Document:

EX-10.1

 Exhibit 10.1 
  

 
 SECOND AMENDMENT TO LOAN AGREEMENT 

THIS SECOND AMENDMENT TO LOAN AGREEMENT (the “Second Amendment”) dated as of the 30th day of June, 2017, to the Loan Agreement (the
“Loan Agreement”), made and entered into as of June 30, 2013, by and among FIRST FINANCIAL BANKSHARES, INC., a Texas corporation (the “Borrower”) and FROST BANK, a Texas state bank (the “Lender”). All
capitalized terms not otherwise defined herein shall have the meaning ascribed to each of them in the Loan Agreement. 
 W I T N E S S E T
H: 
 WHEREAS, Borrower executed the Loan Agreement to govern that certain promissory note from Lender in the original principal amount
of $25,000,000.00 (the “Note”); 
 WHEREAS, Borrower and Lender executed a First Amendment to Loan Agreement dated as of
June 30, 2015, which among other things renewed and modified the Note; 
 WHEREAS, the Borrower desires to amend the Loan Agreement and
renew and extend the Note; and 
 WHEREAS, the Lender agrees to amend the Loan Agreement and renew and extend the Note, on terms and
conditions as hereinafter provided. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Borrower and Lender do hereby agree as follows: 
 ARTICLE I 

Amendment to Loan Agreement 

1.1 Amendment to Section 2.02 of the Loan Agreement. Borrower and Lender agree to, and do hereby, amend the Loan Agreement by
deleting Section 2.02 of the Loan Agreement in its entirety and substituting therefore the following paragraph: 

“2.02 The Note. The obligation of Borrower to pay the Loan shall be evidenced by a promissory note (the
“Note”) executed by Borrower and payable to the order of Lender, in the principal amount of $25,000,000.00 bearing interest at the variable rate set forth in the Note. The Borrower shall pay principal and interest in accordance with the
terms of the Note, with the maturity date being as set forth in the Note. From Closing Date and continuing at all times through June 30, 2019 (the “Revolving Credit Period”) the Loan evidenced by the Note shall be a revolving credit
facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an “Advance”) so long as the aggregate amount of Advances outstanding at any time under the Note
does not exceed Twenty Five Million and No/100 Dollars ($25,000,000.00) provided however, the minimum Advance must be at least $500,000.00. The Borrower shall have the right to borrow, repay, and borrow again

 
during the Revolving Credit Period. The outstanding principal balance of the Note on July 1, 2019 shall convert to a term facility and shall be payable quarterly in accordance with the terms
of the Note, with all unpaid principal plus all accrued and unpaid interest being due and payable on June 30, 2024.” 

ARTICLE II 

Conditions of Effectiveness 

2.1 Effective Date. This Second Amendment shall become effective as of June 30, 2017, when, and only when, each of the following
conditions shall have been met, all in form, substance, and date satisfactory to Lender: 
 (a) Closing Documents.
Borrower shall have executed and delivered to Lender (i) a Renewal Promissory Note (the “Renewal Promissory Note”), payable to the order of Lender as set forth therein, duly executed on behalf of the Borrower, dated effective
June 30, 2017 in the principal amount of $25,000,000.00, (ii) Arbitration and Notice of Final Agreement, (iii) Certificate of Corporate Resolutions, and (iv) this Second Amendment. 

(b) Additional Loan Documents. Borrower shall have executed and delivered to Lender such other documents as shall have
been requested by Lender to evidence the terms of this Second Amendment, all in form satisfactory to Lender and its counsel. 

(c) Loan Origination Fee. Borrower shall have paid to Lender a loan processing fee in the amount of Two Thousand Five
Hundred and no/100 Dollars ($2,500.00) plus the Lender’s legal fees incurred in connection with this Second Amendment. 
 ARTICLE
III 
 Representations and Warranties 

3.1 Representations and Warranties. In order to induce Lender to enter into this Second Amendment, Borrower represents and warrants the
following: 
 (a) Borrower has the corporate power to execute and deliver this Second Amendment, the Renewal Promissory Note,
and other Loan Documents and to perform all of its obligations in connection herewith and therewith. 
 (b) The execution and
delivery by Borrower of this Second Amendment, the Renewal Promissory Note, and other Loan Documents and the performance of its obligations in connection herewith and therewith: (i) have been duly authorized or will be duly ratified and
affirmed by all requisite corporate action; (ii) will not violate any provision of law, any order of any court or agency of government or the Articles of Incorporation or Bylaws of such entity; (iii) will not be in conflict with, result in
a breach of or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument; and (iv) will not require any registration with, consent or approval of or other action by any federal,
state, provincial or other governmental authority or regulatory body. 

  
  

SECOND AMENDMENT TO LOAN AGREEMENT – Page 2 

 (c) There is no action, suit or proceeding at law or in equity or by or before
any governmental instrumentality or other agency or regulatory authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower, or any properties or rights of Borrower, or involving this Second Amendment or the
transactions contemplated hereby which, if adversely determined, would materially impair the right of Borrower to carry on business substantially as now conducted or materially and adversely affect the financial condition of Borrower, or materially
and adversely affect the ability of Borrower to consummate the transactions contemplated by this Second Amendment. 
 (d) The
representations and warranties of Borrower contained in the Loan Agreement, this Second Amendment, the Renewal Promissory Note, and any other Loan Document evidencing or securing Borrower’s Obligations and indebtedness to Lender are correct and
accurate on and as of the date hereof as though made on and as of the date hereof, except to the extent that the facts upon which such representations are based have been changed by the transactions herein contemplated. 

ARTICLE IV 

Ratification of Obligations 

4.1 Ratification of Obligation. The Borrower does hereby acknowledge, ratify and confirm that it is obligated and indebted to Lender as
evidenced by the Loan Agreement (as amended by the Second Amendment), the Renewal Promissory Note, and all other Loan Documents. 
 4.2
Ratification of Agreements. The Loan Agreement, this Second Amendment, the Renewal Promissory Note, and each other Loan Document, as hereby amended, are acknowledged, ratified and confirmed in all respects as being valid, existing, and of
full force and effect. Any reference to the Loan Agreement in any Loan Document shall be deemed to be a reference to the Loan Agreement as amended by this Second Amendment. The execution, delivery and effectiveness of this Second Amendment shall
not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under the Loan Agreement, nor constitute a waiver of any provision of the Loan Agreement. 

ARTICLE V 

Miscellaneous 
 5.1
Survival of Agreements. All representations, warranties, covenants and agreements of Borrower, herein or in any other Loan Document shall survive the execution and delivery of this Second Amendment and the other Loan Documents and the
performance hereof and thereof, including without limitation the making or granting of the Loan and the delivery of the Renewal Promissory Note and all other Loan Documents, and shall further survive until all of

  
  

SECOND AMENDMENT TO LOAN AGREEMENT – Page 3 

 
Borrower’s Obligations to Lender are paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower hereunder or under the Loan Documents to
Lender shall be deemed to constitute the representations and warranties by Borrower and/or agreements and covenants of Borrower under this Second Amendment and under the Loan Agreement. 

5.2 Loan Document. This Second Amendment, the Renewal Promissory Note, and each other Loan Document executed in connection herewith are
each a Loan Document and all provisions in the Loan Agreement, as amended, pertaining to Loan Documents apply hereto and thereto. 
 5.3
Governing Law. This Second Amendment shall be governed by and construed in all respects in accordance with the laws of the State of Texas and any applicable laws of the United States of America, including construction, validity and
performance. 
 5.4 Counterparts. This Second Amendment may be separately executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Second Amendment. 

5.5 Release of Claims. Borrower, by its execution of this Second Amendment, hereby declares that it has no set-offs, counterclaims,
defenses or other causes of action against Lender arising out of the Loan, the renewal, modification and extension of the Loan, any documents mentioned herein or otherwise; and, to the extent any such setoffs, counterclaims, defenses or other causes
of action which may exist, whether known or unknown, such items are hereby expressly waived and released by Borrower. 
 5.6 ENTIRE
AGREEMENT. THIS SECOND AMENDMENT, TOGETHER WITH ANY LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH, CONTAINS THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND ALL PRIOR AGREEMENTS RELATIVE
THERETO WHICH ARE NOT CONTAINED HEREIN OR THEREIN ARE TERMINATED. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. THIS SECOND AMENDMENT, AND THE LOAN DOCUMENTS MAY BE AMENDED, REVISED, WAIVED, DISCHARGED, RELEASED OR TERMINATED ONLY BY A
WRITTEN INSTRUMENT OR INSTRUMENTS, EXECUTED BY THE PARTY AGAINST WHICH ENFORCEMENT OF THE AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION IS ASSERTED. ANY ALLEGED AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION WHICH IS
NOT SO DOCUMENTED SHALL NOT BE EFFECTIVE AS TO ANY PARTY. 
 [Remainder of Page Intentionally Left Blank] 

  
  

SECOND AMENDMENT TO LOAN AGREEMENT – Page 4 

 IN WITNESS WHEREOF, this Second Amendment is executed effective as of the date first written
above. 
  

							
	BORROWER:	 		 	FIRST FINANCIAL BANKSHARES, INC.
				
		 		 	By:	 	 /s/ F. Scott Dueser

		 		 		 	F. Scott Dueser, President and CEO
			
	LENDER:	 		 	FROST BANK
				
		 		 	By:	 	 /s/ Jackson Julson

		 		 		 	Jackson Julson, Vice President

  
  

SECOND AMENDMENT TO LOAN AGREEMENT – Page 5EX-10.1

 Exhibit 10.1 

pSivida Short Term Incentive Plan 

Purpose 
 pSivida’s Short Term Incentive (STI) Plan
(the “Plan”) is designed to drive the achievement of Corporate Performance by providing employees the opportunity to receive discretionary Short Term Incentive Awards at the Compensation Committee’s discretion, including a variety of
compensation vehicles such as Cash Bonuses based on Corporate Performance and Individual Performance each budget/performance year. The Plan replaces the “pSivida Compensation Guidelines for Key Employees.” The Plan runs concurrent with the
2016 pSivida Long Term Incentive Plan. 
 Effective Date 

The Plan is effective July 1, 2017, unless otherwise terminated or amended as set forth below. 

Eligibility 
 Active Regular, Full Time pSivida US, Inc
employees are eligible to participate in the Plan. Regular, Full Time employees are defined as continuously scheduled for thirty (30) or more hours per week. New Hires with six (6) months or more of continuous service through the end of
each budget/performance year are eligible to participate. Employees must be in good standing and maintain satisfactory performance. 
 Corporate Goal
Setting 
 pSivida’s CEO proposes annual Corporate Goals, subject to review and approval by the Board’s Compensation Committee for the upcoming
budget/performance year. 
 The Corporate Goals focus on both short term and long term strategic growth and development priorities to best yield results for
pSivida and its various stakeholder groups, in accordance with pSivida’s Values. 
 Each Corporate Goal is assigned a weighted factor, reflective of
the perceived relative importance of each Corporate Goal to the Company, with the total to equal 100%. 
 Corporate Performance Score 

At the end of the budget/performance year, the CEO will recommend to the Compensation Committee a Corporate Performance Score for each Corporate Goal, using
the following scale 1 – 5 (low – high) to describe Achievement of the Corporate Goal: 
 Corporate Performance Score 

 

																
	 Achievement Level
	  	Minimum
Achievement	  	Target
Achievement	  	Exceeds
Achievement
	 Achievement Score
	  	 	 	1		  	 	 	3		  	 	 	5	

 The Compensation Committee reviews the proposed Individual Performance and Overall Corporate Performance Scores. The
Compensation Committee has the authority to exercise discretion and take into account mitigating circumstances and may adjust the Scores. The Committee will finalize the Corporate Performance Score for each Corporate Goal. The Overall Corporate
Performance Score is the sum of weighted Achievement Scores for each Corporate Goal. 
 The Overall Corporate Performance Score is one of the factors used
to calculate corporate Merit Increases and the pool for STI Awards for the annual compensation cycle. 
 Individual Performance Score 

In FY 2017, pSivida implemented a Performance Management Process for Individual Goal Setting and Performance Scores. At the beginning of each
budget/performance year, the CEO communicates pSivida’s weighted Corporate Goals to all employees. Employees work with their management to set their Individual Goals. Once the Goals are approved, they are used to track Individual Performance
and guide periodic one on one meetings between manager and employee. 

 pSivida Short Term Incentive Plan 

At the end of the budget /performance year, each employee receives an Individual Performance Results Summary Score of 1 – 5 (low to high). This
Individual Performance Score is a factor used to calculate a Salary Merit Increase and an STI Award. 
 Short Term Incentive Award Weighting and
Governance 
 Short Term Incentive Awards are “at-risk” variable compensation for each budget/performance year and are reflective of Corporate
Performance and Individual Performance. They are earned each year, and are not a permanent component of any employee’s direct compensation. The weighting of Corporate and Individual Performance, and the governance decisions for STI Awards, are
as follows: 
  

							
	 Organization Level/Title
	  	 % Corporate Performance
Score Weighting
	  	 % Individual Performance
Score Weighting
	  	 Determined by:

	 President and CEO
	  	100	  	0	  	Compensation Committee
				
	 Direct report of CEO
(independent of title, but excluding
administrative assistant) [defined as ‘executives’ in the context of this document]
	  	75	  	25	  	Compensation Committee & CEO
				
	 VP
	  	60	  	40	  	Senior Staff & CEO
				
	 Exec./Sr./Director
	  	50	  	50	  	Senior Staff & CEO
				
	 Assoc. Director/Sr./Manager
	  	40	  	60	  	Senior Staff & CEO
				
	 Associate Manager/Supervisor
	  	35	  	65	  	Manager
				
	 All Others
	  	25	  	75	  	Manager

 Target Short Term Incentive Percentage 

The Short Term Incentive Target is based on factors outlined above, as well as each employee’s role and its relative impact based on job responsibilities
and accountabilities. 
 Overview of pSivida’s Short Term Incentive Plan Factors 

To best illustrate how the STI Plan works, below is a snapshot of how STI Awards are calculated: 

 

											
	 Corporate Goals
	  	 % Weighting
	  	 Corporate
Performance Score
	  	 Overall Individual
Performance Score
	  	 Payout Level
(Percent of
Target Amount)
	  	 
		  	100%	  	 1 – 5
  

(Low to High)
  

Weighting per Level/Title
	  	 1 – 5
  

(Low to High)
 Sum Weighted Total Average of Each Individual Goal
Achievement Score
  
 Weighting per Level/Title
	  	 0 = 0%
  

1 = 0%
  

2 = 50%
  

3 = 100%
  

4 = 110%
  

5 = 120%
	  	

  
 2 

 pSivida Short Term Incentive Plan 

STI Award Payouts 
 Short Term Incentive Awards are
calculated using the factors described above. The STI Award value is paid as a Cash Lump Sum Bonus subject to discretion by the Compensation Committee. 

The Cash Lump Sum Bonus is generally paid (less applicable withholding and payroll taxes) within the last payroll cycle of the quarter following the close of
the budget/performance year, provided all eligibility requirements are met. 
 Changes in Employment 

Employees who change roles within the budget /performance year, will receive a pro-rated portion of STI Target Percentage reflective to the time in the role.

 Eligible employees on paid Leave of Absence are eligible for STI Awards on a pro-rated basis to include active status of Individual and Corporate
Performance for the budget/performance year, and it will be paid in the same payroll processing schedule as the Active eligible employees. 
 Employees on
paid Leave of Absence are eligible to participate in the STI Plan, upon Return to Work status. STI Awards will be pro-rated to reflect Corporate and Individual Performance achieved during active status. 

Changes in Control 
 In the event of a Change in Control,
assuming the above, Bonus will be paid out at 100% Target Bonus. 
 Administration 

The Compensation Committee, the retained Compensation Consultant and assigned Management Liaison to the Compensation Committee are collectively responsible for
the administration and compliance of the Plan. 

  
 3

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