Document:

Exhibit 10.16

 Exhibit 10.16 
 ONE-YEAR CHANGE OF CONTROL AGREEMENT 
 This CHANGE OF CONTROL AGREEMENT (the “Agreement”) is made and entered into as of
                     by and among WESTFIELD BANK, a savings bank organized and operating
under the laws of the Commonwealth of Massachusetts having an office at 141 Elm Street, Westfield, Massachusetts 01085 (the “Bank”), WESTFIELD FINANCIAL, INC., a business corporation
organized and existing under the laws of the Commonwealth of Massachusetts and having an office at 141 Elm Street, Westfield, Massachusetts 01085 (the “Company”) and
                     (the “Officer”). 
 INTRODUCTORY STATEMENT 
 The Board of Directors of the Bank 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 one (1) year following termination of employment (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 Executive 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 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 25% 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 

  

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affirmative vote of three-quarters of 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 (within the meaning of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents (within the meaning of Rule 14a-11 of Regulation 14A promulgated
under the Exchange Act) other than by or on behalf of the Board of Directors of the Company; provided, however, that this section 1(b)(iv) shall only apply if the Company is not majority owned by Westfield Mutual Holding 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. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of (i) 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 or (ii) the conversion of Westfield
Mutual Holding Company to a stock form company and the issuance of additional shares of the Company in connection therewith. 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; provided, however, that the Change of Control contemplated 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 30 days after the date of the Officer’s termination of employment. 
  

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 (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. 
 The payments and benefits described in sections 2(a) and (b) shall be referred to in this Agreement as the “Standard Termination Entitlements.” 
  

	 	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; and (iv) the expiration of the Assurance Period (the “Initial Continuation Period”). 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. 
  

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 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. 
  

	 	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 occurance of a Change of Control or Pending
Change of Control, but a termination shall be deemed to have occurred with “Cause” only if: 
 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 Executive 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. 
   

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  (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, his surviving beneficiaries and his dependents) the Standard Termination Entitlements only. 
   

	 	Section 6.	Discharge without Cause. 

 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: 
 (i) During the Assurance Period, the Bank shall provide for the Officer and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability
insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Officer’s resignation. The coverage provided under
this section 6(b)(i) may, at the election of the Bank, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result
that benefits under the other coverages will offset the coverage required by this section 6(b)(i). 
  

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 (ii) The Bank shall make a lump sum payment to the Executive (or, in the event of his
death before payment, to his estate), in an amount equal to the estimated present value of the salary that Executive 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 Executive’s termination of employment with the Bank, where such present value is to be determined using a discount rate equal to the applicable short-term federal rate prescribed
under section 1274(d) of the Internal Revenue Code of 1986 (“Code”), compounded using the compounding period corresponding to the Bank’s regular payroll periods for its officers. 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. 
 (iii) The
Bank shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the payments that would have been made to Executive under any cash bonus or long-term or short-term cash
incentive compensation plan maintained by, or covering employees of, the Bank if he had continued working for the Bank during the Assurance Period and had earned the maximum bonus or incentive award in each calendar year that ends during the
Assurance Period, such payment to be equal to the product of: 
 (A) the maximum percentage rate at which an award was ever
available to Executive under such incentive compensation plan; multiplied by 
 (B) the salary that would have been paid to
Executive during each such calendar year at the highest annual rate of salary achieved during that portion of the employment period which is prior to Executive’s termination of employment with the Bank. 
 Such payment shall be made (without discounting for early payment) within thirty (30) days following the Executive’s termination of employment.

 The payments and benefits described in section 6(b) are referred to in this Agreement as the “Additional Change of Control Entitlements”.

  

	 	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, whether or not material, 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) days 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. 
  

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  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. 
  (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. 
  

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

 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.
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. 
  

	 	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 be 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. 
  

	 	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 

  

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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 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 be in writing and shall be deemed to have been given at such time as it is delivered personally, or five
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 such party may by written notice specify to the other
party: 
 If to the Officer: 
 [                                      
    ] 
 [                                      
    ] 
 [                                      
    ] 
 If to the Company or the Bank: 
 Westfield Financial, Inc. 
 141 Elm Street 
 Westfield, MA 01085 
 Attention: Chairman, Compensation Committee of the Board of Directors 
  

	 	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, shall 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. 
  

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	 	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 or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
  

	 	Section 15.	Counterparts. 

 This Agreement may be
executed in two 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 Commonwealth of Massachusetts applicable to contracts entered
into and to be performed entirely within the Commonwealth of Massachusetts. 
  

	 	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. 
  

	 	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, in no event shall the aggregate amount of compensation payable to the Officer hereunder exceed three times the Officer’s average annual compensation (within the meaning of OTS
Regulatory Bulletin 27a or any successor thereto) for the last five consecutive calendar years to end prior to his 

  

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termination of employment with the Bank (or for his entire period of employment with the Bank if less than five calendar years). The compensation payable to
the Officer hereunder shall be further reduced (but not below zero) if such reduction would avoid the assessment of excise taxes on excess parachute payments (within the meaning of section 280G of the Code). 
  (b) 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 FDIC Regulation 12 C. F. R. Part 359, Golden Parachute and Indemnification Payments.

  (c) 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. 
 (d) Notwithstanding anything herein contained to the contrary, if the 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
FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all prospective 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 Executive shall not be affected.

  (e) 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 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. 
 (f) Notwithstanding anything herein contained to the contrary, all prospective 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: (i) by the Director of the OTS 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 FDI Act, 12 U.S.C. §1823(c); (ii) by the Director of the OTS or his designee at the time such Director or designee approves a supervisory merger to resolve problems related to the operation of
the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition. The vested rights and obligations of the parties shall not be affected. 
 (g) Notwithstanding anything herein contained to the contrary, the Board may terminate the Executive’s employment at any time, but any termination by the Board other than a termination for “cause” (as
such term is defined in section 5(a) hereof), shall not prejudice the Executive’s right to compensation or other benefits under the Agreement. The Executive shall have on right to receive compensation or other benefits for any period after a
termination for “cause” (as such term is defined in section 5(a) hereof). 
  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. 
  

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	 	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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 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. 
  

									
				
		 		 		 	  
			
		 		 	WESTFIELD BANK
	Attest:	 		 	
					
	By	 	  	 		 	By	 	  
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	[Seal]	 		 	
			
		 		 	WESTFIELD FINANCIAL, INC.
			
	Attest:	 		 	
					
	By	 	  	 		 	By	 	  
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 [Seal]Exhibit 10.17

 Exhibit 10.17 
 AGREEMENT 
 This agreement made as of the second day of August, 2004 by and between
WESTFIELD BANK, of the Town of Westfield, and Commonwealth of Massachusetts (hereinafter referred to as “Westfield”) and VILLAGE MORTGAGE COMPANY, of the Town of Torrington, County of
Litchfield and State of Connecticut (hereinafter referred to as “Village”). 
 SCOPE OF SERVICES 
 Village shall act as the residential mortgage originator and servicer for Westfield. Village will provide prompt, quality service to Westfield. It is the
specific intent of the parties that Village and its employees shall be independent contractor(s) and not employee(s) of Westfield. 
 1.
Compensation: 
 In consideration of the covenants contained herein, compensation shall be as follows: 
  

	 	(a)	Westfield will determine the interest rate and premium/discount that the borrower will pay. Westfield will have full authority to determine the dollar amount that they are
compensated for on an individual loan. Village will provide Westfield access to the rate sheets, were they can determine their pricing. Village will provide Westfield with the “add ons” for different types of loans.

  

	 	(b)	Village agrees to compensate Westfield for any premiums over par (100.00%). If the pricing is discounted, Westfield will determine points charged to borrower to bring pricing to par
(100.00%) and will receive any premium in the loan after par (100.00%). 

  

	 	(c)	For loans originated by Westfield that are B/C loans (i.e. loans which do not meet secondary market guidelines) Village shall pay to Westfield one-half of the commission received,
or as agreed upon on a case by case basis. Loans will be closed and funded by Village. The servicing on these mortgages will be sold if agreed upon by both parties. If Westfield elects to originate the mortgage loan and retain this loan in their
portfolio, Village agrees to service the mortgage loan for a 25% servicing fee. If the loan becomes a “nonperforming” mortgage. (more than 60 days past due), Westfield shall be responsible for handling the foreclosure and shall
assume the servicing of the mortgage loan or pay a higher servicing fee. 

	 	(d)	On construction loans originated by Westfield, Village will underwrite and close the construction loan in the name of Westfield. Westfield will determine the terms of the
construction financing and the construction advances. Village will complete the financing for the permanent mortgage loan for sale in the secondary market. If the loan does not meet secondary market criteria, Westfield may elect to portfolio this
loan and have Village service said loan for a .25% servicing fee. Westfield shall pay to Village a fee for originating the loan which fee shall be negotiated on a case by case basis. 

  

	 	(e)	All jumbo loans will be underwritten manually since they are not LP or DU approvable nor can they be sold at a later date to Freddie Mac or FNMA. For jumbo loans originated by
Village on behalf of Westfield that Westfield decides to keep in their portfolio, Village will service these mortgage loans for a fee of .25%. For mortgage loans that are originated by Westfield and sold by Village in the market, it is
understood that Westfield will be paid 50% of the points and premium earned and that Village will not service these mortgage loans. 

  

	 	(f)	Village shall be able to charge the Borrower a processing fee on the above referenced loans which it originates, in the amount of $450.00. This fee call be changed or negotiated at
any time. 

 The following is the flow of the mortgage loan transaction that is understood between Westfield and Village.
Westfield or Village can choose to modify this at any time: 
  

	 	(a)	Westfield will take the mortgage application 

  

	 	(b)	Westfield will counsel the borrower 

  

	 	(c)	Westfield will determine rate 

  

	 	(d)	Westfield will run DU/LP 

  

	 	(e)	Village will underwrite and issue commitment 

  

	 	(f)	Village will schedule closing 

  

	 	(g)	Village will fund and close 

  

	 	(h)	Village will service. 

 ADDITIONAL TERMS 
  

	 	(a)	A representative or principal of Village shall attend any and all meetings as reasonably requested by Westfield. 

  

	 	(b)	All underwriting of mortgage loans shall be in accordance with secondary market guidelines. 

  

	 	(c)	Westfield shall be responsible for any and all marketing expenses incurred to promote residential mortgage loans through Westfield. 

  

	 	(d)	Westfield may use other mortgage providers in its’ sole discretion during the term of this agreement. 

 TERM 
 This agreement shall remain in full force and effect for a period
of one (1) year. Early termination of this agreement may be initiated by either party by giving sixty (60) days notice thereof to the other party, unless both parties agree to a shorter termination period. 
 GOVERNING LAW 
 This Agreement
to be governed by, and constructed in accordance with the laws of the State of Connecticut applicable to contracts made and to be performed in such state. 
 NOTICES 
 Any notice; consent or other communication required or permitted to be given under
or in connection with this Agreement will be in writing, delivered in person, by public telegram or by mailing same: certified or registered mail, addressed to the party to whom such notice is given at the address set forth below: 
 TO BE GIVEN TO WESTFIELD BANK: 
 Westfield Bank 
 141 Elm Street 
 Westfield MA 01086 
 TO BE GIVEN TO VILLAGE MORTGAGE COMPANY: 
 Village Mortgage Company 
 21 Prospect Street: Unit D 
 Torrington CT 06790 

 Either party may change the address to which any such notice, report, demand, request or other instrument
or communication to such party is to be delivered or mailed, by giving written notice of such change to the other party, but no such notice of change shall be effective unless and until received by such other party. 
 VALIDITY OF PROVISIONS SEVERABILITY 
 If any
provision of this Agreement is or becomes or is deemed invalid, illegal, or unenforceable in any jurisdiction, then: 
  

	 	(a)	That provision will deemed amended to conform to applicable laws of such jurisdiction so as to be valid and enforceable; or 

  

	 	(b)	If it cannot be amended without materially altering the intentions of the parties, it will be stricken; and 

  

	 	(c)	The validity, the legality, and enforceability of such provision will not in any way be affected or impaired thereby in any jurisdiction; 

  

	 	(d)	The remainder of this Agreement will remain in fill force and effect. 

 ARBITRATION 
 In the event of any dispute under this agreement among the pa-ties hereto, such
dispute shall be settled by arbitration in the city nearest or at Hartford, CT in accordance with the rules then obtaining on the American Arbitration Association or any successor thereto. The decision of the arbitrators shall be final, binding and
conclusive. The cost of such arbitration shall be divided equally between parties, and each party shall pay its own attorney’s fees and expenses. 
 NO JOINT VENTURE 
 Westfield and Village recognize and agree that this Agreement is not a
joint venture or partnership between the parties hereto and solely constitutes an Agreement for providing residential mortgage loan originations and servicing of the same by Village for Westfield. 
 AUTOMATIC RENEWAL 
 This
contract shall automatically renew unless either party notifies the other to the contrary prior to sixty (60) days before expiration of the prior term. 

 This agreement comprises the entire Agreement between the parties hereto relating to the subject matter
herein and supersedes any prior oral and/or written agreements or discussions between the parties relating to such subject matter. No amendment, modification waiver, determination or addition to or of this Agreement will be valid and binding unless
in writing and signed by the party to be charged and no verbal agreement of any nature relating to subject matter hereof or to any relationship between the parties will be considered valid or enforceable on either party. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date as set forth above. 
  

									
	Signed, Sealed and Delivered	 		 		 	VILLAGE MORTGAGE COMPANY
	In the Presence of:	 		 		 		 	
					
	 /s/ Carrie L. Leigert
	 		 		 	By:	 	 /s/ Laurel A. Caliendo

	  
	 		 		 		 	
				
	Signed, Sealed and Delivered	 		 		 	WESTFIELD BANK
	In the Presence of:	 		 		 		 	
					
	 /s/ Lauri A. Lowell
	 		 		 	By:	 	 /s/ Rebecca Kozacka

					
	  
	 		 		 		 	
					
	STATE OF CONNECTICUT	 	)	 		 		 	
		 	)ss.:	 		 		 	
	COUNTRY OF HARTFORD	 	)	 		 		 	

 Personally appeared, Laurel A. Caliendo who acknowledged herself to be the President of Village
Mortgage Company and that she as such President being authorized so to do executed the foregoing instrument as his/her free act and deed and the free act and deed of Village Mortgage Company before me. 
  

	
	  

	NOTARY PUBLIC
	My commission expires: 4/30/06
	COMMISSIONER OF THE SUPERIOR COURT

			
	STATE OF MASSACHUSETTS	 	)
		 	)ss.:
	COUNTRY OF Hampden	 	)

 Personally appeared, Rebecca Kozacka who acknowledged himself/herself to be the Vice President of Westfield Bank
and that he/she as such Vice President being authorized so to do executed the foregoing instrument as his/her free act and deed and the free act and deed of Westfield Bank before me. 
  

	
	 /s/ Lauri A. Lowell

	NOTARY PUBLIC
	My commission expires: November 27, 2009
	COMMISSIONER OF THE SUPERIOR COURT

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