Document:

Exhibit 10.3

 

FORM OF INDEMNIFICATION AGREEMENT

 

AGREEMENT, dated as of August 14, 2013, by and between Cache, Inc., a Delaware corporation (the “Company”), and [·] (the “Indemnitee”).

 

WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available;

 

WHEREAS, the Indemnitee is a director and/or officer of the Company;

 

WHEREAS, the Company and the Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of companies in today’s environment;

 

WHEREAS, the Company’s Certificate of Incorporation (“Certificate of Incorporation”) and By-Laws (“By-Laws”) require the Company to indemnify and advance expenses to its directors and officers to the extent provided therein, and the Indemnitee serves as a director and/or officer of the Company, in part, in reliance on such provisions in the Company’s Certificate of Incorporation and By-Laws;

 

WHEREAS, the Company has determined that its inability to retain and attract as directors and officers the most capable persons would be detrimental to the interests of the Company, and that Company therefore should seek to assure such persons that indemnification and insurance coverage will be available in the future; and

 

WHEREAS, in recognition of the Indemnitee’s need for substantial protection against personal liability in order to enhance the Indemnitee’s continued service to the Company in an effective manner and the Indemnitee’s reliance on the Company’s Certificate of Incorporation and By-Laws, and in part to provide the Indemnitee with specific contractual assurance that the protection promised by the Company’s Certificate of Incorporation and By-Laws will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation of the applicable provisions of the Company’s Certificate of Incorporation and By-Laws or any change in the composition of the governing bodies of the Company or any acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to the Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of the Indemnitee under the directors’ and officers’ liability insurance policy of the Company.

 

NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the Company directly or, on its behalf or at its request, as an officer, director, manager, member, partner, tax matters partner, fiduciary or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit plan, and intending to be legally bound hereby, the parties hereto agree as follows:

 

 

1.                                      Certain Definitions.  In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement:

 

(a)                                 Agreement:  shall mean this Indemnification Agreement, as amended from time to time hereafter.

 

(b)                                 Board of Directors:  shall mean the Board of Directors of the Company.

 

(c)                                  Claim:  means any threatened, asserted, pending or completed civil, criminal, administrative, investigative or other action, suit or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether instituted by the Company, any governmental agency or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism.

 

(d)                                 Indemnifiable Expenses:  means (i) all expenses and liabilities actually and reasonably incurred, including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges), in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in any such capacity, whether occurring before, on or after the date of this Agreement (any such event, an “Indemnifiable Event”); (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to; and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary

 

 

or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise).

 

(e)                                  Indemnitee-Related Entities:  means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy).

 

(f)                                   Jointly Indemnifiable Claim:  means any Claim for which the Indemnitee shall be entitled to indemnification from both an Indemnitee-Related Entity and the Company pursuant to applicable law, any indemnification agreement or the Certificate of Incorporation, By-Laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company and an Indemnitee-Related Entity.

 

(g)                                  Person:  means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

 

2.                                      Basic Indemnification Arrangement; Advancement of Expenses.

 

(a)                                 In the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted by Delaware law in effect on the date hereof and as amended from time to time; provided, however, that no change in Delaware law shall have the effect of reducing the benefits available to the Indemnitee hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of amendments after the date hereof The rights of the Indemnitee

 

 

provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement. Payments of Indemnifiable Expenses shall be made as soon as practicable but in any event no later than twenty (20) days after written demand is presented to the Company, against any and all Indemnifiable Expenses.

 

(b)                                 If so requested by the Indemnitee, the Company shall advance, or cause to be advanced (within two business days of such request), any and all Indemnifiable Expenses incurred by the Indemnitee (an “Expense Advance”).  The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Indemnifiable Expenses on behalf of the Indemnitee, or (ii) reimburse, or cause the reimbursement of, the Indemnitee for such Indemnifiable Expenses.  The Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any condition that the Board of Directors shall not have determined that the Indemnitee is not entitled to be indemnified under applicable law.  However, the obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be subject to the condition that, if, when and to the extent that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (it being understood and agreed that the foregoing agreement by the Indemnitee shall be deemed to satisfy any requirement that the Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the Indemnitee is not entitled to indemnification under applicable law).  The Indemnitee’s undertaking to repay such Expense Advances shall be unsecured and interest-free.

 

(c)                                  Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement of Indemnifiable Expenses pursuant to this Agreement in connection with any Claim initiated by the Indemnitee unless (i) the Company has joined in or the Board of Directors of the Company has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure a determination that the Indemnitee should be indemnified under applicable law).

 

(d)                                 The indemnification obligations of the Company under Section 2(a) shall be subject to the condition that determination of ultimate entitlement to Indemnifiable Expenses shall be made in each specific case by: (i) a majority vote of the Board of Directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (iv by the stockholders (collectively, the “Determining Party”).

 

(e)                                  If the Determining Party determines that the Indemnitee is not entitled to be indemnified in whole or in part under applicable law, the Indemnitee shall have the right to commence litigation in any court in the States of New York or Delaware

 

 

having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the Determining Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding.  If the Indemnitee commences legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Determining Party that the Indemnitee is not entitled to be indemnified under applicable law shall not be binding, the Indemnitee shall continue to be entitled to receive Expense Advances, and the Indemnitee shall not be required to reimburse the Company for any Expense Advance, until a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law.  Any determination by the Determining Party otherwise shall be conclusive and binding on the Company and the Indemnitee.

 

(f)                                   To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Indemnifiable Expenses actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the Determining Party that the Indemnitee is not entitled to indemnification under applicable law.

 

3.                                      Indemnification for Additional Expenses.  The Company shall indemnify, or cause the indemnification of, the Indemnitee against any and all Indemnifiable Expenses and, if requested by the Indemnitee, shall advance such Indemnifiable Expenses to the Indemnitee subject to and in accordance with Section 2(b) and (d), which are incurred by the Indemnitee in connection with any action brought by the Indemnitee, the Company or any other Person with respect to the Indemnitee’s right to: (i) indemnification or an Expense Advance by the Company under this Agreement or any provision of the Company’s Certificate of Incorporation and/or By-Laws and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case may be; provided that the Indemnitee shall be required to reimburse such Indemnifiable Expenses in the event that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that such action brought by the Indemnitee, or the defense by the Indemnitee of an action brought by the Company or any other Person, as applicable, was frivolous or in bad faith.

 

4.                                      Partial Indemnity, Etc.  If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Indemnifiable Expenses in respect of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

 

5.                                      Burden of Proof.  In connection with any determination by the Determining Party, any court or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the Determining Party or court shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative to establish, by clear and convincing evidence, that the Indemnitee is not so entitled.

 

6.                                      Reliance as Safe Harbor.  The Indemnitee shall be entitled to indemnification for any action or omission to act undertaken (a) in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence, or (b) on behalf of the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided such legal counsel or accountants were selected with reasonable care by or on behalf of the Company.  In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder.

 

7.                                      No Other Presumptions.  For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.  In addition, neither the failure of the Determining Party to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Determining Party that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief.

 

8.                                      Nonexclusivity, Etc.  The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Company’s Certificate of Incorporation and By-Laws, the laws of the State of Delaware, or otherwise.  To the extent that a change in Delaware law or the interpretation thereof (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s Certificate of Incorporation and By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Company’s Certificate of Incorporation or By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits regardless of whether contained herein, in the Company’s

 

 

Certificate of Incorporation or By-Laws.  No amendment or alteration of the Company’s Certificate of Incorporation or By-Laws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

 

9.                                      Liability Insurance.  The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted against, or incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement.  Such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer of the Company.  If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy.

 

10.                               Period of Limitations.  No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

11.                               Amendments, Etc.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.  In the event the Company or any of its subsidiaries enters into an indemnification agreement with another director, officer, agent, fiduciary or manager of the Company or any of its subsidiaries containing a term or terms more favorable to the indemnitee than the terms contained herein (as determined by the Indemnitee), the Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated by reference herein as if set forth in full herein.  As promptly as practicable following the execution by the Company or the relevant subsidiary of each indemnity agreement with any such other

 

 

director, officer or manager (i) the Company shall send a copy of the indemnity agreement to the Indemnitee, and (ii) if requested by the Indemnitee, the Company shall prepare, execute and deliver to the Indemnitee an amendment to this Agreement containing such more favorable term or terms.

 

12.                               Subrogation.  Subject to Section 13, in the event of payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee with respect to any insurance policy.  Indemnitee shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.  The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

13.                               Jointly Indemnifiable Claims.  Given that certain Jointly Indemnifiable Claims may arise due to the relationship between the Indemnitee-Related Entities and the Company and the service of the Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities.  Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder.  In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights.  Each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Paragraph 13, entitled to enforce this Paragraph 13 against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

 

14.                               No Duplication of Payments.  Subject to Paragraph 13 hereof, the Company shall not be liable under this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, any provision of the Company’s Certificate of Incorporation and By-Laws, or otherwise) of the amounts otherwise indemnifiable hereunder.

 

15.                               Defense of Claims.  The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof,

 

 

with counsel reasonably satisfactory to the Indemnitee; provided that if the Indemnitee believes, after consultation with counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee and the Indemnitee concludes that there may be one or more legal defenses available to him that are different from or in addition to those available to the Company or any subsidiary of the Company or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense.  The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.  The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such Claim.  Neither the Company nor the Indemnitee shall unreasonably withhold its or his consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of the Indemnitee.  To the fullest extent permitted by Delaware law, the Company’s assumption of the defense of a Claim pursuant to this Section 15  will constitute an irrevocable acknowledgement by the Company that any Indemnifiable Expenses incurred by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 2 of this Agreement.

 

16.                               Binding Effect, Etc.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.  The Company shall require and cause any successor(s) (whether directly or indirectly, whether in one or a series of transactions, and whether by purchase, merger, consolidation, or otherwise) to all or a significant portion of the business and/or assets of the Company and/or its subsidiaries (on a consolidated basis), by written agreement in form and substance satisfactory to the Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place; provided that no such assumption shall relieve the Company from its obligations hereunder and any obligations shall thereafter be joint and several.  This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company and/or on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company,

 

 

partnership, joint venture, trust, employee benefit plan or other enterprise.  Neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company to any other person or entity without the prior written consent of the Indemnitee.

 

17.                               Security.  To the extent requested by the Indemnitee, the Company shall at any time and from time to time provide security to the Indemnitee for the obligations of the Company hereunder through an irrevocable bank line of credit, funded trust or other collateral or by other means.  Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of such Indemnitee.

 

18.                               Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

 

19.                               Specific Performance, Etc.  The parties recognize that if any provision of this Agreement is violated by the parties hereto, the Indemnitee may be without an adequate remedy at law.  Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue.

 

20.                               Notices.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by telecopy, nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties:

 

(a)                                 If to the Company, to:

 

Cache, Inc.

1440 Broadway, 5th Floor

New York, NY 10018

Attention: Jay Margolis

Telephone: (212) 575-3200

Facsimile: (212) 764-2081

 

 

with a copy (which shall not constitute notice) to:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022

Attention: Michael R. Littenberg, Esq.

Telephone:  (212) 756-2524

Facsimile: (212) 593-5955

 

(b)                                 If to the Indemnitee, to the address set forth on Annex A hereto.

 

All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by electronic transmission, with confirmation received, to the telecopy numbers specified above (or at such other address or telecopy number for a party as shall be specified by like notice).  Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

21.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

22.                               Headings.  The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

23.                               Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

	
 
    	
CACHE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

 

Annex A

 

	
Name and Business Address.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Attn:
    	
 
    
	
Tel:
    	
 
    
	
Fax:Exhibit 10.1

 

SEPARATION AGREEMENT & GENERAL RELEASE

 

This is a Separation Agreement and General Release (“Separation Agreement”) entered into this 15th day of August, 2013, by and among Northeast Bancorp (the “Company”), Northeast Bank(together with the Company, “Northeast”) and Heather P. Campion (“Ms. Campion” or the “Employee”) (collectively “the Parties”).

 

WHEREAS, Ms. Campion is employed by Northeast as Chief Administrative Officer pursuant to an Employment Agreement dated December 30, 2010 (“Employment Agreement”);

 

WHEREAS, Northeast Bancorp granted Ms. Campion an option to purchase 59,404 shares of voting common stock of Northeast Bancorp, par value $1.00 per share (“Voting Common Stock”), on December 29, 2010, pursuant to the Northeast Bancorp Amended and Restated 2010 Stock Option and Incentive Plan (the “Plan”) and subject to the restrictions and conditions set forth in the Amended and Restated Non-Qualified Performance-Based Stock Option Agreement dated December 29, 2010, as amended and restated on March 22, 2013 (“2010 Performance-Based Stock Option Agreement”), and the Plan;

 

WHEREAS, Northeast Bancorp granted Ms. Campion an option to purchase 59,404 shares of Voting Common Stock on December 29, 2010, pursuant to the Plan and subject to the restrictions and conditions set forth in the Non-Qualified Time-Based Stock Option Agreement dated December 29, 2010 (“2010 Time-Based Stock Option Agreement”) and the Plan;

 

WHEREAS, Northeast Bancorp granted Ms. Campion (i) an option to purchase 33,059 shares of Voting Common Stock on January 31, 2013 (the “2013 Option Award”), pursuant to the Plan and subject to the restrictions and conditions set forth in the Non -Qualified Stock Option Agreement dated January 31, 2013and the Plan, and (ii) 5,277 restricted shares of Voting Common Stock (the “2013 Restricted Stock Award”) pursuant to the Plan and subject to the restrictions and conditions set forth in the Restricted Stock Award Agreement dated January 31, 2013 and the Plan; and

 

WHEREAS, the Parties desire to enter into this Separation Agreement concerning Ms. Campion’s resignation from the Company in an effort to amicably resolve any and all existing and/or potential disputes that have arisen or may arise relating to and in connection with Ms. Campion’s employment.

 

NOWTHEREFORE, intending to be legally bound, and in consideration of the mutual promises and commitments set forth in this Separation Agreement and General Release, the parties hereby agree as follows:

 

1.                                      Resignation.  Ms. Campion’s employment with the Company will terminate effective September 13, 2013 (“Resignation Date”). Northeast agrees to provide Ms. Campion with her full salary and benefits due for work performed through her Resignation Date.  Ms. Campion will be entitled to receive payment of any unused accrued vacation time through her Resignation Date.

 

 

2.                                      Consideration.  As consideration for this Separation Agreement (including the general release of claims set forth in Paragraph 4 below), Northeast agrees to provide Ms. Campion with the following payments and benefits (the “Consideration”):

 

a.                                      Severance Payments.  Provided she remains at all times in compliance with the terms of this Separation Agreement and with the terms of Sections7 and 8 of the Employment Agreement (as modified by Section 3 of this Separation Agreement), Northeast agrees to pay Ms. Campion Severance Payments in the amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (“Severance Payments”), which amount is equal to ten months of Ms. Campion’s base salary.  The Severance Payments will be subject to required tax withholding and deductions and will be paid in equal installments on regular Northeast payroll periods for ten months, beginning on the first payroll date following the later of the Resignation Date or the expiration of the Revocation Period (as defined in Paragraph 11 of this Separation Agreement).

 

b.                                      Equity Awards. The stock options covered by the 2010 Performance-Based Stock Option Agreement and 2010 Time-Based Stock Option Agreement(together, the “2010 Stock Option Award Agreements”), whether or not vested or exercisable as of the Resignation Date, shall remain outstanding and the2010 Stock Option Award Agreements shall be amended as provided on the attached Exhibit A. Ms. Campion hereby acknowledges that no portion of the 2013 Option Award or 2013 Restricted Stock Award shall be vested as of the Resignation Date and, therefore, the 2013 Option Award shall terminate and the shares of Voting Common Stock subject to the 2013 Restricted Stock Award shall be forfeited, in each case as of the Resignation Date.

 

c.                                       Termination of Group Benefits; Payment of COBRA Premiums. Ms. Campion’s eligibility to participate in any employer-sponsored benefit plans will terminate upon the Resignation Date, subject to any continuation or conversion rights she may have under said plans.  Ms. Campion and/or any of her dependent(s) may elect to continue group health and/or dental benefits in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985.

 

d.                                      No Other Payments or Consideration.  Ms. Campion acknowledges that, except for the promises and benefits expressly provided under Paragraph 2 of this Separation Agreement, she is not entitled to, nor has she been promised, any other payments or benefits.

 

3.                                      Restrictive Covenants.  Ms. Campion acknowledges and hereby reaffirms her continuing obligations to Northeast pursuant to Sections 7 and 8 of the Employment Agreement, the terms of which are incorporated by reference herein (collectively, along with Paragraph 6 of this Separation Agreement, the “Restrictive Covenants”); provided, however, that the duration of Ms. Campion’s noncompetition obligations under Section 8 of the Employment Agreement is hereby reduced to ten (10) months following the Resignation Date.

 

4.                                      General Release of Claims.  In consideration for the commitments and benefits set forth in Paragraph 2 above, the Consideration which Ms. Campion hereby acknowledges is in addition to anything of value to which she is already entitled, Ms. Campion releases and discharges Northeast Bancorp, Northeast Bank and each of their affiliates, subsidiaries, divisions, successors and assigns, and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys,

 

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accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to throughout this Separation Agreement as the “Released Parties”), generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when she signs this Separation Agreement, Ms. Campion has, ever had, now claims to have or ever claimed to have had against any or all of the Released Parties.  This release includes, without limitation, all Claims:

 

·                  relating to Ms. Campion’s employment by and termination of employment with Northeast;

·                  of wrongful discharge or violation of public policy;

·                  of breach of contract;

·                  of defamation or other torts;

·                  of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of discrimination or retaliation under the Age Discrimination in Employment Act, the Americans with Disabilities Act, and Title VII of the Civil Rights Act of 1964);

·                  under any other federal or state statute (including, without limitation, Claims under the Fair Labor Standards Act);

·                  for wages, bonuses, incentive compensation, stock, stock options, vacation pay or any other compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and

·                  for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees;

 

provided, however, that this release shall not affect Ms. Campion’s vested rights under Northeast’s Section 401(k) plan or her rights under this Separation Agreement.  Notwithstanding the foregoing, this release shall not apply to any claim by Ms. Campion to enforce this Separation Agreement or to recover for any breach of this Separation Agreement.

 

In the event there is any third party action against the Released Parties in which there is a damages award or other equitable or legal remedies, including attorney’s fees or costs. Relating to the released Claims above and benefitting Ms. Campion, she agrees not to accept such damages or other award.  As a material inducement to Northeast to enter into this Separation Agreement, Ms. Campion represents that she has not assigned any Claim to any third party.

 

5.                                      Non-Admission of Liability or Wrongdoing.  Ms. Campion and Northeast hereby acknowledge and agree that this Separation Agreement is not, and shall not be construed as an admission, concession or evidence of liability or wrongdoing of any nature or description whatsoever on the part of Northeast or Ms. Campion.

 

6.                                      Mutual Covenant Not to Engage in Disparaging or Defamatory Conduct.  Ms. Campion covenants and agrees not to disparage, defame or otherwise engage in conduct that, in any way, reflects adversely upon Northeast, or any current or former employee of Northeast. Northeast agrees to instruct its directors and officers as of the Resignation Date not to disparage or defame Ms. Campion or otherwise engage in conduct that, in any way, reflects

 

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adversely upon Ms. Campion.  Notwithstanding, this mutual obligation shall not in any way affect the Parties’ obligation to testify truthfully in any legal proceeding.

 

7.                                      Return of Northeast Property.  Ms. Campion acknowledges that on or before her Resignation Date she is obligated to turn over to Northeast all property, tangible or intangible, belonging to Northeast, including but not limited to the following: keys, access cards, credit cards, laptops, computer equipment, cell phones and other communication devices, documents, files, data, and records.  Ms. Campion also commits to deleting and finally purging any duplicates of files or documents that may contain Northeast information from any computer or other device that remains her property after the Resignation Date.  In the event that Ms. Campion discovers that she continues to retain any such property, she shall return it to Northeast immediately.

 

8.                                      Governing Law; Photocopies.  This Separation Agreement shall be governed by and construed under the laws of the Commonwealth of Massachusetts without regard to conflict of law principles.  The parties agree that any disputes between the parties shall be resolved exclusively in the federal or state courts of the Commonwealth of Massachusetts.  In the event of any dispute, this Separation Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either party or the “drafter” of all or any portion of this Separation Agreement. This Separation Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document.  Facsimile and pdf signatures shall be deemed to be of equal force and effect as originals. A photocopy of a fully executed Separation Agreement shall be deemed an original for all purposes.

 

9.                                      Entire Agreement; Amendment; Waivers.  Ms. Campion acknowledges that she has carefully read and fully understands the provisions of this Separation Agreement, which sets forth the entire agreement between Northeast and Ms. Campion.  Ms. Campion acknowledges that, in signing this Separation Agreement, she is not relying upon any promises or representations made by anyone at or on behalf of Northeast, other than the promises explicitly set forth in this Separation Agreement.  The obligations of the parties under this Separation Agreement shall supersede any obligations the parties may have, or arguably have, under any prior appointment letter(s) or employment agreement(s) or pursuant to any written or oral commitments or understandings, except for the Restrictive Covenants, and the 2010 Stock Option Award Agreements, which will remain in full force and effect according to their terms (as such2010 Stock Option Award Agreements have been amended as set forth in Exhibit A).This Separation Agreement may not be changed orally but only by an agreement or agreements, in writing, executed by the party waiving compliance.  The failure of either party to this Separation Agreement at any time or from time to time to require performance of any of the other party’s obligations under this Separation Agreement shall in no manner affect such non-requiring party’s right to enforce any provisions of this Separation Agreement at a subsequent time; and the waiver by the non-requiring party of any right arising out of any breach shall not be construed as a waiver of any right arising out of any subsequent breach.

 

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10.                               Review Period & Consultation with Legal Counsel.  Ms. Campion hereby acknowledges that she has been given at least twenty-one days (21) within which to consider this Separation Agreement, and that she has been advised that she should consult an attorney prior to executing it.  Ms. Campion further acknowledges that she has carefully read and fully understands all of the provisions of this Separation Agreement and that she enters into it knowingly and voluntarily and without any coercion.  If she has signed this Separation Agreement before the end of such consideration period, Ms. Campion acknowledges that such decision was entirely voluntary and that she had the right to consider this Separation Agreement for the entire twenty-one (21) day period.

 

11.                               Revocation Period.  Ms. Campion understands that she may revoke her acceptance of this Separation Agreement for a period of seven (7) days after she has signed it (“Revocation Period”).To be effective, Ms. Campion’s revocation must be in writing and received by the Chief Executive Officer of Northeast Bancorp within the Revocation Period.

 

12.                               Effective Date.  This Separation Agreement shall not become effective or enforceable against Northeast or Ms. Campion until the expiration of seven (7) days following the execution by Ms. Campion and the receipt by Northeast of this Separation Agreement.

 

13.                               Enforceability.  Ms. Campion agrees that, if any portion or provision of this Separation Agreement or the Restrictive Covenants shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision shall be valid and enforceable to the fullest extent permitted by law.

 

14.                               Taxes.  Northeast shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits under this Separation Agreement and in connection with other compensation matters to the extent that it reasonably and in good faith determines that it is required to make such deductions, withholdings and tax reports.  Payments under this Separation Agreement shall be in amounts net of any such deductions or withholdings.  Nothing in this Separation Agreement shall be construed to require Northeast to make any payments to compensate Ms. Campion for any adverse tax effect associated with any payments or benefits made to Ms. Campion in connection with Ms. Campion’s employment with Northeast.

 

15.                               Successors and Assigns. The parties agree that their rights and obligations hereunder are binding upon and inure to the benefit of their respective successors and assigns, and in the case of Ms. Campion, to her heirs as well.

 

16.                               Termination and Return of Payments.  In the event that Ms. Campion fails to comply with any of the provision of this Separation Agreement, including any of the Restrictive Covenants that have been incorporated by reference, in addition to any other legal or equitable remedies it may have for such breach, Northeast shall have the right to terminate its payments to her under this Separation Agreement.  The termination of such payments in the event of Ms. Campion’s breach will not affect her continuing obligations under this Separation Agreement.  In addition, if Ms. Campion pursues a court action in which she seeks any remedy based on any Claim that is within the scope of Claims that Ms. Campion is releasing in this Separation Agreement, (i) Northeast shall have the right to terminate its payments to her under this

 

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Separation Agreement; and (ii) Northeast shall be entitled to recover its reasonable attorneys’ fees and costs if it prevails based upon its contention that Ms. Campion released such Claim pursuant to this Separation Agreement; provided, however, that (ii) shall not apply to any Claim based on the Age Discrimination in Employment Act with respect to which Ms. Campion asserts that her release in this Separation Agreement is ineffective, except to the extent that a court determines in its discretion to award restitution, recoupment or setoff to Northeast in accordance with applicable law.

 

17.                               Section 409A.  Anything in this Separation Agreement to the contrary notwithstanding, if at the time of Ms. Campion’s separation from service within the meaning of Section 409A of the Code, Northeast determines that Ms. Campion is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Ms. Campion becomes entitled to under this Separation Agreement on account of Ms. Campion’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after Ms. Campion’s separation from service, or (B) Ms. Campion’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.  The parties intend that this Separation Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Separation Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Separation Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).The parties agree that this Separation Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. Northeast makes no representation or warranty and shall have no liability to Ms. Campion or any other person if any provisions of this Separation Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, each of the parties has executed this Separation Agreement as of the day and year first above written.

 

NORTHEAST BANCORP

 

 

	
By:
    	
/s/   Richard Wayne
    	
 
    
	
Name:
    	
Richard   Wayne
    	
 
    
	
Title:
    	
President   and Chief Executive Officer
    	
 
    

 

NORTHEAST BANK

 

 

	
By:
    	
/s/   Richard Wayne
    	
 
    
	
Name:
    	
Richard   Wayne
    	
 
    
	
Title:
    	
President   and Chief Executive Officer
    	
 
    

 

 

You are advised to consult with an attorney before signing this Separation Agreement.  By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Separation Agreement and that you are knowingly and voluntarily entering into this Separation Agreement.

 

 

	
/s/   Heather Campion
    	
 
    
	
Heather   Campion
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
8/15/13
    	
 
    
			

 

[Signature Page to Separation Agreement & General Release]

 

 

Exhibit A

 

Amendment to the Stock Option Agreements

 

 

AMENDMENT TO THE
 STOCK OPTION AGREEMENTS

 

This Amendment (the “Amendment”) to the Non-Qualified Time-Based Stock Option Agreement dated December 29, 2010 (the “Time-Based Option Agreement”) and the Amended and Restated Non-Qualified Performance-Based Stock Option Agreement dated December 29, 2010, as amended and restated on March 22, 2013 (the “Performance-Based Option Agreement,” and, together with the Time-Based Option Agreement, the “2010 Stock Option Award Agreements”), by and between the Company and Heather Campion (the “Optionee”) under the Northeast Bancorp (the “Company”) Amended and Restated 2010 Stock Option and Grant Plan (the “Plan”) is made as of August 15, 2013, by and between the Company and the Optionee.  All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Plan and the respective 2010 Stock Option Award Agreement.

 

R E C I T A L S

 

WHEREAS, the Optionee was granted (i) an option to purchase 59,404 shares of Voting Common Stock of the Company on December 29, 2010 as set forth in the Time-Based Option Agreement and (ii) an option to purchase 59,404 shares of Voting Common Stock of the Company on December 29, 2010 as set forth in the Performance-Based Option Agreement (together, the “Options”).

 

WHEREAS, the Optionee, the Company and Northeast Bank entered into a Separation Agreement as of August 15, 2013 (the “Separation Agreement”), which agreement shall become effective upon the expiration of the Revocation Period in accordance with Section 12 of the Separation Agreement (the “Effective Date”);

 

WHEREAS, the parties desire to amend the 2010 Stock Option Award Agreements to modify the treatment of the Options upon a termination of Optionee’s employment.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      Amendment of Time-Based Option Agreement.  Upon the Effective Date of the Separation Agreement, the Time-Based Option Agreement shall be amended by deleting Section 3 in its entirety and replaced as follows:

 

“3.                                Termination of Employment.  Notwithstanding anything herein or in the Plan to the contrary, if the Optionee’s employment by the Company or a Subsidiary (as defined in the Plan) is terminated for any reason other than for Cause (as such term is defined in the Employment Agreement by and between the Company and the Optionee), this Stock Option shall remain outstanding until the Expiration Date and, to the extent such Stock Option is not exercisable as of the date of such termination of employment, shall become exercisable at the time(s) and with respect to the number of Option Shares as set forth in Section 1 of this Agreement.”

 

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2.                                      Amendment of Performance-Based Option Agreement.  Upon the Effective Date of the Separation Agreement, Section 3 of the Performance-Based Option Agreement shall be amended by deleting Section 3 in its entirety and replacing it with the following:

 

“3.                                Termination of Employment.  Notwithstanding anything herein or in the Plan to the contrary, if the Optionee’s employment by the Company or a Subsidiary (as defined in the Plan) is terminated for any reason other than for Cause (as such term is defined in the Employment Agreement by and between the Company and the Optionee), this Stock Option shall remain outstanding until the Expiration Date and, to the extent such Stock Option is not exercisable as of the date of such termination of employment, may become exercisable subject to satisfaction of the terms and conditions set forth in Section 1 of this Agreement; provided, however, any portion of this Stock Option that is not exercisable as of the seventh anniversary of the Grant Date shall terminate immediately and be of no further force or effect.”

 

3.                                      No Other Changes.  All other terms and conditions as set forth in the Plan and the 2010 Stock Option Award Agreements shall remain the same.  In the event the Separation Agreement does not become effective, this Amendment shall be of no force or effect.

 

4.                                      Governing Law.  This Amendment shall be governed by and construed in accordance with the law of the State of Maine without regard to conflicts of law principles thereof.

 

5.                                      Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, each of the parties has executed this Amendment to the Option as of the day and year first above written.

 

 

	
COMPANY:
    	
OPTIONEE:
    
	
 
    	
 
    
	
NORTHEAST   BANCORP
    	
HEATHER   CAMPION
    
	
 
    	
 
    
	
By:   
    	
/s/   Richard Wayne
    	
 
    	
/s/   Heather Campion
    
	
Name:
    	
Richard Wayne
    	
 
    
	
Title:
    	
President   and Chief Executive Officer
    	
 
    
				

 

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