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                                                                    EXHIBIT 10.1

                         NORTH FORK BANCORPORATION, INC.

                2004 OUTSIDE DIRECTORS STOCK IN LIEU OF FEES PLAN

      1. Purposes of the Plan. The purpose of this 2004 Outside Directors Stock
In Lieu of Fees Plan is to provide a way for the Non-Employee Directors of North
Fork Bancorporation, Inc. and its subsidiaries to increase their ownership of
North Fork Common Stock and align their interests with the interests of North
Fork's shareholders.

      2.    Definitions. As used herein, the following definitions shall
apply:

            (a)   "Board" means the Board of Directors of the Company.

            (b)   "Code" means the Internal Revenue Code of 1986, as amended.

            (c)   "Committee" means the Compensation Committee of the Board or
                  any successor to such committee.

            (d)   "Common Stock" means the common stock of the Company.

            (e)   "Company" means North Fork Bancorporation, Inc., a Delaware
                  corporation.

            (f)   "Director" means a member of the Board or a member of the
                  board of directors of any Subsidiary of the Company, or any
                  honorary, advisory or emeritus director of the Company or any
                  such Subsidiary.

            (g)   Directors Fees" means any fees payable to a Non-Employee
                  Director for his or her service as a Director of the Company
                  or any of its Subsidiaries, including fees payable as a
                  retainer for service on the Board of Directors or any
                  committee of the board of directors of any such entity, fees
                  payable for attendance at meetings of the board of directors
                  or any committee of the board of directors of any such entity,
                  and fees payable for service as an honorary, advisory or
                  emeritus director of any such entity.

            (h)   "Distribution Dates" means April 15 and October 15 of each
                  year, or if such is not a trading day, the first trading day
                  thereafter.

            (i)   "Employee" means any person employed by the Company or any
                  Subsidiary of the Company.

            (j)   "Exchange Act" means the Securities Exchange Act of 1934, as
                  amended.

            (k)   "Market Value," in reference to the Common Stock, means, as of
                  any date, the average over the preceding ten (10) trading days
                  of the closing price per share of the Common Stock as quoted
                  on the New York Stock Exchange.

            (l)   "Non-Employee Director" means a Director of the Company or any
                  Subsidiary of the Company who is not an Employee.

            (m)   "Plan" means this 2004 Outside Directors Stock In Lieu of Fees
                  Plan.

            (n)   "Share" means a share of the Common Stock.

            (o)   "Subsidiary" means a "subsidiary corporation" of the Company,
                  whether now or hereafter existing, as defined in Section
                  424(f) of the Internal Revenue Code of 1986.
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      3. Administration. The Plan will be administered by the Committee (the
"Plan Administrator"). Subject to the express provisions set forth elsewhere in
this Plan, the Plan Administrator will (i) have responsibility for obtaining
from Non-Employee Directors their elections or participation in the Plan
pursuant to Section 6(a), (ii) oversee the distribution of Shares to Directors
under the Plan and the maintenance of Plan books and accounts, (iii) distribute
appropriate notices and materials regarding the Plan (including materials
required under applicable securities and other laws) and make all appropriate
filings with regulatory agencies, and (iv) interpret the Plan and otherwise have
responsibility for the orderly operation of the Plan. Interpretations regarding
the Plan by the Plan Administrator will be final and binding on all Directors
subject to the Plan. The Plan Administrator may delegate to other parties,
including officers of the Company, some or all of its duties under the Plan.

      4. Stock Subject to the Plan. Subject to the provisions of Section 11 of
the Plan, the maximum aggregate number of Shares which may be distributed to
Non-Employee Directors under the Plan in lieu of cash fees is 500 thousand
Shares. Shares distributed under the Plan may be authorized but unissued shares
of Common Stock, or shares of Common Stock held in the treasury.

      5. Eligibility. Only Non-Employee Directors may participate in the Plan.
The Plan shall not confer upon any Non-Employee Director any right to continue
as a member of the Board or a member of the board of directors of any Subsidiary
of the Company or to be re-nominated to any such position, nor shall it
interfere in any way with any rights which the Director, the Company or the
Company's shareholders may have to terminate the Director's relationship with
the Company or its Subsidiaries.

      6. Elections to Receive Stock In Lieu of Cash.

            (a)   Election Procedure. On an annual basis, each Non-Employee
                  Director will be given the opportunity to elect to receive
                  some or all Directors Fees payable to the Non-Employee
                  Director in the ensuing year in the form of Shares of Common
                  Stock in lieu of cash. Non-Employee Directors electing to
                  participate will submit a written election to the Company in a
                  form determined by the Plan Administrator for specifying what
                  portions of the Directors Fees payable in the ensuing 12-month
                  period they wish to receive in the form of Common Stock in
                  lieu of cash. Election forms must be recorded by the Company
                  at least one (1) month prior to the beginning of the 12-month
                  period to which the election relates. Once an election has
                  been made and the 12-month period has begun, a Director may
                  not modify or terminate his or her election.

            (b)   Distribution of Shares; Calculation of Number of Shares
                  Distributable. Shares will be distributed to Non-Employee
                  Directors electing to participate in the Plan on the biannual
                  Distribution Dates, regardless of the date or dates on which
                  cash Directors Fees are distributed to Directors. On each
                  Distribution Date, participating Non-Employee Directors will
                  receive from the Company a number of Shares equal to the
                  dollar amount of the cash payments of Directors Fees that the
                  Director would have received in the preceding six (6) months
                  but did not receive due to his or her participation in the
                  Plan, divided by the Market Value of the Common Stock on the
                  date of each such foregone cash payment (adjusted as provided
                  in the ensuing sentence), with the total number of Shares
                  distributable to be rounded downward to the nearest whole
                  share. If, between the date of any such foregone cash payment
                  and the Distribution Date, there shall have been a change in
                  outstanding corporate shares in the nature of a stock dividend
                  or stock split, the Market Value of the Common Stock on the
                  date of the foregone cash payment shall be adjusted
                  accordingly. Participants will receive cash in lieu of any
                  resulting fractional share, based on the Market Value of the
                  Common Stock on the Distribution Date. Distribution of shares
                  may be made directly to participating Directors or into
                  accounts maintained by or on behalf of such Directors under
                  any other Company plans into which such shares may be directly
                  deposited, with the consent of such Directors. Such shares
                  will be registered in the name of the Director or, if
                  deposited into an account under another Company plan, in the
                  name of the administrator of such plan, or in the name of any
                  custodian or nominee designated by either.
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            (c)   Insider Information. Elections by Non-Employee Directors to
                  participate in the Plan may be made only during periods when
                  Directors would be permitted to trade in the Company's
                  securities under the Company insider trading policy and are
                  not in possession of material non-public information
                  concerning the Company.

            (d)   Share Shortfalls. In the event that there shall be no
                  remaining Shares authorized for issuance under the Plan or the
                  issuance of additional Shares is prohibited by applicable law,
                  no further Shares will be issued under the Plan unless and
                  until authorized shares may lawfully be issued under the Plan,
                  and then each Non-Employee Director's outstanding election
                  shall be reduced pro-rata, to avoid such issuance. No further
                  elections shall be made or shall be valid until such time, if
                  any, as additional Shares become available for issuance under
                  the Plan.

      7. Term of Plan. The Plan shall become effective upon its adoption by the
Board following recommendation by the Committee. It shall continue for a term of
ten (10) years unless earlier terminated by the Board.

      8. Share Ownership. Until the issuance to a participating Director of
Shares under the Plan (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), such Director
will have no right to vote or receive dividends or any other distributions or
any other rights as a shareholder with respect to such Shares.

      9. Distribution of Cash. The amount of cash Directors Fees distributable
to any Director who has elected to participate in the Plan but only with respect
to a portion of his or her Directors Fees shall be distributed in accordance
with the prevailing practices of the Company or the Subsidiary.

      10. Adjustments Upon Changes in Capitalization. The number of shares of
Common Stock authorized for distribution under the Plan from time to time shall
be adjusted to reflect any stock split, stock dividend, or similar change in the
outstanding shares of Common Stock; provided that there shall be no such
adjustment in the event of any issuance of shares of Common Stock by the Company
for a consideration.

      11. Amendment and Termination of the Plan. The Board may at any time
amend, alter, suspend, or discontinue the Plan.

      12. Conditions Upon Issuance of Shares. Shares shall not be issued under
the Plan unless the issuance and delivery of such Shares shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933, as amended, the Exchange Act, the rules and regulations promulgated
thereunder, state securities laws, and the requirements of any stock exchange
upon which the Shares may then be listed.<PAGE>

                   FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT

         THIS FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT (this "Amendment") is
executed and delivered as of September 28, 2004, by and between North Country
Financial Corporation, a Michigan corporation registered as a bank holding
company ("North Country"), and NCFC Recapitalization, LLC, a Michigan limited
liability company ("NCFC Recapitalization"), individually and on behalf of the
"Investors" that subscribe for shares of North Country common stock and become a
party to the Agreement as contemplated in Section 2.1 of the Agreement.
Capitalized terms used in this Amendment and not otherwise defined have the
respective meanings in the Agreement.

                                   WITNESSETH:

         WHEREAS, the parties hereto executed and delivered a Stock Purchase
Agreement dated as of August 10, 2004 (the "Original Agreement"); and

         WHEREAS, the parties hereto desire to amend the Original Agreement as
set forth in this Amendment.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

         1. The preamble of the Original Agreement is hereby amended to delete
"(the Agreement")" and Schedule 1 of the Agreement is hereby amended to add a
definition of "Agreement' as follows:

                  "Agreement" means the Stock Purchase Agreement dated as of
         August 10, 2004 by and between the parties hereto, as amended by the
         First Amendment, and as the same may be further amended from time to
         time pursuant to its terms.

         2. Section 3.1(b)(iii)(F) of the Original Agreement is hereby amended
to read in its entirety as follows:

         (F) take any action (including any action by its Board of Directors (or
         any committee thereof) to adjust in any way either the number of shares
         of North Country covered by any outstanding North Country Stock
         Options, or the exercise price of any of the options, whether pursuant
         to the terms of such Plans or otherwise (except only as contemplated by
         Section 29 of Part I of Schedule 3).

         3. Section 3.2(b) of the Original Agreement is hereby amended to add
the following to the end of the Section:

         NCFC Recapitalization shall use its Best Efforts to provide to North
         Country as soon as reasonably practicable the names of the new
         directors, their backgrounds and other
         information required to be furnished by North Country to its
         shareholders in compliance with Rule 14f-1 under the Securities
         Exchange Act, if applicable.

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         4. The Original Agreement is hereby amended to add a new Section 3.8
which reads in its entirety as follows:

                  3.8 Reverse Stock Split. North Country shall take all required
         action so that the issued and outstanding shares of North Country
         common stock shall be changed into a fewer number of shares on a 1 for
         20 basis, effective not later than immediately prior to the Closing.
         The changes described in this Section 3.8 are referred to as the
         "Reverse Stock Split". No fractional shares shall be issued as a result
         of the Reverse Stock Split. Instead, in the event that the number of
         shares into which the shares held by a particular shareholder are to be
         changed would result in a fractional share, the number of shares shall
         instead be rounded upwards to the next whole share. Effective at the
         time that the Reverse Stock Split shall become effective under
         applicable law, all certificates evidencing shares of North Country
         common stock shall automatically, and for all purposes, represent the
         number of shares into which the shares shall have been changed pursuant
         to the Reverse Stock Split. After the Reverse Stock Split shall become
         effective, not more than 350,958 shares of common stock of North
         Country will be issued and outstanding (subject to adjustment to
         account for fractional shares as contemplated by this Section 3.8 and
         the issuance of shares of North Country common stock upon the exercise
         prior to the Closing of outstanding North Country Stock Options).

         5. Section 4.5 is hereby amended to add a new subsection (i) which
reads in its entirety as follows:

                  (i) In the event and effective the time that the Pre-Closing
         Outstanding Shares are reduced as the result of the Reverse Stock Split
         contemplated by Section 3.8 of this Agreement, then the number
         "39,775,195" appearing in two places in Section 4.5(b) shall be changed
         to 1,988,762 (subject to adjustment for fractional shares described
         below). In the event that for any reason the Pre-Closing Outstanding
         Shares shall exceed 350,958, the minimum number of shares to be issued
         shall be increased to the number (rounded upward to the nearest whole
         share) equal to (a) the Pre-Closing Outstanding Shares divided by 0.15
         less (b) the Pre-Closing Outstanding Shares.

         6. Section 4.6(i) of the Original Agreement is hereby amended to change
the reference therein to Section 4.5(g) to Section 4.5(f).

         7. Section 4.7 of the Original Agreement is hereby amended to change
the reference therein to Article 8 to Article 7.

         8. Section 5.1(g) is hereby amended to add the following sentences to
the end of the Section:

                  When the Reverse Stock Split is approved by the shareholders
         of North Country as contemplated by Section 3.4(a), the Reverse Stock
         Split shall have been duly authorized,and the Reverse Stock Split shall
         become effective at the time that an appropriate amendment to the
         Articles of Incorporation of North Country is filed with the Michigan
         Department of Labor & Economic Growth as provided under the Michigan
         Business
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         Corporation Act. When the Reverse Stock Split becomes effective prior
         to the Closing as contemplated by Section 3.8, 350,958 shares of common
         stock of North Country will be issued and outstanding (subject to
         adjustment to account for fractional shares as contemplated by Section
         3.8 and the issuance of shares of North Country common stock pursuant
         to the exercise prior to the Closing of North Country Stock Options)
         and no shares of common stock will be held in treasury."

         9. The definition of "Pre-Closing Equity Adjustments" in Schedule 1 is
hereby amended to change paragraph (a) of the definition to read as follows:

                  (a) Reduce stockholders' equity by the full amount of the
               following, whether or not then due, accrued or incurred:

                           (i) the full amount by which all costs and expenses
                    of North Country and its Subsidiaries with respect to the
                    transactions contemplated by this Agreement, including
                    investment banking, legal and accounting fees and expenses,
                    exceed $75,000; and

                           (ii) the full amount of the settlement or other
                    resolution of the Identified Claims and any other litigation
                    or claims, including all attorneys fees and any contingent
                    or deferred amounts; and

                           (iii) $100,000, representing a portion of additional
                    expenses incurred by NCFC Recapitalization and the Placement
                    Agents in connection with the transactions contemplated by
                    this Agreement.

         10. The definition of "Pre-Closing Outstanding Shares" in Schedule 1 is
hereby amended to add the following sentence to the end of the definition:

         Based on the representation and warranty contained in Section 5.1(g),
         the Pre-Closing Outstanding Shares as of the time the Reverse Stock
         Split shall become effective will be 350,958 shares (subject to
         adjustment for fractional shares as described in Section 3.8 and the
         issuance of shares of North Country common stock pursuant to the
         exercise prior to the Closing of North County Stock Options).

         11. The definition of "Shareholder Approval Items" in Schedule 1 is
hereby amended to read in its entirety as follows:

                  "Shareholder Approval Items" means and includes approval of
         (a) the issuance of the North Country Shares to the Investors as
         contemplated by this Agreement, (b) an amendment to the Articles of
         Incorporation of North Country to make the Reverse Stock Split
         contemplated by Section 3.8 effective, (c) an amendment to the Articles
         of Incorporation of North Country to change its name to "Mackinac
         Financial Corporation", (d) the amendment of North Country's 2000 Stock
         Incentive Plan to increase the authorized number of shares of common
         stock of North Country under the plan, to permit the awards to be made
         as contemplated in certain of the Employment Agreements to be priced at
         a per share price equal to the price per share in the Offering (see
         Section 15 of

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         Part 1 of Schedule 3), to permit such options to continue to vest and
         be exercisable notwithstanding termination of the Employment
         Agreements, and otherwise to permit such options to be awarded under
         the Plan, and (e) any other action by the shareholders of North Country
         required under applicable law or the NASDAQ Rules, or reasonably
         requested by NCFC Recapitalization, in connection with this Agreement
         or any of the transactions contemplated by this Agreement.

         12. The "Total Number of Shares" section of Schedule 2 is hereby
amended to read in its entirety as follows:

         Not less than 39,775,195 shares of common stock of North Country except
         that if the Reverse Stock Split contemplated by Section 3.8 becomes
         effective the number of shares shall not be less than 1,988,762 shares
         (subject to adjustment as contemplated by Section 4.5). The precise
         number of shares of North Country to be issued will be determined by
         Section 4.5.

         Minimum Closing Date Equity of $3 million.  See Schedule 3.

         13. The "Amendments to North Country Stock Option Plans" section of
Schedule 2 is hereby amended to read in its entirety as follows:

         The North Country Stock Option Plans to be amended to increase the
         number of shares that may be subject to awards made at or after the
         Closing under the plans to 12.5% of the total number of shares to be
         outstanding after the Closing Date. The number of shares to be subject
         to each plan shall be determined prior to Closing by NCFC
         Recapitalization, provided that there shall be reserved under each plan
         a sufficient number of shares to be available for issuance upon the
         exercise of outstanding North Country Stock Options under the plan. The
         2000 Stock Incentive Plan will be further amended to permit the options
         to be awarded as contemplated under certain of the Employment
         Agreements (see Schedule 5) to be priced at the per share price in the
         Offering, to continue to vest and be exercisable notwithstanding
         termination of the Employment Agreements as contemplated in the
         Employment Agreements and otherwise to permit such options to be
         awarded under the Plan.

         14. The "Expenses" section of Schedule 2 is hereby amended to delete
the third sentence.

         15. Section 9 of Part I of Schedule 3 is hereby amended to read in its
entirety as follows:

                  9. Effective upon the Closing, the Board of Directors of North
         Country shall have been duly reconstituted as specified by NCFC
         Recapitalization (including that all directors other than Mr. Bess and
         Mr. Lindroth shall have duly resigned and new directors designated by
         NCFC Recapitalization shall have been duly appointed) and North Country
         shall have taken all required action to duly reconstitute the Boards of
         Directors of its Subsidiaries as specified by NCFC Recapitalization.
         Mr. Bess and Mr. Lindroth, two (2) current directors of North Country,
         shall continue as directors of North

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         Country following the Closing. North Country shall have taken all
         required action so that the new directors shall take office as
         directors effective at the Closing.

         16. Part I of Schedule 3 is hereby amended to add new Sections 28 and
29 which read in their entirety as follows:

                  28. The Reverse Stock Split contemplated by Section 3.8 shall
         have become effective.

                  29. All required actions shall have been taken so that the
         numbers of shares of common stock of North Country subject to
         outstanding North Country Stock Options shall have been duly adjusted
         downward (divided by 20), and the exercise prices shall have been duly
         adjusted upwards (multiplied by 20), proportionately in view of the
         Reverse Stock Split.

         17. As amended by this Amendment, the Original Agreement shall remain
in full force and effect.

         18. This Amendment may be executed in multiple counterparts, each of
which shall be deemed an original and all of which shall constitute one
agreement.

         19. Facsimile signatures to this Amendment shall be considered
originals hereof, with any party executing this Amendment by facsimile signature
agreeing to provide promptly to the other parties an original signature
evidencing the same.

         20. This Amendment shall be construed and enforced in accordance with
and governed by the laws of the State of Michigan (without regard to conflicts
of law principles).

                  [Remainder of Page Intentionally Left Blank]

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

                                NORTH COUNTRY FINANCIAL CORPORATION

                                By: /s/ C. James Bess
                                    --------------------------------
                                    Name: C. James Bess
                                    Title: President and Chief Executive Officer

                                NCFC RECAPITALIZATION, LLC

                                By: /s/ Eliot R. Stark
                                    --------------------------------------------
                                    Name: Eliot R. Stark
                                    Title: A Member

                                and

                                By: /s/ Paul D. Tobias
                                    --------------------------------------------
                                    Name: Paul D. Tobias
                                    Title: A Member

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