Document:

Exhibit 10.1 

PARTICIPATION AGREEMENT

UNDER THE

NORTHEAST COMMUNITY BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

THIS PARTICIPATION
AGREEMENT (the "Participation Agreement") is entered into as of the 28th day of June, 2012 by and between NORTHEAST
COMMUNITY BANK (the ''Employer"), and Jose M. Collazo, an executive of the Employer (the "Participant'').

 

RECITALS: 

WHEREAS,
the Employer has adopted the Northeast Community Bank Supplemental Executive Retirement Plan (the "Plan") effective
as of January 1, 2006, and the Administrator has determined that the Participant shall be eligible to participate in the Plan on
the terms and conditions set forth in this Participation Agreement and the Plan,

NOW, THEREFORE,
in consideration of the foregoing and the agreements and covenants set forth herein, the parties agree as follows:

1.          Definitions.
Except as otherwise provided, or unless the context otherwise requires, the terms used in this Participation Agreement shall
have the same meanings as set forth in the Plan.

2.          Plan. Plan means the Northeast
Community Bank Supplemental Executive Retirement Plan, as the same may be altered or supplemented in any validly executed Participation
Agreement.

 

3.          Incorporation
of Plan. The Plan, a copy of which is attached hereto as Exhibit A, is hereby incorporated into this Participation Agreement
as if fully set forth herein, and the parties hereby agree to be bound by all of the terms and provisions contained in the Plan.
The Participant hereby acknowledges receipt of a copy of the Plan and, subject to the foregoing, confirms his understanding and
acceptance of all of the terms and conditions contained therein.

4.          Effective
Date of Participation. The effective date of the Participant's participation in the Plan shall be June 28, 2012 (the
"Participation Date").

5.          Normal
Retirement Age. The Participant's Normal Retirement Age for purposes of the Plan and this Participation Agreement is age
sixty-five (65).

6.          Year
of Service. The Participant shall be credited with one year of service for each calendar year the Participant has been
employed by the Employer, whether such employment began before or after the Participation Date.

7.          Prohibition
Against Funding. Should any investment be acquired in connection with the liabilities assumed under this Plan and Participation
Agreement, it is expressly understood and agreed that the Participants and Beneficiaries shall not have any right with respect
to, or claim against, such assets, nor shall any such purchase be construed to create a trust of any kind or a fiduciary relationship
between the Employer and the Participants, their Beneficiaries or any other person. Any such assets shall be and remain a part
of the general, unpledged and unrestricted assets of the Employer, subject to the claims of its general creditors. It is the express
intention of the parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of Title I of ERISA.
The Participant shall be required to look to the provisions of the Plan and to the Employer itself for enforcement of any and all
benefits due

 

    	 

    	 

    

under this Participation Agreement, and, to the extent
the Participant acquires a right to receive payment under the Plan and this Participation Agreement, such right shall be no greater
than the right of any unsecured general creditor of the Employer. The Employer shall be designated the owner and beneficiary of
any investment acquired in connection with its obligation under the Plan and this Participation Agreement.

		8.	Provisions Related to SERP Benefit. 

		(a)	Normal Retirement SERP Benefit. Upon the Participant's termination of employment upon or after attaining Normal
Retirement Age, the Participant shall receive an annual benefit of fifty percent (50%) of the Participant's final average base
salary over the immediately preceding full thirty-six (36) calendar months prior to termination of employment, paid for the period
and on the terms provided herein. The Participant's base salary calculation shall be provided by Employer's payroll department.

		(b)	Early Retirement SERP Benefit. In the event the Participant terminates employment upon or after attaining age
sixty (60) and completing at least twenty (20) Years of Service, but prior to attaining Normal Retirement Age, the Participant
shall receive the SERP Benefit described in Paragraph 8(a), reduced by .25% for each month by which the Participant's age at termination
of employment is less than the Normal Retirement Age. Notwithstanding anything in the Participation Agreement or the Plan to the
contrary, no benefit shall be payable to the Participant in the event of his termination of employment prior to attaining age sixty
(60) (other than in connection with his termination of employment following a Change in Control, or by reason of his death or disability).

		(c)	Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit
shall be paid in equal monthly installments beginning not later than thirty (30) days after the Participant's termination date
until all benefits are fully paid. The annual SERP Benefit shall be paid for the greater of (i) the Participant's life or (ii)
fifteen (15) years, following the Participant's Normal Retirement, eligible Early Retirement, or termination of employment by reason
of disability (with payments beginning at age 65 if the Participant terminates employment due to disability).

		(d)	Post-Retirement Death Benefit. The Participant's annual SERP Benefit shall be payable for a minimum period of
fifteen (15) years. In the event that the Participant dies during the minimum fifteen (15) year SERP Benefit payment period, the
Participant's Beneficiary, as designated pursuant to this Participation Agreement, will continue to receive such payments until
the minimum benefits are fully paid.

		(e)	Pre-Retirement Death Benefit. In the event of the Participant's death prior to Normal Retirement, the Participant's
Beneficiary(ies) shall be entitled to a pre-retirement death benefit equal to the actuarial equivalent (calculated as described
in Paragraph 8(g) below) of the unreduced SERP Benefit payment described in Paragraph 8(a) of this Agreement. This benefit shall
be distributed to the Participant's Beneficiary(ies) in a lump sum amount as soon as administratively feasible upon Employer notification.

		(f)	Disability SERP Benefit. In the event of the Participant's termination of employment by reason of disability,
if the Participant has attained Normal Retirement Age or is eligible for Early Retirement, the Participant shall receive a SERP
benefit determined under Paragraph 8(a) or 8(b), as appropriate. If the Participant has not attained Normal Retirement Age and
is not eligible for Early Retirement on his termination date. the

 

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Participant shall receive a SERP
benefit equal to the value of the Participant's Accrued SERP Benefit, payable as provided in Paragraph 8(c) of this Participation
Agreement. For purposes of this Participation Agreement and the Plan, ''disability" means that the Participant (i) is unable
to engage in any substantial gainful activity 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 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 12 months, receiving income replacement benefits for a period of not less than 3 months
under a disability program covering employees of the Employer. The Administrator shall have full and final authority, which shall
be exercised in its discretion, to determine conclusively whether the Participant is disabled, and shall make such determination
consistent with Section 409A.

		(g)	Change of Control SERP Benefit. In lieu of the benefit payable under any other
                                                               provision of this Participation Agreement and the Plan, but subject to the restrictions of Section 4.3 of the Plan, upon the
                                                               Participant's termination of employment (other than for Cause or by reason of his death) following a Change of Control, the
                                                               Participant shall receive the unreduced SERP Benefit described in Paragraph 8(a) (i.e., a benefit determined without regard
                                                               to the Participant's age or Years of Service) in the form of a lump sum payment that is actuarially equivalent to the  Normal
                                                               Retirement benefit (calculated as of the date of termination and using the discount rate specified in Code Section 1274 in
                                                               effect for the period of termination). Such payment shall be made to the Participant (or his beneficiary) not later than
                                                               thirty (30) days after the Participant's termination date.

		9.	General Provisions 

		(a)	No Assignment.

No benefit under the Plan or
this Participation Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
or charge, and any such action shall be void for all purposes of the Plan or this Participation Agreement. No benefit shall in
any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachments
or other legal process for or against any person, except to such extent as may be required by law.

		(b)	Headings. 

The headings contained in the
Participation Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or
describe the scope or intent of this Plan nor in any way shall they affect this Participation Agreement or the construction of
any provision thereof.

		(c)	Terms. 

 

Capitalized terms shall
have meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice
versa, as appropriate.

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		(d)	Successors. 

This Participation Agreement
shall be binding upon each of the parties and shall also be binding upon their respective successors and the Employer's assigns.

	 	(e)	Amendments. 

This Participant Agreement
may not be modified or amended, except by a duly executed instrument in writing signed by the Employer and the Participant. The
subsequent amendment or termination of the Plan by the Employer shall not affect the Participant's rights under this Participation
Agreement.

IN WITNESS
WHEREOF, each of the parties has caused this Participation Agreement to be executed as of the day first above written.

	PARTICIPANT	 	NORTHEAST COMMUNITY BANK
	 	 	 
	 	 	 
	/s/ Jose M. Collazo	 	/s/ Diane B. Cavanaugh
	Jose M. Collazo	 	By: Diane B. Cavanaugh
	 	 	Title: Chair, Compensation Committee

    	4Exh 10.1 - Form 8-K 2012-09Sep-12 - Resignation/Retirement Agreement and Release, dated as of September 7, 2012, by and between Stephen F. Woodcock and Callon Petroleum Company

    
Exhibit 10.1

                                                    

RESIGNATION/RETIREMENT AGREEMENT AND RELEASE
BETWEEN
STEPHEN WOODCOCK, AN INDIVIDUAL
AND 
CALLON PETROLEUM COMPANY, AN EMPLOYER

This Agreement (“Agreement”) is entered into between Stephen F. Woodcock (“Mr. Woodcock”) and CALLON Petroleum Company (“CALLON” or “Employer”), an employer.
Whereas Mr. Woodcock desires to retire from his career with CALLON; and
Whereas CALLON desires to accept Mr. Woodcock's notice of resignation/retirement and provide Mr. Woodcock with certain benefits regarding the conclusion of his career with CALLON; and
In Consideration of the mutual promises set forth below, the parties agree:
Resignation and Payment. 
 Pursuant to Mr. Woodcock's notice of resignation/retirement, Mr. Woodcock's employment with CALLON will end effective September 7, 2012 (the “Separation Date”).  In exchange for Mr. Woodcock's notice of resignation/retirement and this Release, CALLON shall pay Mr. Woodcock $ 410,300 (which includes $38,500 for accrued vacation) minus lawful withholdings (the “Payment”); to be paid within fourteen (14) calendar days after this Agreement becomes effective as explained below.  Mr. Woodcock understands that the Payment is in addition to anything of value to which he is already entitled.  The payment is contingent and without limitation upon his current and continuing compliance with the provisions of this Agreement  
Health Insurance. 
Callon agrees to continue health and dental insurance coverage for Woodcock and his eligible dependents under Callon's group health insurance plan as it may be amended from time to time until the earlier of the date Woodcock becomes eligible for Medicare benefits or the date Woodcock obtains new coverage as a result of any future employment, and to pay Woodcock and his eligible dependents' portion of the premium while such coverage is continued.  When requested by Woodcock, Callon will provide any necessary evidence of continuation coverage.

Restricted Stock Awards.  
All unvested restricted stock awards, restricted unit cash awards and phantom unit awards made to Mr. Woodcock under the Company's Long-Term Incentive Plan shall vest fourteen (14) calendar days after this Release becomes effective. 
Company Vehicle.  
Mr. Woodcock shall have the option for fourteen (14) days following the date of this Agreement, to purchase or not purchase the Company car he is currently driving, a 2008 Lexus CS 430 for twenty-four thousand two hundred eighty dollars ($24,280.00), which represents approximately the Kelley Blue Book value.
Mr. Woodcock's Release.  
Mr. Woodcock, on behalf of himself, his heirs, executors, successors, and assigns, unconditionally releases and forever discharges CALLON and all affiliated organizations including their present and former agents, employees, managers and all other individuals affiliated with them acting by, through or in concert with any of them (collectively, the “Released Parties”), from any and all claims, charges, demands, causes of action and damages which Mr. Woodcock now has or may in the future have, arising from or relating to any matter that happened, developed or occurred before Mr. Woodcock signed this Agreement.  This includes, but is not limited to, any and all disputes or matters arising from or relating to Mr. Woodcock's employment with CALLON or Mr. Woodcock's other relationships and dealings with CALLON.  The specific legal rights being waived include, but are not limited to, all those arising out of federal, state or local law or common law including, but not limited to, the Age Discrimination in Employment Act and all common law claims and damages claims as well as litigation costs, expenses and attorneys' fees.  This complete Release shall be given the broadest possible lawful interpretation so as to accomplish the parties' goal of complete resolution of all possible disputes between them.  
Company Release.  

CALLON unconditionally releases Mr. Woodcock and his heirs, executors, successors, and assigns from all claims and liabilities including damages, costs and attorneys' fees whether known or unknown and whether arising in contract or tort which CALLON has, had, or may have had against Mr. Woodcock to the date Mr. Woodcock executes this Agreement.

No Admission of Liability.  

Mr. Woodcock and CALLON understand that this Agreement shall not be construed as an admission by anyone of any unlawful or wrongful acts against anyone.   

Non-Disparagement.   

 Mr. Woodcock agrees not to, directly or indirectly, disclose, communicate, or publish any disparaging, negative, harmful, or disapproving information, written communications, oral communications, electronic or magnetic communications, writings, oral or written statements, comments, opinions, facts, or remarks of any kind or nature whatsoever concerning or related to CALLON or any of the Released Parties.  

Confidentiality of Release and Company Information.  

Mr. Woodcock agrees to keep this Agreement's terms including any amount of payment completely confidential, except as required to communicate to his attorney, spouse, financial and/or tax advisor or as otherwise required by law.  Mr. Woodcock agrees to continue to abide by CALLON's confidentiality policies and this Agreement's confidentiality provisions.  

Agreement to Return Company Property/Documents.  

Mr. Woodcock agrees that:  (i) he will not take with him, copy, alter, destroy, or delete any files, documents, or other materials whether or not embodying or recording any Confidential Information as defined in the CALLON's policies, including copies, without advance written consent by a CALLON representative; and (ii) he will promptly return to CALLON all Confidential Information and documents in whatever form such information may exist that have been in his possession.  Mr. Woodcock agrees that no later than five (5) days after the date he executes this Agreement, he will return to CALLON all Company property, unless specifically agreed with an officer of CALLON, including data or other information prepared by CALLON or by him on CALLON's behalf.   

Cooperation.  

Mr. Woodcock agrees to cooperate with CALLON without limitation in connection with any matter in which CALLON requests his cooperation. Mr. Woodcock shall make himself reasonably available to meet and fully cooperate with CALLON or its representatives and provide to CALLON whatever it may request subject to CALLON, to the extent permitted by law, reasonably compensating Mr. Woodcock for his time and out-of-pocket expenses in responding to CALLON's request for cooperation.     

Non-Competition.  

Mr. Woodcock agrees that for a period of one (1) year following the Separation Date, he will not, directly or indirectly, either individually or as an owner, principal, partner, agent, representative, consultant, contractor, employee, or as a director or officer of any corporation or association, or in any other manner except on behalf of CALLON, engage or participate in, or contribute his knowledge to, any oil and gas exploration and production company that has an office or operations within one hundred (100) miles of Houston, Texas or Natchez, Mississippi, or any of such company's parents, predecessors, successors, subsidiaries, divisions, affiliates, related companies, or organizations. 

Mr. Woodcock agrees that the above provision is reasonable and that any court should enforce such provision to the fullest extent permitted by law.  

Consideration and Revocation Period.  

Mr. Woodcock acknowledges that he has been given a period of at least fourteen (14) days within which to consider whether to execute this Agreement during which time Mr. Woodcock was advised by CALLON of his opportunity to consult an attorney or representative of his own choosing.  For a period of seven (7) days after signing this Agreement, Mr. Woodcock may revoke it and this Agreement shall not become effective or enforceable until such revocation period has passed.  

Notices.  Any notice or other communication required, or desired to be given under this Agreement must be in writing and delivered to the parties as follows:

If to Mr. Woodcock:        34 Cemetery Rd.    
Natchez, MS 39120

If to CALLON:         Diana Glaze
Human Resources  Manager
P.O. Box 1287
Natchez, MS 39121
Fax:  (601) 442-1410                    

Third-Parties Bound.  All parties intend this Agreement shall bind their successors, assigns, creditors and trustees.  

Severability.  Mr. Woodcock and CALLON agree that should a court declare or determine that any provision of this Agreement is illegal or invalid, the validity of the remainder will not be affected and any illegal or invalid part will not be deemed to be a part of this Agreement.

Responsibility for Taxes:  Mr. Woodcock acknowledges that CALLON has made no representations regarding how the amount of consideration provided for in this Agreement should be treated for tax purposes.  Mr. Woodcock understands that he is responsible for obtaining appropriate tax advice and that he is responsible for the payment of all taxes.  Mr. Woodcock agrees to indemnify and hold harmless CALLON for any tax liability resulting from any payment made by CALLON.  

Assignment.  CALLON may assign the rights in this Agreement to a successor or affiliated organization.  Mr. Woodcock may not assign this Agreement without CALLON's written consent.  

Controlling Law.  This Agreement shall be governed and construed in accordance with the laws of the State of Mississippi.  In the event of any dispute between the parties, Mr. Woodcock and CALLON agree that any disputes must be submitted to a state or federal court having jurisdiction over such disputes in Adams County, Mississippi.  The Parties agree that such courts are the exclusive forum for any disputes between them.   

Entire Agreement.  The Parties agree that this Agreement represents their entire Agreement and this Agreement cancels and supersedes any and all previous written or oral agreements, representations, assumptions or understandings between them.  Mr. Woodcock acknowledges that certain provisions of this Agreement impose continuing obligations upon him.

MY SIGNATURE BELOW MEANS THAT I HAVE READ THIS RESIGNATION AGREEMENT AND RELEASE AND AGREE AND CONSENT TO ALL OF ITS TERMS AND CONDITIONS.

	
			
	STEPHEN F. WOODCOCK
	 
	CALLON PETROLEUM COMPANY

	 
	 
	 

	/s/ Stephen F. Woodcock
	 
	/s/ B.F. Weatherly

	Signed
	 
	Signed

	 
	 
	 

	Stephen F. Woodcock
	 
	B.F. Weatherly, EVP

	Printed Name
	 
	Name/Title

	 
	 
	 

	9/7/2012
	 
	9/7/2012

	Date
	 
	Date

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