BY PURCHASE, MERGER,
CONSOLIDATION OR OTHERWISE) TO ALL OR SUBSTANTIALLY ALL OF THE BUSINESS OR
ASSETS OF THE COMPANY TO EXPRESSLY ASSUME AND AGREE TO PERFORM THIS AGREEMENT IN
THE SAME MANNER AND TO THE SAME EXTENT THAT THE COMPANY WOULD BE REQUIRED TO
PERFORM IF NO SUCH SUCCESSION HAD TAKEN PLACE.
FAILURE OF THE COMPANY TO OBTAIN
AN ASSUMPTION OF THIS AGREEMENT AT OR PRIOR TO THE EFFECTIVENESS OF ANY
SUCCESSION SHALL BE A BREACH OF THIS AGREEMENT AND SHALL CONSTITUTE GOOD REASON
IF THE EXECUTIVE ELECTS TO TERMINATE EMPLOYMENT.
21.
GENDER NEUTRAL.
WHEREVER USED HEREIN, A
PRONOUN IN THE MASCULINE GENDER SHALL BE CONSIDERED AS INCLUDING THE FEMININE
GENDER UNLESS THE CONTEXT CLEARLY INDICATES OTHERWISE.
22.
ALLOCATION OF OBLIGATIONS BETWEEN
EMPLOYERS.
THE OBLIGATIONS OF THE EMPLOYERS UNDER THIS AGREEMENT ARE INTENDED
TO BE THE JOINT AND SEVERAL OBLIGATIONS OF THE BANK AND THE COMPANY, AND THE
EMPLOYERS SHALL, AS BETWEEN THEMSELVES, ALLOCATE THESE OBLIGATIONS IN A MANNER
AGREED UPON BY THEM.
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IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by
the Company by its duly authorized officer, and by the Executive, as of the date
first above written.
DANVERS BANCORP, INC.
By:
Name:
Title:
DANVERSBANK
By:
Name:
Title:
Paul E. Flynn
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