Document:

Exhibit

Exhibit 10.1 Employee Stock Purchase Plan
The First, N.A., a national bank with its principal place of business in the town of Damariscotta, County of Lincoln, State of Maine (hereafter referred to as the “Bank”), hereby adopts the following stock purchase plan (the “Plan”) for employees of the Bank (each an “Employee”) and members of the Board of Directors (each a "Director") of the Bank or its parent company, The First Bancorp, Inc. (the “Company”), effective January 28, 2016.
The Plan replaces The First National Bank of Damariscotta Stock Purchase Plan, as amended (the “Old Plan”), which was initially effective February 1, 1987. All shares remaining in the Old Plan will be transferred to the Plan as of the effective date of the Plan.
Purpose
The Plan is intended to advance the interests of the Bank and the Company by providing Employees and Directors with an opportunity to purchase shares of the Company’s common stock directly from the Company (without fees or commissions) and enlarge their proprietary interests in the Company. This is an incentive to work for the success of the Bank and the Company, and to encourage them to remain in the employ of the Bank or to continue to serve on the Board of Directors of the Bank or the Company, as applicable.
Administration
The Plan shall be administered by the Senior HR Officer (the “Administrator”). The Administrator may adopt rules and regulations from time to time for carrying out the Plan. The Administrator shall be accountable to the Board of Directors of the Bank for the operation of the Plan and shall make recommendations to the Board of Directors of the Bank with respect to participation in the Plan by Employees of the Bank and by Directors.
Eligibility
Any Employee who has been in the employment of the Bank for a period of three (3) consecutive calendar months, and any Director, shall be eligible to purchase stock under the Plan while he or she remains an Employee or a Director, as applicable.
Stock
The Company has, as of January 28, 2016, authorized capital stock of 18,000,000 shares of common stock, of which 10,752,421 shares are issued and outstanding. The Company has allocated 250,000 shares of its common stock for the purposes of the Plan.
Tax Considerations
The purchase of stock under this Plan will be subject to no special income tax treatment.
Plan Enrollment
Enrollment forms are available for eligible Employees and Directors through the Human Resources Department.
Method of Payment
Payment for the stock will be by payroll deduction or, in the case of Directors, by withholding of or deduction from Director fee payments. In addition, optional cash payments may be made by eligible Employees or Directors in amounts not to exceed $2,000 per calendar quarter. Employees may also purchase shares of stock utilizing all or part of a Years of Service Award.
Purchase of Shares
Purchases of shares under the Plan shall be effectuated at the NASDAQ Official Closing Price of such shares as of the close of business on the tenth day of each month, or (if not a business day) the business day immediately following. Funds held by the Bank pursuant to payroll deduction, Directors’ fees deduction or withholding, or otherwise for the purchase of shares under the Plan pending such purchases, shall be deposited in a non-interest-bearing checking account with the Bank in the name of the Plan (the "Account"). Dividends paid on shares under the Plan will be deposited into the Account and held in the Account until the next share purchase date for automatic reinvestment. Fractional shares may be purchased or issued under the Plan to allow the entire balance in the Account on the purchase date to be used for the purchase of shares.
Share Purchase Elections and Modifications
Plan participants shall be entitled to elect to purchase shares under the Plan or to terminate or modify an existing election to purchase shares under the Plan through written notice delivered to the Administrator. Such written notice will be effective for the next practical payroll date for Employees and the next Director fee payment for Directors. If a written notice is received during a trading blackout period under the Company’s insider trading policy for Employees and Directors, the notice will not be effective until the first payroll date or first Director fee payment date after the trading blackout period ends.
Ending of Participation
Once an Employee or Director ends his or her service to the Bank and/or the Company, his or her eligibility to participate in the plan will end. Within 45 days of the end of service date, the Employee’s or Director’s Plan shares must be transferred to certificate or book-entry holdings.  Once this transfer is complete, the shares will be eligible for participation (at the option of the former Employee or Director) in the Company’s Dividend Reinvestment Plan.
Reports; Information
The Company shall deliver to each Plan participant, promptly following the end of each calendar quarter, a statement detailing such Plan participant’s Plan activity and balance during such quarter and as of the end of such quarter.  In addition, the Company shall deliver to each Plan participant all information required to be delivered to such Plan participant under Rule 428(b) of the Securities Act of 1933, as amended, and shall deliver to any Plan participant (on request and at no charge) a copy of any document incorporated by reference into the registration statement on Form S-8 filed with the Securities Exchange Commission with respect to the Plan
Termination and Amendment of the Plan
This Plan may be amended by action of the Boards of Directors of the Bank and the Company and will continue in effect until terminated by the Boards of Directors of the Bank and the Company.
Adopted this 28th day of January, 2016, by the Board of Directors of The First, N.A. and the Board of Directors of the First Bancorp, Inc.ex10-1.htm

Exhibit 10.1

 

 

	
 

 

 

 

March 7, 2016

 

VIA ELECTRONIC MAIL

AND FACSIMILE

 

Hampshire Group, Limited

114 West 41st Street

New York, NY 10036

 

Re: Temporary Extension of Forbearance Termination Date/Maturity Date

 

Ladies and Gentlemen:

 

Reference is made to (i) that certain Credit Agreement, dated as of September 26, 2013 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Hampshire Group, Limited, a Delaware corporation, Hampshire Brands, Inc., a Delaware corporation, Hampshire International, LLC, a Delaware limited liability company and Scott James, LLC, a Delaware limited liability company (collectively, the “Borrowers”), Salus CLO 2012-1, LTD. (“Salus CLO”) and Salus Capital Partners, LLC (collectively, the “Lenders”) and Salus Capital Partners, LLC, as Administrative Agent and Collateral Agent for the Lenders (in such capacity, the “Agent”), and (ii) that certain Forbearance Agreement and Fifth Amendment to Credit Agreement, dated as of November 20, 2015 (the “Forbearance Agreement”), by and among the Borrowers, Lenders and Agent. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Credit Agreement or the Forbearance Agreement, as applicable.

 

The Borrowers have informed the Agent and Lenders that they have reached agreement with Accord Capital on a senior credit facility (the “Senior Credit Facility”) and also reached agreement with providers of junior capital on a subordinated credit facility (the “Subordinated Credit Facility”, together with the Senior Credit Facility, collectively, the “New Credit Facilities”). The Borrowers hereby agree, upon Agent’s request, to permit the Agent to discuss the status of the transactions contemplated by the New Credit Facilities with the Accord Capital and/or the junior capital providers.

 

 

 

 

  

Upon the closing of New Credit Facilities, the proceeds and fundings thereunder will be used to pay off in full the Obligations under the Credit Agreement. The Borrowers have informed the Agent and Lenders that they are in the process of negotiating definitive loan documentation for the New Credit Facilities. In order to afford time to finalize the definitive loan documentation under the New Credit Facilities, the Agent and Lenders hereby agree to extend each of the Forbearance Termination Date under the Forbearance Agreement and the Maturity Date under the Credit Agreement from February 29, 2016 to April 4, 2016; provided, however, if the Agent and Lenders are notified by any of the Borrowers, Accord Capital or the providers of junior capital under the Subordinated Credit Facility that the Senior Credit Facility and/or Subordinated Credit Facility will not be completed by such lenders as currently contemplated then, in Agent’s sole discretion, the Forbearance Termination Date and Maturity Date shall be changed to the date of such notification. The Borrowers hereby agree to notify Agent immediately (i) if any of the prospective lenders under the Senior Credit Facility or Subordinated Credit Facility notify the Borrowers that they do not intend to consummate the financings under the Senior Credit Facility or Subordinated Credit Facility, or require any closing conditions not customary for transactions of this type, or (ii) if the management of the Borrowers determine that it is unlikely that the Senior Credit Facility or Subordinated Credit Facility will not close and fund by April 4, 2016.

 

Except as expressly amended hereby, all terms and conditions of the Forbearance Agreement and Credit Agreement, and any and all exhibits annexed thereto and all other writings submitted by the Borrowers to the Agent and Lenders pursuant thereto, shall remain unchanged and in full force and effect.

 

In consideration of the agreement of the Agent and Lenders hereunder, the Borrowers hereby agree to pay to the Agent, for the ratable benefit of the Lenders, an accommodation fee in the amount of $50,000, which fee is deemed fully earned and due and payable as of the date of this Letter Agreement; provided, however, that if the Obligations are paid in full on or before March 25, 2016 in accordance with the terms of a payoff letter provided by the Agent, the Agent and Lenders hereby agree to credit $25,000 of such accommodation fee towards the payoff amount of the Obligations.

 

The Borrowers hereby acknowledge and reaffirm their obligations under the Loan Documents, in each case as amended, restated, supplemented or otherwise modified prior to or as of the date hereof. The Borrowers hereby confirm the security interests and liens granted by the Borrowers to the Agent, in and to the Collateral in accordance with the Credit Agreement and other Loan Documents as security for the Obligations.

 

 

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EACH BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE AGENT OR LENDERS. EACH BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT, EACH LENDER, THEIR AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, ASSERTED OR UNASSERTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS LETTER AGREEMENT IS EXECUTED, WHICH SUCH BORROWER MAY NOW OR HEREAFTER (WHETHER OR NOT PRESENTLY SUSPECTED, CONTEMPLATED OR ANTICIPATED) HAS AGAINST AGENT, ANY LENDER, AND THEIR AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS LETTER AGREEMENT.

 

Kindly acknowledge your acknowledgment and agreement to the foregoing by signing and returning a copy of this Letter Agreement to the attention of the undersigned. Thank you.

 

 

[Signature Page Follows]

 

 

3

 

 

	
 
	
Very truly yours,
	
 

	 	 	 
	 	SALUS CLO 2012-1, LTD.	 
	 	as a Lender	 
	
 
	
 
	
 
	
 

	
 
	
By:
	
Salus Capital Partners II, LLC,
	
 

	 	Its:	Collateral Manager	 
	 	 	 	 
	 	 	 	 
	
 
	
By: 
	
/s/ Kyle Shonak
	
 

	
 
	
 
	
Name: Kyle Shonak
	
 

	
 
	
 
	
Title: President
	
 

	 	 	 	 
	 	 	 	 
	 	SALUS CAPITAL PARTNERS, LLC	 
	 	as a Lender, Administrative Agent	 
	 	and Collateral Agent	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Kyle Shonak 	 
	 	 	Name: Kyle Shonak	 
	 	 	Title: President	 

 

 

 

Letter Agreement Re:  Temporary Extension of Forbearance Termination Date

 

 

	Acknowledged and Agreed:
	 
	HAMPSHIRE GROUP, LIMITED
	as Lead Borrower
	 
	
By: /s/ William Drozdowski

	
Name: William Drozdowski

	
Title:  Interim CFO

	  
	HAMPSHIRE BRANDS, INC.
	as a Borrower

 

	
By: /s/ William Drozdowski

	
Name: William Drozdowski

	
Title:  Interim CFO

 

	HAMPSHIRE INTERNATIONAL, LLC
	as a Borrower
	 
	
By: /s/ William Drozdowski

	
Name: William Drozdowski

	
Title:  Interim CFO

 

	SCOTT JAMES, LLC
	as a Borrower
	 
	
By: /s/ William Drozdowski

	
Name: William Drozdowski

	
Title:  Interim CFO

 

 

 

Letter Agreement Re:  Temporary Extension of Forbearance Termination Date

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