Document:

EX-10.1

 Exhibit 10.1 

NINTH AMENDMENT 

TO LOAN AND SECURITY AGREEMENT 

THIS NINTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) entered into as of this 22 day of
December, 2020 is by and among MANITEX INTERNATIONAL, INC., a Michigan corporation (“Manitex International”), MANITEX, INC., a Texas corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation
(“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois
corporation (“Crane and Machinery Leasing”), and MANITEX, LLC, a Delaware limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, and Crane and
Machinery Leasing, collectively, the “Borrowers”), CIBC BANK, USA, formerly known as The PrivateBank and Trust Company (in its individual capacity, “CIBC Bank”), as administrative agent and sole lead arranger (in
such capacity, “Administrative Agent”), and the lenders party thereto (the “Lenders”). 
 W I
T N E S S E T H: 
 WHEREAS, Administrative Agent, Lenders, and
Borrowers are party to that certain Loan and Security Agreement dated as of July 20, 2016, as amended by that certain First Amendment to Loan and Security Agreement dated as of August 4, 2016, that certain Consent and Second Amendment to
Loan and Security Agreement dated as of September 30, 2016, that certain Third Amendment to Loan and Security Agreement dated as of November 8, 2016, that certain Fourth Amendment to Loan and Security Agreement dated as of
February 10, 2017, that certain Fifth Amendment to Loan and Security Agreement dated as of April 26, 2017, that certain Sixth Amendment to Loan and Security Agreement dated as of March 9, 2018, that certain Seventh Amendment to Loan
and Security Agreement dated as of July 23, 2018 and that certain Eighth Amendment to Loan and Security Agreement dated as of September 30, 2019 (as amended hereby and as the same may be from time to time further amended, supplemented or
otherwise modified, the “Agreement”); and 
 WHEREAS, Administrative Agent, Lenders and Borrowers desire to
enter into this Amendment to, among other items, (i) add a minimum LIBOR Rate, (ii) modify certain financial covenants, and (iii) otherwise amend the Agreement in accordance with the terms herein. 

NOW, THEREFORE, for and in consideration of the premises and mutual agreements herein contained and for the purposes of
setting forth the terms and conditions of this Amendment, the parties, intending to be bound, hereby agree as follows: 

Section 1        Incorporation of the Agreement.   All
capitalized terms which are not defined hereunder shall have the same meanings as set forth in the Agreement, and the Agreement, to the extent not inconsistent with this Amendment, is incorporated herein by this reference as though the same were set
forth in its entirety. To the extent any terms and provisions of the Agreement are inconsistent with the amendments set forth in Section 2 below, such terms and provisions shall be deemed superseded hereby. Except as
specifically set forth herein, the Agreement shall remain in full force and effect and its provisions shall be binding on the parties hereto. 

 Section 2        Amendment
of the Agreement. 
 (a)       The definition of the term “Fixed Charge
Coverage Ratio” is hereby added to Section 1.1 of the Agreement to read as follows: 

Fixed Charge Coverage Ratio means the ratio of (i) EBITDA minus all unfinanced Capital Expenditures during
the applicable period to (ii) Fixed Charges for the applicable period. 

(b)       The definitions of the terms “Benchmark Replacement”,
“EBITDA”, “Fixed Charges”, and “LIBOR Rate” appearing in Section 1.1 of the Agreement are hereby amended and restated to read as follows: 

Benchmark Replacement means the sum of: (a) the alternative benchmark rate (which may include Term SOFR) that has
been selected by Administrative Agent in its reasonable discretion giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for U.S. dollar-denominated credit facilities and (b) the Benchmark Replacement Adjustment, provided,
Administrative Agent shall provide Borrower with notice of such selection provided that, if the Benchmark Replacement as so determined would be less than 0.50%, the Benchmark Replacement will be deemed to be 0.50% for the purposes of this Agreement.

 EBITDA shall mean, without duplication, with respect to any period, Borrowers’ (i) net income after Taxes
for such period (excluding any after-tax gains or losses on the sale of assets (other than the sale of Inventory in the ordinary course of business), other after-tax
extraordinary gains or losses and any gain incurred in connection with the forgiveness of any “paycheck protection program” loan incurred under the under the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) and the Interim
Final Rule set forth in 13 C.F.R. §120 – Business Loans), plus (ii) Interest Expense (whether paid or accrued), plus (iii) income tax expense (whether paid or accrued), plus (iv) depreciation,
plus (v) amortization (including goodwill, debt issuance costs and impairment of intangibles), plus (vi) upon approval by Administrative Agent, any other non-cash charges or gains which
have been added or subtracted in calculating net income after Taxes for such period (including stock-based compensation), plus (vii) upon approval by Administrative Agent, any extraordinary cash charges and expenses (including
discontinuations of product lines, legal settlements, plant closings, sales of Subsidiaries and other cash charges and expenses, but specifically excluding charges relating to trade shows or other recurring expenses) not to exceed $500,000 in the
aggregate per quarter. 
 Fixed Charges shall mean for any period, without duplication, (i) all scheduled
payments of principal paid in cash during the applicable period with respect to all indebtedness of Borrowers and their consolidated subsidiaries for borrowed money (excluding all principal payments made on indebtedness on the Closing Date), plus
(ii) all scheduled payments of principal paid in cash during the applicable period 

  
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with respect to all Capital Lease obligations of Borrowers and their consolidated subsidiaries paid in cash, plus (iii) all scheduled payments of interest paid in cash during the
applicable period with respect to all indebtedness of Borrowers and their consolidated subsidiaries for borrowed money including Capital Lease obligations, plus (iv) all dividends or other distributions by Manitex to equityholders of
Manitex during the applicable period, plus (v) payments during the applicable period paid in cash in respect of income or franchise taxes of Borrowers and their consolidated subsidiaries. Notwithstanding the foregoing, Fixed Charges for
the Computation Periods ended September 30, 2020, December 31, 2020 and March 31, 2021 shall be calculated at seventy-five percent (75%) of Fixed Charges for such trailing twelve (12) month period. 

LIBOR Rate shall mean a rate of interest equal to (i) the per annum rate of interest at which United States
dollar deposits for a period equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period (or three
(3) Business Days prior to the commencement of such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding Business Day), as displayed in the Bloomberg Financial Markets
system (or other authoritative source selected by Administrative Agent in its sole discretion), divided by (ii) a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by
member banks of the Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D), or as LIBOR is otherwise determined by Administrative Agent in its sole and
absolute discretion. The LIBOR Rate shall remain fixed during such Interest Period. Notwithstanding anything herein to the contrary, if at any time LIBOR Rate is below 0.50%, the LIBOR Rate shall be deemed to be 0.50%. The Administrative
Agent’s determination of the LIBOR Rate shall be conclusive, absent manifest error. 

(c)       Section 9.7 of the Agreement is hereby amended and restated to read as
follows: 
 9.7   Other Information.   Promptly following request therefor by Administrative
Agent, such other business or financial data, reports, appraisals and projections as Administrative Agent may reasonably request. Notwithstanding the foregoing, in the absence of any Event of Default, the Administrative Agent may not require more
than one (1) inventory appraisal annually. 
 (d)       Section 13.12 of the
Agreement is hereby amended and restated to read as follows: 
 13.12    Subordinated Debt/Other
Debt.  No Loan Party shall, nor shall it permit any other Loan Party, to (a) make any payment (whether for principal, interest or other amounts), redemption, prepayment, defeasance or repurchase of any Subordinated Debt, except in
accordance with the applicable Subordination Agreement with respect to such Subordinated Debt, or (b) amend or otherwise modify, or waive any rights under, any terms or provisions of any Subordinated Debt, except that such terms and provisions
may be amended solely to the extent permitted under any 

  
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subordination agreement relating to the Subordinated Debt Documents. Notwithstanding the foregoing, the Borrowers may make additional payments on the Investor Subordinated Note and the Terex
Subordinated Note provided no Default or Event of Default exists before or after giving effect to such payment. 

(e)       Section 14.1 of the Agreement is hereby amended and restated to read as
follows: 
 14.1    Fixed Charge Coverage Ratio. If, as of the end of any applicable period set
forth below, Borrowers have (x) less than $15,000,000 of Adjusted Excess Availability and (y) $5,000,000 or more in outstanding Revolving Loans, then Borrowers shall not permit the Fixed Charge Coverage Ratio to be less than the ratio for such
period set forth below, all as determined for the Borrowers and their consolidated Subsidiaries: 
  

							
	 Period
	  	Fixed Charge
Coverage Ratio	  	    	 
			
	Period ended September 30, 2020 (calculated for 3 quarterly periods ended December 31, 2019, March 31, 2020 and September 30, 2020; it being understood and agreed that the quarterly
results for the quarter ended June 30, 2020 shall be excluded)	  	1.10:1.0	  			
			
	Period ended December 31, 2020 (calculated for 3 quarterly periods ended March 31, 2020, September 30, 2020 and December 31, 2020; it being understood and agreed that the quarterly
results for the quarter ended June 30, 2020 shall be excluded)	  	1.10:1.0	  			
			
	Period ended March 31, 2021 (calculated for 3 quarterly periods ended September 30, 2020, December 31, 2020 and March 31, 2021; it being understood and agreed that the quarterly
results for the quarter ended June 30, 2020 shall be excluded)	  	1.10:1.0	  			
			
	Twelve (12) month period ended June 30, 2021, and each Computation Period ended thereafter	  	1.10:1.0	  			

 (a)      Section 14.2 of the Agreement is hereby
amended and restated to read as follows: 
 14.2    EBITDA. If, as of the end of any period set
forth below, Borrowers have Adjusted Excess Availability of $5,000,000 or less, then Borrowers shall not permit EBITDA to be less than the amount set forth below for such period: 

  
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	 Period Ended
	  	EBITDA	  	 	 
			
	Three (3) month period ended March 31, 2021	  	$500,000	  			
	Six (6) month period ended June 30, 2021	  	$1,000,000	  			
	Nine (9) month period ended September 30, 2021	  	$1,500,000	  			
	Twelve months ended December 31, 2021 and each quarterly Computation Period ended thereafter	  	$1,500,000	  			

 (b)       Section 14.3 of the
Agreement is hereby deleted. 
 Section 3        Delivery of Documents.
 The following documents and other items shall be delivered concurrently with this Amendment: 

  (i)       this Amendment; 

  (ii)      such other documents and certificates as Administrative
Agent shall reasonably request; and 
   (iii)     payment of an
amendment fee of $50,000, which amount shall be fully earned, payable and non-refundable as of the date hereof. 

Section 4        Representations, Covenants and Warranties; No Default.
Borrowers hereby represent and warrant to Administrative Agent as of the date hereof as follows: 

(a)       The execution and delivery of this Amendment and the performance by Borrowers of
their obligations hereunder are within Borrowers’ powers and authority, have been duly authorized by all necessary corporate action and do not and will not contravene or conflict with the organizational documents of Borrowers; 

(b)       The Agreement (as amended by this Amendment) and the other Loan Documents
constitute legal, valid and binding obligations enforceable in accordance with their terms by Administrative Agent against Borrowers, and Borrowers expressly reaffirm and confirm each of their obligations under the Agreement (as amended by this
Amendment) and each of the other Loan Documents. Borrowers further expressly acknowledge and agree that Administrative Agent has a valid, duly perfected, first priority and fully enforceable security interest in and lien against each item of
Collateral except as otherwise set forth in the Agreement. Borrowers agree that they shall not dispute the validity or enforceability of the Agreement (as it was stated before and after this Amendment) or any of the other Loan Documents or any of
its respective obligations thereunder, or the validity, priority, enforceability or extent of Administrative Agent’s security interest in or lien against any item of Collateral, in any judicial, administrative or other proceeding; 

(c)        No consent, order, qualification, validation, license, approval or
authorization of, or filing, recording, registration or declaration with, or other action in respect of, any governmental body, authority, bureau or agency or other Person is required in connection with the execution, delivery or performance of, or
the legality, validity, binding effect or enforceability of, this Amendment; 

  
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 (d)        The execution, delivery
and performance of this Amendment by Borrowers does not and will not violate any law, governmental regulation, judgment, order or decree applicable to Borrowers and does not and will not violate the provisions of, or constitute a default or any
event of default under, or result in the creation of any security interest or lien upon any property of Borrowers pursuant to, any indenture, mortgage, instrument, contract, agreement or other undertaking to which any Borrower is a party or is
subject or by which any Borrower or any of its real or personal property may be bound; and 

(e)        The representations, covenants and warranties set forth in
Section 11 of the Agreement shall be deemed remade as of the date hereof by Borrowers, except that any and all references to the Agreement in such representations and warranties shall be deemed to include this Amendment. No
Event of Default has occurred and is continuing and no event has occurred and is continuing which, with the lapse of time, the giving of notice, or both, would constitute such an Event of Default under the Agreement. 

Section 5        Fees and Expenses.   The Borrowers agree to pay
on demand all costs and expenses of or incurred by Administrative Agent, including, but not limited to, legal fees and expenses, in connection with the evaluation, negotiation, preparation, execution and delivery of this Amendment. 

Section 6        Effectuation.   The amendments to the Agreement
contemplated by this Amendment shall be deemed effective immediately upon the full execution of this Amendment and without any further action required by the parties hereto. There are no conditions precedent or subsequent to the effectiveness of
this Amendment. 
 Section 7        Counterparts.   This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. A facsimile or other electronic signature to this Amendment shall be deemed an
original signature hereunder. 
 [SIGNATURE PAGES FOLLOW] 

  
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 Signature Page to Ninth Amendment to Loan and Security Agreement 

 

  
 IN
WITNESS WHEREOF, the parties hereto have duly executed this Ninth Amendment to Loan and Security Agreement as of the date first above written. 
  

							
	 BORROWERS:
	 	
                    
	 	MANITEX INTERNATIONAL, INC., a Michigan corporation
		 		 	MANITEX SABRE, INC., a Michigan corporation
		 		 	CRANE AND MACHINERY, INC., an Illinois corporation
		 		 	CRANE AND MACHINERY LEASING, INC., an
Illinois corporation
			
		 		 	By:   /s/ David
Langevin                                
		 		 	Name:   David Langevin
		 		 	Title:     Executive Chairman
			
		 		 	MANITEX, INC., a Texas corporation
		 		 	BADGER EQUIPMENT COMPANY, a Minnesota corporation
		 		 	MANITEX, LLC, a Delaware limited liability company
			
		 		 	By:   /s/ David
Langevin                                
		 		 	Name:   David Langevin
		 		 	Title:     President

 Signature Page to Ninth Amendment to Loan and Security Agreement 

 

  
  

							
	 ADMINISTRATIVE AGENT

AND LENDER:
	 	
                       
     
	 	CIBC BANK, USA, as Administrative Agent
and a Lender
			
		 		 	By:  /s/ Todd
Bernier                                      
		 		 	        	 	  Todd Bernier, Managing Directorcatc-ex101_6.htm

 

EX:  10.1

CONSULTING AGREEMENT

This CONSULTING AGREEMENT (the “Agreement”), dated as of December 21, 2020, is made and entered into by and among Cambridge Bancorp, a Massachusetts state-chartered, federally registered bank holding company (the “Company”) and Mark Thompson (“Consultant”) (each herein referred to individually as a “Party,” or collectively as the “Parties”).

WHEREAS, the Company desires to retain Consultant as an independent contractor following his retirement to perform consulting services for the Company, and Consultant is willing to perform such services, on the terms described herein. 

NOW, THEREFORE, in consideration of the mutual promises made herein, the Parties hereby agree as follows: 

1.Services and Compensation

a.Consultant shall perform the services described in Exhibit A, which is attached to this Agreement and made a part hereof (the “Services”), for the Company, and the Company agrees to pay (or caused to be paid to) Consultant the compensation described in Exhibit A for Consultant’s performance of the Services.  Each payment is conditioned on satisfactory progress and completion of all Services to the reasonable and good faith satisfaction of the Company.

b.Consultant shall perform the Services to the best of Consultant’s ability and in a diligent, timely, professional, and workmanlike manner, in accordance with applicable law and performance standards generally prevailing in the industry.  Consultant represents and warrants that Consultant has the professional expertise needed to perform the Services.

c.The Parties acknowledge and agree that Consultant’s fulfillment of obligations to the Company will not require Consultant’s full business time and, in all cases, will be less than 20% of Consultant’s average level of services performed as an employee of the Company Group during the previous 36 months.  In the time that Consultant is not providing the Services to the Company, Consultant may accept other employment or engagements and may participate in any other activities; provided, however, that such other employment, engagements, or activities: (i) do not violate this Agreement; (ii) do not materially interfere or conflict with Consultant’s ability or commitment to perform the Services; (iii) are not otherwise injurious to the reputation of the Company or any of its direct or indirect parents, subsidiaries, affiliates, or related entities (together, the “Company Group”); and (iv) do not violate any contractual commitments by Consultant to the Company Group, including any restrictive covenants. 

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EX:  10.1

2.Confidentiality. 

a.Definition of Confidential Information. “Confidential Information” means any information defined as “Proprietary Information” in each Employee Proprietary Information and Restrictive Covenants Agreement entered into between Consultant and Cambridge Trust Company (the “Confidentiality Agreements”).

b.Nonuse and Nondisclosure. Without limiting Consultant’s continuing obligations under the Confidentiality Agreements or any other restrictive covenants owed by Consultant to the Company Group, including non-disclosure, non-competition, non-solicitation, and similar commitments, Consultant agrees that during and after the term of this Agreement, Consultant will hold in the strictest confidence, and take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential Information, and will not (i) use Confidential Information for any purpose whatsoever other than for the benefit of the Company Group in the course of providing the Services, or (ii) disclose the Confidential Information to any third party without the prior written authorization of the Company. Consultant agrees that Consultant obtains no title to any Confidential Information, and that as between Company and Consultant, Confidential Information is property of the Company. 

c.Notwithstanding anything in this Agreement, Consultant may disclose, without violating the terms of this Agreement, Confidential Information that Consultant is specifically required by court order, subpoena, or applicable law to disclose, but agrees to immediately inform the Company upon having a duty to disclose, to cooperate with the Company in obtaining a protective order or other confidentiality protection, and to disclose only that portion of Confidential Information that is legally required to be disclosed.  Consultant further understands and acknowledges that nothing in this Agreement or any other agreement or policy prohibits Consultant from reporting possible violations of law to any governmental agency or entity or self-regulatory organization, cooperating with any such governmental agency or entity or self-regulatory organization in connection with any such possible violation, or making other disclosures or taking other actions that are protected under law.

d.In accordance with the Defend Trade Secrets Act of 2016, Consultant understands that Consultant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.

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EX:  10.1

3.Return of Company Materials and Inventions

Upon the termination of this Agreement, or upon the Company’s earlier request, Consultant will immediately deliver to the Company, and will not keep in Consultant’s possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited to, Confidential Information, all devices and equipment belonging to the Company, all electronically-stored information and passwords to access such property, and any reproductions of any of the foregoing items that Consultant may have in Consultant’s possession or control. 

4.Term and Termination

a.Term. The term of this Agreement will begin on January 1, 2021 (the “Effective Date”) and will continue until December 31, 2021 (the “End Date”), unless terminated earlier as provided in Section 4.b, or unless mutually extended in a writing signed by the Parties (hereinafter, the “Term”).  Consultant agrees to use Consultant’s reasonable efforts to provide for a proper transition and wind-down of Consultant’s activities hereunder in connection with any termination of this Agreement for any reason.

b.Termination.  

(1)Consultant may terminate this Agreement, at any time and for any reason, upon giving the Company thirty (30) days’ prior written notice of such termination pursuant to Section 6.g of this Agreement.  

(2)The Company may terminate this Agreement immediately and without prior notice (i) if Consultant is unable to perform the Services due to death or disability or (ii) due to Cause.  Upon termination under this Section 4.b(2), the Company shall not be obligated to pay Consultant any additional amounts. 

(3)The Company may also terminate this Agreement, at any time other than for Cause, upon giving Consultant thirty (30) days’ prior written notice of such termination pursuant to Section 6.g of this Agreement.  Upon termination under this Section 4.b(3), the Company shall continue to provide payment to Consultant as if he had continued providing services under this Agreement through the End Date.

c.Definition of Cause. “Cause” means, as determined by the Board of Directors of the Company (the “Board”), (i) Consultant’s willful failure or refusal  to perform to the reasonable satisfaction of the Board a substantial portion of the Services, which failure or refusal, in the reasonable judgment of the Board, continues for, or is not cured within, a period of ten (10) days after written notice given to Consultant by the Board, (ii) Consultant’s willful misconduct relating to the Company Group that is or foreseeably could be materially injurious to the Company Group, monetarily or otherwise, (iii) Consultant’s fraud, or material dishonesty 

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EX:  10.1

relating to the Company Group, (iv) Consultant’s conviction of (or plea of nolo contendere to) a felony or any crime involving moral turpitude, or (v) Consultant’s material breach of this Agreement or any term of any restrictive covenants between Consultant and the Company Group, which breach, if curable, is not cured to the reasonable satisfaction of the Board within a period of ten (10) days after written notice given to Consultant by the Board.

5.Independent Contractor; Benefits

a.Independent Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an independent contractor to the Company, and all of the terms and conditions of this Agreement shall be interpreted in light of that relationship.  Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent, employee, partner, joint venture, or representative of the Company Group.  Consultant shall have sole and exclusive control over the manner and means of performing the Services and shall complete the Services in accordance with Consultant’s own means and methods of work.  Without limiting the generality of the foregoing, Consultant is not authorized to bind the Company or any other member of the Company Group to any liability or obligation or to represent that Consultant has any such authority.  Except where expressly agreed to by the Company, Consultant agrees to furnish (or reimburse the Company for) all tools, materials, and facilities necessary to accomplish this Agreement and shall incur all expenses associated with performance.

b.Benefits. The Company and Consultant agree that Consultant will be ineligible to participate in, and will receive no, Company-sponsored or other benefits from the Company Group by virtue of this Agreement, including but not limited to vacation, sick leave, medical insurance, or pension or retirement savings.  Consultant will be solely responsible for obtaining the Consultant’s own benefit plan coverage and insurance.  Without limiting the foregoing, Consultant is not entitled to any compensation or benefits from the Company Group by virtue of this Agreement, other than what is expressly set forth in this Agreement.  For the avoidance of doubt, however, Consultant shall be entitled to any vested benefits or rights he has pursuant to the terms of any benefit or compensation plans, programs, policies or agreements of the Company Group.

c.Taxes. Consultant will be solely responsible for and pay all taxes under any applicable law in connection with payments to Consultant made in connection with this Agreement.  Consultant hereby accepts exclusive liability for the payment of all taxes or contributions for employment/unemployment insurance, pensions, annuities or other payments which are measured by payments to Consultant for the performance of the Services.  Consultant agrees to comply with all applicable law respecting the assumption of liability for such taxes and contributions.  Consultant agrees fully to defend, indemnify, and hold harmless the Company Group from the payment of taxes, interest, penalties, or contributions which are required by any government agency at any time as the result of payment of the amounts set forth in this Agreement or which the Company Group may otherwise be compelled to pay.  Notwithstanding anything 

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EX:  10.1

herein to the contrary, the Company Group may deduct or withhold any such tax obligations from any payment of any kind due to Consultant to the extent the Company Group determines that such deduction or withholding is required by applicable law.  The Company makes no representations whatsoever to Consultant regarding the tax consequences associated with this Agreement.

6.Miscellaneous

a.Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of the Commonwealth of Massachusetts, without regard to the conflicts of law provisions of any jurisdiction. To the extent that a claim arising under or relating to this Agreement is made, Consultant hereby consents to the exclusive jurisdiction and venue of the state and federal courts with jurisdiction over Boston, Massachusetts.

b.Assignability. This Agreement will be binding upon and inure to the benefit of Consultant’s heirs, executors, assigns, administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.  There are no intended third-party beneficiaries to this Agreement, except as expressly stated.  Except as may otherwise be provided in this Agreement, Consultant may not assign, delegate, or transfer any rights or obligations under this Agreement, and any such attempted assignment, delegation, or transfer shall be null and void. Notwithstanding anything to the contrary herein, Company may assign this Agreement and its rights and obligations under this Agreement to another member of the Company Group or any successor to all or substantially all of Company’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or stock, change of control, or otherwise.  Consultant may not subcontract any obligation to be performed or owed under this Agreement without the prior written consent of the Company.  Consent by the Company to any subcontract will not be deemed to create a contractual relationship between the Company and the subcontracting party or assignee, and Consultant remains responsible for performance of the Services required by this Agreement. 

c.Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter herein and supersedes all prior written and oral agreements, discussions, or representations between the Parties as to the same subject matter.  For the avoidance of doubt, this Agreement does not supersede any restrictive covenants owed by Consultant to the Company Group, including non-disclosure, non-competition, non-solicitation, and similar commitments, or Consultant’s vested rights or benefits pursuant to the terms of any benefit or compensation plans, programs, policies or agreements of the Company Group.  Consultant represents and warrants that Consultant is not relying on any statement or representation not contained in this Agreement.  

d.Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.

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EX:  10.1

e.Severability and Reformation. If any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad, it shall be construed by limiting and reducing it to be enforceable to the maximum extent compatible with applicable law.  In case any one or more of the provisions, subsections, or sentences contained in this Agreement shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

f.Modification, Waiver. No modification of or amendment to this Agreement, including Exhibit A hereto, nor any waiver of any rights under this Agreement, will be effective unless in a writing signed by the Parties.  Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or subsequent breach.

g.Notices. Any notice or other communication required or permitted by this Agreement to be given to a Party shall be in writing and shall be deemed given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by email, or (iii) if mailed by U.S. registered or certified mail (return receipt requested), to the Party at the Party’s address written below or at such other address as the Party may have previously specified by like notice. If by mail, delivery shall be deemed effective three business days after mailing in accordance with this Section 6.g.

(1)If to the Company, to: Chief Executive Officer 1336 Massachusetts Ave, Cambridge MA 02138. 

(2)If to Consultant, to the address for notice on the signature page to this Agreement or, if no such address is provided within the Agreement, to the last address provided by Consultant to the Company.

Notice of change of address shall be effective only when done in writing and sent in accordance with the provisions of this Section.

h.Signatures. This Agreement may be signed in two counterparts, each of which shall be deemed an original, with the same force and effectiveness as though executed in a single document.

[Signature Page Follows]

 

 

 

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EX:  10.1

 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written above.

 

				
	
CONSULTANT

 
	
 
	
CAMBRIDGE BANCORP

 

	
By: /s/ Mark Thompson 

 

Name: Mark Thompson

 
	
 
	
By: /s/ Pilar Pueyo

 

Name: Pilar Pueyo   

 

Title: SVP & Human Resources Director

 

	
 

Consultant Address for Notice: 

_______________________________________

 

_______________________________________

 

Email:__________________________________

 
	
 

	
 
	
 

 

Signature Page to Consulting Agreement

   

  

  

   

 

EX:  10.1

 

EXHIBIT A

SERVICES

1.Services.  Consultant will:

A.Assist the Company Group in transition of his duties in connection with his separation from employment. This service shall include, but not be limited to, assistance with the transition of the Company’s relationships, including customer, vendor, and representative relationships.  Consultant shall perform these duties only if and when requested by the Company’s Chief Executive Officer.

B.Serve as the Chairman of the Company’s Advisory Board.  This service shall include, but not be limited to, responsibility for planning, organizing, and leading at least three (3) meetings of the Company’s Advisory Board during the 2021 calendar year.

C.Serve as an effective ambassador of the Company Group brand and provide advocacy for the  Company Group as appropriate and where requested by the Company within the regions and communities where the Company Group currently operates.

D.Provide advisory services to the Company’s Chief Executive Officer, as requested by the Company’s Chief Executive Officer.

E.When presented with, or encountering, a potential client of the Company Group, Consultant shall make every attempt to refer the potential client to the Company Group. 

2.Compensation. Consultant shall be compensated as follows:

A.The Company shall pay (or cause to be paid to) Consultant during the Term consulting fees of $35,000 per month, payable in arrears as of the end of each calendar month.

B.Additionally, if the Term ends on the End Date without having been terminated earlier pursuant to Section 4.b(1) or 4.b(2)(including the definition of “Cause” under Section 4.c), then, subject to Consultant signing and not revoking a termination agreement and general release of claims, in a form to be provided by the Company, within thirty (30) days of the End Date, Consultant shall be eligible to receive an additional amount of $45,000 that shall be paid or caused to be paid by the Company within thirty (30) days of the effectiveness of such release.

C.If the Term ends before the End Date, except as provided in Section 4.b(3), Consultant is not entitled to any amount under Section 2.B; however, Consultant may invoice the Company for a pro rata portion of the consulting fees for the calendar month of termination under Section 2.A.

   

  

  

   

 

EX:  10.1

D.In addition, with respect to Consultant’s outstanding Company equity incentive awards subject solely to time-based vesting provisions (the “Time-Based Awards”), notwithstanding the terms and conditions of the Company’s 2017 Equity and Cash Incentive Plan and the award agreements and other documents governing the Time-Based Awards (the “Time-Based Award Documentation”), Consultant shall receive service credit for vesting purposes under such Time-Based Award Documentation as if Consultant had continued in applicable service through January 31, 2021, with the remaining unvested Time-Based Awards lapsing as of the Effective Date.

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