Document:

Document

Exhibit 10.1*

August 10, 2020

Attention:  Todd Borgmann
todd.borgmann@calumetspecialty.com

Subject:  Promotion Letter

Dear Todd,

On behalf of Calumet GP, LLC I am pleased to promote you to the role of Senior Vice President & Interim Chief Financial Officer effective September 1, 2020, reporting to me.

Effective September 1, 2020, your annual salary will be $325,000. You will continue to be eligible to participate in the Senior Executive Annual Bonus Plan with a bonus target of 150% of your annual base salary based on company financial metrics and your own individual contributions. If minimum financial metrics and minimum individual contributions are met, it would pay at 50% of your base salary and at its maximum it would pay at 200% of your base annual salary. If actual performance falls between the various levels (between minimum and target for instance), the annual bonus award will be prorated, up to the maximum potential award.  Should the Company not meet its minimum financial target, no awards will be issued regardless of individual contributions. Any award earned under this program will be paid 50% in cash and 50% in fully vested phantom units which will be delivered to you on the fourth anniversary of the grant date.

You will continue to be eligible to participate in the Calumet GP, LLC Amended and Restated Long-Term Incentive Plan.  Starting in January 2021, your annual LTIP target will be 60% of your annual base salary, and these units have a 3-year cliff vest requirement.  Any award under the Plan will take into consideration your individual contribution as well as the achievement of Company financial targets. Should the Company not meet its minimum financial target, no awards will be issued under the Plan.

All other terms and conditions of your at-will employment remain the same.

I am pleased to have you take on this new and exciting role and look forward to your future success. Please let me know if you have any questions.

Sincerely, 

Steve Mawer, Chief Executive Officer

Agreed and accepted:

											
	/s/ Todd Borgmann		8/10/2020		
	Todd Borgmann		DateDocument

Exhibit 10.2

WESTELL TECHNOLOGIES, INC.
SUMMARY OF DIRECTOR COMPENSATION

The quarterly retainer for all non-employee directors is $7,500.  There is not separate compensation for meeting attendance or for chairpersons, including the Chairman of the Board, or members of committees. In addition, all directors may be reimbursed for certain expenses incurred in connection with attendance at Board and committee meetings. Directors who are employees of the Company do not receive additional compensation for service as directors.  In addition, non-employee directors are eligible to receive awards under the 2019 Omnibus Incentive Compensation Plan.  On a director’s initial appointment date, non-employee directors are each granted 2,500 restricted shares with an annual grant thereafter based on a target grant date value of $5,000 to be granted upon election to the Board of Directors at the Annual Meeting of Stockholders, with the award vesting on the first anniversary date of the grant.Exhibit 10.1

  

  

  

  

  

  

    COMMUNITY BANK

    SPLIT DOLLAR INSURANCE AGREEMENT

    

    

    Economic Benefit Regime – Endorsement method

    

    

    This Split Dollar Life Agreement (the “Agreement”) is entered into as of this 2nd day of November, 2020, by and between Community Bank, a
      Pennsylvania-chartered bank (the “Bank”) and John H. Montgomery (“Executive”).

    WHEREAS,
      Executive is the President and Chief Executive Officer of the Bank; and

    WHEREAS,
      Executive and Bank entered into an employment agreement dated August 13, 2020 (the “Employment Agreement”), pursuant to which Executive and the Bank agreed to
      enter into this Agreement to provide Executive’s designated beneficiary or estate a death benefit pursuant to the terms hereof.

    NOW, THEREFORE,
      in consideration of the mutual covenants herein contained, and upon other terms and conditions hereinafter provided, the parties hereby agree as follows:

    Article 1

      General Definitions

    The following terms shall have the meanings specified:

    1.1 Administrator means the plan administrator described in
        Article 9.

    1.2 Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of Executive.  Unless Executive elects otherwise, Executive’s “Beneficiary” shall be the
        person or persons designated as “beneficiaries” with respect to Executive’s benefits payable under the Bank’s non-qualified supplemental executive retirement plan.  If Executive dies without a valid beneficiary designation, then Executive’s
        surviving spouse shall be the “Beneficiary.”  If Executive has no surviving spouse, Executive’s Beneficiary shall be Executive’s estate.

    1.3 Code means the Internal Revenue Code of 1986, as amended.

    1.4 Death Benefit means a death benefit equal to $500,000.00
        less the value of the Initial Equity Awards, determined as of Executive’s date of death.

    1.5 Executive’s Interest means the benefit set forth in Section
        2.2.

    1.6 Initial Equity Awards shall mean the 5,000 restricted stock
        awards and 15,000 stock option awards granted by the Company to Executive pursuant to the CB Financial Services, Inc. 2015 Equity Incentive Plan on August 31, 2020.

    1.7 Insurer means the insurance company issuing the Policy on
        the life of Executive.

    1.8 Net Death Proceeds means the total death proceeds of the
        Policy minus the greater of: (i) the cash surrender value or (ii) the aggregate premiums paid by the Bank.

    1.9 Policy means the specific life insurance policy or policies
        issued by the Insurer(s).

     

      

    
      
        

    

    
    Article 2

      Policy Ownership/Interests

    2.1 Bank Ownership. The Bank is the sole owner of the Policy
        and shall have the right to exercise all incidents of ownership.  The Bank shall be the beneficiary of any death proceeds remaining after Executive’s Interest has been paid under Section 2.2 of this Agreement.

    2.2 Executive’s Interest. If Executive’s death occurs during
        the Term,  Executive’s Beneficiary shall receive a death benefit in the amount of the lesser of: (i) the Death Benefit; or (ii) the Net Death Proceeds.  Such amount is hereinafter referred to as the “Executive’s Interest,” and will be distributed to the Beneficiary in a cash lump within 90 days following Executive’s date of death.

    Subject to the terms of this Agreement, the Bank hereby endorses Executive’s Interest to Executive and agrees to
      execute any other or further documents that may be required to effectuate this Agreement.

    2.3 Code Section 1035 Exchanges. Executive recognizes and
        agrees that the Bank may wish, after this Agreement is adopted, to exchange the Policy of life insurance on Executive’s life for another contract of life insurance insuring Executive’s life. Provided that the Policy is replaced (or intended to be
        replaced) with a comparable policy of life insurance,  Executive agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing the Policy or, if necessary, for
        modifying or updating the Policy.

    2.4 Termination of the Agreement.  This Agreement shall
        terminate at 12:00 a.m., Eastern Standard Time, on October 1, 2025 or, if earlier, upon the distribution of Executive’s Interest in accordance with Section 2.2 of this Agreement.

    2.5 Suicide or Misstatement.  The amount of Executive’s
        Interest payable to his Beneficiary may be reduced or eliminated if Executive: (i) fails or refuses to truthfully and completely supply such information or complete any forms as may be required by the Bank or Executive; (ii) fails or refuses to
        cooperate with the requests of the Bank or Executive in relation to this Agreement or the Policy; or (iii) Executive dies under circumstances such that the Policy does not pay a full death benefit, e.g., in the case of suicide within the suicide
        exclusionary period of the Policy, as applicable.

    Article 3

      Premiums and Imputed income

    3.1 Premium Payment. The Bank shall pay any premiums due on the
        Policy.

    3.2 Economic Benefit.  The Administrator shall determine the
        economic benefit attributable to Executive based on the minimum amount required to be imputed under applicable regulations of the Internal Revenue Service or any subsequent applicable authority.

    3.3 Imputed Income. The Bank shall impute the economic benefit
        to Executive pursuant to Section 3.2 hereof on an annual basis, by adding the economic benefit to Executive’s Form W-2 - Wage and Tax Statement, or if applicable, Form 1099-Miscellaneous Income.

    

    

    
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    Article 4

      Comparable Coverage

    The Bank may provide such benefit through a Policy purchased at, or prior to, the commencement of this Agreement, or
      may provide comparable insurance coverage to Executive through whatever means the Bank deems appropriate.  If Executive waives or forfeits his right to the Executive’s Interest (including as a result of the expiration of this Agreement), the Bank may
      choose to cancel the Policy on Executive, or continue such coverage and become the direct beneficiary of the entire death proceeds.

    Article 5

      General Limitations

    No benefits shall be payable if the Insurer denies coverage for material misstatements of fact by Executive on any
      application related to the Policy or for any other reason, provided, however, that the Bank shall evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial.

    Article 6

    Assignment

    

    

    Executive may not, without the prior written consent of the Bank, assign to any individual, trust or other
      organization, any right, title or interest in the Policy nor any rights, options, privileges or duties created under this Agreement, other than the right to designate a Beneficiary from time-to-time.

     

    

     

    

    
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    Article 7

    Insurer

    

    

    The Insurer shall be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in
      accordance with the Policy shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be bound by or be deemed to have notice of the provisions of this Agreement.

    Article 8

      Claims procedure

    8.1 Claims Procedure. Any person or entity who has not received
        benefits under this Agreement that he or she believes should be paid (the claimant) shall make a claim for such benefits as follows:

    8.1.1 Initiation of Written Claim.
        The claimant initiates a claim by submitting to the Administrator a written claim for the benefits.

    8.1.2 Timing of Administrator
          Response. The Administrator shall respond to such claimant within 90 days after receiving the claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend
        the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date
        by which the Administrator expects to render its decision.

     

      

     

      

    
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    8.1.3 Notice of Decision. If
        the Administrator denies part of or the entire claim, the Administrator shall notify the claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification
        shall be set forth with:

    (a) The specific reasons for the denial,

    

    

    (b) A reference to the specific provisions of this Agreement on which the denial is based,

    

    

    (c) A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed,

    

    

    (d) An explanation of the Agreement’s review procedures and the time limits applicable to such procedures, and

    

    

    (e) A statement of the claimant’s right, if any, to bring a civil action under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 502(a) following an adverse benefit determination on review.

    

    

    8.2 Review Procedure. If the Administrator denies part of or
        the entire claim, the claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows:

    8.2.1 Initiation of Written Request.
        To initiate the review, the claimant, within 60 days after receiving the Administrator’s notice of denial, must file with the Administrator a written request for review.

    8.2.2 Additional Submissions of
          Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Administrator shall also provide the claimant, upon request and free of
        charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

    8.2.3 Considerations on Review.
        In considering the review, the Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
        determination.

    8.2.4 Timing of Administrator Response.
        The Administrator shall respond in writing to such claimant within 60 days after receiving the request for review. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can
        extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the
        date by which the Administrator expects to render its decision.

     

      

     

      

    
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    8.2.5 Notice of Decision. The
        Administrator shall notify the claimant in writing of its decision on review. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall be set forth with:

    (a) The specific reasons for the denial,

    

    

    (b) A reference to the specific provisions of the Agreement on which the denial is based,

    

    

    (c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and
        other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and

    

    

    (d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

    

    

    Article 9

      Administration of Agreement

    9.1 Administrator Duties. This Agreement shall be administered
        by an Administrator, which shall consist of the Bank’s board of directors or such committee as the board shall appoint. The Administrator shall also have the discretion and authority to: (i) make, amend, interpret, and enforce all appropriate rules
        and regulations for the administration of this Agreement; and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with the Agreement.

    9.2 Agents. In the administration of this Agreement, the
        Administrator may employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Bank.

    9.3 Binding Effect of Decisions. The decision or action of the
        Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon
        all persons having any interest in this Agreement.

    9.4 Indemnity of Administrator. The Bank shall indemnify and
        hold harmless the members of the Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the
        Administrator or any of its members.

    9.5 Information. To enable the Administrator to perform its
        functions, the Bank shall supply full and timely information to the Administrator on all matters relating to the date and circumstances of the death of Executive and such other pertinent information as the Administrator may reasonably require.

     

      

     

      

    
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    Article 10

      Miscellaneous

    10.1 Binding Effect. This Agreement shall bind Executive and the
        Bank and their beneficiaries, survivors, executors, administrators and transferees, and any Policy beneficiary.

    10.2 No Guarantee of Employment. This Agreement is not an
        employment policy or contract. It does not give Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge Executive. It also does not require Executive to remain an employee nor interfere with
        Executive’s right to terminate employment at any time.

    10.3 Applicable Law. The Agreement and all rights hereunder
        shall be governed by and construed according to the laws of the Commonwealth of Pennsylvania, except to the extent preempted by the laws of the United States of America.

    10.4 Entire Agreement. This Agreement (along with any
        beneficiary designation form, if applicable) constitutes the entire agreement between the Bank and Executive concerning the subject matter hereof. No rights are granted to Executive under this Agreement other than those specifically set forth
        herein.

    10.5 Severability. If for any reason any provision of this
        Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Agreement is
        held invalid in part, such invalidity shall not affect the remainder of such provision, and the remainder of such provision, together with all other provisions of this Agreement shall continue in full force and effect to the full extent consistent
        with law.

    10.6 Headings. Section headings are included solely for
        convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.

    10.7 Notices. All notices, requests, demands and other
        communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other
        address as either party may designate by like notice: (i) if to the Bank or to the Administrator for purposes of Article 8, the notice shall be sent to the Compensation Committee, Community, Barron P. “Pat” McCune, Jr., Corporate Center, 211 North
        Franklin Drive, Suite 200, Washington, PA 15301; and (ii) if to Executive, the notice shall be sent to the address of Executive on the Bank’s records, and to such other or additional person or persons as either party shall have designated to the
        other party in writing by like notice.

    10.8 Amendment and Termination. This Agreement may not be
        terminated or amended except by an instrument in writing signed by the parties hereto.

    10.9 Successors. By an assumption agreement in form and
        substance satisfactory to Executive, the Bank shall require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to the Bank to expressly assume and agree to perform this Agreement in the same manner and to
        the same extent that the Bank would be required to perform this Agreement if no succession had occurred.

    10.10 12 U.S.C. § 1828(k).  Any payments made to Executive pursuant to this Agreement are subject to and conditioned upon
        compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations
        promulgated thereunder.

    [Signature Page to Follow]

    
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    In Witness Whereof, the Bank and Executive have executed this Agreement as of the date first written above.

     

    

    
      	
              EXECUTIVE:

              JOHN H. MONTGOMERY

            	
              THE BANK:

              COMMUNITY BANK

            
	 	 
	 	 
	
              By: /s/ John H. Montgomery

            	
              By: /s/ John J. LaCarte

            
	
              Title: President and Chief Executive Officer

            	
              Title: Compensation Committee Chair

            

    

    

    

    

    

    

    

  

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