EXHIBIT 10.4


July 15,1998


Dear ___________:

         SIS Bancorp,  Inc. ("Bancorp") and Springfield  Institution for Savings
("SIS") are  exploring  various  alternatives  with  respect to Bancorp and SIS,
including a merger or other  combination  with a third  party.  This letter sets
forth the  understanding  and agreement  between you and SIS with respect to our
respective  rights and obligations in connection with your continued  employment
and   cooperation   in   a   potential    reorganization    involving   SIS   (a
"Reorganization").

         1. You agree to assist and cooperate  fully with Bancorp and SIS in all
matters  related to its efforts to consummate a  Reorganization  and perform all
tasks  reasonably  requested  of you to  support  and help  bring  about  such a
Reorganization.  Furthermore,  in  recognition  of  SIS's  desire  that you make
yourself available for employment with SIS or any successor entity following the
completion of a  Reorganization  should it desire to retain your  services,  you
agree to review and  consider in good faith  employment  offers  (including  the
continuation  of your present terms of  employment),  if any, made by SIS or any
such successor entity following a Reorganization.

         2. (a) In connection with the possible Reorganization, SIS will provide
you with severance consisting of twelve (12) months of your current monthly base
salary plus medical, dental and other nonretirement benefits if:

                           (i) you are terminated  without cause as set forth in
                  paragraph 6 prior to the closing of such a Reorganization (the
                  "Closing");

                           (ii) you do not receive an offer of  employment  from
                  SIS or any  successor  entity at or about the time of  Closing
                  that  includes a base salary at least equal to the base salary
                  received  from  SIS as of the  time of the  Closing,  and that
                  provides  you  with  benefits  reasonably  comparable  in  the
                  aggregate    to    your    current    benefits    ("Comparable
                  Compensation");

                           (iii)  you  receive  but do not  accept  an  offer of
                  employment from SIS or any such successor entity at Comparable
                  Compensation  because the location of the  employment  offered
                  entailed an additional  commute from your current residence of
                  more than forty (40) miles; or


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(Name)
July 15, 1998
Page 2

                           (iv) you  accept a position  with SIS or a  successor
                  entity  and  are  subsequently  terminated  without  cause  as
                  defined in paragraph 7 prior to the completion of 365 calendar
                  days  of  employment   (commencing  upon  the  day  after  the
                  Closing),  or you are  subjected  to a reduction  of your base
                  salary,  or you are  required to relocate to a new  employment
                  location  that will  entail an  additional  commute  from your
                  current residence of more than forty (40) miles.

         (b) Severance  shall be paid in a lump sum in the first month after the
occurrence of an event specified in subparagraph  (a) above that entitles you to
severance payments. If you are terminated by SIS or a successor entity after one
(1) year of employment  following the Closing, you may be eligible for severance
benefits  at such time but will no longer be covered by the terms of this letter
agreement.

3. You and your  eligible  dependents  shall be eligible  during the twelve (12)
months  following  your  becoming  entitled to severance  payments  hereunder to
participate in medical,  dental and other  nonretirement  plans with no required
contribution from you other than  contributions  currently  required from active
employees covered by such plans.

4. Prior to a public announcement concerning any Reorganization,  you agree that
without the prior  consent of SIS you will not  disclose to any person or entity
(other  than those  individuals  identified  to you in  writing as being  active
participants in the Reorganization  process) either the fact that discussions or
negotiations  are taking place or have taken place regarding the  Reorganization
or any of  the  terms,  conditions  or  other  facts  relating  to the  possible
Reorganization, including the status thereof.

5. Nothing  contained  herein shall obligate SIS or any other party to offer you
continued employment or to provide you with any minimum level of compensation or
benefits.

6. SIS retains the right to  terminate  your  employment  prior to the  Closing.
Unless  terminated for reasons set forth in subparagraphs  (a), (b) or (c) below
prior to Closing, including any termination as a result of a reduction in force,
you shall receive the severance benefits referenced in paragraph 2. In the event
of termination for cause as defined in subparagraphs (a), (b) and (c) below, you
shall not be entitled to the  benefits  referenced  in  paragraph 2. Reasons for
termination for cause are:

     (a)  failure  to  perform  any of the  material  duties  of your  position,
          including special projects and assignments; or

     (b)  breach  of any  material  provision  of SIS's  standards  of  business
          behavior and ethics; or


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(Name)
July15, 1998
Page 3
           
     (c)  serious misconduct in willful disregard of the interests of SIS.

7. The following conduct shall constitute "cause" for termination after Closing:

     (a)  repeated  failure  to  perform  any of the  material  duties  of  your
          position,   including  special  projects  and  assignments,   provided
          reasonable  written  notice  and an  opportunity  to cure  performance
          deficiencies has been provided;

     (b)  breach of any material  provision of SIS's or any  successor  entity's
          standards of business behavior and ethics: or

     (c)  serious  misconduct  in willful  disregard  of SIS's or any  successor
          entity's interests.

8. Entire  Agreement.  This letter  constitutes the entire agreement between the
parties and supersedes any prior  communications,  agreements or understandings,
whether oral or written, with respect to the terms of your continued employment.

9. Arbitration of Claims. The parties agree that any disputes arising during the
term of your  employment  with SIS,  including  but not  limited  to any  claims
arising under the terms of this agreement, shall be subject to final and binding
arbitration as the sole and exclusive forum for dispute resolution.  Arbitration
under this  section  shall be  conducted  pursuant to the rules of the  American
Arbitration  Association  applicable  to employment  disputes.  Either party may
request arbitration in writing pursuant to this section within six (6) months of
the event(s) giving rise to the dispute.  Failure to request  arbitration within
the  time  period  shall   forever  bar  any  action  in  court  or  before  any
administrative  agency and shall be construed as an explicit  waiver and release
of all claims as enumerated herein.  Claims covered by this section include, but
are not limited to,  claims for breach of  contract,  breach of the  covenant of
good faith and fair  dealing,  tort  claims,  claims  arising  under common law,
claims for  discrimination  and claims for  compensation  or benefits  under the
terms of this agreement.  Any arbitration  award issued under this section shall
extinguish all other rights of the parties with respect to the subject matter of
the dispute, whether grounded in contract,  federal or state statutes, or common
law, and otherwise will be final and binding on the parties.  Claims not covered
by this section are claims  regarding your  compensation  other than pursuant to
this agreement,  including but not limited to modification in compensation,  the
amount and award of discretionary company bonuses and stock options, eligibility
for benefits under any company  benefit plan covered by the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  the  amount of  benefits
provided  under a company  benefit plan covered by ERISA,  any claim  cognizable
under  ERISA,   or  any  claims  for  workers'   compensation   or  unemployment
compensation  under a state workers'  compensation or unemployment  compensation
law.

10.  Confidentiality.  You agree to keep  confidential this agreement and not to
disclose  either the fact of the  agreement or the terms  thereof,  except where
necessary to members of your immediate  family,  tax or legal  advisors,  and as
required in response to a valid subpoena or court order.  Failure to comply with
the  provisions  of this  paragraph  10 will be deemed a material  breach of the
agreement  and may result in  forfeiture  of the payments and benefits  provided
herein.



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(Name)
July15, 1998
Page 4

11. Amendment and Termination. SIS reserves the right to amend or terminate this
agreement at any time,  provided that no such  amendment or  termination  may be
made after the Closing without your consent.

         If you are in  agreement  with the  foregoing,  please  sign,  date and
return the enclosed copy of this letter to the  undersigned,  whereupon it shall
become a binding agreement between us.

                                     Very truly yours,
     
                                     SPRINGFIELD INSTITUTION FOR SAVINGS

                                     By:  ___________________________
                                          (Signature)


                           AGREED AND ACCEPTED:


_____________________________                 Date:  __________________________
Name: