Document:

Employment Agreement, dated December 30, 2010

 Exhibit 10.4 
 Northeast Bancorp 
 500 Canal Street 

Lewiston, ME 04240 
 (207) 786-3245 
 December 30, 2010 

Ms. Heather P. Campion 
 284 Dean Road

 Brookline, MA 02445 
 Dear Heather:

 As you are aware, FHB Formation LLC has merged with Northeast Bancorp (“Northeast”), with Northeast being the surviving company
(the “Merger”). It is my pleasure to confirm this offer to commence employment with Northeast and its wholly-owned subsidiary, Northeast Bank (the “Bank,” and together with Northeast, the “Company”) as of the
consummation of the Merger on the terms and conditions set forth in this letter agreement (the “Agreement”). 
  

	 	1.	Employment. You will be employed by the Company commencing upon the closing date of the Merger (the “Commencement Date”) for a term of three
years (the “Term”). Upon expiration of such Term, this Agreement shall be renewed for successive Terms of one year, unless either you or the Company gives written notice not less than 90 days prior to the date of any such anniversary of
the election not to extend the Term (a “Non-Renewal Election”). You will serve on a full time basis as Chief Administrative Officer of the Company and shall have all duties and responsibilities consistent with this position. You shall
report directly to the Chief Executive Officer of the Company and you agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s business and interests and to the
performance of your duties and responsibilities as an employee of the Company; provided, that you may serve on other boards of directors or engage in other activities as previously disclosed to or subsequently approved by the Board of Directors of
the Company (the “Board”). You agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company. While employed by the
Company, you will not engage in any competitive business or operations. 

  

	 	2.	Base Salary. Your annualized base salary will be $250,000, less all applicable taxes and withholdings, to be paid in installments in accordance with the
Company’s regular payroll practices. Such base salary may be increased from time to time in accordance with normal business practices and in the sole discretion of the Company. The base salary in effect at any given time is referred to herein
as “Base Salary.” 

  

	 	3.	Bonus. You will be eligible to participate in the Company’s non-equity incentive compensation plan as determined by the Company’s Compensation
Committee of the Board from time to time. To qualify for payment of any earned incentive compensation in each calendar year, you must be actively employed by the Company on the day such incentive compensation is paid. 

  

	 	4.	Equity. Effective the official date of the Merger, the Company intends to implement the 2010 Stock Option and Incentive Plan (the “Plan”). You
will receive an option to purchase 118,808 shares of the Company’s common stock, $0.01 par value per share, subject to the terms and conditions of the Plan and the applicable award agreement. 

 

	 	5.	Benefits. You will be eligible to participate in any and all benefit programs that the Company establishes and makes available to its employees from time
to time, provided that you are eligible under (and subject to all provisions of) the plan documents that govern those programs. Benefits are subject to change at any time in the Company’s sole discretion. 

 

	 	6.	Vacation. You will be eligible for a maximum of five (5) weeks of paid vacation per calendar year to be taken in accordance with Company policy.

  

	 	7.	Confidential Information, Nonsolicitation and Cooperation. 

  

	 	(a)	Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the Company which is of value to the
Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes, without limitation, financial information, reports, and forecasts;
inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible
acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes information developed by you in the course of your employment by the Company, as
well as other information to which you may have access in connection with your employment. Confidential Information also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the
foregoing, Confidential Information does not include information in the public domain, unless due to breach of your duties under Section 7(b). 

  

	 	(b)	Confidentiality. You understand and agree that your employment creates a relationship of confidence and trust between you and the Company with respect to all
Confidential Information. At all times, both during your employment with the Company and after its termination, you will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information
without the written consent of the Company, except as may be necessary in the ordinary course of performing your duties to the Company. 

  
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	 	(c)	Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information,
which are furnished to you by the Company or are produced by you in connection with your employment will be and remain the sole property of the Company. You will return to the Company all such materials and property as and when requested by the
Company. In any event, you will return all such materials and property immediately upon termination of your employment for any reason. You will not retain any such material or property or any copies thereof after such termination.

  

	 	(d)	Nonsolicitation. During your employment with the Company and for the 12-month period following your termination from the Company (such 12-month period, the
“Restricted Period”), regardless of whether it is a voluntary or involuntary termination, you, either alone or in the association of others, (i) will refrain from directly or indirectly employing, attempting to employ, recruiting or
otherwise soliciting, inducing or influencing any person to leave employment with the Company (other than terminations of employment of subordinate employees undertaken in the course of your employment with the Company); and (ii) will refrain
from soliciting or encouraging any client, customer, account or business partner or prospective client, customer, account or business partner to terminate or otherwise modify adversely its business relationship with the Company. You understand that
the restrictions set forth in this Section 7(d) are intended to protect the Company’s interest in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions
are reasonable and appropriate for this purpose. 

  

	 	(e)	Third-Party Agreements and Rights. You hereby confirm that you are not bound by the terms of any agreement with any previous employer or other party which
restricts in any way your use or disclosure of information or your engagement in any business. You represent to the Company that your execution of this Agreement, your employment with the Company and the performance of your proposed duties for the
Company will not violate any obligations you may have to any such previous employer or other party. In your work for the Company, you will not disclose or make use of any information in violation of any agreements with or rights of any such previous
employer or other party, and you will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

 

	 	(f)	 Litigation and Regulatory Cooperation. During and after your employment, you shall cooperate fully with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while you were employed by the Company. Your full cooperation in
connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after your
employment, you also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as 

  
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any such investigation or review relates to events or occurrences that transpired while you were employed by the Company. The Company shall reimburse you for any reasonable out-of-pocket expenses
incurred in connection with the performance of your obligations pursuant to this Section 7(f). 

  

	 	(g)	Injunction. You agree that it would be difficult to measure any damages caused to the Company which might result from any breach by you of the promises set forth
in this Section 7, and that in any event, money damages would be an inadequate remedy for any such breach. Accordingly, you agree that if you breach, or propose to breach, any portion of this Agreement, the Company shall be entitled, in
addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. 

 

	 	8.	Noncompetition. During your employment with the Company and during the Restricted Period, regardless of whether it is a voluntary or involuntary
termination, you will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as hereinafter defined). You
understand that the restrictions set forth in this Section 8 are intended to protect the Company’s interest in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agree that such
restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean (i) the business of community banking and/or insurance agencies in any state of the United States
where the Company is doing such business and/or (ii) the business of affinity deposit services in any state of the United States where the Company is doing such business and/or (iii) the business of loan acquisition and/or loan servicing
in either case in any state of the United States where the Company is doing such business; provided, however, you may (a) own up to one percent of the outstanding stock of a publicly-held corporation that constitutes or is affiliated with a
Competing Business, and (b) serve as an officer, employee, consultant, partner or director of, or rendering services to or doing business with, any person or company engaged in a Competing Business so long as (i) you are not directly
engaged in the Competing Business conducted by such person or company, and (ii) the revenues of the Competing Business constitute a minority of the revenues of such person or company. 

 

	 	9.	Salary Continuation in the Event of Termination of Employment. 

 

	 	(a)	 In the event (i) your employment with the Company is (a) terminated by the Company without Cause (as hereinafter defined) or by you for Good
Reason (as hereinafter defined) or (b) the Company makes a Non-Renewal Election, and (ii) you execute and allow to become binding a release of claims (the “Release”) prepared by the Company by a date no later than the earlier of
the date specified on the Release and 60 days after your employment with the Company ends, Section 8 shall terminate unless the Company (in the sole discretion of the Board) pays you an amount equal to the base salary you would have received
for the duration of the Restricted Period, less applicable taxes and withholdings, 

  
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payable in accordance with the Company’s regular payroll practices over the Restricted Period beginning on the first payroll date that occurs at least 60 days following the termination of
your employment. 

  

	 	(b)	For purposes of this Agreement, “Cause” for termination shall be deemed to exist upon (a) a good faith finding by the Board of conduct by you
constituting deliberate dishonesty or gross misconduct in connection with your employment, which has continued for more than 30 days following written notice of such deficiencies from the Board; (b) a good faith finding by the Board of your
commission of any crime involving moral turpitude or any felony; (c) your commitment of any fraud, embezzlement, breach of fiduciary duty or misappropriation of funds against the Company; (d) your material violation of any of the terms of
Section 7 or Section 8 of this Agreement; (e) your material violation of the Company’s written policies or rules material to your employment that results in material demonstrable harm to the Company and which has continued for
more than 30 days following written notice of such violation from the Board; or (f) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the
Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation. 

  

	 	(c)	For purposes of this Agreement, “Good Reason”, means any of the following, without your consent, provided the Company has not cured such matter within 30 days
of notice by you to the Company and you provide such notice within 60 days of the first occurrence of such matter: (a) requiring your primary work location (excluding business travel) to be more than 50 miles from the corporate offices in
Boston, Massachusetts, (b) the material failure of the Company to pay the compensation in the amounts and manner and at the times set forth in this Agreement, (c) a material adverse change in your title, or (d) a material diminution
in your responsibilities, authority or duties which are materially inconsistent with your title without your prior consent. 

  

	 	10.	Compliance with EESA; TARP Waiver Agreement. You acknowledge and understand that (a) the Company is currently a participant in the Capital Purchase
Program, developed pursuant to the United States Department of Treasury’s Troubled Asset Relief Program (“TARP”) under the Emergency Economic Stabilization Act of 2008 (“EESA”), (b) under the EESA, as amended by the
American Recovery and Reinvestment Act of 2009, and as clarified and expanded through an Interim Final Rule published June 15, 2009, certain executive compensation restrictions and prohibitions have been imposed on all TARP participants,
including the Company; and (c) such restrictions and limitations apply or may apply to you and/or your compensation hereunder whether as a result of your role as Chief Administrative Officer of the Company or otherwise on or after the
Commencement Date. In light of the foregoing, you hereby agree to execute and return to the Company on or prior to the Commencement Date the TARP Waiver Agreement attached hereto as Exhibit A. 

  
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	 	11.	Choice of Law. This Agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws
provisions. You hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which courts, for purposes of this letter
agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this letter agreement or the subject matter hereof. 

 

	 	12.	Effect of Section 409A. 

  

	 	(a)	Six Month Delay. For purposes of this Agreement, a termination of employment shall mean a “separation from service” as defined in Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”). If and to the extent any portion of any payment, compensation or other benefit provided to you in connection with your separation from service (as defined in Section 409A of
the Code) is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and you are a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, as determined by the
Company in accordance with its procedures, by which determination you hereby agree that you are bound, such portion of the payment, compensation or other benefit will not be paid before the earlier of (i) the day that is six months plus one day
after the date of separation from service (as determined under Section 409A of the Code) or (ii) the tenth day after the date of your death (as applicable, the “New Payment Date”). The aggregate of any payments that otherwise
would have been paid to you during the period between the date of separation from service and the New Payment Date will be paid to you in a lump sum on the first payroll date after such New Payment Date, and any remaining payments will be paid on
their original schedule. 

  

	 	(b)	General 409A Principles. For purposes of this Agreement, each amount to be paid or benefit to be provided will be construed as a separate identified payment for
purposes of Section 409A of the Code, and any payments that are due within the “short term deferral period” as defined in Section 409A of the Code or are paid in a manner covered by Treas. Reg. Section 1.409A-1(b)(iii) will
not be treated as deferred compensation unless applicable law requires otherwise. Neither the Company nor you will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or
required by Section 409A of the Code. This Agreement is intended to comply with the provisions of Section 409A of the Code and the Agreement will, to the extent practicable, be construed in accordance therewith. Terms defined in the
Agreement will have the meanings given such terms under Section 409A of the Code if and to the extent required to comply with Section 409A of the Code. In any event, the Company makes no representations or warranty and will have no
liability to you or any other person, other than with respect to payments made by the Company in violation of the provisions of this Agreement, if any provisions of or payments under this Agreement are determined to constitute deferred compensation
subject to Section 409A of the Code but not to satisfy the conditions of that section. 

  
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	 	(c)	Expense Timing. Payments with respect to reimbursements of business expenses will be made in the ordinary course of business and in any case on or before the
last day of the calendar year following the calendar year in which the relevant expense is incurred. The amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other calendar year. The right to reimbursement or in-kind benefits pursuant to this Agreement is not subject to liquidation or exchange for another benefit. 

If you agree that this letter correctly sets forth the terms under which you will be employed by the Company, please sign the enclosed duplicate of this
letter in the space provided below and return it to me. You understand and agree that, in the event the merger agreement governing the Merger is terminated, this Agreement will be null and void and of no further force and effect. 

 

					
	Sincerely,
		
	By:	 	/s/    Richard Wayne
		 	Name:	 	Richard Wayne
		 	Title:	 	Chief Executive Officer

 The foregoing correctly
sets forth the terms of my employment with the Company. I am not relying on any representations other than those set forth above. 
  

					
	/s/    Heather P. Campion	 		 	December 30, 2010
	Heather P. Campion	 		 	Date

  
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 EXHIBIT A 

December 30, 2010 
 Ms. Heather P. Campion 
 284 Dean Road 

Brookline, MA 02445 
  

	 	Re:	TARP Executive Compensation Restrictions 

Dear Heather: 
 As you know,
Northeast Bancorp (“Northeast”) is currently a participant in the Capital Purchase Program, developed pursuant to the United States Department of Treasury’s Troubled Asset Relief Program (“TARP”) under the Emergency Economic
Stabilization Act of 2008 (“EESA”). Under the EESA, as amended by the American Recovery and Reinvestment Act of 2009 (“ARRA”), certain executive compensation restrictions and prohibitions have been imposed on TARP participants,
including Northeast. The Department of Treasury subsequently clarified and expanded upon these executive compensation restrictions through an Interim Final Rule (the “Rule”). 

Generally, and depending on the particular restriction, these executive compensation restrictions apply to Northeast’s “named
executive officers” (“NEOs”) and up to 20 of the “most highly compensated employees” of Northeast, Northeast Bank (the “Bank”) and its other subsidiaries. Under the Rule, the most highly compensated employees are
determined on a fiscal year basis based on prior fiscal year compensation. The group of most highly compensated employees may change from fiscal year to fiscal year. 
 This letter agreement (this “Agreement”) shall set forth an understanding between you and Northeast with respect to the applicability of the executive compensation restrictions and prohibitions
described in EESA, ARRA, the Rule and any additional guidance and interpretation thereunder (collectively, the “TARP Restrictions”). You and the Bank hereby acknowledge and agree that during the period in which Northeast is a TARP
participant, as determined in accordance with the Rule (the “TARP Period”), you may be or become subject to some or all of the TARP Restrictions. Specifically, and notwithstanding the terms of any agreement between you, the Bank and/or
Northeast or any of its other subsidiaries to the contrary, during the TARP period you hereby acknowledge and agree: 
 1. In
any year that you are the most highly compensated employee, except to the extent permitted by the Rule, you shall be prohibited from receiving or accruing (and the Bank, Northeast and its other subsidiaries shall be prohibited from paying you or
accruing on your 

  
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behalf) any bonus, retention award, or incentive compensation (as such terms are defined in the Rule). If you receive or are paid any such prohibited bonus, retention award or incentive
compensation, then you agree to promptly return or repay to Northeast or the Bank (as applicable) such prohibited amounts. If you earn any such bonus, retention award or incentive compensation in a year or for any period in which you are not subject
to this TARP Restriction, but such payment is payable during a time when you are subject to this TARP Restriction, then such payment may be made to you at the earliest time permitted under the Rule. 

2. In any year during the TARP Period that you are an NEO or one of the five most highly compensated employees, except to the extent
permitted by the Rule, you shall be prohibited from receiving (and the Bank, Northeast and its other subsidiaries shall be prohibited from paying you or accruing on your behalf) any “golden parachute payment” (as such term is defined in
the Rule), which shall include any amount accrued or paid on account of your departure from the Bank, Northeast or any of its subsidiaries for any reason and any amount accrued or paid in connection with a change in control of the Bank, Northeast or
any of its other subsidiaries, except for payments for services performed or benefits accrued. 
 3. If you are an NEO or one of
the 20 most highly compensated employees, to the extent required under the Rule, any bonus, retention award or incentive compensation (as such terms are defined in the Rule) paid or accrued to you during the TARP Period shall be subject to recovery
or “clawback” by Northeast if such payments or accruals were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria. You and the Bank hereby agree to cooperate with Northeast to
effect any clawback of compensation required by the TARP Restrictions. 
 4. In any year during the TARP Period that you are an
NEO or one of the 20 most highly compensated employees, except to the extent permitted under the Rule, you shall not be permitted to receive (and the Bank, Northeast and its other subsidiaries shall not be permitted to pay you or accrue on your
behalf) any tax “gross-up” (as such term is defined in the Rule), including any reimbursement for the payment of taxes relating to severance payments, perquisites, a change in control of the Bank, Northeast or any of its subsidiaries, or
any other form of compensation. 
 5. In any year that you are an NEO and the most highly compensated employee, you acknowledge
and agree that Northeast will be required to publicly disclose and describe any perquisites paid to or accrued by you with an aggregate value for such year that exceeds $25,000. 

6. If requested by the Department of Treasury in connection with Northeast’s participation in TARP, you hereby agree to grant to the
Department of Treasury a waiver releasing the United States, the Bank, Northeast and its other subsidiaries from any claims related to any TARP Restriction, and Northeast’s participation in TARP that you may otherwise have, including, without
limitation, any claims for compensation you would otherwise receive, but for such requirements. 
 7. You and the Bank hereby
agree to cooperate with Northeast and timely provide all documents and information as reasonably requested by Northeast, its Compensation Committee, its Chief Executive Officer or its Chief Financial Officer (as applicable) in

  
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connection with (i) Northeast’s determination of its most highly compensated employees, (ii) all compensation or compensation plan reviews and assessments required under the Rule,
and (iii) all certifications and disclosures required under the Rule. 
 As noted above, the Rule is subject to revision by
the Department of Treasury. You agree that this Agreement shall be amended as may be necessary to fully comply with all relevant provisions of EESA, ARRA, and the Rule and any further interpretation thereunder. 

This Agreement shall not be construed as creating any contract for continued services between you and the Bank, Northeast or any of its
other subsidiaries and nothing herein contained shall give you the right to be retained as an employee of the Bank, Northeast or any of its other subsidiaries. 
 Please countersign this Agreement in the space provided below and return this Agreement to Northeast. If you have any questions regarding this Agreement or the TARP executive compensation restrictions,
please contact Rick Wayne at (617) 697-2005. 
  

					
	NORTHEAST BANCORP
		
	By:	 	/s/    Richard Wayne
		 	Name:	 	Richard Wayne
		 	Title:	 	Chief Executive Officer

  

	
	Acknowledged, Accepted and Agreed to:
	
	/s/    Heather P. Campion
	Heather P. Campion

  

					
	NORTHEAST BANK
		
	By:	 	/s/    Richard Wayne
		 	Name:	 	Richard Wayne
		 	Title:	 	Chief Executive Officer

  
 10Non-Qualified Time-Based Stock Option Agreement

 Exhibit 10.5 
 NON-QUALIFIED TIME-BASED STOCK OPTION AGREEMENT 
 FOR COMPANY EMPLOYEES

 UNDER NORTHEAST BANCORP 
 2010 STOCK OPTION AND INCENTIVE PLAN 
  

			
	Name of Optionee:	  	Richard Wayne
		
	Type of Stock:	  	Voting Common Stock
		
	No. of Option Shares:	  	118,808
		
	Option Exercise Price per Share:	  	$13.93
		
	Grant Date:	  	December 29, 2010
		
	Expiration Date:	  	December 29, 2020

 Pursuant to the
Northeast Bancorp 2010 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”), Northeast Bancorp (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to
purchase on or prior to the Expiration Date specified above all or part of the number of shares of Voting Common Stock of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set
forth herein and in the Plan. This Stock Option is not intended to be an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable.
Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number
of Option Shares on the dates indicated: 
  

			
	 Incremental (Aggregate Number)

of Option Shares Exercisable
	  	 Exercisability Date

	 20% (20%)
	  	First Anniversary of Grant Date
	 20% (40%)
	  	Second Anniversary of Grant Date
	 20% (60%)
	  	Third Anniversary of Grant Date
	 20% (80%)
	  	Fourth Anniversary of Grant Date
	 20% (100%)
	  	Fifth Anniversary of Grant Date

 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan. In the
case of and subject to the consummation of a Sale Event, this Stock Option shall vest and become fully exercisable as of the effective time of the Sale Event. 

 The Company is currently a participant in the Capital Purchase Program, developed pursuant to the United
States Department of Treasury’s Troubled Asset Relief Program (“TARP”) under the Emergency Economic Stabilization Act of 2008, as amended. Notwithstanding anything herein to the contrary, to the extent the Optionee becomes subject to
the restrictions of Section 30.10 of 31 C.F.R. part 30, an interim final regulation promulgated by the United States Department of Treasury (“Treasury”) governing executive compensation for recipients of financial assistance under
TARP, and the related guidance thereto (the “TARP Rules”) and to the extent any portion of this Stock Option is not yet exercisable pursuant to the schedule above, the exercisability of such portion of this Stock Option shall be tolled and
such portion of this Stock Option shall not become exercisable for any period from such date through the date the Optionee is no longer subject to the limitations described in Section 30.10 of the TARP Rules (the “Tolled Period”),
and, in connection therewith, the exercisability schedule shall be extended for a period equal to the Tolled Period, subject to all terms and conditions of this Stock Option. 
 2. Manner of Exercise. 
 (a) The Optionee may exercise this
Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares
purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased. 
 Payment of the
purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the
ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding
periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable
and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such
agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; (iv) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock
issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments will be received
subject to collection. 
 The transfer to the Optionee on the records of the Company or of the transfer agent of the Option
Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any
other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company 

  
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may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in
compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the
exercise of the Stock Option shall be net of the Shares attested to. 
 (b) The shares of Stock purchased upon
exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in
connection with such issuance and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have
any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the
shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of
Stock. 
 (c) The minimum number of shares with respect to which this Stock Option may be exercised at any one
time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time. 

(d) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after
the Expiration Date hereof. 
 3. Termination of Employment. If the Optionee’s employment by the Company or a
Subsidiary (as defined in the Plan) is terminated, the exercisability of this Stock Option may be accelerated and the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. The Administrator’s
determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives or legatees. Except as set forth below, any portion of this Stock Option that is not
exercisable on the date of termination shall terminate immediately and be of no further force or effect. 
 (a)
Termination Due to Death or Disability. If the Optionee’s employment terminates by reason of the Optionee’s death or disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date that
would have become exercisable on or before the later of (i) the third anniversary of the Grant Date, or (ii) the first anniversary of the Optionee’s termination of employment, shall be exercisable. Such Stock Option may thereafter be
exercised by the Optionee or the Optionee’s legal representative or legatee (as applicable) until the Expiration Date. 
 (b) Termination for Cause. If the Optionee’s employment terminates for Cause, any portion of this Stock Option outstanding on such date, whether or not exercisable, shall terminate immediately
and be of no further force and effect. For purposes hereof, “Cause” shall have the meaning ascribed to such term in the Employment Agreement by and between the Company and the Optionee. 

  
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 (c) Termination without Cause or for Good Reason. If the Company
terminates the Optionee’s employment without Cause or the Optionee resigns for Good Reason, (i) if such termination or resignation occurs prior to the third anniversary of the Grant Date, any portion of this Stock Option outstanding on
such date that would have become exercisable on or before the later of (x) the third anniversary of the Grant Date, or (y) the first anniversary of the Optionee’s termination of employment, shall be exercisable, and (ii) if such
termination or resignation occurs on or following the third anniversary of the Grant Date, any portion of this Stock Option outstanding on the such that that would have become exercisable on or before the first anniversary of the Optionee’s
termination of employment, shall be exercisable. Such Stock Option may be exercised, to the extent exercisable on the date of termination (after giving affect to any acceleration hereunder), until the Expiration Date. Any portion of this Stock
Option that is not exercisable on the date of termination (after giving affect to any acceleration hereunder) shall terminate immediately and be of no further force or effect. For purposes hereof, “Good Reason” shall have the meaning
ascribed to such term in the Employment Agreement by and between the Company and the Optionee. 
 (d)
Voluntary Termination. If the Optionee resigns other than for Good Reason, any portion of this Stock Option that is exercisable on the date of termination may be exercised until the Expiration Date. 

4. Company’s Right of Repurchase. 
 (a) Right of Repurchase. The Company shall have the right (the “Repurchase Right”) upon the occurrence of any of the events specified in Section 4(b) below (the “Repurchase
Event”) to repurchase from the Optionee (or any Permitted Transferee) some or all (as determined by the Company) of the exercisable portion of this Stock Option in accordance with the terms hereof at the purchase price specified below. The
Repurchase Right may be exercised by the Company within 12 months following the date of the Repurchase Event. The Repurchase Right shall be exercised by the Company by giving the Optionee or any Permitted Transferee written notice on or before the
last day of the Repurchase Period of its intention to exercise the Repurchase Right, and, together with such notice, tendering to the Optionee or any Permitted Transferee an amount equal to the difference between the Exercise Price per share and the
fair market value per share of the underlying shares, multiplied by the number of shares subject to the Stock Option being repurchased (the “Repurchase Price”). The Repurchase Price shall be paid in cash; provided, however,
that upon a good faith determination that a cash payment would cause material adverse regulatory consequences, the Company may pay the Repurchase Price with a promissory note that is repaid over a period of time not to exceed two years, with
interest equal to the “Prime Rate” determined as of the date the Repurchase Right is exercised. The Repurchase Right shall terminate three years following the Grant Date. 

(b) Company’s Right to Exercise Repurchase Right. The Company shall have the Repurchase Right in the event
that the Optionee resigns for any reason, other than for Good Reason, death or disability. 

  
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 (c) Determination of Fair Market Value. The fair market value of the
shares shall be, for purposes of this Section 4, the average closing price of the Stock for the thirty trading days preceding the date the Board elects to exercise its repurchase rights in connection with a Repurchase Event. 

5. Restriction on Sale of Issued Shares. None of the shares acquired upon exercise of this Stock Option may be sold, assigned,
transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, until the earlier of (i) one year following the exercisability of this Stock Option with respect to such shares or (ii) the sale of at
least 50% of the Stock of the Company to an unrelated person or entity in a single transaction. Notwithstanding the foregoing, nothing contained in this Section 5(a) shall prohibit the Optionee from selling or otherwise disposing of the shares
resulting from exercise of the Stock Option in order to satisfy the payment of the aggregate exercise price and/or any Federal, state or local taxes incurred on account of the exercise of the Stock Option. This Section 5(a) will terminate and
be of no further force or effect upon the earliest to occur of (i) a termination of Optionee’s employment by the Company without Cause or by the Optionee for Good Reason, (ii) a termination of Optionee’s employment due to death
or disability or (iii) a termination of Optionee’s employment by the Optionee for any reason following the expiration of the initial three-year term of the employment agreement between the Company and the Optionee. 

6. Recoupment Policy. The Optionee acknowledges and agrees that this Stock Option shall be subject to cancellation, and any Shares
issued upon exercise of this Stock Option shall be subject to repurchase at cost, in each case at the discretion of the Board and to the extent permitted by applicable law, if (i) the Board determines that gross negligence, intentional
misconduct or fraud by the Optionee caused or was a significant contributing factor to a materially adverse restatement of the Company’s financial statements and (ii) the vesting of such Stock Option was calculated or contingent upon the
achievement of financial or operating results that were affected by the restatement and the vesting of such Stock Option would have been less had the financial statements been correct. 

7. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified
herein. 
 8. Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in
any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal
representative or legatee. 
 9. Tax Withholding. The Optionee shall, not later than the date as of which the exercise of
this Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such
taxable event. The Optionee may elect to have the minimum required tax withholding obligation satisfied, in 

  
 5 

 
whole or in part, by authorizing the Company to withhold from shares of Stock to be issued a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding
amount due. 
 10. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a
result of the Plan or this Agreement to continue the Optionee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time.

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

 

			
	NORTHEAST BANCORP
		
	By:	 	/s/    Robert Glauber
		 	Name: Robert Glauber
		 	Title: Chairman of the Board of Directors

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

							
	Dated:	 	December 29, 2010	 		 	/s/    Richard Wayne
		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
				
		 		 		 	Richard Wayne

  
 6

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