SEC Contract Filing

Filing Date: 2022-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>sal0301form8kexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit 10.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>PERFORMANCE
AWARD</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RESTRICTED STOCK UNITS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Granted by</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>SALISBURY
BANCORP, INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SALISBURY BANCORP, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2017 LONG TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Performance Award
Agreement for Restricted Stock Units (&ldquo;<B>Performance Award</B>&rdquo; or &ldquo;<B>Agreement</B>&rdquo;) is and will be subject
in every respect to the provisions of the 2017 Long Term Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) of Salisbury Bancorp, Inc. (the
&ldquo;<B>Corporation</B>&rdquo;) which are incorporated herein by reference and made a part hereof, subject to the provisions of this
Agreement. A copy of the Plan has been provided or made available to each person granted a Performance Award pursuant to the Plan. The
holder of this Performance Award (the &ldquo;<B>Participant</B>&rdquo;) hereby accepts this Performance Award, subject to all the terms
and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement
by the Compensation Committee of the Board of Directors of the Corporation (&ldquo;<B>Committee</B>&rdquo;) will be final, binding and
conclusive upon the Participant and the Participant&rsquo;s heirs, legal representatives, successors and permitted assigns. Capitalized
terms used herein but not defined will have the same meaning as in the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0pt; text-indent: 40pt"><B>Name of Participant.</B>_________________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 40pt"><B>Date of Grant.</B> _________, 20__.&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 40pt"><B>Tangible Book Value.</B> __________, 20___&#9;$_________
(unaudited)&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40pt; text-indent: 0pt"><B>Target number of shares of Corporation
common stock, $0.10 par value per share, covered by the Performance Award.</B> <U>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(subject to adjustment pursuant to Section 9 hereof).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">4.</TD><TD STYLE="text-align: justify"><B>Restricted Stock Unit.</B></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 37.05pt; text-align: justify">A Restricted Stock Unit is an Award
denominated in shares of Stock, except that no shares of Stock are actually awarded to the Participant on the date of grant. The Restricted
Stock Units will be credited to the Participant&rsquo;s account, subject to the terms of the Plan and this Agreement. A Restricted Stock
Unit will be settled in shares of the Corporation&rsquo;s Stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Performance Goal(s)/Vesting Schedule.</B> Except as otherwise provided in this Agreement, this Performance
Award is earned at the end of the measurement period (sometimes referred to herein as the &ldquo;performance period&rdquo;) based on the
level of achievement of the performance goal(s). The m