that this Agreement may be terminated on such shorter notice as may be required to comply with applicable laws, regulations, the requirements of any financial institution with a security or other interest in the
Aircraft, insurance requirements or in the event the insurance required hereunder is not in full force and effect. 
 2. Use of Aircraft.

 (a) Lessee may use the Aircraft from time to time, with the permission and approval of Lessor's Flight Operations Department, for any
and all purposes allowed by FAR Section 91.501(b)(6) at such times as the Lessor does not require the use of the Aircraft for the business purposes of Lessor or an affiliate. Lessee’s use shall include the use of the Aircraft by
Lessee’s Spouse or related family members (including children or grandchildren) (“Related Family”) if they accompany Lessee on the flight. 
  

 Page 1 of 9 

 (b) Lessee represents, warrants and covenants to Lessor that: 
  

	 	1.	Lessee will use each Aircraft for and on Lessee’s own account only and will not use any Aircraft for the purposes of providing transportation of passengers or cargo in air
commerce for compensation or hire; 

  

	 	2.	Lessee shall refrain from incurring any mechanics lien or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether
permissible or impermissible under this Agreement, and Lessee shall not attempt to convey, mortgage, assign, lease or any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any
action that might mature into such a lien; 

  

	 	3.	During the term of this Agreement, Lessee will abide by and conform to all such laws, governmental, and airport orders, rules, and regulations as shall from time to time be in
effect relating in any way to the operation and use of the Aircraft by a time-sharing Lessee; 

 (c) Lessee shall provide
Lessor’s Flight Operations Department with notice of Lessee’s desire to use the Aircraft and proposed flight schedules as far in advance of any given flight as possible, and in any case, at least forty-eight (48) hours in advance of
Lessee’s planned departure. Requests for flight time shall be in a form, whether written or oral, mutually convenient to, and agreed upon by the Parties. In addition to the proposed schedules and flight times Lessee shall provide at least the
following information for each proposed flight at some time prior to scheduled departure as required by the Lessor or Lessor’s flight crew: 
  

	 	1.	proposed departure point; 

  

	 	2.	destination; 

  

	 	3.	date and time of flight; 

  

	 	4.	the number and identity of anticipated passengers and relationship to the Lessee; 

  

	 	5.	the nature and extent of luggage and/or cargo to be carried; 

  

	 	6.	the date and time of return flight, if any; and 

  

	 	7.	any other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor's flight crew. 

 (c) Lessor shall notify Lessee as to whether or not the requested use of the Aircraft can be accommodated and, if not, the Parties shall discuss
alternatives. 
 (d) Lessor’s prior planned utilization of the Aircraft will take precedence over Lessee’s use. Additionally, any
maintenance and inspection of the Aircraft takes precedence over scheduling of the Aircraft unless such maintenance or inspection can be safely deferred in accordance with applicable laws and regulations and within the sound discretion of the
Pilot-In-Command. 
 (e) Lessor shall have sole and exclusive authority over the scheduling of the Aircraft, including which Aircraft is used
for any particular flight. 
 (f) Lessor shall not be liable to Lessee or any other person for loss, injury, or damage occasioned by the
delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason. 
 3. Time-Sharing Arrangement. 
 It is intended that this Agreement will meet the requirements of a “Time Sharing Agreement” as that term is defined in FAR
Section 91.501(c)(1) whereby Lessor will lease its Aircraft and flight crew to Lessee. 
  

 Page 2 of 9 

 4. Cost of Use of Aircraft. 
 (a) In exchange for use of the Aircraft, Lessee shall pay the direct operating costs of the Aircraft permitted pursuant to FAR Section 91.501 for any flight conducted under this Agreement or a
lesser amount as mutually agreed to by the Parties. Pursuant to FAR Section 91.501(d), those direct operating costs shall be limited to the following expenses for each use of the Aircraft: 
  

	 	(1)	Twice the cost of fuel, oil, lubricants and other additives. 

  

	 	(2)	Travel expenses of the crew, including food, lodging, and ground transportation. 

  

	 	(3)	Hangar and tie-down costs when the Aircraft is required by the Lessee to be away from the Aircraft’s base of operation. 

  

	 	(4)	Insurance obtained for the specific flight. 

  

	 	(5)	Landing fees, airport taxes, and similar assessments. 

  

	 	(6)	Customs, foreign permit, and similar fees directly related to the flight. 

  

	 	(7)	In flight food and beverages. 

  

	 	(8)	Passenger ground transportation. 

  

	 	(9)	Flight planning and weather contract services. 

 (b)
Lessor will invoice, and Lessee will pay for all appropriate charges. 
 (c) In addition to the rental rate referenced in Section 4(a)
above, Lessee shall also be assessed the Federal Excise Taxes as imposed under Section 4261 of the Internal Revenue Code, and any segment and landing fees associated with such flight(s). 
 5. Invoicing and Payment.  
 All payments to be made
to Lessor by Lessee hereunder shall be paid in the manner set forth in this Paragraph 5. Lessor will pay to suppliers, employees, contractors and government entities all expenses related to the operations of the Aircraft hereunder in the ordinary
course. As to each flight operated hereunder, Lessor shall provide to Lessee an invoice for the charges specified in Paragraph 4 of this Agreement (plus domestic or international air transportation Excise Taxes, as applicable, imposed by the
Internal Revenue Code and collected by Lessor), such invoice to be issued within thirty (30) days after the completion of each such flight. Lessee shall pay Lessor the full amount of such invoice upon receipt of the invoice. In the event Lessor
has not received a supplier invoice for reimbursable charges relating to such flight prior to such invoicing, Lessor shall issue a supplemental invoice for such charges to Lessee within thirty (30) days of the date of receipt of the supplier
invoice and Lessee shall pay such supplemental invoice amount upon receipt thereof. All such invoices shall separately itemize the expenses in items (1) through (9) of paragraph 4(a) for each flight included in that invoice. Delinquent
payments, defined as payments received more than thirty (30) days after invoice, to Lessor by Lessee hereunder shall bear interest at the rate of ten percent (10%) per annum from the due date until the date of payment. Lessee shall further
pay all costs incurred by Lessor in collecting any amounts due from Lessee pursuant to the provisions of this Paragraph 5 after delinquency, including court costs and reasonably attorneys’ fees. 
 6. Insurance and Limitation of Liability. 
 Lessor represents that the flight operations for the Aircraft as contemplated in this Agreement will be covered by the Lessor’s aircraft all-risk physical damage insurance (hull Coverage), aircraft bodily injury and property damage
liability insurance, passenger, pilot and crew voluntary settlement insurance and statutory workers compensation and employer’s liability insurance. 
  

 Page 3 of 9 

 (a) Insurance. 
  

	 	1.	Lessor will maintain or cause to be maintained in full force and effect throughout the term of this Agreement aircraft liability insurance in respect of the Aircraft in an amount at
least equal to $100 million combined single limit for bodily injury to or death of persons (including passengers) and property damage liability. Lessor will retain all rights and benefits with respect to the proceeds payable under policies of hull
insurance maintained by Lessor that may be payable as a result of any incident or occurrence while an Aircraft is being operated on behalf of Lessee under this Agreement. 

  

	 	2.	Lessor shall use best efforts to procure such additional insurance coverage as Lessee may request naming Lessee as an additional insured; provided, that the cost of such additional
insurance shall be borne by Lessee pursuant to Paragraph 4(a)(4) hereof. 

 (b) Limitation of Liability. Lessee agrees that the
insurance specified in paragraph 6(a) shall provide its sole recourse for all claims, losses, liabilities, obligations, demands, suits, judgments or causes of action, penalties, fines, costs and expenses of any nature whatsoever, including
attorneys’ fees and expenses for or on account of or arising out of, or in any way connected with the use of the Aircraft by Lessee or its guests, including injury to or death of any persons, including Lessee and its guests which may result
from or arise out of the use or operation of the Aircraft during the term of this Agreement (“Claims”). This Section 6 shall survive termination of this Agreement. 
 (c) Lessee agrees that when, in the reasonable view of Lessor's Flight Operations Department or the pilots of the Aircraft, safety may be compromised,
Lessor or the pilots may terminate a flight, refuse to commence a flight, or take other action necessitated by such safety considerations without liability for loss, injury, damage, or delay. 
 (d) In no event shall Lessor be liable to Lessee or Lessee’s employees, agents, representatives, guests, or invitees for any claims or liabilities,
including property damage or injury and death, and expenses, including attorney’s fees, in excess of the amount paid by Lessor’s insurance carrier in the event of such loss. 
 (e) LESSOR SHALL IN NO EVENT BE LIABLE TO LESSEE OR LESSEE’S EMPLOYEES, AGENTS, REPRESENTATIVES, GUESTS, OR INVITEES FOR ANY INDIRECT, SPECIAL, OR
CONSEQUENTIAL DAMAGES AND/OR PUNITIVE DAMAGES OF ANY KIND OR NATURE UNDER ANY CIRCUMSTANCES OR FOR ANY REASON INCLUDING ANY DELAY OR FAILURE TO FURNISH THE AIRCRAFT OR CAUSED OR OCCASIONED BY THE PERFORMANCE OR NON-PERFORMANCE OF ANY SERVICES
COVERED BY THIS AGREEMENT. 
 7. Covenants Regarding Aircraft Maintenance. 
 The Aircraft has been inspected and maintained in the twelve-month period preceding the date hereof in accordance with the provisions of FAR Part 91.
Lessor shall, at its own expense, inspect, maintain, service, repair, overhaul, and test the Aircraft in accordance with FAR Part 91. The Aircraft will remain in good operating condition and in a condition consistent with its airworthiness
certification, including all FAA-issued airworthiness directives and mandatory service bulletins. In the event that any non-standard maintenance is required during any applicable lease term, Lessor, or Lessor’s Pilot-In-Command, shall
immediately notify Lessee of the maintenance required, the effect on the ability to comply with Lessee’s dispatch requirements and the manner in which the Parties will proceed with the performance of such maintenance and conduct of the balance
of the planned flight(s). 
 8. No Warranty. 
 NEITHER LESSOR (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER
OR ANY 

  

 Page 4 of 9 

 
ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP,
MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE. 
 9.
Operational Control. 
 Lessor shall be responsible for the physical and technical operation of the Aircraft and the safe performance
of all flights and shall retain full authority and control, including exclusive operational control, and possession of the Aircraft at all times during the term of this Agreement. In accordance with applicable FARs, the qualified flight crew
provided by Lessor will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder. The Pilot-In-Command shall have absolute discretion in all matters concerning the preparation of
the Aircraft for flight and the flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made and all other matters relating to operation
of the Aircraft. Lessee specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight for any reason or condition which, in sole judgment of the Pilot-In-Command, could compromise the safety of the
flight and to take any other action which, in the sole judgment of the Pilot-In-Command, is necessitated by considerations of safety. No such action of the Pilot-In-Command shall create or support any liability to Lessee or any other person for
loss, injury, damages or delay. The Parties further agree that Lessor shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement which such failure is caused by government regulation or authority, mechanical
difficulty or breakdown, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other circumstances beyond Lessor’s reasonable control. Lessee agrees that Lessor’s operation of aircraft is within the operation
guidelines of the Lessor’s Flight Operations Department manual and the crews are responsible to operate within the guidelines of FAR Part 91 and the Lessor’s Flight Operations Department manual. 
 10. Governing Law. 
 The Parties hereto acknowledge
that this Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Colorado. 
 11. Counterparts.

 This Agreement may be executed in one or more counterparts each of which will be deemed an original, all of which together shall constitute
one and the same agreement. 
 12. Entire Agreement. 
 This Agreement constitutes the entire understanding among the Parties with respect to its subject matter, and there are no representations, warranties, rights, obligations, liabilities, conditions, covenants, or
agreements other than as expressly set forth herein. This Agreement shall supersede any prior Agreement between the parties and this Agreement shall govern any question or issue that may arise from a flight conducted or to have been conducted under
a prior agreement. 
 13. Notices and Communications. 
 All notices, requests, demands and other communications required or desired to be given hereunder shall be in writing (except as permitted pursuant to Paragraph 2(c)) and shall be deemed to be given: (i) if
personally delivered, upon such delivery; (ii) if mailed by certified mail, return receipt requested, postage pre-paid, addressed as follows (to the extent applicable for mailing), upon the earlier to occur of actual receipt, refusal to accept
receipt or three (3) days after such mailing; (iii) if sent by regularly scheduled overnight delivery carrier with delivery fees either prepaid or an arrangement, satisfactory with such carrier, made for the payment of such 

  

 Page 5 of 9 

 
fees, addressed (to the extent applicable for overnight delivery) as follows, upon the earlier to occur of actual receipt or the next “Business
Day” (as hereafter defined) after being sent by such delivery; or (iv) upon actual receipt when sent by fax, mailgram, telegram or telex: 
  

																	
		 		 		 		 	If to LESSOR:
							
		 		 		 		 		 		 	 QWEST BUSINESS RESOURCES, INC.

		 		 		 		 		 		 	 1801 California Street

		 		 		 		 		 		 	 Denver, Colorado 80202

								
		 		 		 		 		 		 	 Copy:
	 	Qwest Legal Department
		 		 		 		 		 		 		 	1801 California Street, 10th
Floor
		 		 		 		 		 		 		 	Denver, Colorado 80202
						
		 		 		 		 		 	If to LESSEE:
							
		 		 		 		 		 		 	 John Richardson

		 		 		 		 		 		 	 4550 Cherry Creek, Apt 703

		 		 		 		 		 		 	 Glendale, Colorado 80246

 Notices given by other means shall be deemed to be given only upon actual receipt. Addresses may
be changed by written notice given as provided herein and signed by the party giving the notice. 
 14. Further Acts. 
 LESSOR and LESSEE shall from time to time perform such other and further acts and execute such other and further instruments as may be required by law or
may be reasonably necessary to: (i) carry out the intent and purpose of this Agreement; and (ii) establish, maintain and protect the respective rights and remedies of the other party. 
 15. Successors and Assigns. 
 Neither this
Agreement nor any party’s interest herein shall be assignable to any other party whatsoever, except that Lessor may assign its interest hereunder to an affiliate of Lessor or to any lender or lessor in connection with financing or leasing the
aircraft, all without the consent, but on notice to, the Lessee. This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their heirs, representatives and successors. 
 16. Severability. 
 In the event that any one
or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal, or unenforceable, those provisions shall be replaced by provisions acceptable to both Parties to this Agreement. 
 17. Flight Crew. 
 Lessor is responsible for
providing a qualified flight crew for all flight operations under this Agreement. The Lessor will furnish two experienced and competent pilots who shall be under the direction and control of the Lessor at all times. 
 18. Base of Operations. 
 For purposes of this
Agreement, the base of operation of the Aircraft is Centennial Airport, Denver, Colorado; provided, that such base may be changed permanently upon notice from Lessor to Lessee. 
  

 Page 6 of 9 

 19. Taxes. 
 The Parties acknowledge that reimbursement of all items specified in Paragraph 4, except for subsections (7) and (8) thereof, are subject to the Federal Excise Tax imposed under Internal Revenue
Code 4261 (the “Commercial Transportation Tax”). Lessee shall pay to Lessor (for payment to the appropriate governmental agency) any Commercial Transportation Tax applicable to flights of the Aircraft conducted hereunder. Lessee shall
indemnify Lessor for any claims related to the Commercial Transportation Tax to the extent that Lessee has paid Lessor the amounts necessary to pay such taxes. 
 20. Title and Right of Possession. 
 Legal title to the Aircraft in Exhibit A shall remain in the Lessor at all times.
Lessor has the right of possession to the Aircraft in Exhibit B pursuant to an Aircraft Lease Agreement. Nothing herein shall constitute a transfer of Lessor’s possessory rights to the Aircraft. 
 21. Truth-in-Leasing. 
 The Lessor shall mail a copy
of this Agreement for and on behalf of both Parties to: Flight Standards Technical Division, P.O. Box 25724, Oklahoma City, Oklahoma 73125, within twenty-four (24) hours of its execution, as provided by FAR Section 91.23(c)(1).
Additionally, Lessor agrees to comply with the notification requirements of FAR Section 91.23 by notifying by telephone or in person the Rocky Mountain FAA Flight Standards District Office at least forty-eight (48) hours prior to the first
flight under this Agreement. 
 (a) LESSOR CERTIFIES THAT THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE 12-MONTH PERIOD
PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS AND THAT ALL APPLICABLE REQUIREMENTS FOR THE AIRCRAFT'S MAINTENANCE AND INSPECTION THEREUNDER WILL BE MET AND ARE VALID FOR THE
OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT DURING THE DURATION OF THIS AGREEMENT. 
 (b) LESSOR, WHOSE ADDRESS APPEARS IN PARAGRAPH
13 ABOVE AND WHOSE AUTHORIZED SIGNATURE APPEARS BELOW, AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, LESSOR SHALL BE KNOWN AS, CONSIDERED AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT AND THAT
LESSOR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (c) THE PARTIES UNDERSTAND THAT
AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
 IN WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be duly executed on March 22, 2007. 
  

			
	 LESSOR:

	
	 Qwest Business Resources, Inc.

	
	  

	 By:
	 	Richard N. Baer
		
	 Its:
	 	Executive Vice President and General Counsel
	
	 LESSEE:

	
	 John Richardson

	
	  

  

 Page 7 of 9 

 EXHIBIT A 
 Qwest Business Resources, Inc. 
 Aircraft Subject to Time Sharing Agreement 
 Each of the undersigned is a party to the Time Sharing Agreement dated March 22, 2007, by and between Qwest Business Resources, Inc.
(“Lessor”), and John Richardson (“Lessee”) (collectively the “Parties”), and agrees that from and after March 22, 2007, until this Exhibit A shall be superseded and replaced through agreement of the Parties or the
Time Sharing Agreement shall be terminated pursuant to its terms, the Aircraft described below shall constitute the “Aircraft” described in and subject to the terms of the Time Sharing Agreement in addition to the aircraft described in
Exhibit B. 
 1996 Dassault Falcon Jet Corp. Falcon 2000 
 Manufacturer’s Serial Number 044 
 FAA Registration Number N623QW 
 Engine Model CFE 731-1-1B 
 Dated: March 22, 2007 
  

			
	LESSOR:
	
	Qwest Business Resources, Inc.
	
	  

	By:	 	Richard N. Baer
		
	Its:	 	Executive Vice President and General Counsel
	
	LESSEE:
	
	John Richardson
	
	  

  

 Page 8 of 9 

 EXHIBIT B 
 Qwest Business Resources, Inc. 
 Leased Aircraft Subject to Time Sharing Agreement 

Each of the undersigned is a party to the Time Sharing Agreement dated March 22, 2007, by and between Qwest Business Resources, Inc. (“Lessor”), and
John Richardson (“Lessee”) (collectively the “Parties”), and agrees that from and after March 22, 2007, until this Exhibit B shall be superseded and replaced through agreement of the Parties or the Time Sharing Agreement
shall be terminated pursuant to its terms, the Aircraft described below shall constitute the "Aircraft" described in and subject to the terms of the Time Sharing Agreement in addition to the aircraft described in Exhibit A. 
 2001 Dassault Falcon Jet Corp. Falcon 2000 
 Manufacturer’s Serial
Number 134 
 FAA Registration Number N622QW 
 Engine Model CFE
738-1-1B 
 Dated: March 22, 2007 
  

			
	LESSOR:
	
	Qwest Business Resources, Inc.
	
	  

	By:	 	Richard N. Baer
		
	Its:	 	Executive Vice President and General Counsel
	
	LESSEE:
	
	John Richardson
	
	  

  

 Page 9 of 9Salary Continuation Agreement

 Exhibit 10.7 
 SALARY CONTINUATION AGREEMENT 
 AGREEMENT entered into as of the
     day of             ,             , by and between UNION TRUST COMPANY, a
Main banking corporation with a place of business in Ellsworth, Hancock County, Main (the “Bank”) and             , of
            ,              (the “Employee”). 
 WHEREAS, the bank is a subsidiary of Union Bankshares Company (the “Corporation”); and 
 WHEREAS, the Employees is a valued employee of the Bank; and 
 WHEREAS, the Employee has discharged his duties capably and efficiently; and 
 WHEREAS, the Bank wishes to
protect the Employee against harmful economic consequences which may result from a change of control or a transfer of substantially all of the assets of the Bank or the Corporation. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties to this Agreement agree as follows: 
 1. Payment Upon a Change in Control. If, within three years after the effective date of a “Business Combination” as defined in Article VI
of the Corporation’s Bylaws (a copy of voluntarily or involuntarily, the Bank shall pay to the Employee the lesser of (i) three times the total compensation paid to the Employee in the last full fiscal year prior to termination of
employment less one dollar, or (ii) the maximum amount permitted under the Internal Revenue Code without being deemed an “excessive parachute payment” within the meaning of I.R.C. § 280G, or any successor provision, and any
regulations promulgated thereunder. As used herein, “compensation” shall include any and all salary, bonuses and other such remuneration paid by the Bank to the Employee in a fiscal year including, without limitation, the value of any
unexercised stock options, whether qualified or unqualified and contributions made to 401K and Profit Sharing Plans. “Compensation” shall exclude any amounts earned by an employee in a given year, the payment of which was deferred until a
future year. 
 All amounts payable pursuant to this Agreement shall be payable in a lump sum or on an installment basis, at the option of
the Employee. In the event the employee chooses to have his payments remitted in a lump sum, the Bank shall tender payment within sixty (60) days of the Employee’s termination of employment or, at the direction of the Employee, on a date
thereafter, but in no event later than the fifth anniversary of the date of termination. In the event the Employee chooses to have his payments remitted on an installment basis, the Bank shall tender payments in equal monthly installments for a
period not to exceed sixty (60) months from the date of termination of employment or until the fifth anniversary of the effective date of the Business Combination, whichever period is shorter. All amounts payable hereunder shall be in addition
to, and not in lieu of, retirement benefits, deferred compensation payments or any other amounts to which the Employee otherwise may be entitled. 

 2. Covenant Not to Compete. The parties to this Agreement recognize and understand that the
Employee, through his association with the Bank, has considerable knowledge with respect to the business of banking, which knowledge is valuable to the Bank. The parties also recognize that it would be detrimental to the Bank if the Employee used
such knowledge to compete against the Bank. Consequently, the parties to this Agreement understand and agree that in consideration of the payments made in accordance with paragraph 1 above, the Employee shall not, for a period of (1) year from
the date of termination of employment, engage, directly or indirectly, in any business that competes with the Bank or the Corporation, whether as a proprietor, partner, director, officer, employee, consultant, independent contractor, co-venturer,
financier, employer, agent, representative, or otherwise, in any county in which the Bank maintained an office at the time of the Business Combination. 
 The Employee understands and agrees that the Bank will suffer irreparable harm if he breaches any of the provisions of this paragraph and that monetary damages would be inadequate to compensate the Bank for that
breach. Accordingly, the Employee agrees that, if he breaches any of the provision of this paragraph, the Bank shall be entitled to , in addition to any other rights, remedies, or damages available to the Bank at law or in equity, a preliminary or
permanent injunction to prevent or restrain any breach by the Employee or any and all persons directly or indirectly acting on behalf of the Employee. 
 3. Forfeiture of Payments. If the Employee shall fail to observe any of the terms of this Agreement, including his agreement not to compete, and shall continue that breach for thirty (30) days after the
Bank shall have requested him to perform, then, notwithstanding any of the provisions of this Agreement to the contrary, upon the expiration of the thirty (30) day period, no further payment shall be due or payable to the Employee under this
Agreement and the bank shall have no further liability hereunder. 
 4. Death of Employee. In the event the Employee shall die after
terminating his employment with the Bank and after exercising his right to payments under this Agreement, but prior to tender of full payment by the Bank, the Bank shall, at the direction of his personal representative, remit to the Employee’s
estate within sixty (60) days of death, all amounts due and owing to the Employee under this Agreement. 
 5. Termination. This
Agreement shall terminate automatically if the Employee leaves the employ of the Bank prior to the occurrence of a Business Combination. 
 6. Assignment. Except as provided in paragraph 4 above, the Employee shall have no right to sell, assign, transfer, encumber, or otherwise dispose of the right to receive payments under this Agreement, which payments and the right to
those payments are expressly declared to be nonassignable and nontransferable. In the event of any attempted assignment or transfer by the Employee, the Bank shall have no further liability under this Agreement. The Bank shall have the right to
assign or transfer its obligations under this Agreement; provided, however, that the Bank shall notify the Employee in writing of any assignment or transfer within thirty (30) days after the assignment or transfer. 

 7. Amendment or Revocation. This Agreement may be amended or revoked only with the written consent
of both parties. 
 8. Notice. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and
sent by certified or registered mail, return receipt requested, to the parties at the following addresses: 
  

			
	 To the Employee at:
	  	 To the Bank at:

	  
	  	 Union Trust Company

	  
	  	 66 Main Street

		  	 Ellsworth, Maine 04605

		  	 Attn: President

 9. Benefit. This Agreement shall inure to the benefit of and shall be binding on the
parties to this Agreement and to their heirs, personal representatives, successors and assigns. 
 10. Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of Maine. 
 11. Entire Agreement. This Agreement sets
forth and is intended to include all of the promises, agreements, conditions, understandings and representations between the parties to this Agreement and is intended to supersede all prior agreements between the parties relating to the subject
matter hereof. 
 IN WITNESS WHEREOF, the Bank and the Employee have executed this Agreement as of the date and year first above written.

  

			
	WITNESS:	  	UNION TRUST COMPANY
		
	  
	  	By
                                        
                                       
 
		  	                                      
                      , Title
		
	  
	  	____________________________________
		  	                                      
                      , Employee

 SCHEDULE A 
 ARTICLE VI 
 Business Combinations 
 Sec. 6.1 Definitions. For purposes of this Article VI; the terms set forth below shall be defined as follows: 
 (a) “Business Combination” shall mean 
 (i) any purchase, sale, exchange, lease, or other transfer, except in the ordinary course of business, of more than 5% of the consolidated assets of the Company and its subsidiaries; or 
 (ii) any merger of the consolidation of the Company or any of its subsidiaries with another party; or 
 (iii) any issuance or reclassification of securities, recapitalization or other transaction which has the effect, directly or indirectly, of increasing
the proportionate interest of a Related Party in the Company’s outstanding stock. 
 (b) “Related Party” shall mean any
person or entity which is the beneficial owner of 10% or more of the outstanding common stock of the Company. 
 (c) “Beneficial
Owner” means a person or entity who directly or indirectly has or shares voting power with respect to any shares of stock or who has the present or future right to acquire such voting power through agreement, arrangement, understanding,
conversion, exchange, warrant, option or otherwise.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]