Document:

Exhibit
10.48

Employee

Incentive

Compensation
Plan

 

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INTRODUCTION

Enterprise Bank is
committed to recognizing and rewarding employees for their contributions and
efforts to achieve exceptional business performance.  Enterprise Bank has developed this incentive
compensation plan to acknowledge individual, group and bank wide
performance.   This program is the
Enterprise Bank Employee Incentive Compensation Plan, also referred to as the “Plan”
within this document.

The Plan is designed to
motivate and reward Enterprise Bankers for achieving and exceeding specified
bank wide, group and individual performance objectives.  The Plan will provide a strong link to the
performance evaluation system and the incentive bonus and will differentiate
the incentive bonus based on individual performance.  Participants and bankers will be challenged
and rewarded to contribute to the continued growth and profitability of the
Bank.  The Plan, including the financial
objectives of the Plan will be revised each year to determine their
appropriateness and may be revised by the Executive Management Team.  The Compensation Committee of the Board of
Directors (“Compensation Committee”) will approve the amount and parameters of
the bonus pool.

It is the collective
expectation of Enterprise Bank’s management, the Compensation Committee and the
entire Board of Directors that the Enterprise Bankers will share in Enterprise
Bank’s overall success.

This incentive plan
description serves as a comprehensive single source of information for eligible
participants.  It describes the
objectives of the plan, its various elements, and how they function.  If you have any questions that are not
addressed by this document, please direct them to the Chief Executive Officer
or the SVP Planning & Development.

GENERAL DESCRIPTION

Incentive bonuses are
based on individual contributions to performance as measured by selected
financial results and ratios and performance evaluations.  The incentive formula provides a level of
award that should allow for the motivation of high quality employees.

The purpose of this Plan
is to motivate all employees to work together to meet and exceed the
established goals of Enterprise Bank through creating growth, increasing
revenues, maintaining high quality standards, and controlling expenses.

CONFIDENTIALITY

The provisions of this Plan are
confidential in nature. 
The amount of your potential bonus award or your target bonus level
should not be communicated with others, except as indicated within this Plan or
as required by SEC disclosure requirements. 
Failure to maintain the confidentiality of this
Plan may result in disciplinary action, up to and including termination of
employment.

CODE OF ETHICS

The intent of the Plan is
to fairly reward individual, group and bank wide achievement.  Any employee who manipulates or attempts to
manipulate the Plan for personal gain at

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the expense of clients,
other employees or company objectives will be subject to appropriate
disciplinary action, up to and including termination of employment.  Employees should apply the intent of the Bank’s
Code of Ethics when determining appropriate behavior.

In the event that the
participant engages in the manipulation of the Plan for personal gain, violates
a provision of the Code of Ethics, or participates in the unethical
misstatement of financial transactions and/or reports, he/she will repay all
incentive bonus payouts previously paid and will forfeit any incentive bonus
not yet paid.  The Compensation Committee
or the full Board of Directors, in its discretion may release the participant
from the requirement to make such payment, if the Compensation Committee or the
full Board of Directors determines that the participant’s actions did not
result in a material adverse impact on the finances and/or reputation of the
Company. The Company may deduct from any compensation or other amount payable
by the Company to the participant the amount of payment due under this
provision.

PLAN DETERMINATIONS

The Chief Executive
Officer and/or Executive Management Team maintain the final authority for
decisions on the amount of all incentive payouts, as recommended by the
department and/or branch manager, and the interpretation of the provisions of
this Plan.  Questions relating to the
provisions of the Plan by employees will be made in writing first to the
department and/or branch manager and subsequently to the Chief Executive
Officer.  Each determination in
connection with any dispute shall be made in the sole discretion of the Chief
Executive Officer and/or Executive Management Team and such determination shall
be conclusive on all parties.

INCENTIVE COMPENSATION PLAN
GUIDELINES

The following guidelines
will apply to administration of this Plan:

·                  Participants must meet Eligibility
Criteria set forth in this Plan to be qualified to receive any incentive
compensation.

·                  Participants who voluntarily
terminate their employment or whose employment is terminated after the
performance year, but before the payout, or during the performance year are not
eligible to receive the incentive bonus payout. 
Participants terminating employment during or after the performance year
due to death, disability, or retirement will be eligible to receive awards on a
pro rata basis at the discretion of the Chief Executive Officer and/or
Executive Management Team.

·                  Plan participants will receive
payouts annually by March 15th following year-end of the Plan year, or as
allowed within year end salary accrual guidelines established by the Internal
Revenue Service.  Management reserves the
right to adjust payout dates if administratively necessary.

·                  This Plan is effective January 1,
2007.

·                  This Plan replaces all other prior
agreements on incentive bonuses for all employees except as set forth under “Coordination
With Other Incentive Compensation Plans”.

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·                  Any or all provisions of this Plan
are subject to change without notice. 
This Plan may be cancelled without prior notice or negotiation.

·                  The Plan does not constitute a
contract of employment and nothing contained in the Plan, nor the receipt of any
award under this Plan, shall confer upon any participant any right to be
continued in the employ of the Bank or interfere or restrict in any way with
the right of the Bank to terminate or change the terms of a participant’s
employment at any time, which right is specifically reserved by the Bank.  The receipt of an award for any one year does
not guarantee and will have no effect on the receipt by an employee of an award
for any subsequent year.

·                  All bonuses are contingent upon the
achievement of the stated performance goals for the performance period and a
determination by the Executive Management Team and Compensation Committee that
bonuses shall be distributed to participants in respect of such performance
period.

·                  At no time before the actual payment
of funds to participants under this Plan shall any participant accrue any
vested interest or right in this Plan except as otherwise stated in this Plan.

·                  Changes to this Plan will be
effective on the date specified by the Chief Executive Officer and/or the
Executive Management Team in a notice formally announcing Plan modifications
and/or changes.

·                  Details of this Plan will be
communicated to all employees at the inception of the plan and to employees as
part of the New Employee Orientation. 
The Plan will be reviewed and acknowledged by employees and their
supervisors annually.  The review will
focus on objectives of the Plan and any changes or revisions that may have
occurred.  The purpose of this
communication process is to keep employees constantly aware of the link between
a high level of performance and enhanced compensation.  Employees will be provided with notification
of changes made to the Plan.

·                  The
provisions of this Plan are not meant to replace or override the provisions of
the Employee Handbook.   When conflict
arises between the interpretation of the Plan and the Handbook, the provisions
of the Employee Handbook will prevail.

ELIGIBILITY CRITERIA

Participants must meet
the following Eligibility Criteria in order to receive any incentive compensation:

·                  Participants must be employed on the
date of payout in order to receive any incentive compensation.  If a participant is at least 62 and retires
during the year, he/she will be eligible for and incentive bonus payout.

·                  New participants are eligible to
participate in the Plan from date of hire.

·                  Any sub-standard or unsatisfactory
ratings assigned to a department or area following the completion of a
regulatory examination or internal or external audit may result in forfeiture
of incentive bonus payouts to the employees within those departments.  Determination of participation under these
circumstances will be made by the Chief Executive Officer and/or EVP
Administration.

·                  The Plan does not include:

·                  Temporary
employees,

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·                  Contractors, consultants, or other
non-Bank employees,

·                  Employees filling a position on a “pro-tem”
basis,

·                  For
employees on written probation at any time during the performance period,
inclusion in bonus payouts will be determined on an individual basis based on
consultation with the Chief Executive Officer and/or the EVP Administration.

ADMINISTRATION

The Plan is administered
by the Chief Executive Officer, EVP Administration and SVP Planning &
Development. Administrative responsibilities will include:

·                  Coordinating the annual incentive
plan review, design, and approval process.

·                  Establishing and approving
performance goals.

·                  Arranging for the budgeting and
accrual of incentive awards.

·                  Producing and distributing status
reports on a periodic basis to Enterprise Bankers.

·                  At
payout periods designated in this Plan; prepare, verify, approve and submit to
the Human Resources department the appropriate award calculations and payout
authorization.

The calculation of the
payouts for the Executive Management Team will be approved by the Compensation
Committee.

PRO-RATA AWARDS FOR PARTIAL
SERVICE PERIODS

Pro rata incentive awards for
Enterprise Bankers actively employed, will be paid to the following
participants at the time all incentives are paid, if they otherwise meet the “Eligibility
Criteria” set forth above:

·                  Incentive bonus payouts for newly hired participants will be based on
wages paid during the Plan year, exclusive of incentive, referrals or prior
year bonuses paid in the current year.

·                  Incentive awards paid to participants whose title and/or
position have changed during the Plan year will be based on the position held
on the last day of the Plan year.

·                  Incentive awards will be pro-rated for participants who
were transferred between departments that are covered by different group
models.  The calculation of the incentive
bonus will be based on the number of full months spent in each department
during the plan year.  The allocation of
a full month will be determined based on the most number of days spent in a
department during the month.

·                  Participants who are at least 62 years old and retire
during the plan year.

·                  In the event a Participant dies, becomes disabled or
retires, he/she may be eligible for an award based on management’s
discretionary review of performance results through the last date of the
Participant’s active employment in the Plan. 
Inclusion in the Plan will be determined by the Chief Executive Officer
and the EVP Adminisration.

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NON
ALIENATION

Participation
in the plan and awards paid as a result of participation are personal to the
participant and neither the plan nor any right or interest of a participant is
subject to voluntary or involuntary alienation, sale, transfer, pledge,
assignment or creditor process.

NATURE OF
PLAN

The
Plan shall be unfunded.  All bonuses to
be paid shall be paid by the Bank from its general assets.  The Plan shall not be construed as giving any
participant any right or security interest in any asset of the Bank.

CONTROLLING
LAW

The
Plan and all determinations made and actions taken shall be construed in
accordance with the laws of the Commonwealth of Massachusetts.

FORFEITURE OF AWARDS

Any Enterprise Banker who
terminates employment for any reason (e.g., voluntary separation or termination
due to misconduct) other than those stated under “Pro-Rata Awards For Partial
Service Periods”, prior to distribution of awards, will not be eligible for
payment of incentives which have not already been paid.

WINDFALLS

Windfalls refer to the
financial impact of extraordinary or unusual events that are included in the
financial reports of the company and have an impact on the calculation of
incentive bonuses either positively or negatively.  These events are outside of the control of
the Enterprise Bankers.   When windfalls
occur, they may be considered, either included or excluded, in determining the
basis for incentive plan payouts.  The
Compensation Committee will determine the inclusion or exclusion of such
windfalls in the financial position or results of the Company.

ADVANCES AGAINST BONUS PAY

There will be no salary
advances against anticipated incentive payments.

COORDINATION WITH OTHER INCENTIVE
COMPENSATION PLANS

This Plan is offered in
addition to other compensation plans or employment agreements that may be
offered by the Bank.  This includes, but
is not limited to:  referral programs,
individual incentive programs, bank owned life insurance plans, equity
incentive awards, supplemental retirement plans and/or employment agreements.

INCENTIVE BONUS CALCULATIONS

Appendix
A to this Plan outlines the methodology that will be used for calculating the
payments under this Plan.  The worksheet
has been customized to fit the group that you are included in.  This section of the Plan will explain each of
the groups and key performance categories and provide details relating to the
calculation of the incentive bonus.

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Groups

The calculation of the
incentive bonus will be determined by which group the employee is part of.  Six groups have been established for the
breakdown of employees:  Bank wide,
Growth, Lending, Investment Advisory Group (IAG), Mortgage Center and
Branches.  The group you are assigned is
indicated on the front page of the Plan. 
Appendix A has been customized for your group.

The payout levels indicated
in the attached example are based on your targeted bonus level and provide
examples of what payouts will be at various levels of achievement.

Key
Performance Categories & Weightings

The calculation of incentive
bonuses within each group will be driven by a set of key performance categories
(KPC).  These categories are the areas in
which the groups should be focusing their efforts during the year.  Appendix B includes a listing of the KPC’s
that will be used in each of the groups.

Each KPC has been assigned a
weighting to indicate the importance of the KPC in the calculation of the
incentive bonus.

Each group contains a Net
Income KPC.  The net income KPC is based
on the net income of the bank and represents either 100% (Bank wide Group) or
50% of the Group weighting.  In the
calculation of the overall payout, in other than the bank wide group, the
weighting of the net income KPC will be added to the summation of all other KPC’s,
to determine the overall payout percentage.

Bonus
Cap

The amount of an individual’s
bonus payout can not exceed 150% of the targeted bonus level for that
individual, before consideration of the individual performance factor.  Exceptions to this limitation may be approved
by the Compensation Committee.

Performance
Factor

Each individual participant
will be assigned a performance factor to reflect the individual’s contribution
to the goals of the Plan.  The
performance factor will be based on the results of the annual performance
evaluations.  The performance factor can
range from 50% to 150% of the incentive bonus calculated.  This factor will be multiplied by the total
incentive bonus calculated to determine the amount of the incentive bonus that
will be paid.

Each group will be broken
into “pools”.  Employees will be assigned
to a pool based on department or functional area.  Departments may be grouped together in order
to create larger bonus pools.  The total
amount of dollars within each bonus pool will remain unchanged following the
assignment of individual performance factors.

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The performance factor will
be initially assigned by your direct manager/supervisor.  A second member of management (generally your
supervisor’s supervisor) will review the factor to agree with the
reasonableness of the factor used.

Timing
of Calculations

On a quarterly basis,
participants will be provided with estimates/forecasts of where each of the KPC’s
lies and an estimation of what payout would be achieved if the level of
achievement was maintained for the remainder of the year.  Quarterly information is based on actual
results, but the estimation of the KPC’s may not reflect true performance for
the remainder of the year.

Annual
Payout

Following the calculation of
individual incentive bonuses, information will be provided to the Human
Resource Department for payment of bonuses. 
Incentive bonus payouts will be based on wages paid during the Plan
year, exclusive of incentive, referrals or prior year bonuses paid in the
current year.

Participants will be provided
with the election to contribute a portion of the bonus to their 401(k) Plan
and/or to the Employee Stock Purchase Plan. 
Taxes will be withheld according to established IRS regulations for the
payment of bonuses.  Additional taxes may
be withheld at the instruction of the employee. 
Bonuses will be paid following established deposit or payment
instructions provided by the employee.

Quarterly results may not be
indicative of your actual annual payout. 
The performance factor assigned may impact the amount of the final
annual payout.

Triggers

In order for payouts to be
made under the Plan, the following thresholds must be maintained.

	
  

  	
  ·

  	
  Non-Performing Assets

  	
  Maximum 4.00%

  
	
   

  	
  ·

  	
  Gross Charge-Offs

  	
  Maximum 1.00%

  
	
   

  	
  ·

  	
  CRA Examination Rating

  	
  Minimum: Satisfactory

  
	
   

  	
  ·

  	
  Safety & Soundness Rating

  	
  Minimum: 3

  
	
   

  	
  ·

  	
  Compliance Exam Rating

  	
  Minimum: 3

  

 

The Compensation Committee
reserves the right to consider the continuation of Plan payouts if one or more
of these thresholds are not met.

KEY PERFORMANCE CATEGORIES – DEFINITIONS

The
following definitions and sources of information will be used in the
calculation of the Key Performance Categories:

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Note:  Annual projections based on YTD results may vary from actual
results.   Annual estimates will be made
only to project the annual payout that may be available.  Final annual calculations will be based on
YTD actual results as of, and for the year ending, December 31st.  KPC levels will be determined based on the
employees that are included in each of the groups.

[KPC DEFINITIONS NOT INCLUDED
HEREIN; SUBMITTED SEPARATELY ON A

CONFIDENTIAL BASIS TO THE SECURITIES AND EXCHANGE COMMISSION]

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ACCEPTANCE OF PLAN AND PARTICIPATION

Acknowledgement of the Plan will be done electronically through
Vigilent Policy Center.  By acknowledging
under Vigilent that you have read and understand the Plan, you will be
accepting the Plan as explained on this form.

I,                                                  ,
the undersigned has received a copy of the:

Please check the appropriate
plan:

o            Bank-wide Group Plan

o            Growth Group Plan

o            Lending Group Plan

o            Investment Advisory Group Plan

o            Mortgage Center Plan

o            Branch
Plan

and fully understand all of
its provisions and agree that the Plan is the sole source for determining the
undersigned’s incentive bonus under this Plan. 
The Participant understands and agrees that provisions in the plan
document may be amended, terminated, superseded or modified at any time by the
Company.

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Participant’s
  Signature

  	
   

  
						

 

The above indicated plan
and all related attachments have been accepted by:

 

	
  

  	
   

  	
   

  
	
   

  	
  Supervisor/Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Senior
  Management Supervisor

  

 

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[APPENDICES TO PLAN NOT INCLUDED;
SUBMITTED SEPARATELY ON A

CONFIDENTIAL BASIS TO THE SECURITIES AND EXCHANGE COMMISSION]

 11Exhibit
10.1

AMENDMENT

TO

COURIER CORPORATION

SENIOR EXECUTIVE SEVERANCE PROGRAM 

AS AMENDED AND RESTATED DECEMBER 5, 2005

A.                                   Pursuant
to the powers and procedures for amendment of the Courier Corporation Senior
Executive Severance Program, as Amended and Restated December 5, 2005, (the “Program”),
described in Section 11 of the Program, the Board of Directors of Courier
Corporation (the “Company”) hereby further amends the Program as follows:

1.                                       Section
6(a) is hereby amended by adding the following name and factor as the fifth
name and factor listed in the chart thereof:

“R. Balakrishna      3.0”

B.                                     Except
as amended herein, the Program is confirmed in all other respects.

C.                                     The
effective date of this Amendment is March 14, 2007.

IN WITNESS
WHEREOF, the Board has caused this Amendment to the Program to be duly executed
on this 14th day of
March, 2007.

 

	
  

  	
  COURIER CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  s/Robert P. Story, Jr.

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