Enterprise Bank and Trust Company Retention Bonus Agreement with Joseph R. Lussier
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Retention Agreements
Summary
Enterprise Bank and Trust Company has entered into a Retention Bonus Agreement with Joseph R. Lussier, offering a $100,000 cash bonus in recognition of his work. The bonus will be paid in two $50,000 installments: the first by December 31, 2024, and the second within 30 days after the Bank's merger with Rockland Trust Company, provided Mr. Lussier remains employed and in good standing at each payment date. The bonus is not included in any change-in-control or severance calculations. The Bank has sole discretion in interpreting the agreement.
EX-10.1 2 exhibit101-ebtcxretentionb.htm EX-10.1 Document
Exhibit 10.1
ENTERPRISE BANK AND TRUST COMPANY
RETENTION BONUS AGREEMENT
Congratulations! Due to your current hard work, the resulting success of Enterprise Bank and Trust Company (the "Bank"), and your continuing hard work and dedication, the Bank is pleased to announce that you are eligible for a $100,000.00 cash retention bonus pursuant to the terms of this Retention Bonus Agreement (this "Retention Bonus Agreement"). The retention bonus will be paid in two equal installments as follows: (i) the first installment of $50,000 will be paid to you on or prior to December 31, 2024, but only if you remain employed by and in good standing with the Bank through the payment date, and (ii) the second installment of $50,000 will be paid to you within 30 days immediately following the contemplated merger of the Bank into Rockland Trust Company (along with the merger of their respective parent entities, such being the "Merger"), but only if you remain employed by and in good standing with the Bank through consummation of such Merger.
By signing below, you acknowledge (A) the terms of this Retention Bonus Agreement; (B) that the payments contained herein shall be excluded from, and not be incorporated within, any formula calculation under a change-in-control bonus or severance payment agreement by and between you and the Bank, as reasonably determined by the Bank; and (C) that this Retention Bonus Agreement shall be construed and interpreted by the Bank in its sole and reasonable discretion.
ENTERPRISE BANK AND TRUST COMPANY EMPLOYEE
By: /s/ Steven R. Larochelle Print Name: Joseph R. Lussier
Its: CEO Signature: /s/ Joseph R. Lussier
Dated: 12/17/2024 Dated: 12/17/2024