Document:

EXHIBIT 10.2

 Exhibit 10.2 
  
 PROPOSED 
  
 TRUST AGREEMENT 
  
 BETWEEN 
  
 CHICOPEE SAVINGS BANK 
  
 AND 
  
 [TRUSTEE] 
  
 FOR THE 
  
 CHICOPEE SAVINGS BANK 
 EMPLOYEE STOCK
OWNERSHIP PLAN TRUST 
  
 Effective as of [DATE]

 CONTENTS 
  

					
	 	  	 	  	Page No.

	 Section 1
	  	 Creation of Trust
	  	1
			
	 Section 2
	  	 Investment of Trust Fund and Administrative Powers of the Trustee
	  	2
			
	 Section 3
	  	 Compensation and Indemnification of Trustee and Payment of Expenses and Taxes
	  	7
			
	 Section 4
	  	 Records and Valuation
	  	8
			
	 Section 5
	  	 Instructions from Committee
	  	9
			
	 Section 6
	  	 Change of Trustee
	  	10
			
	 Section 7
	  	 Miscellaneous
	  	10

  

 i 

 This TRUST AGREEMENT dated _____________, 2005 BETWEEN, Chicopee Savings Bank, with its
administrative office at ______________________ (hereinafter called the “Company”), and [TRUSTEE] with its administrative office at __________________________________ (hereinafter called the “Trustee”). 
  
 WITNESSETH THAT: 
  
 WHEREAS, the Company has approved and adopted an employee stock ownership plan for the benefit of its employees, the
Chicopee Savings Bank Employee Stock Ownership Plan (hereinafter called the “Plan”); and 
  
 WHEREAS, the Company has authorized the execution of this Trust Agreement and has appointed
[                        ] as Trustee of the Trust Fund created pursuant to the Plan; and 
  
 WHEREAS,
[                                ] has agreed to act as Trustee and to hold and
administer the assets of the Plan in accordance with the terms of this Trust Agreement. 
  
 NOW, THEREFORE, the Company and the Trustee agree as follows: 
  
 Section 1. Creation of Trust 
  
 1.1 Trustee
[                                ] shall serve as Trustee of the Trust Fund
created in accordance with and in furtherance of the Plan, and shall serve as Trustee until their removal or resignation in accordance with Section 6. 
  
 1.2 Trust Fund The Trustee hereby agrees to accept contributions from the Employer as defined in the Plan and amounts transferred from other
qualified retirement plans from time to time in accordance with the terms of the Plan. All such property and contributions, together with income thereon and increments thereto, shall constitute the “Trust Fund” to be held in accordance
with the terms of the Trust Agreement. 
  
 1.3 Incorporation of
Plan. An instrument entitled “Chicopee Savings Bank Employee Stock Ownership Plan” is incorporated herein by reference, and this Trust Agreement shall be interpreted consistently with that Plan. All words and phrases defined in that
Plan shall have the same meaning when used in this Trust Agreement. 
  
 1.4 Name. The name of this trust shall be “Chicopee Savings Bank Employee Stock Ownership Plan Trust.” 
  
 1.5 Nondiversion of Assets. In no event shall any part of the corpus or income of the Trust Fund be used for, or diverted to, purposes other than
for the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan, except to the extent that assets may be returned to the Employer in accordance with the Plan where the Plan fails to
qualify initially under Section 401(a) of the Internal Revenue Code (the “Code”), or where they are attributable to contributions made by mistake of fact or in excess of the deductibility allowed under the Code. 
  

 1 

 Section 2. Investment of Trust Fund and Administrative Powers of the Trustee. 
  
 2.1 Stock and Other Investments. The basic investment policy of the
Plan shall be to invest primarily in Stock of the Employer for the exclusive benefit of the Participants and their Beneficiaries. The Committee shall have full and complete investment authority and responsibility with respect to the purchase,
retention, sale, exchange, and pledge of Stock and the payment of Stock Obligations, and the Trustee shall not deal in any way with Stock except in accordance with their obligations pursuant to this Trust Agreement and the written instructions of
the Committee. The Trustee shall invest, or keep invested, all or a portion of the Trust Fund in Stock, and shall pay Stock Obligations out of assets of the Trust Fund, as instructed from time to time by the Committee. The Trustee shall invest any
balance of the Trust Fund (the “Investment Fund”) in such other property as the Committee, in its sole discretion, shall deem advisable, subject to any delegation of such investment responsibility pursuant to Section 2.2. Nothing
contained herein shall provide investment discretion authority or any like kind responsibility in regard to the assets of the Trust Fund. 
  
 In connection with instructions to acquire Stock, the Trustee may purchase newly issued or outstanding Stock from the Employer or any other holders of
Stock, including Participants, Beneficiaries, and Plan fiduciaries. All purchases and sales of Stock shall be made by the Trustee at fair market value as determined by the Committee in good faith and in accordance with any applicable requirements
under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Such purchases may be made with assets of the Trust Fund, with funds borrowed for this purpose (with or without guarantees of repayment to the lender by the
Employer), or by any combination of the foregoing. 
  
 Notwithstanding any other provision of this Trust Agreement or the Plan, neither the Committee nor the Trustee shall make any purchase, sale, exchange, investment, pledge, valuation, or loan, or take any other action involving those assets
for which they are responsible which (i) is inconsistent with the policy of the Plan and Trust, (ii) is inconsistent with the prudence and diversification requirements set forth in Sections 404(a)(1)(B) and (C) of ERISA (to the extent
such requirements apply to an employee stock ownership plan and trust), (iii) is prohibited by Section 406 or 407 of ERISA, or (iv) would impair the qualification of the Plan or the exemption of the Trust under Sections 401 and 501,
respectively, of the Code. 
  
 2.2 Delegation of Investment
Responsibility. The Committee may, by written notice and in accordance with the Plan, direct the Trustee to segregate any portion or all of the Investment Fund into one or more separate accounts for each of which full investment responsibility
will be delegated to an investment manager appointed in such notice pursuant to Section 402(c)(3) of ERISA (hereinafter a “Manager”). For any separate account where the Trustee is to maintain custody of the assets, the Trustee and the
Manager shall agree upon procedures for the transmittal of investment instructions from the Manager to the Trustee, and the Trustee may provide the Manager with such documents as may be necessary to authorize the Manager to effect transactions
directly on behalf of the segregated account. 
  

 2 

 Further, the Committee may, by written notice and in accordance with the Plan, direct the Trustee to
segregate any portion or all of the Investment Fund into one or more separate accounts for each of which full investment responsibility will be delegated to an insurance company through one or more group annuity contracts, deposit administration
contracts, or similar contracts, which may provide for investments in any commingled separate accounts established under such contracts. An insurance company shall be a Manager with respect to any amounts held under such a contract except to the
extent the insurer’s assets are not deemed assets of the Plan and Trust Fund pursuant to Section 401(b)(2) of ERISA. The allocation of amounts held under such a contract among the insurer’s general account and one or more individual
or commingled separate accounts shall be determined by the Committee except as otherwise agreed by the Committee and the insurer. 
  
 Any Manager shall have all of the powers given to the Trustee pursuant to Section 2.3 with respect to the portion of the Trust Fund committed to its
investment discretion and control. The Trustee shall be responsible for the safekeeping of any assets which remain in their custody, but in no event shall the Trustee be under any duty to question or make any inquiry or suggestion regarding the
action or inaction of a Manager or an insurer or the advisability of acquiring, retaining, or disposing of any asset of a segregated account. The Employer shall indemnify and hold the Trustee harmless from any and all costs, damages, expenses, and
liabilities which the Trustee may incur by reason of any action taken or omitted to be taken by the Trustee upon directions from the Committee, a Manager, or an insurer pursuant to this Section 2.2. 
  
 2.3 Trustee Powers. In addition to and not by way of limitation upon
the fiduciary powers granted to it by law, the Trustee shall have the following specific powers, subject to the limitations set forth in Section 2.1: 
  
 2.3-1 to receive, hold, manage, invest and reinvest the money or other property which constitutes the Trust Fund, without distinction between principal
and income; 
  
 2.3-2 to hold funds uninvested temporarily,
provided it is a period of time that is not unreasonable, without liability for interest thereon, and to deposit funds in one or more savings or similar accounts with any banks and savings and loan associations which are insured by an
instrumentality of the federal government, including the Trustee if it is such an institution; 
  
 2.3-3 at the direction of the Committee, to invest or reinvest the whole or any portion of the money or other property which constitutes the Trust Fund in such common or preferred stocks, investment trust shares,
mutual funds, commingled trust funds, partnership interests, bonds, notes, or other evidences of indebtedness, and real and personal property as the Trustee in their absolute judgment and discretion may deem to be for the best interests of the Trust
Fund, regardless of nondiversification to the extent that such nondiversification is clearly prudent, and regardless of whether any such investment or property is authorized by law regarding the investment of trust funds, of a wasting asset nature,
temporarily nonincome producing, or within or without the United States; 
  
 2.3-4 to invest in common and preferred stocks, bonds, notes, or other obligations of any corporation or business enterprise in which an Employer or its owners may own an interest; 
  

 3 

 2.3-5 at the direction of the Committee, to exchange any investment or property, real or personal, for
other investments or properties at such time and upon such terms as the Trustee shall deem proper; 
  
 2.3-6 at the direction of the Committee, to sell, transfer, convey or otherwise dispose of any investment or property, real or personal, for cash or on
credit, in such manner and upon such terms and conditions as the Trustee shall deem advisable, and no person dealing with the Trustee shall be under any duty to inquire as to the validity, expediency, or propriety of any such sale or as to the
application of the purchase money paid to the Trustee; 
  
 2.3-7
to hold any investment or property in the name of the Trustee, with or without the designation of any fiduciary capacity, or in the name of a nominee, or unregistered, or in such other form that title may pass by delivery; provided, however, that
the Trustee’s records always show that such investment or property belongs to the Trust Fund and the Trustee shall not be relieved hereby of its responsibility to maintain safe custody of such investment or property; 
  
 2.3-8 to organize one or more corporations to hold, manage, or liquidate any
property, including real estate, owned or acquired by the Trust Fund if in the sole discretion of the Trustee the organization of such corporation or corporations is for the best interests of the Trust and the Plan Participants and Beneficiaries;

  
 2.3-9 to extend the time for payment of, to modify, to renew,
or to release security from any mortgage, note or other evidence of indebtedness, or to take advantage of or waive any default; to foreclose mortgages and bid on property under foreclosure or to take title to property by conveyance in lieu of
foreclosure, either with or without the payment of additional consideration; 
  
 2.3-10 to vote in person or by proxy all stocks and other securities having voting privileges; to exercise or refrain from exercising any option or privilege with respect to stocks and other securities, including any
right or privilege to subscribe for or otherwise to acquire stocks and other securities; or to sell any such right or privilege; to assent to and join in any plan of refinance, merger, consolidation, reorganization or liquidation of any corporation
or other enterprise in which this Trust may have an interest, to deposit stocks and other securities with any committee formed to effectuate the same, to pay any expense incidental thereto, to exchange stocks and other securities for those which may
be issued pursuant to any such plan, and to retain as an investment the stocks and other securities received by the Trustee; and to deposit any investment in a voting trust; notwithstanding the preceding, Participants and Beneficiaries shall be
entitled to direct the manner in which stock allocated to their respective accounts are to be voted on all matters. All stock which has been allocated to Participants’ Accounts for which the Trustee has received no written direction and all
unallocated Employer securities will be voted by the Trustee in direct proportion to any Participant’s directions received and solely in the interest of the Participants and Beneficiaries. Whenever such voting rights are to be exercised, the
Employer, the Committee and the Trustee shall see that all Participants and Beneficiaries are provided with adequate opportunity to deliver their instructions to the Trustee regarding voting of stock allocated to their accounts. The instructions of
the Participants with respect to the voting of allocated shares hereunder shall be confidential; 
  

 4 

 2.3-11 to abandon any property, real or personal, which the Trustee shall consider to be worthless or not
of sufficient value to warrant its keeping or protecting; to abstain from the payment of taxes, water rents, assessments, repairs, maintenance, and upkeep of any such property; to permit any such property to be lost by tax sale or other proceedings,
and to convey any such property for a nominal consideration or without consideration; 
  
 2.3-12 to borrow money from the Employer or from others (including the Trustee), and to enter into installment contracts, for the purchase of Stock upon such terms and conditions and at such reasonable rates of
interest as the Committee may deem to be advisable, to issue its promissory notes as Trustee to evidence such debt, to secure the payment of such notes by pledging any property of the Trust Fund, and to authorize the holders of any such notes to
pledge them to secure obligations of the holders and in connection therewith to repledge any assets of the Trust as security therefor; provided that, with respect to any extension of credit to the Trust involving, as a lender or guarantor, the
Employer or other “disqualified person” within the meaning of Section 4975(e)(2) of the Code — 
  

	 	(a)	each loan or installment contract is primarily for the benefit of Participants and Beneficiaries of the Plan; 

  

	 	(b)	any interest on a loan or installment contract does not exceed a reasonable rate; 

  

	 	(c)	the proceeds of any loan shall be used only to acquire Stock, to repay the loan, or to repay a previous loan meeting these conditions, and the subject of any installment contract
shall be only the Trust’s purchase of Stock; 

  

	 	(d)	any collateral pledged to a creditor by the Trustee shall consist only of qualifying employer securities as that term is defined under Section 4975(e)(8) of the Code and the
creditor shall have no recourse against the Trust Fund except with respect to the collateral (although the creditor may have recourse against an Employer as guarantor); 

  

	 	(e)	payments with respect to a loan or installment contract shall be made only from those amounts contributed by the Employer to the Trust Fund, from amounts earned on such
contributions, and from cash dividends received on unallocated Stock held by the Trust as collateral for such an obligation; and 

  

	 	(f)	upon the payment of any portion of balance due on a loan or upon any installment payment, a proportionate part of any qualified employer securities originally pledged as collateral
for such indebtedness shall be released from encumbrance in accordance with Section 4.2 of the Plan and the Committee shall at least annually advise the Trustee of the number of shares of Stock so released and the proper allocation of such
shares under the terms of the Plan; 

  
 2.3-13 to
manage and operate any real property which shall at any time constitute an asset of the Trust Fund; to make repairs, alterations, and improvements thereto; to insure such property against loss by fire or other casualty; to lease or grant options for
the sale of such property, which lease or option may be for a period of time which may extend beyond the life of this Trust; and to take any other action or enter into any other contract respecting such property which is consistent with the best
interests of the Trust; 
  

 5 

 2.3-14 to pay any and all reasonable and normal expenses incurred in connection with the exercise of any
power, right, authority or discretion granted herein, and, upon prior notice to the Company, to employ and compensate agents, investment counsel, custodians, actuaries, attorneys, and accountants in such connection; 
  
 2.3-15 to employ and consult with any legal counsel, who also may be counsel
to an Employer or the Administrator, with respect to the meaning or construction of this Trust Agreement, the extent of the Trustee’s obligations and duties hereunder, and whether the Trustee should take or decline to take a particular action
hereunder, and the Trustee shall be fully protected with respect to any action taken or omitted by such Trustee in good faith pursuant to such advice; 
  
 2.3-16 to defend any action or proceeding instituted against the Trust Fund, to institute any action on behalf of the Trust Fund, and to compromise or
submit to arbitration any dispute concerning the Trust Fund; 
  
 2.3-17 to make, execute, acknowledge and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted; 
  
 2.3-18 to commingle the Trust Fund created pursuant hereto, in whole or in
part, in a single trust with all or any portion of any other trust fund, assigning an undivided interest to each such commingled trust fund, provided that such commingled trust is itself exempt from taxation pursuant to Section 501(a) of the
Code, or its successor Section; and provided further that the trust agreement governing such commingled trust shall be deemed incorporated by reference in the Plan; 
  
 2.3-19 where two or more trusts governed by this Trust Agreement have an undivided interest in any property, to credit the
income from such property to such trusts in proportion to their undivided interests, and when non pro rata distributions of property or money are made from such trusts, to make appropriate adjustments to the undivided fractional interests of such
trusts; 
  
 2.3-20 to invest all or any portion of the Trust Fund
in one or more group annuity contracts, deposit administration contracts, and other such contracts with insurance companies, including any commingled separate accounts established under such contracts; 
  
 2.3-21 generally, with respect to all cash, stocks and other securities, and
property, both real and personal, received or held in the Trust Fund by the Trustee, to exercise all the same rights and powers as are or may be lawfully exercised by persons owning cash, or stocks and other securities, or such property in their own
right; and to do all other acts, whether or not expressly authorized, which it may deem necessary or proper for the protection of the Trust Fund; and 
  
 2.3-22 whenever more than two persons shall qualify to act as co-Trustee, to exercise and perform every power (including discretionary powers), authority
or duty by the concurrence 

  

 6 

 
of a majority of them the same effect as if all had joined therein, except that the unanimous vote of such persons shall be necessary to determine the number
(one or more) and identity of persons who may sign checks, make withdrawals from financial institutions, have access to safe deposit boxes, or direct the sale of trust assets and the disposition of the proceeds. 
  
 2.4 Brokerage. If permitted in writing by the Committee the Trustee
shall have the power and authority, to be exercised in their sole discretion at any time and from time to time, to issue and place orders for the purchase or sale of securities with qualified brokers and dealers. Such orders may be placed with such
qualified brokers and/or dealers who also provide investment information or other research or statistical services to the Trustee in its capacity as a fiduciary or investment manager for other clients. 
  
 Section 3. Compensation and Indemnification of Trustee and Payment of
Expenses and Taxes. 
  
 3.1 Fees and Expenses from
Fund. In consideration for rendering services pursuant to this Trust Agreement the Trustee shall be paid fees in accordance with the Trustee’s fee schedule as in effect from time to time. Fee changes resulting in fee increases shall be
effective upon not less than 30 days’ notice to the Company. In addition, the Trustee shall be reimbursed for any reasonable expenses, including reasonable attorneys’ fees, incurred in the administration of the Trust created hereby. Fees
and expenses shall be allocated to Participants’ Accounts, if any, unless paid directly by the Employer. All compensation and expenses of the Trustee shall be paid out of the Trust Fund or by the Employer as specified in the Plan. If and to the
extent the Trust Fund shall not be sufficient, such compensation and expenses shall be paid by the Employer upon demand. If payment is due but not paid by the Employer, such amount shall be paid from the assets of the Trust Fund. The Trustee is
hereby empowered to withdraw all such compensation and expenses which are 60 days past due from the Trust Fund, and, in furtherance thereof, liquidate any assets of the Trust Fund, without further authorization or direction from or by any person.
Notwithstanding the foregoing, in the event any officer or director of Chicopee Savings Bank serves as trustee of the Plan, no compensation shall be paid to the officer or director in exchange for his or her services as trustee. 
  
 3.2 Indemnification. Notwithstanding any other provision of this Trust
Agreement, any individual designated as a trustee hereunder shall be indemnified and held harmless by the Employer to the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to
attorneys’ fees and disbursements reasonably incurred by or imposed upon such individual in connection with any claim made against him or in which he may be involved by reason of his being, or having been, a trustee hereunder, to the extent
such amounts are not satisfied by insurance maintained by the Employer, except liability which is adjudicated to have resulted from the gross negligence or willful misconduct of the Trustee by reason of any action so taken. Further, any corporate
trustee and its officers, directors and agents may be indemnified and held harmless by the Employer to the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’
fees and disbursements reasonably incurred by or imposed upon such persons and/or corporation in connection with any claim made against it or them or in which such persons and/or corporation may be involved by reason of its being, or having been, a
trustee hereunder as 

  

 7 

 
may be agreed between the Employer and such trustee, except liability which is adjudicated to have resulted from the gross negligence or willful misconduct
of the Trustee by reason of any action so taken. 
  
 3.3
Expenses. All expenses of administering the Trust and the Plan, whether incurred by the Trustee or the Committee, shall be paid by the Trustee from the Trust Fund to the extent such expenses shall not have been assumed by the Employer.

  
 3.4 Taxes. All taxes that may be levied or assessed
upon or in respect of the Trust Fund shall be paid from the Trust Fund. The Trustee shall notify the Committee of any proposed or final assessments of taxes and may assume that any such taxes are lawfully levied or assessed unless the Committee
advises it in writing to the contrary within fifteen days after receiving the above notice from the Trustee. In such case, the Trustee, if requested by the Committee in writing, shall contest the validity of such taxes in any manner deemed
appropriate by the Committee; the Employer may itself contest the validity of any such taxes, in which case the Committee shall so notify the Trustee and the Trustee shall have no responsibility or liability respecting such contest. If either party
to this Agreement contests any such proposed levy or assessments, the other party shall provide such information and cooperation as the party conducting the contest shall reasonably request. 
  
 Section 4. Records and Valuation. 
  
 4.1 Records. The Trustee, and any investment manager appointed
pursuant to Section 2.2, shall maintain accurate and detailed records and accounts of all investments, receipts, disbursements and other transactions made by it with respect to the Trust Fund, and all accounts, books and records relating
thereto shall be open at all reasonable time to inspection and audit by the Committee and the Employer. 
  
 4.2 Valuation. From time to time upon the request of the Committee, but at least annually as of the last day of each Plan Year, the Trustee shall
prepare a balance sheet of the Investment Fund in accordance with the Plan and shall deliver copies of the balance sheet to the Committee and the Employer. 
  
 4.3 Discharge of Trustee. Ninety days after the filing of any balance sheet under Section 4.2 or any accounting under Section 6, the
Trustee shall be forever released and discharged from any liability or accountability other than for gross negligence or wilful misconduct on the part of the Trustee to anyone with respect to the transactions shown or reflected in such balance sheet
or accounting, except with respect to any acts or transactions as to which the Committee, within such ninety-day period, files written objections with the Trustee. The written approval of the Committee of any balance sheet or accounting so filed by
the Trustee, or the Committee’s failure to file written objections within ninety days, shall be a settlement of such balance sheet or accounting as against all persons, and shall forever release and discharge the Trustee from any liability of
accountability to anyone with respect to the transactions shown or reflected in such balance sheet or accounting other than liability arising out of the Trustee’s gross negligence or wilful misconduct. If a statement of objections is filed by
the Committee and the Committee is satisfied that its objections should be withdrawn or if the 

  

 8 

 
balance sheet or accounting is adjusted to its satisfaction, the Committee shall indicate its approval of the balance sheet or accounting in a written
statement filed with the Trustee and the Trustee shall be forever released and discharged from any liability of accountability to anyone in accordance with the immediately preceding sentence. If an objection is not settled by the Committee and the
Trustee, the Trustee may start a proceeding for a judicial settlement of the balance sheet or accounting in any court of competent jurisdictions; the only parties that need be joined in such a proceeding are the Trustee, the Committee, the Employer
and any other parties whose participation is required by law. 
  
 4.4 Right to Judicial Settlement. Nothing in this Agreement shall prevent the Trustee from having its account settled by a court of competent jurisdiction at any time. The only parties that need be joined in any such proceeding are
the Employer, the Committee, the Trustee and any other parties whose participation is required by law. 
  
 Section 5. Instructions from Committee. 
  
 5.1 Certification of Members of the Committee. From time to time the Company shall certify to the Trustee in writing the names of the individuals
comprising the Committee and shall furnish to the Trustee specimens of their signatures and the signatures of their agents, if any. The Trustee shall be entitled to presume that the identities of such individuals and their agents are unchanged until
it receives a certification from the Company notifying it of any changes. 
  
 5.2 Instructions to Trustee. 
  
 (a) The Trustee shall pay benefits and administrative expenses under the Plan only when it receives (and in accordance with) written instructions of the Committee indicating the amount of the payment and the name and address of the
recipient in accordance with the terms of the Plan. The Trustee need not inquire into whether any payment the Committee instructs the Trustee to make is consistent with the terms of the Plan or applicable law or otherwise proper. Any payment made by
the Trustee in accordance with such instructions shall be a complete discharge and acquaintance to the Trustee. If the Committee advises the Trustee that benefits have become payable with respect to a Participant’s interest in the Trust Fund
but does not instruct the Trustee as to the manner of payment, the Trustee shall hold the Participant’s interest in the Trust until the Trustee receives written instructions from the Committee as to the manner of payment. The Trustee shall not
pay benefits from the Trust Fund without such instructions, even though it may be informed from other sources, including, without limitation, a Participant or Beneficiary, that benefits are payable under the Plan. The Trustee shall have no
responsibility to determine when, to whom or in what amount benefits and expenses are payable under the Plan. Further, the Trustee shall have no power, authority or duty to interpret the Plan or inquire into the decisions or determinations of the
Committee, or to question the instructions given to it by the Committee. If the Committee so directs, the Trustee shall segregate amounts payable with respect to the interest in the Plan of any Participant and administer them separately from the
rest of the Trust Fund in accordance with the Committee’s instructions. 
  

 9 

 (b) The Trustee may require the Committee to certify in writing that any payment of benefits or expenses
it instructs the Trustee to make pursuant to Section 5.2(a) above is: (i) in accordance with the terms of the Plan and/or (ii) one which the Committee is authorized by the Plan and any other applicable instruments to direct and/or
(iii) made for the exclusive purpose of providing benefits to Participants and Beneficiaries, or defraying reasonable expenses of Plan administration and/or (iv) not made to a party in interest (within the meaning of ERISA
Section 3(14)), and/or (v) not a prohibited transaction (within the meaning of Code Section 4975 and ERISA Section 406). If the Trustee requests, instructions to pay benefits shall be made by the Committee on forms prepared by
the Trustee to include any or all of the above representations. The Trustee shall be fully protected in relying on the truth of any such representation by the Committee and shall have no duty to investigate whether such representations are correct
or to see to the application of any amounts paid to and received by the recipient. 
  
 5.3 Plan Change. In the event of an amendment, merger, division, or termination of the Plan, the Trustee shall continue to disburse funds and to take other proper actions in accordance with the instructions of
the Committee. 
  
 Section 6. Change of Trustee.

  
 The Company may at any time remove any person or entity
serving as a Trustee hereunder by giving to such person or entity written notice of removal and, if applicable, the name and address of the successor trustee. Any person or entity serving as a Trustee hereunder may resign at any time by giving
written notice to the Company. Any such removal or resignation shall take effect within 30 days after notice has been given by the Trustee or by the Company, as the case may be. Within those 30 days, the removed or resigned Trustee shall transfer,
pay over and deliver any portion of the Trust Fund in its possession or control (less an appropriate reserve for any unpaid fees, expenses, and liabilities) and all pertinent records to the successor or remaining trustee; provided, however, that any
assets which are invested in a collective fund or in some other manner which prevents their immediate transfer shall be transferred and delivered to the successor trustee as soon as may be practicable. Thereafter, the removed or resigned Trustee
shall have no liability for the Trust Fund or for its administration by the successor or remaining trustee, but shall render an accounting to the Committee of its administration of the Trust Fund through the date on which its Trusteeship shall have
been terminated. The Company may also, upon 30 days’ notice to each person currently serving as a trustee, appoint one or more persons to serve as co-Trustee hereunder. 
  
 Section 7. Miscellaneous. 
  
 7.1 Right to Amend. This Trust Agreement may be amended from time to time by an instrument executed by the Company;
provided, however, that any amendment affecting the powers, duties or liabilities of the Trustee must be approved by the Trustee, and provided, further, that no amendment may divert any portion of the Trust Fund to purposes other than the exclusive
benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities for benefits. Any amendment shall apply to the Trust Fund as constituted at the time of the amendment as well as to that portion of the Trust Fund which
is subsequently acquired. 
  

 10 

 7.2 Compliance with ERISA. In the exercise of its powers and the performance of its duties, the
Trustee shall act in good faith and in accordance with the applicable requirements under ERISA. Except as may be otherwise required by ERISA, the Trustee shall not be required to furnish any bond in any jurisdiction for the performance of their
duties and, if a bond is required despite this provision, no surety shall be required on it. 
  
 7.3 Nonresponsibility for Funding. The Trustee shall be under no duty to enforce the payment of any contributions and shall not be responsible for the adequacy of the Trust Fund to satisfy any obligations for
benefits, expenses, and liabilities under the Plan. 
  
 7.4
Reports. The Trustees shall file any report which they are required by law to file with any governmental authority with respect to this Trust, and the Committee shall furnish to the Trustee whatever information is necessary to prepare the
report. 
  
 7.5 Dealings with the Trustee. Persons dealing
with the Trustee, including, but not limited to, banks, brokers, dealers, and insurers, shall be under no obligation to inquire concerning the validity of anything which the Trustee purports to do, nor need any person see to the proper application
of any money paid or any property transferred upon the order of the Trustee or to inquire into the Trustee’s authority as to any transaction. 
  
 7.6 Limitation Upon Responsibilities. The Trustee shall have no responsibilities with respect to the Plan or Trust other than those specifically
enumerated or explicitly allocated to it under this Trust Agreement or the provisions of ERISA. All other responsibilities are retained and shall be performed by one or more of the Employer, the Committee, and such advisors or agents as they choose
to engage. 
  
 The Trustee may execute any of the trusts or powers
hereof and perform any of its duties by or through attorneys, agents, receivers or employees and shall not be answerable for the conduct of the same if chosen with reasonable care and shall be entitled to advice of counsel concerning all matters of
trust hereof and the duties hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents, receivers and employees as may reasonably be employed in connection with the trusts hereof. The Trustee may act upon the
opinion or advice of any attorney (who may be the attorney for the Trustee or attorney for the Committee), approved by the Trustee in the exercise of reasonable care. The Trustee shall not be responsible for any loss or damage resulting from any
action or non-action in good faith in reliance upon such opinion or advice. 
  
 The Trustee shall be protected in acting upon any notice, request, consent, certificate, order, affidavit, letter, telegram or other paper or document believed to be genuine and correct and to have been signed or sent
by the proper person or persons, and the Trustee shall be under no duty to make any investigation or inquiry as to any statement contained in any such writing but may accept the same as conclusive evidence of the truth and accuracy of the statements
therein contained. 
  
 The Trustee shall not be liable for other
than their gross negligence or willful misconduct. Except in the case of gross negligence or wilful misconduct on the part of the Trustee, the 

  

 11 

 
Trustee in its corporate capacity shall not be liable for claims of any persons in any manner regarding the Plan; such claims shall be limited to the Trust
Fund. Unless the Trustee participates knowingly in, or knowingly undertakes to conceal, an act or omission of the Committee or any other fiduciary, knowing such act or omission to be a breach of fiduciary responsibility, the Trustee shall be under
no liability for any loss of any kind which may result by reason of such act or omission. 
  
 Before taking any action hereunder at the request or direction of the Committee, the Trustee may require that indemnity in form and amount satisfactory to the Trustee be furnished for the reimbursement of any and all
costs and expenses to which they may be put including, without limitation, reasonable attorneys’ fees and to protect them against all liability, except liability which is adjudicated to have resulted from the gross negligence or willful
misconduct of the Trustee by reason of any action so taken. 
  
 No
provision of this Trust Agreement shall require the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder, or in the exercise of any of their rights or powers, if
they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to them. 
  
 7.7 Qualification of the Plan and Trust. The Trustee shall be fully protected in assuming that the Plan and Trust
meet the requirements of Code Sections 401 and 501, respectively, and all the applicable provisions of ERISA, unless they are advised to the contrary in writing by the Committee or a governmental agency. 
  
 7.8 Party in Interest Information. The Employer shall provide the
Trustee with such information concerning the relationship between any person or organization and the Plan as the Trustee reasonably requests in order to determine whether such person or organization is a party in interest with respect to the Plan
within the meaning of ERISA Section 3(14). 
  
 7.9
Disputes. If a dispute arises as to the payment of any funds or delivery of any assets by the Trustee, the Trustee may withhold such payment or delivery until the dispute is determined by a court of competent jurisdiction or finally settled
in writing by the parties concerned. 
  
 7.10 Successor
Trustee. This Trust Agreement shall apply to any person who shall be appointed to succeed the person currently appointed as the Trustee; and any reference herein to the Trustee shall be deemed to include any one or more individuals or
corporations or any combination thereof who or which have at any time acted as a co-trustee or as the sole trustee. 
  
 7.11 Governing State Law. This Trust Agreement shall be interpreted in accordance with the laws of the Commonwealth of Massachusetts to the extent
those laws may be applicable under the provisions of ERISA. 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Trust Agreement as of the day and year first
above written. 
  

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

			
	 ATTEST:
	 	 	 	 [                                      
      ]

	 	 	 	 	 as TRUSTEE

			
	 	 	 	 	 

  

 13EXHIBIT 10.3

 Exhibit 10.3 
  
 FORM OF 
 LOAN AGREEMENT 
  
 THIS LOAN
AGREEMENT (“Loan Agreement”) is made and entered into as of the ___ day of _____________________, 200_, by and between the CHICOPEE SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Borrower”), a trust forming part of
the Chicopee Saving Bank Employee Stock Ownership Plan (“ESOP”); and
[                                        ]
(“Lender”), a corporation organized and existing under the laws of _______________. 
  
 WITNESSETH 
  
 WHEREAS, the Borrower is authorized to purchase shares of common stock of Chicopee Bancorp, Inc.(“Common Stock”), either directly from Chicopee Bancorp, Inc. or in open market purchases in an amount not to exceed
[                                        
                        ]. 
  
 WHEREAS, the Borrower is authorized to borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock; and

  
 WHEREAS, the Lender is willing to make a loan to
the Borrower for such purpose: 
  
 NOW, THEREFORE, the
parties agree hereto as follows: 
  
 ARTICLE I 

 
 DEFINITIONS 
  
 The following definitions shall apply for purposes of this Loan Agreement,
except to the extent that a different meaning is plainly indicated by the context: 
  
 Business Day means any day other than a Saturday, Sunday or other day on which banks are authorized or required to close under federal or local law. 
  
 Code means the Internal Revenue Code of 1986 (including the
corresponding provisions of any succeeding law). 
  
 Default means an event or condition which would constitute an Event of Default. The determination as to whether an event or condition would constitute an Event of Default shall be determined without regard to any applicable
requirements of notice or lapse of time. 
  
 ERISA
means the Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions of any succeeding law). 

 Event of Default means an event or condition described in Article 5. 
  
 Loan means the loan described in section 2.1. 
  
 Loan Documents means, collectively, the Loan Agreement, the
Promissory Note and the Pledge Agreement and all other documents now or hereafter executed and delivered in connection with such documents, including all amendments, modifications and supplements of or to all such documents. 
  
 Pledge Agreement means the agreement described in section
2.8(a). 
  
 Principal Amount means the face amount
of the Promissory Note, determined as set forth in section 2.1(c). 
  
 Promissory Note means the promissory note described in section 2.3. 
  
 Register means the register described in section 2.9. 
  
 ARTICLE II 
  
 THE LOAN; PRINCIPAL AMOUNT; 
 INTEREST; SECURITY; INDEMNIFICATION 
  
 Section 2.1 The Loan; Principal Amount. 
  
 (a) The Lender hereby agrees to lend to the Borrower such amount, and at such
time, as shall be determined under this Section 2.1; provided, however, that in no event shall the aggregate amount lent under this Loan Agreement from time to time exceed the greater of (i) [$___________] or (ii) the aggregate amount
paid by the Borrower to purchase up to [                    ] shares of Common Stock. 
  
 (b) Subject to the limitations of Section 2.1(a), the Borrower shall
determine the amounts borrowed under this Agreement, and the time at which such borrowings are effected. Each such determination shall be evidenced in a writing which shall set forth the amount to be borrowed and the date on which the Lender shall
disburse such amount, and such writing shall be furnished to the Lender by notice from the Borrower. The Lender shall disburse to the Borrower the amount specified in each such notice on the date specified therein or, if later, as promptly as
practicable following the Lender’s receipt of such notice; provided, however, that the Lender shall have no obligation to disburse funds pursuant to this Agreement following the occurrence of a Default or an Event of Default until such time as
such Default or Event of Default shall have been cured. 
  

 2 

 (c) For all purposes of this Loan Agreement, the Principal Amount on any date shall be equal to the
excess, if any, of: 
  
 (i) the aggregate amount disbursed by the
Lender pursuant to section 2.1(b) on or before such date; over 
  
 (ii) the aggregate amount of any repayments of such amounts made before such date. 
  
 The Lender shall maintain on the Register a record of, and shall record in the Promissory Note, the Principal Amount, any changes in the Principal Amount and the effective date of any changes in the Principal Amount.

  
 Section 2.2 Interest. 
  
 (a) The Borrower shall pay to the Lender interest on the Principal Amount,
for the period commencing with the first disbursement of funds under this Loan Agreement and continuing until the Principal Amount shall be paid in full, at the rate of
[                            ] percent (____%) per annum. Interest payable under this Agreement shall
be computed on the basis of a year of 365 days and actual days elapsed (including the first day but excluding the last) occurring during the period to which the computation relates, unless otherwise specified in the amortization schedule.

  
 (b) Accrued interest on the Principal Amount shall be payable
by the Borrower on the dates set forth in Schedule I to the Promissory Note. All interest on the Principal Amount shall be paid by the Borrower in immediately available funds. 
  
 (c) Anything in the Loan Agreement or the Promissory Note to the contrary notwithstanding, the obligation of the Borrower to
make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be permissible under the law or laws applicable to
the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payment referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the
receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not bear interest. 
  
 Section 2.3 Promissory Note. 
  
 The Loan shall be evidenced by the Promissory Note of the Borrower attached
hereto. 
  
 Section 2.4 Payment of Trust
Loan. 
  
 The Principal Amount of the Loan shall be
repaid in accordance with Schedule I to the Promissory Note on the dates specified therein until fully paid. 
  

 3 

 Section 2.5 Prepayment. 
  
 The Borrower shall be entitled to prepay the Loan in whole or in part, at
any time and from time to time; provided, however, that the Borrower shall give notice to the Lender of any such prepayment; and provided, further, that any partial prepayment of the Loan shall be in an amount not less than $1,000. Any such
prepayment shall be: (a) permanent and irrevocable; (b) accompanied by all accrued interest through the date of such prepayment; (c) made without premium or penalty; and (d) applied on the inverse order of the maturity of the
installment thereof unless the Lender and the Borrower agree to apply such prepayments in some other order. 
  
 Section 2.6 Method of Payments. 
  
 (a) All payments of principal, interest, other charges (including indemnities) and other amounts payable by the Borrower hereunder shall be made in lawful
money of the United States, in immediately available funds, to the Lender at the address specified in or pursuant to this Loan Agreement for notices to the Lender, on the date on which such payment shall become due. Any such payment made on such
date but after such time shall, if the amount paid bears interest, and except as expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding
Business Day. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall include interest to the day on which payment is in
fact made. 
  
 (b) Notwithstanding anything to the contrary
contained in this Loan Agreement or the Promissory Note, the Borrower shall not be obligated to make any payment, repayment or prepayment on the Promissory Note if doing so would cause the ESOP to cease to be an employee stock ownership plan within
the meaning of section 4975(e)(7) of the Code or qualified under section 401(a) of the Code or cause the Borrower to cease to be a tax exempt trust under section 501(a) of the Code or if such act or failure to act would cause the Borrower to engage
in any “prohibited transaction” as such term is defined in the section 4975(c) of the Code and the regulations promulgated thereunder which is not exempted by section 4975(c)(2) or (d) of the Code and the regulations promulgated
thereunder or in section 406 of ERISA and the regulations promulgated thereunder which is not exempted by section 408(b) of ERISA and the regulations promulgated thereunder; provided, however, that in each case, the Borrower, may act or refrain from
acting pursuant to this section 2.6(b) on the basis of an opinion of counsel, and any opinion of such counsel. The Borrower may consult with counsel, and any opinion of such counsel shall be full and complete authorization and protection in respect
of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel. Nothing contained in this section 2.6(b) shall be construed as imposing a duty on the Borrower to consult with counsel. Any
obligation of the Borrower to make any payment, repayment or prepayment on the Promissory Note or refrain 

  

 4 

 
from taking any other act hereunder or under the Promissory Note which is excused pursuant to this section 2.6(b) shall be considered a binding obligation of
the Borrower, or both, as the case may be, for the purposes of determining whether a Default or Event of Default has occurred hereunder or under the Promissory Note and nothing in this section 2.6(b) shall be construed as providing a defense to any
remedies otherwise available upon a Default or an Event of Default hereunder (other than the remedy of specific performance). 
  
 Section 2.7 Use of Proceeds of Loan. 
  

The entire proceeds of the Loan shall be used solely for acquiring shares of Common Stock, and for no other purpose whatsoever. 
  
 Section 2.8 Security. 
  
 (a) In order to secure the due payment and performance by the Borrower of
all of its obligations under this Loan Agreement, simultaneously with the execution and delivery of this Loan Agreement by the Borrower, the Borrower shall: 
  
 (i) pledge to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a first priority lien on and security interest in,
the Common Stock purchased with the Principal Amount, by the execution and delivery to the lender of the Pledge Agreement attached hereto as an exhibit; and 
  
 (ii) execute and deliver, or cause to be executed and delivered, such other agreement, instruments and documents as the Lender may reasonably require in
order to effect the purposes of the Pledge Agreement and this Loan Agreement. 
  
 (b) The Lender shall release from encumbrance under the Pledge Agreement and transfer to the Borrower, as of the date on which any payment or repayment of the Principal Amount is made, a number of shares of Common
Stock held as Collateral determined pursuant to the applicable provisions of the ESOP. 
  
 Section 2.9 Registration of the Promissory Note. 
  
 (a) The Lender shall maintain a Register providing for the registration of the Principal Amount and any stated interest and of transfer and exchange of
the Promissory Note. Transfer of the Promissory Note may be effected only by the surrender of the old instrument and either the reissuance by the Borrower of the old instrument to the new holder or the issuance by the Borrower of a new instrument to
the new holder. The old Promissory Note so surrendered shall be canceled by the Lender and returned to the Borrower after such cancellation. 
  

 5 

 (b) Any new Promissory Note issued pursuant to section 2.9(a) shall carry the same rights to interest
(unpaid and to accrue) carried by the Promissory Note so transferred or exchanged so that there will not be any loss or gain of interest on the note surrender. Such new Promissory Note shall be subject to all of the provisions and entitled to all of
the benefits of this Agreement. Prior to due presentment for registration or transfer, the Borrower may deem and treat the registered holder of any Promissory Note as the holder thereof for purposes of payment and other purposes. A notation shall be
made on each new Promissory Note of the amount of all payments of principal and interest theretofore paid. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES OF THE BORROWER 
  
 The Borrower hereby represents and warrants to the Lender as follows: 
  
 Section 3.1 Power, Authority, Consents. 
  
 The Borrower has the power to execute, deliver and perform this Loan Agreement, the Promissory Note and Pledge Agreement, all of which have been duly
authorized by all necessary and proper corporate or other action. 
  
 Section 3.2 Due Execution, Validity, Enforceability. 
  
 Each of the Loan Documents, including, without limitation, this Loan Agreement, the Promissory Note and the Pledge Agreement, has been duly executed and delivered by the Borrower; and each constitutes the valid and
legally binding obligation of the Borrower, enforceable in accordance with its terms. 
  
 Section 3.3 Properties, Priority of Liens. 
  
 The liens which have been created and granted by the Pledge Agreement constitute valid, first liens on the properties and assets covered by the Pledge
Agreement, subject to no prior or equal lien. 
  
 Section 3.4 No Defaults, Compliance with Laws. 
  
 The Borrower is not in default in any material respect under any agreement, ordinance, resolution, decree, bond, note, indenture, order or judgement to which it is a party or by which it is bound, or any other
agreement or other instrument by which any of the properties or assets owned by it is materially affected. 
  

 6 

 Section 3.5 Purchase of Common Stock. 
  
 Upon consummation of any purchase of Common Stock by the Borrower with the
proceeds of the Loan, the Borrower shall acquire valid, legal and marketable title to all of the Common Stock so purchased, free and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased pursuant to the Pledge
Agreement. Neither the execution and delivery of the Loan Documents nor the performance of any obligation thereunder violates any provisions of law or conflicts with or results in a breach of or creates (with or without the giving of notice of lapse
of time, or both) a default under any agreement to which the Borrower is a party or by which it is bound or any of its properties is affected. No consent of any federal, state, or local governmental authority, agency, or other regulatory body, the
absence of which could have a materially adverse effect on the Borrower or the Trustee, is or was required to be obtained in connection with the execution, delivery, or performance of the Loan Documents and the transaction contemplated therein or in
connection therewith, including without limitation, with respect to the transfer of the shares of Common Stock purchased with the proceeds of the Loan pursuant thereto. 
  
 Section 3.6 ESOP; Contributions. 
  
 As of the effective date of the ESOP sponsor’s reorganization, the ESOP and the Borrower will be duly created,
organized and maintained by the ESOP sponsor in compliance with all applicable laws, regulations and rulings. The ESOP will qualify as an “employee stock ownership plan” as defined in section 4975(e)(7) of the Code. The ESOP provides that
the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would
adversely affect the qualification of the ESOP under section 401(a) of the Code. 
  
 Section 3.7 Trustee. 
  
 The trustees of the ESOP have been duly appointed by the ESOP sponsor. 
  
 Section 3.8 Compliance with Laws; Actions. 
  
 Neither the execution and delivery by the Borrower of this Loan Agreement or any instruments required thereby, nor compliance with the terms and
provisions of any such documents by the lender, constitutes a violation of any provision of any law or any regulation, order, writ, injunction or decree or any court or governmental instrumentality, or an event of default under any agreement, to
which the Borrower is a party of which the Borrower is bound or to which the Borrower is subject, which violation or event of default would have a material adverse effect on the Borrower. There is no action or proceeding pending or threatened
against either the ESOP or the Borrower before any court or administrative agency. 
  

 7 

 ARTICLE IV 
  

REPRESENTATIONS AND WARRANTIES OF THE LENDER 
  
 The Lender hereby represents and warrants to the Borrower as follows: 
  
 Section 4.1 Power, Authority, Consents. 
  
 The Lender has the power to execute, deliver and perform this Loan Agreement, the Pledge Agreement and all documents
executed by the Lender in connection with the Loan, all of which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization or approval or other action by any governmental authority or regulatory body,
and no notice by the Lender to, or filing by the Lender with any governmental authority or regulatory body is required for the due execution, delivery and performance of this Loan Agreement. 
  
 Section 4.2 Due Execution, Validity, Enforceability.

  
 This Loan Agreement and the Pledge Agreement have been
duly executed and delivered by the Lender, and each constitutes a valid and legally binding obligation of the Lender, enforceable in accordance with its terms. 
  

ARTICLE V 
  
 EVENTS OF DEFAULT 
  
 Section 5.1 Events of Default under Loan Agreement. 
  
 Each of the following events shall constitute an “Event of Default” hereunder: 
  
 (a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note when due, or failure to make any
payment of interest on the Promissory Note not later than five (5) Business Days after the date when due. 
  
 (b) Failure by the Borrower to perform or observe any term, condition or covenant of this Loan Agreement or of any of the other Loan Documents, including
without limitation, the Promissory Note and the Pledge Agreement. 
  
 (c) Any representation or warranty made in writing to the Lender in any of the Loan Documents, or any certificate, statement or report made or delivered in compliance with this Loan Agreement, shall have been false or misleading in any
material respect when made or delivered. 
  

 8 

 Section 5.2 Lender’s Rights upon Event of Default. 
  
 If an Event of Default under this Loan Agreement shall occur and be
continuing, the Lender shall have no rights to assets of the Borrower other than: (a) contributions (other than contributions of Common Stock) that are made by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to this
Loan Agreement and earnings attributable to the investment of such contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that; (i) the value of the Borrower’s assets transferred
to the Lender following an Event of Default in satisfaction of the due and unpaid amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the
Borrower’s assets shall be transferred to the Lender following an Event of Default only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased
with the proceeds of the Loan covered by the Pledge Agreement following an Event of Default shall be governed by the terms of the Pledge Agreement. 
  
 ARTICLE VI 
  
 Miscellaneous Provisions 
  
 Section 6.1 Payments Due to the Lender. 
  
 If any amount is payable by the Borrower to the Lender pursuant to any indemnity obligation contained herein, then the Borrower shall pay, at the time or times provided therefor, any such amount and shall indemnify
the Lender against and hold it harmless from any loss of damage resulting from or arising out of the nonpayment or delay in payment of any such amount. If any amounts as to which the Borrower has so indemnified the Lender hereunder shall be assessed
or levied against the Lender, the Lender may notify the Borrower and make immediate payment thereof, together with interest or penalties in connection therewith, and shall thereupon be entitled to and shall receive immediate reimbursement therefor
from the Borrower together with interest on each such amount as provided in section 2.2(c). Notwithstanding any other provision contained in this Loan Agreement, the covenants and agreements of the Borrower contained in this section 6.1 shall
survive: (a) payment of the Promissory Note and (b) termination of this Loan Agreement. 
  
 Section 6.2 Payments. 
  
 All payments hereunder and under the Promissory Note shall be made without set-off or counterclaim and in such amounts as may be necessary in order that
all such payments shall not be less than the amounts otherwise specified to be paid under this Loan Agreement and the Promissory Note, subject to any applicable tax withholding requirements. Upon payment in full of the Promissory Note, the Lender
shall mark such Promissory Note “Paid” and return it to the Borrower. 
  

 9 

 Section 6.3 Survival. 
  
 All agreements, representations and warranties made herein shall survive the delivery of this Loan Agreement and the
Promissory Note. 
  
 Section 6.4 Modifications,
Consents and Waivers; Entire Agreement. 
  
 No
modification, amendment or waiver of or with respect to any provision of this Loan Agreement, the Promissory Note, the Pledge Agreement, or any of the other Loan Documents, nor consent to any departure from any of the terms or conditions thereof,
shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement thereof is sought. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
consent to or demand on a party in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances. This Loan Agreement embodies the entire agreement and understanding between the Lender and the
Borrower and supersedes all prior agreements and understandings relating to the subject matter hereof. 
  
 Section 6.5 Remedies Cumulative. 
  
 Each and every right granted to the Lender hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or
equity, shall be cumulative and may be exercised from time to time. No failure on the part of the Lender or the holder of the Promissory Note to exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall any single
or partial exercise of any right preclude any other or future exercise thereof or the exercise of any other right. The due payment and performance of the obligations under the Loan Documents shall be without regard to any counterclaim, right of
offset or any other claim whatsoever which the Borrower may have against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the Borrower, and no such counterclaim or offset shall be asserted
by the Borrower in any action, suit or proceeding instituted by the Lender for payment or performance of such obligations. 
  
 Section 6.6 Further Assurances; Compliance with Covenants. 
  
 At any time and from time to time, upon the request of the Lender, the Borrower shall execute, deliver and acknowledge or
cause to be executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the Lender may reasonably request in order to fully effect the terms of this Loan Agreement, the Promissory Note, the
Pledge Agreement, the other Loan Documents and any other agreements, instruments and documents delivered pursuant hereto or in connection with the Loan. 
  
 Section 6.7 Notices. 
  
 Except as otherwise specifically provided for herein, all notice, requests, reports and other communications pursuant to this Loan Agreement shall be in
writing, either by letter 

  

 10 

 
(delivered by hand or commercial messenger service or sent by registered or certified mail, return receipt requested, except for routine reports delivered in
compliance with Article VI hereof which may be sent by ordinary first-class mail) or telex or telecopier addressed as follows: 
  

	 	(a)	If to the Borrower: 

  
 Chicopee Savings Bank Employee Stock 
 Ownership Plan and Trust 
  

	 	(b)	If to the Lender: 

  
 Any notice, request or communication hereunder shall be deemed to have been given on the day on which it is delivered by hand or by commercial messenger service, or sent by telex or telecopier, to such party at its
address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may change the person or address to whom or which notices are to be given hereunder, by
notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given only when actually received by the party to whom it is addressed. 
  
 Section 6.8 Counterparts. 
  
 This Loan Agreement may be signed in any number of counterparts which, when
taken together, shall constitute one and the same document. 
  
 Section 6.9 Construction; Governing Law. 
  
 The headings used in the table of contents and in this Loan Agreement are for convenience only and shall not be deemed to constitute a part hereof. All
uses herein of any gender or of singular or plural terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All references in this Loan Agreement of an Article or section shall be to an
Article or section of this Loan Agreement, unless otherwise specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and the other Loan Documents shall be governed by, and construed and interpreted in accordance with, the laws of
the Commonwealth of Massachusetts. 
  
 Section 6.10
Severability. 
  
 Wherever possible, each provision of
this Loan Agreement shall be interpreted in such manner as to be effective and valid under applicable law; however, the provisions of this Loan Agreement are severable, and if any clause of provision hereof shall be held invalid or 

  

 11 

 
unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provisions in this Loan Agreement in any jurisdiction. Each of the covenants, agreements and conditions contained in
this Loan Agreement independent, and compliance by a party with any of them shall not excuse non-compliance by such party with any other. The Borrower shall not take any action the effect of which shall constitute a breach or violation of any
provision of this Loan Agreement. 
  
 Section 6.11
Binding Effect: No Assignment or Delegation. 
  
 This
Loan Agreement shall be binding upon and inure to the benefit of the Borrower and its successors and the Lender and its successors and assigns. The rights and obligations of the Borrower under this Agreement shall not be assigned or delegated
without the prior written consent of the Lender, and any purported assignment or delegation without such consent shall be void. 
  

 12 

 IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be executed as of the date first
written above. 
  

			
	CHICOPEE SAVINGS BANK
	EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	
	 
	Authorized Trust Officer of
                                       
 
	
	[LENDER]
		
	By:	 	 

  

 13 

 FORM OF 
 PLEDGE AGREEMENT 
  
 THIS PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the __ day of __________________ 200_, by and between the CHICOPEE SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Pledgor”), and
_________________________, a corporation organized and existing under the laws of __________________ (“Pledgee”). 
  
 WITNESSETH 
  
 WHEREAS, this Pledge Agreement is being executed and delivered to the Pledgee pursuant to the terms of a Loan Agreement (“Loan Agreement”), by
and between the Pledgor and the Pledgee; 
  
 NOW, THEREFORE, in
consideration of the mutual agreements contained herein and in the Loan Agreement, the parties hereto do hereby covenant and agree as follows: 
  
 Section 1. Definitions. The following definitions shall apply for purposes of this Pledge Agreement, except to the extent that a
different meaning is plainly indicated by the context; all capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Loan Agreement: 
  
 Collateral shall mean the Pledged Shares and, subject to section 5 hereof, and to the extent permitted by
applicable law, all rights with respect thereto, and all proceeds of such Pledged Shares and rights. 
  
 ESOP shall mean the Chicopee Savings Bank Employee Stock Ownership Plan. 
  
 Event of Default shall mean an event so defined in the Loan Agreement. 
  
 Liabilities shall mean all the obligations of the Pledgor to
the Pledgee, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under the Loan Agreement and the Promissory Note. 
  
 Pledged Shares shall mean all the Shares of Common Stock of the
Pledgee purchased by the Pledgor with the proceeds of the loan made by the Pledgee to the Pledgor pursuant to the Loan Agreement, but excluding any such shares previously released pursuant to section 4. 
  
 Section 2. Pledge. To secure the payment of and
performance of all the Liabilities, the Pledgor hereby pledges to the Pledgee, and grants to the Pledgee, a security interest in, and lien upon, the Collateral. 
  

Section 3. Representations and Warranties of the Pledgor. The Pledgor represents, warrants, and covenants to the Pledgee as follows:

  
 (a) the execution, delivery and performance of this Pledge
Agreement and the pledging of the Collateral hereunder do not and will not conflict with, result in a violation of, or constitute a default under, any agreement binding upon the Pledgor; 

 (b) the Pledged Shares are and will continue to be owned by the Pledgor free and clear of any liens or
rights of any other person except the lien hereunder and under the Loan Agreement in favor of the Pledgee, and the security interest of the Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be prior to and senior to the
rights of all others; 
  
 (c) this Pledge Agreement is the legal,
valid, binding and enforceable obligation of the Pledgor in accordance with its terms; 
  
 (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver to the Pledgee such stock powers, proxies, and similar documents, satisfactory in form and substance to the Pledgee, with respect
to the Collateral as the Pledgee may reasonably request; and 
  
 (e) subject to the first sentence of section 4(b), the Pledgor shall not, so long as any Liabilities are outstanding, sell, assign, exchange, pledge or otherwise transfer or encumber any of its rights in and to any of the Collateral.

  
 Section 4. Eligible Collateral. 

 
 (a) As used herein the term “Eligible Collateral” shall mean the
amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of
Collateral as may be required pursuant to section 13 of this Pledge Agreement. 
  
 (b) The Pledged Shares shall be released from this Pledge Agreement in a manner conforming to the requirements of Treasury Regulations Section 54.4975-7(b)(8), as the same may be from time to time amended or
supplemented, and the applicable provisions of the ESOP. Subject to such Regulations, the Pledgee may from time to time, after any Default or Event of Default, and without prior notice to the Pledgor, transfer all or any part of the Eligible
Collateral in the name of the Pledgee or its nominee, without disclosing that such Eligible Collateral is subject to any rights of the Pledgor and may from time to time, whether before or after any of the Liabilities shall become due and payable,
without notice to the Pledgor, take all or any of the following actions: (i) notify the parties obligated on any of the Eligible Collateral to make payment to the Pledgee of any amounts due or due to become due thereunder, (ii) release or
exchange all or any part of the Eligible Collateral, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto, and (iii) take control of any
proceeds of the Eligible Collateral. 
  

 2 

 Section 5. Delivery. 
  
 (a) The Pledgor shall deliver to the Pledgee upon execution of this Pledge Agreement (i) either (A) certificates
for the Pledged Shares, each certificate duly signed in blank by the Pledgor or accompanied by a stock transfer power duly signed in blank by the Pledgor and each such certificate accompanied by all required documentary or stock transfer tax stamps
or (B) if the Trustee does not yet have possession of the Pledged Shares, an assignment by the Pledgor of all the Pledgor’s rights to and interest in the Pledged Shares and (ii) an irrevocable proxy, in form and substance satisfactory
to the Pledgee, signed by the Pledgor with respect to the Pledged Shares. 
  
 (b) So long as no Default or Event of Default shall have occurred and be continuing, (i) the Pledgor shall be entitled to exercise any and all voting and other rights pertaining to the Collateral or any part
thereof for any purpose not inconsistent with the terms of this Pledge Agreement, and (ii) the Pledgor shall be entitled to receive any and all cash dividends or other distributions paid in respect of the Collateral. 
  
 Section 6. Events of Default. 
  
 (a) If a Default or Event Default shall be existing, in addition to the
rights it may have under the Loan Agreement, the Promissory Note, and this Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to time, any rights and remedies
available to it under the Uniform Commercial Code as in effect from time to time in the Commonwealth of Massachusetts or otherwise available to it and (ii) the Pledgee shall have the right, for and in the name, place and stead of the Pledgor,
to execute endorsement, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Eligible Collateral. Written notification of intended disposition of any of the Eligible Collateral shall be given by
the Pledgee to the Pledgor at least three (3) Business Days before such disposition. Subject to section 13 below, any proceeds of any disposition of Eligible Collateral may be applied by the Pledgee to the payment of expenses in connection with
the Eligible Collateral, including, without limitation, reasonable attorneys’ fees and legal expenses, and any balance of such proceeds may be applied by the Pledgee toward the payment of such of the Liabilities as are in Default, and in such
order of application, as the Pledgee may from time to time elect. No action of the Pledgee permitted hereunder shall impair or affect its rights in and to the Eligible Collateral. All rights and remedies of the Pledgee expressed hereunder are in
addition to all other rights and remedies possessed by it, including, without limitation, those contained in the documents referred to in the definition of Liability in section 1 hereof. 
  
 (b) In any sale of any of the Eligible Collateral after a Default or an Event of Default shall have occurred, the Pledgee is
hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel if necessary in order to avoid violation of applicable law (including, without limitation, compliance with such procedures as
may restrict the number of prospective bidders and purchasers or further restrict such prospective bidders or purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the
distribution or resale of such Eligible Collateral), or in order to obtain such required approval of the sale or of the purchase by any governmental regulatory authority 

  

 3 

 
or official, and the Pledgor further agrees that such compliance shall not result in such sale’s being considered or deemed not to have been made in a
commercially reasonable manner, nor shall the Pledgee be liable or accountable to the Pledgor for any discount allowed by reason of the fact that such Eligible Collateral is sold in compliance with any such limitation or restriction. 
  
 Section 7. Payment in Full. Upon the payment in full of
all outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee shall forthwith assign, transfer and deliver to the Pledgor, against receipt and without recourse to the Pledgee, all Collateral then held by the Pledgee pursuant to
the Pledge Agreement. 
  
 Section 8. No Waiver.
No failure or delay in the part of the Pledgee in exercising any right or remedy hereunder or under any other document which confers or grants any rights to the Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any
single or partial exercise of any such rights or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy of the Pledgee. 
  
 Section 9. Binding Effect; No Assignment or Delegation. This Pledge Agreement shall be binding upon and
inure to the benefit of the Pledgor, the Pledgee and their respective successors and assigns, except that the Pledgor may not assign or transfer its rights hereunder without the prior written consent of the Pledgee (which consent shall not
unreasonably be withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the provisions of this Pledge Agreement shall be performed in favor of any person or entity designated by the Pledgee, and any duty or obligation of the
Pledgee to the Pledgor may be performed by any other person or entity designated by the Pledgee. 
  
 Section 10. Governing Law. This Pledge Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts applicable to agreements to be performed wholly within the Commonwealth of Massachusetts. 
  
 Section 11. Notices. All notices, requests, instructions or documents hereunder shall be in writing and delivered personally or sent by
United States mail, registered or certified, return receipt requested, with proper postage prepaid as follows: 
  

	 	(a)	If to the Pledgee: 

  

	 	(b)	If to the Pledgor: 

 Chicopee Savings Bank 
 Employee Stock Ownership Plan Trust 
  
 or at such other address as either of the parties may designate by written notice to the other party. If delivered personally, the date on which a notice, request,
instruction or document is delivered shall 

  

 4 

 
be the date on which such delivery is made, and, if delivered by mail, the date on which such notice, request, instruction, or document is deposited in the
mail shall be the date of delivery. Each notice, request, instruction or document shall bear the date on which it is delivered. 
  
 Section 12. Interpretation. Wherever possible each provision of this Pledge Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision herein shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions hereof. 
  
 Section 13. Construction. All provisions hereof shall be construed so as to maintain (a) the ESOP as a qualified leveraged employee stock ownership plan under section 401(a) and 4975(e)(7) of the Internal Revenue
Code of 1986 (the “Code”), (b) the Trust as exempt from taxation under section 501(a) of the Code and (c) the Trust Loan as an exempt loan under section 54.4975-7(b) of the Treasury Regulations and as described in Department of
Labor Regulation section 2550.408b-3. 
  
 IN WITNESS WHEREOF, this
Pledge Agreement has been duly executed by the parties hereto as of the day and year first above written. 
  

			
	CHICOPEE SAVINGS BANK
	EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	
	 
	Authorized Trust Officer of
                                
	
	[LENDER]
		
	 By:
	 	 

  

 5 

 FORM OF 
 PROMISSORY NOTE 
  
 FOR VALUE
RECEIVED, the undersigned, CHICOPEE SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (the “Borrower”), hereby promises to pay to the order of
[                                        ]
(the “Lender”) up to [$_________] payable in accordance with the Loan Agreement made and entered into between the Borrower and the Lender of even date herewith (“Loan Agreement”) pursuant to which this Promissory Note
is issued. 
  
 The Principal Amount of this Promissory Note shall
be payable in accordance with the schedule attached hereto (“Schedule I”). 
  
 This Promissory Note shall bear interest at the rate per annum set for or established under the Loan Agreement, such interest to be payable in accordance with Schedule I. 
  
 Anything herein to the contrary notwithstanding, the obligation of the
Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be permissible under the law or laws
applicable to the Lender limiting rates on interest which may be charged or collected by the Lender. Any such payments on interest which are not made as a result of the limitation referred to in the preceding sentence shall be made by the Borrower
to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest
shall not bear interest. 
  
 Payments of both principal and
interest on this Promissory Note are to be made at the principal office of the Lender or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in immediately available
funds. 
  
 Failure to make any payments of principal on this
Promissory Note when due, or failure to make any payment of interest on this Promissory Note not later than five (5) Business Days after the date when due, shall constitute a default hereunder, whereupon the principal amount of accrued interest
on this Promissory Note shall immediately become due and payable in accordance with the terms of the Loan Agreement. 
  
 This Promissory Note is secured by a Pledge Agreement between the Borrower and the Lender of even date herewith and is entitled to the benefits thereof.

  

	
	CHICOPEE SAVINGS BANK
	EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	
	 
	 Authorized Trust Officer of

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}]]