Document:

Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made as of the 29th day of March, 2011 (the “Effective Date”), between
Boston Private Financial Holdings, Inc., a duly organized Massachusetts corporation with its principal place of business at Ten Post Office Square, Boston, Massachusetts (the “Company”), and Mark D. Thompson (the “Executive”),
hereinafter collectively the “Parties.” 
 WHEREAS, the Executive has been employed by the Company as the Chief
Executive Officer of its Private Banking Group and by the Company’s subsidiary, Boston Private Bank & Trust Company (the “Bank”), as its Chief Executive Officer and President; 

WHEREAS, the Company desires to retain the Executive and the Executive desires to continue such employment with the Company on the terms
contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.
Position and Duties. The Executive shall serve as the Chief Executive Officer of the Company’s Private Banking Group, and shall have supervision and control over and responsibility for the day-to-day business and affairs of this division
of the Company and shall have such other powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company (the “CEO”), provided that such duties are consistent with the Executive’s position or
other positions that he may hold from time to time. The Executive shall also serve as the Chief Executive Officer and President of the Bank, and shall have supervision and control over and responsibility for the day-to-day business and affairs of
the Bank and shall have such other powers and duties as may from time to time be prescribed by the CEO, provided that such duties are consistent with the Executive’s position or other positions that he may hold from time to time. The Executive
shall devote his full working time and efforts to the business and affairs of the Company and the Bank. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board of Directors of the Company
(the “Board”) (which approval will not be unreasonably withheld), or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not materially interfere with the
Executive’s performance of his duties to the Company as provided in this Agreement. The Executive shall comply with such practices and policies as the Board may establish or maintain for the Executive or for senior management during the term of
his employment, including without limitation, the requirement, if and as adjusted by the Board from time to time, that the Executive be the record owner of the lesser of (x) 120,000 shares of common stock of the Company or (y) shares of
common stock of the Company valued at not less than 300 percent of his Bonus Eligible Base Salary (as defined below) provided that, for purposes of determining the Executive’s compliance with this requirement, shares awarded to the Executive
pursuant to Section 2(b)(ii) and Section 2(c) of this Agreement, to the extent fully vested, and Purchased Shares (as defined in Section 2(c)(iii)) shall be considered as owned by the Executive until disposed. 

 2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial gross annual base salary rate shall be $730,000 (the “Gross Base Salary”).
The Executive’s Gross Base Salary shall be reviewed annually by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, in consultation with the CEO. Notwithstanding the foregoing, the
Executive’s initial annual base salary rate shall be deemed to be $500,000 (the “Bonus Eligible Base Salary”) for purposes of, among other things, the stock ownership requirements set forth in Section 1, above, and the incentive
compensation described in Section 2(b), below. The Bonus Eligible Base Salary shall be redetermined annually by the Compensation Committee, in its sole discretion, in consultation with the CEO; provided that the Bonus Eligible Base Salary shall
not be reduced except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company. For purposes of clarity, (x) the
Executive’s Gross Base Salary and Bonus Eligible Base Salary shall be reviewed and/or redetermined independently, therefore any change to the Bonus Eligible Base Salary shall not automatically result in a corresponding change to the Gross Base
Salary and any change to the Gross Base Salary shall not automatically result in a corresponding change to the Bonus Eligible Base Salary and (y) in no event shall the Gross Base Salary be lower than the Bonus Eligible Base Salary. The Gross
Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. 
 (b) Incentive Compensation. The Executive shall be eligible to receive cash and/or equity incentive compensation as determined by the Compensation Committee from time to time, including, without
limitation, the incentive compensation described in 2(b)(i) and 2(b)(ii), below. 
 (i) Annual Bonus. The
Executive shall be eligible to receive with respect to each fiscal year ending during the term of the Executive’s employment with the Company a bonus payment subject to the terms of this Section 2(b)(i) (the “Annual Bonus”). The
amount of the Annual Bonus shall be determined by the Compensation Committee, based on the attainment of Private Banking Group, Company and/or individual performance metrics established and revised annually by the Compensation Committee. The
Executive’s target Annual Bonus shall be 100 percent of his Bonus Eligible Base Salary (the “Target Annual Bonus”), provided that the actual amount of the Annual Bonus for each fiscal year shall be determined by the Compensation
Committee (after consultation with the CEO) and may be between 0 percent and 200 percent of the Target Annual Bonus. The Annual Bonus, if any, shall be payable in a single lump-sum in cash between January 1 and March 15 of the year
following the fiscal year to which such Annual Bonus relates. 
 (ii) Annual Long-Term Equity Incentive
Grants. Commencing in 2012, the Executive shall be eligible to receive annual long-term equity incentive grants, including stock options, restricted stock or other stock-based awards, as determined in the discretion of the Compensation
Committee. Any such equity incentive awards shall be granted in accordance with the terms and conditions of the applicable equity incentive plan or plans then in effect and will be evidenced by an award agreement issued under the applicable plan.
The target aggregate grant date fair value of each annual long-term 

  
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equity incentive grant shall be 100 percent of the Executive’s Bonus Eligible Base Salary, provided that the actual amount of any such award shall be determined in the reasonable discretion
of the Compensation Committee (after consultation with the CEO). 
 (c) Special 2011 Long-Term Equity Incentive Awards.

 (i) Time-Vesting Restricted Stock Award. As soon as practicable following the Effective Date, the
Company shall grant to the Executive a number of restricted shares with an aggregate grant date fair market value of $600,000 under the Boston Private Financial Holdings, Inc. 2009 Stock Option and Incentive Plan (as amended from time to time, the
“2009 Plan”) and subject to the terms and conditions thereof, which shall vest in equal annual installments on each of the first five anniversaries of the Effective Date, subject to the Executive’s continued employment with the
Company through each such vesting date (the “Time-Vesting Restricted Stock Award”). The Time-Vesting Restricted Stock Award shall be evidenced by and subject to the terms of an award agreement issued under the 2009 Plan. 

(ii) 2011 Performance Share Award. As soon as practicable following the Effective Date, the Company shall grant to
the Executive a number of restricted shares with an aggregate grant date fair market value of $600,000 under the 2009 Plan and subject to the terms and conditions thereof, which shall vest at the conclusion of and based on the Company’s
performance over the three-year performance period that commencing on January 1, 2011 and ending on December 31, 2013 (the “Performance Share Award”), subject to the Executive’s continued employment through the applicable
vesting date. The Performance Share Award shall be evidenced by and subject to the terms of an award agreement issued under the 2009 Plan. 
 (iii) Matching Restricted Stock Award. As soon as practicable following the Effective Date, the Company shall grant to the Executive a number of restricted shares with an aggregate grant date fair
market value of $600,000 under the 2009 Plan (the “Matching Restricted Stock Award”) and subject to the terms and conditions of the 2009 Plan. The Matching Restricted Stock Award shall be evidenced by an award agreement issued under the
2009 Plan. The Matching Restricted Stock Award shall vest in three equal installments on each of the third, fourth and fifth anniversaries of the Effective Date, subject to the Executive’s continued employment with the Company through each such
vesting date. Notwithstanding the foregoing, the Executive shall forfeit any right and interest in the Matching Restricted Stock Award if and to the extent that the Executive does not purchase an equal number of shares of the Company’s common
stock between the Effective Date and the third anniversary of the Effective Date and hold such purchased shares through each such vesting date (the “Purchased Shares”). 

(d) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him in
performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 

  
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 (e) Fringe Benefits. During the term of the Executive’s employment with the
Company, the Executive shall be eligible to participate in any and all of the Company’s executive fringe benefits, subject to and in accordance with the terms and conditions of such arrangements as are in effect from time to time for the senior
executives of the Company. Notwithstanding any changes to the fringe benefits available to senior executives of the Company, the Executive shall be entitled during the term of his employment hereunder to either direct payment or reimbursement (at
the Executive’s option) of reasonable costs and expenses in an amount not to exceed $40,000 annually for (i) an annual physical examination and any medical testing related thereto, (ii) annual tax planning and tax return preparation
services, and (iii) periodic financial and estate planning and will preparation services. Any reimbursements with respect to the services described above shall be made by the Company as soon as is reasonably practicable and in no event later
than December 31 of the calendar year following the year in which such expenses were incurred. 
 (f) Other
Benefits. The Executive shall be entitled to participate in or receive benefits under all of the Company’s Employee Benefit Plans in effect on the Effective Date. As used herein, the term “Employee Benefit Plans” includes, without
limitation, each 401(k) savings and profit-sharing plan; stock purchase plan; life insurance plan; medical insurance plan; disability plan; health and accident plan and deferred compensation plan or arrangement established and maintained by the
Company on the Commencement Date for employees of the same status within the hierarchy of the Company. The Executive shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement which may, in the future, be
made available by the Company to its executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plan or arrangement. 

(g) Vacations. The Executive shall be entitled to accrue up to four weeks of paid vacation in each year, which shall be accrued
ratably. Vacation shall be taken at such times and intervals as shall be determined by the Executive, in his reasonable judgment, subject to the operating and business needs of the Company. The Executive shall also be entitled to all paid holidays
given by the Company to its executives. 
 3. Termination. The Executive’s employment hereunder may be terminated
without any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s employment
hereunder shall terminate upon his death. 
 (b) Disability. The Company may terminate the Executive’s employment if
he is disabled and unable or reasonably expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days
(which need not be consecutive) in any 12-month period. The effective date of a disability shall be the first day of such period of 180 days notwithstanding the date on which a determination of disabled status is made. If any question shall arise as
to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request
of the Company shall, 

  
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submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether
the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician
in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall
be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101
et seq. 
 (c) Termination by Company for Cause. The Company may terminate the Executive’s employment
hereunder for Cause by a vote of the Board at a meeting of the Board called and held for such purpose. For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of misconduct in
connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property
for personal purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or
reputational harm to the Company or any of its subsidiaries and affiliates if he were retained in his position; (iii) continued neglect of his duties hereunder by the Executive (other than by reason of the Executive’s disability, as
determined in accordance with Section 3(b)) which has continued for more than 30 days following written notice of such neglect from the Board; (iv) a breach by the Executive of any of the provisions contained in Section 7 of this
Agreement which, to the extent curable, has not been cured within 30 days following written notice of such violation or breach; (v) a material violation by the Executive of the Company’s written employment policies or material breach of
this Agreement which, to the extent curable, has not been cured within 30 days following written notice of such violation or breach, or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law
enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate
or to produce documents or other materials in connection with such investigation. 
 (d) Termination Without Cause. The
Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under
Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e) Termination by the Executive; Termination for Good Reason. The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For
purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events, provided the Executive has not
consented to such event(s): (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a 

  
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material diminution in the Executive’s Bonus Eligible Base Salary or Target Annual Bonus except for across-the-board salary reductions based on the Company’s financial performance
similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) the material breach of this
Agreement by the Company. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of
the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice
(the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. In no
event shall the suspension of the Executive from active service with pay for a period of up to 30 calendar days, including, without limitation, in connection with an investigation to determine whether Cause exists to terminate the Executive’s
employment pursuant to Section 3(c), constitute “Good Reason.” If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

(f) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon. 
 (g) Date of Termination. “Date of
Termination” shall mean: (i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the
Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), 30 days after the date on which a Notice of Termination
is given; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is
terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination
to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. For purposes of clarity, all offices, positions, titles and
directorships that the Executive may hold immediately prior to the Date of Termination with the Company, the Bank or any other subsidiary or affiliate of the Company shall terminate simultaneously with the Executive’s employment hereunder and,
to the extent necessary to effectuate such termination, the Executive agrees to resign from all such offices, positions, titles and directorships effective on the Date of Termination. 

4. Compensation Upon Termination. 
 (a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his 

  
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authorized representative or estate) any earned but unpaid base salary, incentive compensation earned but not yet paid, unpaid expense reimbursements, accrued but unused vacation and any vested
benefits the Executive may have under any employee benefit plan of the Company (the “Accrued Benefit”) on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination. 

(b) Termination by the Company Without Cause or by the Executive with Good Reason. If the Executive’s employment is
terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall, through the Date of Termination, pay the Executive his
Accrued Benefit. In addition: 
 (i) subject to the Executive signing a general release of claims in favor of the
Company and related persons and entities in a form and manner satisfactory to the Company (the “Release”) within the 21-day period following the date that the Release is tendered by the Company to the Executive (which shall not be later
than the fifth day following the Date of Termination) and the expiration of the seven-day revocation period for the Release, the Company shall pay the Executive an amount equal to two times the sum of (x) the Executive’s Bonus Eligible
Base Salary and (y) his Target Annual Bonus (the “Severance Amount”). The Severance Amount shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 24 months, beginning on the
first payroll date that occurs 35 days after the Date of Termination, provided the Release has become effective prior to such first payment date. Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), each installment payment is considered a separate payment. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Sections 7, 8 or 9 of this Agreement, all payments of the Severance Amount
shall immediately cease; and 
 (ii) upon the Date of Termination, all stock options and other stock-based awards
held by the Executive (1) that are subject only to service-based vesting shall vest in full and become exercisable or nonforfeitable as of the Date of Termination or (2) that are subject to performance-based vesting shall vest upon the
completion of the performance period to which such vesting schedule relates provided that vesting of such award shall be prorated based on the portion of the applicable performance period completed as at the Date of Termination; and 

(iii) subject to the Executive’s copayment of premium amounts at the active employees’ rate, the Executive may
continue to participate in the Company’s group health, dental and vision program for 24 months; provided, however, that the continuation of health benefits under this Section shall reduce and count against the Executive’s rights under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). 
 (c) Termination due to Death or
Disability. If the Executive’s employment is terminated due to the Executive’s death or by the Company due to the Executive’s Disability, then the Company shall, through the Date of Termination, pay the Executive (or his

  
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representative) his Accrued Benefit. In addition, (i) the Company shall pay the Executive a portion of the Annual Bonus for the fiscal year during which the Date of Termination occurs
prorated based on the number of days of the Executive’s employment during such fiscal year prior to the Date of Termination, and (ii) the Executive shall vest with respect to a pro-rated portion of any long-term equity incentive grants
outstanding on the Date of Termination that are subject to service-based and/or performance-based vesting, based on the number of days the Executive was employed by the Company during any applicable service or performance periods prior to the Date
of Termination. Payments required under the preceding sentence shall be made at the same time and is the same form as would be the case if the Executive’s employment had not terminated due to death or Disability. 

5. Additional Limitation. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Severance
Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions shall apply: 
 (i) If the Severance Payments, reduced by the sum of (A) the Excise Tax and (B) the total of the Federal, state, and local income and employment taxes payable by the Executive on the amount of
the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, the Executive shall be entitled to the full benefits payable under this Agreement. 

(ii) If the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance
Payments reduced by the sum of (A) the Excise Tax and (B) the total of the Federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the Threshold Amount, then the Severance
Payments shall be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance Payments shall be reduced in the following order: (A) cash
payments not subject to Section 409A of the Code; (B) cash payments subject to Section 409A of the Code; (C) equity-based payments and acceleration; and (D) non-cash forms of benefits. To the extent any payment is to be made
over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. 
 (b) For the
purposes of this Section 5, “Threshold Amount” shall mean three times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar
($1.00); and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax. 

(c) The determination as to which of the alternative provisions of Section 5(a) shall apply to the Executive shall be made by a
nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations 

  
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both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For
purposes of determining which of the alternative provisions of Section 5(a) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the
calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

6. Section 409A. 
 (a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines
that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the
Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the
Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any
such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision,
and the balance of the installments shall be payable in accordance with their original schedule. 
 (b) All in-kind benefits
provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one
taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 (c) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred
compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s
“separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

  
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 (d) The parties intend that this Agreement will be administered in accordance with
Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order
to preserve the payments and benefits provided hereunder without additional cost to either party. 
 (e) The Company makes no
representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section. 
 7. Noncompetition; Nonsolicitation; Non-Disparagement. 

(a) Noncompetition. The Company shall be entitled to enjoin the employment of the Executive with any competitor of the Company
and/or the Bank for a period of 12 months following the Executive’s Date of Termination for any reason (the “Restricted Period”), except to the extent that such employment is authorized by the Board, acting in its sole and absolute
discretion, in a written instrument issued after the Effective Date that refers expressly to this Section 7(a). During the Restricted Period, even if the Executive is allowed to be employed with a competitor, he shall not misuse proprietary and
confidential information of the Company and/or the Bank for the benefit of such significant competitor. 
 It is the desire and
intent of the Parties that the provisions of this Section 7(a) shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
portion of this Section 7(a) shall be adjudicated to be invalid or unenforceable, such invalidation shall apply only with respect to the operation of this Section 7(a) in the particular jurisdiction in which such adjudication is made. If
the Executive violates Section 7(a) during the portion of the Restricted Period that follows the termination of the Executive’s employment, the running of the Restricted Period for the purpose of Section 7(a) shall be extended by the
period in which he is in violation. 
 (b) Nonsolicitation. Without limiting the foregoing provisions of this
Section 7, during the term of the Executive’s employment with the Company and the Bank, and for the Restricted Period, the Executive will not directly or indirectly: 

(i) solicit or accept for employment or employ any person then, or within the prior 12 months, employed by the Company
and/or the Bank, or request, influence or advise any person who is employed by or is in the service of the Company and/or the Bank to leave such employment or service of the Company; or 

(ii) influence or advise any business that is or may be competitive with the business of the Company and/or the Bank to
employ or otherwise engage the services of any person who is employed by or is in the service of the Company and/or the Bank; or 

  
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 (iii) solicit or accept any customer of the Company and/or the Bank or
request, induce or advise any customer of the Company and/or the Bank to withdraw, curtail, diminish, terminate or cancel their business with the Company. 
 For purposes of this Section 7(b), a business is or may be “competitive” with the Company and/or the Bank if such business is engaged in banking, investment management, financial planning,
trust administration or the related financial services. The Executive acknowledges that he can continue to actively pursue his career and earn sufficient compensation without breaching any of the foregoing restrictions. The period covered by this
Section 7(b) is represented and agreed to be fair, reasonable and necessary. If the Executive violates this Section 7(b) during the portion of the Restricted Period that follows the termination of the Executive’s employment, the
12-month period of prohibited solicitation activities shall restart upon any such violation. 
 (c) Non-Disparagement.
The Executive agrees that the Executive shall not, and the Company agrees that the Company shall not (and shall use reasonable efforts to cause its directors and officers to not), directly or indirectly, in public or in private, disparage,
deprecate, impugn or otherwise make any remarks or statements that might tend to, or be construed to tend to, criticize or disparage the Executive or cause harm to the Company and/or the Bank, their business, or their reputation, or the reputations
of any of their officers, directors and employees, and shall not assist or encourage any other person, firm or entity to do so. 

(d) Equitable Relief. The Executive acknowledges that any breach by him of any provisions of this Section 7 will cause the
Company to suffer irreparable damages for which the remedy at law will be inadequate, and that an injunction may be entered against the Executive by any court having jurisdiction, restraining the Executive from breaching any of the provisions of
this Agreement or continuing the breach of any such provisions. Resort to such equitable relief, however, shall not be construed to be a waiver by the Company of any other rights or remedies that it may have to damages or otherwise. 

8. Confidential Information. 
 (a) Confidential Information. During the term of the Executive’s employment with the Company and thereafter, the Executive shall keep secret and retain in strictest confidence, and will not
disclose, without the prior written consent of the Company, any “Confidential Information,” which term includes, but is not limited to, any information relating to the business or affairs of the Company and/or the Bank including but not
limited to financial statements, business plans, personnel, operations, technology, customer lists and identities, potential customers, employees, servicing methods, strategies, analysis, profit margins or other proprietary information in connection
with the Company and/or the Bank; provided, however, that Confidential Information shall not include any information which is in the public domain or becomes known in the industry through no wrongful act on the Executive’s part. The Executive
agrees and acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Company and the Bank. 
 (b) Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, 

  
 11 

 
including, without limitation, any depositor list, shareholder list, client list, drawing, blueprint, specification or other document of the Company, its subsidiaries (including the Bank),
affiliates and divisions, which are furnished to the Executive by the Company or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of the Company. The Executive will return to the
Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The Executive will
not retain any such material or property or any copies thereof after such termination. 
 (c) Equitable Remedies. The
Parties recognize that the Company will have no adequate remedy at law for breach by the Executive of the covenants provided in this Section 8 and, in the event of any such breach, the Company and the Executive hereby agree that the Company
shall be entitled to a decree of specific performance or other appropriate remedy to enforce performance of such covenant(s). 

9. Third Party Agreements; Cooperation. 
 (a) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any
way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the
Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive
will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous employment or other party. 
 (b) Litigation and
Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with the Company and/or the Bank in the defense or prosecution of any claims or actions now in existence or which may be brought in the
future against or on behalf of the Company and/or the Bank which relate to events or occurrences that transpired while the Executive was employed by the Company and/or the Bank. The Executive’s full cooperation in connection with such claims or
actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company and/or the Bank at mutually convenient times. During and after the Executive’s
employment, the Executive also shall cooperate fully with the Company and/or the Bank in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or
occurrences that transpired while the Executive was employed by the Company and/or the Bank. In the event such cooperation requires more than a nominal amount of the Executive’s time following the termination of his employment with the Company
and the Bank, the Executive shall be compensated for his time at a per diem rate based on his Bonus Eligible Base Salary in effect immediately prior to his termination of employment with the Company and the Bank. The Company shall reimburse the
Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 9(b). 

  
 12 

 10. Compliance with EESA; TARP Waiver Agreement. The Executive acknowledges and
understands that (a) the Company was a participant in the Capital Purchase Program, developed pursuant to the United States Department of Treasury’s Troubled Asset Relief Program (“TARP”) under the Emergency Economic
Stabilization Act of 2008 (“EESA”), (b) under the EESA, as amended by the American Recovery and Reinvestment Act of 2009, and as clarified and expanded through an Interim Final Rule published June 15, 2009, certain executive
compensation restrictions and prohibitions have been imposed on all TARP participants, including the Company; and (c) such restrictions and limitations applied or may continue to apply to the Executive and/or the Executive’s compensation.
In light of the foregoing, the Executive hereby affirms his agreements under that certain letter agreement dated as of April 5, 2010 between the Company, the Bank and the Executive. 

11. Clawback. Anything in this Agreement to the contrary notwithstanding, any bonus or other incentive compensation paid or
awarded to the Executive, or accrued by the Company (or any of its subsidiaries, including the Bank) on behalf of the Executive, shall be subject to recovery or “clawback” by the Company if such payments, awards or accruals were based on
materially inaccurate financial statements or any other materially inaccurate performance metric criteria, as determined by the Board in good faith or by any applicable Governmental or regulatory agency; provided that no bonus or other incentive
compensation shall be subject to such clawback more than two years (or such shorter period of time provided in the plan or arrangement under which such bonus or incentive compensation was paid or awarded) after such bonus or other incentive
compensation was paid or awarded to the Executive. The Executive agrees to cooperate with the Company in order to effect any clawback of compensation required by this Section 11, or that may otherwise be required by any applicable law.

 12. Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach
thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest
extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in
accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Company
and/or the Bank may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may
be entered in any court having jurisdiction thereof. This Section 12 shall be specifically enforceable. Notwithstanding the foregoing, this Section 12 shall not preclude either party from pursuing a court action for the sole purpose of
obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 12. 

  
 13 

 13. Consent to Jurisdiction. To the extent that any court action is permitted
consistent with or to enforce Section 12 of this Agreement, the Parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts.
Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of
court, or otherwise) with respect to personal jurisdiction or service of process. 
 14. Integration. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including, without limitation, the Change in Control Protection
Agreement, dated December 1, 2003 between the Executive and the Bank, as amended. 
 15. Withholding. All payments
made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 
 16. Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees,
devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the
Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation). 
 17. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal
or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be
affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 18. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the
terms contained herein. 
 19. Waiver. No waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or
obligation or be deemed a waiver of any subsequent breach. 
 20. Notices. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

  
 14 

 21. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a duly authorized representative of the Company. 
 22. Governing Law. This is a
Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes
concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

23. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall
be taken to be an original; but such counterparts shall together constitute one and the same document. 
 24. Successor to
Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this
Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material
breach of this Agreement. 
 25. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be
considered as including the feminine gender unless the context clearly indicates otherwise. 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year
first above written. 
  

			
	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
		
	By:	 	 /s/ Clayton G. Deutsch

	Name:	 	Clayton G. Deutsch
	Title:	 	President and CEO
	
	EXECUTIVE
	
	 /s/ Mark D. Thompson

	Mark D. ThompsonForm of Management Retention Agreement for Senior Vice Presidents

 Exhibit 10.67 
 WILLIAMS-SONOMA, INC. 
 MANAGEMENT RETENTION AGREEMENT 

This Management Retention Agreement (the “Agreement”) is made and entered into by and between
                     (the “Executive”) and Williams-Sonoma, Inc. (the “Company”), effective as of the last date signed
below (the “Effective Date”). 
 RECITALS 

A.        It is expected that the Company from time to time will consider the
possibility of an acquisition by another company or other change of control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to the Executive and can cause the Executive to
consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as defined herein) of the Company. 
 B.        The Board believes that it is in the best interests of the Company and its stockholders to provide the Executive with an incentive to continue their
employment and to motivate the Executive to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. 
 C.        The Board believes that it is imperative to provide the Executive with severance benefits upon certain terminations of employment following a Change of
Control. These benefits will provide the Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control. 

D.        Certain capitalized terms used in the Agreement are defined in
Section 5 below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 1.        Term of Agreement.  This Agreement will
commence on the Effective Date and will remain in effect for two years following the Effective Date; provided, however that the term of this Agreement shall automatically be extended for one year following the two-year anniversary of the Effective
Date unless either party notifies the other in writing or by e-mail that the term shall not be extended, with such notice provided at least six months prior to the third anniversary of the Effective Date; provided, further, that if prior to the
expiration of the term of this Agreement, the Company enters into a definitive agreement (a “Definitive Agreement”) with a third party (or third parties), the consummation of which would result in a Change of Control (as defined in

 
this Agreement), then the term of this Agreement shall automatically be extended to eighteen months following the resulting Change of Control, unless the Definitive Agreement terminates or is
cancelled without resulting in a Change of Control, in which case such extension shall not be effective. Moreover, Sections 3 and 8 of this Agreement shall survive the lapse of the term of this Agreement and shall be binding on both parties with
respect to any termination of Executive’s employment triggering severance benefits under Section 3 that occurs prior to the lapsing of the term of this Agreement. 

2.        At-Will Employment.   The Company and the Executive
acknowledge that the Executive’s employment is and shall continue to be at-will, as defined under applicable law. If the Executive’s employment terminates for any reason, the Executive shall not be entitled to any payments, benefits,
damages, awards or compensation other than as provided under this Agreement, any outstanding written employment agreement or offer letter by and between Executive and the Company, or as may otherwise be available in accordance with the
Company’s established employee plans. 
 3.        Severance
Benefits. 
 (a)        Involuntary Termination Other than for
Cause, Voluntary Termination for Good Reason Within 18 Months On or Following a Change of Control.  If within the period commencing on a Change of Control and ending eighteen (18) months following the Change of Control, the
Executive’s employment with the Company (i) is terminated involuntarily by the Company without Cause (as defined in this Agreement), or (ii) voluntarily by Executive for Good Reason (as defined in this Agreement), then subject to
Executive signing and not revoking a release of claims in favor of the Company substantially in the form attached as Exhibit A to this Agreement (a “Release”), the Company shall provide severance pay and benefits, subject to certain
conditions, as follows: 
 (i)        Severance
Payment.  The Executive shall be entitled to receive a cash severance payment equal to one hundred percent of the Executive’s annual base salary (as in effect immediately prior to (A) the Change of Control, or (B) the
Executive’s termination, whichever is greater) plus, if Executive has a triggering termination in 2010, an amount equal to one hundred percent of the annual bonus received in the last twelve (12) months; if Executive has a triggering
termination in 2011, an amount equal to one hundred percent of the average annual bonus received in the last twenty-four (24) months; if Executive has a triggering termination in 2012 or later, an amount equal to one hundred percent of the
average annual bonus received in the last thirty-six (36) months. Such cash severance payment shall be paid out ratably over twelve (12) months from the date of employment termination in accordance with the payroll schedule applicable to
active officers of the Company (subject to the timing provisions of Sections 3(b)(viii) and 9 of this Agreement. 
 (ii)        Equity Compensation Acceleration.  One hundred percent (100%) of the Executive’s outstanding stock options, stock
appreciation rights, restricted stock units and other Company equity compensation awards, including performance-based vesting full-value awards where the payout is either a fixed number of shares or

 
zero shares depending on whether the performance metric is obtained, shall immediately become fully vested as to all of the underlying shares. With respect to performance-based vesting full-value
awards in which the performance period has not been completed prior to the Executive’s termination date and where the number of shares earned is variable based upon the extent to which performance milestones are reached (i.e., where the number
of shares earned based upon achieving performance milestones can be more than one positive number), each such award shall vest at the target performance level as to a pro-rata number of shares in an amount equal to (A) the number of shares
subject to the award that would have vested at target performance levels (had any additional service-based vesting requirements been met) multiplied by (B) a fraction, with the numerator being the number of months that have elapsed from the
start of the award’s performance period (with partial months rounded up to a whole month) through and including Executive’s termination date and the denominator being the number of full months in the award’s performance period (with
such fraction not to exceed the whole number one). Any Company stock options and stock appreciation rights shall thereafter remain exercisable following the Executive’s employment termination for the period prescribed in the respective option
and stock appreciation right agreements. 
 (iii)        Continued
Employee Benefits.  In lieu of continued employee benefits (other than as statutorily required, such as COBRA continuation coverage as required by law), Executive shall receive payments of three thousand dollars ($3,000) per month for
twelve months from the date of employment termination in accordance with the payroll schedule applicable to active officers of the Company (subject to the timing provisions of Sections 3(b)(viii) and 9 of this Agreement. 

(b)        Voluntary Resignation Other than for Good Reason, Termination for
Cause; Termination due to Death or Disability.   If the Executive’s employment with the Company terminates (i) voluntarily by the Executive other than for Good Reason, or (ii) for Cause by the Company, or
(iii) pursuant to Executive’s death or Disability, then the Executive shall not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance and
benefits plans and practices or pursuant to other written agreements with the Company. 

(i)        Termination Outside of Change of Control.  In the
event the Executive’s employment is terminated for any reason, either prior to a Change of Control or more than eighteen (18) months after a Change of Control, then the Executive shall be entitled to receive severance benefits only as
provided under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (ii)        Termination On or Within 18 Months Following a Change of Control.  In the event Executive’s employment terminates on or within
eighteen (18) months following a Change of Control, Executive shall only receive severance payments and benefits under this Agreement and not pursuant to the Company’s then existing severance and benefits plans and practices or pursuant to
other written agreements with the Company. 

 (iii)        Non-Solicitation;
Confidential Information.  Notwithstanding the foregoing, the Company’s obligation to provide severance payments and benefits under this Section 3 is expressly conditioned upon Executive’s ongoing compliance with the
confidential information and non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on the date of Executive’s termination of employment. In the event Executive breaches the terms of the confidential
information and non-solicitation provisions Corporate Code of Conduct as in effect on such date, the Company’s obligations under this Section 3 shall automatically terminate, without any notice to Executive. 

(iv)        No Mitigation.  The Executive shall not be required
to mitigate the amount of any severance payments or benefits provided for under this Agreement by seeking other employment nor shall any amounts to be received by the Executive under this Agreement be reduced by any other compensation earned.

 (v)        Tax Withholding.  The Company shall be
entitled to withhold from any payments made to Executive under this Section 3 any amounts required to be withheld by applicable federal, state or local tax law. 

(vi)        Non-Competition, Non-Solicitation; Confidential
Information.  If at any time during the period commencing on Executive’s employment termination date and ending twelve (12) months later, Executive accepts other employment or a professional relationship with a competitor of
the Company (defined as either (i) another company primarily engaged in retail sales of products for the home or (ii) any retailer with retail products for the home sales in excess of one hundred million dollars ($100,000,000) annually),
or if Executive breaches Executive’s remaining obligations to the Company (e.g., the duty to protect confidential information and intellectual property and the duties not to solicit under the Company’s Corporate Code of Conduct), then the
Company’s obligations under this Section 3 will cease such that Executive will not be entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against Executive as specified in
Section 8(b) hereof. 

(vii)        Non-Disparagement.  While employed by the Company
and for a period of twenty-four (24) months commencing on the date upon which Executive’s employment terminates, (i) Executive agrees not to make any statements that disparage the Company, its products, services, officers, employees,
members of its Board, advisers or other business contacts, and (ii) the Company agrees that members of its Board and the Company’s officers holding a title of Executive Vice President or above shall not make any statements that disparage
Executive. Executive acknowledges and agrees that upon Executive breaching this non-disparagement provision on or after the date upon which Executive’s employment terminates then the Company’s obligations under this Section 3 will
cease such that Executive will not be entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against Executive as specified in Section 8(b) hereof. 

(viii)        Release of Claims.  Receipt
of the severance payments and benefits specified in this Section 3 shall be contingent on Executive’s execution of the Release, and the lapse of any statutory period for revocation, and such Release becoming effective in accordance with
its terms within fifty-two (52) days following Executive’s termination date. Any severance payment to which Executive otherwise would have been entitled during such fifty-two (52) day period shall be paid by the Company in cash and in
full arrears on the fifty-third (53d) day following
Executive’s employment termination date or such later date as is required to avoid the imposition of additional taxes under Internal Revenue Section 409A (“Section 409A”). 

4.        Code Section 280G Best Results.  If any payment
or benefit Executive would receive pursuant to this Agreement or otherwise, including accelerated vesting of any equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment
shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to
and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in
Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute
payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed on the latest
date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of stock awards shall be cancelled/reduced next and in the reverse order of the date of grant for such
stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value awards reversed before any stock option or stock appreciation rights are reduced; and (C) employee benefits shall be reduced last
and in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. 

The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and
perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed
supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the
Company or Executive. Any good faith determinations of the 

 
accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 
 5.        Definition of Terms.  The following terms referred to in this Agreement shall have the following meanings: 

(a)        Cause.  “Cause” shall (i) an act of
dishonesty made by Executive in connection with Executive’s responsibilities as an employee, (ii) Executive’s conviction of or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other
act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of
nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company or breach of the Company’s Corporate Code of
Conduct; or (vi) Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of performance from the Chief Executive Officer which specifically sets forth the factual basis for
the Chief Executive Officer’s belief that Executive has not substantially performed Executive’s duties and has failed to cure such non-performance to the Chief Executive Officer’s satisfaction within 30 days after receiving such
notice. 
 (b)        Change of Control.  “Change
of Control” means the occurrence of any of the following events: 

(i)        A change in the ownership of the Company which occurs on the date
that any one person, or more than one person acting as a group, (“Person”) acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the
stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be
considered a Change in Control; or 
 (ii)        A change in the
effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the
Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to effectively control the Company, the acquisition of additional control of the Company by the same Person will not be considered
a Change in Control; or 
 (iii)        A change in the ownership of a
substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the
Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this
subsection (iii), the following will not constitute a change in the 

 
ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or
(B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting
power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of
the total value or voting power of which is owned, directly or indirectly, by a Person. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets. 
 For purposes of this
Section 5(b), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction shall not be deemed a Change in Control unless the transaction qualifies as
a change in the ownership of the Company, change in the effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets, each within the meaning of Section 409A. 

(c)        Disability.  “Disability” means Executive
(i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for
a period of not less than three (3) months under an accident and health plan covering Company employees. 

(d)        Good Reason.  “Good Reason” means, without
the Executive’s consent, (i) a reduction in the Executive’s annual base salary (except pursuant to a reduction generally applicable to senior executives of the Company), (ii) a material diminution of Executive’s authority or
responsibilities, (iii) a reduction of Executive’s title, (iv) Executive ceasing to report directly to the Chief Executive Officer of the Company or the entity holding all or substantially all of the Company’s assets following a
Change of Control, or (v) relocation of the Executive to a location more than 50 miles from the Company’s San Francisco, California main office location. In addition, upon any such voluntary termination for Good Reason the Executive must
provide written notice to the Company of the existence of the one or more of the above conditions within 90 days of its initial existence and the Company must be provided with at least 30 days to remedy the condition. 

6.        Assignment.  This Agreement will be binding upon and
inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under
the terms of this Agreement for all 

 
purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or other, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will of the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

7.        Notices.  All notices, requests, demands and other
communications called for under this Agreement shall be in writing and shall be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or
(iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successor at the following addresses, or at such other addresses as the parties may later
designate in writing: 
 If to the Company: 

Williams-Sonoma, Inc. 

3250 Van Ness Avenue 

San Francisco, CA 94109 

Attn: General Counsel 

If to Executive: 

At the last residential address known to the Company 

8.        Mediation. 

(a)        General.  In the event of any claim or controversy
between the parties which the parties are unable to resolve themselves, including any claim arising out of Executive’s employment or the termination of that employment, and including any claim arising out of, connected with, or related to the
formation, interpretation, performance or breach of this Agreement, the complaining party shall promptly send written notice to the other party identifying the matter in dispute and the proposed remedy. Following the giving of such notice, the
parties shall meet and attempt in good faith to resolve the matter. In the event the parties are unable to resolve the matter within 21 calendar days, the parties shall submit the controversy to a mutually-selected mediator and attempt in good faith
to resolve the matter through mediation. 
 (b)        Availability
of Injunctive Relief.  The parties agree that they shall have the right to seek judicial relief in the form of injunctive and/or other equitable relief under the California Arbitration Act, Code of Civil Procedure section 1281.8(b),
including but not limited to relief for threatened or actual misappropriation of trade secrets, violation of this Agreement, the Corporate Code of Conduct or any other agreement regarding trade secrets, confidential information, non-competition,
nonsolicitation, non-disparagement or Labor Code §2870. In the event either party seeks 

 
injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees. 

(c)        Administrative Relief.  Executive understands that
this Agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the
workers’ compensation board. 
 9.        Section 409A.

 (a)        Notwithstanding anything to the contrary in this
Agreement, no Deferred Compensation Separation Benefits payable under this Agreement will be considered due or payable until and unless Executive has a “separation from service” within the meaning of Section 409A. Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s “separation from service” other than due to Executive’s death, then
any severance benefits payable pursuant to this Agreement and any other severance payments or separation benefits, that in each case when considered together may be considered deferred compensation under Section 409A (together, the
“Deferred Compensation Separation Benefits”) and are otherwise due to Executive on or within the six (6) month period following Executive’s “separation from service” will accrue during such six (6) month period and
will instead become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive’s “separation from service.” All subsequent Deferred Compensation Separation Benefits, if any, will
be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations. 
 (b)        Notwithstanding anything to the contrary in
this Agreement, if Executive dies following Executive’s “separation from service” but prior to the six (6) month anniversary of the date of Executive’s “separation from service,” then any Deferred Compensation
Separation Benefits delayed in accordance with this Section will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death, but not later than ninety (90) days after the date of Executive’s
death, and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. 
 (c)        It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the severance payments and benefits to be
provided under this Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition under Section 409A prior to actual payment to Executive. 

 10.        Miscellaneous
Provisions. 
 (a)        Waiver.  No provision of
this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party
of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(b)        Headings.  All captions and section headings used in
this Agreement are for convenient reference only and do not form a part of this Agreement. 

(c)        Entire Agreement.  This Agreement, and other written
agreements relating to the subject matter hereof between Executive and a duly authorized Company officer constitute the entire agreement of the parties hereto and supersede in their entirety all prior representations, understandings, undertakings or
agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof. 
 (d)        Choice of Law.  This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws
provisions). 
 (e)        Severability.  The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(f)        Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have executed this Management Retention Agreement on the respective dates set forth below. 
  

									
		 		 	 Williams-Sonoma, Inc.

					
	 Dated:
	 	                     , 20__
	 		 	 By
	 	 
				
		 		 		 	
				
		 		 		 	
                     
           , an individual

				
		 		 		 	
				
	 Dated:
	 	                     , 20__
	 		 	  

  

 EXHIBIT A 

WILLIAMS-SONOMA, INC. 
 RELEASE OF CLAIMS 
 This Release of Claims (“Agreement”)
is made by and between Williams-Sonoma, Inc. (the “Company”) and                      (“Executive”). 

WHEREAS, Executive has agreed to enter into a release of claims in favor of the Company upon certain events specified in
the management retention agreement by and between Company and Executive (the “Management Retention Agreement”). 
 NOW THEREFORE, in consideration of the mutual promises made in this Agreement, the parties hereby agree as follows: 

1.        Termination.  Executive’s employment from the
Company terminated on                      (the “Termination Date”). 

2.        Confidential Information.  Executive shall continue to
maintain the confidentiality of all confidential and proprietary information of the Company and shall continue to comply with the terms and conditions of the Company’s Code of Corporate Conduct. Executive shall return all the Company property
and confidential and proprietary information in Executive’s possession to the Company on the Effective Date of this Agreement. 
 3.        Payment of Salary.  Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation,
commissions and any and all other benefits due to Executive. 

4.        Release of Claims.  Executive agrees that the
foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company. Executive, on behalf of Executive, and Executive’s respective heirs, family members, executors and assigns, hereby fully and
forever releases the Company and its past, present and future officers, agents, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and successor corporations, and assigns, from,
and agrees not to sue or otherwise institute or cause to be instituted any legal or administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown,
suspected or unsuspected, that Executive may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation, 

(a)        any and all claims relating to or arising from Executive’s
employment relationship with the Company and the termination of that relationship; 

 (b)        any and all claims
relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable
state corporate law, and securities fraud under any state or federal law; 

(c)        any and all claims for wrongful discharge of employment; termination
in violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional
distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery;
invasion of privacy; false imprisonment; and conversion; 

(d)        any and all claims for violation of any federal, state or municipal
statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the
Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, and Labor Code section 201, et seq. and section 970, et seq. and all amendments to
each such Act as well as the regulations issued under each such Act; 

(e)        any and all claims for violation of the federal, or any state,
constitution; 
 (f)        any and all claims arising out of any other
laws and regulations relating to employment or employment discrimination; and 

(g)        any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release does not extend to any severance obligations due Executive under the Management Retention Agreement. Nothing in this Agreement waives Executive’s rights to indemnification or any payments under any
fiduciary insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance. 
 5.        Acknowledgment of Waiver of Claims under ADEA.  Executive acknowledges that Executive is waiving and releasing any rights Executive may
have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims that may
arise under the ADEA after the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled. Executive further
acknowledges that 

 
Executive has been advised by this writing that (a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has at least twenty-one (21) days
within which to consider this Agreement; (c) Executive has seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; (d) this Agreement shall not be effective until the revocation period has
expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs
for doing so, unless specifically authorized by federal law. Any revocation should be in writing and delivered to the Vice-President of Human Resources at the Company by close of business on the seventh day from the date that Executive signs this
Agreement. 
 6.        Civil Code
Section 1542.  Executive represents that Executive is not aware of any claims against the Company other than the claims that are released by this Agreement. Executive acknowledges that Executive has been advised by legal counsel
and is familiar with the provisions of California Civil Code 1542, below, which provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive, being aware of said code section, agrees to
expressly waive any rights Executive may have under such code section, as well as under any statute or common law principles of similar effect. 
 7.        No Pending or Future Lawsuits.  Executive represents that Executive has no lawsuits, claims, or actions pending in Executive’s name,
or on behalf of any other person or entity, against the Company or any other person or entity referred to in this Agreement. Executive also represents that Executive does not intend to bring any claims on Executive’s own behalf or on behalf of
any other person or entity against the Company or any other person or entity referred to herein. 

8.        Application for Employment.  Executive understands and
agrees that, as a condition of this Agreement, Executive shall not be entitled to any employment with the Company, its subsidiaries, or any successor, and Executive hereby waives any right, or alleged right, of employment or re-employment with the
Company. 
 9.        No Cooperation.  Executive agrees
that Executive will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director,
employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so. 

 10.        No Admission of
Liability.  Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of disputed claims. No action taken by the Company, either previously or in connection with this Agreement shall be deemed
or construed to be (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to the Executive or to any third party. 

11.        Costs.  The parties shall each bear their own costs,
expert fees, attorneys’ fees and other fees incurred in connection with this Agreement. 

12.        Authority.  Executive represents and warrants that
Executive has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement. 

13.        No Representations.  Executive represents that
Executive has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party
which are not specifically set forth in this Agreement. 

14.        Severability.  In the event that any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

15.        Entire Agreement.  This Agreement, along with the
Code of Corporate Conduct and Executive’s written equity compensation agreements with the Company, represents the entire agreement and understanding between the Company and Executive concerning Executive’s separation from the Company.

 16.        No Oral Modification.  This Agreement may
only be amended in writing signed by Executive and the Chairman of the Board of Directors of the Company. 

17.        Governing Law.  This Agreement shall be governed by
the internal substantive laws, but not the choice of law rules, of the State of California. 

18.        Effective Date.  This Agreement is effective eight
(8) days after it has been signed by both parties. 

19.        Counterparts.  This Agreement may be executed in
counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

20.        Voluntary Execution of Agreement.  This Agreement is
executed voluntarily and without any duress or undue influence on the part or behalf of the parties to this Agreement, with the full intent of releasing all claims. The parties acknowledge that: 

(a)        They have read this Agreement; 

 (b)        They have been
represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 

(c)        They understand the terms and consequences of this Agreement and of
the releases it contains; 
 (d)        They are fully aware of the
legal and binding effect of this Agreement. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the
respective dates set forth below. 
  

									
		 		 	 Williams-Sonoma, Inc.

					
	 Dated:
	 	                     , 20__
	 		 	 By
	 	 
				
		 		 		 	
				
		 		 		 	
                     
           , an individual

				
		 		 		 	
				
	 Dated:
	 	                     , 20__

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