SMALL BUSINESS LENDING FUND – SECURITIES PURCHASE AGREEMENTSecurities Purchase Agreement • March 13th, 2015 • Provident Bancorp, Inc. • New York
THIS SECURITIES PURCHASE AGREEMENT (the “Agreement”) is made as of the Effective Date set forth above (the “Signing Date”) between the Secretary of the Treasury (“Treasury”) and the Company named above (the “Company”), an entity existing under the laws of the Jurisdiction of Organization stated above in the Organizational Form stated above. The Company has elected to participate in Treasury’s Small Business Lending Fund program (“SBLF”). This Agreement contains the terms and conditions on which the Company intends to issue preferred stock to Treasury, which Treasury will purchase using SBLF funds.
EMPLOYMENT AGREEMENTEmployment Agreement • March 13th, 2015 • Provident Bancorp, Inc. • Massachusetts
This Employment Agreement (the “Agreement”) is made as of the 1st day of January, 2015 (the “Effective Date”), by and between The Provident Bank, a state-chartered savings bank organized and existing under the laws of the Commonwealth of Massachusetts (the “Bank”), and Carol L. Houle of Salem, New Hampshire (the “Executive”). References in this Agreement to the “Company” are to Provident Bancorp, Inc., the holding company of the Bank.
AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENTSupplemental Executive Retirement Agreement • March 13th, 2015 • Provident Bancorp, Inc. • Massachusetts
This Agreement, made and entered into as of 21st of February, 2015 by and between THE PROVIDENT BANK, a state-chartered savings bank organized and existing under the laws of The Commonwealth of Massachusetts (the “Bank”), Provident Bancorp, Inc. (the “Company”), Provident Bancorp (the “MHC”) and DAVID P. MANSFIELD, a key employee and executive of the Bank (the “Executive”), amends and restates in its entirety the Supplemental Executive Retirement Agreement originally dated as of December 27, 2002, and restated as of June 17, 2004, December 10, 2007, and December 8, 2010, and as subsequently amended as of December 14, 2011, and June 24, 2013.
RP® FINANCIAL, LC.Provident Bancorp, Inc. • March 13th, 2015
This letter sets forth the agreement between The Provident Bank, Amesbury, Massachusetts (the “Bank”), the wholly-owned subsidiary of Provident Bancorp, Inc. (collectively, the “Company”), which in turn is the subsidiary of Provident Bancorp, the mutual holding company, (the “MHC”), and RP® Financial, LC. (“RP Financial”), whereby RP Financial will provide the independent appraisal services in conjunction with the minority stock offering by the Company. The scope, timing and fee structure for these appraisal services are described below.
