Document:

Exhibit

SELECTA BIOSCIENCES, INC.

TRANSITION AND CONSULTING AGREEMENT

This Transition and Consulting Agreement (this “Agreement”) is made by and between Selecta Biosciences, Inc., a Delaware corporation (the “Company”), and Peter Keller (the “Consultant”) and will become effective as of the Effective Date (defined below).  
WHEREAS, the Consultant and the Company are party to (i) an Employment Agreement dated as of June 6, 2016 (the “Employment Agreement”), (ii) an Employee Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement dated as of June 6, 2016 (the “Restrictive Covenant Agreement”) and (iii) an Indemnification Agreement dated as of June 6, 2016 (the “Indemnification Agreement”).
WHEREAS, the Consultant desires to resign his position as Chief Business Officer of the Company effective December 18, 2017 and resign and terminate the Consultant’s employment and all other offices with the Company and its subsidiaries and affiliates effective December 31, 2017 (the “Resignation Date”) without “Good Reason” (as defined in the Employment Agreement), it being understood and agreed by the parties that the Consultant will not be entitled to the severance payments and benefits set forth in the Employment Agreement; and
WHEREAS, the Company desires to engage the Consultant to perform consulting services on behalf of the Company and the Consultant desires to perform such services on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing recitals and the promises and mutual covenants set forth herein the parties hereby agree as follows:
1.      Resignation; Consulting Services.  
(a)    The Consultant hereby resigns his position as Chief Business Officer of the Company effective December 18, 2017 and resigns and terminates his employment and all other offices with the Company and its subsidiaries and affiliates effective as of the Resignation Date.  As of the Resignation Date, the Consultant shall cease to be employed by or to serve the Company in any capacity except as set forth in this Agreement and shall cease to exercise or convey any authority (actual, apparent or otherwise) on behalf of the Company.  The Consultant acknowledges and agrees that his resignation is without Good Reason and that the Consultant is not entitled to the severance payments and benefits set forth in the Employment Agreement.
(b)    As of the Effective Date, the Company hereby retains the Consultant and the Consultant hereby agrees to perform such consulting and advisory services relating to the Field of Interest (as defined below) as set forth in Exhibit A to this Agreement (the “Consulting Services”). 

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(c)    The Consultant shall comply with all rules, procedures and standards promulgated from time to time by the Company with regard to the Consultant’s access to and use of the Company’s property, information, equipment and facilities.
(d)    The parties agree that the Company will not issue any press releases as to Consultant’s termination of employment and/or his consulting arrangement or agreement with the Company.  Nothing in this Section 1(d) prohibits or restricts the Company from complying with its obligations under applicable law or Securities Exchange Commission rules.
2.     Compensation.
(a)    The Company shall pay the Consultant the consulting fee described in Exhibit A to this Agreement.  The Company will reimburse the Consultant for such reasonable business expenses as are incurred by the Consultant in the performance of Consulting Services for the Company and pre-approved in writing by the Company.
(b)    Exhibit B to this Agreement identifies each Company stock option held by the Consultant (each, an “Option”) and indicates the extent to which each Option is expected to be vested and unvested as of the Resignation Date.  The Company and Consultant agree that notwithstanding any contrary terms of the Options, the portion of each Option that is unvested as of the Resignation Date shall immediately expire and be forfeited as of the Resignation Date and that the portion of each Option that is vested as of the Resignation Date will remain outstanding and exercisable until the date that is three months following termination of this Agreement for any reason (provided that (x) in no event will any Option be exercisable after the final expiration date of the Option set forth in the stock option agreement governing the Option and (y) all Options will remain subject to earlier termination in connection with a corporate transaction or event in accordance with the terms of the stock option agreement governing the Option).  The Consultant acknowledges that any Option intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended, may cease to so qualify as of the Effective Date.
3.    Release of Claims.  In consideration of the foregoing, the Consultant, on the Consultant’s own behalf and on behalf of any of the Consultant’s affiliated companies or entities and any of the Consultant’s or their respective heirs, family members, executors, agents, and assigns hereby and forever releases the Company, any of its direct or indirect subsidiaries and affiliates, and any of its or their current and former officers, directors, equity holders, managers, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions and subsidiaries and predecessor and successor corporations and assigns (collectively, the “Releasees”), from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that the Consultant may possess against any of the Releasees arising from any omissions, acts, facts or damages that have occurred up until and including the date the Consultant executes this Agreement, including, without limitation:

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(a)    any and all claims relating to or arising from the Consultant’s employment with the Company or any of its direct or indirect affiliates and the termination of that relationship;
(b)    any and all claims relating to, or arising from, the Consultant’s right to purchase, or actual purchase of any shares of stock or other equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;
(c)    any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;
(d)    any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Credit Reporting Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002; the Massachusetts Wage Act; and the Massachusetts Fair Employment Practices Act;
(e)    any and all claims for violation of the federal or any state constitution;
(f)    any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
(g)    any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by the Consultant as a result of this Agreement; and
(h)    any and all claims for attorneys’ fees and costs.
The Consultant agrees that the release set forth in this Section is and will remain in effect in all respects as a  general release as to the matters released.  Notwithstanding the foregoing, this release does not release (i) the Consultant’s ownership of vested equity securities of the Company or the Options, (ii) the Consultant’s right to indemnification by the Company or pursuant to the Indemnification Agreement or applicable law, (iii) claims for breach of this Agreement, (iv) claims that cannot be released as a matter of law, including, but not limited to, the Consultant’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government 

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agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that the Consultant’s release of claims herein bars the Consultant from recovering monetary relief from the Company or any Releasee), (v) claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, (vi) claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of COBRA and (vii) claims to any benefit entitlements vested as the Resignation Date, pursuant to written terms of any employee benefit plan of the Company or its affiliates and the Consultant’s rights under applicable law (the “Retained Claims”).
The Consultant understands and acknowledges that the Consultant is waiving and releasing any rights the Consultant may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.  The Consultant understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date the Consultant executes this Agreement.  The Consultant understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which the Consultant was already entitled.  The Consultant further understands and acknowledges that the Consultant has been advised by this writing that:  (A) the Consultant should consult with an attorney prior to executing this Agreement; (B) the Consultant has 21 days within which to consider this Agreement; (C) the Consultant has 7 days following the Consultant’s execution of this Agreement to revoke this Agreement pursuant to written notice to the General Counsel of the Company; (D) this Agreement shall not be effective until after the revocation period has expired and will become effective on the eighth day after the Consultant executes this Agreement (the “Effective Date”) if it has been not been revoked by the Consultant before that date; and (e) nothing in this Agreement prevents or precludes the Consultant from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law.  In the event the Consultant signs this Agreement and returns it to the Company in less than the 21 day period identified above, the Consultant hereby acknowledges that the Consultant has freely and voluntarily chosen to waive the time period allotted for considering this Agreement.
The Consultant represents and warrants that the Consultant has read this Section carefully and has been advised to consult with any attorney and any other advisors of the Consultant’s choice prior to executing this Agreement, and that the Consultant fully understands that by signing this Agreement, the Consultant is voluntarily giving up any right which the Consultant may have to sue or bring any claims against the Releasees other than the Retained Claims.
4.    Independent Contractor.  In furnishing the Consulting Services, the Consultant understands that he will at all times be acting as an independent contractor of the Company and, as such, will not be an employee of the Company and will not by reason of this Agreement or by reason of the performance of Consulting Services be entitled to participate in or to receive any benefit or right under any of the Company’s employee benefit or welfare plans.  If the Consultant is reclassified by a state or federal agency or court as an employee, the Consultant will become a reclassified employee and will receive no benefits except those mandated by state or federal law, 

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even if by the terms of the Company's benefit plans in effect at the time of such reclassification the Consultant would otherwise be eligible for such benefits.  The Consultant also will be responsible for paying all withholding and other taxes required by law to be paid with respect to the Consulting Fee as and when the same become due and payable and agrees to indemnify and hold the Company harmless from all liability with respect to any such taxes.  The Consultant acknowledges and agrees that the Company will be entitled (but not required) to deduct from any amounts otherwise due to the Consultant from the Company payment in satisfaction of the foregoing indemnification obligations.  The Consultant shall not enter into any agreements or incur any obligations on behalf of the Company.  
5.    Term; Termination.  
(a)    The term of this Agreement will begin on the later of the Resignation Date or the Effective Date and will end on the first anniversary thereof (the “Consulting Period End Date”) Resignation Date or upon earlier termination of the Agreement as provided below (the “Term”).  The Company may terminate this Agreement for any reason effective 30 days, or as otherwise mutually agreed, after delivery of a written notice of termination to the Consultant.  
The Consultant may terminate this Agreement for any reason effective 30 days, or as otherwise mutually agreed, after delivery of a written notice of termination to the Company.  
(b)    Upon the termination of this Agreement for any reason, the Company shall remain obligated to pay the Consultant any Consulting Fee earned through the date of termination and any unpaid business expenses that are reimbursable as set forth in Section 2(a); provided, that the Company will only be obligated to reimburse the Consultant for an unpaid business expense to the extent evidence of the expense is submitted to the Company within thirty (30) days of termination of this Agreement.  
(c)    If (i) the Company materially breaches this Agreement, which material breach has not been cured (or cannot be cured) within thirty (30) days after the Consultant gives written notice to the Company regarding such material breach (a “Material Breach”) and (ii) following expiration of such cure period and prior to the Consulting Period End Date, the Consultant terminates this Agreement, then the Company shall pay to the Consultant any then-unpaid portion of the Consulting Fee in a lump sum within thirty (30) days following the date of such termination, and the New Option (as defined on Exhibit A to this Agreement) shall vest in full immediately.  If the Consultant terminates this Agreement prior to the Consulting Period End Date other than after a Material Breach, except as set forth in Section 5(b), the Consultant will forfeit any then-unpaid portion of the Consulting Fee and any then-unvested portion of the New Option.
(d)    If the Company terminates this Agreement for any reason other than for Cause (as defined below) prior to the Consulting Period End Date, then (x) the Company will pay to the Consultant 60% of any then-unearned portion of the Consulting Fee, payable in a lump sum within thirty (30) days following the date of termination and (y) the New Option will immediately vest in full.  If the Company terminates this Agreement for Cause prior to the Consulting Period End Date, except as set forth in Section 5(b), the Consultant will forfeit any 

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then-unpaid portion of the Consulting Fee, and the New Option will terminate and be cancelled without consideration therefor with respect to any then-outstanding shares.  As used herein, “Cause” shall mean (i) the Consultant’s indictment or conviction of, any felony or any crime involving dishonesty by the Consultant about the Company, (ii) the Consultant’s participation in any fraud against the Company, (iii) any intentional damage to any property of the Company by the Consultant, (iv) the Consultant’s misconduct which materially and adversely reflects upon the business, operations, or reputation of the Company, which misconduct has not been cured within thirty (30) days after the Company gives written notice to the Consultant regarding such misconduct, and (v) the Consultant’s breach of any material provision of this Agreement or any other material written agreement between the Consultant and the Company and failure to cure such breach within thirty (30) days after the Company gives written notice to the Consultant regarding such breach.
6.    Exceptions to this Agreement.
(a)    Certain Other Contracts.  The Company acknowledges that the Consultant is now or may become a party to agreements with third parties relating to the disclosure of information, the ownership of inventions, restrictions against competition and/or similar matters.  The Consultant represents and agrees that the execution, delivery and performance of this Agreement does not and will not conflict with any other agreement, policy or rule applicable to the Consultant.  The Consultant will not (i) disclose to the Company any information that he is required to keep secret pursuant to a confidentiality agreement with a third party, (ii) use the funding, resources, facilities or inventions of any third party to perform the Consulting Services, or (iii) perform the Consulting Services in any manner that would give any third party rights to any intellectual property created in connection with such services. Further, for purposes of clarity, nothing in this Agreement or the attached exhibits prevents the Consultant from working for other companies during the Term as long as such employment does not materially interfere with the Consultant’s performance of duties under this Agreement or violate the terms of this Agreement or any other Agreement the Consultant has with the Company.
(b)    Prior Inventions.  The Consultant has informed the Company, in writing, of any and all inventions which he claims as his own or otherwise intends to exclude from this Agreement because it was developed by him prior to the date of this Agreement (“Excluded Inventions”). Notwithstanding the foregoing, Excluded Inventions do not include prior inventions made by the Consultant during the term of his employment, which are governed by the Restrictive Covenant Agreement (“Prior Company Inventions”).  The Consultant acknowledges that after execution of this Agreement he shall have no right to exclude any Company Inventions (as defined below) from this Agreement.  
7.    Confidential Information.  While providing the Consulting Services to the Company and thereafter, the Consultant shall not, directly or indirectly, use any Confidential Information (as defined below) other than pursuant to his provision of the Consulting Services by and for the benefit of the Company or as required by valid subpoena or other legal process (provided that the Consultant shall give the Company prompt notice of such requirement, shall, as far in advance of disclosing such information as is reasonably practicable, make available to 

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the Company and its counsel the documents and other information sought or proposed to be disclosed and shall assist the Company or such counsel at the Company’s expense in resisting or otherwise responding to such subpoena or other legal process), or disclose to anyone outside of the Company any such Confidential Information.  The term “Confidential Information” as used throughout this Agreement shall mean all trade secrets, proprietary information and other data or information (and any tangible evidence, record or representation thereof), written or oral, whether prepared, conceived or developed by a consultant or employee of the Company (including the Consultant) or received by the Company from an outside source, which is in the possession of the Company (whether or not the property of the Company) and which is maintained in secrecy or confidence by the Company.  Without limiting the generality of the foregoing, Confidential Information shall include:
(a)    any idea, improvement, invention, innovation, development, concept, technical data, design, formula, device, pattern, sequence, method, process, composition of matter, computer program or software, source code, object code, algorithm, model, diagram, flow chart, product specification or design, plan for a new or revised product, sample, compilation of information, or work in process, or parts thereof, and any and all revisions and improvements relating to any of the foregoing (in each case whether or not reduced to tangible form); and
(b)    the name of any customer, supplier, employee, prospective customer, sales agent, supplier or consultant, any sales plan, marketing material, plan or survey, business plan or opportunity, product or development plan or specification, business proposal, financial record, or business record or other record or information relating to the present or proposed business of the Company.
Notwithstanding the foregoing, the term Confidential Information shall not apply to information which the Company has voluntarily disclosed to the public without restriction or which has otherwise lawfully entered the public domain other than by a breach of the Consultant’s confidentiality obligations to the Company.
The Consultant acknowledges that the Company from time to time has in its possession information (including product and development plans and specifications) which represent information which is claimed by others to be proprietary and which the Company has agreed to keep confidential.  The Consultant agrees that all such information shall be Confidential Information for purposes of this Agreement.
The Consultant agrees that all originals and all copies of materials containing, representing, evidencing, recording, or constituting any Confidential Information, however and whenever produced (whether by the Consultant or others), shall be the sole property of the Company.
The parties agree that the Consultant’s duties with respect to: (i) Confidential Information (as defined in the Restrictive Covenant Agreement) that was received by the Consultant during the term of his employment shall be as set forth in the Restrictive Covenant Agreement; and (ii) 

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Confidential Information (as defined herein) that was received by the Consultant on or after the Effective Date shall be as set forth in this Agreement. 
8.    Company Inventions. 
(a)    Assignment. The Consultant agrees that the Company will be the sole and exclusive owner of all right, title and interest in and to all ideas, inventions, works of authorship, work product, materials, and other deliverables conceived, made, developed, reduced to practice, or worked on by Consultant, alone or in conjunction with others (i) in the course of providing the Consulting Services for the Company following the execution of this Agreement, and (ii) after the term of the Agreement if resulting or directly derived from Confidential Information, and all patent, copyright, trademark, trade secret and other intellectual property rights therein, whether now known or hereafter recognized in any jurisdiction (collectively, “Company Inventions”). Consultant hereby assigns to the Company all of Consultant’s right, title and interest in and to the Company Inventions. Consultant hereby waives any applicable moral rights in the Company Inventions. 
(b)    Assistance. The Consultant will execute all papers, including patent applications, invention assignments and copyright assignments, and otherwise agrees to assist the Company as reasonably required at the Company’s reasonable expense to perfect in the Company the right, title and other interest in the Company Inventions expressly granted to the Company under this Agreement.  If the Company is unable for any reason, after reasonable effort, to secure the Consultant’s signature (or the signature of the Consultant’s authorized representative(s), if applicable) on any document needed in connection with the actions specified above, the Consultant hereby irrevocably designates and appoints the Company as the Consultant’s agent and attorney-in-fact, which appointment is coupled with an interest, to act for and, on the Consultant’s behalf, to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by the Consultant.
(c)    Background IP License. The Consultant hereby grants to the Company a non-exclusive, royalty-free, fully paid perpetual, irrevocable, worldwide right and license, with right of sublicense, under and to Consultant’s Background IP (as defined below) for the purpose of developing, marketing, selling and supporting products and services of the Company or its affiliates or subsidiaries, either directly or through multiple tiers of distribution, but not for the purpose of licensing Background IP separately from products and services of the Company or its affiliates or subsidiaries. For purposes of this Agreement, “Background IP” means any and all technology and intellectual property rights that do not constitute Company Inventions and that are owned by Consultant or are licensed by a third party to Consultant with a right to sublicense, and which exist prior to the date of this Agreement or which are developed independently by Consultant outside of the Consulting Services but are used in provision of the Consulting Services or are applicable to the Company Inventions. For the avoidance of doubt, Prior Company Inventions are not Background IP. To the extent practicable, the Consultant agrees to specifically describe and identify in writing to the Company any material Background IP that Consultant intends to use to perform the Consulting Services. 

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(d)    Inventions Made Prior to the Effective Date.  Notwithstanding the foregoing, the parties agree that the Consultant’s duties with respect to Prior Company Inventions shall be as set forth in the Restrictive Covenant Agreement.
9.    Consultant’s Obligation to Keep Records.  The Consultant will promptly disclose to the Company any and all Company Inventions.  The Consultant agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings or in any other form that may be required by the Company) of all Company Inventions and results thereof and such records will be available to and remain the sole property of the Company at all times.
10.    Consultant’s Obligation to Cooperate.  The Consultant will, at any time during or after the Term, upon request of the Company, execute all documents and perform all lawful acts which the Company considers necessary or advisable to secure its rights hereunder and to carry out the intent of this Agreement.  Without limiting the generality of the foregoing, the Consultant will assist the Company in any reasonable manner to obtain for its own benefit patents or copyrights in any and all countries with respect to all Company Inventions assigned pursuant to Section 7, and the Consultant will execute, when requested, patent and other applications and assignments thereof to the Company, or Persons (as defined below) designated by it, and any other lawful documents deemed necessary by the Company to carry out the purposes of this Agreement, and the Consultant will further assist the Company in every way to enforce any patents and copyrights obtained, including testifying in any suit or proceeding involving any of said patents or copyrights or executing any documents deemed necessary by the Company, all without further consideration than provided for herein.  It is understood that reasonable out‐of‐pocket expenses of the Consultant’s assistance incurred at the request of the Company under this Section will be reimbursed by the Company.
11.    Noncompetition.  Subject to the terms of the Restrictive Covenant Agreement or written waivers that may be provided by the Company upon request, which shall not be unreasonably withheld, the Consultant agrees that during the Term of this Agreement (the “Restricted Period”), the Consultant shall not directly or indirectly (i) provide any services in the Field of Interest to any Person other than the Company, (ii) become an owner, partner, shareholder, consultant, agent, employee or co-venturer of any Person that has committed, or intends to commit, significant resources to the Field of Interest.  Notwithstanding the foregoing, the Consultant may purchase as a passive investment up to one percent (1%) of any class or series of outstanding voting securities of any Person that has committed significant resources to the Field of Interest if such class or series is listed on a national or regional securities exchange or publicly traded in the “over-the-counter” market. 
12.    Nonsolicitation.  During the Restricted Period, the Consultant shall not (i) solicit, encourage, or induce any employee of, or consultant to, the Company (or any other Person who may have been employed by, or may have been a consultant to, the Company during the Term) to terminate his or her employment or relationship with the Company in order to become employed by or otherwise perform services for any other Person or (ii) solicit, endeavor to entice away from the Company or otherwise interfere with the relationship of the Company with any Person 

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who is, or was within the then-most recent 12 month period, a client or customer of the Company.
13.    Return of Property.  Upon termination of the Consultant’s engagement with the Company, or at any other time upon request of the Company, the Consultant shall return promptly any and all Confidential Information, including customer or prospective customer lists, other customer or prospective customer information or related materials, computer programs, software, electronic data, specifications, drawings, blueprints, medical devices, samples, reproductions, sketches, notes, notebooks, memoranda, reports, records, proposals, business plans, or copies of them, other documents or materials, tools, equipment, or other property belonging to the Company or its customers which the Consultant may then possess or have under his control.  The Consultant further agrees that upon termination of his engagement he shall not take with him any documents or data in any form or of any description containing or pertaining to Confidential Information or any Company Inventions.
14.    Miscellaneous.  
(a)    Entire Agreement.  This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the subject matter hereof  and supersede all other prior agreements and understandings, both written and oral, between the parties with respect to such subject matter; provided, however, that this Agreement does not supersede or modify the Restrictive Covenant Agreement or the Indemnification Agreement, each of which will remain in effect (and shall be enforceable in addition to and separate from any similar terms of this Agreement) in accordance with their terms.  
(b)    Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder, except as otherwise expressly provided herein and shall not be assignable by operation of law or otherwise.
(c)    Amendments and Supplements.  This Agreement may not be altered, changed or amended, except by an instrument in writing signed by the parties hereto.
(d)    No Waiver.  The terms and conditions of this Agreement may be waived only by a written instrument signed by the party waiving compliance.  The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision.  No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance.  
(e)    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the Commonwealth of Massachusetts, without reference to the principles of conflicts of law that would result in the application of the 

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substantive laws of any jurisdiction other than the Commonwealth of Massachusetts, and where applicable, the laws of the United States.
(f)    Notice.  All notices and other communications hereunder shall be in writing and shall be deemed given if delivered by hand, sent by facsimile transmission with confirmation of receipt, sent via a reputable overnight courier service with confirmation of receipt requested, or mailed by registered or certified mail (postage prepaid and return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice), and shall be deemed given on the date on which delivered by hand or otherwise on the date of receipt as confirmed:
To the Company:
Selecta Biosciences, Inc.
480 Arsenal Way
Watertown, MA 02472
Attention: General Counsel

To the Consultant:
At the most recent address for the Consultant in the Company’s personnel files
(g)    Remedies.  The Consultant recognizes that money damages alone would not adequately compensate the Company in the event of breach by the Consultant of this Agreement, and the Consultant therefore agrees that, in addition to all other remedies available to the Company at law, in equity or otherwise, the Company shall be entitled to injunctive relief for the enforcement hereof.  All rights and remedies hereunder are cumulative and are in addition to and not exclusive of any other rights and remedies available at law, in equity, by agreement or otherwise.
(h)    Survival; Validity.  Notwithstanding the termination of the Consultant’s relationship with the Company (whether pursuant to Section 4 or otherwise), the Consultant’s covenants and obligations set forth in Sections 7, 8, 10 and 13 shall remain in effect and be fully enforceable in accordance with the provisions thereof.  In the event that any provision of this Agreement shall be determined to be unenforceable by reason of its extension for too great a period of time or over too large a geographic area or over too great a range of activities, it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may be enforceable.  If, after application of the preceding sentence, any provision of this Agreement shall be determined to be invalid, illegal or otherwise unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the other provisions of this Agreement shall not be affected thereby.  Except as otherwise provided in this Section 14(h), any invalid, illegal or unenforceable provision of this Agreement shall be severable, and after any such severance, all other provisions hereof shall remain in full force and effect.

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(i)    Construction.  A reference to a Section shall mean a section or subsection in this Agreement unless otherwise expressly stated.  The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole.  The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.”  Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa.
(j)    Certain Definitions. 
(i)    “Field of Interest” shall mean immunomodulatory nanoparticles and any other projects related to the Company’s proprietary technology currently in development or initiated during the Term. 
(ii)    “Person” shall mean an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization.
(k)    Counterparts.  This Agreement may be executed in two or more counterparts, all of which together shall constitute one and the same Agreement.
15.    Whistleblower Protections and Trade Secrets.
Notwithstanding anything to the contrary contained herein or in the Restrictive Covenant Agreement, nothing in this Agreement or the Restrictive Covenant Agreement will prohibit the Consultant from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies).  Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement or the Restrictive Covenant Agreement: (i) the Consultant shall not be in breach of this Agreement or the Restrictive Covenant Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if the Consultant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Consultant may disclose the trade secret to the Consultant’s attorney, and may use the trade secret information in the court proceeding, if the Consultant files any document containing the trade secret under seal, and do not disclose the trade secret, except pursuant to court order.

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16.    Section 409A.
(a)    The intent of the parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
(b)    Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable upon termination of this Agreement shall be payable only upon the Consultant’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits shall not be paid, or, in the case of installments, shall not commence payment, until the 30th day following the Consultant’s Separation from Service (the “First Payment Date”).  Any installment payments that would have been made to the Consultant during the 30 day period immediately following the Consultant’s Separation from Service but for the preceding sentence will be paid to the Consultant on the First Payment Date and the remaining payments shall be made as provided in this Agreement.
(c)    Notwithstanding anything in this Agreement to the contrary, if the Consultant is deemed by the Company at the time of the Consultant’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which the Consultant is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of the Consultant’s benefits shall not be provided to the Consultant prior to the earlier of (i) the expiration of the six-month period measured from the date of the Consultant’s Separation from Service with the Company or (ii) the date of the Consultant‘s death.  Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to the Consultant (or the Consultant’s estate or beneficiaries), and any remaining payments due to the Consultant under this Agreement shall be paid as otherwise provided herein.
(d)    The Consultant’s right to receive any installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.  Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

[Signature Page Follows]

13

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the respective dates set forth below.

	
						
	 
	 
	 
	 
	SELECTA BIOSCIENCES, INC.

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Date:
	December 18, 2017
	 
	 
	/s/ Werner Cautreels

	 
	 
	 
	 
	Werner Cautreels, Ph.D.

	 
	 
	 
	 
	President and Chief Executive Officer

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	CONSULTANT:

	 
	 
	 
	 
	 
	 

	Date:
	December 18, 2017
	 
	 
	/s/ Peter Keller

	 
	 
	 
	 
	Peter Keller
	 

	 
	 
	 
	 
	 
	 

EXHIBIT A
Consulting Services
1.    Description of Consulting Services.
(a)    Duties. The Consultant shall provide such consulting services relating to the performance goals agreed by the Company and the Consultant.  The Consultant will be able to provide such services remotely and to the extent not conflicting with Consultant’s other obligations, provided that the Consultant will be available from time to time for telephone calls and in-person meetings with the Company’s Chief Executive Officer in the Boston area when requested with reasonable notice and accommodation of the Consultant’s schedule.   
2.    Compensation.
(a)    In exchange for the Consulting Services during the Term, the Company will pay the Consultant a cash retainer of $120,000, payable in quarterly installments at the Effective Date and the beginning of each quarter and prorated for any partial quarter of service (the “Consulting Fee”).  
(b)    The Company will pay the Consultant the amount of any Annual Bonus (as defined in the Employment Agreement) that the Company’s Board of Directors or its authorized committee (the “Board”) determines in its good faith discretion the Consultant has earned for 2017, based upon actual performance achieved by the Company’s executive management team as a whole and individual contributions, and in a manner consistent with the 2017 annual bonus determinations made by the Board with respect to the Company’s actively employed senior executives, which Annual Bonus, if any, shall be paid to the Consultant when annual bonuses for 2017 are paid to the Company’s actively employed senior executives generally but in no event later than March 15, 2018 (the “Prior Year Bonus”).  Notwithstanding the foregoing, the percentage of the Consultant’s Target Bonus for 2017 represented by the Annual Bonus paid to the Consultant in accordance with this Agreement will not be less than the average percentage of target annual bonus represented by the actual annual bonuses for 2017 paid to actively employed senior executives of the Company (other than the Chief Executive Officer of the Company) who receive an annual bonus for 2017.  Payment to the Consultant of any Annual Bonus will be subject to reduction for tax withholdings required by law.
(c)    Subject to approval by the Board, the Company will grant the Consultant at the first regularly scheduled Board meeting following the commencement of the Term an option (the “New Option”) to purchase 20,000 shares of the Company’s common stock.  10,000 shares subject to the New Option will vest in full on the Consulting Period End Date, subject to Section 5 of this Agreement , and the remaining 10,000 shares subject to the New Option will vest based upon the attainment of performance goals to be agreed by the Company and the Consultant prior to the date of grant.  Notwithstanding the foregoing, vesting of the New Option will accelerate in full in the event of a Change in Control (as defined in the Company’s 2016 Incentive Award Plan (the “Plan”) prior to the Consulting Period End Date, unless the Consultant has terminated this Agreement under Section 5(a) or Company terminated the Agreement for Cause under Section 

15

5(d) prior to such Change in Control, and will in all events be subject to the terms of the Plan and a separate stock option agreement.  Upon expiration of the Term for any reason, any then unvested portion of the New Option will automatically expire and be terminated (for the avoidance of doubt, after giving effect to any vesting under Sections 5(c) and (d) of the Agreement).
* * * * *

16

EXHIBIT B
Options

	
					
	Option 
Grant Date
	Exercise Price Per Share
	Total Shares Subject to Option*
	Vested Shares Subject to Option*
	Unvested Shares Subject to Option*

	09-Mar-2016
	$7.02
	1,139
	0
	1,139

	08-Apr-2014
	$8.97
	8,461
	8,285
	176

	21-Feb-2015
	$9.36
	10,256
	7,486
	2,770

	21-Jun-2016
	$14.00
	25,282
	7,143
	18,139

	21-Jun-2016
	$14.00
	5,559
	4,424
	1,135

	09-Mar-2016
	$7.02
	14,244
	7,057
	7,187

	14-Jun-2013
	$2.77
	2,564
	2,564
	0

	17-Feb-2011
	$0.63
	89,588
	89,588
	0

	07-Jul-2017
	$19.33
	25,619
	0
	25,619

	07-Jul-2017
	$19.33
	6,381
	0
	6,381

	 
	 
	189,093
	126,547
	62,546

* Represents, as applicable, the number of total shares, vested shares or unvested shares of common stock subject to the Option as of the Resignation Date.  The unvested portion of each Option was forfeited and expired as of the Resignation Date.Exhibit

Exhibit 10.1

NORTHFIELD BANK EMPLOYMENT AGREEMENT
This employment agreement (this “Agreement”) is made effective as of the 1st day of January, 2018 (the “Effective Date”), by and between Northfield Bank (the “Bank”), a federally- chartered savings bank with its principal offices at 1731 Victory Boulevard, Staten Island, New York 10314-3598, and Kenneth J. Doherty (“Executive”).

WITNESSETH:

WHEREAS, the Bank is a wholly-owned subsidiary of Northfield Bancorp, Inc., a stock holding company chartered in the State of Delaware (the “Company”) ; and

WHEREAS, the Executive is currently employed as Executive Vice President and Chief Lending Officer of the Bank; and

WHEREAS, the Bank desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement, and Executive is willing to continue to serve in the employ of the Bank on a full-time basis on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

		
	1.
	POSITION AND RESPONSIBILITIES.

During the term of Executive’s employment hereunder, Executive agrees to serve as an Executive Vice President of the Bank. Executive shall perform administrative and management services for the Bank which are customarily performed by persons serving in the capacity of Executive Vice Presidents. During said period, Executive also agrees to serve as an officer and director of any subsidiary of the Bank or the Company

		
	2.
	TERM OF EMPLOYMENT.

(a)The term of Executive’s employment under this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of three (3) years. Commencing on January 1, 2018 (which, for purposes of this Agreement, shall be referred to as the “Anniversary Date”), the Board of Directors of the Bank (the “Board”) shall evaluate the services of the Executive and make a determination as to whether the term of this Agreement shall renew through December 31, 2020. Continuing on each Anniversary Date thereafter, the Board shall again evaluate the services of the Executive and determine whether this Agreement shall renew for an additional year such that the remaining term of this Agreement is three (3) years unless a notice of nonrenewal (“Non Renewal Notice”) is given. The Compensation Committee comprised of independent board members (as defined in applicable listing standards for the trading market on which the Company’s stock is trading) will conduct a performance evaluation and review of Executive annually for purposes of determining whether to give notice not to extend the term of this Agreement, and the results thereof shall be included in the minutes of the Compensation Committee meeting. The Compensation Committee will present its findings to the Board and the independent members (as defined above) of the full Board must approve the renewal or nonrenewal. If a determination is made not to renew this Agreement with the Executive, the Company must provide a Non Renewal Notice at least thirty (30) days prior to such Anniversary Date, in which case the term of this Agreement shall become fixed and shall end two (2) years following such Anniversary Date.

1

Exhibit 10.1

(b)Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement.

		
	3.
	COMPENSATION AND REIMBURSEMENT.

(a)The compensation specified under this Agreement shall constitute consideration paid by the Bank in exchange for duties described in Section 1 of this Agreement.  The Bank shall pay Executive, as compensation, a salary of not less than $320,000 per year (“Base Salary”). Base Salary shall include any amounts of compensation deferred by Executive under any employee benefit plan or deferred compensation arrangement maintained by the Bank. Such Base Salary shall be payable bi-weekly or, if different, in accordance with the Bank’s customary payroll practices. During the term of this Agreement, Executive’s Base Salary shall be reviewed at least annually by the 31st day of each January. Such review shall be conducted by the Board or by a committee designated by the Board. The committee or the Board may increase (but not decrease) Executive’s Base Salary at any time. Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement. The Board may engage the services of an independent consultant to assist in determining an appropriate Base Salary. In addition to the Base Salary provided in this Section 3(a), the Bank shall also provide Executive with all such other benefits as are provided uniformly to full-time employees of the Bank, on the same basis (including cost) that such benefits are provided to other senior officers of the Bank.

(b)In addition to the Base Salary provided for in Section 3(a), the Bank will provide Executive with the opportunity to participate in employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving a benefit from immediately prior to the beginning of the term of this Agreement, and any other employee benefit plans, arrangements and perquisites suitable for the Bank’s senior executives adopted by the Bank subsequent to the Effective Date. The Bank will not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder (other than changes that would apply equally to all other employees or senior officers, as applicable, participating in such plans, arrangements or perquisites) without separately providing for an arrangement that ensures Executive receives, or will receive, the economic value that Executive would otherwise lose as a result of such adverse effect. Without limiting the generality of the foregoing provisions of this Section 3(b), Executive shall be entitled to participate in or receive benefits under any employee benefit plans, whether tax-qualified or otherwise, including, but not limited to, retirement plans, supplemental retirement plans, deferred compensation plans, pension plans, profit-sharing plans, employee stock ownership plans, stock award or stock option plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements (including designation by the Board of eligibility to participate, if applicable). Executive shall also be entitled to incentive compensation and bonuses as provided in any plan or arrangement of the Bank in which Executive is eligible to participate (and he shall be entitled to a pro rata distribution under any incentive compensation or bonus plan, in accordance with the terms of such plan(s), as to any year in which Executive’s termination of employment occurs prior to the last day of the Bank’s fiscal year, other than Termination for Just Cause). Nothing paid to Executive under any such plans or arrangements will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

(c)In addition to the Base Salary provided for by Section 3(a) and other compensation and benefits provided for by Section 3(b), the Bank shall pay or reimburse Executive for all reasonable expenses incurred by Executive in performing his obligations under this Agreement in accordance with the Bank’s reimbursement policies. Such reimbursements shall be made promptly by the Bank, and, in any event, not later than March 15 of the year immediately following the calendar year in which Executive incurred such 

2

Exhibit 10.1

expense.

(d)Executive shall be entitled to paid time off in accordance with the standard policies of the Bank for senior executive officers, but in no event less than thirty (30) days paid time off during each year of employment. Executive shall receive his Base Salary and other benefits during periods of paid time off. Executive shall also be entitled to paid legal holidays in accordance with the policies of the Bank. Executive shall also be entitled to sick leave in accordance with the policies of the Bank, but in no event less than the number of days of sick leave per year to which Executive was entitled at the Effective Date of this Agreement.

		
	4.
	OUTSIDE ACTIVITIES.

During the term of his employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods and reasonable leaves of absence approved by the Board, Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder. Executive also may serve as a member of the board of directors of business, trade association, community and charitable organizations subject to the annual approval of the Board; provided that in each case such service shall not materially interfere with the performance of his duties under this Agreement or present any conflict of interest. Executive shall provide to the Board annually a list of all organizations for which Executive serves as a director or in a similar capacity for purposes of obtaining the Board’s approval of Executive’s service on the boards of such organizations. Such service to and participation in outside organizations shall be presumed for these purposes to be for the benefit  of the Bank, and the Bank shall reimburse Executive his reasonable expenses associated therewith, except for such items that are tax deductible by the Executive as charitable contributions. Any such reimbursements shall be made promptly by the Bank and, in any event, not later than March 15 of the year immediately following the calendar year in which Executive incurred such expense.

		
	5.
	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

(a)Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 5 shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any of the following:

		
	(i)
	the termination by the Bank of Executive’s full-time employment hereunder for any reason other than termination governed by Section 6 (Termination for Just Cause) or termination governed by Section 7 (Termination for Disability or Death); or

		
	(ii)
	Executive’s resignation from the Bank’s employ for any of the following reasons (each of which shall be deemed a “Good Reason”):

		
	(A)
	the failure to elect or reelect or to appoint or reappoint Executive  as an Executive Vice President of the Bank (without Executive’s consent);

		
	(B)
	a material change in Executive’s functions, duties, or responsibilities with the Bank, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1, above;

		
	(C)
	a relocation of Executive’s principal place of employment by more than 35 miles from the corporate office located at 581 Main Street, Woodbridge, New Jersey;

3

Exhibit 10.1

		
	(D)
	a material reduction in the benefits and perquisites to Executive from those being provided as of the Effective Date of this Agreement, other than a reduction that is part of a Bank-wide reduction in pay or benefits;

		
	(E)
	a liquidation or dissolution of the Company or the Bank, other than a liquidation or dissolution that is caused by a reorganization that does not affect the status of the Executive; or

		
	(F)
	a material breach of this Agreement by the Bank.

Upon the occurrence of any event described in clauses (A), (B), (C), (D),
(E) or (F), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon not  less  than  sixty (60) days prior written Notice of Termination,  as  defined  in  Section 9(a), given within ninety (90) days after the event giving rise to said right to elect. Thereafter, the Bank shall have thirty (30) days to cure the Good Reason, which period may be waived by the Bank. If the Bank cures,  the  Executive’s  right  to  resign  and  receive  a  payment  shall be eliminated. Notwithstanding the preceding, in the event of a continuing breach of this Agreement by the Bank, Executive, after giving due notice within the prescribed time frame of an initial event specified above, shall not waive any of his rights under this Agreement and this Section solely  by virtue of the fact that Executive has submitted his resignation, provided Executive has remained in the employment of the Bank and is engaged in good faith discussions to resolve any occurrence of an event described in clauses (A), (B), (C), (D) or (F) above.

		
	(iii)
	Executive’s resignation for Good Reason or Executive’s involuntary termination of employment by the Bank on the effective date of, or at any time following, a Change in Control of the Bank or the Company during the term of this Agreement, provided that in the case of Executive’s resignation for Good Reason, the Executive provides a Notice of Termination and follows the procedures set forth in Section 5(a)(ii) above. For these purposes, a Change in Control of the Bank or the Company shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation  such a Change in Control shall be deemed to have occurred at such time as

(a)any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board of Directors of the Company on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least a majority of the directors shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction in which the Bank or Company is not the surviving institution occurs; or (d) a proxy statement is distributed soliciting proxies from stockholders of the Company, by someone other than the current management of the Company, seeking stockholder 

4

Exhibit 10.1

approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more corporations or financial institutions, and as a result of such proxy solicitation, a plan of reorganization, merger, consolidation or similar transaction involving the Company is approved by the requisite vote of the Company’s  stockholders; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror.

(b)Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, an amount equal to the sum of: (i) his earned but unpaid salary as of the date of his termination of employment with the Bank; (ii) the benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the Bank’s or  Company’s officers and employees; (iii) the remaining Base Salary and incentive compensation or bonus payments that Executive would have earned, in accordance with Sections 3(a) and  3(b), if he had continued his employment with the Bank for a twenty-four (24) month period following his termination of employment, and had earned a bonus and/or incentive award in each year equal in amount to the average bonus and/or incentive award earned by him over the two calendar years preceding the year in which the termination occurs in the case of a termination pursuant to Section 5(a)(i) or 5(a)(ii), or the highest annual bonus and/or incentive award earned by him in any of the two calendar years preceding the year in which the termination occurs in the case of a termination pursuant to Section 5(a)(iii). Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date of Termination, or in the event Executive is a Specified Employee (within the meaning of Treasury Regulations §1.409A-1(i)), and to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made to Executive prior to the first day of the seventh month following Executive’s Date of Termination. Such payments shall not be reduced in the event Executive obtains other employment following termination of employment.

(c)Upon the occurrence of an Event of Termination, the Bank will cause to be continued life insurance and non-taxable, medical and dental and disability coverage substantially identical to the coverage maintained by the Bank for Executive and his family prior to Executive’s termination. Such coverage shall continue at the Bank’s expense for a period of eighteen (18) months from the Date of Termination. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, would subject the Bank or Executive to penalties, then the Bank shall pay the Executive, to the extent possible under Code Section 409A, a cash lump sum payment reasonably estimated to be equal to the value of such benefits, with value to be determined by the policy premium paid for such coverage by the Bank, or for self insured benefits provided by the Bank, the fully equivalent rate(s) provided by the insurance provider(s), as applicable. Such cash lump sum payment shall be made within thirty (30) days after the Date of Termination, (or if later, the date on which it is determined that providing such benefits would subject the Bank or Executive to penalties, or in the event Executive is a Specified Employee (with the meaning of Treasury Regulation Section 1.409A-1(i)), and to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made to Executive prior to the first day of the seventh month following Executive’s Date of Termination. Notwithstanding the foregoing, if making a lump  sum payment for any portion of such amount would violate Code Section 409A as an “impermissible acceleration,” then such portion would be paid to the Executive at the same time and in the same manner as the premiums for such benefit(s) would otherwise have been paid.

(d)Notwithstanding anything herein to the contrary, in no event shall the aggregate payments or 

5

Exhibit 10.1

benefits to be made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments to, or for the benefit of Executive, constitute an “excess parachute payment” under Code Section 280G, or any successor thereto, and in order to avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Code Section 280G. The allocation of the reduction required hereby shall be determined by Executive, provided, however, that if it is determined that such election by Executive shall be in violation of Code Section 409A, the allocation of the required reduction shall be pro-rata.

(e)This Agreement is intended to comply with the requirements of Code Section 409A (including the exceptions thereto), to the extent applicable, and the Bank shall administer and interpret this Agreement in accordance with such requirements. If any provision contained in  this Agreement conflicts with the requirements of Code Section 409A (or the exemptions intended to apply under this Agreement), this Agreement shall be deemed to be reformed to comply with the requirements of Code Section 409A (or the applicable exemptions thereto). For purposes of Section 5, an “Event of Termination” as used herein shall mean “Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Bank and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.

(f)Any payments or benefits payable as a result of an Event of Termination under Sections 5(a)(i) or 5(a)(ii) shall be contingent on Executive’s execution and non-revocation of a release (the “Release”), satisfactory to the Bank and the Company, of all claims that Executive or any of Executive’s affiliates or beneficiaries may have against the Bank, the Company or any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to Executive’s employment relationship, including claims under the Age Discrimination in Employment Act (“ADEA”), but not including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law  or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement. In order to comply with the requirements of Section 409A of the Code and the ADEA, the Release must be provided to Executive no later than the date of his Separation from Service and Executive, the Company and the Bank must execute the Release within twenty-one (21) days (or such longer period as may be required by applicable law) after the date of termination without subsequent revocation by Executive within seven (7) days after execution of the Release.

(g)Executive may voluntarily terminate his employment during the term of this Agreement (other than for Good Reason) upon at least ninety (90) days prior written notice to the Board of Directors of the Bank. In its discretion, the Board of Directors may accelerate Executive’s termination date. Upon Executive’s voluntary termination, he will receive only his compensation  and  vested  rights  and  benefits  to  the  date  of  his  termination.   Following his voluntary termination of employment under this Section 5(f), Executive will be subject to the requirements and restrictions set forth in Sections 11(a) and 11(c) of this Agreement.

		
	6.
	TERMINATION FOR JUST CAUSE.

(a)The term “Termination for Just Cause” shall mean termination because  of Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Bank’s Code of Ethics, material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Board of Directors of the Bank will likely cause substantial financial harm or substantial injury to the reputation of the Bank, willfully engaging in actions that in the reasonable opinion of the Board of Directors of the Bank will likely cause substantial 

6

Exhibit 10.1

financial harm or substantial injury to the business reputation of the Bank, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than routine traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the contract.

(b)Notwithstanding Section 6(a), the Bank may not terminate Executive for Just Cause unless and until there shall have been delivered to him   a Notice of Termination by the Chief Executive Officer of the Bank, finding that in his good faith opinion, Executive was guilty of conduct justifying Termination for Just Cause. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Just Cause. During the period beginning on the date of the Notice of Termination for Just Cause pursuant to this Section 6(b) through the Date of Termination, any unvested stock options and related limited rights granted to Executive under any stock option plan shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the Company or any subsidiary or affiliate thereof, vest. At the Date of Termination, any such unvested stock options and related limited rights and any such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such Termination for Just Cause. In the Event of Executive’s Termination for Just Cause, Executive shall resign as a director of the Company and the Bank, and as a director and/or officer of any subsidiary or affiliate of the Company and/or the Bank.

		
	7.
	TERMINATION FOR DISABILITY OR DEATH.

(a)The Bank or Executive may terminate Executive’s employment after having established Executive’s Disability. For purposes of this Agreement, “Disability”  shall  be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank; or (iii) Executive is determined to be totally disabled by the Social Security Administration.
(b)In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate. In the event of such termination, Executive shall continue to receive his Base Salary, as defined in Section 3(a), at the rate in effect on the Date of Termination for period of one (1) year following the Date of Termination by reason of Disability. Such payments shall be reduced by the amount of any short- or long-term disability benefits payable to Executive under any disability program sponsored by the Company or the Bank, and if the disability insurance payments are excludable from Executive’s income for federal income tax purposes, such amounts due Executive under this Section 7(b), shall be tax adjusted, assuming a combined federal, state and city tax rate of 38%, for purposes of determining the reduction in the payments due under this Agreement to reflect the tax-free nature of the disability insurance payment. By way of illustration, a $100 tax-free disability insurance payment shall reduce the payment due under this Agreement by $161.30. In addition, in the event of termination due to Executive’s Disability, the Bank will continue to provide to Executive and his dependents for a period of one (1) year, the non-taxable medical, dental and other health benefits that were provided by the Bank to Executive and Executive’s family prior to the occurrence of Executive’s Disability, on the same terms (including cost to Executive) that were being provided to  Executive immediately prior to the termination (except to the extent such benefits are changed in their application to all continuing employees of the Bank).

(c)In the event of Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiary or beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary, as defined in Section 3(a), at the rate in effect at the time of Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide Executive’s family the same non-taxable medical, dental, and other health benefits that were provided by the Bank to 

7

Exhibit 10.1

Executive’s family immediately prior to Executive’s death, on the same terms, including cost, as if Executive were actively employed by the Bank, except to the extent the terms (including cost) of such benefits are changed in their application to all continuing employees of the Bank, such coverage to continue for a period of one (1) year after the date of Executive’s death.

(d)If the Bank cannot provide one or more of the non-taxable medical, dental or other health benefits set forth in Subsection (b) or (c) above because Executive is no longer an employee or in the event of the Executive’s death, the benefits extend beyond the applicable COBRA period for the Executive’s dependent(s), or applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated would subject the  Bank or Executive (or Executive’s dependent(s), as applicable) to penalties, then the Bank shall pay the Executive (or his dependent(s)) a cash lump sum payment reasonably estimated to be equal to the value of such benefits with value to be determined by the policy premium paid for such coverage by the Bank, or for self insured benefits provided by the Bank, the fully equivalent rate(s) provided by the insurance provider(s), as applicable, within thirty (30) days after the date on which the Bank determines that it cannot provide such benefit directly. Notwithstanding the foregoing, if making a lump sum payment for any portion of such amount would violate Code Section 409A as an “impermissible acceleration,” then such portion would be paid to the Executive or his dependent(s) at the same time and in the same manner as the premiums for such benefit(s) would otherwise have been paid.

		
	8.
	TERMINATION UPON RETIREMENT.

Termination of Executive’s employment based on “Retirement” shall mean voluntary termination of Executive’s employment on or after age 65. Upon Executive’s termination based on Retirement, no amounts or benefits shall be due Executive under this Agreement. Executive shall be entitled to receive only his compensation and vested rights and benefits to the date of  his termination. Upon Executive’s termination based on Retirement, Executive will be subject to the requirements and restrictions set forth in Sections 11(a) and 11(c) of this Agreement.

		
	9.
	NOTICE.

(a)Any notice required under this Agreement shall be in writing and hand-delivered to the other party. Any termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon.

(b)“Date of Termination” shall mean (A) if Executive’s employment is terminated for Disability, thirty (30) days after a Notice of Termination is given (provided that he shall not  have returned to the performance of his duties on a full-time basis during such thirty (30) day period), and (B) if his employment is terminated for any other reason, the date specified in the Notice of Termination.

(c)If the party receiving a Notice of Termination desires to dispute or contest the basis or reasons for termination, the party receiving the Notice of Termination must notify the other party within thirty (30) days after receiving the Notice of Termination that such a dispute exists, and shall pursue the resolution of such dispute in good faith and with reasonable diligence pursuant to Section 20 of this Agreement. During the pendency of any such dispute, neither the Company nor the Bank shall be obligated to pay Executive compensation or other payments beyond the Date of Termination.

		
	10.
	POST-TERMINATION OBLIGATIONS.

Executive shall, upon reasonable notice, furnish such information and assistance honestly and in good faith to the Bank or the Company as may reasonably be required by the Bank or the Company in 

8

Exhibit 10.1

connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 10 for one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Bank.

		
	11.
	NON-COMPETITION, NON-SOLICITATION AND, NON-DISCLOSURE

(a)Upon any termination of Executive’s employment during the term of this Agreement (other than a termination pursuant to Section 5(a)(iii)), Executive agrees for a period of one (1) year not to directly or indirectly, solicit, hire, or entice any of the following to cease, terminate,  or reduce any relationship with the Bank or the Company or to divert any business from the  Bank or the Company: (i) any person who was an employee of the Bank or the Company during the term of this Agreement; or (ii) any customer or client of the Bank or the Company.  Further, Executive will not directly or indirectly disclose the names, addresses, telephone numbers, compensation, or other arrangements between the Bank or the Company and any individual or entity described in Sections (i) and (ii) of this Section 11(a). The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Subsection agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive.

(b)Upon a termination of Executive’s employment hereunder as a result of which the Bank or Company is paying Executive benefits under sections 5(a)(i) or 5(a)(ii) of this Agreement, Executive agrees not to compete with the Bank for a period of one (1)  year  following such termination in any city, town or county in which the Bank has an office or has filed an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during such period and within said cities, towns and counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Subsection agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive.

(c)Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of the Bank or the Company as it may exist from time to time, are valuable, special and unique assets of the business of the Bank or the Company. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities or any other similar proprietary information of the Bank or the Company to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board of Directors or required by law. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank or the Company. Further, Executive may disclose information regarding the business activities of the Bank or the Company to any bank regulator having regulatory jurisdiction over the activities of the Bank or the Company, pursuant to a formal regulatory request. In the event of a breach, or threatened breach, by Executive of the provisions of this Section, the Bank or the Company will be entitled to an injunction restraining Executive from disclosing, 

9

Exhibit 10.1

in whole or in part, the knowledge of the past, present, planned or considered business activities of the Bank or the Company, or any other similar proprietary information, or from rendering any services to any person, firm, corporation, or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive.

		
	12.
	SOURCE OF PAYMENTS.

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company.

		
	13.
	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit, compensation, tax indemnification or other provision inuring to the benefit of Executive under any agreement between Executive, the Bank or the Company. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

		
	14.
	NO ATTACHMENT.

(a)Except as required by law, no right to receive payments under this Agreement shall  be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

(b)This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

		
	15.
	MODIFICATION AND WAIVER.

(a)This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

(b)No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver  shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

		
	16.
	REQUIRED PROVISIONS.

(a)The Bank's Board may terminate Executive's employment at any time and for any reason, but any termination by the Bank's Board, other than Termination for Just Cause, shall not prejudice Executive's right to compensation or other benefits under this Agreement.

10

Exhibit 10.1

(b)If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Section 8(e)(3) (12 U.S.C. 1818(e)(3)) or 8(g) (12 U.S.C. 1818(g)) of the Federal Deposit Insurance Act, the Bank's obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

(c)If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e) (12 U.S.C. 1818(e)) or 8(g) (12 U.S.C.1818(g)) of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

(d)If the Bank is in default as defined in Section 3(x) (12 U.S.C. 1813(x)(1)) of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

(e)All obligations of the Bank under this Agreement may be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank; (i) by the Comptroller of the Office of the Comptroller of the Currency (“OCC”) or his or her designee, at the time the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Comptroller or his or her designee at the time the Comptroller, or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Comptroller to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

(f)Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and any rules and regulations promulgated thereunder, including 12 C.F.R. Part 359, and to the extent applicable, 12 C.F.R. §163.39.

		
	17.
	SEVERABILITY.

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provisions of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

		
	18.
	HEADINGS FOR REFERENCE ONLY.

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

		
	19.
	GOVERNING LAW.

This Agreement shall be governed by the laws of the State of New York, without regard to its conflict of law principles, unless superseded by federal law or otherwise specified herein.

		
	20.
	ARBITRATION.

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve 

11

Exhibit 10.1

such claims, conducted by a single arbitrator, sitting in a location selected by Executive within fifty (50) miles from the principal office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect. The Bank shall provide a list of three or more arbitrators to Executive from which Executive shall select the arbitrator. If the parties are unable to agree within fifteen (15) days from the date the Bank presents the list to Executive, the arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

		
	21.
	PAYMENT OF COSTS AND LEGAL FEES AND REINSTATEMENT OF BENEFITS.

In the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of: (1) all legal fees incurred by Executive in resolving such dispute or controversy; (2) any back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under this Agreement; and (3) any other compensation otherwise due Executive as a result of a breach of this Agreement by the Bank. Any payments pursuant to this Section 21 shall occur no later than two and one-half months after the dispute is settled or resolved in Executive’s favor.

		
	22.
	INDEMNIFICATION.

(a)The Bank and the Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense. The Bank shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under OCC regulations, or its  successors, against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, advancement of legal fees and expenses, judgments, court costs and attorneys’ fees and the cost of reasonable settlements, provided, however, the Bank or Company shall not be required to pay or reimburse him   for any civil money penalty or judgment resulting from any administrative or civil action instituted by any federal banking agency, or any other liability or legal expense with regard to any administrative proceeding or civil action instituted by any federal banking agency which results in a final order or settlement pursuant to which he:
(i) Is assessed a civil money penalty;
(ii) Is removed from office or prohibited from participating in the conduct of the affairs of the insured depository institution; or
(iii) Is required to cease and desist from or take any affirmative action described in section 8(b) of the Federal Deposit Insurance Act with respect to the Bank.
Any such indemnification shall be made consistent with OCC regulations, or its successors, and Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

(b)Notwithstanding the foregoing, no indemnification shall be made unless the Bank or Company gives the OCC, or its successors, at least sixty (60) days’ notice of its intention to make such indemnification. Such notice shall state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified copy of the resolution containing the required determination by the Board of the Bank or Company, and shall be sent to the district deputy comptroller of the OCC, or its successors, together with a request to promptly acknowledge receipt thereof. 

12

Exhibit 10.1

The notice period shall run from the date of such receipt. No such indemnification shall be made if the OCC, or its successors, advises the Bank or Company in writing within such notice period, of its objection thereto.

		
	23.
	SUCCESSOR TO THE BANK.

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.

		
	24.
	NON WAIVER.

The failure of one party to insist upon or enforce strict performance by the others of any provision of this Agreement or to exercise any right, remedy or provision of this Agreement will not be interpreted or construed as a waiver or relinquishment to any extent of such party’s right to enforce or rely upon same in that or any other instance.

13

Exhibit 10.1

IN WITNESS WHEREOF the Bank and Executive have signed (or caused to be signed) this Agreement, effective as of January 1, 2018.

	
				
	 
	 
	 
	Northfield Bank

	Attest:
	 
	 
	 

	 
	 
	 
	 

	/s/ M. Eileen Bergin        
	 
	 
	By: /s/ Steven M. Klein                

	Secretary
	 
	 
	President and Chief Executive Officer

	 
	 
	 
	 

	Attest:
	 
	 
	Executive

	 
	 
	 
	 

	/s/ M. Eileen Bergin
	 
	 
	By: /s/ Kenneth J. Doherty

	Secretary
	 
	 
	Kenneth J. Doherty, Executive Vice President

	 
	 
	 
	 

	 
	 
	 
	Northfield Bancorp, Inc. 

	 
	 
	 
	(The Company is executing this Agreement only for purposes of acknowledging the obligations of the Company hereunder.)

	Attest:
	 
	 
	 

	 
	 
	 
	 

	/s/ M. Eileen Bergin
	 
	 
	By: /s/  Steven M. Klein

	Secretary
	 
	 
	President and Chief Executive Officer

14

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