Document:

Exhibit 10.3

                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

      THIS AMENDED AND RESTATED EMPLOYMENT  AGREEMENT (the "Agreement"),  by and
among  ENFIELD  FEDERAL  SAVINGS  AND LOAN  ASSOCIATION,  a  federally-chartered
financial institution (the "Association"),  and DAVID J. O'CONNOR ("Executive"),
is hereby amended and restated effective as of November 12, 2008.  References to
the  "Company"  herein  shall  mean NEW  ENGLAND  BANCSHARES,  INC.,  a Maryland
corporation and the Association's holding company.

                               W I T N E S S E T H

      WHEREAS,  the  Executive is currently  employed as the President and Chief
Executive Officer of the Association pursuant to an employment agreement between
the  Association  and the  Executive  entered  into as of December 28, 2005 (the
"Original Agreement");

      WHEREAS,  the  Association  desires  to amend  and  restate  the  Original
Agreement in order to comply with the final  regulations  issued  under  Section
409A of the  Internal  Revenue  Code of 1986,  as amended  (the "Code") in April
2007; and

      WHEREAS, the Executive has agreed to such changes.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby
agree as follows:

      1.    Employment.  Executive  is  employed  as  the  President  and  Chief
Executive  Officer of the  Association.  Executive  shall perform all duties and
shall have all powers  which are  commonly  incident to the offices of President
and Chief Executive  Officer of the Association or which,  consistent with those
offices,  are  delegated to him by the Board of  Directors  of the  Association.
During the term of this  Agreement,  Executive also agrees to serve, if elected,
as an officer and/or  director of any subsidiary of the  Association and in such
capacity carry out such duties and  responsibilities  reasonably  appropriate to
that office.

      2.    Location and  Facilities.  The Executive  will be furnished with the
working facilities and staff customary for executive officers with the title and
duties  set  forth in  Section 1 and as are  necessary  for him to  perform  his
duties.  The  location of such  facilities  and staff shall be at the  principal
administrative  offices  of the  Association,  or at such  other  site or  sites
customary for such offices.

      3.    Term.

      a.    The term of this Agreement shall be (i) the initial term, consisting
            of the  period  commencing  on  the  date  of  this  Agreement  (the
            "Effective  Date")  and  ending  on  the  third  anniversary  of the
            Effective Date, plus (ii) any and all extensions of the initial term
            made pursuant to this Section 3, provided, however, that all changes

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            intended  to  comply  with  Code  Section  409A  shall be  effective
            retroactively  to December 28, 2005; and provided  further,  that no
            retroactive  changes  shall  affect  the  compensation  or  benefits
            previously provided to the Executive.

      b.    Commencing on the first year anniversary date of this Agreement, and
            continuing on each anniversary thereafter, the disinterested members
            of the  boards  of  directors  of the  Association  may  extend  the
            Agreement an  additional  year such that the  remaining  term of the
            Agreement shall be thirty-six (36) months,  unless  Executive elects
            not to extend the term of this Agreement by giving written notice in
            accordance with Section 19 of this Agreement. The Board of Directors
            of the  Association  (the  "Board")  will review the  Agreement  and
            Executive's performance annually for purposes of determining whether
            to extend the Agreement and the rationale and results  thereof shall
            be included in the minutes of the  Board's  meeting.  The  Executive
            shall  receive  notice as soon as  possible  after such review as to
            whether the Agreement is to be extended.

      4.    Base Compensation.

      a.    The Association  agrees to pay the Executive during the term of this
            Agreement a base salary at the rate of $300,000 per year, payable in
            accordance with customary payroll practices.

      b.    The Board shall  review  annually the rate of the  Executive's  base
            salary based upon factors  they deem  relevant,  and may maintain or
            increase his salary,  provided  that no such action shall reduce the
            rate of salary below the rate in effect on the Effective Date.

      c.    In the absence of action by the Board,  the Executive shall continue
            to receive salary at the annual rate specified on the Effective Date
            or, if another rate has been  established  under the  provisions  of
            this Section 4, the rate last properly  established by action of the
            Board under the provisions of this Section 4.

      5.    Bonuses. The  Executive   shall  be  entitled  to   participate   in
discretionary  bonuses  or  other  incentive   compensation  programs  that  the
Association may award from time to time to senior management  employees pursuant
to bonus plans or otherwise. Any bonuses or other payments made pursuant to this
Section 5 shall be paid  promptly by the  Association  and in any event no later
than March 15 of the year immediately following the end of the calendar year for
which such amounts were payable.

      6.    Benefit Plans. The Executive shall be entitled to participate in
such life insurance,  medical,  dental, pension, profit sharing,  retirement and
stock-based  compensation  plans and other programs and  arrangements  as may be
approved from time to time by the Company and the Association for the benefit of
their employees.

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      7.    Vacation and Leave.

      a.    The  Executive  shall be  entitled  to  vacation  and other leave in
            accordance  with  policy  for senior  executives,  or  otherwise  as
            approved by the Board.

      b.    In addition to paid vacation and other leave, the Executive shall be
            entitled,  without loss of pay, to absent himself  voluntarily  from
            the  performance of his employment  for such  additional  periods of
            time and for such valid and  legitimate  reasons as the Board may in
            its  discretion  determine.  Further,  the  Board  may  grant to the
            Executive a leave or leaves of absence, with or without pay, at such
            time or times and upon such terms and conditions as the Board in its
            discretion may determine.

      8.    Expense  Payments  and   Reimbursements.   The  Executive  shall  be
reimbursed  for all  reasonable  out-of-pocket  business  expenses that he shall
incur in connection  with his services under this Agreement upon  substantiation
of such expenses in accordance with applicable policies of the Association. Such
reimbursements  shall be paid promptly by the  Association  and in any event not
later than March 15 of the year  immediately  following  the end of the calendar
year in which the Executive incurred such expense.

      9.    Automobile  Allowance.  During  the  term  of  this  Agreement,  the
Executive  shall  be  entitled  to an  automobile  allowance  on  terms  no less
favorable  that  those in  effect  immediately  prior to the  execution  of this
Agreement.   Executive  shall  comply  with  reasonable  reporting  and  expense
limitations  on the  use  of  such  automobile  as  may  be  established  by the
Association  from time to time, and the  Association  shall annually  include on
Executive's Form W-2 any amount of income  attributable to Executive's  personal
use of such  automobile.  Payments,  if any,  made under this Section 9 shall be
paid promptly by the Association and in any event not later than March 15 of the
year immediately following the end of the calendar year in which the expense was
incurred.

      10.   Loyalty and Confidentiality.

      a.    During the term of this  Agreement  Executive:  (i) shall devote all
            his time, attention,  skill, and efforts to the faithful performance
            of his duties hereunder;  provided, however, that from time to time,
            Executive  may serve on the  boards of  directors  of,  and hold any
            other offices or positions in, companies or organizations which will
            not present any conflict of interest with the  Association or any of
            their subsidiaries or affiliates, unfavorably affect the performance
            of Executive's  duties  pursuant to this  Agreement,  or violate any
            applicable  statute or  regulation  and (ii) shall not engage in any
            business or activity  contrary to the business  affairs or interests
            of the Association.

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      b.    Nothing   contained  in  this  Agreement   shall  prevent  or  limit
            Executive's right to invest in the capital stock or other securities
            of any business dissimilar from that of the Association,  or, solely
            as a passive, minority investor, in any business.

      c.    Executive  agrees to  maintain  the  confidentiality  of any and all
            information  concerning  the  operation or  financial  status of the
            Company and the  Association;  the names or  addresses of any of its
            borrowers,   depositors  and  other   customers;   any   information
            concerning   or  obtained  from  such   customers;   and  any  other
            information  concerning the Company and the  Association to which he
            may be exposed  during the course of his  employment.  The Executive
            further  agrees  that,   unless  required  by  law  or  specifically
            permitted  by the  Board in  writing,  he will not  disclose  to any
            person or entity, either during or subsequent to his employment, any
            of the  above-mentioned  information which is not generally known to
            the public,  nor shall he employ such  information  in any way other
            than for the benefit of the Company and the Association.

      11.   Termination  and  Termination  Pay.  Subject  to  Section 12 of this
Agreement,  Executive's employment under this Agreement may be terminated in the
following circumstances:

      a.    Death.  Executive's  employment under this Agreement shall terminate
            upon his death  during the term of this  Agreement,  in which  event
            Executive's estate shall be entitled to receive the compensation due
            to the Executive through the last day of the calendar month in which
            his death occurred.

      b.    Retirement.  This  Agreement  shall be terminated  upon  Executive's
            retirement  under the  retirement  benefit plan or plans in which he
            participates pursuant to Section 6 of this Agreement or otherwise.

      c.    Disability.

            i.    The Board or Executive  may terminate  Executive's  employment
                  after having determined Executive has a Disability.  For these
                  purposes, the Executive shall be deemed to have a "Disability"
                  in any case in which it is  determined  that the Executive (a)
                  is unable to engage in any  substantial  gainful  activity  by
                  reason  of  any  medically  determinable  physical  or  mental
                  impairment  which can be expected to result in death,  or last
                  for a  continuous  period of not less than 12  months;  (b) by
                  reason  of  any  medically  determinable  physical  or  mental
                  impairment  which can be expected to result in death,  or last
                  for a  continuous  period  of not  less  than  12  months,  is
                  receiving income replacement benefits for a period of not less
                  than three months  under an accident and health plan  covering
                  employees  of the  Bank;  or (c) is  totally  disabled  by the
                  Social  Security  Administration.

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            ii.   In the event of such  Disability,  Executive's  obligation  to
                  perform  services  under this Agreement  will  terminate.  The
                  Association  will pay Executive,  as Disability pay, an amount
                  equal to 100% of Executive's  bi-weekly rate of base salary in
                  effect as of the date of his  termination of employment due to
                  Disability.  Disability  payments  will be  made on a  monthly
                  basis  and  will  commence  on the  first  day  of  the  month
                  following the effective  date of  Executive's  termination  of
                  employment  for  Disability and end on the earlier of: (A) the
                  date he returns to full-time  employment at the Association in
                  the same capacity as he was employed prior to his  termination
                  for  Disability;  (B) his death; or (C) upon attainment of age
                  65. Such payments shall be reduced by the amount of any short-
                  or  long-term  disability  benefits  payable to the  Executive
                  under  any  other   disability   programs   sponsored  by  the
                  Association.  In  addition,  during any period of  Executive's
                  Disability,   Executive  and  his  dependents  shall,  to  the
                  greatest  extent  possible,  continue to be covered  under all
                  benefit  plans  (including,  without  limitation,  non-taxable
                  medical,  dental and life insurance plans) of the Association,
                  in which Executive participated prior to his Disability on the
                  same  terms as if  Executive  were  actively  employed  by the
                  Association.

      d.    Termination for Cause.

            i.    The Board may, by written  notice to the Executive in the form
                  and  manner   specified  in  this  paragraph,   terminate  his
                  employment at any time, for "Cause".  The Executive shall have
                  no right to receive  compensation  or other  benefits  for any
                  period after  termination  for Cause.  Termination for "Cause"
                  shall  mean   termination   because  of,  in  the  good  faith
                  determination of the Board, Executive's:

                  (1)   Personal dishonesty;

                  (2)   Incompetence;

                  (3)   Willful misconduct;

                  (4)   Breach of fiduciary duty involving personal profit;

                  (5)   Intentional failure to perform stated duties;

                  (6)   Willful  violation of any law, rule or regulation (other
                        than  traffic   violations  or  similar  offenses)  that
                        reflects  adversely on the reputation of the Company and
                        the Association, any felony conviction, any violation of
                        law  involving  moral  turpitude  or any  violation of a
                        final cease-and-desist order; or

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                  (7)   Material  breach by Executive  of any  provision of this
                        Agreement.

            ii.   Notwithstanding  the foregoing,  Executive shall not be deemed
                  to have been  terminated for Cause by the  Association  unless
                  there  shall  have been  delivered  to  Executive  a copy of a
                  resolution  duly  adopted at a meeting of such Board  where in
                  the good faith  opinion of the Board,  Executive was guilty of
                  the conduct  described  above and specifying  the  particulars
                  thereof.

      e.    Voluntary Termination by Executive.  In addition to his other rights
            to  terminate  under  this  Agreement,   Executive  may  voluntarily
            terminate employment during the term of this Agreement upon at least
            sixty (60) days prior  written  notice to the Boards,  in which case
            Executive  shall  receive only his  compensation,  vested rights and
            employee benefits up to the date of his termination.

      f.    Without Cause or With Good Reason.

            i.    In addition to termination  pursuant to Sections 11(a) through
                  11(e)  the  Boards,  may,  by  written  notice  to  Executive,
                  immediately  terminate his employment at any time for a reason
                  other than Cause (a termination "Without Cause") and Executive
                  may,  by written  notice to the Board,  immediately  terminate
                  this Agreement at any time for "Good Reason" as defined below.

            ii.   Subject  to  Section  12 of this  Agreement,  in the  event of
                  termination  under  this  Section  11(f),  Executive  shall be
                  entitled to receive an amount equal to (i) his base salary for
                  the remaining term of the Agreement, and (ii) the value of the
                  benefits he would have received  during the remaining  term of
                  the  Agreement   under  any   retirement   programs   (whether
                  tax-qualified   or    non-qualified)    in   which   Executive
                  participated  prior to his termination (with the amount of the
                  benefits  determined by reference to the benefits  received by
                  the  Executive  or accrued on his behalf  under such  programs
                  during the twelve  (12)  months  preceding  his  termination),
                  payable as a single cash lump sum distribution within ten (10)
                  calendar days following  such  termination.  In addition,  the
                  Executive  shall  continue to participate in any benefit plans
                  of the Association that provide life insurance and non-taxable
                  medical and dental  insurance,  or similar coverage upon terms
                  no less favorable  than the most  favorable  terms provided to
                  senior  executives of the Association  during such period.  In
                  the event  that the  Association  is unable  to  provide  such
                  coverage by reason of  Executive  no longer being an employee,
                  the  Association  shall  pay the  Executive  the value of such
                  benefits  in a single  cash lump sum  distribution  within ten
                  (10) calendar days following his termination.

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            iii.  "Good  Reason"  shall exist if,  without  Executive's  express
                  written  consent,  the  Association  materially  breach any of
                  their  respective  obligations  under this Agreement.  Without
                  limitation,  such a material  breach  shall be deemed to occur
                  upon any of the following:

                  (1)   A material reduction in Executive's  responsibilities or
                        authority in  connection  with his  employment  with the
                        Association;

                  (2)   Assignment  to  Executive  of duties of a  non-executive
                        nature or duties for which he is not reasonably equipped
                        by his skills and experience;

                  (3)   Failure of the Executive to be nominated or re-nominated
                        to the Board

                  (4)   A material  reduction in Executive's  salary or benefits
                        contrary to the terms of this Agreement, or, following a
                        Change in  Control  as  defined  in  Section  12 of this
                        Agreement, any reduction in salary or material reduction
                        in benefits  below the amounts to which he was  entitled
                        prior to the Change in Control;

                  (5)   Termination of incentive and benefit plans,  programs or
                        arrangements,  or reduction of Executive's participation
                        to  such  an  extent  as  to  materially   reduce  their
                        aggregate  value below their  aggregate  value as of the
                        Effective Date;

                  (6)   A  requirement  that  Executive  relocate his  principal
                        business  office  or his  principal  place of  residence
                        outside of the area  consisting  of a  twenty-five  (25)
                        mile radius from the current  main office and any branch
                        of the  Association,  or the  assignment to Executive of
                        duties that would reasonably  require such a relocation;
                        or

                  (7)   Liquidation   or  dissolution  of  the  Company  or  the
                        Association,  other than  liquidations  or  dissolutions
                        that  are   caused  by   reorganizations   that  do  not
                        negatively affect the status of the Executive,

                  provided, however, that prior to any termination of employment
                  for Good  Reason  (a  termination  "With  Good  Reason"),  the
                  Executive must first provide written notice to the Association
                  within ninety (90) days following the initial existence of the
                  condition, describing the existence of such condition, and the
                  Association  shall  thereafter  have the right to  remedy  the
                  condition  within thirty (30) days of the date the Association
                  received  the

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                  written notice from the Executive. If the Association remedies
                  the condition within such thirty (30) day cure period, then no
                  Good  Reason  shall be deemed to exist  with  respect  to such
                  condition.  If the  Association  does not remedy the condition
                  within such thirty (30) day cure  period,  then the  Executive
                  may  deliver a Notice of  Termination  for Good  Reason at any
                  time within sixty (60) days  following the  expiration of such
                  cure period.

            iv.   Notwithstanding  the foregoing,  a reduction or elimination of
                  the  Executive's  benefits  under  one or more  benefit  plans
                  maintained by the Company or the Association as part of a good
                  faith, overall reduction or elimination of such plans or plans
                  or benefits  thereunder  applicably to all  participants  in a
                  manner that does not discriminate against Executive (except as
                  such discrimination may be necessary to comply with law) shall
                  not constitute an event of Good Reason or a material breach of
                  this  Agreement,  provided that benefits of the type or to the
                  general extent as those offered under such plans prior to such
                  reduction or  elimination  are not available to other officers
                  of  the   Association   or  any  company  that   controls  the
                  Association  under a plan or plans in or under which Executive
                  is not entitled to participate.

            v.    For purposes of this Agreement, any termination of Executive's
                  employment  shall be construed to require a  "Separation  from
                  Service"  in  accordance   with  Code  Section  409A  and  the
                  regulations promulgated thereunder,  such that the Association
                  and  Executive  reasonably  anticipate  that the level of bona
                  fide services  Executive would perform after termination would
                  permanently  decrease  to a level that is less than 50% of the
                  average level of bona fide services  performed  (whether as an
                  employee or an independent  contractor)  over the  immediately
                  preceding thirty-six (36) month period.

      g.    Continuing  Covenant Not to Compete or Interfere with Relationships.
            Regardless  of  anything   herein  to  the  contrary,   following  a
            termination  by the  Association  or  Executive  pursuant to Section
            11(f):

            i.    Executive's  obligations under Section 10(c) of this Agreement
                  will continue in effect; and

            ii.   During  the  period  ending on the first  anniversary  of such
                  termination,  the  Executive  shall not  serve as an  officer,
                  director  or  employee  of any  bank  holding  company,  bank,
                  savings bank,  savings and loan holding  company,  or mortgage
                  company  (any  of  which,  a  "Financial  Institution")  which
                  Financial  Institution  offers products or services  competing
                  with those offered by the  Association  from any office within
                  fifty  (50)  miles  from the

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                  main  office or any  branch of the  Association  and shall not
                  interfere  with  the  relationship  of  the  Company  and  the
                  Association   and   any   of   its   employees,   agents,   or
                  representatives.

      12.   Termination in Connection with a Change in Control.

      a.    For purposes of this Agreement, a Change in Control means any of the
            following events:

            (i)   Merger:  The Company merges into or consolidates  with another
                  corporation,  or merges another  corporation into the Company,
                  and as a result  less than a majority of the  combined  voting
                  power  of the  resulting  corporation  immediately  after  the
                  merger  or   consolidation   is  held  by  persons   who  were
                  stockholders of the Company  immediately  before the merger or
                  consolidation.

            (ii)  Acquisition of Significant Share Ownership:  There is filed or
                  required to be filed a report on Schedule  13D or another form
                  or schedule  (other than Schedule 13G) required under Sections
                  13(d) or 14(d) of the Securities  Exchange Act of 1934, if the
                  schedule discloses that the filing person or persons acting in
                  concert has or have become the beneficial owner of 25% or more
                  of a class of the Company's voting securities, but this clause
                  (b) shall not apply to beneficial  ownership of Company voting
                  shares held in a fiduciary  capacity by an entity of which the
                  Company directly or indirectly  beneficially  owns 50% or more
                  of its outstanding voting securities.

            (iii) Change  in  Board  Composition:   During  any  period  of  two
                  consecutive  years,  individuals  who constitute the Company's
                  Board of  Directors at the  beginning  of the two-year  period
                  cease for any reason to  constitute at least a majority of the
                  Company's  Board of  Directors;  provided,  however,  that for
                  purposes  of this clause  (iii),  each  director  who is first
                  elected  by the  board (or  first  nominated  by the board for
                  election by the stockholders) by a vote of at least two-thirds
                  (2/3) of the directors who were  directors at the beginning of
                  the  two-year  period  shall be  deemed  to have  also  been a
                  director at the beginning of such period; or

            (iv)  Sale of  Assets:  The  Company  sells to a third  party all or
                  substantially all of its assets.

      Notwithstanding  anything in this  Agreement to the contrary,  in no event
shall  reorganization of the Association from the mutual holding company form or
organization to the

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full stock holding  company form of  organization  (including the elimination of
the mutual  holding  company)  constitute  a "Change in Control" for purposes of
this Agreement.

      b.    Termination.  If within  the  period  ending  two (2) years  after a
            Change  in  Control,  (i)  the  Company  and the  Association  shall
            terminate  the  Executive's   employment   Without  Cause,  or  (ii)
            Executive  voluntarily  terminates his employment  With Good Reason,
            the Company and the  Association  shall,  within ten  calendar  days
            following the termination of Executive's  employment,  make a single
            lump-sum   cash  payment  to  him  equal  to  three  (3)  times  the
            Executive's  average Annual Compensation (as defined in this Section
            12(b))  over the five (5) most  recently  completed  calendar  years
            ending with the year immediately preceding the effective date of the
            Change  in  Control.  In  determining   Executive's  average  Annual
            Compensation,  Annual Compensation shall include base salary and any
            other taxable  income,  including but not limited to amounts related
            to the granting,  vesting or exercise of  restricted  stock or stock
            option awards, commissions, bonuses (whether paid or accrued for the
            applicable  period),  as well as, retirement  benefits,  director or
            committee  fees and fringe  benefits paid or to be paid to Executive
            or paid  for  Executive's  benefit  during  any  such  year,  profit
            sharing,   employee  stock  ownership  plan  and  other   retirement
            contributions or benefits,  including to any  tax-qualified  plan or
            arrangement  (whether or not  taxable)  made or accrued on behalf of
            Executive  of such year.  The cash  payment  made under this Section
            12(b)  shall  be made in lieu of any  payment  also  required  under
            Section 11(f) of this  Agreement  because of a  termination  in such
            period.  Executive's  rights under  Section  11(f) are not otherwise
            affected by this  Section 12.  Also,  in such event,  the  Executive
            shall,  for a thirty-six (36) month period following his termination
            of  employment,  receive  the value of the  benefits  he would  have
            received  over such period under any  retirement  programs  (whether
            tax-qualified or  nonqualified) in which the Executive  participated
            prior to his termination (with the amount of the benefits determined
            by reference to the benefits received by the Executive or accrued on
            his  behalf  under such  programs  during  the  twelve  (12)  months
            preceding the Change in Control),  payable as a single cash lump sum
            distribution   within  ten  (10)   calendar  days   following   such
            termination.   In  addition,   the  Executive   shall   continue  to
            participate in any benefit plans of the Company and the  Association
            that  provide  life  insurance  and  non-taxable  medical and dental
            insurance, or similar coverage upon terms no less favorable than the
            most  favorable   terms   provided  to  senior   executives  of  the
            Association  during such  period.  In the event that the Company and
            the Association are unable to provide such coverage by reason of the
            Executive no longer being an employee, the Association shall pay the
            Executive the value of such benefits in a single lump sum within ten
            (10) calendar days following his termination.

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      c.    The  provisions of Section 12 and Sections 14 through 25,  including
            the defined terms used is such  sections,  shall  continue in effect
            until the later of the expiration of this Agreement or two (2) years
            following a Change in Control.

      13.  Indemnification and Liability  Insurance.  Subject to, and limited by
Section 26(f) of this Agreement, the Association shall provide the following:

      a.    Indemnification.  The Company and the Association agree to indemnify
            the Executive (and his heirs, executors, and administrators), and to
            advance expenses  related  thereto,  to the fullest extent permitted
            under  applicable law and  regulations  against any and 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 Executive of the
            Company,  the Association or any of their  subsidiaries  (whether or
            not he  continues  to be a  director  or  Executive  at the  time of
            incurring  any such  expenses  or  liabilities)  such  expenses  and
            liabilities  to  include,  but not be limited to,  judgments,  court
            costs,  and attorney's fees and the cost of reasonable  settlements,
            such  settlements  to be  approved  by the Board,  if such action is
            brought  against the  Executive  in his  capacity as an Executive or
            director  of the  Company  and  the  Association  or  any  of  their
            subsidiaries.  Indemnification  for  expense  shall  not  extend  to
            matters  for which the  Executive  has been  terminated  for  Cause.
            Nothing contained herein shall be deemed to provide  indemnification
            prohibited by applicable law or regulation. Notwithstanding anything
            herein to the  contrary,  the  obligations  of this Section 13 shall
            survive the term of this Agreement by a period of six (6) years.

      b.    Insurance.  During  the  period  in  which  indemnification  of  the
            Executive  is  required  under this  Section,  the  Company  and the
            Association  shall provide the Executive (and his heirs,  executors,
            and administrators) with coverage under a directors' and Executives'
            liability  policy at the expense of the Company and the Association,
            at least  equivalent  to such  coverage  provided to  directors  and
            senior Executives of the Company and the Association.

      14.   Reimbursement of Executive's Expenses to Enforce this Agreement. The
Association  shall  reimburse  the Executive  for all  reasonable  out-of-pocket
expenses, including, without limitation, reasonable attorney's fees, incurred by
the Executive in connection with successful  enforcement by the Executive of the
obligations  of the  Association  to the  Executive  under this  Agreement.  The
Association  shall make such payments promptly and, in any event, not later than
March 15 of the year  immediately  following  the year in which such expense was
incurred by Executive.  Successful  enforcement shall mean the grant of an award
of money or the requirement  that the Association  take some action specified by
this  Agreement:  (i) as a  result  of court  order;  or (ii)  otherwise  by the
Association following an initial failure of the Association to pay such money or
take such action  promptly  after  written  demand  therefor  from the

                                       11
<PAGE>

Executive  stating  the  reason  that such  money or action  was due under  this
Agreement at or prior to the time of such demand.

      15.   Limitation of Benefits under Certain Circumstances.  If the payments
and benefits pursuant to Section 12 of this Agreement,  either alone or together
with other  payments and benefits  which the  Executive has the right to receive
from the Association,  would constitute a "parachute payment" under Section 280G
of the Code,  the payments and benefits  pursuant to Section 12 shall be reduced
by the amount, if any, which is the minimum necessary to result in no portion of
the  payments  and  benefits  under  Section  12  being  non-deductible  to  the
Association  pursuant to Section  280G of the Code and subject to the excise tax
imposed under Section 4999 of the Code.  The  determination  of any reduction in
the payments and benefits to be made  pursuant to Section 12 shall be based upon
the  opinion of the  Association's  independent  tax counsel and paid for by the
Association. In the event that the Association and/or the Executive do not agree
with the opinion of such counsel, (i) the Association shall pay to the Executive
the maximum amount of payments and benefits  pursuant to Section 12, as selected
by the Executive,  which such opinion  indicates there is a high  probability of
such payments and benefits being  deductible to the  Association and not subject
to the  imposition  of the excise tax imposed under Section 4999 of the Code and
(ii) the  Association  may request,  and the  Executive  shall have the right to
demand  that they  request,  a ruling  from the IRS as to whether  the  disputed
payments and benefits  pursuant to Section 12 have such  consequences.  Any such
request for a ruling from the IRS shall be  promptly  prepared  and filed by the
Association,  but in no event  later than  thirty (30) days from the date of the
opinion of counsel  referred to above,  and shall be subject to the  Executive's
approval  prior  to  filing,  which  shall  not be  unreasonably  withheld.  The
Association  and the Executive agree to be bound by any ruling received from the
IRS and to make appropriate  payments to each other to reflect any such rulings,
together  with interest at the  applicable  federal rate provided for in Section
7872(f)(2) of the Code.

      16.   Injunctive  Relief.  If there is a breach  or  threatened  breach of
Section 11(g) of this Agreement or the prohibitions upon disclosure contained in
Section  10(c) of this  Agreement,  the parties  agree that there is no adequate
remedy at law for such  breach,  and that the  Association  shall be entitled to
injunctive  relief  restraining  the  Executive  from such breach or  threatened
breach,  but such relief shall not be the  exclusive  remedy  hereunder for such
breach.   The  parties  hereto  likewise  agree  that  the  Executive,   without
limitation, shall be entitled to injunctive relief to enforce the obligations of
the Association under this Agreement.

      17.   Successors and Assigns.

      a.    This Agreement shall inure to the benefit of and be binding upon any
            corporate or other successor of the Association which shall acquire,
            directly  or  indirectly,  by  merger,  consolidation,  purchase  or
            otherwise,  all or  substantially  all of the assets or stock of the
            Company and the Association.

                                       12
<PAGE>

      b.    Since the  Association  is  contracting  for the unique and personal
            skills of Executive,  Executive shall be precluded from assigning or
            delegating his rights or duties  hereunder  without first  obtaining
            the written consent of the Association.

      18.   No  Mitigation.  Executive  shall not be required  to  mitigate  the
amount of any payment provided for in this Agreement by seeking other employment
or otherwise and no such payment shall be offset or reduced by the amount of any
compensation or benefits provided to Executive in any subsequent

      19.   Notices. All notices,  requests, demands and other communications in
connection  with this Agreement  shall be made in writing and shall be deemed to
have been given when  delivered by hand or 48 hours after mailing at any general
or branch United States Post Office,  by registered or certified  mail,  postage
prepaid, addressed to the Association at their principal business offices and to
Executive at his home address as maintained in the records of the Association.

      20.   No Plan Created by this  Agreement.  Executive  and the  Association
expressly  declare and agree that this Agreement was  negotiated  among them and
that no provision or provisions  of this  Agreement are intended to, or shall be
deemed to,  create  any plan for  purposes  of the  Employee  Retirement  Income
Security Act or any other law or regulation, and each party expressly waives any
right to assert the contrary.  Any  assertion in any judicial or  administrative
filing,  hearing,  or process that such a plan was so created by this  Agreement
shall be deemed a material  breach of this Agreement by the party making such an
assertion.

      21.   Amendments.  No amendments or additions to this  Agreement  shall be
binding  unless  made in  writing  and signed by all of the  parties,  except as
herein otherwise specifically provided.

      22.   Applicable Law.  Except to the extent  preempted by Federal law, the
laws of the State of  Connecticut  shall govern this  Agreement in all respects,
whether as to its validity, construction, capacity, performance or otherwise.

      23.   Severability.  The  provisions  of this  Agreement  shall be  deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

      24.   Headings. Headings contained herein are for convenience of reference
only.

      25.   Entire Agreement. This Agreement, together with any understanding or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the entire agreement among the parties hereto with respect to the subject matter
hereof,  other than written agreements with respect to specific plans,  programs
or arrangements described in Sections 5 and 6. Upon

                                       13
<PAGE>

execution of this Agreement,  the employment  agreement entered into between the
parties on June 4, 2002, will become null and void.

      26.   Required Provisions. In the event any of the foregoing provisions of
this Section 26 are in conflict with the terms of this  Agreement,  this Section
26 shall prevail.

      a.    The  Association's  board of  directors  may  terminate  Executive's
            employment  at any time,  but any  termination  by the  Association,
            other than  Termination for Cause,  shall not prejudice  Executive's
            right  to  compensation  or other  benefits  under  this  Agreement.
            Executive shall not have the right to receive  compensation or other
            benefits  for any period after  Termination  for Cause as defined in
            Section 11(d) hereinabove.

      b.    If Executive is suspended from office and/or temporarily  prohibited
            from participating in the conduct of the Association'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.  ss.1818(e)(3)  or  (g)(1);  the
            Association's  obligations under this contract shall be suspended as
            of the date of service, unless stayed by appropriate proceedings. If
            the charges in the notice are dismissed,  the Association may in its
            discretion:  (i)  pay  Executive  all or  part  of the  compensation
            withheld while their contract  obligations were suspended;  and (ii)
            reinstate  (in whole or in part) any of the  obligations  which were
            suspended.

      c.    If  Executive  is  removed  and/or   permanently   prohibited   from
            participating  in the  conduct  of the  Association'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. ss.1818(e)(4) or (g)(1), all obligations of
            the  Association  under  this  contract  shall  terminate  as of the
            effective  date of the order,  but vested rights of the  contracting
            parties shall not be affected.

      d.    If the  Association  is in default as defined in Section  3(x)(1) of
            the  Federal  Deposit  Insurance  Act, 12 U.S.C.  ss.1813(x)(1)  all
            obligations of the  Association  under this contract shall terminate
            as of the date of default,  but this paragraph  shall not affect any
            vested rights of the contracting parties.

      e.    All obligations  under this contract shall be terminated,  except to
            the extent determined that continuation of the contract is necessary
            for the continued operation of the Association:  (i) by the Director
            of the OTS (or his  designee),  at the time the FDIC  enters into an
            agreement to provide  assistance to or on behalf of the  Association
            under  the  authority  contained  in  Section  13(c) of the  Federal
            Deposit Insurance Act, 12 U.S.C. ss.1823(c); or (ii) by the Director
            of the  OTS (or his  designee)  at the  time  the  Director  (or his
            designee)  approves a supervisory merger to resolve problems related
            to the  operations of the  Association  or when the  Association  is
            determined by the Director to be in an unsafe or unsound

                                       14
<PAGE>

            condition.  Any  rights of the  parties  that have  already  vested,
            however, shall not be affected by such action.

      f.    Any  payments  made to  employees  pursuant  to this  Agreement,  or
            otherwise, are subject to and conditioned upon their compliance with
            12 U.S.C.  ss.1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden
            Parachute and Indemnification Payments.

      g.    Notwithstanding  anything in this Agreement to the contrary,  in the
            event the  Executive is a Specified  Employee  (as defined  herein),
            then,  solely,  to the extent required to avoid penalties under Code
            Section 409A,  the  Executive's  payments shall be delayed until the
            first day of the seventh month following the Executive's  Separation
            from Service. A "Specified  Employee" shall be interpreted to comply
            with Code  Section  409A and shall  mean a key  employee  within the
            meaning  of Code  Section  416(i)  (without  regard to  paragraph  5
            thereof).

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first set forth above.

Attest:                                 ENFIELD FEDERAL SAVINGS
                                        AND LOAN ASSOCIATION

/s/ Nancy L. Grady                      By:/s/ Peter T. Dow
------------------------------             -------------------------------------
                                           Chairman of the Board of Directors

Witness:                                EXECUTIVE

/s/ Nancy L. Grady                      /s/ David J. O'Connor
------------------------------          ----------------------------------------
                                         David J. O'Connor
                                        President and Chief Executive Officer

F:\Clients\1335\Benefits\409A\Employment Agreement - David O'Connor -
Association - Revised (10 30 08).DOC

                                       15Exhibit 10.5

                          NEW ENGLAND BANCSHARES, INC.
                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

      THIS AMENDED AND RESTATED EMPLOYMENT  AGREEMENT (the "Agreement"),  by and
among NEW ENGLAND BANCSHARES,  INC., a Maryland corporation (the "Company"), and
DAVID J. O'CONNOR ("Executive"),  is hereby amended and restated effective as of
November 12, 2008.  References  to the  "Association"  herein shall mean ENFIELD
FEDERAL SAVINGS AND LOAN ASSOCIATION, a wholly owned subsidiary of the Company.

                               W I T N E S S E T H

      WHEREAS,  the  Executive is currently  employed as the President and Chief
Executive Officer of the Company pursuant to an employment agreement between the
Company and the  Executive  entered into as of December 28, 2005 (the  "Original
Agreement");

      WHEREAS,  the Company desires to amend and restate the Original  Agreement
in order to comply with the final  regulations  issued under Section 409A of the
Internal Revenue Code of 1986, as amended (the "Code") in April 2007; and

      WHEREAS, the Executive has agreed to such changes.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby
agree as follows:

      1.    Employment.  Executive  is  employed  as  the  President  and  Chief
Executive  Officer of the Company.  Executive shall perform all duties and shall
have all powers  which are  commonly  incident to the offices of  President  and
Chief Executive Officer of the Company or which,  consistent with those offices,
are  delegated to him by the Board of Directors of the Company.  During the term
of this  Agreement,  Executive also agrees to serve,  if elected,  as an officer
and/or  director of any subsidiary of the Company and in such capacity carry out
such duties and responsibilities reasonably appropriate to that office.

      2.    Location and  Facilities.  The Executive  will be furnished with the
working facilities and staff customary for executive officers with the title and
duties  set  forth in  Section 1 and as are  necessary  for him to  perform  his
duties.  The  location of such  facilities  and staff shall be at the  principal
administrative  offices of the Company, or at such other site or sites customary
for such offices.

      3.    Term.

            The period of Executive's  employment  under this Agreement shall be
            deemed  to have  commenced  as of the date  written  above and shall
            continue  for a period  of  thirty-six  (36) full  calendar  months,
            provided,  however,  that all  changes  intended to comply with Code
            Section 409A shall be effective  retroactively to December

<PAGE>

            28, 2005; and provided  further,  that no retroactive  changes shall
            affect the  compensation  or  benefits  previously  provided  to the
            Executive.  The term of this Agreement shall be extended for one day
            each day so that a  constant  thirty-six  (36)  calendar  month term
            shall remain in effect, until such time as the Board of Directors of
            the Company (the "Board") or Executive elects not to extend the term
            of the  Agreement  by giving  written  notice to the other  party in
            accordance with the terms of this Agreement,  in which case the term
            of  this  Agreement  shall  be  fixed  and  shall  end on the  third
            anniversary of the date of such written notice.

      4.    Base Compensation.

      a.    The  Company  agrees to pay the  Executive  during  the term of this
            Agreement a base salary at the rate of $300,000 per year, payable in
            accordance with customary payroll practices.

      b.    The Board shall  review  annually the rate of the  Executive's  base
            salary based upon factors  they deem  relevant,  and may maintain or
            increase his salary,  provided  that no such action shall reduce the
            rate of salary below the rate in effect on the Effective Date.

      c.    In the absence of action by the Board,  the Executive shall continue
            to receive salary at the annual rate specified on the Effective Date
            or, if another rate has been  established  under the  provisions  of
            this Section 4, the rate last properly  established by action of the
            Board under the provisions of this Section 4.

      5.    Bonuses.   The  Executive   shall  be  entitled  to  participate  in
discretionary bonuses or other incentive  compensation programs that the Company
may award from time to time to senior  management  employees  pursuant  to bonus
plans or otherwise.  Any bonuses or other payments made pursuant to this Section
5 shall be paid  promptly by the Company and in any event no later than March 15
of the year  immediately  following  the end of the calendar year for which such
amounts were payable.

      6.    Benefit  Plans.  The Executive  shall be entitled to  participate in
such life insurance,  medical,  dental, pension, profit sharing,  retirement and
stock-based  compensation  plans and other programs and  arrangements  as may be
approved  from time to time by the  Company  and the  Company for the benefit of
their employees.

      7.    Vacation and Leave.

      a.    The  Executive  shall be  entitled  to  vacation  and other leave in
            accordance  with  policy  for senior  executives,  or  otherwise  as
            approved by the Board.

      b.    In addition to paid vacation and other leave, the Executive shall be
            entitled,  without loss of pay, to absent himself  voluntarily  from
            the  performance of his

                                       2
<PAGE>

            employment  for such  additional  periods of time and for such valid
            and legitimate reasons as the Board may in its discretion determine.
            Further,  the Board may grant to the  Executive a leave or leaves of
            absence,  with or without  pay,  at such time or times and upon such
            terms and conditions as the Board in its discretion may determine.

      8.    Expense  Payments  and   Reimbursements.   The  Executive  shall  be
reimbursed  for all  reasonable  out-of-pocket  business  expenses that he shall
incur in connection  with his services under this Agreement upon  substantiation
of such expenses in accordance  with  applicable  policies of the Company.  Such
reimbursements  shall be paid promptly by the Company and in any event not later
than March 15 of the year immediately  following the end of the calendar year in
which the Executive incurred such expense.

      9.    Automobile  Allowance.  During  the  term  of  this  Agreement,  the
Executive  shall  be  entitled  to an  automobile  allowance  on  terms  no less
favorable  that  those in  effect  immediately  prior to the  execution  of this
Agreement.   Executive  shall  comply  with  reasonable  reporting  and  expense
limitations  on the use of such  automobile as may be established by the Company
or the Association  from time to time, and the Company or the Association  shall
annually  include on Executive's  Form W-2 any amount of income  attributable to
Executive's personal use of such automobile.  Payments,  if any, made under this
Section 9 shall be paid  promptly by the Company and in any event not later than
March 15 of the year immediately following the end of the calendar year in which
the expense was incurred.

      10.   Loyalty and Confidentiality.

      a.    During the term of this  Agreement  Executive:  (i) shall devote all
            his time, attention,  skill, and efforts to the faithful performance
            of his duties hereunder;  provided, however, that from time to time,
            Executive  may serve on the  boards of  directors  of,  and hold any
            other offices or positions in, companies or organizations which will
            not  present any  conflict  of  interest  with the Company or any of
            their subsidiaries or affiliates, unfavorably affect the performance
            of Executive's  duties  pursuant to this  Agreement,  or violate any
            applicable  statute or  regulation  and (ii) shall not engage in any
            business or activity  contrary to the business  affairs or interests
            of the Company.

      b.    Nothing   contained  in  this  Agreement   shall  prevent  or  limit
            Executive's right to invest in the capital stock or other securities
            of any business dissimilar from that of the Company, or, solely as a
            passive, minority investor, in any business.

      c.    Executive  agrees to  maintain  the  confidentiality  of any and all
            information  concerning  the  operation or  financial  status of the
            Company  and the  Company;  the  names  or  addresses  of any of its
            borrowers,   depositors  and  other   customers;   any   information
            concerning   or  obtained  from  such   customers;   and  any  other
            information  concerning  the Company and the Company to which he may
            be

                                       3
<PAGE>

            exposed during the course of his employment.  The Executive  further
            agrees that, unless required by law or specifically permitted by the
            Board in  writing,  he will not  disclose  to any  person or entity,
            either  during  or  subsequent  to  his   employment,   any  of  the
            above-mentioned  information  which  is not  generally  known to the
            public,  nor shall he employ such  information in any way other than
            for the benefit of the Company and the Company.

      11.   Termination  and  Termination  Pay.  Subject  to  Section 12 of this
Agreement,  Executive's employment under this Agreement may be terminated in the
following circumstances:

      a.    Death.  Executive's  employment under this Agreement shall terminate
            upon his death  during the term of this  Agreement,  in which  event
            Executive's estate shall be entitled to receive the compensation due
            to the Executive through the last day of the calendar month in which
            his death occurred.

      b.    Retirement.  This  Agreement  shall be terminated  upon  Executive's
            retirement  under the  retirement  benefit plan or plans in which he
            participates pursuant to Section 6 of this Agreement or otherwise.

      c.    Disability.

            i.    The Board or Executive  may terminate  Executive's  employment
                  after having determined Executive has a Disability.  For these
                  purposes, the Executive shall be deemed to have a "Disability"
                  in any case in which it is  determined  that the Executive (a)
                  is unable to engage in any  substantial  gainful  activity  by
                  reason  of  any  medically  determinable  physical  or  mental
                  impairment  which can be expected to result in death,  or last
                  for a  continuous  period of not less than 12  months;  (b) by
                  reason  of  any  medically  determinable  physical  or  mental
                  impairment  which can be expected to result in death,  or last
                  for a  continuous  period  of not  less  than  12  months,  is
                  receiving income replacement benefits for a period of not less
                  than three months  under an accident and health plan  covering
                  employees  of the  Bank;  or (c) is  totally  disabled  by the
                  Social Security Administration.

            ii.   In the event of such  Disability,  Executive's  obligation  to
                  perform  services  under this Agreement  will  terminate.  The
                  Company or the Association  will pay Executive,  as Disability
                  pay, an amount equal to 100% of Executive's  bi-weekly rate of
                  base  salary in effect  as of the date of his  termination  of
                  employment due to Disability. Disability payments will be made
                  on a monthly  basis and will  commence on the first day of the
                  month following the effective date of Executive's  termination
                  of employment  for  Disability  and end on the earlier of: (A)
                  the date he returns to full-time

                                       4
<PAGE>

                  employment  at the  Company  in the  same  capacity  as he was
                  employed  prior to his  termination  for  Disability;  (B) his
                  death;  or (C) upon  attainment of age 65. Such payments shall
                  be reduced by the amount of any short- or long-term disability
                  benefits  payable to the Executive under any other  disability
                  programs  sponsored  by the  Company  or the  Association.  In
                  addition,   during  any  period  of  Executive's   Disability,
                  Executive and his  dependents  shall,  to the greatest  extent
                  possible,  continue  to be  covered  under all  benefit  plans
                  (including,  without limitation,  non-taxable medical,  dental
                  and life insurance  plans) of the Company or the  Association,
                  in which Executive participated prior to his Disability on the
                  same  terms as if  Executive  were  actively  employed  by the
                  Company.

      d.    Termination for Cause.

            i.    The Board may, by written  notice to the Executive in the form
                  and  manner   specified  in  this  paragraph,   terminate  his
                  employment at any time, for "Cause".  The Executive shall have
                  no right to receive  compensation  or other  benefits  for any
                  period after  termination  for Cause.  Termination for "Cause"
                  shall  mean   termination   because  of,  in  the  good  faith
                  determination of the Board, Executive's:

                  (1)   Personal dishonesty;

                  (2)   Incompetence;

                  (3)   Willful misconduct;

                  (4)   Breach of fiduciary duty involving personal profit;

                  (5)   Intentional failure to perform stated duties;

                  (6)   Willful  violation of any law, rule or regulation (other
                        than  traffic   violations  or  similar  offenses)  that
                        reflects  adversely on the reputation of the Company and
                        the Company, any felony conviction, any violation of law
                        involving  moral  turpitude or any  violation of a final
                        cease-and-desist order; or

                  (7)   Material  breach by Executive  of any  provision of this
                        Agreement.

            ii.   Notwithstanding  the foregoing,  Executive shall not be deemed
                  to have been  terminated for Cause by the Company unless there
                  shall have been  delivered to Executive a copy of a resolution
                  duly  adopted  at a meeting  of such  Board  where in the good
                  faith  opinion  of the  Board,  Executive  was

                                       5
<PAGE>

                  guilty  of the  conduct  described  above and  specifying  the
                  particulars thereof.

      e.    Voluntary Termination by Executive.  In addition to his other rights
            to  terminate  under  this  Agreement,   Executive  may  voluntarily
            terminate employment during the term of this Agreement upon at least
            sixty (60) days prior  written  notice to the Boards,  in which case
            Executive  shall  receive only his  compensation,  vested rights and
            employee benefits up to the date of his termination.

      f.    Without Cause or With Good Reason.

            i.    In addition to termination  pursuant to Sections 11(a) through
                  11(e)  the  Boards,  may,  by  written  notice  to  Executive,
                  immediately  terminate his employment at any time for a reason
                  other than Cause (a termination "Without Cause") and Executive
                  may,  by written  notice to the Board,  immediately  terminate
                  this Agreement at any time for "Good Reason" as defined below.

            ii.   Subject  to  Section  12 of this  Agreement,  in the  event of
                  termination  under  this  Section  11(f),  Executive  shall be
                  entitled to receive an amount equal to (i) his base salary for
                  the remaining term of the Agreement, and (ii) the value of the
                  benefits he would have received  during the remaining  term of
                  the  Agreement   under  any   retirement   programs   (whether
                  tax-qualified   or    non-qualified)    in   which   Executive
                  participated  prior to his termination (with the amount of the
                  benefits  determined by reference to the benefits  received by
                  the  Executive  or accrued on his behalf  under such  programs
                  during the twelve  (12)  months  preceding  his  termination),
                  payable as a single cash lump sum distribution within ten (10)
                  calendar days following  such  termination.  In addition,  the
                  Executive  shall  continue to participate in any benefit plans
                  of the Company or Association  that provide life insurance and
                  non-taxable medical and dental insurance,  or similar coverage
                  upon terms no less  favorable  than the most  favorable  terms
                  provided  to senior  executives  of the  Company  during  such
                  period.  In the event that the Company or the  Association  is
                  unable to provide  such  coverage  by reason of  Executive  no
                  longer being an employee,  the Company shall pay the Executive
                  the  value  of  such  benefits  in  a  single  cash  lump  sum
                  distribution  within  ten (10)  calendar  days  following  his
                  termination.

            iii.  "Good  Reason"  shall exist if,  without  Executive's  express
                  written consent,  the Company  materially  breach any of their
                  respective   obligations   under   this   Agreement.   Without
                  limitation,  such a material  breach  shall be deemed to occur
                  upon any of the following:

                                       6
<PAGE>

                  (1)   A material reduction in Executive's  responsibilities or
                        authority in  connection  with his  employment  with the
                        Company;

                  (2)   Assignment  to  Executive  of duties of a  non-executive
                        nature or duties for which he is not reasonably equipped
                        by his skills and experience;

                  (3)   Failure of the Executive to be nominated or re-nominated
                        to the Board

                  (4)   A material  reduction in Executive's  salary or benefits
                        contrary to the terms of this Agreement, or, following a
                        Change in  Control  as  defined  in  Section  12 of this
                        Agreement, any reduction in salary or material reduction
                        in benefits  below the amounts to which he was  entitled
                        prior to the Change in Control;

                  (5)   Termination of incentive and benefit plans,  programs or
                        arrangements,  or reduction of Executive's participation
                        to  such  an  extent  as  to  materially   reduce  their
                        aggregate  value below their  aggregate  value as of the
                        Effective Date;

                  (6)   A  requirement  that  Executive  relocate his  principal
                        business  office  or his  principal  place of  residence
                        outside of the area  consisting  of a  twenty-five  (25)
                        mile radius from the current  main office and any branch
                        of the Company, or the assignment to Executive of duties
                        that would reasonably require such a relocation; or

                  (7)   Liquidation   or  dissolution  of  the  Company  or  the
                        Company,  other than  liquidations or dissolutions  that
                        are  caused by  reorganizations  that do not  negatively
                        affect the status of the Executive,

                  provided, however, that prior to any termination of employment
                  for Good  Reason  (a  termination  "With  Good  Reason"),  the
                  Executive  must first  provide  written  notice to the Company
                  within ninety (90) days following the initial existence of the
                  condition, describing the existence of such condition, and the
                  Company  shall   thereafter  have  the  right  to  remedy  the
                  condition  within  thirty  (30)  days of the date the  Company
                  received the written notice from the Executive. If the Company
                  remedies  the  condition  within  such  thirty  (30)  day cure
                  period,  then no Good  Reason  shall be deemed  to exist  with
                  respect to such condition.  If the Company does not remedy the
                  condition  within such thirty (30) day cure  period,  then the
                  Executive may deliver a Notice of Termination  for Good Reason
                  at any time within sixty (60) days following the expiration of
                  such cure period.

                                       7
<PAGE>

                  iv.   Notwithstanding   the   foregoing,    a   reduction   or
                        elimination  of the  Executive's  benefits  under one or
                        more  benefit  plans  maintained  by the  Company or the
                        Company as part of a good faith,  overall  reduction  or
                        elimination   of  such   plans  or  plans  or   benefits
                        thereunder  applicably to all  participants  in a manner
                        that does not discriminate  against Executive (except as
                        such discrimination may be necessary to comply with law)
                        shall  not  constitute  an  event  of Good  Reason  or a
                        material  breach  of  this   Agreement,   provided  that
                        benefits of the type or to the  general  extent as those
                        offered  under such  plans  prior to such  reduction  or
                        elimination  are not available to other  officers of the
                        Company or any company that controls the Company under a
                        plan  or  plans  in or  under  which  Executive  is  not
                        entitled to participate.

                  v.    For  purposes  of this  Agreement,  any  termination  of
                        Executive's  employment  shall be construed to require a
                        "Separation   from  Service"  in  accordance  with  Code
                        Section 409A and the regulations promulgated thereunder,
                        such  that  the   Company   and   Executive   reasonably
                        anticipate   that  the  level  of  bona  fide   services
                        Executive   would   perform  after   termination   would
                        permanently decrease to a level that is less than 50% of
                        the  average  level  of  bona  fide  services  performed
                        (whether as an employee  or an  independent  contractor)
                        over the  immediately  preceding  thirty-six  (36) month
                        period.

            g.    Continuing   Covenant  Not  to  Compete  or   Interfere   with
                  Relationships.  Regardless of anything herein to the contrary,
                  following a termination  by the Company or Executive  pursuant
                  to Section 11(f):

                  i.    Executive's  obligations  under  Section  10(c)  of this
                        Agreement will continue in effect; and

                  ii.   During the  period  ending on the first  anniversary  of
                        such  termination,  the Executive  shall not serve as an
                        officer,  director  or  employee  of  any  bank  holding
                        company,  bank,  savings bank,  savings and loan holding
                        company, or mortgage company (any of which, a "Financial
                        Institution")   which   Financial   Institution   offers
                        products or services competing with those offered by the
                        Company from any office within fifty (50) miles from the
                        main  office or any branch of the  Company and shall not
                        interfere with the  relationship  of the Company and the
                        Company   and   any  of  its   employees,   agents,   or
                        representatives.

      12.   Termination in Connection with a Change in Control.

      a.    For purposes of this Agreement, a Change in Control means any of the
            following events:

                                       8
<PAGE>

            (i)   Merger:  The Company merges into or consolidates  with another
                  corporation,  or merges another  corporation into the Company,
                  and as a result  less than a majority of the  combined  voting
                  power  of the  resulting  corporation  immediately  after  the
                  merger  or   consolidation   is  held  by  persons   who  were
                  stockholders of the Company  immediately  before the merger or
                  consolidation.

            (ii)  Acquisition of Significant Share Ownership:  There is filed or
                  required to be filed a report on Schedule  13D or another form
                  or schedule  (other than Schedule 13G) required under Sections
                  13(d) or 14(d) of the Securities  Exchange Act of 1934, if the
                  schedule discloses that the filing person or persons acting in
                  concert has or have become the beneficial owner of 25% or more
                  of a class of the Company's voting securities, but this clause
                  (b) shall not apply to beneficial  ownership of Company voting
                  shares held in a fiduciary  capacity by an entity of which the
                  Company directly or indirectly  beneficially  owns 50% or more
                  of its outstanding voting securities.

            (iii) Change  in  Board  Composition:   During  any  period  of  two
                  consecutive  years,  individuals  who constitute the Company's
                  Board of  Directors at the  beginning  of the two-year  period
                  cease for any reason to  constitute at least a majority of the
                  Company's  Board of  Directors;  provided,  however,  that for
                  purposes  of this clause  (iii),  each  director  who is first
                  elected  by the  board (or  first  nominated  by the board for
                  election by the stockholders) by a vote of at least two-thirds
                  (2/3) of the directors who were  directors at the beginning of
                  the  two-year  period  shall be  deemed  to have  also  been a
                  director at the beginning of such period; or

            (iv)  Sale of  Assets:  The  Company  sells to a third  party all or
                  substantially all of its assets.

      Notwithstanding  anything in this  Agreement to the contrary,  in no event
shall  reorganization  of the Company  from the mutual  holding  company form or
organization to the full stock holding  company form of organization  (including
the elimination of the mutual holding company)  constitute a "Change in Control"
for purposes of this Agreement.

      b.    Termination.  If within  the  period  ending  two (2) years  after a
            Change in Control,  (i) the Company and the Company shall  terminate
            the  Executive's   employment   Without  Cause,  or  (ii)  Executive
            voluntarily  terminates his employment With Good Reason, the Company
            and the  Company  shall,  within ten  calendar  days  following  the
            termination of Executive's  employment,  make a single lump-sum cash
            payment  to him equal to three (3)  times  the  Executive's  average
            Annual Compensation (as defined in this Section 12(b)) over the five
            (5) most  recently  completed  calendar  years  ending with the year
            immediately  preceding the effective  date of the Change in Control.
            In  determining  Executive's  average  Annual

                                       9
<PAGE>

            Compensation,  Annual Compensation shall include base salary and any
            other taxable  income,  including but not limited to amounts related
            to the granting,  vesting or exercise of  restricted  stock or stock
            option awards, commissions, bonuses (whether paid or accrued for the
            applicable  period),  as well as, retirement  benefits,  director or
            committee  fees and fringe  benefits paid or to be paid to Executive
            or paid  for  Executive's  benefit  during  any  such  year,  profit
            sharing,   employee  stock  ownership  plan  and  other   retirement
            contributions or benefits,  including to any  tax-qualified  plan or
            arrangement  (whether or not  taxable)  made or accrued on behalf of
            Executive  of such year.  The cash  payment  made under this Section
            12(b)  shall  be made in lieu of any  payment  also  required  under
            Section 11(f) of this  Agreement  because of a  termination  in such
            period.  Executive's  rights under  Section  11(f) are not otherwise
            affected by this  Section 12.  Also,  in such event,  the  Executive
            shall,  for a thirty-six (36) month period following his termination
            of  employment,  receive  the value of the  benefits  he would  have
            received  over such period under any  retirement  programs  (whether
            tax-qualified or  nonqualified) in which the Executive  participated
            prior to his termination (with the amount of the benefits determined
            by reference to the benefits received by the Executive or accrued on
            his  behalf  under such  programs  during  the  twelve  (12)  months
            preceding the Change in Control),  payable as a single cash lump sum
            distribution   within  ten  (10)   calendar  days   following   such
            termination.   In  addition,   the  Executive   shall   continue  to
            participate in any benefit plans of the Company and the Company that
            provide life insurance and non-taxable medical and dental insurance,
            or  similar  coverage  upon  terms no less  favorable  than the most
            favorable terms provided to senior  executives of the Company during
            such  period.  In the event that the  Company  and the  Company  are
            unable to provide such coverage by reason of the Executive no longer
            being an employee,  the Company shall pay the Executive the value of
            such  benefits  in a single lump sum within ten (10)  calendar  days
            following his termination.

      c.    The  provisions of Section 12 and Sections 14 through 25,  including
            the defined terms used is such  sections,  shall  continue in effect
            until the later of the expiration of this Agreement or two (2) years
            following a Change in Control.

      13.   Indemnification and Liability Insurance.  Subject to, and limited by
Section 27(b) of this Agreement, the Company shall provide the following:

      a.    Indemnification.  The Company and the Company agree to indemnify the
            Executive (and his heirs,  executors,  and  administrators),  and to
            advance expenses  related  thereto,  to the fullest extent permitted
            under  applicable law and  regulations  against any and all expenses
            and  liabilities  reasonably  incurred by him in

                                       10
<PAGE>

            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
            Executive of the Company,  the Company or any of their  subsidiaries
            (whether or not he  continues  to be a director or  Executive at the
            time of incurring  any such expenses or  liabilities)  such expenses
            and liabilities to include, but not be limited to, judgments,  court
            costs,  and attorney's fees and the cost of reasonable  settlements,
            such  settlements  to be  approved  by the Board,  if such action is
            brought  against the  Executive  in his  capacity as an Executive or
            director   of  the   Company   and  the  Company  or  any  of  their
            subsidiaries.  Indemnification  for  expense  shall  not  extend  to
            matters  for which the  Executive  has been  terminated  for  Cause.
            Nothing contained herein shall be deemed to provide  indemnification
            prohibited by applicable law or regulation. Notwithstanding anything
            herein to the  contrary,  the  obligations  of this Section 13 shall
            survive the term of this Agreement by a period of six (6) years.

      b.    Insurance.  During  the  period  in  which  indemnification  of  the
            Executive  is  required  under this  Section,  the  Company  and the
            Company shall provide the Executive (and his heirs,  executors,  and
            administrators)  with coverage  under a directors'  and  Executives'
            liability  policy at the expense of the Company and the Company,  at
            least  equivalent to such coverage  provided to directors and senior
            Executives of the Company and the Company.

14.   Reimbursement  of  Executive's  Expenses to Enforce  this  Agreement.  The
Company shall reimburse the Executive for all reasonable out-of-pocket expenses,
including,  without  limitation,  reasonable  attorney's  fees,  incurred by the
Executive in  connection  with  successful  enforcement  by the Executive of the
obligations of the Company to the Executive  under this  Agreement.  The Company
shall make such payments  promptly and, in any event, not later than March 15 of
the year  immediately  following  the year in which such expense was incurred by
Executive.  Successful  enforcement shall mean the grant of an award of money or
the requirement  that the Company take some action  specified by this Agreement:
(i) as a result of court order;  or (ii)  otherwise by the Company  following an
initial  failure of the Company to pay such money or take such  action  promptly
after written  demand  therefor from the Executive  stating the reason that such
money or action  was due under  this  Agreement  at or prior to the time of such
demand.

15.   Adjustment of Certain Payments and Benefits.

      a.    Tax  Indemnification.  Anything in this  Agreement  to the  contrary
            notwithstanding and except as set forth below, in the event it shall
            be  determined  that any payment,  benefit or  distribution  made or
            provided by the Company or the  Association to or for the benefit of
            the  Executive  (whether  made or provided  pursuant to the terms of
            this  Agreement  or  otherwise)   (each  referred  to  herein  as  a
            "Payment"),  would be subject  to the excise tax  imposed by Section
            4999 of the

                                       11
<PAGE>

            Internal  Revenue  Code of 1986,  as  amended  (the  "Code")  or any
            interest or penalties are incurred by the Executive  with respect to
            such excise tax (the excise tax, together with any such interest and
            penalties,  are hereinafter  collectively referred to as the "Excise
            Tax"),  the  Executive  shall be entitled  to receive an  additional
            payment (a "Gross-Up Payment") in an amount such that, after payment
            by the Executive of all taxes  (including  any interest or penalties
            imposed with respect to such taxes), including,  without limitation,
            any income  taxes  (and any  interest  and  penalties  imposed  with
            respect  thereto) and Excise Tax imposed upon the Gross-Up  Payment,
            the Executive retains an amount of the Gross-Up Payment equal to the
            Excise Tax imposed upon the Payments.

      b.    Determination  of Gross-Up  Payment.  Subject to the  provisions  of
            Section  15(c),  all  determinations  required to be made under this
            Section  15,  including  whether  and  when a  Gross-Up  Payment  is
            required, the amount of such Gross-Up Payment and the assumptions to
            be utilized in  arriving at such  determination,  shall be made by a
            certified   public   accounting  firm  or  independent  tax  counsel
            reasonably  acceptable to the Company and the  Association as may be
            designated  by the  Executive  (the  "Consulting  Firm") which shall
            provide  detailed  supporting   calculations  to  the  Company,  the
            Association  and the Executive  within fifteen (15) business days of
            the receipt of notice from the Executive that there has been or will
            be a Payment,  or such  earlier  time as is requested by the Company
            and the  Association.  All fees and expenses of the Consulting  Firm
            shall  be borne  solely  by the  Company  and the  Association.  Any
            Gross-Up Payment,  as determined  pursuant to this Section 15, shall
            be paid by the  Company  to the  Executive  at the same  time a cash
            payment is made  pursuant to Section  12(b) of this  Agreement.  Any
            determination  by the  Consulting  Firm  shall be  binding  upon the
            Company and the  Executive.  As a result of the  uncertainty  in the
            application  of Section 4999 of the Code, at the time of the initial
            determination by the Consulting Firm hereunder,  it is possible that
            a Gross-Up  Payment  will not have been made by the  Company and the
            Association  which  should  have  been  made  (an   "Underpayment"),
            consistent with the calculations  required to be made hereunder.  In
            the  event  that  the  Company  and the  Association  exhaust  their
            remedies  pursuant to Section 15(c) and the Executive  thereafter is
            required to make a payment of any Excise Tax,  the  Consulting  Firm
            shall determine the amount of the Underpayment that has occurred and
            any such  Underpayment  shall be promptly paid by the Company or the
            Association to or for the benefit of the Executive.

      c.    Treatment of Claims.  The Executive shall notify the Company and the
            Association in writing of any claim by the Internal  Revenue Service
            that, if  successful,  would require a Gross-Up  Payment to be made.
            Such  notification  shall be given  as soon as  practicable,  but no
            later than ten  business  days,  after the  Executive is informed in
            writing  of  such  claim  and  shall  apprise  the  Company  and

                                       12
<PAGE>

            the  Association  of the  nature of such claim and the date on which
            such claim is requested to be paid. The Executive shall not pay such
            claim  prior  to  the  expiration  of the  thirty  (30)  day  period
            following  the date on which it gives such notice to the Company and
            the  Association  (or any  shorter  period  ending  on the date that
            payment of taxes with respect to such claim is due).  If the Company
            or the  Association  notifies the  Executive in writing prior to the
            expiration of this period that it desires to contest such claim, the
            Executive shall:

            i.    give  the  Company  and  the   Association   any   information
                  reasonably  requested  by  the  Company  and  the  Association
                  relating to such claim;

            ii.   take such action in connection  with  contesting such claim as
                  the Company and the Association  shall  reasonably  request in
                  writing  from  time to time,  including,  without  limitation,
                  accepting legal  representation  with respect to such claim by
                  an  attorney  reasonably  selected  by  the  Company  and  the
                  Association;

            iii.  cooperate  with the Company and the  Association in good faith
                  in order to effectively contest such claim; and

            iv.   permit the Company and the  Association  to participate in any
                  proceedings relating to such claim;  provided,  however,  that
                  the Company and the  Association  shall bear and pay  directly
                  all costs and  expenses  (including  additional  interest  and
                  penalties)  incurred  in  connection  with  such  contest  and
                  indemnity  and hold the  Executive  harmless,  on an after-tax
                  basis,  for any  Excise  Tax or  related  taxes,  interest  or
                  penalties  imposed  as a  result  of such  representation  and
                  payment  of costs  and  expenses.  Without  limitation  on the
                  foregoing  provisions of this Section  15(c),  the Company and
                  the  Association   shall  control  all  proceedings  taken  in
                  connection with such contest and, at their option,  may pursue
                  or  forgo  any and all  administrative  appeals,  proceedings,
                  hearings  and  conferences  with  the  taxing  authority  with
                  respect to such claim and may, at their option,  either direct
                  the  Executive  to pay the tax claimed and sue for a refund or
                  contest  the claim in any  permissible  manner.  Further,  the
                  Executive  agrees to prosecute such contest to a determination
                  before  any  administrative  tribunal,  in a court of  initial
                  jurisdiction  and in  one or  more  appellate  courts,  as the
                  Company  and  the  Association   shall  determine;   provided,
                  however, that if the Company directs the Executive to pay such
                  claim and sue for a refund,  the Company  and the  Association
                  shall advance the amount of such payment to the Executive,  on
                  an interest-free  basis (including  interest or penalties with
                  respect   thereto).   Furthermore,   the   Company's  and  the
                  Association's  control  of the  contest  shall be  limited  to
                  issues  with  respect  to which a  Gross-Up  Payment  would be
                  payable

                                       13
<PAGE>

                  hereunder  and the  Executive  shall be  entitled to settle or
                  contest,  as the case may be, any other  issues  raised by the
                  Internal Revenue Service or any other taxing authority.

            d.    Adjustments to the Gross-Up Payment.  If, after the receipt by
                  the Executive of an amount advanced by the Company pursuant to
                  Section 15(c),  the Executive  becomes entitled to receive any
                  refund  with  respect  to  such  claim,  the  Executive  shall
                  (subject to the Company's  compliance with the requirements of
                  Section 15(c))  promptly pay to the Company the amount of such
                  refund  (together  with any interest paid or credited  thereon
                  after  applicable   taxes).  If,  after  the  receipt  by  the
                  Executive  of an amount  advanced by the  Company  pursuant to
                  Section  15(c),  a  determination  is made that the  Executive
                  shall not be entitled to any refund with respect to such claim
                  and such denial of refund  occurs prior to the  expiration  of
                  thirty (30) days after such  determination,  then such advance
                  shall be  forgiven  and shall not be required to be repaid and
                  the  amount  of  such  advance  shall  offset,  to the  extent
                  thereof,  the amount of the  Gross-Up  Payment  required to be
                  paid.

      16.   Injunctive  Relief.  If there is a breach  or  threatened  breach of
Section 11(g) of this Agreement or the prohibitions upon disclosure contained in
Section  10(c) of this  Agreement,  the parties  agree that there is no adequate
remedy  at law for such  breach,  and  that the  Company  shall be  entitled  to
injunctive  relief  restraining  the  Executive  from such breach or  threatened
breach,  but such relief shall not be the  exclusive  remedy  hereunder for such
breach.   The  parties  hereto  likewise  agree  that  the  Executive,   without
limitation, shall be entitled to injunctive relief to enforce the obligations of
the Company under this Agreement.

      17.   Successors and Assigns.

      a.    This Agreement shall inure to the benefit of and be binding upon any
            corporate  or other  successor of the Company  which shall  acquire,
            directly  or  indirectly,  by  merger,  consolidation,  purchase  or
            otherwise,  all or  substantially  all of the assets or stock of the
            Company and the Company.

      b.    Since the Company is contracting  for the unique and personal skills
            of  Executive,  Executive  shall  be  precluded  from  assigning  or
            delegating his rights or duties  hereunder  without first  obtaining
            the written consent of the Company.

      18.   No  Mitigation.  Executive  shall not be required  to  mitigate  the
amount of any payment provided for in this Agreement by seeking other employment
or otherwise and no such payment shall be offset or reduced by the amount of any
compensation or benefits provided to Executive in any subsequent employment.

                                       14
<PAGE>

      19.   Notices. All notices,  requests, demands and other communications in
connection  with this Agreement  shall be made in writing and shall be deemed to
have been given when  delivered by hand or 48 hours after mailing at any general
or branch United States Post Office,  by registered or certified  mail,  postage
prepaid,  addressed to the Company at their  principal  business  offices and to
Executive at his home address as maintained in the records of the Company.

      20.   No  Plan  Created  by this  Agreement.  Executive  and  the  Company
expressly  declare and agree that this Agreement was  negotiated  among them and
that no provision or provisions  of this  Agreement are intended to, or shall be
deemed to,  create  any plan for  purposes  of the  Employee  Retirement  Income
Security Act or any other law or regulation, and each party expressly waives any
right to assert the contrary.  Any  assertion in any judicial or  administrative
filing,  hearing,  or process that such a plan was so created by this  Agreement
shall be deemed a material  breach of this Agreement by the party making such an
assertion.

      21.   Amendments.  No amendments or additions to this  Agreement  shall be
binding  unless  made in  writing  and signed by all of the  parties,  except as
herein otherwise specifically provided.

      22.   Applicable Law.  Except to the extent  preempted by Federal law, the
laws of the State of  Connecticut  shall govern this  Agreement in all respects,
whether as to its validity, construction, capacity, performance or otherwise.

      23.   Severability.  The  provisions  of this  Agreement  shall be  deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

      24.   Headings. Headings contained herein are for convenience of reference
only.

      25.   Entire Agreement. This Agreement, together with any understanding or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the entire agreement among the parties hereto with respect to the subject matter
hereof,  other than written agreements with respect to specific plans,  programs
or arrangements described in Sections 5 and 6. Upon execution of this Agreement,
the employment  agreement entered into between the parties on June 4, 2002, will
become null and void.

      26.   Source of Payments.  Notwithstanding any provision in this Agreement
to the contrary, to the extent payments and benefits, as provided for under this
Agreement,  are paid or received by Executive under the Employment  Agreement in
effect between Executive and the Association,  the payments and benefits paid by
the Association will be subtracted from any amount or benefit due simultaneously
to Executive under similar provisions of this Agreement.

      27.   Required Provision.  In the event any of the foregoing provisions of
this Section 27 are in conflict with the terms of this  Agreement,  this Section
27 shall prevail.

                                       15
<PAGE>

      a.    The  Company's   board  of  directors   may  terminate   Executive's
            employment at any time, but any  termination  by the Company,  other
            than Termination for Cause, shall not prejudice Executive's right to
            compensation or other benefits under this Agreement. Executive shall
            not have the right to receive compensation or other benefits for any
            period  after  Termination  for Cause as defined  in  Section  11(d)
            hereinabove.

      b.    Any  payments  made to  employees  pursuant  to this  Agreement,  or
            otherwise, are subject to and conditioned upon their compliance with
            12 U.S.C.  ss.1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden
            Parachute and Indemnification Payments.

      c.    Notwithstanding  anything in this Agreement to the contrary,  in the
            event the  Executive is a Specified  Employee  (as defined  herein),
            then,  solely,  to the extent required to avoid penalties under Code
            Section 409A,  the  Executive's  payments shall be delayed until the
            first day of the seventh month following the Executive's  Separation
            from Service. A "Specified  Employee" shall be interpreted to comply
            with Code  Section  409A and shall  mean a key  employee  within the
            meaning  of Code  Section  416(i)  (without  regard to  paragraph  5
            thereof).

                                       16
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first set forth above.

Attest:                                   NEW ENGLAND BANCSHARES, INC.

/s/ Nancy L. Grady                        By:/s/ Peter T. Dow
--------------------------------             -----------------------------------
                                             Chairman of the Board of Directors

Witness:                                  EXECUTIVE

/s/ Nancy L. Grady                        /s/ David J. O'Connor
--------------------------------          --------------------------------------
                                          David J. O'Connor
                                          President and Chief Executive Officer

F:\Clients\1335\Benefits\409A\Employment  Agreement - David O'Connor - Company -
Revised (10 30 08).DOC

                                       17
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]