Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.1 
 RESTRICTED STOCK AWARD AGREEMENT 
 UNDER THE CHITTENDEN CORPORATION 
 STOCK INCENTIVE PLAN 
  

	
	 Name of Grantee:                                  
                                   

	 No. of Shares:                                  
                                        
 

	 Grant Date:                                    
                                        
     

	 Final Acceptance Date:                                 
                         

 Pursuant to the Chittenden Corporation Stock Incentive Plan (the “Plan”) as amended
through the date hereof, Chittenden Corporation (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the Grantee shall receive the number of shares of
Common Stock, par value $1.00 per share (the “Stock”) of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. 
 1. Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this Award prior to the
close of business on the Final Acceptance Date specified above by (i) signing and delivering to the Company a copy of this Award Agreement, and (ii) delivering to the Company a stock power endorsed in blank. Upon acceptance of this Award
by the Grantee, the shares of Restricted Stock so accepted shall be issued and held by the Company’s transfer agent in book entry form, and the Grantee’s name shall be entered as the stockholder of record on the books of the Company.
Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below. 
 2. Restrictions and Conditions. 
 (a)
Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Committee in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the
Plan. 
 (b) Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of
by the Grantee prior to vesting. 
 (c) If the Grantee’s employment with the Company and its Subsidiaries is terminated by reason of
permanent disability (as defined in Section 422(c) of the Internal Revenue Code) or death prior to vesting of shares of Restricted Stock granted herein, shares of Restricted Stock granted herein shall thereafter vest to the extent such
Restricted Stock would have become vested during the one year period following the date of the Grantee’s termination. 
 If the Grantee’s
employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason other than permanent disability or death prior to vesting 

 
of shares of Restricted Stock granted herein, all shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company.

 In the event of a Change in Control (as defined within the Chittenden Corporation Stock Incentive Plan [as amended and restated as of February 16,
2005]) any restriction or deferral limitation applicable to any restricted stock shall lapse and such shares and awards shall be deemed fully vested. 
 3. Vesting of Restricted Stock. [The restrictions and conditions in Paragraph 2 of this Agreement shall lapse only to the extent the performance targets are attained, as more fully described in Exhibit A
hereto./The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified in the following schedule so long as the Grantee remains an employee of the Company or a Subsidiary on such Dates. If a
series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such date. 
  

			
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 Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and
conditions have lapsed shall no longer be deemed Restricted Stock. The Committee may at any time accelerate the vesting schedule specified in this Paragraph 3.] 
 4. Dividends. Dividends on Shares of Restricted Stock shall be paid to the Grantee. 
 5.
Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in Section 5(b) of the
Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein. 
 6.
Transferability. This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 
  

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 7. Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this
Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event.
Except in the case where an election is made pursuant to Paragraph 8 below, the Grantee may elect to have the required minimum tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to
be issued or released by the transfer agent a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due. 
 8. Election Under Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within 30 days following the acceptance of this Award as provided in Paragraph 1 hereof, file with the
Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Company. 
 9. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to
continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time. 
  

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 10. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place
of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

			
	 CHITTENDEN CORPORATION

		
	 By:
	 	  

	Title:	 	

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned. 
  

							
	 Dated:
	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  

 4Letter Agreement, dated as of December 13, 2006

 Exhibit 10.9.1 
 WELLS FARGO RETAIL FINANCE, LLC 
 as Agent 
 One Boston Place, 18th Floor 
 Boston, Massachusetts 02108 
 as of December 13, 2006 
 West Marine Products, Inc.

     as Administrative Borrower 
 500
Westridge Drive 
 Watsonville, California 95076 
 Attn: Peter Van
Handel, VP-Finance and Chief Accounting Officer 
  

	Re:	LIBOR Rate Loan Interest Periods 

 Letter
Agreement (this “Letter Agreement”) 
 Ladies and Gentlemen: 
 Reference is hereby made to that certain Loan and Security Agreement, dated as of December 29, 2005 (as amended and in effect from time to time, the “Loan Agreement”), by and among West
Marine Products, Inc., as administrative borrower (the “Administrative Borrower”), the Persons identified therein as borrowers (collectively with the Administrative Borrower, the “Borrowers”), the
Persons identified therein as guarantors, the financial institutions party thereto from time to time (collectively, the “Lenders”), Wells Fargo Bank, National Association, as Issuing Lender, and Wells Fargo Retail Finance,
LLC, as agent (the “Agent”) for the Lenders. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Loan Agreement. 
 Agent (acting at the written request of the Required Lenders) and Administrative Borrower (on behalf of all Borrowers) hereby agree that the Loan Agreement shall be
amended as follows: 
 1. The definition of “Interest Period” set forth in Section 1.1 of the Loan Agreement shall be amended
and restated in its entirety as follows: 
 “Interest Period” means, with respect to each LIBOR Rate Loan, a period
commencing on the date of the making of such LIBOR Rate Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Prime Rate Loan to a LIBOR Rate Loan) and ending 1 or 2 calendar weeks or 1, 2, 3, or 6 months thereafter, as applicable;
provided, however, that (i) if any Interest Period would end on a day that is not a Business Day, such Interest Period shall be extended (subject to clauses (iii) through (v) below) to the next succeeding
Business Day, (ii) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest Period expires, (iii) any Interest Period
that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls, with respect to a LIBOR Rate Loan with an Interest Period of 1 or 2 calendar weeks, in the next calendar week,
or, with respect to a LIBOR Rate Loan with any other Interest Period permitted herein, in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (iv) with respect to an Interest Period of 1, 2,
3 or 6 months that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the 

 
calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, or 6 months
after the date on which the Interest Period began, as applicable, and (v) Borrowers (or Administrative Borrower on behalf thereof) may not elect an Interest Period which will end after the Maturity Date; and any Interest Period that would
otherwise extend beyond the Maturity Date shall end on the Maturity Date. 
 2. Section 2.12(b)(3) of the Loan Agreement is hereby
amended and restated in its entirety as follows: 
 (3) Borrowers shall have not more than ten (10) LIBOR Rate Loans in effect at any
given time and, of such ten (10) LIBOR Rate Loans, no more than three (3) LIBOR Rate Loans may have an Interest Period of 1 or 2 calendar weeks at any given time. Borrowers only may exercise the LIBOR Option for LIBOR Rate Loans of at
least $1,000,000 and integral multiples of $100,000 in excess thereof. 
 This Letter Agreement shall be governed by and construed in accordance with the
laws of the State of New York (other than choice-of-law principles and the law of such state that would require the application of the laws of a jurisdiction other than the laws of the State of New York and any applicable laws of the United States
of America. This Letter Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together
shall constitute but one and the same Letter Agreement. Delivery of an executed counterpart of this Letter Agreement by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Letter Agreement. This Letter
Agreement constitutes a “Loan Document”. 
 Please indicate your acceptance of and agreement with the terms and conditions set forth herein and
acknowledgment that this Letter Agreement has been duly authorized by each of the Borrowers and each of the Guarantors by signing in the space below. 
  

			
	Very truly yours,
	
	WELLS FARGO RETAIL FINANCE, LLC, as Agent and a Lender
		
	By:	 	 /s/ William Chan 

	Name:	 	William Chan
	Title:	 	Vice President

  

			
	 AGREED AND ACCEPTED AS OF
 THE DATE
FIRST WRITTEN ABOVE:

	
	 WEST MARINE PRODUCTS, INC.,
 as
Administrative Borrower

		
	By:	 	 /s/ Pamela Fields

	Name:	 	Pamela Fields
	Title:	 	VP, General Counsel & Secretary

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