Document:

Exhibit 10.1

            AMENDED AND RESTATED ASSIGNMENT OF LIFE INSURANCE POLICY
                        CONTRACT AS COLLATERAL SECURITY

                This Amended and Restated Assignment of Life Insurance Policy
Contract as Collateral Security ("Assignment") is executed as of the 30th day of
March, 2001 and is intended to amend and restate in its entirety and supersede
that certain Assignment of Life Insurance or Annuity Policy Contract as
Collateral Security entered into by Francis Kenney (hereinafter the "Owner") in
favor of Ipswich Savings Bank (hereinafter the "Assignee") on October 18, 2000.

                1. FOR VALUE RECEIVED, the undersigned Owner hereby assigns,
transfers and sets over to the Assignee the following specific rights (and only
those specific rights) in and to policy number 506053581, issued by Jefferson
Pilot Financial Insurance Company (hereinafter the "Insurer") and any
supplementary contract or contracts issued in connection therewith (said policy
and any such contracts hereinafter the "Policy"), insuring the life of the
Owner, subject to all terms and conditions of the Policy and to all superior
liens, if any, which the Insurer may have against the Policy. The Owner, by this
Assignment, and the Assignee, by acceptance of the Assignment of the Policy to
it hereunder, agree to the terms and conditions contained in the Policy.

                2. This Assignment is made, and the Policy is to be held as
collateral security for, all rights of and obligations owed to the Assignee, now
existing or hereafter arising under and pursuant to a certain Split Dollar
Agreement, by and between the Owner and the Assignee of even date herewith
pertaining to the Policy (hereinafter the "Split Dollar Agreement"). The Owner
reserves all rights and powers in and to the Policy, except those specific,
limited rights in the Policy granted to the Assignee hereby, as security for all
rights of and obligations owed to the Assignee under the Split Dollar Agreement.

                3. It is expressly agreed that the Assignee's interest in the
Policy under and by virtue of this Assignment shall be limited to the following
specific rights, and no others (the "Secured Obligations"):

                        (a) in the case of the death of the Owner, the right to
be paid the Net Premium (as such term is defined in the Split Dollar Agreement)
due it under Section 5(b) of the Split Dollar Agreement by recovering said
amounts directly from the Insurer out of the net death proceeds of the Policy;
or

                        (b) the right to be paid the Net Premium (or portion
thereof), if any, due it under Section 8 of the Split Dollar Agreement upon
termination of the Owner's employment with the Assignee.

Assignee shall not have the right to borrow against the Policy unless otherwise
provided in the Split Dollar Agreement. The Owner may borrow against the Policy,
so long as such borrowing does not include funds from the Assignee's interest in
the Policy.

                4. Notwithstanding this Assignment, the Owner shall specifically
retain all incidents of ownership in and to the Policy, including, but not
limited, to:

                        (a) in accordance with the terms of the Split Dollar
Agreement, the right to cancel or surrender the Policy and to receive, subject
to the Assignee's rights under this assignment, the surrender value thereof at
any time provided by the terms of the Policy and at such other times as the
Insurer may allow;

                        (b) the right to designate and change the Policy
beneficiary, with respect to the amount to be paid pursuant to the second
sentence of Section 5(b) of the Split Dollar Agreement;

                        (c) the right to elect any optional methods of
settlement with regard to the death benefit under the second sentence of Section
5(b) of the Split Dollar Agreement;

                        (d) the right to borrow against the Policy, so long as
such borrowing does not include funds from the Assignee's interest in the
Policy;

                        (e) the right to designate any reallocation of unit
values as permitted by the Policy without approval of the Assignee of such
reallocation; and

                        (f) all other rights contained in the Policy to the
extent the exercise of such rights does not adversely affect the interest of the
Assignee; provided, however, that all of the foregoing rights retained by the
Owner in the Policy shall be subject to the terms and conditions of the Split
Dollar Agreement.

                5. The Assignee agrees with the Owner as follows:

                        (a) any funds received by Assignee from the Insurer
which are attributable to the portion of the death benefit allocated pursuant to
the second sentence of Section 5(b) of the Split Dollar Agreement shall be paid
by the Assignee to the beneficiaries designated by the Owner; and

                        (b) if the Policy is in the possession of the Assignee,
the Assignee will, upon the Owner's request, forward the Policy to the Insurer,
without unreasonable delay, for endorsement of any designation or change of
beneficiary, any election of optional mode of settlement, or the exercise of any
other right reserved by the Owner hereunder.

                        (c) Upon satisfaction of the Secured Obligations, the
Assignee shall have no further rights in or with respect to the Policy or its
proceeds.

                6. Notwithstanding anything in this Assignment to the contrary,
the Insurer shall be under no obligation to monitor the obligation of the
Assignee hereunder to pay to the designated beneficiaries of the Owner any
amounts received from the Insurer under the second sentence of Section 5(b) of
the Split Dollar Agreement after payment of to the Assignee of its portion of
such death benefit under the first sentence of said Section 5(b); and the
Insurer shall have no obligation or liability to any person or entity if the
Assignee fails to pay such amounts as required hereunder.

                7. The Insurer is hereby authorized to recognize, and is
protected in recognizing, the Assignee's claims to amounts due it hereunder
without investigating the validity of its claim thereto, the reason for any

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action taken by the Assignee, the validity or accuracy of the amount of any of
the liabilities of the Owner to the Assignee under the Split Dollar Agreement,
the existence of any default therein, the giving of any notice required therein,
or the application to be made by the Assignee of any amounts to be paid to the
Assignee. A receipt executed solely by the Assignee for any amounts received by
it from the Insurer shall be a full discharge and release of the Insurer from
the obligations released thereby.

                8. In furtherance hereof, the Owner appoints the Assignee his
attorney-in-fact for the following purposes:

                        (a) to receive the portion of the death benefit assigned
to the Assignee upon the death of the Owner under the first sentence of Section
5(b) of the Split Dollar Agreement; and

                        (b) to collect, upon termination of the Owner's
employment with the Assignee, the Net Premium (or portion thereof), if any, due
it under Section 8 of the Split Dollar Agreement.

This appointment is coupled with an interest in the Assignee and shall be
irrevocable so long as the Split Dollar Agreement remains in force.

                9. The Insurer shall not comply with a request made by the Owner
for cancellation or surrender of the Policy without the consent of the Assignee.

                10. In the event of any conflict between the provisions of this
Assignment and the provisions of the Split Dollar Agreement with respect to the
Policy or the Assignee's rights therein, the provisions of the Split Dollar
Agreement shall prevail.

                11. The Owner declares that no proceedings in bankruptcy are
pending against the Owner and that the Owner's property is not subject to any
assignment for the benefit of creditors of the Owner.

               Signed and sealed as of the date first set forth above.

                                                         /s/ Francis Kenney
                                                         ---------------------
                                                         Francis Kenney, Owner
                                                         Date:  March 30, 2001
Accepted and Agreed:

IPSWICH SAVINGS BANK

By:  /s/ David L. Grey, President
     ----------------------------
     David L. Grey, President

Date: March 30, 2001

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                      ACKNOWLEDGMENT OF SIGNATURE OF OWNER

COMMONWEALTH OF MASSACHUSETTS               )
COUNTY OF Essex                             ) ss:

On the 30th day of March, 2001, before me personally came Francis Kenney, to me
known to be the individual described in and who executed the assignment above
and acknowledged to me that he executed the same.

                         Notary Public_/s/ Mariell Lyons
                    My commission expires: September 20, 2007

                     ACKNOWLEDGMENT OF SIGNATURE OF ASSIGNEE

COMMONWEALTH OF MASSACHUSETTS               )
COUNTY OF Essex                             ) ss:

On the 30th day of March, 2001, before me personally came David L. Grey, who
being by me duly sworn, did depose and say that he is the President of Ipswich
Savings Bank, which executed the acceptance and agreement of assignment above;
and that he signed his name thereto by the authority granted to his office.

                         Notary Public /s/ Mariell Lyons
                    My commission expires: September 20, 2007

                                       4
<PAGE>Exhibit 10.2

                             SPLIT-DOLLAR AGREEMENT

THIS AGREEMENT, made as of the 20th day of July, 2000, by and between Ipswich
Savings Bank, a Massachusetts savings bank (hereinafter referred to as the
"Employer"), and Francis Kenney of North Andover, Massachusetts (hereinafter
referred to as the "Employee").

WITNESSETH THAT:

WHEREAS, the Employee is employed by the Employer; and

WHEREAS, the Employer is desirous of retaining the services of the Employee and
of assisting the Employee in paying for life insurance on his own life; and

WHEREAS, the Employer has determined that this assistance can be provided under
a split dollar life insurance arrangement; and

WHEREAS, the Employee has applied for, and is the owner of the insurance policy
or policies listed in the attached schedule hereto, hereinafter referred to as
the "Policy"; and

WHEREAS, the Employer and the Employee agree to make the Policy subject to this
Agreement; and

WHEREAS, the Employee has assigned the Policy to the Employer as collateral for
amounts to be advanced by the Employer under this Agreement by an instrument of
assignment filed with the Insurer (hereinafter referred to as the "Assignment");

NOW, THEREFORE, in consideration of the promises and of the mutual covenants
herein contained, the Parties hereto hereby agree as follows:

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1.             The Parties hereto agree that the Policy shall be subject to the
               terms and conditions of this Agreement and of the Assignment
               filed with the Insurer relating to the Policy. The Employee shall
               be the sole and absolute owner of the Policy and may exercise all
               ownership rights granted to the owner thereof by the terms of the
               Policy, except as may be otherwise provided herein and in the
               Assignment.

2.             The premiums for the Policy in the annual amount of $10,000 will
               be paid by the Employer during the Employee's employment and for
               any period of time that it may have an obligation to provide
               continuing fringe benefits thereafter. The premiums will be
               allocated between the Employee and the Employer as follows. The
               Employee's share of the premium ("Employee's Share") shall be an
               amount equal to the value of the personal death benefit as
               determined under Internal Revenue Service Rules and shall be paid
               by the Employer as agent for the Employee and charged to the
               Employee as cash compensation. For all purposes, including the
               Assignment, the Employee's share shall be deemed cash
               compensation and not Employer paid premium. The remaining amount
               of the premium shall be deemed Employer paid premium and shall be
               allocated to the Employer ("Employer's Share").

3.             The Assignment shall not be terminated, altered or amended by the
               Employee without the express written consent of the Employer. The
               Parties hereto agree to take reasonable action to cause such
               Assignment to conform to the provisions of this Agreement.

4.             a. Except as otherwise provided herein, the Employee shall not
               sell, assign, transfer, borrow against, surrender or cancel the
               Policy without the express written consent of the Employer.
               Notwithstanding the foregoing, the Employee may, without the
               approval of the Board of Directors, change the beneficiary
               designation and borrow against or withdraw from the Policy the
               amount, if any, by which the cash surrender value of the Policy
               exceeds the Net Premium (as defined in Section 5.b.). However, if

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               Policy loan interest accruing on any such transaction would
               reduce the cash surrender value of the Policy below the Net
               Premium, Employee will pay such Policy loan interest in cash to
               the Insurer.

               b. The Employer shall not borrow against the Policy without the
               express written consent of the Employee.

               c. Upon the Employee's termination of employment, the Employee
               shall have the right to take any action with regard to the
               amount, if any, by which the cash surrender value of the Policy
               exceeds the Net Premium (as defined in Section 5.b.).

5.             a. Upon the death of the Employee, the Employer shall promptly
               take all action necessary to obtain its share of the death
               benefit collaterally assigned to it under the Policy.

               b. The Employer shall have the unqualified right to receive a
               portion of such death benefit equal to the "Net Premium" defined
               as the total amount of the premiums paid by the Employer
               hereunder less the Employee's Share ( i.e., the portion of such
               premium allocated to the Employee pursuant to paragraph 2 hereof)
               and less the amount, if any, paid by Employee to Employer
               pursuant to Section 8.a. hereunder. The balance of the death
               benefit provided under the Policy, if any, shall be paid directly
               by the Insurer to the beneficiary or beneficiaries and in the
               manner designated by the Employee. No amount shall be paid from
               such death benefit to the beneficiary or beneficiaries designated
               by the Employee until the Employer or Insurer acknowledges in
               writing that the full amount due to the Employer hereunder has
               been paid. The Parties hereto agree that the beneficiary
               designation provision of the Policy shall conform to the
               provisions hereof.

6.             The Employer shall not merge or consolidate into or with another
               organization, or reorganize, or sell substantially all of its
               assets to another organization, firm or person ("change in
               control") unless and until such succeeding or continuing

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               organization, firm or person agrees to assume and discharge the
               obligations of the Employer under this Agreement. Upon the
               occurrence of such event, the term "Employer" as used in this
               Agreement shall be deemed to refer to such successor or survivor
               organization.

7.             This Agreement shall terminate (a) upon the Employee's death and
               the payment of proceeds pursuant to Section 5 of this Agreement
               or (b) pursuant to Section 8.b. or 8.d. of this Agreement.

8.             a. If the Employee ceases to be employed by the Employer prior to
               age sixty-five (65), the Employer shall have the right to recover
               and the Employee shall pay to the Employer a portion of its
               cumulative Net Premium (but in no event more than the total cash
               surrender value of the Policy) forty (40) days following
               termination pursuant to the following schedule.

                       Date of Termination             Percent Recoverable
                       -------------------             -------------------
                       Before 10/2/2001                        75%

                       After 10/1/2001 and
                       Before 10/2/2002                        50%

                       After 10/1/202 and
                       Before 10/2/2003                        25%

                       After 10/2/2003                          0%

Any such payment will reduce the Employer's Net Premium for all purposes
hereunder, including without limitation the determination of Employer's portion
of the Death Benefit under the Policy.

               b. If the Employer terminates the Employee's employment for
               Cause, notwithstanding the foregoing Section 8.a., the Employer
               shall have the right to recover and the Employee shall pay 100%
               of the cumulative Net Premium (but in no event more than the
               total cash surrender value of the Policy) forty (40) days

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               following such termination. For purposes of this agreement,
               "Cause" shall mean (a) conviction of a crime associated with the
               Employer's business or, (b) determination by a vote of
               seventy-five (75) percent of the Employer's Board of Directors
               that the Employee has willfully failed to perform reasonably
               assigned tasks. Upon receipt of such payment, the Employer shall
               release the collateral assignment of the Policy, and anything in
               this Agreement to the contrary notwithstanding, this Agreement
               shall terminate.

               c. The Employer's right to recover a portion of the Net Premium
               pursuant to Section 8.a. shall terminate upon a change in control
               of the Employer.

               d. In lieu of paying the recoverable amount pursuant to Section
               8.a., the Employee may elect within thirty (30) days after the
               date of termination of his employment with the Employer for any
               reason to pay to the Employer an amount equal to 100% of its
               cumulative Net Premium, reduced by any outstanding indebtedness
               of the Employer to the Insurer that is secured by the policy and
               remains outstanding as of the date of such payment (including any
               interest due thereon). Upon receipt of such payment, the Employer
               shall release the collateral assignment of the Policy, and
               anything in this Agreement to the contrary notwithstanding, this
               Agreement shall terminate.

9.             The Parties hereto agree that this Agreement shall take
               precedence over any provisions of the Assignment. The Employer
               agrees not to exercise any right possessed by it under the
               Assignment except in conformity with this Agreement.

10.            This Agreement may not be amended, altered or modified except by
               a written instrument signed by both of the Parties hereto and may
               not be otherwise terminated except as provided herein.

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11.            This Agreement shall be binding upon and inure to the benefit of
               the Employer and its successors and assignees and the Employee
               and his successors, assignees, heirs, executors, administrators
               and beneficiaries.

12.            This Agreement, and the rights of the Parties hereunder, shall be
               governed by and construed in accordance with the laws of the
               Commonwealth of Massachusetts.

IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed by its
officer thereunto duly authorized and the Employee has hereunto set his hand and
seal, all as of the day and year first above written.

                                                      Ipswich Savings Bank

/s/ Mariell Lyons                                  By:  /s/ David L. Grey
-----------------------------------                     ------------------
Witness                                                 Title:President

/s/ Mariell Lyons                                       /s/ Francis Kenney
-----------------------------------                     ------------------
Witness                                                 Francis Kenney

                                       6

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                                   SCHEDULE A
                                  ------------

Insurance Carrier                     Policy No.        Face Amount
-----------------                     ----------        -----------

Jefferson Pilot                       506053581         $592,672

                                       7

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