Document:

Director Deferred Fee Agreement

 Exhibit 10.1 
 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 

BENEFICIARY DESIGNATION FORM 
  

 
  

THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 DIRECTOR DEFERRED FEE AGREEMENT 
 THIS DIRECTOR
DEFERRED FEE AGREEMENT (the “Agreement”) is adopted this 31st day of December, 2010, by and between THE FIRST NATIONAL BANK OF MIFFLINTOWN, a national banking association located in Mifflintown, Pennsylvania (the “Company”), and Jody Graybill (the
“Director”). 
 The purpose of this Agreement is to provide specified benefits to the Director who contributes to the
continued growth, development and future business success of the Company. 
 Article 1 

Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	“Beneficiary” means each designated person, or the estate of a deceased Director, entitled to benefits, if any, upon the death of the Director
determined pursuant to Article 6. 

  

	1.2	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to
the Plan Administrator to designate one or more beneficiaries. 

  

	1.3	“Board” means the Board of Directors of the Company as from time to time constituted. 

 

	1.4	“Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of
the Company, as such change is defined in Section 409A of the Code and regulations thereunder. 

  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	1.6	“Crediting Rate” means an annual rate equal to the December average of the 10-year Treasury rate for the prior Plan Year plus one percent (1%).

  

	1.7	“Deferral Account” means the Company’s accounting of the Director’s accumulated Deferrals, plus accrued interest. 

 

	1.8	“Deferral Election Form” means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the
Plan Administrator to designate the amount of the Deferrals. 

  

	1.9	“Deferrals” means the amount of Fees which the Director elects to defer according to this Agreement. 

 

	1.10	 “Disability” means Director: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

	 	 
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under
an accident and health plan covering directors of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering directors of the Company. Upon the
request of the Plan Administrator, the Director must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination. 

 

	1.11	“Early Termination” means Separation from Service before Normal Retirement Age except when such Separation from Service occurs (i) within
twenty-four (24) months following a Change in Control; or (ii) due to death, Disability, or Termination for Cause. 

  

	1.12	“Effective Date” means October 1, 2010. 

  

	1.13	“Fees” means the total fees earned by the Director during a Plan Year. 

 

	1.14	“Normal Retirement Age” means the Director attaining age seventy-two (72). 

 

	1.15	“Normal Retirement Date” means the later of Normal Retirement Age or Separation from Service. 

 

	1.16	“Plan Administrator” means the plan administrator described in Article 8. 

 

	1.17	“Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year.

  

	1.18	“Separation from Service” means the termination of the Director’s service with the Company for reasons other than death. Whether a Separation from
Service takes place is determined based on the facts and circumstances surrounding the termination of the Director’s service and whether the Company and the Director intended for the Director to provide significant services for the Company
following such termination. 

  

	1.19	“Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any
stock of the Company is publicly traded on an established securities market or otherwise. 

  

	1.20	“Termination for Cause” means a Separation from Service for: 

 

	 	(a)	Gross negligence or gross neglect of duties to the Company; or 

  

	 	(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude; or 

 

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Director’s service and resulting in a
material adverse effect on the Company. 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	1.21	“Unforeseeable Emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, the Director’s
spouse, or the Director’s dependent (as defined in Section 152(a) of the Code), loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Director. 

 Article 2 

Deferral Election 
  

	2.1	Elections Generally. The Director may annually file a Deferral Election Form with the Plan Administrator no later than the end of the Plan Year preceding the
Plan Year in which services leading to such Fees will be performed. 

  

	2.2	Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the Agreement, the Director may make an initial
deferral election under this Agreement by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Form shall set forth the amount
of Fees to be deferred. However, if the Director was eligible to participate in any other account balance plans sponsored by the Company (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to
participate in this Agreement, the initial election to defer Fees under this Agreement shall not be effective until the Plan Year following the Plan Year in which the Director became eligible to participate in this Agreement.

  

	2.3	Hardship. If an Unforeseeable Emergency occurs, the Director, by written instructions to the Company, may discontinue deferrals hereunder. Any subsequent
Deferral Elections may be made only in accordance with Section 2.2 hereof. 

  

	2.4	Election Changes. The Director may modify the amount of Fees to be deferred annually by filing a new Election Form with the Company. The modified deferral shall
not be effective until the calendar year following the year in which the subsequent Deferral Election Form is received by the Company. 

 Article 3 
 Deferral Account 

 

	3.1	Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following
amounts: 

  

	 	(a)	Any Deferrals hereunder; and 

  

	 	(b)	Interest as follows: 

  

	 	(i)	On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement,
interest shall be credited on the Deferral Account at an annual rate equal to the Crediting Rate, compounded monthly; and 

  

	 	(ii)	 On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

	 	 
annual rate equal to the Crediting Rate in effect at the time distribution commences. During the distribution period under Article 4 or Article 5, the Board, in its sole discretion, may change
the rate used to calculate interest in this Section 3.1(b)(ii) provided such rate shall not be less than the 10-year Treasury rate plus one percent (1%) on the date the Board resets the rate. 

 

	3.2	Accounting Device Only. The Deferral Account is solely a device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund
of any kind. The Director is a general unsecured creditor of the Company for the distribution of benefits. The benefits represent the mere Company promise to distribute such benefits. The Director’s rights are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s creditors. 

 Article 4 
 Distributions During Lifetime 

 

	4.1	Normal Retirement Benefit. Upon the Normal Retirement Date, the Company shall distribute to the Director the benefit described in this Section 4.1 in lieu
of any other benefit under this Article. 

  

	 	4.1.1	Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the Normal Retirement Date. 

 

	 	4.1.2	Distribution of Benefit. The Company shall distribute the benefit to the Director in one hundred twenty (120) equal monthly installments commencing on the
first day of the month following the Separation from Service. 

  

	4.2	Early Termination Benefit. If Early Termination occurs, the Company shall distribute to the Director the benefit described in this Section 4.2 in lieu of
any other benefit under this Article. 

  

	 	4.2.1	Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance determined as of the date of Separation from Service. Interest shall
be credited on the Deferral Account at a rate equal to the Crediting Rate as described in Article 3. 

  

	 	4.2.2	Distribution of Benefit. The Company shall distribute the benefit to the Director in one hundred twenty (120) equal monthly installments commencing
on the first day of the month following Normal Retirement Age. 

  

	4.3	Disability Benefit. If the Director experiences a Disability prior to Normal Retirement Age, the Company shall distribute to the Director the benefit described
in this Section 4.3 in lieu of any other benefit under this Article. 

  

	 	4.3.1	 Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

	 	 
balance determined as of the occurrence of such Disability. 

  

	 	4.3.2	Distribution of Benefit. The Company shall distribute the benefit to the Director in one hundred twenty (120) equal monthly installments commencing on the
first day of the month following the occurrence of such Disability. 

  

	4.4	Change in Control Benefit. If a Change in Control occurs followed within twenty-four (24) months by a Separation from Service, the Company shall distribute
to the Director the benefit described in this Section 4.4 in lieu of any other benefit under this Article. 

  

	 	4.4.1	Amount of Benefit. The benefit under this Section 4.4 is the Deferral Account balance determined as of the date of Separation from Service.

  

	 	4.4.2	Distribution of Benefit. The Company shall distribute the benefit to the Director in one hundred twenty (120) equal monthly installments commencing on the
first day of the month following Separation from Service. 

  

	4.5	Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board to receive a distribution from the Agreement. The Board in its
sole discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a distribution from the Agreement (i) only to the extent deemed necessary by the Board to remedy the Unforeseeable Emergency, plus an
amount necessary to pay taxes reasonably anticipated as a result of the distribution; and (ii) after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or
by liquidation of the Director’s assets (to the extent the liquidation would not itself cause severe financial hardship). In any event, the maximum amount which may be paid out pursuant to this Section 4.5 is the Deferral Account balance
as of the day that the Director petitioned the Board to receive a Hardship Distribution under this Section. 

  

	4.6	Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee
at Separation from Service under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Separation from Service may not commence earlier than six (6) months after
the date of such Separation from Service. Therefore, in the event this Section 4.6 is applicable to the Director, any distribution which would otherwise be paid to the Director within the first six months following the Separation from
Service shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following the Separation from Service. All subsequent distributions shall be paid in the manner specified. 

 

	4.7	Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of the Deferral Account balance into the
Director’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Deferral Account balance, a
distribution shall be made as soon as is administratively practicable following the discovery of the plan failure. 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	4.8	Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes:

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder;

  

	 	(b)	must, for benefits distributable under Section 4.2, be made at least twelve (12) months prior to the first scheduled distribution; 

 

	 	(c)	must, for benefits distributable under Sections 4.1, 4.2 and 4.4, delay the commencement of distributions for a minimum of five (5) years from the date the first
distribution was originally scheduled to be made; and 

  

	 	(d)	must take effect not less than twelve (12) months after the election is made. 

Article 5 

Distributions at Death 
  

	5.1	Death During Active Service. If the Director dies while in active service to the Company, the Company shall distribute to the Beneficiary the benefit described
in this Section 5.1. This benefit shall be distributed in lieu of the benefits under Article 4. 

  

	 	5.1.1	Amount of Benefit. The benefit under this Section 5.1 is the greater of the Deferral Account balance determined as of the date of the Director’s death
or $280,318. 

  

	 	5.1.2	Distribution of Benefit. The Company shall distribute the benefit to the Beneficiary in one hundred twenty (120) equal monthly installments commencing on
the first day of the month following the Director’s death. The Beneficiary shall be required to provide to the Bank the Director’s death certificate receipt. 

 

	5.2	Death During Distribution of a Benefit. If the Director dies after any benefit distributions have commenced under this Agreement but before receiving all such
distributions, the Company shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts that would have been distributed to the Director had the Director survived. 

 

	5.3	Death After Separation from Service But Before Benefit Distributions Commence. If the Director is entitled to benefit distributions under this Agreement, but
dies prior to the commencement of said benefit distributions, the Company shall distribute to the Beneficiary the same benefits that the Director was entitled to prior to death except that the benefit distributions shall commence on the first day of
the month following the Director’s death. The Beneficiary shall be required to provide to the Bank the Director’s death certificate receipt. 

 Article 6 
 Beneficiaries 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	6.1	Beneficiary. The Director shall have the right, at any time, to designate a Beneficiary to receive any benefits distributable under the Agreement to a
Beneficiary upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Company in which the Director participates.

  

	6.2	Beneficiary Designation; Change. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the
Plan Administrator or its designated agent. The Director’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the marriage is
subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect
from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary
Designation Form filed by the Director and accepted by the Plan Administrator prior to the Director’s death. 

  

	6.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan
Administrator or its designated agent. 

  

	6.4	No Beneficiary Designation. If the Director dies without a valid Beneficiary designation, or if all designated Beneficiaries predecease the Director, then the
Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be paid to the personal representative of the Director’s estate. 

 

	6.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to
a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent
person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of
the Director and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount. 

 Article 7 
 General Limitations 

 

	7.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement in
excess of the Deferrals (i.e., Deferral Account minus interest credited thereon) if the Director’s service with the Company is terminated due to a Termination for Cause. 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	7.2	Suicide or Misstatement. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement in
excess of the Deferrals if the Director commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life insurance policy covering the Director and owned by the Company denies coverage (i) for
material misstatements of fact made by the Director on an application for such life insurance, or (ii) for any other reason. 

  

	7.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement in excess of
the Deferrals (i.e., Deferral Account minus interest credited thereon) if the Director is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance
Act. 

 Article 8 
 Administration of Agreement 
  

	8.1	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the
Board shall appoint. The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the
administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement to the extent the exercise of such discretion and authority does not
conflict with Section 409A of the Code and regulations thereunder. 

  

	8.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit,
(including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company. 

  

	8.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the
administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. 

 

	8.4	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

 

	8.5	 Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan
Administrator on all matters relating to the date and circumstances of the Disability, death or Separation from 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

	 	 
Service of its Directors, and such other pertinent information as the Plan Administrator may reasonably require. 

 

	8.6	Statement of Accounts. The Plan Administrator shall provide to the Director, within one hundred twenty (120) days after the end of each Plan Year, a
statement setting forth the Deferral Account balance. 

 Article 9 

Claims and Review Procedures 
  

	9.1	Claims Procedure. The Director or Beneficiary (“Claimant”) who has not received benefits under the Agreement that he or she believes should be paid
shall make a claim for such benefits as follows: 

  

	 	9.1.1	Initiation – Written Claim. The Claimant initiates a claim by submitting to the Company a written claim for the benefits. If such a claim relates to the
contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event
that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 

  

	 	9.1.2	Timing of Company Response. The Company shall respond to such Claimant within ninety (90) days after receiving the claim. If the Company determines that
special circumstances require additional time for processing the claim, the Company can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end of the initial ninety (90) day
period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

 

	 	9.1.3	Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the Claimant in writing of such denial. The Company shall write the
notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based, 

 

	 	(c)	A description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed, and

  

	 	(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures. 

 

	9.2	Review Procedure. If the Company denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Company of the
denial, as follows: 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	 	9.2.1	Initiation – Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Company’s notice of denial, must
file with the Company a written request for review. 

  

	 	9.2.2	Additional Submissions – Information Access. The Claimant shall then have the opportunity to submit written comments, documents, records and other
information relating to the claim. The Company shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits.

  

	 	9.2.3	Considerations on Review. In considering the review, the Company shall take into account all materials and information the Claimant submits relating to the
claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	9.2.4	Timing of Company Response. The Company shall respond in writing to such Claimant within sixty (60) days after receiving the request for review. If the
Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of the initial
sixty (60) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

 

	 	9.2.5	Notice of Decision. The Company shall notify the Claimant in writing of its decision on review. The Company shall write the notification in a manner calculated
to be understood by the Claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based, and 

 

	 	(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the Claimant’s claim for benefits. 

 Article 10 

Amendments and Termination 
  

	10.1	Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Director. However, the Company may unilaterally amend this
Agreement to conform with written directives to the Company from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and
guidance promulgated thereunder. 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	10.2	Plan Termination Generally. The Company may unilaterally terminate this Agreement at any time. Except as provided in Section 10.3, the termination of this
Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 4 or Article 5. 

 

	10.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 10.2, if this Agreement is terminated in the following
circumstances: 

  

	 	(a)	Within thirty (30) days before, or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve
(12) months following such termination of the Agreement and further provided that all the Company’s arrangements which are substantially similar to the Agreement are terminated so the Director and all participants in
the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; 

 

	 	(b)	Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the
Director’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar
year in which the distribution is administratively practical; or 

  

	 	(c)	Upon the Company’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations
Section 1.409A-1(c) if the Director participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company,
(ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company does not adopt any new arrangement that would be a Similar
Arrangement for a minimum of three (3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Company may distribute the Deferral Account balance, determined as of the date of the termination of the Agreement, to the Director in a lump sum subject to the above terms. 

Article 11 

Miscellaneous 
  

	11.1	Binding Effect. This Agreement shall bind the Director and the Company and their beneficiaries, survivors, executors, administrators and transferees.

  

	11.2	No Guarantee of Service. This Agreement is not a contract for service. It does not give the Director the right to remain as a director of the Company, nor does
it interfere with the Company’s right to discharge the Director. It also does not require the Director to remain a director nor interfere with the Director’s right to terminate service at any time. 

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	11.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  

	11.4	Tax Withholding and Reporting. The Company shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under
Section 409A of the Code and regulations thereunder, from the benefits provided under this Agreement. Director acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing
authority(ies). Further, the Company shall satisfy all applicable reporting requirements, including those under Section 409A of the Code and regulations thereunder. 

 

	11.5	Applicable Law. The Agreement, and all rights hereunder shall be governed by the laws of the Commonwealth of Pennsylvania, except to the extent preempted by the
laws of the United States of America. 

  

	11.6	Unfunded Arrangement. The Director and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement. The
benefits represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by
creditors. Any insurance on the Director’s life or other informal funding asset is a general asset of the Company to which the Director and the Beneficiary have no preferred or secured claim. 

 

	11.7	Reorganization. The Company shall not merge or consolidate into or with another Company, or reorganize, or sell substantially all of its assets to another bank,
firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement
shall be deemed to refer to the successor or survivor bank. 

  

	11.8	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Director as to the subject matter hereof. No rights are
granted to the Director by virtue of this Agreement other than those specifically set forth herein. 

  

	11.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender
includes the feminine and use of the singular includes the plural. 

  

	11.10	Alternative Action. In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this Agreement, the Company
or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company, provided that such alternative acts do not violate
Section 409A of the Code. 

  

	11.11	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.

 THE FIRST NATIONAL BANK OF MIFFLINTOWN 
 Director Deferred Fee Agreement 
 BENEFICIARY DESIGNATION FORM 

 
  

 
  

  

	11.12	Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts
hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein. 

  

	11.13	Notice. Any notice or filing required or permitted to be given to the Plan Administrator under this Agreement shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to the address below: 

  

					
		 	   President and Chief Executive Officer
	 	
		 	   The First National Bank of Mifflintown
	 	
		 	   P.O. Box 96
	 	
		 	   Mifflintown, PA 17059
	 	

 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark or the receipt for registration or certification. 
 Any notice or filing required or permitted to
be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director. 
  

	11.14	Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with
the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement. 

IN WITNESS WHEREOF, the Director and an authorized representative of the Company have signed this Agreement as of December 31, 2010.

  

							
	Director:	 		 	Company:
			
		 		 	The First National Bank of Mifflintown
				
	 /s/ Jody Graybill
	 		 	By:	 	 /s/ John P. Henry, III

	Jody Graybill	 		 	Title:	 	ChairmanForm of Indemnification Agreement, dated as of December 29, 2010

 Exhibit 10.1 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement
(“Agreement”) is made as of                          by and between Northeast Bancorp, a Maine
corporation (the “Company”), and                          (“Indemnitee”). 

RECITALS 

WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the
Company; 
 WHEREAS, in order to induce Indemnitee to provide or continue to provide services to the Company, the Company wishes
to provide for the indemnification of, and advancement of expenses to, Indemnitee to the maximum extent permitted by law; 

WHEREAS, the Articles of Incorporation of the Company (the “Charter”) and the Bylaws of the Company (the
“Bylaws”) require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the Maine Business Corporation Act (the “MBCA”); 

WHEREAS, the Bylaws and the MBCA contemplate that contracts may be entered into between the Company and members of the board of
directors, officers and other persons with respect to indemnification; 
 WHEREAS, the Company and Indemnitee recognize the
continued difficulty in obtaining liability insurance for the Company’s directors, officers, employees, agents and fiduciaries, the significant and continual increases in the cost of such insurance and the general trend of insurance companies
to reduce the scope of coverage of such insurance; 
 WHEREAS, the Company and Indemnitee further recognize the substantial
increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing
challenges for the Company; 
 WHEREAS, Indemnitee does not regard the protection currently provided by applicable law, the
Company’s governing documents and available insurance as adequate under the present circumstances, and Indemnitee may not be willing to continue to serve in such capacity without additional protection; 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting
and retaining highly qualified persons such as Indemnitee is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure Indemnitee that there will be increased certainty of such protection in the
future; 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and
to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, regardless of any amendment or revocation of the Charter or Bylaws, so that they will serve or continue to serve the Company free from undue concern
that they will not be so indemnified; and 

 WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification
provided in the Charter and the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows: 
 Section 1. Services to the Company. Indemnitee agrees to serve as a director of the Company.
Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee
in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has
ceased to serve as a director of the Company. 
 Section 2. Definitions. 

As used in this Agreement: 
 (a) “Corporate Status” describes the status of a person as a current or former director, officer, employee, agent or trustee of the Company or of any other Enterprise which such person is
or was serving at the request of the Company. 
 (b) “Enforcement Expenses” shall include all
reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements
or expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal from such action, including without limitation the premium, security for, and other costs relating to any cost
bond, supersedes bond, or other appeal bond or its equivalent. 
 (c) “Enterprise” shall mean
any corporation (other than the Company), partnership, joint venture, trust, employee benefit plan, limited liability company or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, officer,
employee, agent or trustee. 
 (d) “Expenses” shall include all reasonable attorneys’ fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding, including

  
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without limitation the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid
in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 
 (e) “Independent
Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in matters of Maine corporation law and neither presently is, nor in the past five years has been, retained to
represent: (i) the Company, any Enterprise or Indemnitee in any matter material to any such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (f) The term
“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal, in which Indemnitee was, is or will be involved as, or is threatened to be
made, a defendant or respondent in a Proceeding by reason of the fact that Indemnitee is or was a director of the Company or is or was serving at the request of the Company as a director, manager, officer, employee, agent or trustee of any
Enterprise or by reason of any action taken by him or of any action taken on his part while acting as director of the Company or while serving at the request of the Company as a director, manager, officer, employee, agent or trustee of any
Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided,
however, that the term “Proceeding” shall not include any action, suit or arbitration, or part thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 13(e) of this
Agreement. 
 Section 3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance
with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a defendant or respondent to or in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to
this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or
matter therein, if (A) Indemnitee acted in good faith and in a manner he reasonably believed, in the case of conduct in the Indemnitee’s official capacity, to be in the best interests of the Company, and in all other cases, that
Indemnitee’s conduct was at least not opposed to the best interests of the Company, and, in the case of a criminal proceeding, had no reasonable cause to believe that his conduct was unlawful, or (B) Indemnitee

  
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engaged in conduct for which broader indemnification has been made permissible or obligatory under the Charter as authorized by section 202(2)(E) of the MBCA. The conduct of a director with
respect to an employee benefit plan for a purpose the director reasonably believed to be in the best interests of the participants in, and the beneficiaries of, the plan is conduct that satisfies clause (A) of the preceding sentence. Indemnitee
shall not enter into any settlement in connection with a Proceeding without ten (10) days’ prior notice to the Company. Unless ordered by a court of competent jurisdiction, notwithstanding the foregoing, Indemnitee shall not be entitled to
indemnification from the Company (except with respect to Expenses) if Indemnitee is adjudged liable on the basis that he received a financial benefit to which he was not entitled, whether or not involving action in his official capacity. 

Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance
with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a defendant or respondent to or in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4,
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if (A) Indemnitee acted in good faith and in a manner he
reasonably believed, in the case of conduct in Indemnitee’s official capacity, to be in the best interests of the Company and, in all other cases, that Indemnitee’s conduct was at least not opposed to the best interests of the Company, or
(B) Indemnitee engaged in conduct for which broader indemnification has been made permissible or obligatory under the Charter as authorized by section 202(2)(E) of the MBCA. The conduct of a director with respect to an employee benefit plan for
a purpose the director reasonably believed to be in the best interests of the participants in, and the beneficiaries of, the plan is conduct that satisfies clause (A) of the preceding sentence. No indemnification for Expenses shall be made
under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudicated by a court of competent jurisdiction to have not satisfied the standard of conduct in the preceding sentence, unless
otherwise so ordered by a court of competent jurisdiction. 
 Section 5. Indemnification for Expenses of a Party Who is
Wholly Successful. Notwithstanding any other provisions of this Agreement and except as provided in Section 8, to the extent that Indemnitee is a defendant or respondent to or in any Proceeding and is wholly successful, on the merits or
otherwise, in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. For purposes of this Section and without limitation, the termination of any Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such Proceeding. 
 Section 6.
Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party and is not
threatened to be made a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

  
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 Section 7. Additional Indemnification. 

(a) Except as provided in Section 8, notwithstanding any limitation in Sections 3, 4 or 5, the Company shall
indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was, is or will be involved as, or is threatened to be made, a defendant or respondent to or in any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding. 

(b) For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by law” shall
include, but not be limited to: 
 (i) to the fullest extent permitted by any provision of the MBCA that
authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the MBCA or such provision thereof; and 

(ii) to the fullest extent authorized or permitted by any amendments to or replacements of the MBCA adopted after the date
of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 
 Section 8.
Exclusions. Notwithstanding any provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement: 
 (a) to make any indemnity for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such amounts
under any insurance policy, contract, agreement or otherwise; 
 (b) to make any indemnity for an accounting of
profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or
common law; or 
 (c) to make any indemnity or advancement that is prohibited by applicable law. 

Section 9. Advances of Expenses. The Company shall advance, to the extent not prohibited by law, the Expenses incurred by
Indemnitee in connection with any Proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee
in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not
be included with the invoice) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Indemnitee shall qualify for advances upon the execution and delivery to the Company of (i) this Agreement,

  
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which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the advance if and to the extent that it is ultimately determined by a
court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company, and (ii) a written affirmation of Indemnitee’s good faith belief that he has met the relevant
standard of conduct required under applicable law or that the Proceeding involves conduct for which liability has been eliminated under a provision of the Charter to the extent permitted by law. The right to advances under this paragraph shall in
all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 9 shall limit Indemnitee’s right to advancement pursuant to Section 13(e) of this Agreement. 

Section 10. Procedure for Notification and Defense of Claim. 

To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor and, if
Indemnitee so chooses pursuant to Section 11 of this Agreement, such written request shall also include a request for Indemnitee to have the right to indemnification determined by Independent Counsel. 

Section 11. Procedure Upon Application for Indemnification. 

(a) Upon written request by Indemnitee for indemnification pursuant to Section 10, a determination, if such
determination is required by applicable law, with respect to the permissibility thereof shall be made in the specific case: (i) by Independent Counsel in a written opinion to the Board if Indemnitee so requests in such written request for
indemnification pursuant to Section 10, or (ii) by the Company in accordance with applicable law if Indemnitee does not so request such determination be made by Independent Counsel. In the case that such determination is made by
Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable, making such determination with respect to the permissibility of indemnification of Indemnitee, including providing to such counsel or
the Company, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Independent Counsel or the Company shall be borne by the Company (irrespective of the determination as to the permissibility of
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
 (b) In
the event that Indemnitee exercises his right to have the permissibility of indemnification determined by Independent Counsel pursuant to clause (i) of Section 11(a), the Independent Counsel shall be selected by the Company in accordance
with applicable law. The Indemnitee may, within ten (10) days after written notice of such selection, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper 

  
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and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as
Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within thirty (30) days after the later of (i) submission by Indemnitee of a written request for
indemnification and Independent Counsel pursuant to Sections 10(a) and 11(a)(i) hereof, respectively, and (ii) the final disposition of the Proceeding, including any appeal therein, no Independent Counsel shall have been selected without
objection, Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by Indemnitee to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by the court or by such other person as the court shall designate. The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11(a) hereof. Upon the due
commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing). 
 Section 12. Effect of Certain Proceedings. 

(a) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption
that Indemnitee did not meet the applicable standard of conduct for indemnification under this Agreement. 
 (b)
The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 Section 13. Remedies of Indemnitee. 

(a) Subject to Section 13(f), in the event that (i) a determination is made pursuant to Section 11 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) no determination of entitlement to indemnification shall
have been made pursuant to Section 11(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification that does not include a request for Independent Counsel, (iv) payment of indemnification
is not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification pursuant to
Section 3, 4 or 7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such
indemnification or advancement. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall
commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a);

  
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provided, however, that the foregoing time limitation shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b) In the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be
prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as
the case may be. 
 (c) If a determination shall have been made pursuant to Section 11(a) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13, absent (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this
Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 (e) The Company shall indemnify Indemnitee against any and all Enforcement Expenses and, if requested by
Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any
action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be, in the suit for which indemnification or advancement is being sought. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification
under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein. 
 Section 14. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 
 (a) The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate 

  
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Status prior to such amendment, alteration or repeal. To the extent that a change in Maine law, whether by statute or judicial decision, permits greater indemnification or advancement than would
be afforded currently under the Charter, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or trustees of the Company or of any other Enterprise,
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or trustee under such policy or policies. If, at the time of
the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the
terms of such policies. 
 (c) In the event of any payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee against other persons (other than any Fund Indemnitor), who shall execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The
Company’s obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement from such other Enterprise. 
 (e) [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by [Name of Fund/Sponsor] and certain of [its][their] affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the
same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties,
fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Charter or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may
have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in
respect thereof. The Company further agrees that no advancement or payment by the 

  
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Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have
a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party
beneficiaries of the terms of this Section 14(e).] 
 Section 15. Duration of Agreement. This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director of the Company or (b) one (1) year after the final termination of any Proceeding,
including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. This
Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 Section 16. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

Section 17. Enforcement. 
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve, or continue to serve, as a
director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company. 
 (b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied,
between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

  
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 Section 18. Modification and Waiver. No supplement, modification or amendment,
or waiver of any provision, of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver. 
 Section 19. Notice by Indemnitee. Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
as provided hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

Section 20. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the
third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission,
with receipt of oral confirmation that such transmission has been received: 
 (a) If to Indemnitee, at such
address as Indemnitee shall provide to the Company. 
 (b) If to the Company to: 

_______________________ 
 _______________________ 
 _______________________ 

or to any other address as may have been furnished to Indemnitee by the Company. 

Section 21. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received by the Company and
Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s)
and/or transactions. 
 Section 22. Applicable Law and Consent to Jurisdiction. This Agreement and the legal
relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Maine, without regard to its conflict of laws rules. Except with 

  
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respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the Superior Court of Maine (the “Maine Court”), and not in any other state or federal court in the United States of America or any court in
any other country, (ii) consent to submit to the exclusive jurisdiction of the Maine Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) consent to service of process at the address set
forth in Section 20 of this Agreement with the same legal force and validity as if served upon such party personally within the State of Maine, (iv) waive any objection to the laying of venue of any such action or proceeding in the Maine
Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Maine Court has been brought in an improper or inconvenient forum. 

Section 23. Section 18(k) of the Federal Deposit Insurance Act. Notwithstanding anything herein to the contrary, any
indemnification hereunder shall be provided only to the extent permitted by 12 U.S.C. Section 1828(k) and the regulations issued thereunder by the Federal Deposit Insurance Corporation. 

Section 24. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 
 Section 25. Miscellaneous. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written. 
  

			
	NORTHEAST BANCORP
		
	By:	 	 
		 	Name:
		 	Title:
		
		 	 
		 	[Indemnity Name]

  
 -12-

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