Document:

Exhibit 10.1

 

TRANSITION AND RESIGNATION AGREEMENT AND

GENERAL RELEASE OF ALL CLAIMS

This Transition and Resignation Agreement and General Release of All Claims (the “Agreement”) is entered into as of September 20, 2017  by and among STORE Capital Corporation, a Maryland corporation (the “Guarantor”),  STORE Capital Advisors, LLC, a Delaware limited liability company (the “Company”), and Michael J. Zieg (“Executive”) and shall be effective as of the Effective Date (as such term is defined in Section 6.2 below).

RECITALS

A.            Executive is currently employed by the Company as Executive Vice President – Portfolio Management, Assistant Secretary, and Assistant Treasurer pursuant to an Employment agreement, dated November 21, 2014 (the “Employment Agreement”).

B.            Executive wishes to voluntarily transition his role from Executive Vice President – Portfolio Management, Assistant Secretary, and Assistant Treasurer to a strategic advisory position, effective the date hereof (the “Transition Date”) and thereafter wishes to voluntarily resign his employment with Company in order to pursue other opportunities, effective February 15, 2018 (the “Resignation Date”).

C.            The Company agrees with the foregoing and wishes to recognize Executive’s outstanding contributions to the Company during his service as Executive Vice President – Portfolio Management, Assistant Secretary, and Assistant Treasurer and to provide for an amicable and efficient transition of duties.

D.            The parties desire to settle all claims and issues that have, or could have been raised, in relation to Executive’s employment with the Company and arising out of or in any way related to the acts, transactions or occurrences between Executive and the Company to date, including, but not limited to, Executive’s employment with the Company or the termination of that employment, on the terms set forth below.

NOW, THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, it is agreed by and between the undersigned as follows:

1.             Resignation; Duties and Continuing Obligations.

 

1.1          Upon the Transition Date, Executive hereby resigns from his positions as Executive Vice President – Portfolio Management, Assistant Secretary, and Assistant Treasurer of the Company and the Guarantor and shall no longer be an officer of the Company, the Guarantor or any affiliates thereof.

1.2          Following the Transition Date and until the Resignation Date, Executive shall continue as an employee of the Company and shall be assigned to work on strategic planning projects, at the direction of, and to the reasonable satisfaction of, the Chief Executive Officer of the Company (the “Chief Executive Officer”). The parties hereby agree that Executive’s voluntary resignation from his employment with the Company shall occur on, and be effective as of, the Resignation Date.

 

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1.3          Executive agrees to cooperate fully in the transition of his duties and to act diligently and in good faith in performing all job duties as may be requested by the Chief Executive Officer.  Until the Resignation Date, Executive agrees to continue to comply with the terms of the Employment Agreement.  Executive hereby consents to the matters described in this Section 1.1.

1.4          Upon the Resignation Date, the Employment Agreement will terminate other than the surviving provisions thereof.  Following the Resignation Date, Executive agrees to comply with the surviving provisions of the Employment Agreement, including, but not limited to, Sections 11 (Noncompetition; Nonsolicitation and Confidentiality), 12 (Intellectual Property), 13 (Disputes) and 15 (Cooperation in Future Matters).

2.             Continued Receipt of Compensation Under Employment Agreement.  Provided Executive remains employed with the Company through the Resignation Date, Executive would be entitled to receive, and will receive, all compensation and benefits payable to the Executive through the Resignation Date pursuant to the terms of, and as provided under, the Employment Agreement (subject, in the case of benefits, to the terms of any benefit plan documents and applicable law) and any agreements setting forth the terms of any equity incentives granted to, and held by, the Executive pursuant to the Guarantor’s 2015 Omnibus Equity Incentive Plan (the “Plan”).   In accordance with the foregoing, Executive will receive (less standard deductions and withholding):

2.1          Executive’s Base Salary (as defined in the Employment Agreement) at Executive’s current annual rate of $350,000;

2.2          Executive’s annual cash bonus for fiscal year 2017, as determined by the Compensation Committee of the Guarantor in accordance with the Guarantor’s 2017 compensation plan, and payable on or about February 15, 2018;

2.3          the 14,965 shares of restricted stock of the Guarantor held by the Executive that are due to vest on February 15, 2018; and

2.4         that portion of any Performance Share Award (as defined in the Plan) held by the Executive that becomes an “Earned Award” (as defined in the Plan) upon completion of the Performance Period (as defined in the Plan) ending December 31, 2017, less the 50% of such Earned Award that is subject to an additional one-year service requirement, plus any accrued dividends on the portion of the Earned Award so received.

3.             Other Compensation.  In exchange for the promises set forth herein, including the Executive’s continued employment with the Company through the Resignation Date and the duties performed by Executive as described in Section 1.1 above, the Company agrees that:

3.1          After the Resignation Date, and on or before March 1, 2018, and subject to the Executive’s execution of the Amendment (as described in Section 4 below), the Company will pay to the Executive a lump sum payment in the amount of $291,667 (less standard deductions and withholding), which amount equals the aggregate Base Salary (at the Executive’s current annual rate of $350,000) that the Executive would otherwise have received from the Resignation Date through November 21, 2018 (the date when the Employment Agreement would expire).

 

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3.2          The Company will reimburse the Executive for monthly COBRA premiums paid for health care coverage for the Executive from the Resignation Date and through the earlier of November 21, 2018 or such time as the Executive is covered under another employer’s health plan (or, if less, for the period that the Executive is eligible for such COBRA continuation coverage). The Executive is required to advise the Company in writing immediately but no later than ten (10) days after obtaining health care coverage under a different employer plan. Such COBRA reimbursement payments will be paid by the Company upon receipt from the Executive of acceptable documentation and otherwise in a manner consistent with the Company’s normal expense reimbursement policy.

The Executive acknowledges and agrees that the Executive is not otherwise entitled to the foregoing compensation described in this Section 3 and that such compensation and the other matters provided herein are adequate legal consideration for the promises and representations made by the Executive in this Agreement.  The Executive further acknowledges and agrees that, other than as provided in Section 2.3 and Section 2.4 above, any shares of restricted stock of the Guarantor or Performance Share Awards held by the Executive that are not vested (in the case of restricted stock) or vested and earned (in the case of the Performance Share Awards) as of the Resignation Date shall be forfeited in accordance with their terms.

4.             Re-Affirmation.  The Executive understands that this Agreement is intended to be entered into immediately (subject to the twenty-one (21) day consideration period and seven (7) day revocation period described in Section 6 below), and that the amendment attached hereto as Exhibit A (the “Amendment”) is intended to be entered into on the Resignation Date.  The Executive agrees to execute the attached Amendment to this Agreement on the Resignation Date in order to extend and reaffirm the promises and covenants made by him in this Agreement, including, but not limited to, the general release of all claims.  If the Executive fails to execute the Amendment to this Agreement within five (5) days after the Resignation Date, or effectively revokes the acceptance of the Amendment, the Company shall not be obligated to make the payments described in Section 3 above.

5.             General Release.

5.1          Executive unconditionally, irrevocably and absolutely releases and discharges the Company, the Guarantor and any parent and subsidiary corporations, divisions and affiliated corporations, partnerships or other affiliated entities of the Company and the Guarantor, past and present, as well as the employees, officers, directors, agents, successors and assigns of the Company, the Guarantor and their affiliated entities (collectively, “Released Parties”), from all claims related in any way to the transactions or occurrences between them to date, to the fullest extent permitted by law, including, but not limited to, Executive’s employment with the Company, the cessation of Executive’s employment, the decision to resign and Executive’s resignation from the Company, and all other losses, liabilities, claims, charges, demands and causes of action, known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with Executive’s employment with the Company.  This release is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other statutory claims arising under local, state or federal law, including, but not limited to, alleged violations of:  (i) the Arizona Civil Rights Act; (ii) the Arizona Employment Protection Act; (iii) Title VII of the Civil Rights Act of 1964; (iv) the Civil Rights Acts of 1866, 1871 and 1991; (v) the Age Discrimination in Employment Act; (vi) the Equal Pay Act; (vii) the National Labor Relations Act; (viii) the Fair Labor Standards Act; (ix) the Americans with Disabilities Act; and (x) the Family and Medical Leave Act, and all claims for attorneys’ fees, costs and expenses.  The Executive expressly waives Executive’s right to recovery of any type, including damages or reinstatement, in any administrative or court action, whether state or federal, and whether brought by the Executive or on the Executive’s behalf, related in any way to the matters released herein.

 

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5.2          The parties acknowledge that this general release is not intended to bar any claims that, by statute, may not be waived, such as the Executive’s right to file a charge with the National Labor Relations Board or Equal Employment Opportunity Commission and other similar government agencies, claims for workers’ compensation benefits or unemployment insurance benefits, as applicable, and any challenge to the validity of the Executive’s release of claims under the Age Discrimination in Employment Act, as set forth in this Agreement.  In addition, this general release shall not apply to any right to indemnification, advancement of expenses, limitation of liability or exculpation of liability to the extent provided under or arising from the articles of amendment and restatement or bylaws of the Company or the Guarantor or under any insurance policy maintained by the Company or the Guarantor benefiting Executive with respect to his service as an officer and employee of the Company.

5.3          For the purpose of implementing a full and complete release, the Executive expressly acknowledges that the releases given in this Agreement are intended to include, without limitation, claims that the Executive did not know or suspect to exist in the Executive’s favor at the time of the Effective Date (as defined in Section 6.2 below) regardless of whether the knowledge of such claims, or the facts upon which they might be based, would materially have affected the Executive’s decision to enter into this Agreement; and that the consideration given under this Agreement is also for the release of those claims and contemplates the extinguishment of any such unknown claims, despite the fact that certain state law(s) may provide otherwise.  The Executive acknowledges that the Executive may discover facts or law different from, or in addition to, the facts or law that the Executive knows or believes to be true with respect to the claims released in this Agreement and agrees, nonetheless, that this Agreement and the release contained in it shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them.

5.4          The Executive declares and represents that the Executive intends this Agreement to be complete and not subject to any claim of mistake, that the release herein expresses a full and complete release and that the Executive intends the release herein to be final and complete.  The Executive executes this release with the full knowledge that this release covers all possible claims against the Released Parties, to the fullest extent permitted by law.

5.5          The Executive represents that, as of the date of this Agreement, the Executive has made no assignment to any third party of any legal claims against any of the Released Parties, and that the Executive has not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the Company or any of the other Released Parties in any court or with any governmental agency regarding the matters released in this Agreement.

 

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5.6          Notwithstanding the provisions of Section 5.2 above, the Executive forever releases and waives any rights that the Executive may have to recover money damages or other relief personal to the Executive arising from the Executive’s employment, or separation from employment, at the Company, including, without limitation, any rights that the Executive may have to recover money damages or other relief personal to the Executive as a result of any Equal Employment Opportunity Commission-sponsored charge or court action or as a result of any administrative proceeding or other legal action related to the matters released above that has been or may in the future be filed on the Executive’s behalf by any third party.

6.             Older Workers’ Benefit Protection Act.  This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).

6.1          The Executive acknowledges and agrees that (a) the Executive has read and understands the terms of this Agreement; (b) the Executive has been advised in writing to consult with an attorney before executing this Agreement; (c) the Executive has obtained and considered the advice of such legal counsel as Executive deems necessary; (d) the Executive has been given twenty-one (21) days to consider whether or not to enter into this Agreement (although Executive may elect not to use the full twenty-one (21) day period at the Executive’s option); and (e) by signing this Agreement, the Executive acknowledges that the Executive does so freely, knowingly, and voluntarily.

6.2          This Agreement shall not become effective or enforceable until the eighth (8th) day after Executive signs this Agreement.  In other words, Executive may revoke Executive’s acceptance of this Agreement within seven (7) days after the date Executive signs it.  Executive’s revocation must be in writing and received by Michael Bennett, Executive Vice President and General Counsel of the Company, on or before the seventh (7th) day after the date the Executive signs this Agreement in order for it to be effective.  If the Executive does not revoke acceptance within such seven (7) day period, the Executive’s acceptance of this Agreement shall become binding and enforceable on the eighth (8th) day after the date the Executive signs it (“Effective Date”).

6.3          This Agreement does not waive or release any rights or claims that Executive may have under the Age Discrimination in Employment Act that arise after the execution of this Agreement.  In addition, this Agreement does not prohibit Executive from challenging the validity of this Agreement’s waiver and release of claims under the Age Discrimination in Employment Act.

7.             No Admission.  By entering into this Agreement, the Released Parties make no admission that they have engaged, or are now engaging, in any unlawful conduct or unlawful practice.  The parties understand and acknowledge that this Agreement is not an admission of liability and shall not be used or construed as such in any legal or administrative proceeding.

8.             Non-Disparagement.  The parties hereby agree that from the date of execution of this Agreement forward, each party will not, directly or indirectly, make any disparaging statements to any third party about any other party hereto (including, with respect to the Company and the Guarantor, any affiliates thereof) or provide any information to any third party that tends to place any party hereto (including, with respect to the Company and the Guarantor, any affiliates thereof) in any sort of negative light, or take any action whatsoever that is designed in whole or part to result in information or opinions being provided to any third party that tends to place any party hereto (including, with respect to the Company and the Guarantor, any affiliates thereof) in any sort of negative light.  Nothing in this provision shall be construed to require a party to testify dishonestly if such party is compelled by operation of law to provide sworn testimony about any other party hereto, to refrain from participating or cooperating in a governmental investigation, or to refrain from seeking to enforce the terms of this Agreement.

 

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9.             Severability.  In the event that any provision or part of any provision of this Agreement should be held to be invalid or for any reason unenforceable, the remaining portions of this Agreement shall remain in full force and effect unless, as a result of the unenforceability of a provision or part of a provision, the fundamental purpose of this Agreement is thwarted.

10.           No Effect on Other Obligations.  This Agreement does not eliminate or change any obligations the Executive may have that are unrelated to the subject matters of this Agreement.

11.           Modification/Waiver.  No modification, amendment or waiver of any of the provisions contained in this Agreement shall be binding upon any party hereto unless made in writing and signed by such party or by a duly authorized officer or agent of such party.

12.           Full Defense.  This Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by the Executive in breach hereof.

13.           Headings.  Headings used in this Agreement, as designated by bold typeface, are for convenience only and shall not be used to interpret or construe this Agreement’s provisions.

14.           Applicable Law.  The validity, interpretation and performance of this Agreement shall be construed and interpreted according to the laws of the United States of America and the State of Arizona.

 

15.           Fees and Costs.  The parties shall each bear their own costs, expert fees, attorneys’ fees, and other fees incurred in connection with the execution of this Agreement.

16.           Execution in Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which taken together shall constitute one and the same instrument.  Delivery of a copy of this Agreement bearing an original signature by facsimile transmission or e-mail in PDF format will have the same effect as physical delivery of the document bearing the original signature.

17.          Entire Agreement.  Subject to the continued effectiveness of the Employment Agreement through the Resignation Date, this Agreement, including the surviving provisions of the Employment Agreement, is intended to be the entire agreement between the parties and supersedes and cancels any and all other and prior agreements, written or oral, between the parties regarding this subject matter. No other agreements or understandings of any kind concerning the subject matter of this Agreement, whether express or implied in law or fact, have been made by the parties to this Agreement.

 

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THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN.  WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

 

	 	 	
Executive

	 	 	 
	
Dated:

	
September 20, 2017

	
/s/ Michael J. Zieg

	 	 	
Michael J. Zieg

	 	 	
STORE Capital Corporation

	 	 	 	 
	
Dated:

	
September 20, 2017

	
By:

	
/s/ Michael T. Bennett

	 	 	
Name:

	
Michael T. Bennett

	 	 	
Title:

	
Executive Vice President – General Counsel

	 	 	
STORE Capital Advisors, LLC

	 	 	 	 
	
Dated:

	
September 20, 2017

	
By:

	
/s/ Michael T. Bennett

	 	 	
Name:

	
Michael T. Bennett

	 	 	
Title:

	
Executive Vice President – General Counsel

 

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Exhibit A

AMENDMENT TO TRANSITION AND RESIGNATION AGREEMENT AND

GENERAL RELEASE OF ALL CLAIMS

This Amendment to the Transition and Resignation Agreement and General Release of All Claims (the “Amendment”) is made by and among STORE Capital Corporation, a Maryland corporation (the “Guarantor”),  STORE Capital Advisors, LLC, a Delaware limited liability company (the “Company”), and Michael J. Zieg (“Executive”), and amends the Transition and Resignation Agreement and General Release of All Claims, dated as of September 20, 2017, among those same parties (the “Agreement”) by extending the promises and agreements of each and every section and subsection of that Agreement (except those portions of Section 6 and its subparts which specifically refer to the acknowledgements, consideration and revocation periods, effective date and preserved rights of the Executive relating to the Agreement), through the last day of the Executive's employment, February 15, 2018 (the "Resignation Date").

1.             Resignation.  The Executive resigned his employment with the Company effective as of the Resignation Date.

2.             Older Workers’ Benefit Protection Act.  This Amendment is intended to satisfy the Older Workers’ Benefit Protection Act, 29 U.S.C. Section 626(f).

a.            Acknowledgment/Time to Consider.  The Executive acknowledges and agrees that (a) he has read and understands the terms of this Amendment; (b) he has been advised to consult with an attorney; (c) he has obtained and considered the advice of such legal counsel as he deems necessary; (d) he has been given twenty-one (21) days prior to the Resignation Date to consider whether or not to sign this Amendment; (e) this Amendment is to be signed within five (5) days after the Resignation Date, and (f) by signing this Amendment, the Executive acknowledges that he does so freely, knowingly, and voluntarily.

b.            Revocation/Effective Date.  This Amendment shall not become effective or enforceable until the eighth (8th) day after Executive signs this Amendment (and such signing shall not occur prior to the Resignation Date).  In other words, Executive must sign this Amendment within five (5) days after the Resignation Date, and he then has the option to revoke his acceptance of this Amendment within seven (7) days after he signs it.  The Executive‘s revocation must be in writing and received by Michael Bennett, Executive Vice President and General Counsel of the Company, on or before the seventh (7th) day after it is signed to be effective.  If Executive does not revoke his acceptance on or before that date, his acceptance of this Amendment shall become binding and enforceable on the eighth (8th) day and the compensation described in Section 3 of the Agreement to which this Amendment is an amendment shall then become due and payable as stated therein.

c.            Preserved Rights of Executive.  This Amendment does not waive or release any rights or claims that the Executive may have under the Age Discrimination in Employment Act that arise after the execution of this Amendment.  In addition, this Amendment does not prohibit Executive from challenging the validity of the waiver and release of claims under the Age Discrimination in Employment Act.

 

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3.             Affirmations.  The Executive affirms that other than the compensation referenced in Section 3 of the Agreement, the Executive has been paid all compensation, wages, bonuses, and commissions due to him, and has been provided all leaves (paid or unpaid) and benefits to which the Executive may be entitled.

4.             Company Property.  The Executive hereby represents that the Executive has returned or surrendered to the Company all Company property within the Executive’s possession or control.  The Executive represents that the Executive has kept no originals or copies of any documents, materials or media (whether in paper, electronic or other form) embodying or reflecting information about the Company’s or its affiliates’ customers other than those provided the Executive by the Company that relate specifically to the Executive’s employment relationship with or compensation from the Company or that embody or reflect publicly available information about the Company or its affiliates.  The Executive hereby represents that, except as properly required in carrying out the duties of the Executive’s job with the Company, Employee did not copy or distribute to anyone outside the Company or its affiliates any items or documents that constitute the Company’s or its affiliates’ property or that contain information about the Company or its affiliates’ customers that is not publicly known.

5.             Subpoena or Other Legal Order.  If the Executive receives a subpoena or other legal order requiring the Executive to provide information or testimony (or is otherwise required to provide information or testimony) that the Executive reasonably anticipates will involve any of the Released Parties, the Executive shall provide the Company with a copy of the subpoena or other legal order (or, in the absence of such a subpoena or other legal order, other written notice of the event) at least thirty (30) days (or as many days as possible) prior to the date on which the Executive anticipates being required to provide information or testimony.

6.             Execution in Counterparts.  This Amendment may be executed in two or more counterparts, each of which will be deemed an original, but all of which taken together shall constitute one and the same instrument.  Delivery of a copy of this Amendment bearing an original signature by facsimile transmission or e-mail in PDF format will have the same effect as physical delivery of the document bearing the original signature.

7.             No Further Amendments.  Except as amended herein by this Amendment, the Agreement shall remain in full force and effect in accordance with its terms.

 

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THE PARTIES TO THIS AMENDMENT HAVE READ THE FOREGOING AMENDMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN.  WHEREFORE, THE PARTIES HAVE FREELY AND VOLUNTARILY EXECUTED THIS AMENDMENT ON THE DATES SHOWN BELOW.

 

	 	 	
Executive

	 	 	 
	
Dated:

	
February __, 2018

	
	 	 	
Michael J. Zieg

 

	 	 	
STORE Capital Corporation

	 	 	 	 
	
Dated:

	
February __, 2018

	
By:

	
 

	 	 	
Name:

	
Michael T. Bennett

	 	 	
Title:

	
Executive Vice President – General Counsel

	 	 	
STORE Capital Advisors, LLC

	 	 	 	 
	
Dated:

	
February __, 2018

	
By:

	
 

	 	 	
Name:

	
Michael T. Bennett

	 	 	
Title:

	
Executive Vice President – General Counsel

 

 

10Exhibit 10.1

 

VOTING AGREEMENT

 

VOTING AGREEMENT (“Agreement”), dated as of September 20, 2017, by and between Brookline Bancorp, Inc., a Delaware corporation (“Buyer”), and the undersigned holder (“Shareholder”) of common stock, par value $0.01 per share (“Common Stock”), of First Common Bank, N.A., a national banking association (the “Company”).

 

WHEREAS, concurrently with the execution of this Agreement, Buyer, Brookline Bank, a Massachusetts savings bank of which Buyer is the sole stockholder (“Buyer Bank”), and the Company have entered into an Agreement and Plan of Merger (as such agreement may be subsequently amended or modified, the “Merger Agreement”), providing for the merger of the Company with and into Buyer Bank (the “Merger”);

 

WHEREAS, the Shareholder beneficially owns (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and has sole voting power with respect to the number of shares of Common Stock, and holds stock options or other rights to acquire the number of shares of Common Stock, indicated opposite the Shareholder’s name on Schedule 1 attached hereto (as used herein, the term “Shares” means all shares of Common Stock, whether such shares of Common Stock are held by the Shareholder on the date of this Agreement or are subsequently acquired prior to the Expiration Date (as defined in Section 2), whether by the exercise of any stock options or otherwise);

 

WHEREAS, it is a condition to the willingness of Buyer and Buyer Bank to enter into the Merger Agreement that the Shareholder execute and deliver this Agreement; and

 

WHEREAS, all capitalized terms used in this Agreement without definition herein shall have the meanings ascribed to them in the Merger Agreement.

 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Shareholder and Buyer agree as follows:

 

1.             Agreement to Vote Shares.  The Shareholder agrees that, prior to the Expiration Date, at any meeting of the shareholders of the Company, or any adjournment or postponement thereof, or in connection with any written consent of the shareholders of the Company, with respect to the Merger Agreement or any of the transactions contemplated thereby (including the Merger) or any Acquisition Proposal, the Shareholder shall:

 

(a)                                 appear at such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

 

(b)                                 vote (or cause to be voted), or deliver a written consent (or cause a consent to be delivered) covering, all of the Shares that such Shareholder shall be entitled to so vote (i) in favor of adoption and approval of the Merger Agreement and the transactions contemplated thereby, including the Merger; (ii) against any action or agreement that would result in a breach

 

 

in any material respect of any covenant, representation or warranty, or any other obligation or agreement of the Company contained in the Merger Agreement or of the Shareholder contained in this Agreement, or that would preclude fulfillment of a condition under the Merger Agreement to the Company’s and Buyer’s respective obligations to consummate the Merger; and (iii) against any Acquisition Proposal, or any agreement or transaction that is intended, or could reasonably be expected, to impede, interfere with, delay, postpone, discourage or adversely affect the consummation of the Merger or any of the transactions contemplated by the Merger Agreement.

 

Any such vote shall be cast or consent shall be given in accordance with such procedures relating thereto so as to ensure that it is duly counted for purposes of determining that a quorum is present and for purposes of recording the results of such vote or consent.

 

2.             Expiration Date.  As used in this Agreement, the term “Expiration Date” shall mean the earliest to occur of (i) the Effective Time of the Merger, (ii) such date and time as the Merger Agreement shall be terminated pursuant to Article VIII thereof, (iii) any amendment to the Merger Agreement that decreases the Merger Consideration, or (iv) upon mutual written agreement of the parties hereto to terminate this Agreement.  Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided, however, that such termination or expiration shall not relieve any party from liability for any willful breach of this Agreement prior to the termination or expiration hereof.

 

3.             Subsequently Acquired Shares; Agreement to Retain Shares.  The Shareholder agrees that any shares of Common Stock the Shareholder acquires after the date of this Agreement (whether by the exercise of any stock option, purchases in the open market, privately or otherwise) shall be bound by and subject to the terms of this Agreement.  The Shareholder shall not, except as contemplated by this Agreement or the Merger Agreement, directly or indirectly, (a) sell, assign, transfer, or otherwise dispose of (including, without limitation, by the creation of a lien, claim, charge or other encumbrance or restriction of any kind whatsoever), any Shares, (b) enter into any contract, option, commitment or other arrangement or understanding with respect to the sale, transfer, assignment or other disposition of, any Shares, (c) deposit any Shares in a voting trust or enter into a voting agreement or similar agreement with respect to any Shares or grant any proxy or power of attorney with respect thereto other than in accordance with the terms and conditions of this Agreement, or (d) take any action that would make any representation or warranty of the Shareholder contained herein untrue or incorrect or have the effect of preventing or disabling the Shareholder from performing the Shareholder’s obligations under this Agreement.  Notwithstanding the foregoing, the Shareholder may make transfers of Shares (a) by will or by operation of law, in which case this Agreement shall bind the transferee, (b) in connection with estate and charitable planning purposes, including transfers to relatives, trusts and charitable organizations, subject to the transferee agreeing in writing to be bound by the terms of, and perform the obligations of the Shareholder under, this Agreement, and (c) as Buyer may otherwise agree in writing in its sole discretion.

 

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4.                                      Representations and Warranties of Shareholder.  Except as disclosed on Schedule 1 hereto, the Shareholder hereby represents and warrants to Buyer and Buyer Bank as follows:

 

(a)                                 the Shareholder has the full power and authority to execute and deliver this Agreement and to perform the Shareholder’s obligations hereunder;

 

(b)                                 this Agreement has been duly executed and delivered by the Shareholder and (assuming this Agreement constitutes a valid and binding agreement of Buyer and Buyer Bank) is a valid and legally binding agreement with respect to the Shareholder, enforceable in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles); and

 

(c)                                  the Shareholder beneficially owns the number of Shares indicated opposite such Shareholder’s name on Schedule 1, free and clear of any liens, claims, charges or other encumbrances or restrictions of any kind whatsoever, and has sole, and otherwise unrestricted, voting and investment power with respect to such Shares.

 

5. No Solicitation.  From and after the date hereof until the Expiration Date, the Shareholder, in his, her or its capacity as a shareholder of the Company, shall not, nor shall such Shareholder authorize any partner, officer, director, advisor or representative of, such Shareholder or any of his, her or its affiliates, other than the Company in accordance with the terms of the Merger Agreement, to (and, to the extent applicable to the Shareholder, such Shareholder shall use reasonable best efforts to prevent any of his, her or its representatives or affiliates, other than the Company in accordance with the terms of the Merger Agreement, to (a) initiate, solicit, induce or knowingly encourage, or take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any person (other than Buyer) any information or data with respect to the Company or any of its Subsidiaries or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle or letter of intent with respect to an Acquisition Proposal, (d) solicit proxies or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to an Acquisition Proposal (other than the Merger Agreement) or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, (e) initiate a shareholders’ vote or action by consent of the Company’s shareholders with respect to an Acquisition Proposal, or (f) except by reason of this Agreement, become a member of a “group” (as such term is used in Section 13(d) of the Exchange Act) with respect to any voting securities of the Company that takes any action in support of an Acquisition Proposal.

 

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6.             Specific Enforcement.  The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof or was otherwise breached.  It is accordingly agreed that the parties shall be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in a Massachusetts Court (as defined in Section 15 below), in addition to any other remedy to which they may be entitled at law or in equity.  Any requirements for the securing or posting of any bond with respect to any such remedy are hereby waived.

 

7.             No Waivers.  No waivers of any breach of this Agreement extended by Buyer to the Shareholder shall be construed as a waiver of any rights or remedies of Buyer with respect to any other shareholder of the Company who has executed an agreement substantially in the form of this Agreement with respect to Shares beneficially owned by such shareholder or with respect to any subsequent breach of the Shareholder or any other such shareholder of the Company.  No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

8.             Capacity as Shareholder.  Notwithstanding anything herein to the contrary, the covenants and agreements set forth herein shall not have any effect on the ability of the Shareholder to exercise his or her duties as a director of the Company, while acting in such capacity as a director of the Company.  The Shareholder is executing this Agreement solely in his or her capacity as a shareholder of the Company.

 

9.             Entire Agreement; Amendments.  This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof.  This Agreement may not be amended, supplemented or modified, and no provisions hereof may be modified or waived, except by an instrument in writing signed by each party hereto.

 

10.          Severability.  If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

11.          Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together shall constitute one and the same instrument.

 

12.          Effect of Headings.  The section headings herein are for convenience only and shall not affect the construction or interpretation of this Agreement.

 

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13.          Public Disclosure.  The Shareholder shall not issue any press release or any public statement or other disclosure with respect to this Agreement, the Merger Agreement or the transactions contemplated by the Merger Agreement, including the Merger, without the prior consent of Buyer.  The Shareholder hereby permits Buyer to publish and disclose in any document and/or schedule filed by Buyer with the Securities and Exchange Commission and any other applicable Regulatory Authority such Shareholder’s identity and ownership of Shares and the nature of such Shareholder’s commitments and obligations pursuant to this Agreement.

 

14.          Assignment.  This Agreement may not be assigned by any party hereto without the prior written consent of the other party hereto; provided, however, that, notwithstanding the foregoing, Buyer may assign its rights and obligations under this Agreement to any Subsidiary wholly owned by it.  All of the covenants and agreements contained in this Agreement shall be binding upon, and inure to the benefit of, the respective parties and their permitted successors, assigns, heirs, executors, administrators and other legal representatives, as the case may be.

 

15.          Governing Law.  This Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflicts of laws thereof.  The parties hereto hereby irrevocably and unconditionally consent to and submit to the jurisdiction of the Business Litigation Session of the Superior Court of the Commonwealth of Massachusetts, or if that court does not have jurisdiction, a federal court sitting in the Commonwealth of Massachusetts (the “Massachusetts Courts”) for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby, waive any objection to the laying of venue of any such litigation in the Massachusetts Courts and agree not to plead or claim in any Massachusetts Court that such litigation brought therein has been brought in any inconvenient forum.

 

16.          Waiver of Jury Trial.  The parties hereto hereby waive any right to trial by jury with respect to any action or proceeding related to or arising out of this Agreement, any document executed in connection herewith and the matters contemplated hereby and thereby.

 

17.          No Agreement Until Executed.  Irrespective of negotiations among the parties or the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until (a) the Board of Directors of the Company has approved, for purposes of any applicable anti-takeover laws and regulations, and any applicable provision of the Company’s Articles of Association, as amended, the transactions contemplated by the Merger Agreement and this Agreement, (b) the Merger Agreement is executed by all parties thereto, and (c) this Agreement is executed by all parties hereto and delivered by electronic or facsimile signature in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

 

 

	
 
    	
BROOKLINE BANKCORP, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
SHAREHOLDER
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    

 

[Signature Page to Voting Agreement]

 

 

SCHEDULE 1

 

	
Shareholder
    	
 
    	
Shares
    	
 
    	
Options

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