Document:

Exhibit 10.4

 

ENTERPRISE
BANCORP, INC.

 

Restricted Stock Agreement

 

This Agreement is entered
into as of this Xth day of XXXXX, 20XX (the “Grant Date”) by and between
Enterprise Bancorp, Inc., a Massachusetts corporation (the “Company”), and
                                                                                              
(the “Grantee”).

 

WITNESSETH THAT:

 

WHEREAS, the Company has
instituted a program entitled “Enterprise Bancorp, Inc. 2009 Stock
Incentive Plan” (the “Plan”); and

 

WHEREAS, the Compensation
Committee of the Board of Directors, or the full Board of Directors, as the
case may be, of the Company has authorized the grant of shares of the Company’s
common stock to the Grantee upon the terms and conditions set forth below; and

 

WHEREAS, the Compensation
Committee or the full Board of Directors, as the case may be, has authorized
the grant of shares of the Company’s common stock to the Grantee pursuant and
subject to the terms of the Plan, a copy of which is attached hereto and
incorporated herein;

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein
contained, the Company and the Grantee agree as follows.

 

1.                                       Grant.  Subject to the terms of the Plan and this
Agreement, the Company hereby grants to the Grantee, and the Grantee hereby
accepts,                 
shares of the Company’s common stock, par value $0.01 per share (the “Restricted
Stock”).  The term “Restricted Stock”
shall include any additional shares of stock of the Company issued on account
of the foregoing shares by reason of stock dividends, stock splits or
recapitalizations (whether by way of mergers, consolidations, combinations or
exchanges of shares or the like).

 

2.                                       Vesting
Schedule.  The interest of the
Grantee in the Restricted Stock shall vest in accordance with the schedule
attached to this Agreement as Exhibit 1, which is incorporated herein and
made a part hereof by this reference; provided, however, that such vesting of
shares of the Restricted Stock shall be and hereby is conditioned upon the
Grantee’s continuing employment with the Company and continuing compliance with
all applicable employee confidentiality, noncompetition and other agreements
with the Company and any of its subsidiaries as of each date upon which such
vesting shall occur in accordance with such schedule.

 

3.                                       Restrictions
on Stock.  Until the termination of
restrictions and the vesting of the shares of Restricted Stock as provided in Section 2
above, none of the Restricted Stock may be sold, assigned, transferred,
pledged, or otherwise encumbered except as provided in this Agreement.

 

 If the Grantee’s employment with the Company
is terminated for any reason, whether with or without cause and whether
voluntarily or involuntarily, then all shares of Restricted Stock that have not
yet vested as of the time of the Grantee’s termination of employment, if any, 

 

 

shall be forfeited and
returned to the Company, unless the Compensation Committee of the Board of
Directors, or the full Board of Directors, as the case may be, of the Company,
in its sole discretion shall otherwise determine.

 

4.                                       Rights
as Stockholder.  Except for the
restrictions and other limitations and conditions provided in this Agreement,
the Grantee as owner of the Restricted Stock shall have all the rights of a
stockholder, including but not limited to the right to receive all dividends
paid on such Restricted Stock and the right to vote all of the shares of such
Restricted Stock.

 

5.                                       Stock
Certificates.  Each certificate
issued for shares of Restricted Stock shall be registered in the name of the
Grantee and deposited by the Grantee, together with a stock power endorsed in
blank, with the Company or its duly appointed transfer agent and shall bear the
following (or a similar) legend:

 

The transferability of
this certificate and the shares of stock represented hereby are subject to the
terms, conditions and restrictions (including forfeiture) contained in a
Restricted Stock Agreement between the registered owner and Enterprise Bancorp, Inc.  A copy of such Restricted Stock Agreement
will be furnished to the holder of this certificate upon written request and
without charge.

 

Upon the termination of
the restrictions imposed under this Agreement as to any shares of Restricted
Stock, the Company shall return to the Grantee (or to such Grantee’s legal
representative, beneficiary or heir) certificates, without a legend, for the
shares of common stock deposited with it or its transfer agent pursuant to this
Section 5 as to which the restrictions have been terminated.

 

Notwithstanding the
foregoing, if and to the extent that the Company also provides to its
shareholders generally a means to hold title to shares on a noncertificated
basis, then the shares of Restricted Stock issued to the Grantee under this
Agreement may be issued on such a noncertificated basis if mutually agreed upon
by the Company and the Grantee and otherwise permissible under applicable law
and the rules of any applicable stock exchange.  If any such shares of Restricted Stock are so
issued on a noncertificated basis, then the Company shall adopt alternative
measures in lieu of the foregoing stock certificate legend to ensure that the
restrictions on such shares of Restricted Stock required under this Agreement
are properly observed.

 

6.                                       Tax
Consequences; Withholding.  The
Grantee has reviewed with the Grantee’s own tax advisors the federal, state,
local and foreign tax consequences of the investment and the transactions
contemplated by this Agreement.  The
Grantee is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents or representatives.  The Grantee understands that the Grantee
shall be liable for any and all taxes, including withholding taxes, arising out
of this grant or the vesting of the shares of Restricted Stock hereunder.  The Company shall have the right to deduct
from amounts otherwise payable to the Grantee, or to require the Grantee to pay,
any taxes required by law to be withheld with respect to the Restricted Stock.

 

7.                                       Notice
of Election Under Section 83(b). 
If the Grantee makes an election under Section 83(b) of the
Internal Revenue Code of 1986, as amended, and the regulations and rulings 

 

2

 

promulgated thereunder,
he will provide a copy thereof to the Company within thirty days of the filing
of such election with the Internal Revenue Service.

 

8.                                       Securities
and Other Laws; Lock-Up Agreement. 
In any case in which in the opinion of the Compensation Committee of the
Board of Directors, or the full Board of Directors, as the case may be, of the
Company, the issue and/or delivery of shares of common stock under this
Agreement would violate requirements of federal or state securities or other
laws, or the requirements of any securities exchange on which the stock is
listed, the Company shall be entitled to postpone such issue and/or delivery
until such requirements have been met. 
The Compensation Committee or the full Board of Directors, as the case
may be, may require representations and agreements from the Grantee in order to
ensure such compliance with federal or state securities or other laws or the
requirements of any securities exchange.

 

The Grantee hereby further
agrees that as a condition to his receipt of the Restricted Stock, he will
execute an agreement in a form acceptable to the Company to the effect that the
shares of such Restricted Stock shall be subject to any underwriter’s lock-up
agreement in connection with a public offering of any securities of the Company
that may from time to time apply to shares held by officers and employees of
the Company, and such agreement or a successor agreement must be in full force
and effect.

 

9.                                       Grantee’s
Investment Representations.  Grantee
represents that he is acquiring the shares of Restricted Stock for his own
account for investment purposes and not with a view towards distribution of the
shares to the public.

 

10.                                 Adjustment
in Provisions.  In the event that
there are any changes in the outstanding common stock of the Company by reason
of stock dividends, stock splits, or recapitalizations (whether by way of
mergers, consolidations, combinations, or exchanges of shares or the like), the
divisions of shares of Restricted Stock into parts, the provisions for termination
of restrictions on parts of Restricted Stock, and any other relevant portions
of this Agreement shall be appropriately adjusted by the Compensation Committee
of the Board of Directors, or the full Board of Directors, as the case may be,
of the Company, if necessary, to reflect equitably such change or changes.

 

11.                                 [Intentionally Omitted]

 

12.                               Termination
or Amendment of Plan.  The Compensation
Committee of the Board of Directors, or the full Board of Directors, as the
case may be, of the Company may terminate or amend the Plan at any time.  No such termination or amendment will affect the
parties’ respective rights and obligations under this Agreement, as and to the
extent that this Agreement then remains in effect.

 

13.                               Effect
Upon Employment.  Nothing in this Agreement
or the Plan shall be construed to impose any obligation upon the Company or any
of its subsidiaries to employ the Grantee or to retain the Grantee in its
employ.

 

14.                               [Intentionally Omitted]

 

3

 

15.                               General
Provisions.

 

(a)                                Amendment;
Waivers.  This Agreement, including
the Plan, contains the full and complete understanding and agreement of the
parties hereto as to the subject matter hereof and, except as otherwise
permitted by the express terms of the Plan and this Agreement, it may not be
modified or amended nor may any provision hereof be waived, except by a further
written agreement duly signed by each of the parties; provided, however, that a
modification or amendment that does not materially diminish the rights of the Grantee
hereunder, as they may exist immediately before the effective date of the
modification or amendment, shall be effective upon written notice of its
provisions to the Grantee.  The waiver by
either of the parties hereto of any provision hereof in any instance shall not
operate as a waiver of any other provision hereof or in any other instance.

 

(b)                               Binding
Effect.  This Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, administrators, representatives, successors and assigns.

 

(c)                                 Governing
Law.  This Agreement has been
executed in Massachusetts and shall be governed by and construed in accordance
with the laws of The Commonwealth of Massachusetts.

 

(d)                                Construction.  This Agreement is to be construed in
accordance with the terms of the Plan.  In case of any conflict between the Plan and
this Agreement, the Plan shall control. The titles of the sections of this
Agreement and of the Plan are included for convenience only and shall not be
construed as modifying or affecting their provisions.  The masculine gender shall include both sexes;
the singular shall include the plural and the plural the singular unless the
context otherwise requires.  Capitalized
terms not defined herein shall have the meanings given to them in the Plan.

 

(e)                                 Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or facsimile or sent by registered mail, postage prepaid, to
the party addressed as follows, unless another address has been substituted by
notice so given:

 

	
  To the Grantee:

  	
   

  	
  To his address as set
  forth on the signature page hereof.

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Enterprise
  Bancorp, Inc.

  
	
   

  	
   

  	
  222 Merrimack Street

  
	
   

  	
   

  	
  Lowell, Massachusetts
  01852

  
	
   

  	
   

  	
  Attn:  Mr. James A. Marcotte

  

 

 (f)                                 Transfers in
Violation of Restrictions Void.  The
Company shall not be required to transfer on its books any shares of Restricted
Stock that shall have been sold or transferred by Grantee or otherwise in
violation of any of the provisions set forth in this Agreement or to treat as
owner of any such shares or to accord the right to vote as such owner or to pay
dividends to any transferee to whom such shares shall have been so transferred.

 

IN WITNESS WHEREOF, the
Company has caused this Restricted Stock Agreement to be executed as a sealed
instrument by its officer thereunto duly authorized as of the date first set
forth above.

 

4

 

	
  Date of grant:  XXXX XX, 20XX

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENTERPRISE BANCORP,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

5

 

ACCEPTANCE

 

The undersigned hereby
accepts, as of the date of grant, the foregoing grant of Restricted Stock in
accordance with the terms and conditions of this Restricted Stock Agreement and
the terms and conditions of the Enterprise Bancorp, Inc. 2009 Stock
Incentive Plan.

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature of Grantee)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

6

 

Exhibit 1 to

Restricted Stock
Agreement

 

	
  Employee name
  (“Grantee”):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of grant:

  	
   

  	
  XXXX XX, 20XX

  
	
   

  	
   

  	
   

  
	
  Number of shares
  granted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting schedule:

  	
   

  	
   

  

 

	
   

  	
   

  	
  Incremental Amount

  	
   

  	
  Cumulative Amount

  	
   

  
	
   

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  On or after XXXX
  XX, 20XX

  	
   

  	
  25

  	
  %

  	
   

  	
   

  	
  25

  	
  %

  	
   

  	
   

  
	
  On or after XXXX
  XX, 20XX

  	
   

  	
  25

  	
  %

  	
   

  	
   

  	
  50

  	
  %

  	
   

  	
   

  
	
  On or after XXXX
  XX, 20XX

  	
   

  	
  25

  	
  %

  	
   

  	
   

  	
  75

  	
  %

  	
   

  	
   

  
	
  On or after XXXX
  XX, 20XX

  	
   

  	
  25

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
   

  	
   

  

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name and title of
  authorized officer]Exhibit 4.1

 

FIRST AMENDMENT TO ADMINISTRATION AGREEMENT

 

This
FIRST AMENDMENT to ADMINISTRATION AGREEMENT dated as of May 4, 2009 (this “Amendment”),
is entered into by and among (i) GE CAPITAL CREDIT CARD MASTER NOTE TRUST,
a Delaware statutory trust (the “Trust”) and (ii) GENERAL ELECTRIC
CAPITAL CORPORATION, a Delaware corporation (the “Administrator”).

 

BACKGROUND

 

1.             Trust, BNY Mellon
Trust of Delaware, as Trustee (the “Trustee”) and Administrator are
parties to the Administration Agreement, dated as of September 25, 2003
(the “Administration Agreement”).

 

2.             Trust and Administrator desire to
amend the Administration Agreement as set forth herein.

 

AMENDMENTS

 

The parties hereto agree as
follows:

 

SECTION 1.  Definitions.  As used herein, terms that are defined herein
shall have the meanings as so defined, and terms not so defined shall have the
meanings as set forth in (or by reference in) the Administration Agreement as
amended hereby.

 

SECTION 2.  Amendment to
the Administration Agreement.  Each party to this Amendment that is a party
to the Administration Agreement agrees that the Administration Agreement is
hereby amended as follows:

 

(a)           Section 1(d) is
deleted and replaced in its entirety with the following:

 

“(d)         Duties with respect to sale of Notes.  The Administrator, on behalf of the Trust,
shall perform the administrative duties of the Trust under any note purchase
agreement, loan agreement, underwriting agreement, certification as to Term
Asset-Backed Securities Loan Facility (“TALF”) eligibility or any
undertaking relating to TALF.  The
Administrator, on behalf of the Trust, shall monitor the performance of the
Trust and shall advise the Trust when action is necessary to comply with the
Trust’s duties under any note purchase agreement, loan agreement, underwriting
agreement, certification as to TALF eligibility or any undertaking relating to
TALF.  The Administrator, on behalf of
the Trust, shall prepare for execution by the Trust or shall cause the preparation
by other appropriate persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Trust (or
Trustee) to 

 

 

prepare,
file or deliver pursuant to any note purchase agreement, loan agreement,
underwriting agreement, certification as to TALF eligibility or any undertaking
relating to TALF.  In furtherance of the
foregoing, the Administrator, on behalf of the Trust (or Trustee) shall take
all appropriate action that is the duty of the Trust to take pursuant to such
documents.

 

SECTION 3.  Effectiveness. This Amendment shall
become effective, as of the date first set forth above, when counterparts
hereof shall have been executed and delivered by the parties hereto, and
thereafter shall be binding on the parties hereto and their respective
successors and assigns.

 

SECTION 4.  Binding
Effect; Ratification.  (a)                                               On and after the execution and delivery
hereof, (i) this Amendment shall be a part of
the Administration Agreement and (ii) each
reference in the Administration Agreement to “this Agreement”, “hereof”, “hereunder”
or words of like import, and each reference in any other Related Document to
the Administration Agreement, shall mean and be a reference to such
Administration Agreement as amended hereby.

 

(b)                                 Except as expressly amended hereby, the
Administration Agreement shall remain in full force and effect and is hereby
ratified and confirmed by the parties hereto.

 

SECTION 5.  Governing Law; Miscellaneous. (a) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICTS OF LAW.

 

(b) Headings used
herein are for convenience of reference only and shall not affect the meaning
of this Amendment.

 

(c) This Amendment may
be executed in any number of counterparts, and by the parties hereto on
separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same agreement.  Executed counterparts may be delivered electronically.

 

SECTION 6.  No Recourse. It is expressly
understood and agreed by the parties hereto that (a) this Amendment is
executed and delivered by BNY Mellon Trust of Delaware, not individually or
personally but solely as trustee of the Trust, in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Trust is made and
intended not as personal representations, undertakings and agreements by BNY
Mellon Trust of Delaware but is made and intended for the purpose of binding
only the Trust, (c) nothing herein contained shall be construed as
creating any liability on BNY Mellon Trust of Delaware, individually or
personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto and (d) under
no circumstances shall BNY Mellon Trust of Delaware be personally liable for
the payment of any indebtedness or expenses of the Trust or be liable for the
breach or failure 

 

2

 

of any obligation, representation, warranty
or covenant made or undertaken by the Trust under this Amendment or any other
related documents.

 

3

 

IN WITNESS WHEREOF, the parties have executed
this Amendment by their respective officers thereunto duly authorized as of the
date first above written.

 

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: BNY Mellon Trust of Delaware,

  
	
   

  	
   

  	
  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on behalf of the Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristine K. Gullo

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GENERAL ELECTRIC CAPITAL CORPORATION,

  
	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian D. Doubles

  
	
   

  	
   

  	
  Name: Brian D. Doubles

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
					

 

S-1

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