----

----

|   | a. | The      term of this Agreement, as amended and restated, shall be (i) the initial      term, consisting of the period commencing on the Effective Date and ending      on the second anniversary of the Effective Date, plus (ii) any and all      extensions of the initial term made pursuant to this Section 3. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | No      later than October 1, 2008, and continuing on each anniversary thereafter,      the disinterested members of the boards of directors of the Bank and the      Company may extend the Agreement an additional year (as of the anniversary      date of the Effective Date) such that the remaining term of the Agreement      shall be twenty-four (24) months, unless Executive elects not to extend      the term of this Agreement by giving written notice in accordance with      Section 19 of this Agreement. The Boards of Directors of the Bank and the      Company will review the Agreement and Executive’s performance annually      prior to each anniversary date for purposes of determining whether to      extend the Agreement and the rationale and results thereof shall be      included in the minutes of the meetings of the Boards of      Directors.  The Boards of Directors shall give notice to      Executive as soon as possible after such review as to whether the      Agreement is to be extended. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | The      Company and the Bank agree to pay Executive a base salary at the rate of      $171,393 per year, payable in accordance with customary payroll practices. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | The      Boards of Directors shall review annually the rate of Executive’s base      salary based upon factors they deem relevant, and may maintain or increase      his base salary, provided that no such action shall reduce the rate of      base salary below the rate in effect on the Effective Date. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | In      the absence of action by the Boards of Directors, Executive shall continue      to receive his base salary at the annual rate specified on the Effective      Date or, if another rate has been established under the provisions of this      Section 4, the rate last properly established by action of the Boards of      Directors under the provisions of this Section 4. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7. | Vacation and      Leave. |
|--------|----|--------------------------|

|   | a. | Executive      shall be entitled to vacations and other leave in accordance with the      Bank’s policy for senior executives, or otherwise as approved by the Board      of Directors of the Bank. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In      addition to paid vacations and other leave, Executive shall be entitled,      without loss of pay, to absent himself voluntarily from the performance of      his employment for such additional periods of time and for such valid and      legitimate reasons as the Board of Directors of the Bank may, in its      discretion, determine. Further, the Boards of Directors may grant to      Executive a leave or leaves of absence, with or without pay, at such time      or times and upon such terms and conditions as the Boards of Directors in      its discretion may determine. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | During      the term of this Agreement, Executive: (i) shall devote all his time,      attention, skill, and efforts to the faithful performance of his duties      hereunder; provided, however, that from time to time, Executive may serve      on the boards of directors of, and hold any other offices or positions in,      companies or organizations which will not present any conflict of interest      with the Company and the Bank or any of their subsidiaries or affiliates,      unfavorably affect the performance of Executive’s duties pursuant to this      Agreement, or violate any applicable statute or regulation and (ii) shall      not engage in any business or activity contrary to the business affairs or      interests of the Company and the Bank. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | b. | Nothing      contained in this Agreement shall prevent or limit Executive’s right to      invest in the capital stock or other securities of any business dissimilar      from that of the Company and the Bank, or, solely as a passive, minority      investor, in any business. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Executive      agrees to maintain the confidentiality of any and all information      concerning the operation or financial status of the Company and the Bank;      the names or addresses of any of its borrowers, depositors and other      customers; any information concerning or obtained from such customers; and      any other information concerning the Company and the Bank to which he may      be exposed during the course of his employment. Executive further agrees      that, unless required by law or specifically permitted by the Board of      Directors of the Bank in writing, he will not disclose to any person or      entity, either during or subsequent to his employment, any of the      above-mentioned information which is not generally known to the public,      nor shall he employ such information in any way other than for the benefit      of the Company and the Bank. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Death.  Executive’s      employment under this Agreement shall terminate upon his death during the      term of this Agreement, in which event Executive’s estate shall be      entitled to receive the compensation due to Executive through the last day      of the calendar month in which his death occurred. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | The      Boards of Directors or Executive may terminate Executive’s employment      after having determined Executive has a Disability.  For      purposes of this Agreement, “Disability” means Executive is unable to      engage in any substantial gainful activity by reason of any medically      determinable physical or mental impairment that can be expected to result      in death or can be expected to last for a continuous period of not less      than twelve (12) months.  The Board of Directors of the Bank      shall determine whether or not Executive is and continues to be      permanently disabled for purposes of this Agreement in good faith, based      upon competent medical advice and other factors that they reasonably      believe to be relevant.  As a condition to any benefits, the      Board may require Executive to submit to such physical or mental      evaluations and tests as it deems reasonably appropriate. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | In      the event of such Disability, Executive’s obligation to perform services      under this Agreement will terminate.  The Bank or the Company      will pay Executive, as Disability pay, seventy-five percent (75%) of      Executive’s annual base salary in effect as of the date of his termination      of employment due to Disability.  Disability payments will be      made in equal installments on |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | c. | Termination for      Cause. |
|--------|----|-----------------------------|

|   | i. | The      Boards of Directors may, by written notice to Executive in the form and      manner specified in this paragraph, immediately terminate his employment      at any time for “Cause.”  Executive shall have no right to      receive compensation or other benefits for any period after termination      for Cause except for vested benefits.  Termination for Cause      shall mean termination because of, in the good faith determination of the      Boards of Directors, Executive’s: |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Personal      dishonesty; |
|--------|-----|---------------------------|

|   | (2) | Incompetence; |
|--------|-----|---------------|

|   | (3) | Willful      misconduct; |
|--------|-----|--------------------------|

|   | (4) | Breach      of fiduciary duty involving personal profit; |
|--------|-----|----------------------------------------------------------|

|   | (5) | Intentional      failure to perform stated duties under this Agreement; |
|--------|-----|-------------------------------------------------------------------------|

|   | (6) | Willful      violation of any law, rule or regulation (other than traffic violations or      similar offenses) that reflects adversely on the reputation of the Company      and the Bank, any felony conviction, any violation of law involving moral      turpitude, or any violation of a final cease-and-desist order; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Material      breach by Executive of any provision of this Agreement. |
|--------|-----|-----------------------------------------------------------------------|

|   | ii. | Notwithstanding      the foregoing, Executive shall not be deemed to have been terminated for      Cause by the Company and the Bank unless there shall have been delivered      to Executive a copy of a resolution duly adopted by the |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | d. | Voluntary Termination      by Executive.  In addition to his other rights to      terminate under this Agreement, Executive may voluntarily terminate      employment during the term of this Agreement upon at least sixty (60) days      prior written notice to the Boards of Directors, in which case Executive      shall receive only his compensation, vested rights and employee benefits      up to the date of his termination. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | Without Cause or With      Good Reason. |
|--------|----|-----------------------------------------|

|   | i. | In      addition to termination pursuant to Sections 11(a) through 11(d), the      Boards of Directors may, by written notice to Executive, immediately      terminate his employment at any time for a reason other than Cause (a      termination “Without Cause”) and Executive may, by written notice to the      Boards of Directors, immediately terminate this Agreement at any time      within ninety (90) days following an event constituting “Good Reason,” as      defined below (a termination “With Good Reason”). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Subject      to Section 12 of this Agreement, in the event of termination under this      Section 11(e), Executive shall be entitled to receive the value of his      base salary for the remaining term of the Agreement plus the value of all      benefits he would have received during the remaining term of the Agreement      under any retirement programs (whether tax-qualified or non-qualified) in      which Executive participated prior to his termination (with the amount of      the benefits determined by reference to the benefits received by Executive      or accrued on his behalf under such programs during the twelve (12) months      preceding his termination). Executive shall receive this payment in a      single lump sum within ten (10) days of his termination of employment. In      addition, Executive and his dependents will continue to participate in any      benefit plans of the Company and the Bank that provide health (including      medical and dental), life or disability insurance, or similar coverage,      upon terms no less favorable than the most favorable terms provided to      senior executives of the Company and the Bank during the remaining term of      the Agreement. In the event that the Company and the Bank are unable to      provide such coverage because Executive is no longer an employee, the      Company and the Bank shall provide Executive with comparable coverage on      an individual policy basis. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | “Good      Reason” shall exist if, without Executive’s express written consent, the      Company or the Bank materially breach any of their respective |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (1) | A      material reduction in Executive’s responsibilities or authority in      connection with his employment with the Company or the Bank; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Assignment      to Executive of duties of a non-executive nature or duties for which he is      not reasonably equipped by his skills and experience; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Failure      of Executive to be nominated or renominated to the Boards of Directors of      the Company or the Bank; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (4) | A      material reduction in salary or benefits contrary to the terms of this      Agreement, or, following a Change in Control as defined in Section 12 of      this Agreement, any material reduction in salary or benefits below the      amounts to which Executive was entitled prior to the Change in Control; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Termination      of incentive and benefit plans, programs or arrangements, or reduction of      Executive’s participation to such an extent as to materially reduce their      aggregate value below their aggregate value as of the Effective Date; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | A      relocation of Executive’s principal business office by more than thirty      (30) miles from its current location; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Liquidation      or dissolution of the Company or the Bank. |
|--------|-----|-------------------------------------------------------------|

|   | iv. | Notwithstanding      the foregoing, a reduction or elimination of Executive’s benefits under      one or more benefit plans maintained by the Company or the Bank as part of      a good faith, overall reduction or elimination of such plans or benefits      thereunder applicable to all participants in a manner that does not      discriminate against Executive (except as such discrimination may be      necessary to comply with law) shall not constitute an event of Good Reason      or a material breach of this Agreement, provided that benefits of the same      type or to the same general extent as those offered under such plans are      not available to other officers of the Company and the Bank, or any      company that controls either of them, under a plan or plans in or under      which Executive is not entitled to participate subsequent to such      reduction or elimination of benefits. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | v. | Upon      the occurrence of any event described in clauses (iii) (1) through (6),      above, Executive shall have the right to elect to terminate his employment      under this Agreement by resignation upon sixty (60) days prior written      notice given within a reasonable period of time not to exceed ninety (90)      days after |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | vi. | The      parties to this Agreement intend for the payments to satisfy the      short-term deferral exception under Section 409A of the Code or, in the      case of health and welfare benefits, not constitute deferred compensation      (since such amounts are not taxable to Executive). However,      notwithstanding anything to the contrary in this Agreement, to the extent      payments do not meet the short-term deferral exception of Section 409A of      the Code and, in the event Executive is a “Specified Employee” (as defined      herein) no payment shall be made to Executive under this Agreement prior      to the first day of the seventh month following the Event of Termination      in excess of the “permitted amount” under Section 409A of the      Code.  For these purposes the “permitted amount” shall be an      amount that does not exceed two times the lesser of: (A) the sum of      Executive’s annualized compensation based upon the annual rate of pay for      services provided to the Company for the calendar year preceding the year      in which Executive has an Event of Termination, or (B) the maximum amount      that may be taken into account under a tax-qualified plan pursuant to      Section 401(a)(17) of the Code for the calendar year in which occurs the      Event of Termination.  The payment of the “permitted amount”      shall be made within sixty (60) days of the occurrence of the Event of      Termination.  Any payment in excess of the permitted amount      shall be made to Executive on the first day of the seventh month following      the Event of Termination.  “Specified Employee” shall be      interpreted to comply with Section 409A of the Code and shall mean a key      employee within the meaning of Section 416(i) of the Code (without regard      to paragraph 5 thereof), but an individual shall be a “Specified Employee”      only if the Company is a publicly-traded institution or the subsidiary of      a publicly-traded holding company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Continuing Covenant      Not to Compete or Interfere with      Relationships.  Regardless of anything herein to the      contrary, following a termination by the Company and the Bank or Executive      pursuant to Section 11(e): |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | Executive’s      obligations under Section 10(b) of this Agreement will continue in effect;      and |
|--------|----|------------------------------------------------------------------------------------------------------------|

----

|   | ii. | During      the period ending on the first anniversary of such termination, Executive      shall not serve as an officer, director or employee of any bank holding      company, bank, savings bank, savings and loan holding company, or mortgage      company (any of which is referred to herein as a “Financial Institution”)      which Financial Institution offers products or services competing with      those offered by the Bank from any office within fifty (50) miles from the      main office or any branch of the Bank and shall not interfere with the      relationship of the Company and the Bank and any of its employees, agents,      or representatives; provided, however, that this clause ii shall not apply      or otherwise restrict Executive if the Company and the Bank have not      renewed the term of the Agreement pursuant to Section 3(b) and Executive      terminates employment at a time when the remaining term of Agreement is      one year or less. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | For      purposes of this Agreement, a “Change in Control” means any of the      following events: |
|--------|----|----------------------------------------------------------------------------------------------------------------|

|   | i. | Merger:  The      Company merges into or consolidates with another corporation, or merges      another corporation into the Company, and as a result less than a majority      of the combined voting power of the resulting corporation immediately      after the merger or consolidation is held by persons who were stockholders      of the Company immediately before the merger or consolidation. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Acquisition of      Significant Share Ownership:  There is filed, or required      to be filed, a report on Schedule 13D or another form or schedule (other      than Schedule 13G) required under Sections 13(d) or 14(d) of the      Securities Exchange Act of 1934, if the schedule discloses that the filing      person or persons acting in concert has or have become the beneficial      owner of 25% or more of a class of the Company’s voting securities, but      this clause (b) shall not apply to beneficial ownership of Company voting      shares held in a fiduciary capacity by an entity of which the Company      directly or indirectly beneficially owns 50% or more of its outstanding      voting securities. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | Change in Board      Composition:  During any period of two consecutive years,      individuals who constitute the Company’s Board of Directors at the      beginning of the two-year period cease for any reason to constitute at      least a majority of the Company’s Board of Directors; provided, however,      that for purposes of this clause (iii), each director who is first elected      by the board (or first nominated by the board for election by the      stockholders) by a vote of at least two-thirds (2/3) of the directors who      were directors at the beginning of |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | iv. | Sale of      Assets:  The Company sells to a third party all or      substantially all of its assets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | b. | Termination.  If      within the period ending three (3) years after a Change in Control, (i)      the Company and the Bank shall terminate Executive’s employment      Without  Cause, or (ii) Executive voluntarily terminates his      employment With Good Reason, the Company and the Bank shall, within ten      calendar days of the termination of Executive’s employment, make a      lump-sum cash payment to him equal to three (3) times Executive’s average      Annual Compensation over the five (5) most recently completed calendar      years ending with the year immediately preceding the effective date of the      Change in Control.  In determining Executive’s average Annual      Compensation, “Annual Compensation” shall include base salary and any      other taxable income, including, but not limited to, amounts related to      the granting, vesting or exercise of restricted stock or stock option      awards, commissions, bonuses (whether paid or accrued for the applicable      period), as well as, retirement benefits, director or committee fees and      fringe benefits paid or to be paid to Executive or paid for Executive’s      benefit during any such year, profit sharing, employee stock ownership      plan and other retirement contributions or benefits, including to any      tax-qualified plan or arrangement (whether or not taxable) made or accrued      on behalf of Executive for such year. The cash payment      made under this Section 12(b) shall be made in lieu of any payment also      required under Section 11(e) of this Agreement because of a termination in      such period.  Executive’s rights under Section 11(e) are not      otherwise affected by this Section 12.  Also, in such event,      Executive shall, for a thirty-six (36) month period following his      termination of employment, receive the benefits he would have received      over such thirty-six (36) month period under any retirement programs      (whether tax-qualified or nonqualified) in which Executive participated      prior to his termination (with the amount of the benefits determined by      reference to the benefits received by Executive or accrued on his behalf      under such programs during the twelve (12) months preceding the Change in      Control) and continue to participate in any benefit plans of the Company      and the Bank that provide health (including medical and dental), life or      disability insurance, or similar coverage upon terms no less favorable      than the most favorable terms provided to senior executives of the Bank      during such period.  In the event that the Company and the Bank      are unable to provide such coverage because Executive is no longer an      employee, the Company and the Bank shall provide Executive with comparable      coverage under an individual policy.  The parties to this      Agreement intend for the |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | c. | The      provisions of Section 12 and Sections 14 through 25, including the defined      terms used in such sections, shall continue in effect until the later of      the expiration of this Agreement or three (3) years following a Change in      Control. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13. | Indemnification and      Liability Insurance. |
|--------|-----|-----------------------------------------------|

|   | a. | Indemnification.  The      Company and the Bank agree to indemnify Executive (and his heirs,      executors, and administrators), and to advance expenses related thereto,      to the fullest extent permitted under applicable law and regulations      against any and all expenses and liabilities reasonably incurred by him in      connection with or arising out of any action, suit, or proceeding in which      he may be involved by reason of his having been a director or executive of      the Company, the Bank or any of their subsidiaries (whether or not he      continues to be a director or executive at the time of incurring any such      expenses or liabilities) such expenses and liabilities to include, but not      be limited to, judgments, court costs, and attorneys’ fees and the costs      of reasonable settlements, such settlements to be approved by the Board of      Directors of the Bank, if such action is brought against Executive in his      capacity as an executive or director of the Company and the Bank or any of      their subsidiaries.  Indemnification for expenses shall not      extend to matters for which Executive has been terminated for      Cause.  Nothing contained herein shall be deemed to provide      indemnification prohibited by applicable law or      regulation.  Notwithstanding |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | b. | Insurance.  During      the period in which indemnification of Executive is required under this      Section 13, the Company and the Bank shall provide Executive (and his      heirs, executors, and administrators) with coverage under a directors’ and      officers’ liability policy at the expense of the Company and the Bank, at      least equivalent to such coverage provided to directors and senior      executives of the Company and the Bank. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | This      Agreement shall inure to the benefit of and be binding upon any corporate      or other successor to the Company and the Bank which shall acquire,      directly or indirectly, by merger, consolidation, purchase or otherwise,      all or substantially all of the assets or stock of the Company and the      Bank. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Since      the Company and the Bank are contracting for the unique and personal      skills of Executive, Executive shall be precluded from assigning or      delegating his rights or duties hereunder without first obtaining the      written consent of the Company and the Bank. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | The      Bank may terminate Executive’s employment at any time, but any termination      by the Bank, other than termination for Cause, shall not prejudice      Executive’s right to compensation or other benefits under this      Agreement.  Executive shall not have the right to receive      compensation or other benefits for any period after termination for Cause      as defined in Section 11(c) above. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | If      Executive is suspended from office and/or temporarily prohibited from      participating in the conduct of the Bank’s affairs by a notice served      under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12      U.S.C. Section 1818(e)(3) or (g)(1); the Bank’s obligations under this      contract shall be suspended as of the date of service, unless stayed by      appropriate proceedings.  If the charges in the notice are      dismissed, the Bank may, in its discretion:  (i) pay Executive      all or part of the compensation withheld while its contract obligations      were suspended; and (ii) reinstate (in whole or in part) any of the      obligations which were suspended. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | If      Executive is removed and/or permanently prohibited from participating in      the conduct of the Bank’s affairs by an order issued under Section 8(e)(4)      or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section      1818(e)(4) or (g)(1), all obligations of the Bank under this contract      shall terminate as of the effective date of the order, but vested rights      of the contracting parties shall not be affected. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | If      the Bank is in default as defined in Section 3(x)(1) of the Federal      Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations of      the Bank under this |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | contract      shall terminate as of the date of default, but this paragraph shall not      affect any vested rights of the contracting parties. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | All      obligations of the Bank under this contract shall be terminated, except to      the extent it is determined that continuation of the contract is necessary      for the continued operation of the institution: (i) by the Director of the      OTS (or his designee), the FDIC or the Resolution Trust Corporation, at      the time the FDIC enters into an agreement to provide assistance to or on      behalf of the Bank under the authority contained in Section 13(c) of the      Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c); or (ii) by the      Director of the OTS (or his designee) at the time the Director (or his      designee) approves a supervisory merger to resolve problems related to the      operations of the Bank or when the Bank is determined by the Director to      be in an unsafe or unsound condition. Any rights of the parties that have      already vested, however, shall not be affected by such action. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Any      payments made to Executive pursuant to this Agreement, or otherwise, are      subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k)      and 12 C.F.R. Section 545.121 and any rules and regulations promulgated      thereunder. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ATTEST:                     |   | NAUGATUCK      VALLEY FINANCIAL        |
|-----------------------------|--------|----------------------------------------|
|                        |   | CORPORATION                            |
|                        |   |                                   |   |
|                        |   |                                   |   |
| /s/      Bernadette A. Mole |   | By:                                    | /s/      Ronald D. Lengyel |
| Corporate      Secretary    |   |                                   | For      the Entire Board of Directors |
|                        |   |                                   |   |
|                        |   |                                   |   |
|                        |   |                                   |   |
| ATTEST:                     |   | NAUGATUCK      VALLEY SAVINGS AND LOAN |
|                        |   |                                   |   |
|                        |   |                                   |   |
| /s/      Bernadette A. Mole |   | By:                                    | /s/      Ronald D. Lengyel |
| Corporate      Secretary    |   |                                   | For      the Entire Board of Directors |
|                        |   |                                   |   |
|                        |   |                                   |   |
|                        |   |                                   |   |
| WITNESS:                    |   | EXECUTIVE                              |
|                        |   |                                   |   |
|                        |   |                                   |   |
| /s/      Bernadette A. Mole |   | By:                                    | /s/      John C. Roman   |
| Corporate      Secretary    |   |                                   | John      C. Roman |