Document:

EXHIBIT
        10.7

       

    

    AMENDED
      AND RESTATED EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT

    EFFECTIVE
      JANUARY 1, 2006

    

    This
      Agreement, made and entered into this 1st
      day of
      January, 2006, by and between Merrill Merchants Bank, a Bank organized and
      existing under the laws of the State of Maine hereinafter referred to as "the
      Bank", and Edwin N. Clift, a Key Employee and the Executive of the Bank,
      hereinafter referred
      to as "the Executive".

    

    The
      Bank
      and the Executive are parties to this Amended and Restated Executive
      Supplemental Retirement Plan Agreement between Merrill Merchants Bank and Edwin
      N. Clift that provides for the payment of certain benefits. This Amended and
      Restated Executive Supplemental Retirement Plan Agreement effective January
      1,
      2006 shall bring the Executive Supplemental Retirement Plan Agreement dated
      June
      26, 1997, in compliance with Internal Revenue Code §409A enacted on October 22,
      2004. The benefits provided hereunder shall amend and restate the existing
      Executive Supplemental Retirement Plan Agreement dated June 26, 1997, and any
      and all subsequent amendments and the benefits provided thereby;

    

    The
      Executive has been in the employ of the Bank for several years and has now
      and
      for years past faithfully served the Bank. It is the consensus of the
      Compensation Committee of the Board of Directors of the Bank (The Board) that
      the Executive’s employment has been of exceptional merit, in excess of the
      compensation paid and an invaluable contribution to the profits and position
      of
      the Bank in its field of activity. The Board further believes that the
      Executive's experience, knowledge of corporate affairs, reputation and industry
      contacts are of such value and his continued employment is so essential to
      the
      Bank's future growth and profits that it would suffer severe financial loss
      should the Executive terminate the Executive’s employment.

    

    Accordingly,
      it is the desire of the Bank and the Executive to enter into this Agreement
      under which the Bank will agree to make certain payments to the Executive upon
      the Executive’s retirement and, alternatively, to the Executive’s
      beneficiary(ies) in the event of the Executive’s premature death while employed
      by the Bank.

    

    It
      is the
      intent of the parties hereto that this Agreement be considered an arrangement
      maintained primarily to provide supplemental retirement benefits for the
      Executive, as a member of a select group of management or highly-compensated
      employees of the Bank for purposes of the Employee Retirement Income Security
      Act of 1974 (ERISA). The Executive is fully advised of the Bank’s financial
      status and has had substantial input in the design and operation of this benefit
      plan.

    

    Therefore,
      in consideration of the Executive’s employment performed in the past and those
      to be performed in the future and based upon the mutual promises and covenants
      herein contained, the Bank and the Executive, agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	I.	
              DEFINITIONS

            

    

    

    
      	
            	A.	
              Effective
                Date:

            

    

    

    The
      Effective Date of this Agreement shall be January 1, 2006.

    

    
      	
            	B.	
              Plan
                Year:

            

    

    

    Any
      reference to “Plan Year” shall mean a calendar year from January 1st
      to
      December 31st.
      In the
      year of implementation, the term “Plan Year” shall mean the period from the
      effective date to December 31st
      of the
      year of the effective date.

    

    
      	 	
              C.

            	
              Retirement
                Date:

            

    

    

    Retirement
      Date shall mean retirement from employment with the Bank which becomes effective
      on the first day of the calendar month following the month in which the
      Executive reaches the Executive’s sixty-fifth (65th)
      birthday or such later date as the Executive may actually retire.

    

    
      	
            	D.	
              Termination
                of Employment:

            

    

    

    Termination
      of Employment shall mean voluntary resignation of employment by the Executive
      or
      the Bank’s discharge of the Executive without cause (“cause” defined in
      Subparagraph III (D) hereinafter), prior to the Executive’s
      retirement.

    

    
      	
            	E.	
              Pre-Retirement
                Account:

            

    

    

    A
      Pre-Retirement Account shall be established as a liability reserve account
      on
      the books of the Bank for the benefit of the Executive. Prior to termination
      of
      employment or the Executive’s retirement, such liability reserve account shall
      be increased or decreased each Plan Year (including the Plan Year in which
      the
      Executive ceases to be employed by the Bank) by an amount equal to the annual
      earnings or loss for that Plan Year determined by the Index [described in
      subparagraph I (G) hereinafter], less the Cost of Funds Expense for that Plan
      Year [described in subparagraph I (H) hereinafter].

    

    
      	
            	F.	
              Index
                Retirement Benefit:

            

    

    

    The
      Index
      Retirement Benefit for the Executive for any year shall be equal to the excess
      of the annual earnings (if any) determined by the Index [subparagraph I (G)]
      for
      that Plan Year over the Cost of Funds Expense [subparagraph I (H)] for that
      Plan
      Year.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
            	G.	
              Index:

            

    

    

    The
      Index
      for any Plan Year shall be the aggregate annual after-tax income from the life
      insurance contracts described hereinafter as defined by FASB Technical Bulletin
      85-4. This Index shall be applied as if such insurance contracts were purchased
      on the effective date hereof.

    

      
        	
                Insurance
                  Company:

              	
                Alexander
                  Hamilton Life Insurance

              
	
                Policy
                  Form:

              	
                Flexible
                  Premium Adjustable Life

              
	
                Policy
                  Name:

              	
                Executive
                  Security Plan III

              
	
                Insured’s
                  Age and Sex:

              	
                57,
                  Male

              
	
                Riders:

              	
                None

              
	
                Ratings:

              	
                None

              
	
                Option:

              	
                A

              
	
                Face
                  Amount:

              	
                $1,495,000

              
	
                Premiums
                  Paid:

              	
                $604,000

              
	
                Number
                  of Premium Payments:

              	
                One

              
	
                Assumed
                  Purchase Date:

              	
                June
                  26, 1997

              

      

If
      such
      contracts of life insurance are actually purchased by the Bank then the actual
      policies as of the dates they were purchased shall be used in calculations
      under
      this Agreement. If such contracts of life insurance are not purchased or are
      subsequently surrendered or lapsed, then the Bank shall receive annual policy
      illustrations that assume the above described policies were purchased from
      the
      above named insurance company(ies) on the Effective Date from which the increase
      in policy value will be used to calculate the amount of the Index.

    

    In
      either
      case, references to the life insurance contract are merely for purposes of
      calculating a benefit. The Bank has no obligation to purchase such life
      insurance and, if purchased, the Executive and his beneficiary(ies) shall have
      no ownership interest in such policy and shall always have no greater interest
      in the benefits under this Agreement than that of an unsecured general creditor
      of the Bank.

    

    
      	
            	H.	
              Cost
                of Funds Expense:

            

    

    

    The
      Cost
      of Funds Expense for any Plan Year shall be calculated by taking the sum of
      the
      amount of premiums set forth in the Indexed policies described above plus the
      amount of any after-tax benefits
      paid to the Executive pursuant to this Agreement (Paragraph III hereinafter)
      plus the amount of all previous years after-tax Costs of Funds Expense, and
      multiplying that sum by the average after-tax cost of funds of the Bank's third
      quarter Call Report for the Plan Year as filed with the Federal
      Reserve.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              I.

            	
              Change
                of Control:

            

    

    

    In
      accordance with Internal Revenue Code §409A, the Change of Control shall be
      defined as the occurrence of any one of the following:

    

    
      	 	
              a.

            	
              the
                acquisition of more than fifty percent (50%) of the value or voting
                power
                of the Bank’s Holding Company stock by a person or
                group;

            

    

    

    
      	 	
              b.

            	
              the
                acquisition in a period of twelve (12) months or less of at least
                thirty-five percent (35%) of the Bank’s Holding Company stock by a person
                or group;

            

    

    

    
      	 	
              c.

            	
              the
                replacement of a majority of the Bank’s Holding Company board in a period
                of twelve (12) months or less by Directors who were not endorsed
                by a
                majority of the current board members;
                or

            

    

    

    
      	 	
              d.

            	
              the
                acquisition in a period of twelve (12) months or less of forty percent
                (40%) or more of the Bank’s Holding Company assets by an unrelated
                entity.

            

    

    

    For
      the
      purposes of this Agreement, transfers on account of deaths or gifts, transfers
      between family members or transfers to a qualified retirement plan maintained
      by
      the Bank shall not be considered in determining whether there has been a change
      in control.

    

    
      	
            	J.	
              Normal
                Retirement Age:

            

    

    

    Normal
      Retirement Age shall mean the date on which the Executive attains age sixty-five
      (65).

    

    
      	II.	
              EMPLOYMENT

            

    

    

    No
      provision of this Agreement shall be deemed to restrict or limit any existing
      employment agreement by and between the Bank and the Executive, nor shall any
      conditions herein create specific employment rights to the Executive nor limit
      the right of the Employer to discharge the Executive with or without cause.
      In a
      similar fashion, no provision shall limit the Executive's rights to voluntarily
      sever his employment at any time.

    

    
      	III.	
              INDEX
                BENEFITS

            

    

    

    The
      following benefits provided by the Bank to the Executive are in the nature
      of a
      fringe benefit and shall in no event be construed to effect nor limit the
      Executive's current or prospective salary increases, cash bonuses or
      profit-sharing distributions or credits.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              A.

            	
              Retirement
                Benefits:

            

    

    

    Should
      the Executive continue to be employed by the Bank until his "Normal Retirement
      Age" defined in subparagraph I (J), he shall be entitled to receive the balance
      in his Pre-Retirement Account [as defined in subparagraph I (E)] in ten (10)
      equal annual installments commencing thirty (30) days following the Executive’s
      Normal Retirement Date. In addition to these payments, commencing with the
      Plan
      Year in which the Executive attains the Executive’s Retirement Date, the Index
      Retirement Benefit [as defined in subparagraph I (F) above] for each year shall
      be paid to the Executive until his death.

    

    In
      accordance with Internal Revenue Code §409A, if the Executive is a Key Employee,
      and said Bank is publicly traded at the time of retirement, any such benefit
      payment shall be withheld for six (6) months following such retirement.

    

    
      	 	
              B.

            	
              Termination
                of Employment:

            

    

    

    Subject
      to subparagraph III (E) hereinafter, should the Executive suffer a Termination
      of Employment [defined in subparagraph I (D)], the Executive shall be entitled
      to receive the percentage of the Pre-Retirement Account that corresponds to
      the
      years of employment with the Bank, as stated in the schedule below, paid in
      ten
      (10) equal annual installments commencing thirty (30) days following said
      Termination of Employment. In addition to these payments, the Executive shall
      be
      entitled to receive the percentage of the Index Retirement Benefit that
      corresponds to the years of employment with the Bank as stated in the schedule
      below, and shall be paid to the Executive until his death.

    

    In
      accordance with Internal Revenue Code §409A, if the Executive is a Key Employee,
      and said Bank is publicly traded at the time of termination of employment,
      any
      such benefit payment shall be withheld for six (6) months following such
      termination of employment.

    

      
        	
                Total
                  Years 

              	
                 

              
	
                of
                  Employment

              	
                Vested
                  Percentage

              
	
                with
                  the Bank

              	
                (to
                  a maximum of 100%)

              
	
                0-14
                  years

              	
                0%

              
	
                15-19
                  years

              	
                75%

              
	
                20
                  years

              	
                100%

              

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              C.

            	
              Death:

            

    

    

    Should
      the Executive die prior to having received the full balance of the
      Pre-Retirement Account, the unpaid balance of the Pre-Retirement Account shall
      be paid in a lump sum to the beneficiary selected by the Executive and filed
      with the Bank. In the absence of or a failure to designate a beneficiary, the
      unpaid balance shall be paid in a lump sum to the personal representative of
      the
      Executive's estate.

    

    
      	 	
              D.

            	
              Discharge
                for Cause:

            

    

    

    Should
      the Executive be discharged for cause at any time prior to his Retirement Date,
      all Index Benefits under this Agreement [subparagraphs III (A), (B) or (C)]
      shall be forfeited. The term “for cause” shall mean the conviction of a felony
      or gross-misdemeanor involving moral turpitude, fraud, dishonesty or willful
      violation of any law that results in an adverse effect on the Bank. If a dispute
      arises as to discharge "for cause", such dispute shall be resolved by
      arbitration as set forth in this Agreement.

    

    
      	 	
              E.

            	
              Death
                Benefit:

            

    

    

    Except
      as
      set forth above, there is no death benefit provided under this
      Agreement.

    

    
      	IV.	
              RESTRICTIONS
                UPON FUNDING

            

    

    

    The
      Bank
      shall have no obligation to set aside, earmark or entrust any fund or money
      with
      which to pay its obligations under this Agreement. The Executive, his
      beneficiary(ies) or any successor in interest to him shall be and remain simply
      a general creditor of the Bank in the same manner as any other creditor having
      a
      general claim for matured and unpaid compensation.

    

    The
      Bank
      reserves the absolute right at its sole discretion to either fund the
      obligations undertaken by this Agreement or to refrain from funding the same
      and
      to determine the exact nature and method of such funding. Should the Bank elect
      to fund this Agreement, in whole or in part, through the purchase of life
      insurance, mutual funds, disability policies or annuities, the Bank reserves
      the
      absolute right, in its sole discretion, to terminate such funding at any time,
      in whole or in part. At no time shall the Executive be deemed to have any lien
      or right, title or interest in or to any specific funding investment or to
      any
      assets of the Bank.

    

    If
      the
      Bank elects to invest in a life insurance, disability or annuity policy upon
      the
      life of the Executive, then the Executive shall assist the Bank by freely
      submitting to a physical exam and supplying such additional information
      necessary to obtain such insurance or annuities.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              V.

            	
              CHANGE
                OF CONTROL

            

    

    

    Upon
      a
      Change of Control [as defined in subparagraph I (I) herein], the Executive
      shall
      immediately become one hundred percent (100%) vested in all benefits promised
      in
      this Agreement. If the Executive’s employment is subsequently terminated then he
      shall receive the benefits promised in this Agreement upon the Normal Retirement
      Age as defined in Subparagraph I (J). Payment shall be made in accordance with
      Internal Revenue Code §409A. The Executive will also remain eligible for all
      promised death benefits in this Agreement. In addition, no sale, merger or
      consolidation of the Bank shall take place unless the new or surviving entity
      expressly acknowledges the obligations under this Agreement and agrees to abide
      by its terms.

    

    
      	VI.	
              MISCELLANEOUS

            

    

    

    
      	
            	A.	
              Alienability
                and Assignment Prohibition:

            

    

    

    Neither
      the Executive, his/her surviving spouse nor any other beneficiary under this
      Agreement shall have any power or right to transfer, assign, anticipate,
      hypothecate, mortgage, commute, modify or otherwise encumber in advance any
      of
      the benefits payable hereunder nor shall any of said benefits be subject to
      seizure for the payment of any debts, judgments, alimony or separate maintenance
      owed by the Executive or his beneficiary, nor be transferable by operation
      of
      law in the event of bankruptcy, insolvency or otherwise. In the event the
      Executive or any beneficiary attempts assignment, commutation, hypothecation,
      transfer or disposal of the benefits hereunder, the Bank's liabilities shall
      forthwith cease and terminate.

    

    
      	
            	B.	
              Binding
                Obligation of Bank and any Successor in Interest:

            

    

    

    The
      Bank
      expressly agrees that it shall not merge or consolidate into or with another
      bank or sell substantially all of its assets to another bank, firm or person
      until such bank, firm or person expressly agrees, in writing, to assume and
      discharge the duties and obligations of the Bank under this Agreement. This
      Agreement shall be binding upon the parties hereto, their successors,
      beneficiary(ies), heirs and personal representatives.

    

    
      	
            	C.	
              Revocation:

            

    

    

    It
      is
      agreed by and between the parties hereto that, during the lifetime of the
      Executive, this Agreement may be amended or revoked at any time or times, in
      whole or in part, by the mutual written assent of the Executive and the
      Bank.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
            	D.	
              Gender:

            

    

    

    Whenever
      in this Agreement words are used in the masculine or neuter gender, they shall
      be read and construed as in the masculine, feminine or neuter gender, whenever
      they should so apply.

    

    
      	
            	E.	
              Effect
                on Other Bank Benefit Plans:

            

    

    

    Nothing
      contained in this Agreement shall affect the right of the Executive to
      participate in or be covered by any qualified or non-qualified pension,
      profit-sharing, group, bonus or other supplemental compensation or fringe
      benefit plan constituting a part of the Bank's existing or future compensation
      structure.

    

    
      	
            	F.	
              Headings:

            

    

    

    Headings
      and subheadings in this Agreement are inserted for reference and convenience
      only and shall not be deemed a part of this Agreement.

    

    
      	
            	G.	
              Applicable
                Law:

            

    

    

    The
      validity and interpretation of this Agreement shall be governed by the laws
      of
      the State of Maine.

    

    
      	
            	H.	
              Amend
                and Restate Entire Agreement:

            

    

    

    This
      Agreement shall amend the Executive Supplemental Retirement Plan Agreement
      dated
      the 26th
      day of
      June, 1997 and any and all subsequent amendments, and shall restate the entire
      agreement of the parties pertaining to this particular Amended and Restated
      Executive Executive Supplemental Retirement Plan Agreement effective January
      1,
      2006.

    

    
      	VII.	
              ADMINISTRATIVE
                AND CLAIMS PROVISIONS

            

    

    

    
      	
            	A.	
              Plan
                Administrator:

            

    

    

    The
“Plan
      Administrator” of this plan shall be Merrill Merchants Bank. As Administrator,
      the Bank shall be responsible for the management, control and administration
      of
      the Supplemental Retirement Plan Agreement as established herein. The Plan
      Administrator may delegate to others certain aspects of the management and
      operation responsibilities of the plan including the employment of advisors
      and
      the delegation of ministerial duties to qualified individuals.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
            	B.	
              Claims
                Procedure:

            

    

    

    
      	
            	a.	
              Filing
                a Claim for Benefits:

            

    

    

    Any
      insured, beneficiary, or other individual, (“Claimant”) entitled to benefits
      under this Executive Plan will file a claim request with the Plan Administrator.
      The Plan Administrator will, upon written request of a Claimant, make available
      copies of all forms and instructions necessary to file a claim for benefits
      or
      advise the Claimant where such forms and instructions may be obtained. If the
      claim relates to disability benefits, then the Plan Administrator shall
      designate a sub-committee to conduct the initial review of the claim (and
      applicable references below to the Plan Administrator shall mean such
      sub-committee).

    

    
      	
            	b.	
              Denial
                of Claim:

            

    

    

    
      	 	 	
              A
                claim for benefits under this Executive Plan will be denied if the
                Bank
                determines that the Claimant is not entitled to receive benefits
                under the
                Executive Plan. Notice of a denial shall be furnished the Claimant
                within
                a reasonable period of time after receipt of the claim for benefits
                by the
                Plan Administrator. This time period shall not exceed more than ninety
                (90) days after the receipt of the properly submitted claim. In the
                event
                that the claim for benefits pertains to disability, the Plan Administrator
                shall provide written notice within forty-five (45) days. However,
                if the
                Plan Administrator determines, in its discretion, that an
                extension of time for processing the claim is required, such extension
                shall not exceed an additional ninety (90) days. In the case of a
                claim
                for disability benefits, the forty-five (45) day review period may
                be
                extended for up to thirty (30) days if necessary due to circumstances
                beyond the Plan Administrator’s control, and for an additional thirty (30)
                days, if necessary. Any
                extension notice shall indicate the special circumstances requiring
                an
                extension of time and the date by which the Plan Administrator expects
                to
                render the determination on review.

            

    

    

    
      	
            	c.	
              Content
                of Notice:

            

    

    

    
      	 	 	
              The
                Plan Administrator shall provide written notice to every Claimant
                who is
                denied a claim for benefits which notice shall set forth the
                following:

            

    

     

    
      	
            	(i.)	
              The
                specific reason or reasons for the
                denial;

            

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii.)

            	
              Specific
                reference to pertinent Executive Plan provisions on which the denial
                is
                based;

            

    

    

    
      	 	
              (iii.)

            	
              A
                description of any additional material or information necessary for
                the
                Claimant to perfect the claim, and any explanation of why such material
                or
                information is necessary; and

            

    

    

    
      	 	
              (iv.)

            	
              Any
                other information required by applicable regulations, including with
                respect to disability benefits. 

            

    

    

    
      	
            	d.	
              Review
                Procedure:

            

    

    

    
      	 	 	
              The
                purpose of the Review Procedure is to provide a method by which a
                Claimant
                may have a reasonable opportunity to appeal a denial of a claim to
                the
                Plan Administrator for a full and fair review. The Claimant, or his
                duly
                authorized representative, may:

            

    

     

    
      	 	
              (i.)

            	
              Request
                a review upon written application to the Plan Administrator. Application
                for review must be made within sixty (60) days of receipt of written
                notice of denial of claim. If the denial of claim pertains to disability,
                application for review must be made within one hundred eighty (180)
                days
                of receipt of written notice of the denial of
                claim;

            

    

    

    
      	 	
              (ii.)

            	
              Review
                and copy (free of charge) pertinent Executive Plan documents, records
                and
                other information relevant to the Claimant’s claim for
                benefits;

            

    

    

    
      	 	
              (iii.)

            	
              Submit
                issues and concerns in writing, as well as documents, records, and
                other
                information relating to the claim.

            

    

    

    
      	
            	e.	
              Decision
                on Review:

            

    

    

    A
      decision on review of a denied claim shall be made in the  following
      manner:

    

    
      	 	
              (i.)

            	
              The
                Plan Administrator may, in its sole discretion, hold a hearing on
                the
                denied claim. If the Claimant’s initial claim is for disability benefits,
                any review of a denied claim shall be made by members of the Plan
                Administrator other than the original decision maker(s) and such
                person(s)
                shall not be a subordinate of the original decision maker(s). The
                decision
                on review shall be made promptly, but generally not later than sixty
                (60)
                days after receipt of the application for review. In the event that
                the
                denied claim pertains to disability, such decision shall not be made
                later
                than forty-five (45) days after receipt of the application for review.
                If
                the Plan Administrator determines that an extension of time for processing
                is required, written notice of the extension shall be furnished to
                the
                Claimant prior to the termination of the initial sixty (60) day period.
                In
                no event shall the extension exceed a period of sixty (60) days from
                the
                end of the initial period. In the event the denied claim pertains
                to
                disability, written notice of such extension shall be furnished to
                the
                Claimant prior to the termination of the initial forty-five (45)
                day
                period. In no event shall the extension exceed a period of thirty
                (30)
                days from the end of the initial period. The extension notice shall
                indicate the special circumstances requiring an extension of time
                and the
                date by which the Plan Administrator expects to render the determination
                on review.

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii.)

            	
              The
                decision on review shall be in writing and shall include specific
                reasons
                for the decision written in an understandable manner with specific
                references to the pertinent Executive Plan provisions upon which
                the
                decision is based. 

            

    

    

    
      	 	
              (iii.)

            	
              The
                review will take into account all comments, documents, records and
                other
                information submitted by the Claimant relating to the claim without
                regard
                to whether such information was submitted or considered in the initial
                benefit determination. Additional considerations shall be required
                in the
                case of a claim for disability benefits. For example, the
                claim will be reviewed without deference to the initial adverse benefits
                determination and, if the initial adverse benefit determination was
                based
                in whole or in part on a medical judgment, the Plan Administrator
                will
                consult with a health care professional with appropriate training
                and
                experience in the field of medicine involving the medical judgment.
                The
                health care professional who is consulted on appeal will not be the
                same
                individual who was consulted during the initial determination or
                the
                subordinate of such individual. If the Plan Administrator obtained
                the
                advice of medical or vocational experts in making the initial adverse
                benefits determination (regardless of whether the advice was relied
                upon),
                the Plan Administrator will identify such
                experts.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	 	
              (iv.)

            	
              The
                decision on review will include a statement that the Claimant is
                entitled
                to receive, upon request and free of charge, reasonable access to,
                and
                copies of, all documents, records or other information relevant to
                the
                Claimant’s claim for benefits.

            

    

    

    
      	 	 	
              f.

            	
              Exhaustion
                of Remedies:

            

    

    

    
      	 	 	 	
              A
                Claimant must follow the claims review procedures under this Executive
                Plan and exhaust his or her administrative remedies before taking
                any
                further action with respect to a claim for
                benefits.

            

    

    

    
      	 	
              C.

            	
              Arbitration:

            

    

    

    If
      claimants continue to dispute the benefit denial based upon completed
      performance of this Executive Plan or the meaning and effect of the terms and
      conditions thereof, then claimants may submit the dispute to an Arbitrator
      for
      final arbitration. The Arbitrator shall be selected by mutual agreement of
      the
      Bank and the claimants. The Arbitrator shall operate under any generally
      recognized set of arbitration rules. The parties hereto agree that they and
      their heirs, personal representatives, successors and assigns shall be bound
      by
      the decision of such Arbitrator with respect to any controversy properly
      submitted to it for determination.

    

    Where
      a
      dispute arises as to the Bank’s discharge of the Executive “for cause,” such
      dispute shall likewise be submitted to arbitration as above described and the
      parties hereto agree to be bound by the decision thereunder.

    

    
      	
              VIII.

            	
              TERMINATION
                OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES
                OR
                REGULATIONS

            

    

    

    The
      Bank
      is entering into this Agreement upon the assumption that certain existing tax
      laws, rules and regulations will continue in effect in their current form.
      If
      any said assumptions should change and said change has a detrimental effect
      on
      this Executive Plan, then the Bank reserves the right to terminate or modify
      this Agreement accordingly with the mutual consent of the Executive. If this
      Agreement is terminated, any payment made to the Executive shall be in
      accordance with Internal Revenue Code §409A. Upon a Change of Control
      (Subparagraph I [J]), this paragraph shall become null and void effective
      immediately upon said Change of Control.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto acknowledge that each has carefully read this Agreement and
      executed the original thereof on the date set forth hereinabove, and that,
      upon
      execution, each has received a conforming copy.

    
      

        
          	 	 	
                  MERRILL
                    MERCHANTS BANK

                  
                    Bangor,
                      ME

                  

                
	 	 	
                   

                
	 	 	 
	 	 	
                  By:

                	 
	
                  Witness

                	 	
                  (Bank
                    Officer other than Insured)    Title

                
	 	 	 
	 	 	 
	
                  Witness

                	 	
                  Edwin
                    N. Clift

                

        

      

    

     

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    

    

    

    BENEFICIARY
      DESIGNATION FORM

    FOR
      THE AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT
      EFFECTIVE JANUARY 1, 2006

    

    
      	
              I.

            	
              DESIGNATIONS (Please
                refer to the beneficiary designation instructions below prior to
                completion of this form.)

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Primary & Secondary Designation:

              (Please
                indicate the percentage for each beneficiary.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %
                if living:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	
               

              If
                deceased, designate %

            	
               

              to:

            	
               

              Relationship:

            	
               

              SS#:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %
                if living:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	
               

              If
                deceased, designate %

            	
               

              to:

            	
               

              Relationship:

            	
               

              SS#:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %
                if living:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	
               

              If
                deceased, designate %

            	
               

              to:

            	
               

              Relationship:

            	
               

              SS#:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %
                if living:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	
               

              If
                deceased, designate %

            	
               

              to:

            	
               

              Relationship:

            	
               

              SS#:

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
              B.

            	
              Estate
                as a Primary Designation:

            
	 	 	
              My
                Primary Beneficiary is The Estate of 

            	 	
              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	 	
              C.

            	
              Trust
                as a Primary Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary(ies)
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?     oYes     oNo

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Agreement, an
                Assignment of Rights form must
                be
                completed.)

            

    

    

    
      	
              II.

            	
              SECONDARY
                (CONTINGENT) DESIGNATION

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary(ies)
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?     oYes     oNo

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be
                completed.)

            

    

    

    
      	III.	
              SIGN
                AND DATE

            

    

    

    All
      sums
      payable under the Amended and Restate Executive Salary Continuation Agreement
      effective January 1, 2006, by reason of my death shall be paid to the Primary
      Beneficiary(ies), if he or she survives me, and if no Primary Beneficiary(ies)
      shall survive me, then to the Secondary (Contingent) Beneficiary(ies). This
      beneficiary designation is valid until the participant notifies the bank in
      writing.

     

    

      
        	
              	 	 
	
                Edwin
                  N. Clift

              	 	
                Date

              

      

       

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    BENEFICIARY
      DESIGNATION INSTRUCTIONS

    

    
      	
            	·	
              If
                you make a mistake in completing this form, line out the erroneous
                information, add the correct information and initial the correction.
                The
                printed material on this form should not be deleted or altered in
                any
                way.

            

    

    

    
      	
            	·	
              In
                all cases, the relationship of the beneficiary should be included
                with the
                beneficiary designations.

            

    

    

    
      	
            	·	
              A
                Secondary Beneficiary will receive benefits only if the Primary
                Beneficiary(ies) does not survive the Insured. If naming more than
                one
                Secondary Beneficiary at 100% each, please indicate on designations
                1, 2,
                3 or 4 on the designation line which states: “If deceased, designate ____
                %”.

            

    

    

    
      	
            	·	
              If
                a married woman is named beneficiary, her full legal name should
                be
                shown.

            

    

    For
      Example: Mary
      J.
      Smith, not Mrs. John J. Smith. Likewise, if this form is to be signed by a
      married  woman,
      she should sign her full legal name. 

    

    
      	
            	·	
              When
                two or more beneficiaries are named, and they are not to share the
                benefits equally, enter the percentage each beneficiary is to receive
                on
                the form in the space provided. Dollars
                and cents should not be specified. When added together, the sum of
                the
                percentages going to the two or more named beneficiaries should equal
                100%.

            

    

    

    
      	
            	·	
              If
                a trustee is named beneficiary, show the exact name of the trust,
                date of
                the trust agreement, and the name and address of the
                trustee.

            

    

    For
      Example: The
      John
      J. Smith Revocable Life Insurance Trust, dated January 1, 1994, John Smith
      Trustee, 123 Apple Lane, Hartford, CT 06006.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

      

        AMENDED
          AND RESTATED EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT

        EFFECTIVE
          JANUARY 1, 2006

        

        This
          Agreement, made and entered into this 1st
          day of
          January, 2006, by and between Merrill Merchants Bank, a Bank organized
          and
          existing under the laws of the State of Maine hereinafter referred to as
          "the
          Bank", and William P. Lucy, a Key Employee and the Executive of the Bank,
          hereinafter referred
          to as "the Executive".

        

        The
          Bank
          and the Executive are parties to this Amended and Restated Executive
          Supplemental Retirement Plan Agreement between Merrill Merchants Bank and
          William P. Lucy that provides for the payment of certain benefits. This
          Amended
          and Restated Executive Supplemental Retirement Plan Agreement effective
          January
          1, 2006 shall bring the Executive Supplemental Retirement Plan Agreement
          dated
          February 15, 1999, in compliance with Internal Revenue Code §409A enacted on
          October 22, 2004. The benefits provided hereunder shall amend and restate
          the
          existing Executive Supplemental Retirement Plan Agreement dated February
          15,
          1999, and any and all subsequent amendments, and the benefits provided
          thereby;

        

        The
          Executive has been in the employ of the Bank for several years and has
          now and
          for years past faithfully served the Bank. It is the consensus of the
          Compensation Committee of the Board of Directors of the Bank (The Board)
          that
          the Executive’s employment has been of exceptional merit, in excess of the
          compensation paid and an invaluable contribution to the profits and position
          of
          the Bank in its field of activity. The Board further believes that the
          Executive's experience, knowledge of corporate affairs, reputation and
          industry
          contacts are of such value and his continued employment is so essential
          to the
          Bank's future growth and profits that it would suffer severe financial
          loss
          should the Executive terminate the Executive’s employment.

        

        Accordingly,
          it is the desire of the Bank and the Executive to enter into this Agreement
          under which the Bank will agree to make certain payments to the Executive
          upon
          the Executive’s retirement and, alternatively, to the Executive’s
          beneficiary(ies) in the event of the Executive’s premature death while employed
          by the Bank.

        

        It
          is the
          intent of the parties hereto that this Agreement be considered an arrangement
          maintained primarily to provide supplemental retirement benefits for the
          Executive, as a member of a select group of management or highly-compensated
          employees of the Bank for purposes of the Employee Retirement Income Security
          Act of 1974 (ERISA). The Executive is fully advised of the Bank's financial
          status and has had substantial input in the design and operation of this
          benefit
          plan.

        

        Therefore,
          in consideration of the Executive’s employment performed in the past and those
          to be performed in the future and based upon the mutual promises and covenants
          herein contained, the Bank and the Executive, agree as follows:

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	I.	
                  DEFINITIONS

                

        

        

        
          	
                	A.	
                  Effective
                    Date:

                

        

        

        The
          Effective Date of this Agreement shall be January 1, 2006.

        

        
          	
                	B.	
                  Plan
                    Year:

                

        

        

        Any
          reference to “Plan Year” shall mean a calendar year from January 1st
          to
          December 31st.
          In the
          year of implementation, the term “Plan Year” shall mean the period from the
          effective date to December 31st
          of the
          year of the effective date.

        

        
          	 	
                  C.

                	
                  Retirement
                    Date:

                

        

        

        Retirement
          Date shall mean retirement from employment with the Bank which becomes
          effective
          on the first day of the calendar month following the month in which the
          Executive reaches the Executive’s sixty-fifth (65th) birthday or such later date
          as the Executive may actually retire.

        

        
          	
                	D.	
                  Early
                    Retirement Date

                

        

        

        Early
          Retirement Date shall mean a retirement from employment which is effective
          prior
          to the Retirement Date stated above, provided the Executive has attained
          age
          fifty-five (55).

        

        
          	
                	E.	
                  Termination
                    of Employment:

                

        

        

        Termination
          of Employment shall mean voluntary resignation of employment by the Executive
          or
          the Bank’s discharge of the Executive without cause (“cause” defined in
          Subparagraph III (E) hereinafter), prior to the Executive’s
          retirement.

        

        
          	
                	F.	
                  Pre-Retirement
                    Account:

                

        

        

        A
          Pre-Retirement Account shall be established as a liability reserve account
          on
          the books of the Bank for the benefit of the Executive. Prior to termination
          of
          employment or the Executive’s retirement, such liability reserve account shall
          be increased or decreased each Plan Year (including the Plan Year in which
          the
          Executive ceases to be employed by the Bank) by an amount equal to the
          annual
          earnings or loss for that Plan Year determined by the Index (described
          in
          Subparagraph I (H) hereinafter), less the Cost of Funds Expense for that
          Plan
          Year (described in Subparagraph I (I) hereinafter).

        

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        
          	
                	G.	
                  Index
                    Retirement Benefit:

                

        

        

        The
          Index
          Retirement Benefit for the Executive for any year shall be equal to the
          excess
          of the annual earnings (if any) determined by the Index [Subparagraph I
          (H)] for
          that Plan Year over the Cost of Funds Expense [Subparagraph I (I)] for
          that Plan
          Year.

        

        
          	
                	H.	
                  Index:

                

        

        

        The
          Index
          for any Plan Year shall be the aggregate annual after-tax income from the
          life
          insurance contracts described hereinafter as defined by FASB Technical
          Bulletin
          85-4. This Index shall be applied as if such insurance contracts were purchased
          on the effective date hereof.

        

          
            	
                    Insurance
                      Company:

                  	
                    Security
                      Life of Denver

                  
	
                    Policy
                      Form:

                  	
                    Whole
                      Life

                  
	
                    Name:

                  	
                    Corp
                      IV

                  
	
                    Insured’s
                      Age and Sex:

                  	
                    40,
                      Male

                  
	
                    Riders:

                  	
                    None

                  
	
                    Ratings:

                  	
                    None

                  
	
                    Option:

                  	
                    Level
                      Death Benefit

                  
	
                    Face
                      Amount:

                  	
                    $319,582

                  
	
                    Premiums
                      Paid:

                  	
                    $107,000

                  
	
                    Number
                      of Premium Payments:

                  	
                    One

                  
	
                    Assumed
                      Purchase Date:

                  	
                    May
                      22, 1998

                  
	 	 
	
                    Insurance
                      Company:

                  	
                    Jefferson
                      Pilot

                  
	
                    Policy
                      Form:

                  	
                    Flexible
                      Premium Adjustable Life

                  
	
                    Name:

                  	
                    Executive
                      Security Plan VI

                  
	
                    Insured’s
                      Age and Sex:

                  	
                    42,
                      Male

                  
	
                    Riders:

                  	
                    None

                  
	
                    Ratings:

                  	
                    None

                  
	
                    Option:

                  	
                    Level
                      Death Benefit

                  
	
                    Face
                      Amount:

                  	
                    $270,000

                  
	
                    Cash
                      Surrender Value as of 12/31/05:

                  	
                    $99,658

                  
	
                    Number
                      of Premium Payments:

                  	
                    One

                  
	
                    Assumed
                      Cash Value Date:

                  	
                    December
                      31, 2005

                  
	 	 
	
                    Insurance
                      Company:

                  	
                    Union
                      Central Life Insurance/SLD

                  
	
                    Policy
                      Form:

                  	
                    Universal
                      Life Insurance

                  
	
                    Name:

                  	
                    COLI
                      UL

                  
	
                    Insured’s
                      Age and Sex:

                  	
                    42,
                      Male

                  
	
                    Riders:

                  	
                    None

                  
	
                    Ratings:

                  	
                    None

                  
	
                    Option:

                  	
                    Level
                      Death Benefit

                  
	
                    Face
                      Amount:

                  	
                    $288,400

                  
	
                    Cash
                      Surrender Value as of 12/31/05:

                  	
                    $99,687

                  
	
                    Number
                      of Premium Payments:

                  	
                    One

                  
	
                    Assumed
                      Cash Value Date:

                  	
                    December
                      31, 2005

                  

          

        

        

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

        If
          such
          contracts of life insurance are actually purchased by the Bank then the
          actual
          policies as of the dates they were purchased shall be used in calculations
          under
          this Agreement. If such contracts of life insurance are not purchased or
          are
          subsequently surrendered, lapsed or the Insured has pre-deceased the executive,
          then the Bank shall receive annual policy illustrations that assume the
          above
          described policies were purchased from the above named insurance company(ies)
          on
          the Effective Date from which the increase in policy value will be used
          to
          calculate the amount of the Index.

        

        In
          either
          case, references to the life insurance contract are merely for purposes
          of
          calculating a benefit. The Bank has no obligation to purchase such life
          insurance and, if purchased, the Executive and the Executive’s beneficiary(ies)
          shall have no ownership interest in such policy and shall always have no
          greater
          interest in the benefits under this Agreement than that of an unsecured
          general
          creditor of the Bank.

        

        
          	
                	I.	
                  Cost
                    of Funds Expense:

                

        

        

        The
          Cost
          of Funds Expense for any Plan Year shall be calculated by taking the sum
          of the
          amount of premiums set forth in the Indexed policies described above plus
          the
          amount of any after-tax benefits
          paid to the Executive pursuant to this Agreement (Paragraph III hereinafter)
          plus the amount of all previous years after-tax Costs of Funds Expense,
          and
          multiplying that sum by the average after-tax cost of funds of the Bank's
          third
          quarter Call Report for the Plan Year as filed with the Federal
          Reserve.

        

        
          	 	
                  J.

                	
                  Change
                    of Control:

                

        

        

        In
          accordance with Internal Revenue Code §409A, the Change of Control shall be
          defined as the occurrence of any one of the following:

        

        
          	 	
                  a.

                	
                  the
                    acquisition of more than fifty percent (50%) of the value or
                    voting power
                    of the Bank’s Holding Company stock by a person or
                    group;

                

        

        

        
          	 	
                  b.

                	
                  the
                    acquisition in a period of twelve (12) months or less of at least
                    thirty-five percent (35%) of the Bank’s Holding Company stock by a person
                    or group;

                

        

        

        
          
             

          

          
            4

            
              

            

          

          
             

          

        

        
          	 	
                  c.

                	
                  the
                    replacement of a majority of the Bank’s Holding Company board in a period
                    of twelve (12) months or less by Directors who were not endorsed
                    by a
                    majority of the current board members;
                    or

                

        

        

        
          	 	
                  d.

                	
                  the
                    acquisition in a period of twelve (12) months or less of forty
                    percent
                    (40%) or more of the Bank’s Holding Company assets by an unrelated
                    entity.

                

        

        

        For
          the
          purposes of this Agreement, transfers on account of deaths or gifts, transfers
          between family members or transfers to a qualified retirement plan maintained
          by
          the Bank shall not be considered in determining whether there has been
          a change
          in control.

        

        
          	
                	K.	
                  Normal
                    Retirement Age:

                

        

        

        Normal
          Retirement Age shall mean the date on which the Executive attains age sixty-five
          (65).

        

        
          	II.	
                  EMPLOYMENT

                

        

        

        No
          provision of this Agreement shall be deemed to restrict or limit any existing
          employment agreement by and between the Bank and the Executive, nor shall
          any
          conditions herein create specific employment rights to the Executive nor
          limit
          the right of the Employer to discharge the Executive with or without cause.
          In a
          similar fashion, no provision shall limit the Executive's rights to voluntarily
          sever the Executive’s employment at any time.

        

        
          	III.	
                  INDEX
                    BENEFITS

                

        

        

        The
          following benefits provided by the Bank to the Executive are in the nature
          of a
          fringe benefit and shall in no event be construed to effect nor limit the
          Executive's current or prospective salary increases, cash bonuses or
          profit-sharing distributions or credits.

        

        
          	 	
                  A.

                	
                  Retirement
                    Benefits:

                

        

        

        Should
          the Executive continue to be employed by the Bank until the Executive’s "Normal
          Retirement Age" defined in Subparagraph I (K), the Executive shall be entitled
          to receive the balance in the Executive’s Pre-Retirement Account [as defined in
          Subparagraph I (F)] in ten (10)ten
          (10)
          equal
          annual installments commencing
          thirty (30) days following the Executive’s Retirement Date. In addition to these
          payments, commencing with the Plan Year in which the Executive attains
          the
          Executive’s Retirement Date, the Index Retirement Benefit (as defined in
          Subparagraph I (G) above) for each year shall be paid to the Executive
          until the
          Executive’s death. Notwithstanding the foregoing, the total amount of said
          annual benefit (i.e. the Pre-Retirement Account and the Index Retirement
          Benefit
          combined) to be received by the Executive at the Retirement Date shall
          be a
          maximum of Thirty Thousand and 00/100th
          Dollars
          ($30,000.00). 

        

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

        In
          accordance with Internal Revenue Code §409A, if the Executive is a Key Employee,
          and said Bank is publicly traded at the time of retirement, any such benefit
          payment shall be withheld for six (6) months following such retirement.
          

        

        
          	 	
                  B.

                	
                  Early
                    Retirement Date

                

        

        

        Should
          the Executive elect Early Retirement, he shall be entitled to receive the
          balance in the Pre-Retirement Account paid at said Early Retirement Date
          in ten
          (10) equal annual installments commencing thirty (30) days following the
          Early
          Retirement Date [Subparagraph I (D)]. At the Normal Retirement Age, the
          Index
          Retirement Benefit [Subparagraph I (G)] shall be paid to the Executive
          annually
          until the Executive’s death. Notwithstanding the foregoing, the total amount of
          said annual benefit (i.e. the Pre-Retirement Account and the Index Retirement
          Benefit combined) to be received by the Executive at the Early Retirement
          Date
          shall be a maximum of Thirty Thousand and 00/100th
          Dollars
          ($30,000.00). 

        

        In
          accordance with Internal Revenue Code §409A, if the Executive is a Key Employee,
          and said Bank is publicly traded at the time of retirement, any such benefit
          payment shall be withheld for six (6) months following such retirement.
          

        

        
          	 	
                  C.

                	
                  Termination
                    of Service:

                

        

        

        Subject
          to subparagraph III (D) hereinafter, should the Executive suffer a Termination
          of Employment [defined in subparagraph I (D)], the Executive shall be entitled
          to receive the percentage of the Pre-Retirement Account that corresponds
          to the
          years of employment with the Bank, as stated in the schedule below, paid
          in ten
          (10) equal annual installments commencing thirty (30) days following said
          Termination of Employment. In addition to these payments, the Executive
          shall be
          entitled to receive the percentage of the Index Retirement Benefit that
          corresponds to the years of employment with the Bank as stated in the schedule
          below, and shall be paid to the Executive until his death.

        

        In
          accordance with Internal Revenue Code §409A, if the Executive is a Key Employee,
          and said Bank is publicly traded at the time of termination of employment,
          any
          such benefit payment shall be withheld for six (6) months following such
          termination of employment.

        

          
            	
                    Total
                      Years 

                  	 
	
                    of
                      Employment

                  	
                    Vested
                      Percentage

                  
	
                    with
                      the Bank

                  	
                    (to
                      a maximum of 100%)

                  
	
                    0-14
                      years

                  	
                    0%

                  
	
                    15-19
                      years

                  	
                    75%

                  
	
                    20
                      years

                  	
                    100%

                  

          

        

        
          
             

          

          
            6

            
              

            

          

          
             

          

        

         

        
          	 	
                  D.

                	
                  Death:

                

        

        

        Should
          the Executive die prior to having received the full balance of the
          Pre-Retirement Account, the unpaid balance of the Pre-Retirement Account
          shall
          be paid in a lump sum to the beneficiary selected by the Executive and
          filed
          with the Bank. In the absence of or a failure to designate a beneficiary,
          the
          unpaid balance shall be paid in a lump sum to the personal representative
          of the
          Executive's estate.

        

        
          	 	
                  E.

                	
                  Discharge
                    for Cause:

                

        

        

        Should
          the Executive be discharged for cause at any time prior to the Executive’s
          Retirement Date, all Index Benefits under this Agreement [Subparagraphs
          III (A),
          (B), (C) or (D)] shall be forfeited. The term “for cause” shall mean
gross
          negligence or gross neglect or the
          conviction of a felony or gross misdemeanor involving moral turpitude,
          fraud,
          dishonesty or willful violation of any law that results in any
          adverse
          effect on the Bank. If a dispute arises as to discharge "for cause", such
          dispute shall be resolved by arbitration as set forth in this
          Agreement.

        

        
          	 	
                  F.

                	
                  Death
                    Benefit:

                

        

        

        Except
          as
          set forth above, there is no death benefit provided under this
          Agreement.

        

        
          	IV.	
                  RESTRICTIONS
                    UPON FUNDING

                

        

        

        The
          Bank
          shall have no obligation to set aside, earmark or entrust any fund or money
          with
          which to pay its obligations under this Agreement. The Executive, the
          Executive’s beneficiary(ies) or any successor in interest to the Executive shall
          be and remain simply a general creditor of the Bank in the same manner
          as any
          other creditor having a general claim for matured and unpaid
          compensation.

        

        The
          Bank
          reserves the absolute right, at its sole discretion, to either fund the
          obligations undertaken by this Agreement or to refrain from funding the
          same and
          to determine the exact nature and method of such funding. Should the Bank
          elect
          to fund this Agreement, in whole or in part, through the purchase of life
          insurance, mutual funds, disability policies or annuities, the Bank reserves
          the
          absolute right, in its sole discretion, to terminate such funding at any
          time,
          in whole or in part. At no time shall the Executive be deemed to have any
          lien
          or right, title or interest in or to any specific funding investment or
          to any
          assets of the Bank.

        

        
          
             

          

          
            7

            
              

            

          

          
             

          

        

        If
          the
          Bank elects to invest in a life insurance, disability or annuity policy
          upon the
          life of the Executive, then the Executive shall assist the Bank by freely
          submitting to a physical exam and supplying such additional information
          necessary to obtain such insurance or annuities.

        

        
          	
                  V.

                	
                  CHANGE
                    OF CONTROL

                

        

        

        Upon
          a
          Change of Control (as defined in Subparagraph I (J) herein), the Executive
          shall
          immediately become one hundred percent (100%) vested in all benefits promised
          in
          this Agreement. If the Executive’s employment is subsequently terminated then
          the Executive shall receive the benefits promised in this Agreement upon
          Early
          Retirement Date (Subparagraph I [D]). Payment shall be made in accordance
          with
          Internal Revenue Code §409A. The Executive will also remain eligible for all
          promised death benefits in this Agreement. In addition, no sale, merger
          or
          consolidation of the Bank shall take place unless the new or surviving
          entity
          expressly acknowledges the obligations under this Agreement and agrees
          to abide
          by its terms.

        

        
          	VI.	
                  MISCELLANEOUS

                

        

        

        
          	
                	A.	
                  Alienability
                    and Assignment Prohibition:

                

        

        

        Neither
          the Executive, his/her surviving spouse nor any other beneficiary under
          this
          Agreement shall have any power or right to transfer, assign, anticipate,
          hypothecate, mortgage, commute, modify or otherwise encumber in advance
          any of
          the benefits payable hereunder nor shall any of said benefits be subject
          to
          seizure for the payment of any debts, judgments, alimony or separate maintenance
          owed by the Executive or the Executive’s beneficiary, nor be transferable by
          operation of law in the event of bankruptcy, insolvency or otherwise. In
          the
          event the Executive or any beneficiary attempts assignment, commutation,
          hypothecation, transfer or disposal of the benefits hereunder, the Bank's
          liabilities shall forthwith cease and terminate.

        

        
          	
                	B.	
                  Binding
                    Obligation of Bank and any Successor in Interest:

                

        

        

        The
          Bank
          expressly agrees that it shall not merge or consolidate into or with another
          bank or sell substantially all of its assets to another bank, firm or person
          until such bank, firm or person expressly agrees, in writing, to assume
          and
          discharge the duties and obligations of the Bank under this Agreement.
          This
          Agreement shall be binding upon the parties hereto, their successors,
          beneficiary(ies), heirs and personal representatives.

        

        
          
             

          

          
            8

            
              

            

          

          
             

          

        

        
          	
                	C.	
                  Revocation:

                

        

        

        It
          is
          agreed by and between the parties hereto that, during the lifetime of the
          Executive, this Agreement may be amended or revoked at any time or times,
          in
          whole or in part, by the mutual written assent of the Executive and the
          Bank.

        

        
          	
                	D.	
                  Gender:

                

        

        

        Whenever
          in this Agreement words are used in the masculine or neuter gender, they
          shall
          be read and construed as in the masculine, feminine or neuter gender, whenever
          they should so apply.

        

        
          	
                	E.	
                  Effect
                    on Other Bank Benefit Plans:

                

        

        

        Nothing
          contained in this Agreement shall affect the right of the Executive to
          participate in or be covered by any qualified or non-qualified pension,
          profit-sharing, group, bonus or other supplemental compensation or fringe
          benefit plan constituting a part of the Bank's existing or future compensation
          structure.

        

        
          	
                	F.	
                  Headings:

                

        

        

        Headings
          and subheadings in this Agreement are inserted for reference and convenience
          only and shall not be deemed a part of this Agreement.

        

        
          	
                	G.	
                  Applicable
                    Law:

                

        

        

        The
          validity and interpretation of this Agreement shall be governed by the
          laws of
          the State of Maine.

        

        
          	
                	H.	
                  Amend
                    and Restate Entire Agreement:

                

        

        

        This
          Agreement shall amend the Executive Supplemental Retirement Plan Agreement
          dated
          the 15th
          day of
          February, 1999, and any and all subsequent amendments, and shall restate
          the
          entire agreement of the parties pertaining to this particular Amended and
          Restated Executive Supplemental Retirement Plan Agreement effective January
          1,
          2006.

        

        
          
             

          

          
            9

            
              

            

          

          
             

          

        

        
          	VII.	
                  ADMINISTRATIVE
                    AND CLAIMS PROVISIONS

                

        

        

        
          	
                	A.	
                  Plan
                    Administrator:

                

        

        

        The
“Plan
          Administrator” of this plan shall be Merrill Merchants Bank. As Administrator,
          the Bank shall be responsible for the management, control and administration
          of
          the Supplemental Retirement Plan Agreement as established herein. The Plan
          Administrator may delegate to others certain aspects of the management
          and
          operation responsibilities of the plan including the employment of advisors
          and
          the delegation of ministerial duties to qualified individuals.

        

        
          	
                	B.	
                  Claims
                    Procedure:

                

        

        

        
          	
                	a.	
                  Filing
                    a Claim for Benefits:

                

        

        

        Any
          insured, beneficiary, or other individual, (“Claimant”) entitled to benefits
          under this Executive Plan will file a claim request with the Plan Administrator.
          The Plan Administrator will, upon written request of a Claimant, make available
          copies of all forms and instructions necessary to file a claim for benefits
          or
          advise the Claimant where such forms and instructions may be obtained.
          If the
          claim relates to disability benefits, then the Plan Administrator shall
          designate a sub-committee to conduct the initial review of the claim (and
          applicable references below to the Plan Administrator shall mean such
          sub-committee).

        

        
          	
                	b.	
                  Denial
                    of Claim:

                

        

        

        
          	 	 	
                  A
                    claim for benefits under this Executive Plan will be denied if
                    the Bank
                    determines that the Claimant is not entitled to receive benefits
                    under the
                    Executive Plan. Notice of a denial shall be furnished the Claimant
                    within
                    a reasonable period of time after receipt of the claim for benefits
                    by the
                    Plan Administrator. This time period shall not exceed more than
                    ninety
                    (90) days after the receipt of the properly submitted claim.
                    In the event
                    that the claim for benefits pertains to disability, the Plan
                    Administrator
                    shall provide written notice within forty-five (45) days. However,
                    if the
                    Plan Administrator determines, in its discretion, that an
                    extension of time for processing the claim is required, such
                    extension
                    shall not exceed an additional ninety (90) days. In the case
                    of a claim
                    for disability benefits, the forty-five (45) day review period
                    may be
                    extended for up to thirty (30) days if necessary due to circumstances
                    beyond the Plan Administrator’s control, and for an additional thirty (30)
                    days, if necessary. Any
                    extension notice shall indicate the special circumstances requiring
                    an
                    extension of time and the date by which the Plan Administrator
                    expects to
                    render the determination on review.

                

        

        

        
          
             

          

          
            10

            
              

            

          

          
             

          

        

        
          	
                	c.	
                  Content
                    of Notice:

                

        

        

        
          	 	 	
                  The
                    Plan Administrator shall provide written notice to every Claimant
                    who is
                    denied a claim for benefits which notice shall set forth the
                    following:

                

        

         

        
          	
                	(i.)	
                  The
                    specific reason or reasons for the
                    denial;

                

        

        

        
          	 	
                  (ii.)

                	
                  Specific
                    reference to pertinent Executive Plan provisions on which the
                    denial is
                    based;

                

        

        

        
          	 	
                  (iii.)

                	
                  A
                    description of any additional material or information necessary
                    for the
                    Claimant to perfect the claim, and any explanation of why such
                    material or
                    information is necessary; and

                

        

        

        
          	 	
                  (iv.)

                	
                  Any
                    other information required by applicable regulations, including
                    with
                    respect to disability benefits. 

                

        

        

        
          	
                	d.	
                  Review
                    Procedure:

                

        

        

        
          	 	 	
                  The
                    purpose of the Review Procedure is to provide a method by which
                    a Claimant
                    may have a reasonable opportunity to appeal a denial of a claim
                    to the
                    Plan Administrator for a full and fair review. The Claimant,
                    or his duly
                    authorized representative, may:

                

        

         

        
          	 	
                  (i.)

                	
                  Request
                    a review upon written application to the Plan Administrator.
                    Application
                    for review must be made within sixty (60) days of receipt of
                    written
                    notice of denial of claim. If the denial of claim pertains to
                    disability,
                    application for review must be made within one hundred eighty
                    (180) days
                    of receipt of written notice of the denial of
                    claim;

                

        

        

        
          	 	
                  (ii.)

                	
                  Review
                    and copy (free of charge) pertinent Executive Plan documents,
                    records and
                    other information relevant to the Claimant’s claim for
                    benefits;

                

        

        

        
          	 	
                  (iii.)

                	
                  Submit
                    issues and concerns in writing, as well as documents, records,
                    and other
                    information relating to the claim.

                

        

         

        
          
             

          

          
            11

            
              

            

          

          
             

          

        

        
          	
                	e.	
                  Decision
                    on Review:

                

        

        

        A
          decision on review of a denied claim shall be made in the  following
          manner:

        

        
          	 	
                  (i.)

                	
                  The
                    Plan Administrator may, in its sole discretion, hold a hearing
                    on the
                    denied claim. If the Claimant’s initial claim is for disability benefits,
                    any review of a denied claim shall be made by members of the
                    Plan
                    Administrator other than the original decision maker(s) and such
                    person(s)
                    shall not be a subordinate of the original decision maker(s).
                    The decision
                    on review shall be made promptly, but generally not later than
                    sixty (60)
                    days after receipt of the application for review. In the event
                    that the
                    denied claim pertains to disability, such decision shall not
                    be made later
                    than forty-five (45) days after receipt of the application for
                    review. If
                    the Plan Administrator determines that an extension of time for
                    processing
                    is required, written notice of the extension shall be furnished
                    to the
                    Claimant prior to the termination of the initial sixty (60) day
                    period. In
                    no event shall the extension exceed a period of sixty (60) days
                    from the
                    end of the initial period. In the event the denied claim pertains
                    to
                    disability, written notice of such extension shall be furnished
                    to the
                    Claimant prior to the termination of the initial forty-five (45)
                    day
                    period. In no event shall the extension exceed a period of thirty
                    (30)
                    days from the end of the initial period. The extension notice
                    shall
                    indicate the special circumstances requiring an extension of
                    time and the
                    date by which the Plan Administrator expects to render the determination
                    on review.

                

        

        

        
          	 	
                  (ii.)

                	
                  The
                    decision on review shall be in writing and shall include specific
                    reasons
                    for the decision written in an understandable manner with specific
                    references to the pertinent Executive Plan provisions upon which
                    the
                    decision is based. 

                

        

        

        
          	 	
                  (iii.)

                	
                  The
                    review will take into account all comments, documents, records
                    and other
                    information submitted by the Claimant relating to the claim without
                    regard
                    to whether such information was submitted or considered in the
                    initial
                    benefit determination. Additional considerations shall be required
                    in the
                    case of a claim for disability benefits. For example, the
                    claim will be reviewed without deference to the initial adverse
                    benefits
                    determination and, if the initial adverse benefit determination
                    was based
                    in whole or in part on a medical judgment, the Plan Administrator
                    will
                    consult with a health care professional with appropriate training
                    and
                    experience in the field of medicine involving the medical judgment.
                    The
                    health care professional who is consulted on appeal will not
                    be the same
                    individual who was consulted during the initial determination
                    or the
                    subordinate of such individual. If the Plan Administrator obtained
                    the
                    advice of medical or vocational experts in making the initial
                    adverse
                    benefits determination (regardless of whether the advice was
                    relied upon),
                    the Plan Administrator will identify such
                    experts.

                

        

         

        
          
             

          

          
            12

            
              

            

          

          
             

          

        

        
          	 	
                  (iv.)

                	
                  The
                    decision on review will include a statement that the Claimant
                    is entitled
                    to receive, upon request and free of charge, reasonable access
                    to, and
                    copies of, all documents, records or other information relevant
                    to the
                    Claimant’s claim for benefits.

                

        

        

        
          	 	 	
                  f.

                	
                  Exhaustion
                    of Remedies:

                

        

        

        
          	 	 	 	
                  A
                    Claimant must follow the claims review procedures under this
                    Executive
                    Plan and exhaust his or her administrative remedies before taking
                    any
                    further action with respect to a claim for
                    benefits.

                

        

        

        
          	 	
                  C.

                	
                  Arbitration:

                

        

        

        If
          claimants continue to dispute the benefit denial based upon completed
          performance of this Executive Plan or the meaning and effect of the terms
          and
          conditions thereof, then claimants may submit the dispute to an Arbitrator
          for
          final arbitration. The Arbitrator shall be selected by mutual agreement
          of the
          Bank and the claimants. The Arbitrator shall operate under any generally
          recognized set of arbitration rules. The parties hereto agree that they
          and
          their heirs, personal representatives, successors and assigns shall be
          bound by
          the decision of such Arbitrator with respect to any controversy properly
          submitted to it for determination.

        

        Where
          a
          dispute arises as to the Bank’s discharge of the Executive “for cause,” such
          dispute shall likewise be submitted to arbitration as above described and
          the
          parties hereto agree to be bound by the decision thereunder.

        

        
          
             

          

          
            13

            
              

            

          

          
             

          

        

        

        
          	
                  VIII.

                	
                  TERMINATION
                    OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
                    RULES OR
                    REGULATIONS

                

        

        

        The
          Bank
          is entering into this Agreement upon the assumption that certain existing
          tax
          laws, rules and regulations will continue in effect in their current form.
          If
          any said assumptions should change and said change has a detrimental effect
          on
          this Executive Plan, then the Bank reserves the right to terminate or modify
          this Agreement accordingly with the mutual consent of the Executive. If
          this
          Agreement is terminated, any payment made to the Executive shall be in
          accordance with Internal Revenue Code §409A. Upon a Change of Control
          (Subparagraph I [J]), this paragraph shall become null and void effective
          immediately upon said Change of Control.

        

        IN
          WITNESS WHEREOF,
          the
          parties hereto acknowledge that each has carefully read this Agreement
          and
          executed the original thereof on the date set forth hereinabove, and that,
          upon
          execution, each has received a conforming copy.

        
          
             

            

              
                	 	 	
                        MERRILL
                          MERCHANTS BANK

                        
                          Bangor,
                            ME

                        

                      
	 	 	
                         

                      
	 	 	 
	 	 	
                        By:

                      	 
	
                        Witness

                      	 	
                        (Bank
                          Officer other than Insured)    Title

                      
	 	 	 
	 	 	 
	
                        Witness

                      	 	
                        William
                          P. Lucy

                      

              

            

          

          
             

            
               

            

            
              14

              
                

              

            

            
               

            

             

          

        

        BENEFICIARY
          DESIGNATION FORM

        FOR
          THE AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT
          EFFECTIVE JANUARY 1, 2006

        

        
          	
                  I.

                	
                  DESIGNATIONS (Please
                    refer to the beneficiary designation instructions below prior
                    to
                    completion of this form.)

                
	 	 	 	 	 
	 	
                  A.

                	
                  Person(s)
                    as a Primary & Secondary Designation:

                  (Please
                    indicate the percentage for each beneficiary.)

                
	 	
                   

                  1.

                	
                   

                  Name:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                	
                   

                  %
                    if living:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	 	
                   

                  If
                    deceased, designate %

                	
                   

                  to:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	
                   

                  2.

                	
                   

                  Name:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                	
                   

                  %
                    if living:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	 	
                   

                  If
                    deceased, designate %

                	
                   

                  to:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	
                   

                  3.

                	
                   

                  Name:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                	
                   

                  %
                    if living:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	 	
                   

                  If
                    deceased, designate %

                	
                   

                  to:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	
                   

                  4.

                	
                   

                  Name:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                	
                   

                  %
                    if living:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	 	
                   

                  If
                    deceased, designate %

                	
                   

                  to:

                	
                   

                  Relationship:

                	
                   

                  SS#:

                
	 	 	
                   

                  Address:

                
	 	 	 	
                  (Street)

                	
                  (City)

                	
                  (State)

                	
                  (Zip)

                
	 	 	 
	 	
                  B.

                	
                  Estate
                    as a Primary Designation:

                
	 	 	
                  My
                    Primary Beneficiary is The Estate of 

                	 	
                  as
                    set forth in the last will and

                
	 	 	
                  Testament
                    dated the

                	 	
                  day
                    of

                	 	 	
                  ,
                    200

                	
                  and
                    any codicils thereto.

                

        

         

        
          
             

          

          
            15

            
              

            

          

          
             

          

        

        
          	 	
                  C.

                	
                  Trust
                    as a Primary Designation:

                
	 	 	
                   

                  Name
                    of the Trust: 

                
	 	 	
                   

                  Execution
                    Date of the Trust:

                	
                   

                  Name
                    of the Trustee:

                
	 	 	
                   

                  Beneficiary(ies)
                    of the Trust:

                  (please
                    indicate the percentage for each beneficiary):

                
	 	 	
                   

                  Name(s):

                
	 	 	
                   

                  Name(s):

                
	 	 	
                   

                  Is
                    this an Irrevocable Life Insurance Trust?     oYes     oNo

                
	 	 	
                  (If
                    yes and this designation is for a Joint Beneficiary Agreement,
                    an
                    Assignment of Rights form must
                    be
                    completed.)

                

        

         

        
          	
                  II.

                	
                  SECONDARY
                    (CONTINGENT) DESIGNATION

                
	 	 	 	 	 
	 	
                  A.

                	
                  Estate
                    as a Secondary (Contingent) Designation:

                
	 	 	
                   

                  My
                    Primary Beneficiary is The Estate of 

                	 	
                   

                  as
                    set forth in the last will and

                
	 	 	
                  Testament
                    dated the

                	 	
                  day
                    of

                	 	 	
                  ,
                    200

                	
                  and
                    any codicils thereto.

                
	 	 	 
	 	
                  B.

                	
                  Trust
                    as a Secondary (Contingent) Designation:

                
	 	 	
                   

                  Name
                    of the Trust: 

                
	 	 	
                   

                  Execution
                    Date of the Trust:

                	
                   

                  Name
                    of the Trustee:

                
	 	 	
                   

                  Beneficiary(ies)
                    of the Trust:

                  (please
                    indicate the percentage for each beneficiary):

                
	 	 	
                   

                  Name(s):

                
	 	 	
                   

                  Name(s):

                
	 	 	
                   

                  Is
                    this an Irrevocable Life Insurance Trust?     oYes     oNo

                
	 	 	
                  (If
                    yes and this designation is for a Joint Beneficiary Designation
                    Agreement,
                    an Assignment of Rights form must
                    be
                    completed.)

                

        

        

        
          	III.	
                  SIGN
                    AND DATE

                

        

        

        All
          sums
          payable under the Amended and Restate Executive Salary Continuation Agreement
          effective January 1, 2006, by reason of my death shall be paid to the Primary
          Beneficiary(ies), if he or she survives me, and if no Primary Beneficiary(ies)
          shall survive me, then to the Secondary (Contingent) Beneficiary(ies).
          This
          beneficiary designation is valid until the participant notifies the bank
          in
          writing.

        

        
          

            
              	
                    	 	 
	
                      William
                        P. Lucy

                    	 	
                      Date

                    

            

             

            
              
                 

              

              
                16

                
                  

                

              

              
                 

              

            

          

        

        

        BENEFICIARY
          DESIGNATION INSTRUCTIONS

        

        
          	
                	·	
                  If
                    you make a mistake in completing this form, line out the erroneous
                    information, add the correct information and initial the correction.
                    The
                    printed material on this form should not be deleted or altered
                    in any
                    way.

                

        

        

        
          	
                	·	
                  In
                    all cases, the relationship of the beneficiary should be included
                    with the
                    beneficiary designations.

                

        

        

        
          	
                	·	
                  A
                    Secondary Beneficiary will receive benefits only if the Primary
                    Beneficiary(ies) does not survive the Insured. If naming more
                    than one
                    Secondary Beneficiary at 100% each, please indicate on designations
                    1, 2,
                    3 or 4 on the designation line which states: “If deceased, designate ____
                    %”.

                

        

        

        
          	
                	·	
                  If
                    a married woman is named beneficiary, her full legal name should
                    be
                    shown.

                

        

        For
          Example: Mary
          J.
          Smith, not Mrs. John J. Smith. Likewise, if this form is to be signed by
          a
          married  woman,
          she should sign her full legal name. 

        

        
          	
                	·	
                  When
                    two or more beneficiaries are named, and they are not to share
                    the
                    benefits equally, enter the percentage each beneficiary is to
                    receive on
                    the form in the space provided. Dollars
                    and cents should not be specified. When added together, the sum
                    of the
                    percentages going to the two or more named beneficiaries should
                    equal
                    100%.

                

        

        

        
          	
                	·	
                  If
                    a trustee is named beneficiary, show the exact name of the trust,
                    date of
                    the trust agreement, and the name and address of the
                    trustee.

                

        

        For
          Example: The
          John
          J. Smith Revocable Life Insurance Trust, dated January 1, 1994, John Smith
          Trustee, 123 Apple Lane, Hartford, CT 06006.

        

        
          
             

          

          
            17Unassociated Document

    Exhibit
      10.1

    

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      STOCK PURCHASE AGREEMENT ("Agreement") is made as of the 23rd
      day of
      February, 2006, by and between Island Residences Club, Inc (“IRCI”), a Delaware
      Corporation, Richard Woods, individual and/or their assignees (“Purchaser”) on
      the one hand and RotateBlack, LLC, (“RBL”) a Michigan limited liability company
      (“Seller”), on the other hand.

     

    For
      and
      in consideration of the mutual premises and covenants herein contained, the
      parties hereto agree as follows:

     

    1.  Purchase
      and Sale of Securities.

     

    1.1  Sale
      and Issuance of Securities.
      Subject
      to the terms and conditions of this Agreement, Purchaser agrees to purchase
      at
      the Closing (defined in Section 1.3), and the Company agrees to cause RBL to,
      and RBL agrees to, sell, transfer and assign to Purchaser at the Closing, Nine
      Million Four Hundred Thousand (9,400,000) shares (the “Shares”) of the common
      stock, $.01 par value per share (“Common Stock”), of DTLL, Inc., a Minnesota
      corporation (“DTLL”). 

     

    1.2  Purchase
      Price.
      The
      purchase price for the Shares to be paid at the Closing (the “Purchase Price”)
      shall be One Million Five Hundred Thousand ($1,500,000) Dollars. The purchase
      price shall be paid at a closing in the form of Five Hundred Fifty Thousand
      ($500,000) and a Secured Note payable in the amount of One Million ($1,000,000)
      Dollars due on or before the closing of the Reno Hilton but no later than April
      10th,
      2006.
      The Note shall be secured by the shares on terms to be agreed between the
      parties. 

     

    1.3  Closing.
      

     

    (a)  The
      purchase and sale of the Shares shall take place on or before February
      28th,
      2006,
      at such time and place as shall be mutually agreed upon between Purchaser and
      the Company (the " Closing"). 

     

    (b)  At
      the
      Closing, Purchaser shall deliver to RBL, the cash requirement of the Purchase
      Price of then immediately available funds by certified check or wire transfer
      to
      an account designated by the RBL. 

     

    (c)  At
      the
      Closing, RBL shall deliver to Purchaser an endorsed certificate, signature
      guaranteed, for the Shares along with instruments satisfactory to Purchaser
      to
      ensure the effective and efficient transfer of the Shares to Purchaser, such
      as
      a legal opinion of the Company’s or RBL’s counsel and a letter of instruction to
      the transfer agent of DTLL. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)  Purchaser,
      the Company and RBL shall deliver to the other party any other documents and
      instruments that the other party or its counsel reasonably
      requests.

     

    (e)  Notwithstanding
      anything to the contrary contained in this Agreement, Purchaser’s obligations
      under this Agreement are conditioned upon Purchaser’s satisfaction of its legal
      due diligence investigation of DTLL. Seller’s obligations under this agreement
      are conditioned upon Seller’s satisfaction of its legal due diligence
      investigation of the transaction on or before closing on February 28, 2006.
      

     

    2.  Representations
      and Warranties of the Company.
      Except
      as noted in the financial statements identified in Section 2.6, DTLL’s
      filings with the Securities and Exchange Commission, or the Schedule of
      Exceptions attached hereto, each of the Company and RBL, jointly and severally,
      hereby represents and warrants to Purchaser that:

     

    2.1  Organization;
      Good Standing; Qualification and Corporate Power.

     

    (a)  The
      Company, RBL and DTLL are corporations duly organized, validly existing and
      in
      good standing under the laws of the State of Minnesota and each has all
      requisite corporate power and authority to carry on its business as now
      conducted and as proposed to be conducted. The Company, RBL and DTLL are each
      duly qualified to transact business and each is in good standing in each
      jurisdiction in which the failure so to qualify would have a material adverse
      effect on its business or properties.

     

    (b)  Each
      of
      the Company and RBL has all requisite legal and corporate power and authority
      to
      execute and deliver this Agreement, to sell the Shares and to carry out and
      perform its obligations under the terms of this Agreement and to consummate
      the
      transactions contemplated hereby. All necessary corporate action has been taken
      by the Company and RBL with respect to the execution, delivery and performance
      by the Company and RBL of this Agreement and the consummation of the
      transactions contemplated hereby.

     

    2.2  Capitalization
      and Voting Rights.
      

     

    (a)  Common
      Stock.
      The
      authorized capital of DTLL, immediately prior to the Closing, consists of One
      Hundred Million (100,000,000) shares of capital stock, of which Fifty Million
      (50,000,000) shares are designated as Common Stock, $0.01 par value per share.
      Thirteen Million Five Hundred Twenty Five Thousand Six Hundred Ninety Three
      (13,525,693) shares of Common Stock will be issued and outstanding immediately
      prior to the Closing. Other than the Common Stock, no other shares of capital
      stock are issued or outstanding. The Shares sold, transferred and assigned
      to
      Purchaser hereunder shall represent approximately 70%
      of
      DTLL’s issued and outstanding Common Stock.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (b)  Derivative
      Securities; Voting Agreements.
      Except
      as set forth in Schedule
      2.2(b),
      immediately
      prior to the Closing, there will be no outstanding options, warrants, rights
      (including conversion or preemptive rights) or agreements for the purchase
      or
      acquisition from DTLL of any shares of its capital stock. DTLL is not a party
      nor subject to any agreement or understanding of any kind, and, to the Company's
      and RBL’s knowledge, there is no agreement or understanding of any kind between
      any individual, corporation, partnership, limited liability company,
      association, trust or other entity or organization, including a government
      or
      political subdivision or an agency or instrumentality thereof (a “Person”),
      which affects or relates to the acquisition, disposition or voting or giving
      of
      written consents with respect to any security of DTLL.

     

    2.3  Subsidiaries;
      Interests of the Company.
      DTLL
      has no subsidiaries and does not currently own or control, directly or
      indirectly, any interest in any other Person. DTLL, on or before closing, shall
      form a new wholly owned subsidiary, the be named “RotateBlack Real Estate
      Ventures”.

     

    2.4  Authorization.
      This
      Agreement has been duly authorized, executed and delivered by the Company and
      RBL and constitutes the legal, valid and binding obligations of the Company
      and
      RBL, enforceable in accordance with its terms, subject to (i) applicable
      bankruptcy, insolvency, reorganization and moratorium laws, (ii) other laws
      of
      general application affecting the enforcement of creditors' rights generally
      and
      general principles of equity, (iii) the discretion of the court before which
      any
      proceeding therefor may be brought and (iv) the limitation by federal or state
      securities laws or by public policy of rights to indemnification.

     

    2.5  Valid
      Issuance of Common Stock.
      The
      Shares, when issued, sold and delivered in accordance with the terms of this
      Agreement for the consideration expressed herein, will be duly and validly
      issued, fully paid, and nonassessable, will not have been issued in violation
      of
      any preemptive right of stockholders or rights of first refusal, and Purchaser
      will have good title to the Shares, free and clear of all liens, security
      interests, pledges, charges, encumbrances and stockholder
      agreements.

     

    2.6  Financial
      Statements; Contracts.
      Each of
      the Company and RBL has made available to Purchaser the audited balance sheet
      of
      DTLL as of December 31, 2004, and the related statements of operations and
      cash
      flows for the year ended December 31, 2004, its unaudited balance sheet dated
      September 30, 2005 and the related unaudited Statements of Operation and Cash
      Flows for the nine months ended September 30, 2005 (the "Financial Statements").
      The Financial Statements are complete and correct and (i) fairly present the
      financial condition and results of operations of DTLL as of the dates and during
      the periods indicated therein, subject to adjustments necessary in accordance
      with generally accepted accounting principles (“GAAP”) and, in the case of
      interim financial statements, year-end adjustments, (ii) except as noted
      therein, have been prepared in accordance with GAAP applied on a consistent
      basis throughout the periods involved and (iii) are in accordance with the
      books
      and records of DTLL. 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    2.7  Governmental
      Consents.
      No
      consent, approval, order, or authorization of, or registration, qualification,
      designation, declaration or filing with, any federal, state, local or provincial
      governmental authority on the part of DTLL, the Company or RBL is required
      in
      connection with the consummation of the transactions contemplated by this
      Agreement. DTLL has complied (and in carrying out its business DTLL will be
      in
      compliance) with all laws, ordinances and regulations applicable to it and
      its
      business, which the failure to comply with would, either individually or in
      the
      aggregate, have a material adverse effect upon DTLL. DTLL has obtained all
      material federal, state, local and foreign governmental licenses and permits
      material to and necessary in the conduct of its business, such licenses and
      permits are in full force and effect, no material violations are or have been
      recorded in respect of any such licenses or permits, and no proceeding is
      pending or, to the best of the Company’s or RBL’s knowledge, threatened to
      revoke or limit any thereof. There are no consents or waivers from such
      governmental authorities necessary for the consummation of the transactions
      contemplated by this Agreement.

     

    2.8  Litigation.
      Except
      as set forth in Schedule
      2.8,
      (i) there is no action, suit, proceeding or investigation pending or, to
      the Company's or RBL’s knowledge, threatened against DTLL or, to the knowledge
      of the Company or RBL after due inquiry, its officers (nor, to the Company's
      or
      RBL’s knowledge, is there any reasonable basis therefor); (ii) DTLL (or, to the
      knowledge of the Company or RBL, any of its officers after due inquiry) is
      not a
      party or subject to the provisions of any order, writ, injunction, judgment,
      or
      decree of any court or government agency or instrumentality (other than those
      of
      general applicability); and (iii) there is no action, suit, proceeding or
      investigation involving DTLL or, to the knowledge of the Company or RBL after
      due inquiry, its officers which such parties intend to initiate.

     

    2.9  Compliance
      with Other Instruments.
      Neither
      DTLL, the Company nor RBL is in violation or default of any provisions of its
      Certificate of Incorporation or Bylaws, as amended, or of any instrument,
      judgment, order, writ, decree, or contract to which it is a party or by which
      it
      is bound or of any provision of Federal or state statute, rule or regulation,
      license, or permit applicable to it, the violation or default of which would
      have a material adverse effect on DTLL, the Company or RBL. The execution,
      delivery, and performance of this Agreement and the consummation of the
      transactions contemplated hereby will not result in any such violation or be
      in
      conflict with or constitute, with or without the passage of time and giving
      of
      notice, either a default under any such provision, instrument, judgment, order,
      writ, decree, or material contract or an event which results in the creation
      of
      any lien, charge, or encumbrance upon any assets of DTL, the Company or RBL.
      Neither the Company nor RBL has any knowledge of any termination or material
      breach or anticipated termination or material breach by the other parties to
      any
      material contract or commitment to which DTLL is a party or to which any of
      its
      assets is subject. To the Company's and RBL’s knowledge, there are no warranty
      claims or other uninsured claims against DTLL under completed contracts which
      might involve a material monetary liability which is not reserved against in
      the
      Financial Statements.

     

    2.10  Title
      to Property and Assets.
      DTLL
      has good and marketable title to its property and assets free and clear of
      all
      mortgages, liens, loans and encumbrances, except (i) such encumbrances and
      liens
      which arise in the ordinary course of business and do not materially impair
      DTLL’s use of such property or assets, (ii) liens for taxes, assessments and
      governmental charges not yet due and payable, (iii) liens in connection with
      workers’ compensation, unemployment insurance or other similar obligations and
      (iv) statutory mechanics, material liens or other like liens arising in the
      ordinary course of business not yet due and payable. With respect to the
      property and assets it leases, DTLL is in compliance in all material respects
      with such leases and, to the Company’s and RBL’s knowledge, holds a valid
      leasehold interest free of any liens, claims, or encumbrances. All DTLL 's
      properties and assets are, in all material respects, in good operating and
      usable condition, subject to normal wear and tear.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    2.11  Intellectual
      Property.
      

     

    (a)  As
      used
      herein, the term “Intellectual Property Right” means any trademark, service
      mark, trade name, invention, patent, trade secret, copyright, know-how
      (including any registrations or applications for registration of any of the
      foregoing) or any other similar type of proprietary intellectual property right,
      in each case which is used or held for use or otherwise necessary in connection
      with the conduct of the business of DTLL. DTLL owns, free and clear of all
      liens
      and encumbrances, all Intellectual Property Rights necessary in connection
      with
      the conduct of its business and has the right to use the foregoing without
      the
      payment of any royalty.

     

    (b)  DTLL
      has
      not been sued nor charged in writing with or been a defendant in any claim,
      suit, action or proceeding relating to its business that has not been finally
      terminated prior to the date hereof and that involves a claim of infringement
      by
      DTLL of any Intellectual Property Right of any other Person. No Intellectual
      Property Right is subject to any outstanding order, judgment, decree,
      stipulation or agreement restricting the use thereof by DTLL or restricting
      the
      licensing thereof by DTLL to any Person. DTLL has not entered into any agreement
      to indemnify any other Person against any charge of infringement of any
      Intellectual Property Right.

     

    (c)  DTLL
      has
      taken all reasonable precautions to protect and maintain the confidentiality
      of
      all proprietary processes, research and development results and other know-how
      of DTLL, the value of which to DTLL is contingent upon maintenance of the
      confidentiality thereof. All employees and consultants of DTLL have executed
      DTLL’s standard form of confidentiality agreement. 

     

    2.12  Compliance
      with Laws; No Defaults.
      

     

    (a)  DTLL
      is
      not in violation of any provisions of any law or regulation or in violation
      of
      any judgment, injunction, order or decree binding upon or applicable to DTLL,
      except for violations that have not had and would not reasonably be expected
      to
      have, individually or in the aggregate, a material adverse effect on
      DTLL.

     

    (b)  Neither
      DTLL nor any officer, director or employee of DTLL has made any payment of
      funds
      of DTLL, or purchased any property with funds of DTLL, in a manner prohibited
      by
      law and no funds of DTLL or property purchased with the funds of DTLL have
      been
      set aside to be used for any payment prohibited by law. DTLL has not made,
      offered or agreed to offer anything of value to any government official,
      political party or candidate for political office (or any person that DTLL
      knows
      or has reason to know will offer anything of value to any such person) in
      violation of the Foreign Corrupt Practices Act of 1977, as amended.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    (c)  DTLL
      is
      not in default, nor has it been notified by any other party that it is in
      default, under any material contract, and, to the best knowledge of DTLL, no
      other party to any such contract is in default thereunder. DTLL has not received
      notice that any party to any material contract intends to cancel or terminate
      any such agreement.

     

    2.13  Commissions/Finders'
      Fees.
      There
      is no investment banker, broker, finder or other intermediary which has been
      retained by or is authorized to act on behalf of the Company or RBL who might
      be
      entitled to any fee or commission from Purchaser, DTLL or any of their
      respective affiliates upon consummation of the transactions contemplated by
      this
      Agreement. 

     

    2.14  Tax
      and Other Liabilities.
      All
      taxes required by law which are due and payable by DTLL have been paid; all
      taxes DTLL is obligated to withhold from amounts owing to any employee or third
      party have been withheld; and all tax returns and reports required by law to
      have been filed by DTLL have been duly filed and reflect the amounts due and
      paid. There are in effect no waivers of applicable statutes of limitations
      with
      respect to any taxes, governmental charges, duties, imports, levies or fees
      for
      any year and DTLL has not agreed to any extension of time with respect to any
      tax assessment or deficiency. The tax returns of DTLL have not been and are
      not
      being audited by the Internal Revenue Service for any of DTLL’s tax periods. No
      tax liens have been asserted against any of DTLL’s assets, and any potential
      assessment or any additional taxes for periods for which returns have been
      filed
      is not expected to exceed the recorded liability therefor.

     

    2.15  Securities
      Act.
      Neither
      the registration of any security under the Securities Act or the securities
      laws
      of any state is required in connection with the issuance, execution and delivery
      of the Shares in the manner contemplated hereunder.

     

    2.16  Government
      Consents.
      The
      execution, delivery and performance by the Company and RBL of this Agreement
      and
      the transactions contemplated hereby require no action by or in respect of,
      or
      filing with, any governmental authority other than (a) compliance with the
      applicable requirements of the Securities Act; and (b) compliance with any
      state
      securities or Blue Sky Laws that, individually or in the aggregate, could not
      reasonably be expected to have a material adverse effect on the
      Company.

     

    3.  Representations
      and Warranties of Purchaser.
      Purchaser represents and warrants to the Company that:

     

    3.1  Organization;
      Good Standing; Qualification and Corporate Power.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (a)  Purchaser
      is a limited liability company duly organized, validly existing and in good
      standing under the laws of the State of Michigan and has all requisite power
      and
      authority to carry on its business as now conducted and as proposed to be
      conducted. Purchaser is duly qualified to transact business and is in good
      standing in each jurisdiction in which the failure so to qualify would have
      a
      material adverse effect on its business or properties.

     

    (b)  Purchaser
      has all requisite legal and corporate power and authority to execute and deliver
      this Agreement, to purchase the Shares and to carry out and perform its
      obligations under the terms of this Agreement and to consummate the transactions
      contemplated hereby. All necessary limited liability company action has been
      taken by Purchaser with respect to the execution, delivery and performance
      by
      Purchaser of this Agreement and the consummation of the transactions
      contemplated hereby.

     

    3.2  Authorization.
      This
      Agreement has been duly authorized, executed and delivered by Purchaser and
      constitutes the legal, valid and binding obligations of Purchaser, enforceable
      in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
      reorganization and moratorium laws, (ii) other laws of general application
      affecting the enforcement of creditors' rights generally and general principles
      of equity, (iii) the discretion of the court before which any proceeding
      therefor may be brought and (iv) the limitation by federal or state securities
      laws or by public policy of rights to indemnification.

     

    3.3  Commissions/Finders'
      Fees.
      There
      is no investment banker, broker, finder or other intermediary which has been
      retained by or is authorized to act on behalf of Purchaser who might be entitled
      to any fee or commission from the Company or its affiliates upon consummation
      of
      the transactions contemplated by this Agreement.

     

    3.4  Purchase
      Entirely for Own Account; No Public Solicitation.
      This
      Agreement is made with Purchaser in reliance upon Purchaser’s representation to
      the Company that, and Purchaser hereby represents that, the Shares will be
      acquired for investment for Purchaser's own account, not as a nominee or agent,
      and not with a view to the resale or distribution of any part thereof. Purchaser
      has no present intention of selling, granting any participation in, or otherwise
      distributing the Shares acquired by Purchaser. Purchaser has no contract,
      undertaking, agreement or arrangement with any Person to sell or transfer,
      or
      grant any participation to such Person or to any third Person, with respect
      to
      the Shares to be acquired by Purchaser. Purchaser is not participating in this
      transaction as a result of or subsequent to (i) any advertisement, article,
      notice or other communication published in any newspaper, magazine or similar
      media or broadcast over television, radio or the Internet or (ii) any seminar
      or
      meeting whose attendees have been invited by any general solicitation or general
      advertising.

     

    3.5  Disclosure
      of Information.
      Purchaser has received and has carefully reviewed a copy of DTLL’s Form 10-K for
      the year ended December 31, 2004 (including all of the exhibits thereto), DTLL’s
      Financial Statements, DTLL’s Form 10-Q for the quarter ended September 30, 2005
      and DTLL’s current reports on Form 8-K. Purchaser has had an opportunity to
      discuss DTLL’s business, management and financial affairs with qualified
      representatives of DTLL’s management and to ask questions about DTLL’s business
      and prospects. Purchaser understands that such discussions, as well as the
      written information issued by the Company, were intended to describe the aspects
      of DTLL’s business which it believes to be material and all such questions have
      been answered to Purchaser’s satisfaction.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    3.6  Restricted
      Securities.
      Purchaser understands that the Shares have not been registered under the
      Securities Act. The purchase and sale of the Shares pursuant to this Agreement
      is being made pursuant to appropriate exemptions from the registration and
      prospectus requirements of the securities rules. Purchaser understands that
      the
      Shares are a “restricted security” under applicable federal and state securities
      laws.

     

    3.7  Accredited
      Investor.
      Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of
      Regulation D promulgated under the Securities Act and is an investor familiar
      with the types of risks inherent in the acquisition of the Shares. By reason
      of
      Purchasers’ knowledge and experience in financial and business matters in
      general, and investments of this type in particular, Purchaser is capable of
      evaluating the merits and risks of an investment in the Shares, and can afford
      to bear such risks, including the risks of losing the entire investment.

     

    4.  Miscellaneous.

     

    4.1  Survival
      of Warranties.
      The
      representations, warranties and covenants of the Company, RBL and Purchaser
      contained in or made pursuant to this Agreement shall survive the Closing;
      provided that the representations and warranties of the Company and RBL
      contained in Sections 2.6, 2.7, 2.8, 2.9, 2.11, 2.12, 2.13, 2.14 and 2.16 shall
      survive for a period of two years (it being understood that all other
      representations and warranties shall survive for the applicable statute of
      limitations).

     

    4.2  Successors
      and Assigns.
      The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns; provided that
      neither the Company nor RBL may assign, delegate or otherwise transfer any
      of
      its rights or obligations under this Agreement without the consent of Purchaser.
      Except as provided under this Section 5, neither this Agreement nor any
      provision hereof is intended to confer upon any Person other than the parties
      hereto any rights or remedies hereunder. 

     

    4.3  Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      Illinois, without regard to principles of conflicts of laws and rules of such
      state.

     

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

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    4.5  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    4.6  Notices.
      Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given (i) upon personal
      delivery to the party to be notified, (ii) four (4) days after deposit with
      the
      United States Post Office, by registered or certified mail, postage prepaid,
      or
      (iii) one day after deposit with a reputable overnight courier service and
      addressed to the party to be notified at the address indicated for such party
      on
      the signature page hereof, or at such other address as such party may designate
      by ten (10) days' advance written notice to the other parties, with a copy
      for
      Purchaser to April Frisby, Weed & Co and Seller RBL to Connelly etal.

     

    4.7  Entire
      Agreement; Amendments and Waivers.
      This
      Agreement constitutes the full and entire understanding and agreement among
      the
      parties with regard to the subjects hereof. Any term of this Agreement may
      be
      amended and the observance of any term of this Agreement may be waived (either
      generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company, RBL and Purchaser.
      Any amendment or waiver effected in accordance with this Section 5.7 shall
      be binding upon each holder of any securities purchased under this Agreement
      at
      the time outstanding, each future holder of all such securities, and the Company
      and RBL.

     

    4.8  Severability.
      If one
      or more provisions of this Agreement are held to be unenforceable under
      applicable law, such provision shall be excluded from this Agreement and the
      balance of the Agreement shall be interpreted as if such provision were so
      excluded and shall be enforceable in accordance with its terms.

     

    4.9  Expenses.
      Each
      party to this Agreement shall pay all costs and expenses incurred by such party
      with respect to the negotiation, execution, delivery and performance of this
      Agreement and the ancillary documents.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

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

    
      	 	
            	 
	 	PURCHASER:
	 	       
              	 
	 	Island
              Residences Club, Inc
	 
 	 	 
 
	 	By:  	/s/ Graham
              Bristow
	 	
               

              By: 

            	
              
Director/CEO
	 	
            	 

    

    
      	 	 	 
	 	Richard
              Woods
	 
 	
 	 
 
	 	By:  	/s/ /Richard
              Woods
	
               

               

            	      	
              

              Name:
                individual

              Richard
                Woods

            
	 	
            	 
	 	
            	 

    

    
      	 	SELLER:
	 	 	 
	 	Rotate
              Black LLC
	 
 	 
 	 
 
	 	By:  	/s/ John
              W.
              Paulsen
	 	
               

            	
              
Name:
              John W. Paulsen
	 	 	Its:
              Managing Director

    

    
      
        
        

      

      
        -10-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]