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                                                                    EXHIBIT 10.4

                                     FORM OF
                           CHANGE IN CONTROL AGREEMENT

      This AGREEMENT ("Agreement") is hereby entered into as of ______________,
2004, by and between NAUGATUCK VALLEY SAVINGS AND LOAN (the "Bank"), a federally
chartered savings bank, with its principal offices at 333 Church Street,
Naugatuck, Connecticut 06770, _________________ ("Executive"), and NAUGATUCK
VALLEY FINANCIAL CORPORATION (the "Company"), a federally chartered corporation
and the holding company of the Bank, as guarantor.

      WHEREAS, the Bank recognizes the importance of Executive to the Bank's
operations and wishes to protect his position with the Bank in the event of a
change in control of the Bank or the Company for the period provided for in this
Agreement; and

      WHEREAS, Executive and the Board of Directors of the Bank desire to enter
into an agreement setting forth the terms and conditions of payments due to
Executive in the event of a change in control and the related rights and
obligations of each of the parties.

      NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, it is hereby agreed as follows:

1.    TERM OF AGREEMENT.

      a.    The term of this Agreement shall be (i) the initial term, consisting
      of the period commencing on the date of this Agreement (the "Effective
      Date") and ending on the _____________anniversary of the Effective Date,
      plus (ii) any and all extensions of the initial term made pursuant to this
      Section 1.

      b.    Commencing on the first anniversary of the Effective Date and
      continuing each anniversary date thereafter, the Board of Directors of the
      Bank (the "Board of Directors") may extend the term of this Agreement for
      an additional one (1) year period beyond the then effective expiration
      date, provided that Executive shall not have given at least sixty (60)
      days' written notice of his desire that the term not be extended.

      c.    Notwithstanding anything in this Section to the contrary, this
      Agreement shall terminate if Executive or the Bank terminates Executive's
      employment prior to a Change in Control.

2.    CHANGE IN CONTROL.

      a.    Upon the occurrence of a Change in Control of the Bank or the
      Company followed at any time during the term of this Agreement by the
      termination of Executive's employment in accordance with the terms of this
      Agreement, other than for Cause, as defined in Section 2(c.) of this
      Agreement, the provisions of Section 3 of this Agreement shall apply. Upon
      the occurrence of a Change in Control, Executive shall have the right

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      to elect to voluntarily terminate his employment at any time during the
      term of this Agreement following an event constituting "Good Reason."

      "Good Reason" means, unless Executive has consented in writing thereto,
      the occurrence following a Change in Control, of any of the following:

            i.    the assignment to Executive of any duties materially
                  inconsistent with Executive's position, including any material
                  diminution in status, title, authority, duties or
                  responsibilities, excluding for this purpose an isolated,
                  insubstantial and inadvertent action not taken in bad faith
                  and that is remedied by the Bank or Executive's employer
                  reasonably promptly after receipt of notice from Executive;

            ii.   a reduction by the Bank or Executive's employer of Executive's
                  base salary in effect immediately prior to the Change in
                  Control;

            iii.  the relocation of Executive's office to a location more than
                  ________ miles from its location as of the date of this
                  Agreement;

            iv.   the taking of any action by the Bank or any of its affiliates
                  or successors that would materially adversely affect
                  Executive's overall compensation and benefits package, unless
                  such changes to the compensation and benefits package are made
                  on a non-discriminatory basis and affect substantially all
                  employees; or

            v.    the failure of the Bank or the affiliate of the Bank by which
                  Executive is employed, or any affiliate that directly or
                  indirectly owns or controls any affiliate by which Executive
                  is employed, to obtain the assumption in writing of the Bank's
                  obligation to perform this Agreement by any successor to all
                  or substantially all of the assets of the Bank or such
                  affiliate within thirty (30) days after a reorganization,
                  merger, consolidation, sale or other disposition of assets of
                  the Bank or such affiliate.

      b.    For purposes of this Agreement, a "Change in Control" shall be
      deemed to occur on the earliest of 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: The Company files,
            or is required to file, 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

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            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 the two-year period shall be deemed to have also
            been a director at the beginning of such period; or

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

      Notwithstanding anything in this Agreement to the contrary, in no event
shall the conversion of the Bank from mutual to stock form (including without
limitation, through the formation of a stock holding company) or the
reorganization of the Bank into the mutual holding company form of organization
constitute a "Change in Control" for purposes of this Agreement.

      c.    Executive shall not have the right to receive termination benefits
pursuant to Section 3 hereof upon termination for "Cause". Termination for Cause
shall mean termination of employment because of Executive's personal dishonesty,
incompetence, willful misconduct, any breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation
of any law, rule, regulation (other than traffic violations or similar
offenses), final cease and desist order, or any material breach of any provision
of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed
to have been terminated for Cause unless and until there shall have been
delivered to him a copy of a resolution duly adopted by the affirmative vote of
a majority of the entire membership of the Board of Directors at a meeting of
the Board of Directors called and held for that purpose (after reasonable notice
to Executive and an opportunity for him, together with counsel, to be heard
before the Board of Directors), finding that in the good faith opinion of the
Board of Directors, Executive was guilty of conduct justifying termination for
Cause and specifying the particulars thereof in detail. Executive shall not have
the right to receive compensation or other benefits for any period after
termination for Cause. During the period beginning on the date of the Notice of
Termination for Cause pursuant to Section 4 hereof through the Date of
Termination, stock options granted to Executive under any stock option plan
shall not be exercisable nor shall any unvested stock awards granted to
Executive under any stock benefit plan of the Bank, the Company or any

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subsidiary or affiliate thereof, vest. At the Date of Termination, such stock
options and any such unvested stock awards shall become null and void and shall
not be exercisable by or delivered to Executive at any time subsequent to such
termination for Cause.

3.    TERMINATION BENEFITS.

      a.    If Executive's employment is voluntarily (in accordance with Section
2(a.) of this Agreement) or involuntarily terminated within ___________ years of
a Change in Control, Executive shall receive:

            i.    a lump sum cash payment equal to ______ (__) times the
                  Executive's "base amount," within the meaning of Section
                  280G(b)(3) of the Internal Revenue Code of 1986, as amended
                  (the "Code"). Such payment shall be made not later than five
                  (5) days following Executive's termination of employment under
                  this Section 3.

            ii.   Continued benefit coverage under all Bank health and welfare
                  plans which Executive participated in as of the date of the
                  Change in Control (collectively, the "Employee Benefit Plans")
                  for a period of ______ (___) months following Executive's
                  termination of employment. Said coverage shall be provided
                  under the same terms and conditions in effect on the date of
                  Executive's termination of employment. Solely for purposes of
                  benefits continuation under the Employee Benefit Plans,
                  Executive shall be deemed to be an active employee. To the
                  extent that benefits required under this Section 3(a) cannot
                  be provided under the terms of any Employee Benefit Plan, the
                  Bank shall enter into alternative arrangements that will
                  provide Executive with comparable benefits.

      b.    Notwithstanding the preceding provisions of this Section 3, in no
event shall the aggregate payments or benefits to be made or afforded to
Executive under said paragraphs (the "Termination Benefits") constitute an
"excess parachute payment" under Section 280G of the Code or any successor
thereto, and to avoid such a result, Termination Benefits will be reduced, if
necessary, to an amount (the "Non-Triggering Amount"), the value of which is one
dollar ($1.00) less than an amount equal to three (3) times Executive's "base
amount," as determined in accordance with said Section 280G. The allocation of
the reduction required hereby among the Termination Benefits provided by this
Section 3 shall be determined by Executive.

4.    NOTICE OF TERMINATION.

      a.    Any purported termination by the Bank or by Executive shall be
communicated by Notice of Termination to the other party hereto. For purposes of
this Agreement, a "Notice of Termination" shall mean a written notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in detail the facts and circumstances claimed to provide a
basis for termination of Executive's employment under the provision so
indicated.

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      b.    "Date of Termination" shall mean the date specified in the Notice of
Termination (which, in the case of a termination for Cause, shall not be less
than thirty (30) days from the date such Notice of Termination is given).

5.    SOURCE OF PAYMENTS.

      All payments provided in this Agreement shall be timely paid in cash or
check from the general funds of the Bank. The Company, however, unconditionally
guarantees payment and provision of all amounts and benefits due hereunder to
Executive and, if such amounts and benefits due from the Bank are not timely
paid or provided by the Bank, such amounts and benefits shall be paid or
provided by the Company.

6.    EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.

      This Agreement contains the entire understanding between the parties
hereto and supersedes any prior agreement between the Bank and Executive, except
that this Agreement shall not affect or operate to reduce any benefit or
compensation inuring to Executive of a kind elsewhere provided. No provision of
this Agreement shall be interpreted to mean that Executive is subject to
receiving fewer benefits than those available to him without reference to this
Agreement. Nothing in this Agreement shall confer upon Executive the right to
continue in the employ of the Bank or shall impose on the Bank any obligation to
employ or retain Executive in its employ for any period.

7.    NO ATTACHMENT.

      a.    Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to execution,
attachment, levy or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null, void
and of no effect.

      b.    This Agreement shall be binding upon, and inure to the benefit of,
Executive, the Bank and their respective successors and assigns.

8.    MODIFICATION AND WAIVER.

      a.    This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

      b.    No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future or as to any act other than that
specifically waived.

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9.    SEVERABILITY.

      If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect.

10.   HEADINGS FOR REFERENCE ONLY.

      The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement. In addition, references herein to the
masculine shall apply to both the masculine and the feminine.

11.   GOVERNING LAW.

      Except to the extent preempted by federal law, the validity,
interpretation, performance, and enforcement of this Agreement shall be governed
by the laws of the State of Connecticut, without regard to principles of
conflicts of law of that State.

12.   ARBITRATION.

      Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators sitting in a location selected by Executive within fifty
(50) miles from the location of the Bank, in accordance with the rules of the
American Arbitration Bank then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

13.   PAYMENT OF LEGAL FEES.

      All reasonable legal fees paid or incurred by Executive pursuant to any
dispute or question of interpretation relating to this Agreement shall be paid
or reimbursed by the Bank, only if Executive is successful pursuant to a legal
judgment, arbitration or settlement.

14.   INDEMNIFICATION.

      The Company or the Bank shall provide Executive (including his heirs,
executors and administrators) with coverage under a standard directors' and
officers' liability insurance policy at its expense and shall indemnify
Executive (and his heirs, executors and administrators) to the fullest extent
permitted under applicable law against 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 officer of the Company or the Bank

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(whether or not he continues to be a director or officer at the time of
incurring such expenses or liabilities), such expenses and liabilities to
include, but not be limited to, judgments, court costs, attorneys' fees and the
cost of reasonable settlements.

15.   SUCCESSORS TO THE BANK AND THE COMPANY.

      The Bank and the Company shall require any successor or assignee, whether
direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business or assets of the Bank or the Company,
expressly and unconditionally to assume and agree to perform the Bank's and the
Company's obligations under this Agreement, in the same manner and to the same
extent that the Bank and the Company would be required to perform if no such
succession or assignment had taken place.

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                                   SIGNATURES

      IN WITNESS WHEREOF, Naugatuck Valley Savings and Loan and Naugatuck Valley
Financial Corporation have caused this Agreement to be executed and their seals
to be affixed hereunto by their duly authorized officers, and Executive has
signed this Agreement, on the ____ day of _________________, 200__.

ATTEST:                             NAUGATUCK VALLEY SAVINGS AND LOAN

______________________________      By:  _______________________________________
Corporate Secretary                      For the Entire Board of Directors

ATTEST:                             NAUGATUCK VALLEY FINANCIAL
                                    CORPORATION
                                    (GUARANTOR)

______________________________      By:  _______________________________________
Corporate Secretary                      For the Entire Board of Directors

        [SEAL]

WITNESS:                            EXECUTIVE

______________________________      ____________________________________________
Corporate Secretary

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