Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) dated as of March 10, 2022 (the “Effective Date”) is entered into by and
among The Middleby Corporation, a Delaware corporation (the “Company”), Middleby Marshall Inc., a Delaware corporation (“MMI”), (collectively the “Employer”), and Timothy J. FitzGerald (“Employee”). 

R E C I T A L S 
 The
Employer was party to an employment agreement with Employee that expired by its terms as of December 31, 2020. 
 Employee was
appointed Chief Executive Officer of the Company and a member of the Board of Directors of the Company (the “Board”) effective as of February 16, 2019. 

The Employer desires to continue and extend the term of employment of Employee as Chief Executive Officer of the Company and as Chief
Executive Officer of MMI, and Employee desires to serve the Employer in such capacities, all on the terms and conditions hereinafter provided. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, Employee’s employment by the Employer, the
compensation to be paid Employee while employed by the Employer, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows: 

 

	1.	 Employment. The Employer agrees to employ Employee and Employee agrees to be employed by the Employer
subject to the terms and provisions of this Agreement. 

  

	2.	 Term. The term of this Agreement shall be for a period commencing on the Effective Date and ending on
December 31, 2024, unless sooner terminated as provided in Section 5; provided, however, that the term of this Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one
(1) year each for periods after December 31, 2024, unless Employee or Employer, as the case may be, provides at least ninety (90) days prior written notice to the other party of an intention not to renew this Agreement.

  

	3.	 Duties. Employee shall serve as Chief Executive Officer of the Company and Chief Executive Officer of
MMI and shall have such powers and duties as may be from time to time prescribed by the Board of Directors of the Company or MMI, as applicable. Employee shall devote substantially all of his time and effort as reasonably may be required for him to
perform the duties and responsibilities to be performed by him under the terms of this Agreement. 

	4.	 Compensation. 

 

	 	(a)	 Base Salary. The Employer shall pay to Employee a base salary at a rate per annum of $975,000, payable in
accordance with the normal payroll practices of Employer. 

  

	 	(b)	 Incentive Compensation. Employee shall be eligible to participate in, and earn an annual bonus under, the
management incentive programs adopted by the Employer from time to time, subject to all terms and conditions thereof, based upon the achievement of performance targets established in the sole discretion of Employer. 

 

	5.	 Termination. 

  

	 	(a)	 Employee’s employment hereunder may be terminated by Employer or by Employee at any time, or by the death
of Employee. Such termination shall automatically terminate all of the Employer’s obligations not theretofore accrued under this Agreement other than as specifically set forth in this Agreement or in any employee benefit plan, program or
arrangement in which Employee participates. If the Employer terminates Employee’s employment under this Agreement (as hereafter amended or extended) without “Cause,” as defined below, or if employment is terminated due to
Employee’s death or disability, incentive compensation under the Employer’s annual incentive programs for any year shall be deemed to have accrued as of the date of termination if and to the extent that incentive compensation under such
annual incentive program would have been payable to Employee if he had been employed on the last day of such fiscal year and shall be (i) pro rated based on the number of days that Employee was employed during the fiscal year and
(ii) payable in the following fiscal year, on the earlier of March 15 or at the same time as incentive compensation under the annual incentive program for such year is paid to those employees who are still employed by the Employer.
Notwithstanding the foregoing, upon the occurrence of a Change of Control (as defined in the Value Creation Incentive Plan), (i) the provisions of Section 9 of the Value Creation Incentive Plan shall apply with respect to Employee’s
entitlement to incentive compensation with respect to the then current Performance Period (as defined in the Value Creation Incentive Plan) and any completed Performance Periods at the time of the Change of Control and (ii) the Compensation
Committee of the Board may in its sole discretion determine that the amount of incentive compensation to be paid under the Value Creation Incentive Plan shall be in respect of the full Performance Period for the year of the Change of Control.

  

	 	(b)	 Notwithstanding anything to the contrary contained in this Agreement, in the event that the Employer terminates
Employee’s employment under this Agreement (as hereafter amended or extended) without “Cause,” as defined below, (for this purpose, not including termination due to Employee’s death or disability), Employee shall be entitled to
(i) a lump sum amount equal to three (3) times the sum of (A) Employee’s annual base salary as in effect immediately prior 

  
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to the date of the termination and (B) the greater of (x) the amount of Employee’s incentive compensation under the Company’s Value Creation Incentive Plan, as currently in
effect and as may be renewed from time to time, with respect to the full calendar year immediately prior to the date of the termination and (y) the average of Employee’s incentive compensation under the Value Creation Incentive Plan for
each of the three calendar years immediately prior to the date of the termination, payable in one lump sum within thirty (30) days of the date of termination, and (ii) continued coverage for Employee and Employee’s dependents under
any medical, dental, vision, disability and life insurance program or policy in which Employee was eligible to participate as of the date of employment termination on terms and conditions no less favorable than those applicable to senior executive
officers of the Company from time to time (including with respect to payment for the costs thereof) for twenty-four (24) months following the date of termination or, if earlier, until benefits of the same respective type are made available to
Employee by a subsequent employer; provided, however, that if such benefits would result in the imposition of taxes or penalties that would not apply if Employee were employed by the Employer, the Employer may pay Employee the value of such coverage
as a taxable amount. 

  

	 	(c)	 If the duties assigned by the Employer to Employee are materially diminished, or become inconsistent with those
assigned to a Chief Executive Officer of a similarly situated publicly traded company, and such change in duties is not cured by the Employer within ten (10) days following receipt by the Board of written notice from Employee, such change in
duties shall be deemed a termination by the Employer of Employee’s employment without Cause, pursuant to the terms of this Agreement, and Employee shall be entitled to resign his employment hereunder and to thereafter receive all rights,
benefits and payments set forth in Sections 5(a) and (b). 

  

	 	(d)	 For purposes of this Section 5, the term “Cause” shall mean termination of Employee’s
employment due to his willful misconduct in respect of his obligations to the Company occurring during the course of his employment, including violations of the Company’s code of conduct or code of ethics, which in either case results in or
would reasonably be expected to result in material damage to the property, business or reputation of the Company or its affiliates; provided, however, that in no event shall unsatisfactory job performance alone be deemed to be Cause; and provided,
further, that, to the extent curable, Employee shall have 30 calendar days after receiving written notice from the Company in which to cure any of the actions or inactions that would otherwise result in Cause. 

 

	 	(e)	 Notwithstanding anything to the contrary contained herein (or any other agreement entered into by and between
the Employer and Employee or any incentive arrangement or plan offered by the Company), in the event that any amount or benefit paid or distributed to Employee pursuant to this Agreement, taken together with any amounts or benefits otherwise paid to
Employee by the Employer (collectively, the “Covered Payments”), would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of

  
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1986, as amended (the “Code”), and would thereby subject Employee to an excise tax under Section 4999 of the Code (an “Excise Tax”), the provisions of this
Section 5(e) shall apply. If the aggregate present value (as determined for purposes of Section 280G of the Code) of the Covered Payments exceeds the amount which can be paid to Employee without Employee incurring an Excise Tax, then,
solely to the extent that Employee would be better off on an after tax basis by receiving the maximum amount which may be paid without Employee becoming subject to the Excise Tax, as determined by Employee in his sole discretion, the amounts payable
to Employee under this Agreement (or any other agreement by and between the Employee and Employee or pursuant to any incentive arrangement or plan offered by the Company) shall be reduced (but not below zero) to the maximum amount which may be paid
without Employee becoming subject to the Excise Tax (such reduced payments to be referred to as the “Payment Cap”). In the event Employee receives reduced payments and benefits as a result of application of this Section 5(e), Employee
shall have the right to designate which of the payments and benefits otherwise set forth herein (or any other agreement between the Company and Employee or any incentive arrangement or plan offered by the Company) shall be received in connection
with the application of the Payment Cap, subject to the following sentence. Reduction shall first be made from payments and benefits which are determined not to be nonqualified deferred compensation for purposes of Section 409A of the Code and
the regulations and other guidance issued thereunder (“Section 409A”), and then shall be made (to the extent necessary) out of payments and benefits which are subject to Section 409A and which are due at the latest future date.

  

	6.	 Payment. Payment of all compensation and benefits to Employee hereunder shall be made in accordance with
the relevant policies of the Employer in effect from time to time and shall be subject to all applicable employment and withholding taxes. 

  

	7.	 Successors. This Agreement shall be binding upon, and inure to the benefit of and be enforceable by,
Employer and its successors and assigns. This Agreement shall inure to the benefit of Employee’s heirs, legatees, legal representatives and assigns, but neither this Agreement nor any right or interest hereunder shall be assignable by Employee
without Employer’s prior written consent. 

  

	8.	 Notices. All notices, requests, demands and other communications made or given in connection with this
Agreement shall be in writing and shall be deemed to have been duly given (a) if delivered, at the time delivered or (b) if mailed, at the time mailed at any general or branch United States Post Office enclosed in a certified post-paid
envelope addressed to the address of the respective parties as follows: 

 To the Company: 

1400 Toastmaster Drive 
 Elgin,
Illinois 60120 
 Attention: Chief Executive Officer 

  
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 To MMI: 

1400 Toastmaster Drive 
 Elgin,
Illinois 60120 
 Attention: Chief Executive Officer 

To Employee: 
 Timothy J.
FitzGerald 
 1400 Toastmaster Drive, 

Elgin, Illinois 60010 
 or to such other address
as the party to whom notice is to be given may have previously furnished to the other party in writing in the manner set forth above, provided that notices of changes of address shall only be effective upon receipt. 

 

	9.	 Modifications and Waivers. This Agreement may be modified or amended only by a written instrument
executed by the Employer and Employee. No term or condition of this Agreement shall be deemed to have been waived nor shall there be any estoppel to enforce any provision of this Agreement except by written instrument of the party charged with such
waiver or estoppel. 

  

	10.	 Entire Agreement. This Agreement supersedes all prior agreements between the parties hereto relating to
the subject matter hereof and constitutes the entire agreement of the parties hereto relating to the subject matter hereof. 

  

	11.	 Law Governing. The validity, interpretation, construction, performance and enforcement of this Agreement
shall be governed by the laws of the State of Illinois without regard to principles of conflicts of laws. 

  

	12.	 Invalidity. The invalidity or unenforceability of any term or terms of this agreement shall not
invalidate, make unenforceable or otherwise affect any other term of this Agreement which shall remain in full force and effect. 

  

	13.	 Headings. The headings contained herein are for reference only and shall not affect the meaning or
interpretation of this Agreement. 

  

	14.	 Joint and Several Liability. The liability hereunder of the Company and MMI shall be joint and several.

  

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

  

	16.	 Section 409A. It is intended that the payments and benefits under this Agreement
comply with, or as applicable, constitute a short-term deferral or otherwise be exempt from, the provisions of Section 409A. The Employer shall administer and interpret this Agreement in a manner so that such payments and benefits comply with,
or are otherwise exempt from, the provisions of Section 409A. Any provision that would cause this Agreement to fail to satisfy Section 409A will have no force and effect until amended to comply

  
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therewith (which amendment may be retroactive to the extent permitted by Section 409A). Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid
accelerated taxation and/or tax penalties under Section 409A, Employee shall not be considered to have terminated employment with the Employer for purposes of this Agreement and no payments shall be due to Employee under this Agreement
providing for payment of amounts on termination of employment unless Employee would be considered to have incurred a “separation from service” from the Employer within the meaning of Section 409A. To the extent required in order to
avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month
period immediately following Employee’s termination of employment shall instead be paid on the first business day after the date that is six months following Employee’s termination of employment (or upon death, if earlier). In addition,
for purposes of this Agreement, each amount to be paid or benefit to be provided to Employee pursuant to this Agreement which constitutes deferred compensation subject to Section 409A shall be construed as a separate identified payment for
purposes of Section 409A. 

 With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and (iii) such payments shall be made on or before the last day of Employee’s taxable year following the taxable year in which the expense
occurred. Any tax gross-up payment as provided herein shall be made in any event no later than the end of the calendar year immediately following the calendar year in which Employee remits the related taxes,
and any reimbursement of expenses incurred due to a tax audit or litigation shall be made no later than the end of the calendar year immediately following the calendar year in which the taxes that are the subject of the audit or litigation are
remitted to the taxing authority, or, if no taxes are to be remitted, the end of the calendar year following the calendar year in which the audit or litigation is completed. 
  

	17.	 Indemnification. In his capacity as a director, manager, officer, or employee of the Employer or serving
or having served any other entity as a director, manager, officer, or employee at the Employer’s request, Employee shall be indemnified and held harmless by the Employer to the fullest extent allowed by law from and against any and all losses,
claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in
which Employee may be involved, or threatened to be involved, as a party or otherwise by reason of Employee’s status, which relate to or arise out of the Employer, their assets, business or affairs. The Company shall advance all expenses
incurred by Employee in connection with the investigation, defense, settlement or appeal of any civil or criminal action or proceeding referenced in this Section 17, including but not necessarily limited to legal counsel, expert witnesses or
other litigation-related expenses. Employee shall be entitled 

  
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to coverage under the Employer’s or the Company’s directors and officers liability insurance policy in effect at any time in the future to no lesser extent than any other officers or
directors of the Employer. After Employee is no longer employed by the Employer, the Employer shall keep in effect the provisions of this Section 17, which provision shall not be amended except as required by applicable law or except to make
changes permitted by law that would enlarge the right of indemnification of Employee. Notwithstanding anything herein to the contrary, the provisions of this Section 17 shall survive the termination of this Agreement for any reason and the
expiration of the term of this Agreement. 

*            *           
  * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above. 
  

			
	THE MIDDLEBY CORPORATION
		
	By:	 	 /s/ John R. Miller III

		 	John R. Miller III
		 	Chairman, The Middleby Corporation
		 	Compensation Committee
	
	MIDDLEBY MARSHALL INC.
		
	By:	 	 /s/ John R. Miller III

		 	John R. Miller III
		 	Chairman, The Middleby Corporation
		 	Compensation Committee
	
	EMPLOYEE
		
	By:	 	 /s/ Timothy J. FitzGerald

		 	Timothy J. FitzGerald

  
 8Exhibit 10.6
2020 through 2022 Long Term Executive Incentive Program Guidelines
​
Bar Harbor Bankshares and Subsidiaries (“BHB”) Long Term Executive Incentive Plan (“LTEIP”) is part of a total compensation package, which includes base salary, annual incentives, long-term incentives and benefits.  Grants are made under the Bar Harbor Bankshares and Subsidiaries Equity Incentive Plan of 2019.
​
Individually and collectively, BHB believes the executive team has the ability to influence and drive our success.  The LTEIP is designed to reward Executives for driving BHB’s success.  This document summarizes the elements and features of the LTEIP.
​
The objectives of the LTEIP are to:
		·
	Align Executives with shareholder interests;

		·
	Increase Executive stock ownership/holdings;

		·
	Ensure sound risk management by providing a balanced view of performance and aligning rewards with the time horizon of risk;

		·
	Position BHB’s total compensation to be competitive with market for meeting performance goals;

		·
	Motivate and reward long-term sustained performance; and

		·
	Enable BHB to attract and retain talent needed to drive BHB’s success.

​
Eligibility
		·
	Eligibility will be limited to named executive officers and selected Senior Executive Team (“SET”) members nominated by the CEO and approved by the Compensation and Human Resources Committee of the Board of Directors (the “Committee”); and

		·
	Participants must be an active employee as of the payout date to receive an award unless   otherwise approved by the Compensation Committee.

​
Program Components
​
The 2020-2022 LTEIP consists of a combination of Time-vesting Restricted Stock and Performance-vesting Restricted Stock Units.  Participants may receive Time-vested Restricted Stock, Performance-vested Restricted Stock Units, or both under this LTEIP.
​
		·
	Time-vested Restricted Stock supports executive ownership and retention objectives.  Grants vest over three years (e.g. 1/3 per year) and are subject to a three year holding requirement (i.e., Executive can’t sell for at least three years after vesting); and

​
		·
	Performance-vested Restricted Stock Units promote pay for performance since the awards are only paid out when predefined performance goals are met.  Grants are earned and cliff vest after three years and are subject to a further three-year holding requirement (i.e., Executive can’t sell for at least three years after vesting).

​
​

1

The following table summarizes the measures and payout ranges.
​
Long-term Executive Incentive Program Guidelines
Performance Period 2020-2022
​
	Participants
​
	Time
	Below
Threshold
<35% percentile
	Threshold
35th percentile
	Target
50th percentile
	Stretch
75th percentile and above

	CEO/President
	25.00%
	0%
	20.00%
	40.00%
	60.00%

	EVP COO and CFO
	20.00%
	0%
	10.00%
	20.00%
	30.00%

	All other members of SET
	17.50%
	0%
	8.75%
	17.50%
	26.25%

​
Time-vested Restricted Stock is measured on a more holistic basis and is intended to allow for appropriate reflection of BHB’s performance, business environment, affordability, and individual performance and contribution.  All awards are at the discretion of the Committee.
Performance-vested Restricted Stock Units will be granted at guideline level (i.e. target) and vesting will be determined by BHB’s future performance (i.e. three years after the grant).
Individual grant agreements will be provided to each individual upon grant and will specify the terms and conditions of the grant.
Performance Period Performance-vested Restricted Stock Units.
Performance shares are granted at the start of each performance period.  For the 2020-2022 LTEIP the start of the Performance Period will be January 1st, 2020.  Each performance cycle (i.e., performance period) is three years.  The vesting (i.e. earning) of the award is contingent on actual performance of pre-defined measures at the end of the performance period (i.e., third year).   The result is a rolling series of annual awards, each vesting over three years.  This plan document is for the 2020 – 2022 calendar years.
Performance-vested Restricted Stock Units Metrics
Relative return on assets (“ROA”) will be selected for the performance measurement considering BHB’s Strategic Plan, growth strategy, as well as alignment with shareholder interests.  The Committee will review the proposed performance goal(s) annually and approve the targets and ranges consistent with business plans and expectations for each subsequent rolling year plan.  Threshold, Target, and Stretch goals will be established for each performance period and detailed in the table above.
​

2

​
Plan year for 2020 through 2022
For the performance period of January 1, 2020 to December 31, 2022, relative ROA will be used to determine the vesting of performance-based restricted stock units.  Due to the long-term period, performance will be compared to an approved “industry index” that allows comparison of BHB to its peers.
The ROA measure will be calculated using each of the twelve quarter’s relative ROA ranking, then average the results for the final measurement.
In addition to relative ROA, there will be a Total Shareholder Return (“TSR”) modifier to further align shareholder interest.  If the TSR calculation for the same performance measurement period is negative, a payout cannot exceed a threshold payout level regardless of the relative ROA performance results.
Vesting
Restricted stock awards will have a three-year installment vesting schedule while performance –vested restricted stock units will have a three-year cliff vesting schedule.  At the time of the vesting, sufficient shares of restricted stock units may be withheld to cover the executive’s tax liabilities.
Grants will vest during the second quarter of each year to allow for the gathering of calendar-year peer ROA statistics and to remain in compliance with 409(A) regulations.  Performance vested restricted stock unit awards will be made as soon as administratively possible after the third year anniversary of the performance grants.
​
Terms and Conditions
​
Effective Date
​
This LTEIP is effective January 1, 2020 to reflect a performance period of January 1, 2020 to December 31, 2022.  The LTEIP will be reviewed annually by the BHB’s Compensation and Human Resources Committee and Executive Management to ensure proper alignment with BHB’s business objectives.  The Committee and the independent members of the Board of Directors retain the right to amend or modify the LTEIP at any time during the specified period. The established performance measurement will remain constant for the three year term.  This LTEIP will remain in effect until December 31, 2022.
​
Program Administration
​
The LTEIP is authorized by the Compensation and Human Resources Committee and further voted by the independent members of the Board of Directors.  The Committee has the sole authority to interpret the LTEIP and to make or nullify any rules and procedures, as necessary, for proper administration.  Any determination by the Committee will be final and binding on all participants with the exception of the performance measure.
​
Program Changes or Discontinuance
​
BHB has developed the LTEIP based on existing business, market and economic conditions; current services; and staff assignments. If substantial changes occur that affect these conditions, BHB may add to, amend, modify or discontinue any of the terms or conditions of the LTEIP at any time. The established performance measurement will remain constant for the three year term. The Committee 
​

3

may, at its sole discretion, waive, change, amend, or discontinue any of the terms or conditions of the LTEIP at any time as it deems appropriate.
​
The Board of Directors also may, at its sole discretion, waive, change or amend the LTEIP as it deems appropriate.
​
New Hires, Promotions, and Transfers
​
A participant who is promoted or hired into the approved participant group generally will not be eligible for the current three-year plan, but will become a participant in the next rolling three-year program.  The Committee may make exceptions to this provision at its discretion by allowing a pro-rated payment (based on the months the new entrant participates in the current year plan) on a case by case basis.
​
Termination of Employment
​
To encourage employees to remain in the employment of BHB, a participant must be an active employee of BHB on the day the award is paid.
​
If a participant is terminated by BHB, participation under the program is forfeited in its entirety.
​
If a participant voluntarily leaves BHB at any time during the performance period including the period before the award is paid, s/he will not be eligible for payment.
​
Participants who have willfully engaged in any activity, injurious to the BHB, will upon termination of employment, death, or retirement, forfeit any incentive award earned during a performance period in which the termination occurred.
​
The Committee reserves the right to make a decision on whether or not to pay a pro-rated share of any incentive earned for the performance period in question.
​
Disability, Death, or Retirement
​
The Compensation Committee reserves the right to make a decision on whether or not to pay a pro-rated share of any incentive earned for the calendar year in question in the event of a disability or retirement, and in the case of a death a payment to the participant’s estate.
​
Change of Control
​
In the event of a Change in Control time-based grants will vest at 100% and Performance-based grants will vest at 100% of Target.  Payment will be made as soon as administratively possible after the Change of Control event is finalized.  A Change of Control event will be determined as defined in BHB’s currently executed Executive Change in Control Severance Plan and employment contracts.
​
Ethics and Interpretation
​
If there is any ambiguity as to the meaning of any terms or provisions of this LTEIP or any questions as to the correct interpretation of any information contained therein, BHB’s interpretation expressed by the Board of Directors will be final and binding.
​
Clawback (pending further refinement of SEC regulations)
​
In the event that BHB is required to prepare an accounting restatement due to error, omission, or fraud (as determined by the members of the Board of Directors who are considered “independent” for purposes of the listing standards of the NYSE American each plan participant shall reimburse BHB 
​

4

for part or the entire incentive award made to such plan participant on the basis of having met or exceeded specific targets for the performance periods.  For purposes of the LTEIP, the term “incentive awards” means awards made under the BHB’s LTEIP, the amount of which is determined in whole or in part upon specific performance targets relating to the financial results of BHB.  BHB may seek to reclaim incentives within a three-year period of the incentive payout.
​
In addition, the altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including termination of employment.  In addition, any incentive compensation as provided by the LTEIP to which the employee would otherwise be entitled will be revoked even though an accounting reinstatement may not be required.
​
Miscellaneous
​
The LTEIP will not be deemed to give any participant the right to be retained in the employ of BHB, nor will the LTEIP interfere with the right of BHB to discharge any participant at any time.
​
In the absence of an authorized, written employment contract, the relationship between employees and BHB is one of at-will employment. The LTEIP does not alter the relationship.
​
This LTEIP and the transactions and payments hereunder shall, in all respect, be governed by, and construed and enforced in accordance with the laws of the State of Maine.
​
Each provision in this LTEIP is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby.
​
This Plan is proprietary and confidential to BHB and its employees and should not be shared outside the organization except as authorized by the Compensation and Human Resources Committee for public disclosure documents.

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