Document:

Customer Business Agreement

 Exhibit 10.1 
  

	
	 CERTAIN PORTIONS OF THIS EXHIBIT

	 HAVE BEEN OMITTED AND FILED

	 SEPARATELY WITH THE SECURITIES

	 AND EXCHANGE COMMISSION

	 PURSUANT TO A REQUEST FOR

	 CONFIDENTIAL TREATMENT. THE

	 SYMBOL “****” HAS BEEN INSERTED

	 IN PLACE OF THE PORTIONS SO OMITTED.

 EXECUTION VERSION 
 Customer Business Agreement 
 This agreement (including all Exhibits and Annexes attached
hereto, the “Agreement”) is made as of the Effective Date (as defined below) by and between MasterCard International Incorporated, a Delaware corporation having its principal place of business at 2000 Purchase Street, Purchase, New York
10577-2509 (together with its Affiliates, “MasterCard”), and Bank of America, N.A., having its principal place of business at 100 North Tryon Street, Charlotte, North Carolina 28255 -0001 (together with its Affiliates, “BAC”).

 WHEREAS, BAC is licensed to issue MasterCard Cards pursuant to the Rules, and 
 WHEREAS, MasterCard and BAC desire to enter into an arrangement by which MasterCard will provide Support to help increase the issuance, usage and
activation of BAC’s MasterCard Cards. 
 NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.0	Definitions. 

 Capitalized terms used in this
Agreement shall have the meanings given to them in Exhibit A or elsewhere in this Agreement. 
  

	2.0	MasterCard Support.  

 In
consideration for BAC’s timely performance of its obligations under this Agreement, MasterCard shall provide BAC with the Support outlined below during the Term, subject to the conditions and limitations contained herein. 
  

	2.1	**** Incentive. 

 Subject to Section 3, as of
the Effective Date, MasterCard will provide BAC with **** MasterCard-branded **** Cards issued by BAC and MasterCard-branded **** Cards issued by BAC. Adjustments as set forth herein will be made at the end of each quarter and Year of the Term to
effectuate such incentive (the “****”). 

 EXECUTION VERSION 
  

 A. Quarterly Calculation 
  

	 	1.	Unless otherwise adjusted as provided herein, the **** for each Year of the Term will be distributed by calendar quarter, as follows (“Quarterly ****”):

  

			
	Table 1	  	 
	 Measurement Period
	  	 Quarterly **** ($****)

	 1st
quarter
	  	 $****

	 2nd
quarter
	  	 $****

	 3rd
quarter
	  	 $****

	 4th
quarter
	  	 $****

	 Total ****
	  	 $****

  

	 	2.	BAC shall pay all fees at MasterCard Standard Pricing as applicable under the Rules and with the same frequency as required in the MCBS Manual. At the conclusion of each
calendar quarter of the Term for each of the first three calendar quarters of every Year after the Effective Date, and within thirty (30) days after BAC has provided the Required Reports for such quarter, MasterCard shall make the appropriate
calculation and **** of BAC’s actual payments of the **** for such period pursuant to this Section 2. 

  

	 	3.	Unless otherwise adjusted as provided herein, the appropriate **** and the corresponding applicable **** and **** for such quarter shall be determined in Table 2.

  

					
	 Table 2
	  	 	  	 
	 **** ($****)
	  	****	  	****
	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

  

	 	4.	 In order to determine the appropriate **** for use in the calculation below, and as part of the quarterly reconciliation process, MasterCard will determine 

  

 2 

 EXECUTION VERSION 
  

	 	 
and reconcile based on a **** annual tier level for which BAC will qualify by **** and **** its cumulative quarterly **** by the following ****:

     1st Qtr. **** – by ****, 
     Year-to-date to end of 2nd Qtr. – by **** 
     Year-to-date to end of 3rd Qtr. – by **** 
  

	 	5.	The **** for a quarter is calculated as: 

     **** 
     See Annex A for examples of this calculation. 
  

	 	B.	Annual Calculation. At the end of the 4th
calendar quarter of each Year during the Term, and within thirty (30) days after BAC has provided all Required Reports for such Year, MasterCard shall make the appropriate calculation and **** as follows: 

  

	 	1.	The **** will be used with Table 2 to determine the corresponding ****, as well as **** and the ****, for that Year. 

  

	 	2.	The “****” is calculated as follows: 

     **** 
     Then, the “****” is calculated as follows:

     ****. See Annex A for examples of this calculation. 
  

	2.2.	**** Benefit 

  

	 	A.	Quarterly Calculation. At the conclusion of each calendar quarter of the Term for each of the first three calendar quarters of every Year after the Effective Date, and within
thirty (30) days after BAC has provided the Required Reports for such quarter, MasterCard shall make the appropriate calculation to determine the **** earned for such period pursuant to this Section 2.2 (the “****”). The
quarterly **** during the Term will be determined by **** from Table 3, below, based upon the **** determined pursuant to Section 2.1(A)(4) and will be subject to **** as provided herein 

  

 3 

 EXECUTION VERSION 
  

			
	 Table 3
	  	 
	 **** ($****)
	  	****
	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

  

	 	B.	Annual Calculation. At the end of the 4th
calendar quarter of each Year during the Term, and within thirty (30) days after BAC has provided all Required Reports for such Year, MasterCard shall make the appropriate calculation and **** to determine the **** as follows:

  

	 	1.	The **** will be used with Table 3 to determine the corresponding ****, as well as **** for that Year. 

  

	 	2.	The “****” is calculated as follows: 

         **** See Annex B for examples of this calculation. 
  

	2.3	****. As of the Effective Date and for each Year of the Term, MasterCard will provide BAC with **** (as set forth in Exhibit B, Section B) at such ****, which, subject to
Section 3 and the terms hereof, is the **** for which BAC will be actually responsible in connection with the **** in such Year (“****”). At the conclusion of each Year of the Term, MasterCard shall make an annual reconciliation
versus actual payments made in accordance with MasterCard Standard Pricing, based on the following calculation for each ****: 

     **** 
 Notwithstanding the foregoing, if the **** in any year is ****, the **** will not apply, and BAC will
pay MasterCard Standard Pricing for ****, which includes any pricing adjustments or increases. At the end of the 4th
quarter for each Year during the Term, and within thirty (30) days after BAC has provided all Required Reports for such Year, MasterCard shall make such calculations in accordance with the above and the examples set forth in Annex C to
determine if any **** is owed to BAC. MasterCard will make an annual reconciliation of the components of its analysis and its calculations as to the amount of **** and the **** as set forth in Exhibit B. 
  

 4 

 EXECUTION VERSION 
  

	2.4	**** Support. 

 MasterCard will make **** support
funds available to BAC as provided hereunder (the “****”): 
  

	 	A.	**** Support. For each Year during the Term, MasterCard shall make available to BAC **** Support, which amount shall be based upon **** as calculated herein (“****
Support”). The total amount of **** Support available to BAC in each Year will be determined in accordance with the following calculation: 

 **** 
 ****. **** Support will be subject to reduction in any Year if **** for such Year is less than the
Annual Target. If it is determined at the end of any Year that BAC did not earn the full amount of **** Support, the difference shall be adjusted as part of the true-up calculation for such year, and if insufficient, then shall be factored into any
subsequent Year until satisfied. If it is determined at the end of any Year that BAC earned more **** Support than it was provided in such year, an adjustment will be made in conjunction with the **** Support available in the first quarter of the
next Year. A portion of the annual **** Support will be allocated to each **** based on each ****, as calculated based on the prior Year’s actual **** for such ****, unless otherwise mutually agreed. Notwithstanding the foregoing, any ****
Support payable in **** shall be decreased by (i) the cost of **** incurred by BAC prior to the execution of this Agreement and (ii) the cost of **** incurred pursuant to the terms of any other agreement in effect between the parties at
such time. Deployment of the annual **** Support shall be determined by the Co-Chairs (as defined below) in their reasonable discretion. 
  

	 	B.	**** Support. For each Year during the Term, MasterCard shall make available to BAC **** Support, which amount shall be based upon **** as calculated herein (“****
Support”). The total amount of ****Support available to BAC in each Year will be determined in accordance with the following calculation: 

 **** 
 ****. If it is determined at the end of any Year based upon the actual **** for such Year that BAC
did not earn the full amount of **** Support, the difference shall be adjusted as part of the true-up calculation for such Year, and if insufficient, then shall be factored into any subsequent Year until satisfied. If it is determined at the end of
any Year that BAC earned more **** Support than it was provided in such Year, an adjustment will be made in conjunction with the **** Support available in the first quarter of the next Year. Deployment of the annual **** Support shall be determined
by the Co-Chairs (as defined below) in their reasonable discretion. Until the **** by BAC, the **** for any Year shall be ****. 
  

 5 

 EXECUTION VERSION 
  

	 	C.	**** Committee. For each ****, a **** committee will be established that will be co-chaired by MasterCard’s **** or **** designee, and a designated BAC executive (the
“Co-Chairs”). The Co-Chairs will oversee and approve all initiatives to be funded by the *** Support. Deployment of all **** Support will be based on a disciplined business case and prioritization process, as may be determined by the
Co-Chairs from time to time. 

  

	 	D.	Use of **** Support. **** Support available in any Year shall be used in such Year to support the growth of MasterCard Cards only, and the deployment of **** Support
in any Year shall be determined by **** of such Year. Examples of potential deployment of the annual **** Support or **** Support budgets include, but are not limited to, those set forth in Annex D. In the event **** Support is used to reimburse
BAC, then BAC shall provide to MasterCard appropriate detailed invoices supporting such reimbursement. 

  

	 	E.	No Carry Over. To the extent that the entire value of any **** Support available in any Year of the Term is not used in such Year, any such unused **** Support will be
forfeited, and MasterCard will have no obligation to make any rebate or other consideration to BAC for the unused amount of **** Support, provided, however, that in the event a reasonable person would determine in good faith that MasterCard has
failed to act reasonably expeditiously in assisting BAC to utilize such budget(s) during any Year, then the unused portion of such budgets for that Year shall roll into and be added to the budgets for the following Year. 

  

	2.5	**** Support. 

  

	 	A.	Value and Use of Support. MasterCard will provide annual support of up to **** for **** services through **** (“**** Support”). Deployment of the **** Support in
any Year shall be determined by **** of such Year, and shall be managed and delivered by MasterCard. The value of **** shall be determined in accordance with **** standard pricing in effect at the time such **** Support is delivered.
MasterCard’s obligation to provide this support is subject to BAC’s execution and delivery to MasterCard of reasonable and appropriate protective documentation. Examples of potential utilization of the **** Support include, but are not
limited to those set forth in Annex E. 

  

	 	B.	No Carry Over. To the extent that the entire value of any **** Support available in any Year of the Term is not used in such Year, any such unused **** Support will be
forfeited, and MasterCard will have no obligation to make any rebate or other consideration to BAC for the unused amount of **** Support, provided, however, that in the event a reasonable person would determine in good faith that MasterCard has
failed to act reasonably expeditiously in assisting BAC to utilize such budget(s) during any Year, then the unused portion of such budgets for that Year shall roll into and be added to the budgets for the following Year. 

  

	2.6	Additional Support. 

  

	 	A.	 Initiatives. MasterCard will provide additional support to BAC to be used in the **** Year for the initiatives as set forth in Annex F (the “Additional
Support”). To the extent 

  

 6 

 EXECUTION VERSION 
  

	 	 
that any services relating to any initiative set forth in Annex F are to be provided by ****, MasterCard’s obligation to provide Additional Support for
such initiative is subject to BAC’s execution and delivery to MasterCard of appropriate documentation with **** before work begins. MasterCard and BAC will work together in good faith to expedite the initiatives in Annex F so that the
Additional Support can be used in ****. 

  

	 	B.	No Carry Over. Use of Additional Support shall be determined by **** of the **** Year. To the extent that any of the Additional Support set forth in Annex F is not spent in
the **** Year, any such unused Additional Support will be forfeited, and MasterCard will have no obligation to make any rebate or other consideration to BAC for the unused amount of Additional Support, provided, however, that in the event a
reasonable person would determine in good faith that MasterCard has failed to act reasonably expeditiously in assisting BAC to utilize such budget(s) during such Year, then the unused portion of such budgets for that Year shall roll into the
following Year. Notwithstanding the above, in the event BAC is unable to utilize the Additional Support in ****, MasterCard will make a good faith effort, where appropriate, to preserve such Additional Support for BAC use in ****, the preservation
of Additional Support to be determined by MasterCard in its sole discretion. 

  

	2.7	**** Support. 

  

	 	A.	MasterCard will provide BAC with an annual incentive for ****, pursuant to the table below, for each Year of the Term in which certain **** thresholds, as set out below, are met for
****. The **** shall be calculated in accordance with the formulas in Annex G. 

  

			
	 ****
	  	****
	 ****
	  	****
	 ****
	  	****
	 ****
	  	****
	 ****
	  	****

  

	 	    	For the purpose of calculating this incentive for any Year, a ****. All **** must have achieved an aggregate, annualized, minimum **** of **** annually (“****”) to fully
earn the incentive. See Annex G for a sample calculation. 

  

	 	B.	In the event that at least a **** is achieved in any Year, but there is **** shortfall, the **** will be reduced by a percentage equivalent to the **** shortfall. ****.

  

	 	C.	Once the **** required to allow BAC to **** has been completed by BAC during the Term and such completion date has been reported to MasterCard, MasterCard will provide the following
additional support to BAC, based upon the annual **** commitment made by BAC, during the twelve month period following such **** completion date: 

 **** 
  

 7 

 EXECUTION VERSION 
  

 Provision of such additional support shall be subject to execution by BAC of reasonable and
appropriate protective documentation. In the event that BAC does not attain the *** commitment **** for such first Year, then it shall ensure that such **** commitment is attained in the subsequent Year. 
  

	2.8	**** Bonus. MasterCard will also provide a **** bonus to BAC in each Year in which the Annual Target (as defined in Section 3.1 below) for such Year is achieved,
pursuant to the calculations and subject to the limitations herein (“****”). The amount of **** paid to BAC shall be **** that BAC achieves **** the Annual Target, such that only the **** that is **** the Annual Target shall be eligible
for such support.**** Notwithstanding anything to the contrary, for the purposes of performing the calculations required by this Section, **** shall not include ****. Notwithstanding anything to the contrary, for the purposes of performing the
calculations required by this Section, **** shall include ****. 

 In the event that MasterCard ****, such Cards **** and BAC
**** unless the **** by MasterCard ****. MasterCard will determine the amount of the applicable ****, and to the extent it is **** than the **** paid by MasterCard, MasterCard will pay to BAC the ****, as determined by MasterCard in its sole
discretion. In any case, MasterCard will use reasonable efforts to ensure the **** will be used to support card issuance programs. 
 The
parties hereto acknowledge that nothing in this Section 2.8 will be interpreted as MasterCard requiring or not requiring ****. 
  

	2.9	Acquired Portfolios. 

  

	 	A.	BAC shall promptly notify MasterCard of any Acquired Portfolio transaction as soon as reasonably practicable after such transaction is finalized. In the event that BAC acquires any
MasterCard payment card portfolio or any entity that offers, or intends to offer, payment card programs similar to the programs that are the subject matter of the Agreement, then the **** associated with such acquired portfolios or programs will be
eligible for the **** and incentives and such portfolios or programs will be subject to all other provisions of the Agreement at such time **** and subject to ****. 

  

	 	B.	In the event that BAC acquires a portfolio of MasterCard-branded Cards generating an average aggregate annual **** of **** or ****, the ****(together with the Quarterly ****) and
Annual Targets will each be automatically adjusted (such revised ****, the “Revised ****”; such revised Annual Targets, the “Revised Annual Targets”) by MasterCard to reflect **** of the prior **** of **** generated on such
Acquired Portfolio (the “****”). With respect to ****, such acquired portfolio volumes will be eligible for **** as outlined herein upon inclusion of such volumes in BAC’s reporting and upon adjustments as provided above. See Annex H
for an example of this calculation. 

  

 8 

 EXECUTION VERSION 
  

	3.	BAC Covenants. 

 In consideration for the Support to
be provided to BAC by MasterCard as described above and to the other terms and conditions set forth in the Agreement, BAC agrees and acknowledges that: 
  

	3.1	Annual Targets. “Annual Targets,” when used in this Agreement, shall have the following meanings with respect to **** in each Year: 

 

			
	 Year
	  	 Annual Target:

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

 **** 
  

	3.2	**** Requirements. 

  

	 	A.	****. 

  

	 	1.	“**** Requirement,” when used in this Agreement, shall mean, for each Year of the Term, ****. 

  

	 	2.	In the event that in any given Year of the Term the **** equals or exceeds the **** Requirement but does not equal or exceed the relevant Annual Target described in Section 3.1
above, then prior to performing the calculations pursuant to Section 2, the relevant **** and other incentives in respect of such year will be adjusted according to the following: 

  

					
	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  	 ****

  

 9 

 EXECUTION VERSION 
  

   Please see Annex I for a clarifying example. 
  

	 	3.	In the event that in any given Year of the Term the **** for such Year falls within the **** in the table above, and: (i) in such Year the rate of **** over the prior
Year’s **** and (ii) in such Year the ****rate for all ****, then BAC’s relevant **** for such Year will be adjusted as if BAC’s ****, pursuant to the terms of Annex J, attached hereto. 

 B. ****. 
  

	 	1.	“**** Requirement,” for each Year of the Term, means **** satisfying the following **** requirements, ****: 

  

							
	 ****
	  	               **** (in USD)
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 $****
	  	 ****
	  	 ****

	 ****
	  	 ****
	  		  	
	 ****
	  	 $****
	  		  	

  

	 	2.	(a) In the event that in any given year of the Term the actual ****, does not satisfy the **** Requirement, ****, BAC pricing will remain at standard pricing ****, and
BAC shall not receive any ****, nor **** Support, for MasterCard Cards **** in that year. The prior sentence shall not apply to a **** if, with respect to such ****, i) **** makes it, in the opinion of a reasonable person, **** to satisfy such
requirement or ii) BAC notifies MasterCard in writing within 180 days prior to such **** Year’s end of BAC’s decision to ****, provided BAC also ****. 

  

	 	(b)	 In addition, in the event a BAC **** falls below the respective **** Requirement, BAC will have thirty (30) days to negotiate with MasterCard in
good faith to implement a plan to cure the shortfall within a mutually agreed, reasonable period of time, during which the **** will continue to be eligible for ****. If no such plan is agreed to within thirty (30) days, or if BAC does not cure
the shortfall within the agreed-upon timeframe, the **** will revert to standard pricing. In either of the foregoing events, BAC will pay to 

  

 10 

 EXECUTION VERSION 
  

 
MasterCard the difference between the **** paid pursuant to this Agreement and the MasterCard Standard Pricing, if any, for such **** from the date of such
default. 
  

	 	3.	However, with respect to the ****, the ****, is included in total **** for the purpose of calculating ****, which shall only apply to the ****. In the event that (i) BAC ****
the **** Requirement, ****, and (ii) any of BAC’s **** have **** their respective **** Requirements ****, then BAC’s pricing for all **** for such Year shall be at MasterCard Standard Pricing and no other incentives shall be paid or
payable to BAC for such Year. ****. 

  

	 	4.	Notwithstanding the foregoing, in the event that a **** but MasterCard experiences **** in such **** during such **** Year, resulting in ****, and BAC’s actual **** is greater
than **** in such **** Year, then BAC’s **** will not be deemed to be in **** and will therefore continue to be eligible to earn the ****, pursuant to Section 2. 

  

	3.3	Non-Conversion. During the Term, BAC will use a retention and activation procedure to activate and retain all MasterCard-branded Accounts. Notwithstanding any other provision
of the Agreement (including, without limitation, this Section 3.3), ****. An “Active MasterCard Account” shall mean a MasterCard-branded Account **** is required by an unsolicited organization endorsing a program, or pursuant to
unsolicited cardholder requests, MasterCard may **** in the event that ****. In the event of a **** due to ****, BAC shall thereafter ****. ****, including a **** required by an unsolicited organization endorsing a program, BAC will first ****,
which efforts shall follow BAC’s retention and activation procedures, ****. In addition, **** is required by an unsolicited organization endorsing a program, **** shall include giving ****. 

  

	3.4	Portfolio Transfer. 

  

	 	A.	If during the Term BAC in any way divests to another MasterCard issuing member a portfolio of any MasterCard Cards subject to this Agreement, then BAC shall **** convince the entity
acquiring such Cards to maintain the MasterCard brand on such Cards for the duration of the Term. 

  

	 	B.	 If during the Term BAC in any way divests to another MasterCard issuing member a portfolio of MasterCard Cards ****, that would have been subject to the
terms of this Agreement had no such divestiture occurred (a “Divestiture”), then BAC shall **** convince such purchaser/transferee to convert such MasterCard Cards as MasterCard Cards onto its **** and to reissue such MasterCard Cards, if
the new issuer is otherwise going to reissue such cards, as MasterCard Cards. In the event that BAC is successful in so convincing such purchaser/transferee, then, subject to its reporting obligations under Section 4.4, the Annual Targets will
each be automatically **** by MasterCard by an amount equivalent to **** of **** generated by such divested MasterCard Cards (subject to the next sentence, the “Revised Annual Targets”). In the event that in connection with a Divestiture,
BAC is unsuccessful in so convincing the purchaser/transferee, then the 

  

 11 

 EXECUTION VERSION 
  

	 	 
Annual Targets will each be automatically **** by MasterCard by an amount equivalent to **** of **** generated by such divested MasterCard Cards (subject to
the previous sentence, the “Revised Annual Targets”). See Annex K for an example of this calculation. For the avoidance of doubt, the parties agree that a securitization or other funding financing arrangement undertaken in the ordinary
course of BAC’s business, excluding a sale of individual portfolios as described above, shall not be considered a Divestiture. 

  

	3.5	Use of Support. BAC agrees that it shall use all Support exclusively to grow its MasterCard Card business and will not use any Support for the benefit of any Card brand other
than MasterCard, unless otherwise agreed by MasterCard. 

  

	3.6	****. BAC and MasterCard agree to work together, ****, during the Term to develop MasterCard Card products and programs to be offered through BAC’s ****. To the extent
that ****, BAC will (i) introduce, deploy and maintain MasterCard Card products and programs in BAC’s **** and related systems and processes; and (ii) ensure access and support systems for the distribution and active marketing of
MasterCard Card products ****. 

  

	4.	General Terms and Conditions. 

  

	4.1	Payment. 

  

	 	A.	During each quarter of the Term, BAC shall pay all fees at MasterCard Standard Pricing as applicable under the Rules and with the same frequency as required in the MCBS
Manual. At the conclusion of each Year and/or calendar quarter of the Term, as detailed in Sections 2 and 3, above, and within thirty (30) days after BAC has provided the Required Reports for such period, MasterCard shall make the
appropriate calculation and adjustment of BAC’s actual payments of the standard fees for such period versus the payments actually required pursuant to Sections 2 and 3. Prior to making any payment required by Section 2, MasterCard shall
first net out all amounts owed by MasterCard versus amounts overpaid by or owed to MasterCard pursuant to such Sections 2 or 3. ****. 

  

	 	B.	MasterCard shall not be obligated to make and may reasonably condition any payment, waiver, rebate, or other provision of Support on BAC’s providing the Required Reports. Any
Support payments owed by MasterCard to BAC shall be made via the MasterCard Consolidated Billing System (“MCBS”) or by other means as mutually agreed. MasterCard may, at MasterCard’s option, recover any amount that is owing from BAC
under this Agreement by debiting BAC’s MCBS account or by netting future amounts owed by MasterCard to BAC against such amounts owed to MasterCard by BAC. For clarification purposes, nothing in this Agreement shall in any way limit MasterCard
in its ability to bill BAC under MasterCard’s normal billing process or procedures. 

  

	4.2	Taxes. All payments made by the parties under this Agreement shall be deemed inclusive of all taxes including, but not limited to, value-added (VAT), sales, use, occupancy,
excise and income taxes. The sole obligation to report and remit any taxes shall be that of the party to which the payment is made. 

  

 12 

 EXECUTION VERSION 
  

	4.3	Term. This Agreement shall commence as of the Effective Date and terminate on **** unless sooner terminated in accordance with this Agreement or the mutual agreement of the
parties (the “Term”). 

  

	4.4	Reporting. In addition to any reporting required under the Rules, BAC shall provide MasterCard and MasterCard shall provide BAC with reporting as detailed in Exhibit C
(“Required Reports”). Each party will provide appropriate supporting material and back-up as the other party may reasonably request to support all Required Reports. MasterCard may audit the QMR as provided in the Rules. With respect to the
Required Reports other than the QMR, MasterCard shall have the right (not to be exercised more than once in any twelve month period) to require that a third party certified accounting firm to be mutually agreed upon by the parties perform an audit
of the relevant portions of BAC’s books and records as is reasonable and necessary for the purposes of verifying the Required Reports. MasterCard shall pay for the cost of any such audit requested by it for the purposes of verifying the
Required Reports unless the results of the audit prove that BAC has **** its reporting obligations under this Agreement; in which case BAC shall pay for the cost of such audit. The independent certified accounting firm then being utilized by BAC
will be designated the certified accounting firm to be used unless such accounting firm is impermissibly conflicted as determined by such accounting firm. Any payments due hereunder by MasterCard may be delayed by MasterCard until forty-five
(45) days after the backup is provided and/or the audit is undertaken and shall be amended as appropriate. 

  

	4.5	Quarterly and Annual Performance Review. Upon the conclusion of each quarter of each Year of the Term, BAC will meet with MasterCard at a mutually agreeable time and location
to jointly review BAC’s performance and MasterCard’s calculations as submitted in Required Reports under the Agreement for purposes of ensuring the mutually satisfactory progress of the objectives of this Agreement and other initiatives as
mutually agreed between BAC and MasterCard. 

  

	4.6	Other ****. **** for MasterCard-branded products that are **** will remain at MasterCard Standard Pricing, including but not limited to the fees set forth in Exhibit B,
Section C ****. 

  

	4.7	Net Incentive Support. Notwithstanding the provisions of Section 4.1, Support amounts payable in any given Year under this Agreement shall be reduced by the amount of
any other payment received by BAC from MasterCard for the same Year, as successor to an acquired Person or Acquired Portfolio, under any benefit, support, or incentive arrangement between MasterCard and such acquired Person or its Affiliates or the
transferor of such Acquired Portfolio in connection with any MasterCard Cards. 

  

	4.8	**** 

  

 13 

 EXECUTION VERSION 
  

	4.9	Other Agreements. 

  

	 	A.	This Agreement constitutes the entire agreement between the parties with respect to subject matter hereof and, except as noted herein, supersedes any other prior oral or written
agreement regarding the subject matter hereof. Notwithstanding the foregoing, the certain obligations and provisions within **** that are explicitly set forth in Exhibits G1 and G2 attached hereto (the “****”) shall survive unaltered and
shall operate in accordance with their terms only, for the term of the applicable agreement or as otherwise stated within such agreement. Defined terms within the **** shall have the meanings as set forth in the applicable agreement. In the event of
a conflict between the terms of this Agreement and the terms of the ****, the terms of the **** shall control; provided, however, that none of the **** shall apply to Accounts created after **** for the Agreements set forth on Exhibit G1.

  

	 	B.	The parties acknowledge and agree that this Agreement does not supersede and is not otherwise intended to alter or amend any aspect or provision of any other agreement between ****
that is not an agreement with respect to **** for MasterCard Card programs (e.g., ****). All terms and commitments in any such agreements shall survive and operate in accordance with their terms. Nothing in this Agreement will limit or preclude
MasterCard’s or BAC’s rights or remedies at law in the event of a breach of any provisions of any agreements or **** that are not otherwise superseded according to this Section 4.9. 

  

	4.10	Standard Terms and Conditions. The Standard Terms and Conditions attached hereto as Exhibit H (the “Standard Terms and Conditions”) are incorporated by reference
and made a part of this Agreement and will have the same force and effect as if fully set forth in this Agreement. 

  

	4.11	Notices. All notices relating to this Agreement, must be in writing and will be deemed given upon hand delivery or upon receipt if sent by an overnight courier
delivery service of general commercial use and acceptance (i.e., Airborne, Federal Express or UPS) to the following addresses or such other address as may be later designated by notice given by such party: 

  
  

			
	If to BAC: 	  	Bank of America, N.A.
		  	Attn: Industry Relations
		  	1100 North King Street
		  	Wilmington, Delaware 19884
		  	Mailstop DE5-007-02-10
		
		  	Attention: Mr. Michael R. Wright

  

 14 

 EXECUTION VERSION 
  

			
	with a copy to the office of the general counsel at this address:
	
	101 South Tryon Street
	Bank of America Plaza
	Charlotte, North Carolina 28255
	Mailstop NC1-002-29-01
		
	If to MasterCard:	 	MasterCard International Incorporated
		 	2000 Purchase Street
		 	Purchase, New York 10577
		
		 	Attention: Mr. Gary Flood
	
	 with a copy to the office of the general counsel at the same address.
  
 *******************

  

 15 

 EXECUTION VERSION 
  

 This Agreement is executed as of ****, and is effective as of the Effective Date.

  

			
	BANK OF AMERICA, N.A.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MASTERCARD INTERNATIONAL INCORPORATED
		
	By:	 	  

	Name:	 	Gary Flood
	Title:	 	President, Global Key Accounts
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 16 

 EXHIBIT A 
 DEFINITIONS 
  

	A.	“Account” means the line of credit, deposit account, asset account or other source of funds that are accessed by a Card. 

  

	B.	“Acquired Portfolio” means MasterCard Cards acquired by BAC through a merger, portfolio acquisition or similar bulk acquisition of any kind (and including
without limitation the right to operate and manage any such acquired portfolio) during the Term, however, such term shall specifically not include any acquired MasterCard Cards that were lost to attrition after acquisition but before being
included in the Required Reports as a result of material delinquency or standard charge-off. 

  

	C.	“Actual Quarterly ****” means the **** reported in the BAC QMR for any quarter during the Term. 

  

	D.	“****” means the sum of the **** reported in the BAC QMR for the 1st through 4th quarters of each Year during the Term.

  

	E.	“Affiliate” means with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with, such Person. 

  

	F.	“Annual Targets” shall have the meaning set forth in Section 3.1. 

  

	G.	“**** Requirement” shall mean have the meaning ascribed to it in Section ****. 

  

	H.	“****” means the relevant numbers to be applied in calculating the **** paid or payable by Bank of America, as set forth in the ****.

  

	I.	“Card” means any general purpose payment card, including any: bank card, credit card, charge card, travel and entertainment card, debit card, ATM card,
prepaid card, smart card, stored-value card, co-branded card, virtual card or any combination thereof that is issued in the Territory, and the Account associated with such card. Card also includes the Account number(s) or alternative modes of
access to the underlying Account (e.g., a convenience check or a virtual card). 

  

	J.	“Commercial Credit Card” means a Credit Card that is issued pursuant to a business card or commercial card application; not including a Debit Card.

  

	K.	“Consumer Credit Card” means a Credit Card issued pursuant to a consumer card application; not including a Debit Card. 

  

	L.	“control” (including the terms “controlling”, “controlled by” and “under common control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting stock, by contract, or otherwise. 

  

	M.	“****” means ****. 

  

 E-1 

	N.	“****” means, for each Year of the Term, ****. 

  

	O.	“****”**** set forth in Exhibit B, Section A. 

  

	P.	“Credit Card” means any Consumer Credit Card or Commercial Credit Card issued by BAC in the Territory, that is not a Debit Card. 

  

	Q.	“**** Support” shall have the meaning ascribed to it in ****. 

  

	R.	“****” means, for any period of calculation, ****. 

  

	S.	“****” means, for any period of calculation, ****. 

  

	T.	“Debit Card” means a prepaid Card and any Card issued by BAC in the **** that can be used to access checking, savings, now, current, deposit or share draft Account
or other prepaid deposit amount, which is maintained by or on behalf of a cardholder with BAC and is accessed by such cardholder through a signature-based transaction where such funds are immediately debited from such Account.

  

	U.	“**** Support” shall have the meaning ascribed to it in ****. 

  

	V.	“****” means, for any period of calculation, ****. 

  

	W.	“Effective Date” means ****. 

  

	X.	“****” means the relevant number to be applied in calculating the **** by Bank of America, ****. 

  

	Y.	**** 

  

	Z.	**** 

  

	AA.	“****” shall mean the actual **** generated in any given measurement period (e.g., quarterly or annually) **** (if annually) or **** (if quarterly)
for that same measurement period. 

  

	BB.	“****” means the relevant numbers to be applied in calculating the **** paid or payable by Bank of America, as set forth in the ****. 

  

	CC.	“Law” means all statutes, rules, regulations, court orders, consent decrees and/or laws which apply to a party (in the reasonable legal opinion of counsel to
such party) and affect matters contemplated by this Agreement, and all general principles of equity. 

  

	DD.	“**** Support” shall have the meaning ascribed to it in Section 2.4, and shall include **** Support and **** Support. 

  

	EE.	**** 

  

 E-2 

	FF.	“MasterCard Card” means a Card containing the name, logo, hologram, or service marks of MasterCard, or any Card that has “MasterCard Card” functionality
or acceptance utility issued in accordance with and as defined in the Rules in effect from time to time. 

  

	GG.	“MasterCard Competitor” means **** and any other brand or payment form that the parties mutually and reasonably determine to be in competition with any
MasterCard Card. 

  

	HH.	“MasterCard ****” means, for any period of calculation, the **** by ****, compared to **** by all **** in such period, ****. 

  

	II.	“MasterCard Standard Pricing” means the issuer fees that would apply to BAC under the Rules as they pertain to the corresponding Territory for the period in
issue ****. 

  

	JJ.	“MCBS Manual” means the MasterCard Consolidated Billing System Manual, as provided to members from time to time. 

  

	KK.	“****” means, for any period of calculation during the Term, all **** in such period and that are targeted to ****, whether MasterCard-branded or bearing any
other payment brand. 

  

	LL.	“****” means, for any period of calculation during the Term, **** in such period and that are targeted to ****. 

  

	MM.	“****” means the applicable incentive paid for ****, pursuant to the terms of ****. 

  

	NN.	“Person” means any individual, partnership, corporation (including business trust), limited liability company, joint stock company, trust, unincorporated
association, joint venture, or other entity, or a government or any political subdivision or agency thereof. 

  

	OO.	“****” shall mean, for any period of calculation during the Term, the sum of **** and **** during such period. 

  

	PP.	“Required Reports” shall mean the reports BAC shall provide to MasterCard as set forth in Section 4.4 hereto, and shall include MasterCard’s
Quarterly BAC Reports (“QMR”). 

  

	QQ.	**** 

  

	RR.	“Rules” means the MasterCard Bylaws and Rules, the Cirrus Worldwide Operating Rules, regional Maestro licensor rules, and any other directive, memorandum,
policy, or other requirement imposed by MasterCard, Maestro, Cirrus, or any other of MasterCard’s Affiliates relating to MasterCard Cards, Maestro-branded Cards, or Cirrus-branded Cards, as such bylaws and rules, operating rules, licensor
rules, directives, memoranda, policies, or other requirements may be amended from time to time. 

  

	SS.	“****” means the **** that are defined in ****. 

  

	TT.	“****” means the **** set forth in ****. 

  

 E-3 

	UU.	“****” means the **** for which the **** are set forth in ****. 

  

	VV.	“Support” means the obligations of MasterCard contained in Section 2. 

  

	WW.	“Term” shall have the meaning ascribed to it in Section 4.3. 

  

	XX.	“Territory” means the ****. 

  

	YY.	“USD” means United States Dollars. 

  

	ZZ.	“****” shall mean the **** used to determine which of the **** and **** are applicable. 

  

	AAA.	“Year” shall mean each consecutive 12 month period of the Agreement with the first such period commencing on the Effective Date. 

  

 E-4 

 EXHIBIT B 
 CORE **** FEE DETAILS 
 A. Core Fees **** 
  

	 	1.	Authorization:  

	 	  	**** 

  

	 	2.	Settlement: 

	 	  	**** 

  

	 	3.	Connectivity:  

	 	  	**** 

  

	 	4.	****Assessments:  

	 	  	**** 

 **** 
  

 E-5 

 EXHIBIT C 
 REQUIRED REPORTING 
 A. In addition to any reporting required under the Rules, BAC shall provide MasterCard at the
end of each calendar quarter during the Term the following reporting: 
 1. BAC shall make **** submit fifteen days (15) following the end of each
calendar quarter but which shall be submitted no later than thirty (30) days following the end of each calendar quarter a report for **** in the form attached as Exhibit D hereto, which shall include a **** report for each ensuing quarter of
the Year following such calendar quarter. Additionally, BAC shall make **** submit by **** of each Year an **** report for the following Year. ****. 
 2. In
the event that BAC acquires any Acquired Portfolio generating an average aggregate ****, then BAC will **** disclose the **** on such Acquired Portfolios to MasterCard for purposes of determining the **** and Revised Annual Targets; however no
benefits or incentives shall be available under this Agreement to the MasterCard Cards contained in such Acquired Portfolio generating an average aggregate **** until such time as BAC discloses such information to MasterCard and such determinations
are made by MasterCard, the determinations not to be unreasonably withheld or delayed. 
 3. In the event that BAC in any way divests itself of a portfolio
of MasterCard Cards generating an average aggregate ****, then (a) BAC will **** disclose the **** on such divested portfolio to MasterCard for purposes of determining the Revised Annual Targets, and (b) in the event that BAC is successful
in convincing such purchaser/transferee to convert such MasterCard Cards as MasterCard Cards **** and to reissue such MasterCard Cards as MasterCard Cards (if the new issuer is otherwise going to reissue such cards), then BAC shall also ****
(however **** shall be made under this Agreement until such time as BAC discloses such information to MasterCard and such determinations are made). MasterCard and BAC agree to explore reporting alternatives which may result in extracting the **** of
the Acquired Portfolio(s) via ****. 
 4. To compute the ****, BAC agrees to provide (1) an annual ****, by **** of the current Year, of the **** BAC
anticipates **** the Annual Target for the following Year, (2) quarterly reporting of actual **** in the current Year and (3) any necessary adjustments to the **** annual **** which will be subject to the ****. 
 5. To compute and be eligible to receive the ****, BAC agrees to provide (1) an annual **** by **** of the previous Year indicating which ****, as well as a ****
number of **** for the following Year, and (2) quarterly reporting of **** and a full year **** of the aforementioned, in the form attached as Exhibit E hereto. 
 B. MasterCard shall provide to BAC at the end of each calendar quarter during the Term the following reporting: 
 1. MasterCard shall **** provide quarterly reporting to BAC with detailed **** in the Form attached as Exhibit F hereto within fifteen days following its receipt of
BAC’s Required Report as specified in Section A.1. above. 
 2. MasterCard, at the end of each Year of the Agreement will provide a ****, including,
without limitation, those set forth in Section 2.3. 
  

 E-6 

 EXHIBIT D 
 QUARTERLY PERFORMANCE AND **** REPORT 
 BAC / MASTERCARD 
 KEY PLANNING METRICS 
         **** 
  

																					
	 QUARTERLY METRICS – ***
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	1st
Quarter	  	 	  	2nd
Quarter	  	 	  	3rd
Quarter	  	 	  	4th
Quarter	  	 	  	Full
Year	  	 
	Total MasterCard Retail Volume (in $ billions)	  		  		  		  		  		  		  		  		  		  	
											
	Total MasterCard GDV (in $ billions)	  		  		  		  		  		  		  		  		  		  	
											
	 QUARTERLY METRICS – ACTUAL
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
											
	 	  	1st
Quarter	  	Variance
to ****	  	2nd
Quarter	  	Variance
to ****	  	3rd
Quarter	  	Variance
to ***	  	4th
Quarter	  	Variance
to ****	  	Full
Year	  	Variance
to ****
	 	  	Actual	  	 	  	Actual	  	 	  	Actual	  	 	  	Actual	  	 	  	Actual	  	 
	Total MasterCard Retail Volume (in $ billions)	  		  		  		  		  		  		  		  		  		  	
											
	Total MasterCard GDV (in $ billions)	  		  		  		  		  		  		  		  		  		  	

  

 E-7 

 EXHIBIT E 
 **** SUPPORT REPORTING 
 Annual **** Report: 
 BAC / MASTERCARD 
 KEY PLANNING METRICS 
     **** 
  

											
	QUARTERLY METRICS – ****	  	 	  	 	  	 	  	 
	 	  	 1st
 Quarter
	  	 2nd
 Quarter
	  	 3rd
 Quarter
	  	 4th
 Quarter
	  	 Full
 Year

	Total MasterCard Retail Sales Volume (in $ billions)	  		  		  		  		  	
						
	Total MasterCard GDV (in $ billions)	  		  		  		  		  	
						
	****	  		  		  		  		  	
						
	****	  		  		  		  		  	

  

 E-8 

 Quarterly **** Support Report: 
 **** 
  

 E-9 

 EXHIBIT F 
  

					
	 Qtr___Year____
	  	 Segment Name:
	  	 
			
		  	In $	  	
			
	 Core Fees Excluding Quarterly
 Assessments
	  		  	
			
	 Month
                    
	  		  	
	 Month
                    
	  		  	
	 Month
                    
	  		  	
			
	Subtotal	  		  	
		  	 	  	
			
	Quarterly Assessments	  		  	
			
	Qtr              Year             	  		  	
			
	Subtotal	  		  	
		  	 	  	
			
	Parent/Child Assessment Rebate	  		  	
	Subtotal	  		  	
		  	 	  	
			
	Total Core Fees	  		  	
			
	GDV	  		  	
	Assessable Retail GDV	  		  	
			
	Basis Points	  		  	
	 Core
	  		  	
	 Deal
	  		  	
			
	Fees	  		  	
	 Core
	  		  	
	 Deal
	  		  	
			
	Discount	  		  	

  

 E-10 

 EXHIBIT G1 
 **** 
  
  

					
	 Agreement
	  	 **** Provision
	  	 Summary of Provision (for information purposes only)

	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****

  

 E-11 

 EXHIBIT G2 
 **** 
  

					
	 Agreement
	  	 **** Provision
	  	 Summary of Provision (for information purposes only)

	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****
	****	  	****	  	****

  

 E-12 

 EXHIBIT H 
 STANDARD TERMS AND CONDITIONS 
 As provided in Section 4.10 of the Agreement, the following Standard Terms and
Conditions form a part of and are incorporated by reference into the Agreement. 
  

	H.1	Confidentiality. Except as otherwise provided under the Rules or required by Law, during the Term and for five years thereafter BAC and MasterCard will treat any information
relating to this Agreement, the existence of this Agreement, and all terms and conditions of this Agreement as confidential. Such confidential information shall be disclosed only to those individuals with a reasonable need to know within their
organizations (provided such individuals agree to be bound by the confidentiality obligations herein). Such confidential information shall not be disclosed to third parties without the prior written approval of the non-disclosing party hereto,
except that either party may disclose same to its auditors, accountants, regulators, board members or outside counsel, provided that such persons are advised of, and observe the obligations of this Section H.1. The parties acknowledge that, in the
event of a breach of Section H.1 of this Agreement, the non-breaching party will likely suffer irreparable damage that cannot be fully remedied by monetary damages. Accordingly, in addition to any remedy which the non-breaching party may possess
pursuant to Law, the non-breaching party retains the right to seek and obtain injunctive relief against any such breach in any court of competent jurisdiction. The provisions of this Section H.1 supercede the confidentiality obligations contained in
any prior communications between the parties hereto relating to the subject matter of this Agreement. In addition, the provisions of this Section H.1 shall survive the termination of this Agreement. 

  

	H.2	Rules. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall modify or in any way affect Bank of America’s and MasterCard’s
respective rights and obligations under the Rules. 

  

	H.3.	Enforceability. If one or more of the provisions contained herein shall, for any reason, be held by a court of competent jurisdiction to be unenforceable or invalid in any
respect under Law, such unenforceability or invalidity shall not affect any other provision of this Agreement, and this Agreement shall then be construed as if such unenforceable or invalid provisions had never been contained herein and the parties
shall immediately commence negotiations in good faith to reform this Agreement to make alternative provisions herein that reflect the intentions and purposes of the severed provisions in a manner that does not run afoul of the basis for such
unenforceability or invalidity. 

  

	H.4	Choice of Law. This Agreement and the respective rights and obligations of the parties hereto shall be governed by the laws of the State of New York, excluding any
“conflict of laws” or similar provisions that would mandate or permit application of the substantive law of any other jurisdiction. 

  

 E-13 

	H.5	Execution Authority. MasterCard and BAC each represent and warrant that it has all necessary corporate power and authority to enter into this Agreement and, when executed and
delivered, this Agreement shall be each of BAC’s and MasterCard’s legal, valid and binding obligation enforceable in accordance with its terms, except as such enforceability may be limited by Law. Each party represents that such party is
not subject to any pending or threatened litigation or governmental action which could interfere with such party’s performance of its obligations hereunder, other than as publicly disclosed. Each party acknowledges and agrees that the party is
not an agent, representative or employee of the other party and that neither party will have the power to obligate or bind the other party. 

  

	H.6	Remedies. Except as otherwise expressly provided herein, the remedies for breach stated herein are non-exclusive. In addition to these remedies, the parties shall be entitled
to pursue any other remedies that they may have at law or in equity. 

  

	H.7	Termination. 

 (a) Prior to the scheduled conclusion
of the Term, either party may terminate this Agreement by giving notice to the other party in the event that the other party materially breaches any of its obligations under this Agreement, which breach is not cured within thirty (30) days
after notice thereof, or if cure cannot be effected in such time, such additional time as is necessary to cure using commercially reasonable efforts; provided that the failure of the cure period to expire shall not preclude either party from
seeking an order for injunctive relief with respect to any breach or threatened breach of the confidentiality provisions of this Agreement. 
 (b) This Agreement will terminate immediately at the election of the non-breaching party in the event that: (i) a court of competent jurisdiction assumes custody, attaches or sequesters all or a material portion of a party’s
property or assets, which custody, attachment or sequestration is not suspended or terminated; (ii) a party admits in writing its inability to pay its debts generally as they become due; (iii) a party becomes insolvent (whether by balance
sheet insolvency or a failure to meet obligations in the ordinary course) or makes an assignment for the benefit of creditors; (iv) a party files any voluntary, or if there is filed against such party an involuntary, petition in bankruptcy
under the United States Bankruptcy Code, or any similar bankruptcy or insolvency laws of another jurisdiction (as now or in the future enacted or amended), provided that in the event of any involuntary petition the breaching party will have a period
of sixty (60) days from the date of filing thereof to discharge the same; or (v) a party consents to the appointment of a receiver for all or a substantial portion of its property or assets. 
 (c) MasterCard may terminate this Agreement upon thirty (30) days notice to BAC in the event that BAC ceases to be a licensed issuer of MasterCard
branded products. 
  

	H.8	 Continued Observance. The obligations stated herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and
assigns, provided however, 

  

 E-14 

	 	 
that no party shall have the right to transfer to any third party (including without limitation, by way of sale of any MasterCard Cards subject to this
Agreement, by voluntary or involuntary transfer, by operation of law or otherwise) any of its rights under this Agreement against the other party, or the benefits thereof, without first obtaining the prior written consent of the other party. If any
Person acquires any interest in this Agreement or the subject matter hereof in any manner, whether by acquiring any MasterCard Cards subject to this Agreement, by voluntary or involuntary transfer, by operation of law or otherwise, such interest
shall be held subject to all of the terms of this Agreement and by taking or holding such interest, such Person shall be conclusively deemed to have agreed to be bound by, and to comply with, all of the terms and obligations of this Agreement.

  

	H.9	Force Majeure. Neither party shall be held responsible for any delay or failure in performance to the extent such delay or failure is caused by fire, flood, explosion,
terrorism, war, strike, embargo, government requirement, civil or military authority, act of God, act or omission of carriers or other similar causes beyond its control, that was not reasonably foreseeable or avoidable, and without the fault or
negligence and/or lack of diligence of the delayed party (“force majeure condition”). The non-delayed party shall have the right to terminate this Agreement if such force majeure condition endures for more than one hundred forty
(140) days upon providing at least thirty (30) days written notice to the delayed party. 

  

	H.10	Indemnification. Each of the parties (the “indemnifying party”) agrees, at its own expense, to defend, protect, indemnify, and hold the other party, and any of its
directors, officers, employees and agents (collectively, the “indemnified party”) harmless from and against: (a) any action or threatened action, suit, claim or proceeding, whether or not well grounded, arising out of any
(i) wrongful act or omission of the indemnifying party, its employees, agents, and subcontractors relating to the subject matter of this Agreement, or (ii) any breach of this Agreement by the indemnifying party; and (b) against any
and all expenses (including reasonable attorneys’ fees), judgments, fines, costs, amounts paid in settlement or any loss or damage incurred by the indemnified party, or any of the above-named indemnified parties relating thereto. The
indemnifying party will give prompt notice to the indemnified party of any event or circumstance that it believes gives right to an obligation of indemnity and the indemnified party will cooperate with the indemnifying party in the defense and
resolution thereof. Failure to give timely notice will not excuse any obligation of indemnity provided that the indemnifying party obtains actual knowledge of the event or circumstance, except to the extent an indemnifying party’s ability to
eliminate or mitigate any claim or loss is prejudiced thereby. In addition, the provisions of this Section H.10 shall survive the termination of this Agreement. 

  

 E-15 

	H.11	Dispute Resolution. Unless otherwise provided herein, the following procedure will be adhered to in all disputes arising under this Agreement which the Parties cannot resolve
informally. The aggrieved Party shall notify the other Party in writing of the nature of the dispute with as much detail as possible about the deficient performance of the other Party. Authorized executives of each Party with the appropriate
decision-making authority (the “Representatives”) shall meet (in person or by telephone) within seven (7) calendar days after the date of the written notification to reach an agreement about the nature of the deficiency and the
corrective action to be taken by the respective Parties. The Representatives shall produce a report about the nature of the dispute in detail to their respective management. If the Representatives do not meet or are unable to agree on corrective
action, senior managers of the Parties having authority to resolve the dispute without the further consent of any other person (“Management”) shall meet or otherwise act to facilitate an agreement within fourteen (14) calendar days of
the date of the written notification. If Management do not meet or cannot resolve the dispute or agree upon a written plan of corrective action to do so within seven (7) calendar days after their initial meeting or other action, or if the
agreed-upon completion dates in the written plan of corrective action are exceeded, either Party may pursue any rights or remedies it may have. 

  

	H.12	Miscellaneous. 

  

	 	(a)	Except as otherwise provided herein, no waiver shall be effective unless made in writing. This Agreement can only be amended or modified in a written agreement signed by both
parties. 

  

	 	(b)	The parties hereto shall ensure that their obligations under this Agreement are performed in accordance with all Laws and registrations, directions, permissions, licenses, waivers,
consents, approvals and other authorizations of competent governmental authorities. 

  

	 	(c)	This Agreement may be executed in one or more counterparts, each of which, taken together, shall constitute but one original document. 

  

	 	(d)	The captions in this Agreement are included for convenience only and shall not affect the meaning or interpretation of this Agreement. 

  

 E-16 

 Annex A 
 ****

  

 A-1 

 Annex B 
 ****

  

 A-2 

 Annex C 
 ****

  

 A-3 

 Annex D 
 Sample
**** Support Initiatives 
                     ****

  

 A-4 

 Annex E 
 ****
– Examples of Use 
                 **** 
  

 A-5 

 Annex F 
 Additional Support 
             ****

  

 A-6 

 Annex G 
 ****
Calculations and Examples 
                         **** 
  

 A-7 

 Annex H 
 ****

  

 A-8 

 Annex I 
 ****

  

 A-9 

 Annex J 
 ****

  

 A-10 

 Annex K 
 ****

  

 A-11Exhibit 10.7

 Exhibit 10.7 
 FORM OF 
 THREE-YEAR 
 COMPANY EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”)
made this ____________day of ___________, 2006, by and between CHICOPEE BANCORP, INC., a Massachusetts chartered corporation (the “Company”), and ______________________ (the “Executive”). 
 WHEREAS, Executive serves in a position of substantial responsibility; and 
 WHEREAS, the Company wishes to assure Executive’s services for the term of this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Company during the term of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in this
Agreement, the parties hereby agree as follows: 
 1. Employment. Executive is employed as the President and Chief Executive
Officer of the Company. Executive will perform all duties and shall have all powers 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 (the “Board”). During the term of this Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company and to carry out the duties and
responsibilities reasonably appropriate to those offices. 
 2. Location and Facilities. Executive will be furnished with the
working facilities and staff customary for executive officers with the titles 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. 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 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 Executive during the term of this Agreement a base salary at the rate of $__________ 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. 

  

 1 

	 	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. Executive shall be eligible 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. 
 6. Benefit Plans. Executive shall be eligible 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 for the benefit of its employees. 
 7. Vacations 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 Company.

 9. Automobile Allowance. During the term of this Agreement, the Executive shall be entitled to use of a Bank-owned
automobile. The Bank shall provide car insurance, maintenance and gas for said automobile. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile as may be established by the Company or the Bank from
time to time, and the Company or the Bank shall annually include on Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile. 
 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 under this Agreement;
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 that will not present any conflict of interest with the Company or any of its
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 or any of its subsidiaries or affiliates. 

  

 2 

	 	b.	Nothing contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities or interests 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 its affiliates; the names or addresses of
any borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Company or its affiliates to which he may be exposed during the course of his employment. 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 will he use the information in any way other than for the benefit of 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 will terminate upon his death during the term of this Agreement, in which event Executive’s estate will receive
the compensation due to Executive through the last day of the calendar month in which his death occurred. 

  

	 	b.	Retirement. This Agreement will terminate 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 purposes of this Agreement, “Disability” means a
physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the
Company (or, if no such plans exists, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board will determine whether or not Executive
is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably believes to be relevant. As a condition to any benefits, the Board may require
Executive to submit to physical or mental evaluations and tests as the Board or its medical experts deem reasonably appropriate. 

  

	 	ii.	 In the event of his Disability, Executive will no longer be obligated to perform services under this Agreement. The Company will pay Executive, as Disability pay,
an amount equal to one-hundred percent (100%) of Executive’s bi-weekly rate of base salary in effect as of the date of his termination of employment due to Disability. The Company will make Disability payments on a monthly basis commencing
on the first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date he returns to 

  

 3 

	 	 
full-time employment in the same capacity as he was employed prior to his termination for Disability; (B) his death; (C) his attainment of age 65;
or (D) the date this Agreement would have expired had Executive’s employment not terminated by reason of Disability. Such payments shall be reduced by the amount of any short- or long-term disability benefits payable to Executive under any
other disability programs sponsored by the Company or its affiliates. In addition, during any period of Executive’s Disability, the Company will continue to provide Executive and his dependents, to the greatest extent possible, with continued
coverage under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) in which Executive and/or his dependents participated prior to Executive’s Disability on the same terms as if he
remained actively employed by the Company. 

  

	 	d.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to Executive in the form and manner specified in this paragraph, terminate his employment at any time for “Cause.” Executive shall have no
right to receive compensation or other benefits for any period after termination for Cause, except for already vested benefits. 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, 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 the Company delivered to Executive a copy of a resolution duly
adopted at a meeting of the Board where in the good faith opinion of the Board, Executive was guilty of the conduct described above and specifying the particulars of this conduct. 

  

	 	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 Board. Upon Executive’s 

  

 4 

	 	 
voluntary termination, he will receive only his compensation and vested rights and 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 Board 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 within ninety (90) days following an event constituting “Good Reason,” as
defined below (a termination “With Good Reason”). 

  

	 	ii.	Subject to Section 12 of this Agreement, in the event of termination under this Section 11(f), Executive shall be entitled to receive his base salary for the remaining
term of the Agreement paid in one lump sum within ten (10) calendar days of such termination. Also, in such event, Executive shall, for the remaining term of the Agreement, receive 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) and continue to participate in any benefit plans of the Company or its subsidiaries that provide health (including medical and dental), or life
insurance, or similar coverage upon terms no less favorable than the most favorable terms provided to senior executives of the Company or its subsidiaries during such period. In the event that the Company is unable to provide such coverage by reason
of Executive no longer being an employee, the Company or its subsidiaries shall provide Executive with comparable coverage on an individual policy basis. 

  

	 	iii.	“Good Reason” shall exist if, without Executive’s express written consent, the Company materially breaches any of its 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 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 Executive to be nominated or renominated to the Board to the extent Executive is a Board member prior to the Effective Date; 

  

	 	(4)	A reduction in 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 Executive was entitled to receive prior to the Change in Control; 

  

 5 

	 	(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 thirty-five (35) mile radius from
the current main office of the Company and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

  

	 	(7)	Liquidation or dissolution of the Company. 

  

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

  

	 	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, Executive will not serve as an officer, director or employee of any bank holding company, bank, savings
association, savings and loan holding company, mortgage company or other financial institution that offers products or services competing with those offered by the Company or its subsidiaries or affiliates from any office within thirty-five
(35) miles from the main office of the Company or any branch of the Bank and, further, Executive will not interfere with the relationship of the Company, its subsidiaries or affiliates and any of their 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 entity, 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; 

  

 6 

	 	ii.	Acquisition of Significant Share Ownership: There is filed, or is 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, as amended, 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 (ii) 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 members) 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. 

  

	 	b.	 Termination. If within the period ending two (2) years after a Change in Control, (i) the Company terminates Executive’s employment Without
Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Company will, within ten (10) calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three
(3) times Executive’s average “Annual Compensation” 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” will 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, retirement benefits, director or committee fees and fringe benefits paid or accrued for Executive’s benefit. Annual compensation will also include 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 for 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 Executive’s termination of employment, however, 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 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) and continue to participate in any benefit plans of the Company and/or the Bank that provide health (including medical and dental), or life insurance, or similar coverage upon terms no less favorable than the most favorable
terms 

  

 7 

	 	 
provided to senior executives of the Bank and/or the Company during such period. In the event that the Company or its subsidiaries are unable to provide such
coverage by reason of the Executive no longer being an employee, the Company or its subsidiaries shall provide the Executive with comparable coverage on an individual policy. 

  

	 	c.	The provisions of Section 12 and Sections 14 through 27, including the defined terms used in 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 of this Agreement, the Company shall provide the following: 
  

	 	a.	Indemnification. The Company agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related to this indemnification, to the
fullest extent permitted under applicable law and regulations against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of
his service as a director or Executive of the Company or any of its subsidiaries or affiliates (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities). Covered expenses and liabilities
include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in his capacity as an Executive or director of the
Company or any of its subsidiaries or affiliates. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 13(a) to the contrary, the Company will not be
required to provide indemnification prohibited by applicable law or regulation. 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 for which the Company must indemnify Executive under this Section, the Company will provide Executive (and his heirs, executors, and
administrators) with coverage under a directors’ and officers’ liability policy, at the Company’s expense, that is at least equivalent to the coverage provided to directors and senior executives of the Company and subsidiaries.

 14. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Bank or the Company (as
applicable) 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 Bank or the Company to the Executive under this Agreement. Successful enforcement shall mean the grant of an award of money or the requirement that the Bank or the Company take some action specified by this Agreement: (i) as
a result of court order; or (ii) otherwise by the Bank or the Company following an initial failure of the Bank or 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. 
  

 8 

	 	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 Bank 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 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 reasonably acceptable to the Company and the
Association as may be designated by the Executive (the “Accounting 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 a Payment, or such earlier time as is requested by the Company and the Association. All fees and expenses of the Accounting 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 within five business days of the later of (i) the due date for the payment of any Excise Tax, and (ii) the receipt of the Accounting
Firm’s determination. Any determination by the Accounting 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 Accounting 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 Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company or the Bank to or for the benefit of the Executive. 

  

	 	c.	 Treatment of Claims. The Executive shall notify the Company and the Bank 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 the Bank 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 

  

 9 

	 	 
Bank (or any shorter period ending on the date that payment of taxes with respect to such claim is due). If the Company or the Bank 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 Bank any information reasonably requested by the Company and the Bank relating to such claim; 

  

	 	ii.	take such action in connection with contesting such claim as the Company and the Bank 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 Bank; 

  

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

  

	 	iv.	permit the Company and the Bank to participate in any proceedings relating to such claim; provided, however, that the Company and the Bank 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 Bank 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 Bank shall determine; provided, however, that if the Company directs the Executive to pay such claim and sue for a refund, the Company and the Bank 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 Bank’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable 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. 

  

 10 

 16. Injunctive Relief. Upon 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 the Company shall be entitled to injunctive relief restraining Executive
from such breach or threatened breach, but such relief shall not be the exclusive remedy for a breach of this Agreement. The parties further agree that Executive, without limitation, may seek 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. 

  

	 	b.	Since the Company is contracting for the unique and personal skills of Executive, Executive shall not assign or delegate his rights or duties under this Agreement 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.

 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 its 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 of 1974 (“ERISA”) 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 an ERISA
plan was created by this Agreement shall be deemed a material breach of this Agreement by the party making the 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 Commonwealth of Massachusetts shall govern this
Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
  

 11 

 23. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any one provision shall not affect the validity or enforceability of the other provisions of this Agreement. 
 24. Headings. Headings contained in this Agreement are for convenience of reference only. 
 25. Entire
Agreement. This Agreement, together with any modifications subsequently agreed to in writing by the parties, shall constitute the entire agreement among the parties with respect to the foregoing subject matter, other than written agreements
applicable to specific plans, programs or arrangements described in Sections 5 and 6. 
 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
Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time
expended by Executive on activities related to the Company and the Bank, respectively, as determined by the Company and the Bank. 
 27.
Miscellaneous. 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. 
  

	 	a.	The Board 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. §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, if the Company in good faith determines that amounts that, as of the effective date of the Executive’s termination
of employment are or may become payable to the Executive upon termination of his employment hereunder are required to be suspended or delayed for six months in order to satisfy the requirements of Section 409A of the Code, then the Company will
so advise the Executive, and any such payments shall be suspended and accrued for six months, whereupon they shall be paid to the Executive in a lump sum (together with interest thereon at the then-prevailing prime rate). The Executive agrees that
the Company shall be deemed to be in breach of this Agreement if it delays making a payment otherwise payable hereunder by reason of Section 409A. 

  

 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on ___________, 2006.

  

									
	ATTEST:	 		 	CHICOPEE BANCORP, INC.
				
	  	 		 	 By:
	 	  
	 Witness
  
  
	 		 		 	For the Entire Board of Directors
	 WITNESS:
	 		 	EXECUTIVE
				
	  	 		 	 By:
	 	  
		 		 		 		 	

  

 13 

 FORM OF 
 THREE-YEAR 
 BANK EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”), made this ____________day of ___________, 2006, by and between CHICOPEE SAVINGS BANK, a
Massachusetts-chartered financial institution (the “Bank”), and ______________________ (the “Executive”). 
 WHEREAS, Executive serves in a position of substantial responsibility; and 
 WHEREAS, the Bank wishes to assure
Executive’s services for the term of this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Bank
during the term of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon
the other terms and conditions provided for in this Agreement, the parties hereby agree as follows: 
 1. Employment. Executive
is employed as President and Chief Executive Officer of the Bank. Executive shall perform all duties and shall have all powers commonly incident to the offices of President and Chief Executive Officer or which, consistent with those offices, or
delegated to him by the Board of Directors of the Bank (the “Board”). During the term of this Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Bank and to carry out
the duties and responsibilities reasonably appropriate to those offices. 
 2. Location and Facilities. 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 Bank, or at such other site or sites customary for such offices. 
 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 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 Board 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 written notice in accordance with
Section 19 of this Agreement. The Board 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 meeting. The Board will notify Executive as soon as possible after its annual review whether the Board has determined to extend the Agreement. 

 4. Base Compensation. 
  

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

  

 14 

	 	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 eligible to participate in discretionary bonuses or other incentive compensation programs that the Company or the Bank may award from time to time to senior management
employees pursuant to bonus plans or otherwise. 
 6. Benefit Plans. Executive shall be eligible to participate in 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 Bank for the benefit of its employees. 
 7. Vacations 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.
Executive shall be reimbursed for all reasonable out-of-pocket business expenses incurred in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Bank. 

9. Automobile Allowance. During the term of this Agreement, the Executive shall be entitled to use of a Bank-owned automobile. The Bank
shall provide car insurance, maintenance and gas for said automobile. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile as may be established by the Company or the Bank from time to time, and the
Company or the Bank shall annually include on Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile. 
 10. Loyalty and Confidentiality. 
  

	 	a.	During the term of this Agreement, Executive will devote all his business time, attention, skill, and efforts to the faithful performance of his duties under this Agreement;
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 that will not present any conflict of interest with the Bank or any of its
subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation. Executive will not engage in any business or activity contrary to the business
affairs or interests of the Bank or any of its subsidiaries or affiliates. 

  

 15 

	 	b.	Nothing contained in this Agreement will prevent or limit Executive’s right to invest in the capital stock or other securities or interests of any business dissimilar from that
of the Bank, 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 Bank; 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 Bank or its subsidiaries or affiliates to which he may be exposed during the course of his employment. 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 will he use the information in any way other than for the benefit of the Bank. 

 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 will terminate upon his death during the term of this Agreement, in which event Executive’s estate will receive
the compensation due to Executive through the last day of the calendar month in which his death occurred. 

  

	 	b.	Retirement. This Agreement will terminate 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 purposes of this Agreement, “Disability” means a
physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the Bank
(or, if no such plans exists, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board will determine whether or not Executive is and
continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably believes to be relevant. As a condition to any benefits, the Board may require
Executive to submit to physical or mental evaluations and tests as the Board or its medical experts deem reasonably appropriate. 

  

	 	ii.	 In the event of his Disability, Executive will no longer be obligated to perform services under this Agreement. The Bank will pay Executive, as Disability pay, an
amount equal to one hundred percent (100%) of Executive’s bi-weekly rate of base salary in effect as of the date of his termination of employment due to Disability. The Bank will make Disability payments on a monthly basis commencing on
the first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date he returns to full-time employment at the Bank in the same capacity as he was
employed prior to his termination for Disability; (B) his death; (C) his attainment of age 65; or (D) the date this Agreement would have expired had Executive’s employment not terminated by reason of Disability. Such payments
shall be reduced by the amount of any short- or long-term disability benefits payable to Executive under any other disability 

  

 16 

	 	 
programs sponsored by the Bank. In addition, during any period of Executive’s Disability, the Bank will continue to provide Executive and his
dependents, to the greatest extent possible, with continued coverage under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) in which Executive and/or his dependent participated prior to
his Disability on the same terms as if he remained actively employed by the Bank. 

  

	 	d.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to Executive in the form and manner specified in this paragraph, terminate his employment at any time for “Cause.” 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 Bank, 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 Bank, unless the Bank has delivered to Executive a copy of a resolution duly
adopted at a meeting of the Board where in the good faith opinion of the Board, Executive was guilty of the conduct described above and specifying the particulars of this conduct. 

  

	 	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 Board. Upon Executive’s voluntary termination, he will receive only his compensation, and vested rights and benefits 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 Board 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 within 

  

 17 

	 	 
ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”).

  

	 	ii.	Subject to Section 12 of this Agreement, in the event of termination under this Section 11(f), Executive shall be entitled to receive his base salary for the remaining
term of the Agreement paid in one lump sum within ten (10) calendar days of such termination. Also, in such event, Executive shall, for the remaining term of the Agreement, receive 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) and continue to participate in any benefit plans of the Bank that provide health (including medical and dental), or life insurance, or similar
coverage upon terms no less favorable than the most favorable terms provided to senior executives of the Bank during such period. In the event that the Bank is unable to provide such coverage by reason of Executive no longer being an employee, the
Bank shall provide Executive with comparable coverage on an individual policy basis. 

  

	 	iii.	“Good Reason” exists if, without Executive’s express written consent, the Bank materially breaches any of its obligations under this Agreement. Without limitation,
such a material breach will occur upon any of the following: 

  

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

  

	 	(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 Executive to be nominated or renominated to the Board to the extent Executive is a Board member prior to the Effective Date; 

  

	 	(4)	A reduction in 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 Executive was entitled to receive 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 thirty-five (35) mile radius from
the current main office and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

  

	 	(7)	Liquidation or dissolution of the Bank. 

  

	 	iv.	 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans maintained by the Bank as part of a good
faith, overall reduction or elimination of such plans or benefits, applicable to all 

  

 18 

	 	 
participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law), will not
constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the same type or to the same general extent as those offered under such plans prior to the reduction or elimination are not available to other
officers of the Bank or any affiliate under a plan or plans in or under which Executive is not entitled to participate. 

  

	 	g.	Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the contrary, following a termination by the Bank 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, Executive will not serve as an officer, director or employee of any bank holding company, bank, savings
association, savings and loan holding company, mortgage company or other financial institution that offers products or services competing with those offered by the Bank from any office within thirty-five (35) miles from the main office or any
branch of the Bank and, further, Executive will not interfere with the relationship of the Bank, its subsidiaries or affiliates and any of their 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: Northeast Community Bancorp, Inc. (the “Company”) merges into or consolidates with another entity, 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 is 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, as amended, 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 (ii) 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 members) 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. 

  

 19 

	 	b.	Termination. If within the period ending two (2) years after a Change in Control, (i) the Bank terminates Executive’s employment Without Cause, or
(ii) Executive voluntarily terminates his employment With Good Reason, the Bank will, within ten calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three (3) times Executive’s
average “Annual Compensation” 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 “Annual
Compensation,” “Annual Compensation” will 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, retirement benefits, director or committee fees and fringe benefits paid to Executive or accrued for Executive’s benefit. Annual Compensation will also include 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 for 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 Executive’s termination of employment, however, 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 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) and continue to participate in any benefit plans of the Bank that provide health (including medical and dental), or life insurance, or similar coverage upon terms no less favorable than the most favorable terms provided to senior
executives of the Bank during such period. In the event that the Bank is unable to provide such coverage by reason of the Executive no longer being an employee, the Bank shall provide the Executive with comparable coverage on an individual policy.

  

	 	c.	The provisions of Section 12 and Sections 14 through 26, including the defined terms used in such sections, shall continue in effect until the later of the expiration of this
Agreement or one year following a Change in Control. 

 13. Indemnification and Liability Insurance. Subject to,
and limited by Section 2 of this Agreement, the Bank shall provide the following: 
  

	 	a.	Indemnification. The Bank agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related to this indemnification, to the
fullest extent permitted under applicable law and regulations against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of
his service as a director or Executive of the Bank or any of its subsidiaries or affiliates (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities). Covered expenses and liabilities
include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in his capacity as an Executive or director of the Bank
or any of its subsidiaries. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 13(a) to the contrary, the Bank will not be required to provide
indemnification prohibited by applicable law or regulation. The obligations of this Section 13 will survive the term of this Agreement by a period of six (6) years. 

  

 20 

	 	b.	Insurance. During the period for which the Bank must indemnify Executive, the Bank will provide Executive (and his heirs, executors, and administrators) with coverage under a
directors’ and officers’ liability policy at the Bank’s expense, that is at least equivalent to the coverage provided to directors and senior executives of the Bank. 

 14. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Bank 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 Bank to the Executive under this Agreement.
Successful enforcement shall mean the grant of an award of money or the requirement that the Bank take some action specified by this Agreement: (i) as a result of court order; or (ii) otherwise by the Bank following an initial failure of
the Bank 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. 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 Executive has the right to receive from the Bank, would constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
the payments and benefits pursuant to Section 12 shall be reduced or revised, in the manner determined by Executive, 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 Bank pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The Bank’s independent public accountants will determine any reduction in the
payments and benefits to be made pursuant to Section 12; the Bank will pay for the accountant’s opinion. If the Bank and/or Executive do not agree with the accountant’s opinion, the Bank will pay to Executive the maximum amount of
payments and benefits pursuant to Section 12, as selected by Executive, that the opinion indicates have a high probability of not causing any of the payments and benefits to be non-deductible to the Bank and subject to the imposition of the
excise tax imposed under Section 4999 of the Code. The Bank may also request, and Executive has the right to demand that the Bank request, a ruling from the IRS as to whether the disputed payments and benefits pursuant to Section 12 have
such tax consequences. The Bank will promptly prepare and file the request for a ruling from the IRS, but in no event will the Bank make this filing later than thirty (30) days from the date of the accountant’s opinion referred to above.
The request will be subject to Executive’s approval prior to filing; Executive shall not unreasonably withhold his approval. The Bank and Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each
other to reflect any IRS rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. Nothing contained in this Agreement shall result in a reduction of any payments or benefits to which
Executive may be entitled upon termination of employment other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in Section 12, below zero. 
 16. Injunctive Relief. Upon 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 the Bank shall be entitled to injunctive relief restraining Executive from such breach or threatened breach, but such
relief shall not be the exclusive remedy for a breach of this Agreement. The parties further agree that Executive, without limitation, may seek injunctive relief to enforce the obligations of the Bank 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 Bank which shall acquire, directly or indirectly, by merger, consolidation,
purchase or otherwise, all or substantially all of the assets or stock of the Bank. 

  

 21 

	 	b.	Since the Bank is contracting for the unique and personal skills of Executive, Executive shall not assign or delegate his rights or duties under this Agreement without first
obtaining the written consent of the Bank. 

 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.

 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 Bank at their principal business
offices and to Executive at his home address as maintained in the records of the Bank. 
 20. No Plan Created by this Agreement.
Executive and the Bank 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 of 1974 (“ERISA”) 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 an ERISA
plan was created by this Agreement shall be deemed a material breach of this Agreement by the party making the 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 Commonwealth of Massachusetts 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 one provision shall not affect the validity or enforceability of the other provisions of this Agreement. 
 24. Headings. Headings contained in this Agreement are for convenience of reference only. 
 25. Entire Agreement. This Agreement, together with any modifications subsequently agreed to in writing by the parties, shall constitute
the entire agreement among the parties with respect to the foregoing subject matter, other than written agreements applicable to specific plans, programs or arrangements described in Sections 5 and 6. 
 26. Required Provisions. In the event any of the foregoing provisions of this Agreement conflict with the terms of this Section 26,
this Section 26 shall prevail. 
  

	 	a.	The Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, 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) of this
Agreement. 

  

	 	b.	 If 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 

  

 22 

	 	 
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
Bank 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 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 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 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 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 terminate, except to the extent determined that continuation of the contract is necessary for the continued operation of the institution:
(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 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 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. 

 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on ___________, 2006. 
  
  
  

									
	ATTEST:	 		 	CHICOPEE SAVINGS BANK
				
	  	 		 	 By:
	 	  
	 Witness
  
  
	 		 		 	For the Entire Board of Directors
	 WITNESS:
	 		 	EXECUTIVE
				
	  	 		 	 By:
	 	  
		 		 		 		 	

  

 23

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