Document:

Exhibit 10.11

 Exhibit 10.11 
 PROPOSED 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of this [date], by and among FAIRFIELD COUNTY BANK
(the “Bank”), and FAIRFIELD COUNTY BANK CORP. (the “Corporation”), and
[                            ] (the “Executive”). The Corporation and the Bank are
sometimes referred to in this Agreement individually and together as the “Employer.” 
 WHEREAS, the Executive
serves in position of substantial responsibility with the Corporation and the Bank; 
 WHEREAS, the Corporation and the
Bank wish to set forth the terms of the Executive’s continued employment in his position; and 
 WHEREAS, the
Executive is willing and desires to serve in this position with the Corporation and the Bank. 
 NOW THEREFORE, in
consideration of these premises, the mutual covenants contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 ARTICLE 1 
 EMPLOYMENT 
 1.1 Employment. The Employer hereby employs the Executive to serve as
[                            ] of each of the Corporation and the Bank according to the terms
and conditions of this Agreement and for the period stated in Section 1.3 of this Agreement. The Executive hereby accepts employment according to the terms and conditions of this Agreement and for the period stated in Section 1.3 of this
Agreement. 
 1.2 Duties. As
[                            ], the Executive shall serve under
[                            ]. The Executive shall report directly to the
[                            ]. The Executive shall serve the Employer faithfully, diligently,
competently, and to the best of the Executive’s ability. The Executive shall exclusively devote full working time, energy, and attention to the business of the Employer and to the promotion of the interests of the Employer throughout the term
of this Agreement. Without the prior written consent of the board of directors of each of the Corporation and the Bank, during the term of this Agreement the Executive shall not render services to or for any person, firm, corporation, or other
entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether it is paid directly or indirectly to the Executive. Nothing in this Section 1.2 shall prevent the Executive
from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the Executive’s duties and responsibilities under this Agreement. 
 1.3 Term. 
 (a) The term of this Agreement shall include: (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 1.3. 

 (b) Commencing on the first anniversary of the Effective Date and continuing on each
anniversary of the Effective Date thereafter, the disinterested members of the Boards of Directors may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months, unless
the Executive elects not to extend the term of this Agreement by giving proper written notice. The Boards of Directors will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement
term and will include the rationale and results of its review in the minutes of the meetings. The Boards of Directors will notify the Executive as soon as possible after each annual review whether it has determined to extend the Agreement.

 1.4 Service on the Boards of Directors. The Executive serves as a member of the board of directors each of the
Corporation and the Bank. The board of directors of each of the Corporation and the Bank shall undertake every lawful effort to ensure that the Executive continues throughout the term of his employment to be elected or reelected as a director of the
Corporation and the Bank. Notwithstanding anything in this Agreement to the contrary, unless otherwise agreed to by the parties, the Executive shall be deemed to have resigned as a director of each of the Corporation and the Bank effective
immediately after termination of the Executive’s employment under Article 3 of this Agreement, regardless of whether the Executive submits a formal, written resignation as director. 
 ARTICLE 2 
 COMPENSATION AND BENEFITS 

2.1 Base Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the Employer
shall pay or cause to be paid to the Executive a salary at the annual rate of not less than $[        ], payable according to the regular payroll practices of the Employer. The Executive’s
salary shall be subject to annual review. The Executive’s salary, as the same may be modified from time to time, is referred to in this Agreement as the “Base Salary.” All compensation under this Agreement shall be subject to
customary income tax withholding and such other employment taxes as are imposed by law. 
 2.2 Benefit Plans and
Perquisites. For as long as the Executive is employed by the Employer, the Executive shall be eligible (x) to participate in any and all officer or employee compensation, incentive compensation and benefit plans in effect from time to
time, including without limitation plans providing retirement, medical, dental, disability, and group life benefits and including stock-based compensation, incentive, or bonus plans existing on the date of this Agreement or adopted after the date of
this Agreement, provided that the Executive satisfies the eligibility requirements for any the plans or benefits, and (y) to receive any and all other fringe and other benefits provided from time to time, including the specific items described
in (a) and (b) below. 
 (a) Reimbursement of business expenses. The Executive shall be entitled to
reimbursement for all reasonable business expenses incurred while performing his obligations under this Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred while acting at the request of or in
the service of the Employer and reasonable expenses for attendance at annual and other periodic meetings of trade associations. Expenses will be reimbursed if they are submitted in accordance with the Employer’s policies and procedures.

 (b) Facilities. The Employer will furnish the Executive with the working facilities and staff customary for
executive officers with comparable titles and duties of the Executive as set forth in Sections 1.1 and 1.2 of this Agreement and as are necessary for the Executive to perform his duties. The location of such facilities and staff shall be at the
principal administrative offices of the Corporation, or at such other site or sites customary for such offices. 
  

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 2.3 Vacation; Leave. The Executive shall be entitled to sick leave and paid
annual vacation in accordance with policies established from time to time by the Employer. In addition to paid vacations and other leave, the boards of directors may grant 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 boards of directors may determine. 
 2.4 Insurance. The
Employer shall maintain or cause to be maintained liability insurance covering the Executive throughout the term of this Agreement. 
 ARTICLE 3 
 EMPLOYMENT TERMINATION 
 3.1 Termination Because of Death. 
 (a) Death. The Executive’s employment shall terminate automatically at the Executive’s death. If the Executive dies in active service to the Employer, the Executive’s spouse
or, if there is no surviving spouse, his estate, shall receive any sums due to the Executive as Base Salary and reimbursement of expenses through the end of the month in which his death occurred. 
 (b) Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Employer may terminate
the Executive’s employment if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent physician selected by the Employer and reasonably acceptable to the Executive or
the Executive’s legal representative determines that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform the Executive’s duties for a period of ninety
(90) consecutive days. The Executive shall not be considered disabled, however, if the Executive returns to work on a full-time basis within thirty (30) days after the Employer gives notice of termination due to disability. If the
Executive is terminated by either of the Corporation or the Bank because of disability, the Executive’s employment with the other shall also terminate at the same time. During the period of incapacity leading up to the termination of the
Executive’s employment under this provision, the Employer shall continue to pay the full Base Salary at the rate then in effect and all perquisites and other benefits (other than bonus) until the Executive becomes eligible for benefits under
any disability plan or insurance program maintained by the Employer, provided that the amount of the payments by the Employer to the Executive under this Section 3.1(b) shall be reduced by the sum of the amounts, if any, payable to the
Executive for the same period under any disability benefit supplemental executive retirement plan or pension plan covering the Executive. 
 3.2 Involuntary Termination with Cause. The Employer may terminate the Executive’s employment for Cause. If the Executive’s employment terminates for Cause, the Executive shall
receive the Base Salary through the date on which termination becomes effective and reimbursement of expenses to which the Executive is entitled when termination becomes effective. If the Executive is terminated for Cause by either of the
Corporation or the Bank, the Executive shall be deemed also to have been terminated for Cause by the other. The Executive shall not be deemed to have been terminated for Cause under this Agreement unless and until there is delivered to the Executive
a copy of a resolution adopted at a meeting of the board of directors called and held for the purpose, which resolution shall (x) contain findings that the Executive has committed an act constituting Cause, and (y) specify the particulars
thereof. The resolution of the board of directors shall be deemed to have been duly adopted if and only if it is adopted by the affirmative vote of a majority of the directors of the Corporation then in office or a majority of the directors of the
Bank then in office, in either case excluding the Executive. Notice of the meeting and the proposed termination for Cause shall be given to the Executive a reasonable time before the meeting of the board of directors. The Executive and the
Executive’s counsel (if the Executive

  

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chooses to have counsel present) shall have a reasonable opportunity to be heard by the board of directors at the meeting. For purposes of this Agreement “Cause” means any of the
following: 
  

	 	(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) or final cease-and-desist order; or 

  

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

 3.3 Voluntary Termination by the Executive Without Good Reason. If the Executive terminates employment without Good Reason, the Executive shall receive the Base Salary and expense
reimbursement to which the Executive is entitled through the date on which termination becomes effective. 
 3.4
Involuntary Termination Without Cause and Voluntary Termination With Good Reason. With written notice to the Executive at least thirty (30) days in advance, the Employer may terminate the Executive’s employment without Cause.
Termination shall take effect at the end of the notice period. With advance written notice to the Employer as provided in clause (y), the Executive may terminate employment for Good Reason. If the Executive’s employment terminates involuntarily
without Cause or voluntarily but with Good Reason, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement, a voluntary termination by the Executive shall be considered a voluntary
termination with Good Reason if the conditions stated in both clauses (x) and (y) of this Section 3.4 are satisfied: 
 (x) a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if any of the following occur without the Executive’s written consent, and the term Good Reason shall mean the occurrence of any
of the following without the Executive’s written consent: 
  

	 	(1)	a material diminution of the Executive’s Base Salary; 

  

	 	(2)	a material diminution of the Executive’s authority, duties, or responsibilities; 

  

	 	(3)	a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report; 

  

	 	(4)	a change in the geographic location at which the Executive must perform services for the Employer by more than twenty-five (25) miles from such location at the
effective date; or 

  

	 	(5)	any other action or inaction that constitutes a material breach by the Employer under this Agreement. 

 (y) the Executive must give notice to the Employer of the existence of one or more of the conditions described in clause (x) within
sixty (60) days after the initial existence of the condition, and the Employer shall have thirty (30) days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more
of the conditions described in clause (x) must occur within six (6) months after the initial existence of the condition. 
  

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 ARTICLE 4 
 SEVERANCE COMPENSATION 
 4.1 Cash Severance after Termination Without
Cause or Termination for Good Reason. 
 (a) Subject to the possibility that cash severance after employment termination
might be delayed under Section 4.1(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Executive shall for the unexpired term of this
Agreement and in accordance with the Employer’s regular pay practices continue to receive the Base Salary in effect at employment. However, the Employer and the Executive acknowledge and agree that the compensation and benefits under this
Section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement. 
 (b) If when employment termination occurs the Executive is a “specified employee” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) if the cash severance payment under Section 4.1(a) would be considered deferred compensation under Section 409A of the Code, and finally if an
exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, the Executive’s continued Base Salary under Section 4.1(a) for the first six months after employment termination shall be paid to
the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general
application issued by the Department of the Treasury under Section 409A of the Code. 
 4.2 Post-Termination
Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily with Good Reason, or because of disability, the Employer shall pay the premium cost to provide the Executive with continuation
of health coverage (medical, dental and vision) under the applicable Employer-sponsored plan pursuant to the Consolidated Budget Reconciliation Act (“COBRA”) for a period of eighteen (18) months should the Executive be eligible for
and opt for COBRA. The COBRA coverage shall be at the same level and option in with the Executive was enrolled as of his termination of employment. Executive’s right as provided by law to continue COBRA coverage after the Employer ceases to pay
for the COBRA premiums at Executive’s own expense shall not be affected. 
 ARTICLE 5 
 CHANGE IN CONTROL BENEFITS 
 5.1 Change in Control Benefits. If a Change in Control occurs during the term of this Agreement and, thereafter during the term of the Agreement, the Executive’s employment terminates
involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Employer shall make or cause to be made a lump-sum cash payment to three (3) times the sum of the Executive’s highest base salary
and highest bonus paid in the three years preceding the Change in Control. The payment required under this paragraph is payable no later than five (5) business days after the Executive’s termination of employment. If the Executive receives
payment under Section 5.1, the Executive shall not be entitled to any additional severance benefits under Section 4.1 of this Agreement. In addition, the Employer shall provide the Executive and his dependents with the post-termination
insurance coverage described in Section 4.2(a) of this Agreement, subject to the provisions of Section 4.2(b) of this Agreement. 
  

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 5.2 Change in Control Defined. For purposes of this Agreement “Change in
Control” means a change in control as defined in Section 409A of the Code and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury, including: 
 (a) Change in ownership: a change in ownership of the Corporation occurs on the date any one person or group accumulates
ownership of Corporation stock constituting more than 50% of the total fair market value or total voting power of Corporation stock, 
 (b) Change in effective control: (x) any one person or more than one person acting as a group acquires within a 12-month period ownership of Corporation stock possessing 30% or more of the total voting power of
Corporation stock, or (y) a majority of the Corporation’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of the Corporation’s board of
directors, or 
 (c) Change in ownership of a substantial portion of assets: a change in ownership of a
substantial portion of the Corporation’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from the Corporation assets having a total gross fair market value equal to or exceeding 40% of the
total gross fair market value of all of the Corporation’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Corporation’s assets, or the value of the assets being
disposed of, determined without regard to any liabilities associated with the assets. 
 Notwithstanding the foregoing, a Change
in Control shall not occur as a result of a second step conversion of the Bank. 
 5.3 Potential Limitation of Benefits
Under Certain Circumstances. In no event shall the aggregate payments or benefits to be made or afforded to Executive, in connection with a Change in Control under this Agreement (the “Termination Benefits”) constitute an
“excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor thereto. To avoid such a result, the Termination Benefits will be reduced, if necessary, to an
amount which is one dollar ($1.00) less than three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G of the Code. The Executive shall determine the allocation of the required reduction
among the Termination Benefits provided under this Agreement. 
 ARTICLE 6 
 CONFIDENTIALITY AND CREATIVE WORK 
 6.1 Non-disclosure. The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential information of any nature concerning the Employer or its business,
or anything connected therewith. As used in this Article 6 the term “confidential information” means all of the Employer’s and the Employer’s affiliates’ confidential and proprietary information and trade secrets in
existence on the date hereof or existing at any time during the term of this Agreement, including but not limited to: 
 (a) the
whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or other financial information; 
 (b) the whole or any portion or phase of any research and development information, design procedures, algorithms or processes, or other technical information; 
  

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 (c) the whole or any portion or phase of any marketing or sales information, sales records,
customer lists, prices, sales projections, or other sales information; and 
 (d) trade secrets, as defined from time to time by
the laws of Connecticut. This Section 6.1 does not prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive in the ordinary course of
business and within the scope of the Executive’s authority. 
 6.2 Return of Materials. The Executive agrees
to immediately deliver or return to the Employer upon termination, upon expiration of this Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Employer or prepared by the Executive in
connection with the Executive’s services hereunder and to immediately delete all electronically stored data of the Employer maintained on the Executive’s personal computers and to return all Employer-provided computers or communication
devices (i.e., laptop, Blackberry, PDA, etc.). The Executive will retain no copies thereof after termination of this Agreement or termination of the Executive’s employment. 
 6.3 Creative Work. The Executive agrees that all creative work and work product, including but not limited to all technology,
business management tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term of this Agreement, regardless of when or where such work or work product was produced, constitutes work made for hire, all
rights of which are owned by the Employer. The Executive hereby assigns to the Employer all rights, title, and interest, whether by way of copyrights, trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of
whether the same is subject to protection by patent, trademark, or copyright laws. 
 6.4 Affiliates’ Confidential
Information is Covered; Confidentiality Obligation Survives Termination. For purposes of this Agreement, the term “affiliate” of the Employer includes any entity that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with the Corporation or the Bank. The rights and obligations set forth in this Article 6 shall survive termination of this Agreement. 
 6.5 Injunctive Relief. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to
the Employer if the Executive fails to observe the obligations imposed by this Article 6. Accordingly, if the Employer institutes an action to enforce the provisions hereof, the Executive hereby waives the claim or defense that an adequate remedy at
law is available to the Employer, and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. The confidentiality and remedies provisions of this Article 6 shall be in addition to and shall not
be deemed to supersede or restrict, limit, or impair the Employer’s rights under applicable state or federal statute or regulation dealing with or providing a remedy for the wrongful disclosure, misuse, or misappropriation of trade secrets or
proprietary or confidential information. 
 ARTICLE 7 
 COMPETITION AFTER EMPLOYMENT TERMINATION 
 7.1
Covenant Not to Solicit Employees. The Executive agrees not to, directly or indirectly, solicit or employ the services of any officer or employee of the Employer (including an individual who was an officer or employee of the Employer
during the one (1) year period following the Executive’s termination) for one (1) year after the Executive’s employment termination. 
  

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 7.2 Covenant Not to Compete. 
 (a) The Executive covenants and agrees not to compete directly or indirectly with the Employer for one (1) year after employment
termination. For purposes of this Section 7.2: 
  

	 	(1)	the term compete means: 

  

	 	(i)	providing financial products or services on behalf of any financial institution for any person residing in the territory; 

  

	 	(ii)	assisting (other than through the performance of ministerial or clerical duties) any financial institution in providing financial products or services to any person
residing in the territory; or 

  

	 	(iii)	inducing or attempting to induce any person who was a customer of the Employer at the date of the Executive’s employment termination to seek financial products or
services from another financial institution. 

  

	 	(2)	the words directly or indirectly mean: 

  

	 	(i)	acting as a consultant, officer, director, independent contractor, or employee of any financial institution in competition with the Employer in the territory; or

  

	 	(ii)	communicating to such financial institution the names or addresses or any financial information concerning any person who was a customer of the Employer when the
Executive’s employment terminated. 

  

	 	(3)	the term customer means any person to whom the Employer is providing financial products or services on the date of the Executive’s employment termination or
within one year thereafter. 

  

	 	(4)	the term financial institution means any bank, savings association, or bank or savings association holding company, or any other institution, the business of
which is engaging in activities that are financial in nature or incidental to such financial activities as described in Section 4(k) of the Bank Holding Company Act of 1956, other than the Employer or any of its affiliated corporations.

  

	 	(5)	financial product or service means any product or service that a financial institution or a financial holding company could offer by engaging in any activity
that is financial in nature or incidental to such a financial activity under Section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Employer or an affiliate on the date of the Executive’s employment termination,
including but not limited to banking activities and activities that are closely related and a proper incident to banking. 

  

	 	(6)	the term person means any individual or individuals, corporation, partnership, fiduciary or association. 

  

	 	(7)	the term territory means Fairfield County, Connecticut. 

  

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 (b) If any provision of this section or any word, phrase, clause, sentence or other portion
thereof (including, without limitation, the geographical and temporal restrictions contained therein) is held to be unenforceable or invalid for any reason, the unenforceable or invalid provision or portion shall be modified or deleted so that the
provisions hereof, as modified, are legal and enforceable to the fullest extent permitted under applicable law. 
 (c) The
Executive acknowledges that the Employer’s willingness to enter into this Agreement and to make the payments contemplated by Articles 3 and 4 of this Agreement is conditioned on the Executive’s acceptance of the covenants set forth in
Articles 6 and 7 of this Agreement and that the Employer would not have entered into this Agreement without such covenants in force. 
 7.3 Injunctive and Other Relief. Because of the unique character of the services to be rendered by the Executive hereunder, the Executive understands that the Employer would not have an adequate remedy at law for the material
breach or threatened breach by the Executive of any one or more of the Executive’s covenants in this Article 7. Accordingly, the Executive agrees that the Employer’s remedies for a breach of this Article 7 include, but are not limited to,
(x) forfeiture of any money representing accrued salary, contingent payments, or other fringe benefits (including any amount payable pursuant to Article 4) due and payable to the Executive during the period of any breach by Executive, and
(y) a suit in equity by the Employer to enjoin the Executive from the breach or threatened breach of such covenants. The Executive hereby waives the claim or defense that an adequate remedy at law is available to the Bank and the Executive
agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. Nothing herein shall be construed to prohibit the Employer from pursuing any other or additional remedies for the breach or threatened breach.

 7.4 Article 7 Survives Termination But Is Void After a Change in Control. The rights and obligations set forth
in this Article 7 shall survive termination of this Agreement. However, Article 7 shall become null and void effective immediately upon a Change in Control. 
 ARTICLE 8 
 MISCELLANEOUS 
 8.1 Successors and Assigns. 
 (a) This Agreement shall be binding upon the Employer and any successor to the Employer, including any persons acquiring directly or indirectly all or substantially all of the business or assets of the
Employer by purchase, merger, consolidation, reorganization, or otherwise, but this Agreement and the Employer’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Employer. By agreement in form and
substance satisfactory to the Executive, the Employer shall require any successor to all or substantially all of the business or assets of the Employer expressly to assume and agree to perform this Agreement in the same manner and to the same extent
the Employer would be required to perform had no succession occurred. 
 (b) This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and legatees. 
 (c) Without written consent of the other parties, no party shall assign, transfer, or delegate this Agreement or any rights or obligations under this Agreement, except as expressly provided herein.
Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by the
Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment or transfer that is contrary to this Section 8.1, the Employer shall have no liability to pay any amount to the assignee or transferee.

  

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 8.2 Governing Law, Jurisdiction and Forum. This Agreement shall be construed
under and governed by the internal laws of the State of Connecticut, without giving effect to any conflict of laws provision or rule that would cause the application of the laws of any jurisdiction other than Connecticut. By entering into this
Agreement, the Executive acknowledges that the Executive is subject to the jurisdiction of both the federal and state courts in Connecticut. 
 8.3 Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive by the Employer. Any oral or written statements,
representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void by the parties. 
 8.4 Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to
have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of
the Executive on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if addressed to the board of directors of the Corporation and the Bank at the Bank’s executive offices.

 8.5 Severability. If there is a conflict between any provision of this Agreement and any statute, regulation,
or judicial precedent, the latter shall prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them within the requirements of law. If any provisions of this Agreement is held by
a court of competent jurisdiction to be indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect unless that would clearly be contrary to the intentions of the parties
or would result in an injustice. 
 8.6 Captions and Counterparts. The captions in this Agreement are solely for
convenience. The captions do not define, limit, or describe the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one
and the same instrument. 
 8.7 No Duty to Mitigate. The Executive shall not be required to mitigate the amount of
any payment provided for in this Agreement by seeking other employment. Moreover, provided the Executive is not in breach of any obligation under Articles 6 and 7 of this Agreement, the amount of any payment provided for in this Agreement shall not
be reduced by any compensation earned or benefits provided as the result of employment of the Executive or as a result of the Executive being self-employed after employment termination. 
 8.8 Amendment and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified in any
manner, except by an instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall not be construed to be a waiver of any such provision, nor affect
the validity of this Agreement or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 

 

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 8.9 Compliance with Internal Revenue Code Section 409A. The Employer and
the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the requirements of Section 409A of the Code, such
provision shall nevertheless be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Executive to additional tax or interest under Section 409A of the Code, the Employer shall reform the
provision. However, the Employer shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Employer shall not be required to incur any
additional compensation expense as a result of the reformed provision. 
 8.10 Required Provisions. In the event
any of the foregoing provisions of this Agreement conflict with the terms of this Section 8.10, this Section 8.10 shall prevail. 
 (a) The Bank’s Board of Directors may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice the
Executive’s right to compensation or other benefits under this Agreement. The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 3.2 of this
Agreement. 
 (b) If the Executive is suspended from office and/or temporarily prohibited from participating in
the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be suspended as
of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation withheld while its contract obligations were
suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If the Executive is
removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all
obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations under this Agreement 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 Agreement shall terminate, except to the extent determined that continuation of the Agreement is necessary for the continued operation of the institution: (i) by the Director of the Office of Thrift Supervision (OTS), or his designee, at
the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 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 Bank or when the Bank is determined by the
Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
 (f) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon, their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R.
Part 359, Golden Parachute and Indemnification Payments. 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the
date first written above. 
  

	
	FAIRFIELD COUNTY BANK CORP.
	
	  

	Chairman of the Board of Directors
	
	FAIRFIELD COUNTY BANK
	
	  

	 Chairman of the Board of Directors

	
	  

	[Executive]

  

 12Exhibit 10.12

 Exhibit 10.12 
 FORM OF 
 CHANGE IN CONTROL 
 SEVERANCE AGREEMENT 
 THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (the “Agreement”) is entered into effective as of this [date], by and between FAIRFIELD COUNTY BANK, and
[                            ] (the “Executive”). 
 WHEREAS, the Executive is expected to contribute to the profitability, growth, and financial strength of Fairfield County Bank;

 WHEREAS, Fairfield County Bank wishes to provide additional incentives for the Executive to remain in the employment
of Fairfield County Bank; 
 NOW THEREFORE, in consideration of these premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 1. Termination after
a Change in Control. 
 (a) Cash benefit. If the Executive’s employment terminates involuntarily but without
Cause or voluntarily but with Good Reason, in either case within 12 months after a Change in Control, Fairfield County Bank (the “Bank”) shall make a lump-sum cash payment equal to three (3) times the sum of the Executive’s
highest base salary and highest bonus paid during the three (3) years preceding the Change in Control. Unless a delay in payment is required under Section 1(b) of this Agreement, the payment required under this Section 1(a) shall be
made within five (5) business days after the Executive’s employment termination. The amount payable to the Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. If the
Executive’s employment terminates involuntarily but without Cause before the Change in Control occurs but after discussions regarding the Change in Control commence, then for purposes of this Agreement the Executive’s employment shall be
deemed to have terminated immediately after the Change in Control and, unless delay is required under Section 1(b) of this Agreement, the Executive shall be entitled to the cash benefit under this Section 1(a) within five (5) business
days after the Change in Control. 
 (b) Payment of the benefit. If when employment termination
occurs the Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if the cash severance benefit under Section 1(a) would be considered
deferred compensation under Section 409A of the Code, and finally if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under Section 1(a) shall be
delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates. References in this Agreement to
Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 

 (c) Change in Control defined. For purposes of this Agreement, a Change in Control
means a change in control as defined in Section 409A of the Code, including: 
  

	 	(1)	Change in ownership: a change in ownership of Fairfield County Bank Corp. (the “Company”) occurs on the date any one person or group accumulates
ownership of Company stock constituting more than 50% of the total fair market value or total voting power of Company stock; or 

  

	 	(2)	Change in effective control: (x) any one person or more than one person acting as a group acquires within a 12-month period ownership of Company
stock possessing 30% or more of the total voting power of Company stock, or (y) a majority of the Company’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in
advance by a majority of the Company’s board of directors; or 

  

	 	(3)	Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the Company’s assets occurs if in a 12-month
period any one person or more than one person acting as a group acquires from the Company assets having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the Company’s assets immediately
before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Company’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets.

 Notwithstanding the foregoing, a Change in Control shall not occur as a result of a second step
conversion of the Bank. 
 (d) Involuntary termination with Cause defined. For purposes of this Agreement, involuntary
termination of the Executive’s employment shall be considered involuntary termination with Cause if the Executive shall have been terminated for any of the following reasons: 
  

	 	(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) or final cease-and-desist order; or 

  

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

 For purposes of this Agreement, no act or failure to act on the Executive’s part shall be deemed to have been intentional if it was due primarily to an error in judgment or negligence. An act or failure to act on the Executive’s
part shall be considered intentional if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in the Bank’s best interests. Any act or failure to act based upon authority granted by resolutions
duly adopted by the board of directors or based upon the advice of counsel for the Bank shall be conclusively presumed to be in good faith and in the Bank’s best interests. 
 (e) Voluntary termination with Good Reason defined. For purposes of this Agreement a voluntary termination by the Executive shall be
considered a voluntary termination with Good Reason if the conditions stated in both clauses (1) and (2) are satisfied – 
  

	 	(1)	a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if any of the following occur without the Executive’s advance
written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance written consent: 

  

	 	(i)	a material diminution of the Executive’s base salary; 

  

 2 

	 	(ii)	a material diminution of the Executive’s authority, duties, or responsibilities; 

  

	 	(iii)	a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to report; or 

  

	 	(iv)	a change by more than twenty-five (25) miles in the geographic location at which the Executive must perform services. 

  

	 	(2)	the Executive must give notice to the Bank of the existence of one or more of the conditions described in clause (1) within sixty (60) days after the initial
existence of the condition, and the Bank shall have thirty (30) days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more of the conditions described in clause
(1) must occur within six months after the initial existence of the condition. 

 2. Continuation of
Insurance Benefits. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but for Good Reason within twelve (12) months after a Change in Control, the Bank shall pay the premium cost to provide the
Executive with continuation of health coverage (medical, dental and vision) under the applicable Employer-sponsored plan pursuant to the Consolidated Budget Reconciliation Act (“COBRA”) for a period of eighteen (18) months should the
Executive be eligible for and opt for COBRA. The COBRA coverage shall be at the same level and option in with the Executive was enrolled as of his termination of employment. Executive’s right as provided by law to continue COBRA coverage after
the Employer ceases to pay for the COBRA premiums at Executive’s own expense shall not be affected.  
 3.
Termination for Which No Benefits Are Payable. Despite anything in this Agreement to the contrary, the Executive shall be entitled to no benefits under this Agreement if the Executive’s employment terminates with Cause, if the
Executive dies while actively employed by the Bank, or if the Executive becomes totally disabled while actively employed by the Bank. For purposes of this Agreement, the term “totally disabled” means that because of injury or sickness the
Executive is unable to perform the Executive’s duties. The benefits, if any, payable to the Executive or the Executive’s beneficiary or estate relating to the Executive’s death or disability shall be determined solely by such benefit
plans or arrangements as the Bank may have with the Executive relating to death or disability, not by this Agreement. 
 4.
Term of Agreement. 
 (a) The term of this Agreement shall include: (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 4. 

(b) Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective Date thereafter, the
disinterested members of the Boards of Directors may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months, unless Executive elects not to extend the term of this
Agreement by giving proper written notice. The Board of Directors will review the Agreement and Executive’s

  

 3 

 
performance annually for purposes of determining whether to extend the Agreement term and will include the rationale and results of its review in the minutes of the meetings. The Boards of
Directors will notify Executive as soon as possible after each annual review whether it has determined to extend the Agreement. 
 5. Limitation of Benefits Under Certain Circumstances. In no event shall the aggregate payments or benefits to be made or afforded to Executive, in connection with a Change in Control under this Agreement (the
“Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor thereto. To avoid such a result, the Termination
Benefits will be reduced, if necessary, to an amount which is one dollar ($1.00) less than three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G of the Code. The Executive shall
determine the allocation of the required reduction among the Termination Benefits provided under this Agreement. 
 6.
This Agreement Is Not an Employment Contract. The parties hereto acknowledge and agree that (x) this Agreement is not a management or employment agreement and (y) nothing in this Agreement shall give the Executive
any rights or impose any obligations to continued employment by the Bank or any subsidiary or successor of the Bank. 
 7.
Withholding of Taxes. The Bank may withhold from any benefits payable under this Agreement all Federal, state, local or other taxes as may be required by law, governmental regulation, or ruling. 
 8. Successors and Assigns. 
 (a) This Agreement shall be binding upon the Bank and any successor to the Bank, including any persons acquiring directly or indirectly all or substantially all of the business or assets of the Bank by
purchase, merger, consolidation, reorganization, or otherwise. But this Agreement and the Bank’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Bank. By agreement in form and substance
satisfactory to the Executive, the Bank shall require any successor to all or substantially all of the business or assets of the Bank expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Bank would be
required to perform had no succession occurred. 
 (b) This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and legatees. 
 (c) This Agreement is personal in nature. Without written consent of the other party, neither party shall assign, transfer, or delegate this Agreement or any rights or obligations under this Agreement except as expressly provided in this
Section 8. Without limiting the generality of the foregoing, the Executive’s right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by
Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment or transfer that is contrary to this Section 8, the Bank shall have no liability to pay any amount to the assignee or transferee.

 9. Notices. Any notice under this Agreement shall be deemed to have been effectively made or given if in
writing and personally delivered, delivered by mail properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight delivery service, or sent by facsimile. Unless otherwise changed by
notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive on the books and records of the Bank at the time of the delivery of the notice, and properly addressed to the Bank if addressed to the board of
directors at the Bank’s executive offices. 
  

 4 

 10. Captions and Counterparts. The headings and subheadings in this Agreement
are included solely for convenience and shall not affect the interpretation of this Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one
and the same agreement. 
 11. Amendments and Waivers. No provision of this Agreement may be modified, waived, or
discharged unless the waiver, modification, or discharge is agreed to in a writing signed by the Executive and by the Bank. No waiver by either party hereto at any time of any breach by the other party hereto or waiver of compliance with any
condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 12. Severability. The provisions of this Agreement are severable. The invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions of this Agreement. Any provision held to be invalid or unenforceable shall be reformed to the extent and solely to the extent necessary to make it valid and enforceable. 

13. Governing Law, Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the
State of Connecticut, without giving effect to any conflict of laws provision or rule that would cause the application of the laws of any jurisdiction other than Connecticut. By entering into this Agreement, the Executive acknowledges that the
Executive is subject to the jurisdiction of both the federal and state courts in Connecticut. 
 14. Entire
Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive concerning the subject matter. No rights are granted to the Executive under this Agreement other than those specifically set forth. No agreements
or representations, oral or otherwise, expressed or implied concerning the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. This Agreement supersedes and replaces in its entirety any prior
severance or employment agreement between the Bank and the Executive. 
 15. No Mitigation Required. The Executive
shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall any profits, income, earnings, or other benefits from any source whatsoever create any mitigation, offset,
reduction, or any other obligation on the part of the Executive hereunder or otherwise. 
 16. Internal Revenue Code
Section 409A. The Bank and the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the requirements of
Section 409A of the Code, the provision shall be applied in a manner consistent with those requirements, despite any contrary provision of this Agreement. If any provision of this Agreement would subject the Executive to additional tax or
interest under Section 409A of the Code, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax
or interest, and the Bank shall not be required to incur any additional compensation expense as a result of the reformed provision. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general
application issued by the Department of the Treasury under Section 409A of the Code. 
  

 5 

 17. Required Provisions. In the event any of the foregoing provisions of this
Agreement conflict with the terms of this Section 17, this Section 17 shall prevail. 
 (a) The Bank’s
Board of Directors may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice the Executive’s right to compensation or other benefits under this Agreement.
The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 1(d) of this Agreement. 
 (b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the
Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended; and
(ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If the Executive is removed and/or
permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the
Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations under this Agreement 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 Agreement shall terminate, except to the extent determined that continuation of the Agreement is necessary for the continued operation of the institution: (i) by the Director of the Office of Thrift Supervision (OTS), or his designee, at
the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 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 Bank or when the Bank is determined by the
Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
 (f) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon, their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R.
Part 359, Golden Parachute and Indemnification Payments. 
 [signature page to follow] 
  

 6 

 IN WITNESS WHEREOF, the parties have executed this Change in Control Severance
Agreement as of the date first written above. 
  

	
	FAIRFIELD COUNTY BANK
	
	  

	
	  

	[EXECUTIVE]

  

 7

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