Document:

Exhibit 10.1 TARP Repayment

UST Seq. Number 92

United States Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220

December 28, 2011

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement - Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).   
In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009: 
 (a)     The Company hereby acknowledges receipt from the Investor of the share certificate set forth on Schedule A hereto representing the Preferred Shares; and
(b)    The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof. 
 The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant with respect to, and/or exercise the Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the foregoing.  The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer. 

UST Seq. Number 92

In addition, the Company agrees that in the event it elects to repurchase the Warrant, it shall deliver to the Investor within 15 calendar days of the date hereof a notice of intent to repurchase the Warrant, which notice shall be in accordance with Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”).  In the event the Company does not deliver the Warrant Repurchase Notice to the Investor within 15 calendar days of the date hereof, the Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Warrant, such notice to be effective as of the first day following the end of such 15-day period. 
In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the delivery of such Warrant Repurchase Notice, then the Investor hereby provides notice of its intention to sell the Warrant.
This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.
This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered. 

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UST Seq. Number 92

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

	
					
	 
	 
	UNITED STATES DEPARTMENT OF THE TREASURY
	 

	 
	 
	 
	 
	 

	 
	By:/s/
	TIMOTHY G. MASSAD
	 

	 
	 
	Name:
	Timothy G. Massad
	 

	 
	 
	Title:
	Assistant Secretary for Financial Stability
	 

	 
	 
	 
	 
	 

	 
	 
	COMPANY:  PEOPLES BANCORP INC.
	 

	 
	 
	 
	 
	 

	 
	By:/s/
	EDWARD G. SLOANE
	 

	 
	 
	Name:
	Edward G. Sloane
	 

	 
	 
	Title:
	Executive Vice President,
Chief Financial Officer and Treasurer
	 

 

UST Seq. Number 92

SCHEDULE A

	
		
	General Information:
	 

	 
	 

	Date of Letter Agreement incorporating the Securities Purchase Agreement:
	January 30, 2009

	 
	 

	Name of the Company:
	Peoples Bancorp Inc.

	 
	 

	Corporate or other organizational form of the Company:
	Corporation

	 
	 

	Jurisdiction of organization of the Company:
	Ohio

	 
	 

	Number and series of preferred stock issued to the Investor at the Closing:
	39,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A

	 
	 

	Number of Initial Warrant Shares:
	313,505

	 
	 

	Terms of the Repurchase:
	 

	 
	 

	Number of Preferred Shares repurchased by the Company:
	18,000

	 
	 

	Share certificate number (representing the Preferred Shares previously issued to the Investor at the Closing):
	A2

	 
	 

	Per share Liquidation Amount of Preferred Shares:
	$1,000

	 
	 

	Accrued and unpaid dividends on Preferred Shares:
	$107,500

	 
	 

	Aggregate purchase price for Repurchased Preferred Shares:
	$18,107,500

	 
	 

	Investor wire information for payment of purchase price: 
	ABA Number:   021000018
Bank:  The Bank of New York Mellon 
Account Name: BETA EESA Preferred Account  
Account Number: GLA/111567Exibit 10.1

FOURTH MODIFICATION AGREEMENT

THIS AGREEMENT is made as of the 16th
day of November, 2011, by and between ASSOCIATED BANK, NATIONAL ASSOCIATION, a national banking association (“Bank”),
and IMAGE SENSING SYSTEMS, INC., a Minnesota corporation (“Borrower”).

RECITALS:

i.                    
Borrower and Bank have heretofore entered into a certain Loan Agreement dated as of the 1st
day of May, 2008, as amended by a Modification Agreement dated as of the 28th day of December, 2009, a Second Modification Agreement
dated as of the 3rd day of May, 2010, and a Third Modification Agreement dated as of the 14th day of December, 2010 (the “Loan
Agreement”), pursuant to which the Bank agreed to provide to Borrower a Line of Credit of up to $5,000,000.00 and a Loan
in the amount of $4,000,000.00. All capitalized terms not otherwise defined herein shall have the meanings given them in the Loan
Agreement.

ii.                   
The Line of Credit matures on May 1, 2012, and the Borrower has requested that the Bank agree
to extend the Line Maturity Date to May 1, 2013.

iii.                 
Bank is willing to agree to the foregoing request of Borrower but only upon the terms and
conditions hereinafter set forth and in reliance on the warranties and representations of Borrower contained herein.

AGREEMENTS:

In consideration of the matters stated
in the foregoing Recitals and the covenants hereinafter set forth, the parties hereto agree as follows:

1.                  
To induce Bank to enter into this Agreement, Borrower warrants and represents to Bank as follows:

A.                 
The Recitals set forth above are each true and correct.

B.                 
The Loan Agreement is, and as modified herein shall be, valid, binding and enforceable.

C.                 
Borrower has no defenses, set-offs, claims or rights of recoupment against its obligations
to pay to Bank the outstanding balance of the Line of Credit.

D.                 
All of the representations and warranties set forth in Section 3 of the Loan Agreement are
true and correct as though made on the date of this Agreement and as though applicable to this Agreement in the same manner as
they were applicable to the Loan Agreement.

2.                  
Section 1.C of the Loan Agreement is hereby amended by changing the Line Maturity Date set
forth therein from “May 1, 2012” to “May 1, 2013.”

    	 

    	 

    
 

3.                  
All references to the Loan Agreement in the Master Note, Loan Note and the Security Agreement
executed by the Borrower shall be deemed to mean the Loan Agreement as amended by this Agreement.

4.                  
Borrower shall pay to Bank, upon demand, an extension fee in the amount of $250.00, which
fee shall be fully earned and non-refundable upon execution of this Agreement by the Bank.

5.                  
Except as expressly modified and amended herein, all terms and provisions of the Loan Agreement
shall be and remain in full force and effect.

6.                  
Borrower shall, upon demand by Bank, reimburse Bank for all costs and expenses incurred by
Bank in connection with this Agreement, including, but not limited to, the fees of Bank’s attorneys.

7.                  
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns.

8.                  
WAIVER OF JURY TRIAL:  BORROWER AND BANK HEREBY JOINTLY AND SEVERALLY WAIVE ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND TO ANY OF THE DOCUMENTS RELATING HERETO,
THE OBLIGATIONS HEREUNDER OR THEREUNDER, ANY COLLATERAL SECURING THE OBLIGATIONS, OR ANY TRANSACTION ARISING THEREFROM OR CONNECTED
THERETO. BORROWER AND BANK EACH REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first above written.

 

	 	IMAGE SENSING SYSTEMS, INC.
	 	A Minnesota corporation
	 	 	 
	 	By:	 
	 	 	Gregory R. L. Smith, Treasurer and
 Chief Financial Officer
	 	 	 
	 	 	 
	 	ASSOCIATED BANK, NATIONAL
 ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Angela O’Neill, Vice President

 

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