EX-10.2



 Exhibit 10.2 
 THREE-YEAR CHANGE OF CONTROL AGREEMENT 

This THREE-YEAR CHANGE OF CONTROL
AGREEMENT (the “Agreement”) is made and entered into as of February 14, 2013 by and among LAKE SUNAPEE BANK, FSB (the
“Bank”), NEW HAMPSHIRE THRIFT BANCSHARES, INC. (the “Company”) and William J. McIver (the “Officer”), with the Company being a party
hereto solely for purposes of section 20 hereof. 
 INTRODUCTORY STATEMENT 

The Board of Directors has concluded that it is in the best interests of the Bank, the Company and their prospective shareholders to
establish a working environment for the Officer which minimizes the personal distractions that might result from possible business combinations in which the Company or the Bank might be involved. To this end, the Bank has decided to provide the
Officer with assurance that his compensation will be continued for a minimum period of three (3) years following termination of employment as defined in Treasury Regulation Section 1.409A-1(h)(1)(ii) (the “Assurance Period”) if
his employment terminates under specified circumstances related to a business combination. The Board of Directors of the Bank has decided to formalize this assurance by entering into this Change of Control Agreement with the Officer. The Board of
Directors of the Company has authorized the Company to guarantee the Bank’s obligations under this Agreement. 
 The terms
and conditions which the Bank, the Company and the Officer have agreed to are as follows. 
 AGREEMENT

  

	 	Section 1.	Effective Date; Term; Change of Control and Pending Change of Control Defined. 


(a) This Agreement shall take effect as of the date written above (the “Effective Date”) and shall be in effect during the
period (the “Term”) beginning on the Effective Date and ending on the first anniversary of the date on which the Bank notifies the Officer of its intent to discontinue the Agreement (the “Initial Expiration Date”) or, if later,
the first anniversary of the latest Change of Control or Pending Change of Control, as defined below, that occurs after the Effective Date and before the initial Expiration Date. 

(b) For all purposes of this Agreement, a “Change of Control” shall be deemed to have occurred upon the happening of any of the
following events: 
 (i) the consummation of a reorganization, merger or consolidation of the Company with one
(1) or more other persons, other than a transaction following which: 
 (A) at least 51% of the equity
ownership interests of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same
relative proportions by persons who, immediately prior to such transaction, 







 
beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 

(B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from
such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of the
outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv)
the occurrence of any event if immediately following such event, at least 50% of the members of the Board of Directors of the Company do not belong to any of the following groups: 

(A) individuals who were members of the Board of Directors of the Company on the date of this Agreement; or 

(B) individuals who first became members of the Board of Directors of the Company after the date of this Agreement either:

 (1) upon election to serve as a member of the Board of Directors of the Company by affirmative vote of
three-quarters of the members of such board, or of a nominating committee thereof, in office at the time of such first election; or 
 (2) upon election by the shareholders of the Board of Directors of the Company to serve as a member of such board, but only if nominated for election by affirmative vote of three-quarters or the members
of the Board of Directors of the Company, or of a nominating committee thereof, in office at the time of such first nomination; 

provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest
or other actual or threatened solicitation of proxies or consents other than by or on behalf of the Board of Directors of the Company; or 
 (v) any event which would be described in section 1(b)(i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 

  
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 In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition
of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank, or any subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this section 1(b), the
term “person” shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act. 
 (c)
For purposes of this Agreement, a “Pending Change of Control” shall mean: (i) the signing of a definitive agreement for a transaction which, if consummated, would result in a Change of Control; (ii) the commencement of a tender
offer which, if successful, would result in a Change of Control; or (iii) the circulation of a proxy statement seeking proxies in opposition to management in an election contest which, if successful, would result in a Change of Control.
Notwithstanding anything contained herein to the contrary, a Pending Change of Control shall not have been deemed to occur unless the Change of Control contemplated by such Pending Change of Control does, in fact, occur. 

 

	 	Section 2.	Discharge Prior to a Pending Change of Control 

 The Bank may discharge the Officer at any time prior to the occurrence of a Pending Change of Control for any reason or for no reason. In such event: 

(a) The Bank shall pay to the Officer (or, in the event of his death, his estate) his earned but unpaid compensation (including, without
limitation, salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in
no event later than thirty (30) days after the date of the Officer’s termination of employment. 

(b) The Bank shall provide the benefits, if any, due to the Officer (or, in the event of his death, his estate,
surviving dependents or his designated beneficiaries) under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the officers and employees of the Bank. The time and manner of payment or other
delivery of these benefits and the recipients of such benefits shall be determined according to the terms and conditions of the applicable plans and programs; provided, however, that such benefits shall, if and to the extent necessary to except such
benefits from section 409A (“Section 409A”) of the Internal Revenue Code of 1986 (the “Code”), be paid within
2 1/2 months following the end of the taxable year of the Officer, Bank or the Company, whichever is longer, in which the termination event occurs. 

The payments and benefits described in sections 2(a) and (b) shall be referred to in this Agreement as the “Standard Termination
Entitlements.” In addition, the Officer, the Company and the Bank agree that the termination benefits described in this sections 2(a) and (b) are intended to be exempt from Section 409A (“Section 409A”) of the Internal
Revenue Code of 1986 (the “Code”) pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals. 

  
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	 	Section 3.	Termination of Employment Due to Death 

 The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such
event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements. 
  

	 	Section 4.	Termination Due to Disability after Change of Control or Pending Change of Control. 


The Bank may terminate the Officer’s employment during the Term and after the occurrence of a Change of Control or a Pending Change
of Control upon a determination, by a majority vote of the members of the Board of Directors of the Bank, acting in reliance on the written advice of a medical professional acceptable to it, that the Officer is suffering from a physical or mental
impairment which, at the date of the determination, has prevented the Officer from performing his assigned duties on a substantially full-time basis for a period of at least ninety (90) days during the period of one (1) year ending with
the date of the determination or is likely to result in death or prevent the Officer from performing his assigned duties on a substantially full-time basis for a period of at least ninety (90) days during the period of one (1) year
beginning with the date of the determination. In such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the
event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the Standard Termination Entitlements, the Bank shall continue to pay the Officer his base salary, at the annual rate in effect for him immediately prior to the termination of his
employment, during a period ending on the earliest of (i) the expiration of ninety (90) days after the date of termination of his employment; (ii) the date on which long-term disability insurance benefits are first payable to him
under any long-term disability insurance plan covering employees of the Bank (the “LTD Eligibility Date”); (iii) the date of his death; (iv) the expiration of the Assurance Period (the “Initial Continuation Period”);
and (v) within 2 months following the end of the taxable year of the Officer, Bank or the Company, whichever is longer, in which the termination event occurs. If the end of the Initial Continuation Period is neither the LTD Eligibility Date nor
the date of his death, the Bank shall continue to pay the Officer his base salary, at an annual rate equal to sixty percent (60%) of the annual rate in effect for him immediately prior to the termination of his employment, during an additional
period ending on the earliest of the LTD Eligibility Date, the date of his death and the expiration of the Assurance Period. 

A termination of employment due to disability under this section 4 shall be effected by a notice of termination given to the Officer by
the Bank and shall take effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer. 

  
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 The Officer, the Company and the Bank agree that the termination benefits described in
section 4(b) are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(a)(5) as disability pay. 
  

	 	Section 5.	Discharge with Cause after Change of Control or Pending Change of Control 


(a) The Bank may terminate the Officer’s employment with “Cause” during the Term and after the occurrence of a Change of
Control or Pending Change of Control, but a termination shall be deemed to have occurred with “Cause” only if: 
 (i) the Board of Directors of the Bank and the Board of Directors of the Company, by separate majority votes of their entire membership, determine that the Officer should be discharged because of personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or
final cease and desist order, or any material breach of this Agreement; and 
 (ii) at least forty-five
(45) days prior to the vote contemplated by section 1(b)(i), the Bank has provided the Officer with notice of its intent to discharge the Officer for Cause, detailing with particularity the facts and circumstances which are alleged to
constitute Cause (the “Notice of Intent to Discharge”); and 
 (iii) after the giving of the Notice of
Intent to Discharge and before the taking of the vote contemplated by section 5(a)(i), the Officer (together with his legal counsel, if he so desires) is afforded a reasonable opportunity to make both written and oral presentations before the Board
of Directors of the Bank for the purpose of refuting the alleged grounds for Cause for his discharge; and 
 (iv)
after the vote contemplated by section 5(a)(i), the Bank has furnished to the Officer a notice of termination which shall specify the effective date of his termination of employment (which shall in no event be earlier than the date on which such
notice is deemed given) and include a copy of a resolution or resolutions adopted by the Board of Directors of the Bank, certified by its corporate secretary and signed by each member of the Board of Directors voting in favor of adoption of the
resolution(s), authorizing the termination of the Officer’s employment with Cause and stating with particularity the facts and circumstances found to constitute Cause for his discharge (the “Final Discharge Notice”). 

(b) If the Officer is discharged with Cause during the Term and after a Change of Control or Pending Change of Control, the Bank shall
pay and provide to him (or, in the event of his death, to his estate and surviving beneficiaries and dependents, as applicable) the Standard Termination Entitlements only. Following the giving of a Notice of Intent to Discharge, the Bank may
temporarily suspend the Officer’s duties and authority and, in such 

  
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event, may also suspend the payment of salary and other cash compensation, but not the Officer’s participation in retirement, insurance and other employee benefit plans. If the Officer is
not discharged, or is discharged without Cause, within forty-five (45) days after the giving of a Notice of Intent to Discharge, payments of salary and cash compensation shall resume, and all payments withheld during the period of suspension
shall be promptly restored. If the Officer is discharged with Cause not later than forty-five (45) days after the giving of the Notice of Intent to Discharge, all payments withheld during the period of suspension shall be deemed forfeited and
shall not be included in the Standard Termination Entitlements. If a Final Discharge Notice is given later than forty-five (45) days, but sooner than ninety (90) days, after the giving of the Notice of Intent to Discharge, all payments
made to the Officer during the period beginning with the giving of the Notice of intent to Discharge and ending with the Officer’s discharge with Cause shall be retained by the Officer and shall not be applied to offset the Standard Termination
Entitlements. If the Bank does not give a Final Discharge Notice to the Officer within ninety (90) days after giving a Notice of intent to Discharge, the Notice of Intent to Discharge shall be deemed withdrawn and any future action to discharge
the Officer with Cause shall require the giving of a new Notice of Intent to Discharge. 
  

	 	Section 6.	Discharge without Cause after Change of Control or Pending Change of Control 


The Bank may discharge the Officer without Cause at any time after the occurrence of a Change of Control or Pending Change of Control, and
in such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the event of his death before payment, to his estate
and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the
Standard Termination Entitlements, the Bank shall make a lump sum payment to the Officer (or, in the event of his death before payment, to his estate) within sixty (60) days following the Officer’s termination of employment with the Bank,
in an amount equal to the salary that Officer would have earned if he had continued working for the Bank during the Assurance Period at the highest annual rate of salary achieved during that portion of the employment period which is prior to
Officer’s termination of employment with the Bank without discounting for early payment. Such lump sum shall be paid in lieu of all other payments of salary provided for under this Agreement in respect of the period following any such
termination. The payments and benefits described in section 6(b) are referred to in this Agreement as the “Additional Change of Control Entitlements.” In addition, the Officer, the Company and the Bank agree that the termination benefits
described in sections 6(b) are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-l(b)(4) as short-term deferrals. 
  

	 	Section 7.	Resignation. 

 (a) The Officer may resign from his employment with the Bank at any time. A resignation under this section 7 shall be effected by notice of resignation given by the Officer to the Bank and shall take
effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer. The Officer’s resignation of any of the positions within the Bank or the Company to
which he has been assigned shall be deemed a resignation from all such positions. 

  
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 (b) The Officer’s resignation shall be deemed to be for “Good Reason” if the
effective date of resignation occurs during the Term, but on or after the effective date of a Change of Control, and is on account of: 
 (i) the failure of the Bank (whether by act or omission of the Board of Directors, or otherwise) to appoint or re-appoint or elect or re-elect the Officer to the position with Bank that he held
immediately prior to the Change of Control (the “Assigned Office”) or to a more senior office; 
 (ii)
a material failure by the Bank, whether by amendment of the certificate of incorporation or organization, by-laws, action of the Board of Directors of the Bank or otherwise, to vest in the Officer the functions, duties, or responsibilities
customarily associated with the Assigned Office; provided that the Officer shall have given notice of such failure to the Bank, and the Bank has not fully cured such failure within thirty (30) days after such notice is deemed given; 

(iii) any reduction of the Officer’s rate of base salary in effect from time to time or any failure (other than due
to reasonable administrative error that is cured promptly upon notice) to pay any portion of the Officer’s compensation as and when due; 
 (iv) any change in the terms and conditions of any compensation or benefit program in which the Officer participates which, either individually or together with other changes, has a material adverse
effect on the aggregate value of his total compensation package; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty
(30) clays after such notice is deemed given; 
 (v) any material breach by the Bank of any material term,
condition or covenant contained in this Agreement; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after such
notice is deemed given; or 
 (vi) a change in the Officer’s principal place of employment to a place that
is not the principal executive office of the Bank, or a relocation of the Bank’s principal executive office to a location that is both more than twenty-five (25) miles away from the Officer’s principal residence and more than
twenty-five (25) miles away from the location of the Bank’s principal executive office on the day before the occurrence of the Change of Control. 
 In all other cases, a resignation by the Officer shall be deemed to be without Good Reason. In the event of resignation, the Officer shall state in his notice of resignation whether he considers his
resignation to be a resignation with Good Reason, and if he does, he shall state in such notice the grounds which constitute Good Reason. The Officer’s determination of the existence of Good Reason shall be conclusive in the absence of fraud,
had faith or manifest error. 
 (c) In the event of the Officer’s resignation for any reason, the Bank shall pay and
deliver the Standard Termination Entitlements. In the event of the Officer’s resignation with Good Reason, the Bank shall also pay and deliver the Additional Termination Entitlements. 

  
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	 	Section 8.	Terms and Conditions of the Additional Termination Entitlements. 


(a) The Bank and the Officer hereby stipulate that the damages which may be incurred by the Officer following any termination of
employment are not capable of accurate measurement as of the date first above written and that the Additional Termination Entitlements constitute reasonable damages under the circumstances and shall be payable without any requirement of proof of
actual damage and without regard to the Officer’s efforts, if any, to mitigate damages. 
 (b) The
Bank and the Officer further agree that the Bank may condition the payment and delivery of the Additional Termination Entitlements on the receipt of: (a) the Officer’s resignation from any and all positions which he holds as an officer,
director or committee member with respect to the Bank or the Company or any subsidiary or affiliate of either of them; and (b) a release of the Bank and its officers, directors, shareholders, subsidiaries and affiliates, in form and substance
satisfactory to the Bank, of any liability to the Officer, whether for compensation or damages, in connection with his employment with the Bank and the termination of such employment except for the Standard Termination Entitlements and the
Additional Termination Entitlements. This release must be executed and delivered to the Bank no later than 53 days following the date of termination and not revoke a release of claims in favor of the Company and the Bank and all affiliates in the
form as may be reasonably prescribed by the Bank. Severance payments will commence following the expiration of the 60 day period following termination of employment, provided that the Officer has executed and delivered and not revoked the release no
later than 53 days following the date of termination and such release is effective upon the 60th day following termination of employment. 
 (c) Notwithstanding anything herein
contained to the contrary, in no event shall the aggregate amount of compensation payable to the Officer under this Agreement constitute an “excess parachute payment” with the meaning of Section 280G of the Code and any regulations
thereunder. In the event that the Bank shall determine that any payments to be made hereunder (together with any other payments) constitute an “excess parachute payment” within the meaning of Section 280G of the Code and the
regulations thereunder, then the Additional Termination Entitlements shall be reduced by the Bank in its sole discretion to the point that such compensation shall not qualify as an “excess parachute payment” within the meaning of
Section 280G of the Code and the regulations thereunder. 

  
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	 	Section 9.	No Effect on Employee Benefit Plans or Programs. 

 The termination of the Officer’s employment during the Assurance Period or thereafter, whether by the Bank or by the Officer, shall have no effect on the rights and obligations of the parties hereto
under the Bank’s qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability
insurance plans or such other employee benefit plans or programs, or compensation plans or programs, as may be maintained by, or cover employees of the Bank from time to time; provided, however, that nothing in this Agreement shall he deemed to
duplicate any compensation or benefits provided under any agreement, plan or program covering the Officer to which the Bank or Company is a party and any duplicative amount payable under any such agreement, plan or program shall be applied as an
offset to reduce the amounts otherwise payable hereunder. Notwithstanding anything herein contained to the contrary, the provisions of this section 9 shall not be construed to provide any payment or benefit which would conflict with the provisions
of 12 CFR §163.39(b)(1) or section 19 hereof. 
  

	 	Section 10.	Successors and Assigns. 

 This Agreement will inure to the benefit of and be binding upon the Officer, his legal representatives and testate or intestate distributees, and the Company and the Bank and their respective successors
and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Company or the Bank may be sold or otherwise
transferred. Failure of the Bank to obtain from any successor its express written assumption of the Company’s or Bank’s obligations hereunder at least sixty (60) days in advance of the scheduled effective date of any such succession
shall, if such succession constitutes a Change of Control, constitute Good Reason for the Officer’s resignation on or at any time during the Term following the occurrence of such succession. 

 

	 	Section 11.	Notices. 


Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent,
instruction, objection or waiver, shall he in writing and shall he deemed to have been given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt
requested, addressed to such party at the address listed below or at such other address as one (1) such party may by written notice specify to the other party: 
 If to the Officer: 
 To the most recent address on file with the Company or the
Bank 
 If to the Company or the Bank: 
 New Hampshire Thrift Bancshares, Inc. 
 9 Main Street, P.O. Box 9 

Newport, NH 03773 
 Attention: Chairman, Compensation Committee of the Board of Directors 

  
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	 	Section 12.	Indemnification for Attorneys’ Fees. 

 The Bank shall indemnify, hold harmless and defend the Officer against reasonable costs, including legal fees, incurred by him in connection with or arising out of any action, suit or proceeding in which
he may be involved, as a result of his efforts, in good faith, to defend or enforce the terms of this Agreement; provided, however, that the Officer shall have substantially prevailed on the merits pursuant to a judgment, decree or order of a court
of competent jurisdiction or of an arbitrator in an arbitration proceeding. The determination whether the Officer shall have substantially prevailed on the merits and is therefore entitled to such indemnification, be made by the court or arbitrator,
as applicable. In the event of a settlement pursuant to a settlement agreement, any indemnification payment under this section 12 shall be made only after a determination by the members of the Board (other than the Officer and any other member of
the Board to which the Officer is related by blood or marriage) that the Officer has acted in good faith and that such indemnification payment is in the best interests of the Bank. Any payment or reimbursement to effect such indemnification shall be
made no later than the last day of the calendar year following the calendar year in which the Officer incurs the expense or, if later, within sixty (60) days after the settlement or resolution that gives rise to the Officer’s right to
reimbursement; provided, however, that the Officer shall have submitted to the Bank documentation supporting such expenses at such time and in such manner as the Bank may reasonably require. Notwithstanding anything herein contained to the contrary,
the provisions of this section 12 shall not be construed to provide any indemnification right or other benefit which would conflict with the provisions of 12 CFR §145.121. 

 

	 	Section 13.	Severability. 

 A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 

 

	 	Section 14.	Waiver. 


Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term,
covenant, or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any
one (1) or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 

  
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	 	Section 15.	Counterparts. 

 This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 

 

	 	Section 16.	Governing Law. 

 This Agreement shall be governed by and construed and enforced in accordance with the federal laws of the United States and, to the extent that federal law is inapplicable, in accordance with the laws of
the State of New Hampshire applicable to contracts entered into and to be performed entirely within the State of New Hampshire. 
  

	 	Section 17.	Headings and Construction. 

 The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any section. Any reference to a section number shall refer to a section of
this Agreement, unless otherwise stated. 
  

	 	Section 18.	Entire Agreement; Modifications. 

 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating
to the subject matter hereof. No modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto. Notwithstanding the preceding sentence, this Agreement shall be construed and administered in such manner as
shall be necessary to effect compliance with Section 409A and shall be subject to amendment in the future, in such manner as the Company and the Bank may deem necessary or appropriate to effect such compliance; provided that any such amendment
shall preserve for the Officer the benefit originally afforded pursuant to this Agreement. 
  

	 	Section 19.	Required Regulatory Provisions. 

 The following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank: 

(a) Notwithstanding anything herein contained to the contrary, the Bank’s Board of Directors may terminate the Officer’s
employment at any time, but any termination by the Bank’s Board of Directors other than termination for Cause, shall not prejudice the Officer’s right to compensation or other benefits under this Agreement. The Officer shall have no right
to receive compensation or other benefits for any period after termination for Cause. Termination for Cause shall include termination because of the Officer’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order, or any material breach of this Agreement.

 (b) Notwithstanding anything herein contained to the contrary, in no event shall the aggregate amount of compensation payable
to the Officer hereunder exceed three (3) times the Officer’s average annual compensation for the last live (5) consecutive calendar years to end prior to his termination of employment with the Bank (or for his entire period of
employment with the Bank if less than five (5) calendar years). 

  
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 (c) Notwithstanding anything herein contained to the contrary, any payments to the Officer
by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (“FDI Act”), 12 U.S.C. §1828(k), and any regulations
promulgated thereunder. 
 (d) Notwithstanding anything herein contained to the contrary, if the Officer is suspended from
office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under Section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or 1818(g)(1), the Bank’s obligations
under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Officer all or part of the
compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended. 
 (e) Notwithstanding anything herein contained to the contrary, if the Officer 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 FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights and obligations of the Bank and the
Officer shall not be affected. 
 (f) Notwithstanding anything herein contained to the contrary, if the Bank is in default
(within the meaning of Section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and the Officer shall
not be affected. 
 (g) Notwithstanding anything herein contained to the contrary, all obligations of the Bank hereunder shall
be terminated, except to the extent that a continuation of this Agreement is necessary for the continued operation of the Bank: (1) by the Comptroller of the Currency (“Comptroller”) or his or her designee, at the time the Federal
Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the FDI Act, 12 U.S.C. §1823(c); (ii) by the Comptroller or his or her designee
at the time such Comptroller or designee approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by such Comptroller to be in an unsafe or unsound condition. The vested rights and
obligations of the parties shall not be affected. 
 If and to the extent that any of the foregoing provisions shall cease to be
required or by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement. 
  

	 	Section 20.	Guaranty. 

 The Company hereby irrevocably and unconditionally guarantees to the Officer the payment of all amounts, and the performance of all other obligations, due from the Bank in accordance with the terms of
this Agreement as and when due without any requirement of presentment, demand of payment, protest or notice of dishonor or nonpayment. 

  
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	 	Section 21.	Payments to Key Employees 

 Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made
sooner than the first day of the seventh (7th) month
after such termination of employment; provided, however, that to the extent such delay is imposed by Section 409A as a result of a Change of Control as defined in section 1(b), the payment shall be paid into a rabbi trust for the benefit of the
Officer as if the required delay was not imposed with such amounts then being distributed to the Officer as soon as permissible under Section 409A. 
  

	 	Section 22.	Involuntary Termination Payments to Employees (Safe Harbor). 


In the event a payment is made to an employee only upon an involuntary termination of employment, as deemed pursuant to this Agreement,
such payment will not be subject to Section 409A provided that such payment does not exceed two (2) times the lesser of (i) the sum of the Officer’s annualized compensation based on the taxable year immediately preceding the year
in which termination of employment occurs or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Officer terminates service (the “Safe
Harbor Amount”). However, if such payment exceeds the Safe Harbor Amount, only the amount in excess of the Safe Harbor Amount will be subject to Section 409A. In addition, if such Officer is considered a key employee, such payment in
excess of the Safe Harbor Amount will be subject to the provisions of Section 21 of this Agreement. The Officer, the Company and the Bank agree that the termination benefits described in this section 22 are intended to be exempt from
Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) as the safe harbor for separation pay due to involuntary separation from service. 

  
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 IN WITNESS WHEREOF, the
Bank and the Company have caused this Agreement to be executed and the Officer has hereunto set his hand, all as of the day and year first above written. 
  

											
		 		 		 	 /s/ William J. McIver

		 		 		 	WILLIAM J. MCIVER
				
		 		 		 	LAKE SUNAPEE BANK, FSB
	Attest:	 		 		 		 	
					
	By 	 	 /s/ Laura Jacobi
	 		 	By:	 	 /s/ Stephen R. Theroux

		 	Name: Laura Jacobi	 		 		 	Name:	 	Stephen R. Theroux
		 	Title:   SVP & CFO	 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	NEW HAMPSHIRE THRIFT BANCSHARES, INC.
	Attest:	 		 		 		 	
					
	By 	 	 /s/ Laura Jacobi
	 		 	By:	 	 /s/ Stephen R. Theroux

		 	Name: Laura Jacobi	 		 		 	Name:	 	Stephen R. Theroux
		 	Title:   SVP & CFO	 		 		 	Title:	 	Chief Executive Officer