Document:

Form of Change in Control Agreement - Vice Presidents

 EXHIBIT 10.7.2 
  
 FORM OF 
 LEGACY
BANCORP, INC. 
 CHANGE IN CONTROL AGREEMENT 
 VICE PRESIDENTS 
  
 This AGREEMENT
is made effective as of                     , 2005 by and between Legacy BANCORP, Inc. (the “Holding Company”), a corporation
organized under the laws of the State of Delaware which is the holding company of Legacy Banks (the “Bank”) with its principal administrative office at 99 North Street, Pittsfield, Massachusetts, 01202 and
                     (“Executive”). 
  
 WHEREAS, the Holding Company recognizes the substantial contribution Executive has made to the Holding Company and its subsidiaries and wishes to protect
Executive’s position therewith for the period provided in this Agreement; and 
  
 WHEREAS, Executive has agreed to serve in the employ of the Holding Company. 
  
 NOW, THEREFORE, in consideration of the contribution and responsibilities of Executive, and upon the other terms and conditions hereinafter provided, the
parties hereto agree as follows: 
  

	1.	TERM OF AGREEMENT. 

  
 The term of this Legacy Bancorp, Inc. Change in Control Agreement (the “Agreement”) shall be deemed to have commenced as of the date first above written and shall continue for a period of two (2) full
calendar years thereafter. Commencing on the first anniversary date of this Agreement and continuing at each anniversary date thereafter, the Board of Directors of the Holding Company (“Board”) may extend the Agreement for an additional
year. The Board will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement, and the results thereof shall be included in the minutes of the Board’s meeting. 
  

	2.	CHANGE IN CONTROL. 

  

	(a)	If a Change in Control (as defined herein) has occurred or the Board has determined that a Change in Control has occurred, Executive shall be entitled to the benefits provided in
Section 3 upon his subsequent termination of employment at any time during the term of this Agreement due to (i) Executive’s dismissal, or (ii) Executive’s voluntary resignation following any demotion, loss of title, office or significant
authority or responsibility, reduction in the annual compensation or material reduction in benefits or relocation of his principal place of employment by more than 30 miles from its location immediately prior 

  

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to the Change in Control, unless such termination is because of his death or termination for Cause. 

  

	(b)	For purposes of this Agreement, a “Change in Control” shall mean an event of a nature that: (i) would be required to be reported in response to Item 5.01(a) of the current
report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Holding Company within the meaning
of the Change in Bank Control Act and the Rules and Regulations promulgated by the Federal Deposit Insurance Corporation (“FDIC”) at 12 C.F.R. ss. 303.4(a) with respect to the Bank and the Rules and Regulations promulgated by the Office of
Thrift Supervision (“OTS”) (or its predecessor agency), with respect to the Holding Company, as in effect on the date of this Agreement, or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as
(A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank or
the Holding Company representing 20% or more of the Bank’s or the Holding Company’s outstanding securities except for any securities of the Bank purchased by the Holding Company in connection with the conversion of the Bank to the stock
form and any securities purchased by any tax qualified employee benefit plan of the Bank; or (B) individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a
majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the
Holding Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board; or (C) a plan of
reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs in which the Bank or Holding Company is not the resulting entity; or (D) solicitations of
shareholders of the Holding Company, by someone other than the current management of the Holding Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Holding Company or Bank or similar transaction with
one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan or transaction are exchanged for or converted into cash or property or securities not issued by the Bank or the Holding Company
shall be distributed; or (E) a tender offer is made for 20% or more of the voting securities of the Bank or the Holding Company. 

  

	(c)	 Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon Termination for Cause. The term “Termination for
Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law,
rule, or regulation (other than traffic violations or similar offenses), a violation of the Legacy Banks Code of Conduct dated February 3, 2005, as amended from time to time, or final cease-and-desist order, or material breach of any provision of
this Agreement. Notwithstanding the foregoing, 

  

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Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a Notice of Termination which shall
include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board of Directors of the Holding Company at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an
opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive’s conduct justified a finding of Termination for Cause and specifying the particulars thereof in detail.
Executive shall not have the right to receive compensation or other benefits for any period after the Date of Termination for Cause. During the period beginning on the date of the Notice of Termination for Cause pursuant to Section 4 hereof through
the Date of Termination for Cause, stock options and related limited rights granted to Executive under any stock option plan shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the
Company or any subsidiary or affiliate thereof, vest. At the Date of Termination for Cause, such stock options and related limited rights and any such unvested awards shall become null and void and shall not be exercisable by or delivered to
Executive at any time subsequent to such Termination for Cause. 

  

	3.	TERMINATION BENEFITS. 

  

	(a)	Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by termination of the Executive’s employment due to: (1) Executive’s
dismissal or (2) Executive’s voluntary termination pursuant to Section 2(a), unless such termination is due to Termination for Cause, the Bank and the Holding Company shall pay Executive, or in the event of his subsequent death, his beneficiary
or beneficiaries, or his estate, as the case may be, a sum equal to one (1) times Executive’s average annual compensation for the five most recent taxable years that Executive has been employed by the Holding Company or its subsidiaries or such
lesser number of years in the event that Executive shall have been employed by the Holding Company or its subsidiaries for less than five years. Such average annual compensation shall include Base Salary, commissions, and bonuses, as well as
contributions on Executive’s behalf to any pension and/or profit sharing plan, retirement payments, directors or committee fees, fringe benefits paid or to be paid to the Executive in any such year and payment of any expense items without
accountability or business purpose or that do not meet the Internal Revenue Service requirements for deductibility by the Holding Company or its subsidiaries; provided however, that any payment under this provision and subsection 3(b) below shall
not exceed three (3) times the Executive’s average annual compensation. At the election of Executive, which election is to be made prior to a Change in Control, such payment shall be made in a lump sum. In the event that no election is made,
payment to Executive will be made on a monthly basis in approximately equal installments during the remaining term of this Agreement. 

  

	(b)	 Upon the occurrence of a Change in Control of the Bank or the Holding Company followed at any time during the term of this Agreement by Executive’s voluntary
or involuntary termination of employment, other than for Termination for Cause, the Holding Company or its subsidiaries shall cause to be continued life, medical and disability coverage substantially identical to the coverage maintained by the Bank
or 

  

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Holding Company for Executive prior to his severance, except to the extent such coverage may be changed in its application to all Bank or Holding Company
employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of eighteen (18) full calendar months from the Date of Termination. 

  

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

  

	4.	NOTICE OF TERMINATION. 

  

	(a)	Any purported termination by the Holding Company or by Executive in connection with a Change in Control shall be communicated by Notice of Termination to the other party hereto. For
purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

  

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

  

	(c)	If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court of competent
jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party
giving such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding the pendency of any such dispute in connection with a Change in Control, in the event the Executive is terminated for reasons other than Termination
for Cause, the Holding Company or its subsidiaries will continue to pay Executive his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to his annual salary) and continue him as a
participant in all compensation, benefit and insurance plans in which he was participating when the notice of dispute was given, until the earlier of: (1) the resolution of the dispute in accordance with this Agreement or (2) the expiration of the
remaining term of this Agreement as determined as of the Date of Termination. 

  

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	5.	SOURCE OF PAYMENTS. 

  
 It is intended by the parties hereto that all payments provided in this Agreement shall be paid in cash or check from the general funds of the Holding Company or its subsidiaries. 
  

	6.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS. 

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

	7.	NO ATTACHMENT. 

  

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

 

	(b)	This Agreement shall be binding upon, and inure to the benefit of, Executive, the Holding Company and their respective successors, heirs and assigns. 

  

	8.	MODIFICATION AND WAIVER. 

  

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

  

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

  

	9.	SEVERABILITY. 

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

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	10.	HEADINGS FOR REFERENCE ONLY. 

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

	11.	GOVERNING LAW. 

  
 The validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Delaware but only to the extent not preempted by Federal law. 
  

	12.	ARBITRATION. 

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

	13.	PAYMENT OF COSTS AND LEGAL FEES. 

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

	14.	INDEMNIFICATION. 

  

	(a)	The Holding Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance
policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under Delaware law against all expenses and liabilities reasonably incurred by him in connection with or arising out
of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Holding Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities),
such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements. 

  

	15.	SUCCESSOR TO THE HOLDING COMPANY. 

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

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	16.	COMPLIANCE WITH 409A OF THE CODE. 

  
 To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any
amounts payable or benefits provided hereunder in a taxable year that is prior to the taxable year or years in which such amounts or benefits would otherwise actually be distributed, provided or otherwise made available to the Executive. This
Agreement shall be construed, administered, and governed in a manner consistent with this intent. Any provision that would cause any amount payable or benefit provided under this Agreement to be includable in the gross income of the Executive under
Section 409A(a)(1) of the Code shall have no force and effect unless and until amended to cause such amount or benefit to not be so includable (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by
the Holding Company without the consent of the Executive). In particular, to the extent the Executive becomes entitled to receive a payment or a benefit upon an event that does not constitute a permitted distribution event under Section 409A(a)(2)
of the Code, then notwithstanding anything to the contrary in this Agreement, such payment or benefit will be made or provided to the Executive on the earlier of (i) the Executive’s “separation from service” with the Holding Company
(determined in accordance with Section 409A of the Code); provided however, that if the Executive is a “specified employee” (within the meaning of Section 409A of the Code), the Executive’s date of payment shall be made on the date
which is 6 months after the date of the Executive’s separation of service with the Holding Company or (ii) the Executive’s death. Any reference in this Agreement to Section 409A of the Code shall also include any proposed, temporary or
final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 
  
 IN WITNESS WHEREOF, Legacy Bancorp, Inc. has caused this Agreement to be executed and its seal to be affixed hereunto by its duly authorized officer and
director, and Executive has signed this Agreement, on the          day of                     ,
2005. 
  

					
	 ATTEST:
	 	 	 	 LEGACY BANCORP, INC.

			
	  	 	 	 	  
	Corporate Secretary	 	 	 	 For the Entire Board of Directors

			
	 [SEAL]
	 	 	 	 
			
	 WITNESS:
	 	 	 	 EXECUTIVE

			
	  	 	 	 	  
	 	 	 	 	 

  

 7Form of Legacy Banks Employee Severance Compensation Plan

 Exhibit 10.8 
  
 FORM OF 
 LEGACY
BANKS EMPLOYEE SEVERANCE COMPENSATION PLAN 
  
 PLAN PURPOSE

  
 The purpose of the Legacy Banks Employee Severance Compensation Plan (the
“Plan”) is to assure for Legacy Banks (the “Bank”) the services of Employees of the Bank in the event of a Change in Control (capitalized terms are defined in Section 2.1) of Legacy Bancorp, Inc. (the “Holding Company”)
or the Bank. The benefits contemplated by the Plan recognize the value to the Bank of the services and contributions of the Employees of the Bank and the effect upon the Bank resulting from the uncertainties of continued employment, reduced employee
benefits, management changes and relocations that may arise in the event of a Change in Control of the Bank or the Holding Company. The Bank’s and the Holding Company’s Boards of Directors believe that it is in the best interests of the
Bank and the Holding Company to provide Employees of the Bank who have been with the Bank for a minimum of one (1) year with such benefits in order to defray the costs and changes in employment status that could follow a Change in Control. The
Boards of Directors believe that the Plan will also aid the Bank in attracting and retaining highly-qualified individuals who are essential to its success and the Plan’s assurance of fair treatment of the Bank’s Employees will reduce the
distractions and other adverse effects on Employees’ performance in the event of a Change in Control. 
  
 ARTICLE I 
 ESTABLISHMENT OF PLAN 
  
 1.1 Establishment of Plan 
  
 As of the Effective Date, the Bank hereby establishes an employee severance compensation plan
to be known as the “Legacy Banks Employee Severance Compensation Plan.” 
  
 1.2 Applicability of Plan 
  
 The benefits
provided by this Plan shall be available to all Employees of the Bank, who, at or after the Effective Date, meet the eligibility requirements of Article III, except for those executive officers who have entered into, or who enter into in the future,
and continue to be subject to an employment or change in control agreement with the Employer. 
  
 1.3 Contractual Right to Benefits 
  
 This Plan
establishes and vests in each Participant a contractual right to the benefits to which each Participant is entitled hereunder, enforceable by the Participant against the Employer. 
  

 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 
  
 2.1 Definitions 
  
 Whenever used in the Plan, the following terms shall
have the meanings set forth below: 
  

	 	(a)	“Annual Compensation” of a Participant means and includes all wages, salary, bonus, and other cash compensation, if any, paid or accrued by an Employer as consideration
for the Participant’s service during the 12 months ended the date as of which Annual Compensation is to be determined, which is or would be includable in the gross income of the Participant receiving the same for federal income tax purposes.

  

	 	(b)	“Bank” means Legacy Banks or any successor of Legacy Banks as provided for in Article VII hereof. 

  

	 	(c)	 For purposes of this Plan, a “Change in Control” shall mean an event of a nature that: (i) would be required to be reported in response to Item 5.01(a) of
the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Holding Company within
the meaning of the Change in Bank Control Act and the Rules and Regulations promulgated by the Federal Deposit Insurance Corporation (“FDIC”) at 12 C.F.R. ss. 303.4(a) with respect to the Bank and the Rules and Regulations promulgated by
the Office of Thrift Supervision (“OTS”) (or its predecessor agency), with respect to the Holding Company, as in effect on the date of this Plan, or (iii) without limitation such a Change in Control shall be deemed to have occurred at such
time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Bank or the Holding Company representing 20% or more of the Bank’s or the Holding Company’s outstanding securities except for any securities of the Bank purchased by the Holding Company in connection with the conversion of the Bank to the
stock form and any securities purchased by any tax qualified employee benefit plan of the Bank; or (B) individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least
a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the
Holding Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board; or (C) a plan of
reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs in which the Bank or Holding Company is not the resulting entity; or (D) solicitations of
shareholders of the Holding Company, by someone other than the current management of the Holding Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Holding Company or Bank or similar transaction with
one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan or transaction are exchanged for or converted into cash or property or securities not issued by the Bank or the Holding Company
shall be distributed; or (E) a tender offer is 

  

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made for 20% or more of the voting securities of the Bank or the Holding Company. 

  

	 	(d)	“Disability” means the permanent and total inability by reason of mental or physical infirmity, or both, of an Employee to perform the work customarily assigned to him.
Additionally, a medical doctor selected or approved by the Board of Directors must advise the Board that it is either not possible to determine if or when such Disability will terminate or that it appears probable that such Disability will be
permanent during the remainder of said employee’s lifetime. 

  

	 	(e)	“Effective Date” means the date the Plan is approved by the Board of Directors of the Bank, or such other date as the Board of Directors of the Bank shall designate in its
resolution approving the Plan. 

  

	 	(f)	“Employee” means any employee of the Bank or any subsidiary of the Bank or any parent of the Bank who has completed at least one (1) Year of Service with the Bank;
provided, however, that any employee who is covered or hereinafter becomes covered by an employment contract or change in control agreement with the Employer shall not be considered to be an “Employee” for purposes of this Plan.

  

	 	(g)	“Expiration Date” means the date ten (10) years from the Effective Date, unless the Plan is earlier terminated pursuant to Section 8.2 of the Plan or unless the Plan is
extended pursuant to Section 8.1 of the Plan. 

  

	 	(h)	“Employer” means the Bank or a subsidiary of the Bank or a parent of the Bank which has adopted the Plan pursuant to Article VI hereof. 

  

	 	(i)	“Holding Company” means Legacy Bancorp, Inc., the parent company of the Bank. 

  

	 	(j)	“Leave of Absence” and “LOA” mean the taking of an authorized or approved leave of absence under the provisions of (i) the federal Family and Medical Leave Act
(“FMLA”), (ii) any state law providing qualitatively similar benefits as the FMLA, or (iii) a leave of absence authorized under the policies of the Bank. “Leave of Absence” and “LOA” are defined in this paragraph for
the exclusive purposes of this Plan. 

  

	 	(k)	“Payment” means the payment of severance compensation as provided for in Article IV hereof. 

  

	 	(l)	“Participant” means an Employee who meets the eligibility requirements of Article III. 

  

	 	(m)	“Plan” means this Legacy Banks Employee Severance Compensation Plan. 

  

	 	(n)	 “Termination for Cause” shall include termination because of a Participant’s personal dishonesty, incompetence, willful misconduct, any breach of
fiduciary 

  

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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), a violation of the Legacy Banks Code of Conduct dated February 3, 2005, as amended from time to time, or violation of any final cease and desist order. In determining incompetence, the acts or omissions shall be measured
against standards generally prevailing in the savings institutions industry. 

  

	 	(o)	“Year of Service” means a consecutive twelve month period, beginning with an Employee’s date of hire and running without a termination of employment in which an
Employee is credited with at least one hour of service in each of the twelve calendar months in such period. The taking of a LOA shall not eliminate a period of time from the calculation of a year of Service if such period of time otherwise
qualifies as such. Further if a particular twelve month period of time would not otherwise qualify under the Plan as a Year of Service because one hour of service is not credited during each month of such period due to the taking of a LOA, then such
period of time shall be deemed to be a Year of Service for all other purposes of this Plan. 

  
 2.2 Applicable Law 
  
 The laws of the Commonwealth of Massachusetts shall be the controlling law in all matters relating to the Plan to the extent not preempted by Federal law. 
  
 2.3 Severability 
  
 If a provision of this Plan shall be held illegal or invalid, the illegality or invalidity
shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 ARTICLE III 
 ELIGIBILITY

  
 3.1 Participation 
  
 The term Participant shall include all Employees of the Employer who have completed one (1)
Year of Service with the Employer at the time of any termination pursuant to Section 4.2 of the Plan. Notwithstanding the foregoing, persons who have entered into and continue to be covered by an employment contract or change in control agreement
with the Employer shall not be entitled to participate in this Plan. 
  
 3.2 Duration of Participation 
  
 A Participant shall cease to be a
Participant in the Plan when the Participant ceases to be an Employee of the Employer, unless such Participant is entitled to a Payment as provided in the Plan. A Participant entitled to receipt of a Payment shall remain a Participant in this Plan
until the full amount of such Payment has been paid to the Participant. 
  

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 ARTICLE IV 
 PAYMENTS 
  
 4.1 Right to
Payment 
  
 A Participant shall be entitled to receive from his respective
Employer a Payment in the amount provided in Section 4.3 of the Plan if there has been a Change in Control of the Bank or the Holding Company and if, within one (1) year thereafter, the Participant’s employment with the Employer shall terminate
for any reason specified in Section 4.2 of the Plan, whether the termination is voluntary or involuntary. A Participant shall not be entitled to a Payment if termination of employment occurs by reason of death, voluntary retirement, voluntary
termination other than for reasons specified in Section 4.2 of the Plan, Disability, or as a result of Termination for Cause. 
  
 4.2 Reasons for Termination 
  
 Following a Change in Control, a Participant shall be entitled to a Payment if employment by the Employer is terminated, voluntarily or involuntarily, for any one or more
of the following reasons: 
  

	 	(a)	The Employer reduces the Participant’s (i) base salary (or regularly scheduled hours are increased without a prorated increase in base salary); (ii) rate of compensation in the
case of hourly Employees; or (iii) the product of hourly rate of compensation on regularly scheduled hours (without regard to overtime) as in effect immediately prior to the Change in Control or as the same may have been increased thereafter.

  

	 	(b)	The Employer materially changes the Participant’s function, duties or responsibilities which would cause the Participant’s position to be one of lesser responsibility,
importance or scope with the Employer than immediately prior to the Change in Control. 

  

	 	(c)	The Employer requires the Participant to change the location of the Participant’s job or office, so that such Participant will be based at a location more than thirty (30)
miles from the location of the Participant’s job or office immediately prior to the Change in Control, provided that such new location is not closer to the Participant’s home. 

  

	 	(d)	The Employer materially reduces the benefits and perquisites available to the Participant immediately prior to the Change in Control; provided, however, that a material reduction in
benefits and perquisites generally provided to all Employees of the Employer on a nondiscriminatory basis would not trigger a payment pursuant to this Plan. 

  

	 	(e)	A successor to the Employer fails or refuses to assume the Employer’s obligations under this Plan, as required by Article VII. 

  

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	 	(f)	The Employer or any successor to the Employer breaches any other provisions of this Plan. 

  

	 	(g)	The Employer terminates the employment of a Participant at or after a Change in Control other than for Termination for Cause. 

  
 4.3 Amount of Payment 
  

	 	(a)	Each Participant entitled to a Payment under this Plan shall receive from the Employer, a lump sum cash payment equal to one (1) week of his Annual Compensation for each year of
service up to a maximum of 60% of such Annual Compensation. 

  

	 	(b)	Notwithstanding the provisions of paragraph (a) above, if a Payment to a Participant who is a “Disqualified Individual” shall be in an amount which includes an
“Excess Parachute Payment,” the Payment hereunder to that Participant shall be reduced to the maximum amount which does not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute
Payment” shall have the same meanings as under Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision thereto. 

  
 The Participant shall not be required to mitigate damages on the amount of a Payment by seeking other employment or otherwise, nor shall the
amount of such Payment be reduced by any compensation earned by the Participant as a result of employment after termination of employment hereunder. 
  
 4.4 Time of Payment 
  
 The Payment to which a Participant is entitled shall be paid to the Participant by the Employer or the successor to the Employer, in cash and in full, not later than
twenty (20) business days after the termination of the Participant’s employment. If any Participant should die after termination of the employment but before all amounts have been paid, such unpaid amounts shall be paid to the
Participant’s named beneficiary, if living, otherwise to the personal representative on behalf of or for the benefit of the Participant’s estate. 
  
 ARTICLE V 
 OTHER RIGHTS AND BENEFITS
NOT AFFECTED 
  
 5.1 Other Benefits 
  
 Neither the provisions of this Plan nor the Payment provided for hereunder shall reduce any
amounts otherwise payable, or in any way diminish the Participant’s rights as an Employee of an Employer, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus, stock ownership or any employment
agreement or other plan or arrangement. 
  

 6 

 5.2 Employment Status 
  
 This Plan does not constitute a contract of employment or impose on the Participant or the Participant’s Employer any obligation to
retain the Participant as an Employee, to change the status of the Participant’s employment, or to change the Employer’s policies regarding termination of employment. 
  
 ARTICLE VI 
 PARTICIPATING EMPLOYERS 
  
 6.1 Upon approval by
the Board of Directors of the Bank, this Plan may be adopted by any “Subsidiary” or “Parent” of the Bank. Upon such adoption, the Subsidiary or Parent shall become an Employer hereunder and the provisions of the Plan shall be
fully applicable to the Employees of that Subsidiary or Parent. The term “Subsidiary” means any corporation in which the Bank, directly or indirectly, holds a majority of the voting power of its outstanding shares of capital stock. The
term “Parent” means any corporation which holds a majority of the voting power of the Bank’s outstanding shares of capital stock. 
  
 ARTICLE VII 
 SUCCESSOR TO THE BANK

  
 7.1 The Employer shall require any successor or assignee,
whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Employer, expressly and unconditionally to assume and agree to perform the Employer’s obligations under this
Plan, in the same manner and to the same extent that the Employer would be required to perform if no such succession or assignment had taken place. 
  
 ARTICLE VIII 
 DURATION, AMENDMENT AND
TERMINATION 
  
 8.1 Duration 
  
 If a Change in Control has not occurred, this Plan shall expire as of the Expiration Date,
unless sooner terminated as provided in Section 8.2 of the Plan, or unless extended for an additional period or periods by resolution adopted by the Board of Directors of the Bank. 
  
 Notwithstanding the foregoing, if a Change in Control occurs this Plan shall continue in full force and effect, and shall not terminate or
expire until such date as all Participants who become entitled to a Payment hereunder shall have received such Payments in full. 
  
 8.2 Amendment and Termination 
  
 The Plan may be terminated or amended in any respect by resolution adopted by a majority of the Board of Directors of the Bank, unless a Change in Control has previously
occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. 
  

 7 

 8.3 Form of Amendment 
  
 The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers of
the Bank, certifying that the amendment or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights hereunder. A proper termination
of the Plan automatically shall effect a termination of all Participants’ rights and benefits hereunder. 
  
 8.4 No Attachment 
  

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

  

	 	(b)	This Plan shall be binding upon, and inure to the benefit of, Employees and the Bank and their respective successors and assigns. 

  
 ARTICLE IX 
 LEGAL FEES AND EXPENSES 
  
 9.1 All reasonable legal fees and other expenses paid or incurred by a party hereto pursuant to any dispute or question of interpretation relating to this Plan shall be paid or reimbursed by the prevailing party in
any legal judgment, arbitration or settlement. 
  
 ARTICLE X

 REQUIRED PROVISIONS 
  
 10.1 The Employer may terminate an Employee’s employment at any time, but any termination by the Employer, other than Termination for Cause, shall
not prejudice the Employee’s right to compensation or other benefits under this Plan, except as otherwise provided for hereunder. Employee shall not have the right to receive compensation or other benefits for any period after termination which
constitutes a Termination for Cause as defined herein. 
  
 10.2 If
the Employee is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1), the
Bank’s obligations under this Plan shall be suspended as of the date of service, unless stayed by appropriate proceedings. 
  
 If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Employee all or part of the compensation withheld while their Plan obligations were
suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
  
 10.3 If the Employee 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 Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Plan shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected. 
  

 8 

 10.4 If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12
U.S.C. (S)1813(x)(1), all obligations of the Bank under this Plan shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
  
 ARTICLE XI 
 ADMINISTRATIVE PROVISIONS 
  
 11.1 Plan Administrator. The administrator of the Plan shall be under the supervision of the Board of Directors of the Bank or a Committee appointed by the Board of Directors of the Bank (the “Board”). It
shall be a principal duty of the Board to see that the Plan is carried out in accordance with its terms, for the exclusive benefit of persons entitled to participate in the Plan without discrimination among them. The Board will have full power to
administer the Plan in all of its details subject, however, to the requirements of ERISA if the Plan is subject to such requirements. For this purpose, the Board’s powers will include, but will not be limited to, the following authority, in
addition to all other powers provided by this Plan: (a) to make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan; (b) to interpret the Plan, its interpretation thereof in good faith
to be final and conclusive on all persons claiming benefits under the Plan; (c) to decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; (d) to compute the amount of a Payment that will be payable to
any Participant or other person in accordance with the provisions of the Plan, and to determine the person or persons to whom such benefits will be paid; (e) to authorize Payments; (f) to appoint such agents, counsel, accountants, consultants and
actuaries as may be required to assist in administering the Plan; and (g) to allocate and delegate its responsibilities under the Plan and to designate other persons to carry out any of its responsibilities under the Plan, any such allocation,
delegation or designation to be by written instrument and in accordance with Section 405 of ERISA if applicable. 
  
 11.2 Named fiduciary. The Board will be a “named fiduciary” for purposes of Section 402(a)(1) of ERISA with authority to control and manage the
operation and administration of the Plan, and will be responsible for complying with all, if any, of the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA. 
  
 11.3 Claims and review procedures. 
  

	 	(a)	 Claims procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Board. If any
such claim is wholly or partially denied, the Board will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain (i) specific reasons for the denial,
(ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary and (iv)
information as to the steps to be taken if the person wishes to submit a request for review. Such notification will be given within 90 days after the claim is received by the Board (or within 180 days, if special circumstances require an extension
of time for processing the claim, and if written notice of such extension and 

  

 9 

	 	 
circumstances is given to such person within the initial 90 day period). If such notification is not given within such period, the claim will be considered
denied as of the last day of such period and such person may request a review of his claim. 

  

	 	(b)	Review procedure. Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days after the date on which such denial
is considered to have occurred) such person (or his duly authorized representative) may (i) file a written request with the Board for a review of his denied claim and of pertinent documents and (ii) submit written issues and comments to the Board.
The Board will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent
Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Board (or within 120 days, if special circumstances require an extension of time for processing the requests such as an election by
the Board to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60 day period). If the decision on review is not made within such period, the claim will be considered denied.

  
 11.4 Nondiscriminatory exercise of authority.
Whenever, in the administration of the Plan, any discretionary action by the Board is required, the Board shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same
treatment. 
  
 11.5 Indemnification of Board. The Bank will
indemnify and defend to the fullest extent permitted by law any person serving on the Board or as a member of a committee designated as Board (including any person who formerly served as a Board member or as a member of such committee) against all
liabilities, damages, costs and expenses (including attorneys fees and amounts paid in settlement of any claims approved by the Bank) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith.

  
 11.6 “Plan Year” means the period beginning on the
Effective Date and ending on December 31 and the 12 consecutive-month period ending each year thereafter. 
  
 11.7 Benefits solely from general assets. The benefits provided hereunder will be paid solely from the general assets of the Employer. Nothing herein will
be construed to require the Employer or the Board to maintain any fund or segregate any amount for the benefit of any Participant, and no Participant or other person shall have any claim against, right to, or security or other interest in, any fund,
account or asset of the Employer from which any payment under the Plan may be made. 
  

 10 

 Having been adopted by its Board of Directors on
                    , 2005, this Legacy Banks Employee Severance Compensation Plan is executed by its duly authorized officers this
         day of                     , 2005. 
  

					
	 Attest
	 	 	 	 LEGACY BANKS

			
	  	 	 	 	  
	Secretary	 	 	 	 For the Entire Board of Directors

  

 11

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