Document:

exv10w2

Exhibit 10.2

VOTING AGREEMENT

          THIS VOTING AGREEMENT, dated as of October 28, 2010 (this “Agreement”), between
Fairfax Financial Holdings Limited, a Canadian corporation (“Parent”), and Jerome M. Shaw
(the “Stockholder”), solely in Stockholder’s capacity as an owner of common stock, par
value $0.01 per share (“Company Common Stock”) of the Company.

          WHEREAS, on October 28, 2010, Parent, First Mercury Financial Corporation, a Delaware
corporation (the “Company”), and Fairfax Investments III USA Corp., a Delaware corporation
and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan
of Merger (the “Merger Agreement”; capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Merger Agreement); and

          WHEREAS, as a condition to the willingness of Parent and Merger Sub to enter into the Merger
Agreement, Parent and Merger Sub have required that the Stockholder enter into this Agreement, and
in order to induce Parent and Merger Sub to enter into the Merger Agreement, the Stockholder has
agreed to enter into this Agreement.

          NOW, THEREFORE, in consideration for the mutual covenants contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:

          1. Agreement to Vote. At every meeting of the stockholders of the Company, and at
every postponement or adjournment thereof, the Stockholder irrevocably agrees to appear at such
meeting and vote (in person or by proxy) all of the Voting Shares (as hereinafter defined )
entitled to be voted thereat or to cause all of the Voting Shares to be voted (i) in favor of the
approval of the Merger Agreement and the transactions contemplated thereby; (ii) against any
action, agreement or transaction (other than the Merger Agreement or the transactions contemplated
thereby) or proposal (including a Takeover Proposal) that would result in a breach of any material
covenant, representation or warranty or any other material obligation or agreement of the Company
under the Merger Agreement or that would reasonably be expected to result in any of the conditions
to the Company’s obligations under the Merger Agreement not being fulfilled, and (iii) in favor of
any other matter necessary to the consummation of the transactions contemplated by the Merger
Agreement that is voted upon by the stockholders of the Company. The Stockholder acknowledges
receipt and review of a copy of the Merger Agreement.

          2. Grant of Proxy. In furtherance of the agreements contained in Section 1 of
this Agreement and as security for such agreements, the Stockholder hereby irrevocably appoints
Parent, the executive officers of Parent, and each of them individually, as the sole and exclusive
attorneys-in-fact and proxies of the Stockholder, for and in the name, place and stead of the
Stockholder, with full power of substitution and resubstitution, to vote, grant a consent or
approval in respect of, or execute and deliver a proxy to vote, if and to the extent the
Stockholder fails to comply with the agreements contained in Section 1 of this Agreement, the
Voting Shares, (i) in favor of the approval of the Merger Agreement and the transactions
contemplated thereby; (ii) against any Takeover Proposal (regardless of whether it is a Superior
Proposal); (iii) against any action, agreement or transaction (other than the Merger Agreement or
the transactions

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contemplated thereby) or proposal (including a Takeover Proposal) that would
reasonably be expected to result in a breach of any material covenant, representation or warranty
or any other material obligation or agreement of the Company under the Merger Agreement or that
would reasonably be expected to result in any of the conditions to the Company’s obligations under
the Merger Agreement not being fulfilled, and (iv) in favor of any other matter necessary to the
consummation of the transactions contemplated by the Merger Agreement and considered voted upon by
the stockholders of the Company. THIS PROXY IS IRREVOCABLE AND COUPLED WITH AN INTEREST.

          3. Representations and Warranties. Stockholder represents and warrants that:

               (a) (i) Schedule I to this Agreement sets forth the number of shares of Company Common Stock
(“Voting Shares”), of which Stockholder owns of record or otherwise has the power to vote,
(ii) Stockholder owns the Voting Shares, free and clear of any claims, liens, charges,
encumbrances, voting agreements and commitments of any kind (other than this Agreement) and (iii)
Stockholder has the power to vote all the Voting Shares without restriction (other than as
contemplated by this Agreement) and (iv) no proxies heretofore given in respect of any or all of
the Voting Shares are irrevocable and that any such proxies have heretofore been revoked. If,
after the date of this Agreement, Stockholder acquires the power to votes shares of Company Common
Stock not set forth in Schedule I, such shares of Company Common Stock shall be deemed to be Voting
Shares for all purposes of this Agreement.

               (b) (i) Stockholder has all necessary power and authority to enter into this Agreement; (ii)
this Agreement has been duly and validly executed and delivered by Stockholder and, assuming due
authorization, execution and delivery by Parent, constitutes a legal, valid and binding obligation
of Stockholder, enforceable against Stockholder in accordance with its terms (subject to applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws
affecting creditors rights generally and, by general principles of equity, including good faith and
fair dealing, regardless whether in a proceeding at equity or at law); and (iii) the failure of the
spouse, if any, of such Stockholder to be a party or signatory to this Agreement shall not (x)
prevent such Stockholder from performing such Stockholder’s obligations contemplated hereunder or
(y) prevent this Agreement from constituting the legal, valid and binding obligation of Stockholder
in accordance with its terms; and

               (c) (i) no filing with, and no permit, authorization, consent or approval of any state,
federal or foreign governmental authority is necessary on the part of Stockholder for the execution
and delivery of this Agreement by Stockholder and, except as contemplated by the Merger Agreement,
the consummation by Stockholder of the transactions contemplated hereby and (ii) neither the
execution and delivery of this Agreement by Stockholder nor the consummation by Stockholder of the
transactions contemplated hereby nor compliance by Stockholder with any of the provisions hereof
shall (x) result in the creation of a lien on any of the Voting Shares or (y) violate any order,
writ, injunction, decree, statute, rule or regulation applicable to Stockholder or any of the
Voting Shares, except in the case of (x) or (y) for violations, breaches or defaults that would not
in the aggregate materially impair the ability of Stockholder to perform Stockholder’s obligations
hereunder.

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          4. Remedies. Each party acknowledges and agrees that each party hereto will be
irreparably damaged in the event any of the provisions of this Agreement are not performed by the
parties in accordance with their specific terms or are otherwise breached. Accordingly, it is
agreed that each party hereto shall be entitled to an injunction to prevent breaches of this
Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action
instituted in any court of the United States or any state having subject matter jurisdiction. All
remedies, either under this Agreement or by law or otherwise afforded to any party, shall be
cumulative and not alternative.

          5. Termination. This Agreement and all of the rights and obligations of the parties
hereunder (except Section 9) shall terminate and cease to have any force or effect, without any
further action by any party, upon the earliest of (i) the termination of the Merger Agreement in
accordance with its terms and (ii) the Effective Time. Section 9 shall survive the termination of
this Agreement. Nothing in this Section 5 shall relieve any party of liability for any breach of
this Agreement.

          6. Transfer of Shares. The Stockholder agrees that it shall not, directly or
indirectly, (a) sell, assign, transfer (including by operation of law), lien, pledge, dispose of or
otherwise encumber any of the Voting Shares or otherwise agree to do any of the foregoing,
(b) deposit any Voting Shares into a voting trust or enter into a voting agreement or arrangement
or grant any proxy or power of attorney with respect thereto that is inconsistent with this
Agreement, (c) enter into any contract, option or other arrangement or undertaking with respect to
the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or
other disposition of any Voting Shares or (d) take any action that would make any representation or
warranty of the Stockholder herein untrue or incorrect in any material respect or have the effect
of preventing or disabling the Stockholder from performing Stockholder’s obligations hereunder;
provided, however, Stockholder may transfer any or all of the Voting shares to any
person who shall have prior to such transfer executed and delivered to Parent a joinder to this
Agreement pursuant to which such person shall be bound by all of the terms and provisions of this
Agreement, which joinder shall be reasonably acceptable to Parent. Any transfer in breach of this
Section 6 shall be void.

          7. No Solicitation of Transactions. The Stockholder shall (a) not, directly or
indirectly, through any officer, director, agent or otherwise, engage in any action prohibited by
Section 6.04 of the Merger Agreement, and (b) direct or cause Stockholder’s representatives and
agents to not to engage in any action prohibited by Section 6.04 of the Merger Agreement. The
Stockholder shall promptly advise the Company orally and in writing of (a) any Takeover Proposal or
any request for information with respect to any Takeover Proposal, the material terms and
conditions of such Takeover Proposal or request and the identity of the person making such Takeover
Proposal or request and (b) any changes in any such Takeover Proposal or request.

          8. Agreement Solely as Stockholder. The Stockholder is entering into this Agreement
solely in the Stockholder’s capacity as record holder or beneficial owner of the Voting Shares and
nothing herein shall limit or affect any actions taken by the Stockholder or any employee, officer,
director, partner or other affiliate of the Stockholder, in Stockholder’s capacity as a director or
officer of the Company (or a Company Subsidiary).

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          9. Miscellaneous.

               (a) Successors and Assigns. The terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective successors and assigns of the parties. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

               (b) Governing Law. This Agreement will be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts made and to be performed entirely
within such State.

               (c) Counterparts; Facsimile. For the convenience of the parties hereto, this
Agreement may be executed in any number of separate counterparts, each such counterpart being
deemed to be an original instrument, and all such counterparts will together constitute the same
agreement. Executed signature pages to this Agreement may be delivered by facsimile and such
facsimiles will be deemed as sufficient as if actual signature pages had been delivered.

               (d) Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

               (e) Amendment. This Agreement may not be amended except by an instrument in writing
signed by each of the parties hereto.

               (f) Severability. If any provision of this Agreement or the application thereof to
any person (including, the officers and directors of the Company) or circumstance is determined by
a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions
hereof, or the application of such provision to persons or circumstances other than those as to
which it has been held invalid or unenforceable, will remain in full force and effect and shall in
no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a
suitable and equitable substitute provision to effect the original intent of the parties.

               (g) Parent Acknowledgement. Parent acknowledges that other than as set forth in
Section 3 Stockholder has made no representation or warranty, whether express or implied.

               (h) Entire Agreement. This Agreement constitutes the full and entire understanding
and agreement between the parties with respect to the subject matter hereof, and any other written
or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled.

[signature page follows]

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          IN WITNESS WHEREOF, Parent and Stockholder have caused this Agreement to be executed as
of the date first written above.

	 	 	 	 	 
	 	FAIRFAX FINANCIAL HOLDINGS LIMITED

 	 
	 	By:  	/s/
John Varnell
	 
	 	 	Name:  	John Varnell	 
	 	 	Title:  	Vice President and Chief Financial Officer	 
	 
	 	JEROME M. SHAW

 	 
	 	
/s/ Jerome M. Shaw	 
	 	 	 
	 	 	 
	 

[Signature Page to Voting Agreement]

 

 

Schedule I

1,937,522 shares of Company Common Stockexv10w1

Exhibit 10.1

LEGACY BANCORP, INC.

AND

LEGACY BANKS

CHANGE IN CONTROL AGREEMENT

FOR

RICHARD M. SULLIVAN

     This Change in Control Agreement (the “Agreement”) is made effective as of the 26th
day of October, 2010 (the “Effective Date”), by and between Legacy Bancorp, Inc., a Delaware
corporation (the “Company”), Legacy Banks (the “Bank”), a Massachusetts-chartered savings bank (the
“Bank”) with its principal administrative office at Pittsfield, Massachusetts, and Richard M.
Sullivan (“Executive”). The Bank is a wholly-owned subsidiary of the Company.

     WHEREAS, the Company and the Bank recognize the substantial contributions the Executive has
made to the Company and the Bank and wishes to protect Executive’s position with the Bank for the
period provided in this Agreement.

     NOW, THEREFORE, in consideration of the contributions of Executive and upon the other terms
and conditions hereinafter provided, the parties hereto agree as follows:

1. TERM OF AGREEMENT

     The term of this Agreement shall be the earlier of twelve (12) full calendar months from the
effective date of this Agreement set forth above (the “Initial Term”), or until the employment
relationship is terminated. Upon the expiration of the Initial Term and so long as this Agreement
remains in effect, upon the expiration of each successive twelve-month period (each a “Renewal
Term”), this Agreement will be renewed automatically for a successive twelve-month period, unless
the Board of Directors of each of the Bank and the Company (each a “Board,” provided that any
reference to “Board” herein shall refer to the Bank’s Board unless specifically noted otherwise) or
the Executive elects not to extend the term of this Agreement at the conclusion of the Initial Term
or any subsequent Renewal Term by giving written notice to the other party prior to the last day
of the Initial Term or any such Renewal Term as the case may be (a “Non-Renewal Notice”).
Notwithstanding anything to the contrary in this Section 1, this Agreement shall remain in effect
upon the public announcement of an event that, if consummated, would result in a Change in Control,
as defined in Section 2 hereof, and for a period of twelve (12) months after the closing or
completion of the Change in Control.

2. CHANGE IN CONTROL DEFINED

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

     (a) Merger: The Company merges into, or consolidates with, another corporation, or
merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or

 

 

consolidation is held by persons who were stockholders of the Company immediately before the merger
or consolidation.

     (b) Acquisition of Significant Share Ownership: There is filed, or required to be
filed, a report on Schedule 13D or 13G or another form or schedule required under Sections 13(d),
13(g) or 14(d) of the Securities Exchange Act of 1934, which 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.

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

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

3. TERMINATION FOR GOOD REASON UPON A CHANGE IN CONTROL

     Upon the occurrence of a Change in Control, Executive shall have the right during the
remaining term of this Agreement to voluntarily terminate his employment upon the occurrence of any
of the following events, each of which shall constitute “Good Reason,” unless such event has been
consented to by Executive: (a) a material change in Executive’s position to become one of lesser
responsibility, importance or scope from the position Executive held immediately prior to the
Change in Control; (b) a material reduction in Executive’s base salary or benefits; (c) a
relocation of Executive’s principal place of employment by more than thirty (30) miles from its
location immediately prior to the Change in Control; or (d) any other action or inaction that
constitutes a material breach of this Agreement by the Company or the Bank.

     Notwithstanding the foregoing, termination for Good Reason shall not be effective under this
Section 3 unless Executive gives the Company and/or the Bank prior written notice of the events
giving rise to Executive’s right to elect to terminate for Good Reason. Such prior written notice
shall be given no later than ninety (90) days after the date of the event giving rise to the right
to terminate for Good Reason, and the Company and/or the Bank shall have thirty (30) days to remedy
such condition before Executive terminates employment, provided, however, that the Bank can waive
said 30 day period.

4. TERMINATION FOR CAUSE

     Executive shall not have the right to receive termination benefits pursuant to Section 5
hereof upon termination for Cause. As used herein, “Cause shall mean termination because of
Executive’s: (1) material act of dishonesty in performing Executive’s duties on behalf of the
Company and the Bank or a material breach of the Bank’s Code of Conduct or Sexual and Other

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Non-Harassment Policy; (2) willful misconduct that in the judgment of the Board or the Bank
Chief Executive Officer will likely cause economic damage to the Company and the Bank or injury to
the business reputation of the Company and the Bank; (3) incompetence, (4) breach of fiduciary duty
involving personal profit; (5) intentional failure to perform stated duties after written notice
thereof from the Board; or (6) willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) that reflect adversely on the reputation of the Company and the
Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a
final cease-and-desist order.

     Notwithstanding the foregoing, prior to a Change in Control, Executive’s termination for Cause
will not become effective unless the Chief Executive Officer of the Bank has delivered to Executive
a copy of a Notice of Termination, in accordance with Section 6 hereof. Following a Change in
Control, Executive shall not be deemed to have been Terminated for Cause unless and until there
shall have been delivered to him a Notice of Termination which shall include a copy of a resolution
duly adopted by the affirmative vote of not less than a majority of the members of the Board at a
meeting of the Board called and held for that purpose (after reasonable notice to Executive and an
opportunity for him, together with counsel, to be heard before the Board), finding that in the good
faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and
specifying the particulars thereof in detail.

5. SEVERANCE BENEFITS UPON TERMINATION AFTER CHANGE IN CONTROL

     (a) Upon the occurrence of a Change in Control, followed by (i) Executive’s voluntary
termination for Good Reason or (ii) involuntary termination of Executive’s employment other than
for Cause, the Bank shall pay Executive, or in the event of Executive’s subsequent death,
Executive’s beneficiary or beneficiaries or estate, as the case may be, as severance pay, a cash
lump sum payment equal to one (1) times the sum of (i) his Base Salary and (ii) the highest rate of
bonus paid to Executive during the two (2) years prior to termination, subject to applicable
withholding taxes. In addition, the Bank will continue to provide Executive with life insurance
coverage, non-taxable medical and dental coverage substantially comparable (and on substantially
the same terms and conditions) to the coverage maintained by the Bank for Executive prior to
Executive’s severance. Such coverage shall cease upon expiration of twelve (12) months. The period
for group health care continuation coverage rights under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (COBRA) shall not begin until the expiration of such twelve (12) month
period.

     (b) Upon the occurrence of a Change in Control, Executive will have such rights as specified
in any other employee benefit plan with respect to options and such other rights as may have been
granted to Executive under such plans.

     (c) Any cash severance payments shall be made in a lump sum with the next regularly scheduled
payroll following Executive’s termination of employment. Such payments shall not be reduced in the
event Executive obtains other employment following termination of employment with the Bank.

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     (d) Notwithstanding anything in this Agreement to the contrary, in no event shall the
aggregate payments or benefits to be made or afforded to Executive under this Section 5 constitute
an “excess parachute payment” under Code Section 280G or any successor thereto, and in order to
avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, to an amount,
the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s
“base amount,” as determined in accordance with Code Section 280G. The allocation of the reduction
required hereby shall be determined by Executive, provided, however, that if it is determined that
such election by Executive shall be in violation of Code Section 409A, the allocation of the
required reduction shall be pro-rata.

6. NOTICE OF TERMINATION

     Any purported termination by the Bank or Company or by Executive in connection with or
following a Change in Control shall be communicated by Notice of Termination to the other party
hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which
shall indicate the Date of Termination and, in the event of termination by Executive, the specific
termination provision in this Agreement relied upon. “Date of Termination” shall mean the date
specified in the Notice of Termination (which, in the case of a termination for Cause, shall be
immediate). In no event shall the Date of Termination exceed thirty (30) days from the date Notice
of Termination is given.

     If within thirty (30) days after any Notice of Termination is given, the party receiving such
Notice of Termination notifies the other party that a dispute exists concerning the termination,
the Date of Termination shall be the date on which the dispute is finally determined, either by
mutual written agreement of the parties, by a binding arbitration award, or by a final judgment,
order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected) and provided further that the Date of Termination shall be
extended by a notice of dispute only if such notice is given in good faith and the party giving
such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding the
pendency of any such dispute in connection with a Change in Control, in the event the Executive is
terminated for reasons other than termination for Cause, the Bank will continue to pay Executive
his full compensation in effect when the notice giving rise to the dispute was given (including but
not limited to his annual salary) and continue him as a participant in all compensation, benefit
and insurance plans in which he was participating when the notice of dispute was given, until the
earlier to occur of : (i) the expiration of the remaining term of this Agreement as determined as
of the Date of Termination and (ii) final resolution of the dispute in accordance with this
Agreement. Amounts paid under this Section are in addition to all other amounts due under this
Agreement and shall not be offset against or reduce any other amounts due under this Agreement,
except in the event that Employer prevails in the dispute, in which case all amounts paid hereunder
shall be offset against any other amount due under this Agreement.

7. SOURCE OF PAYMENTS

     All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Bank. The Company, however, guarantees payment and provision of all amounts and
benefits due hereunder to Executive and, if such amounts and benefits due from the

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Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or
provided by the Company.

8. REQUIRED REGULATORY PROVISIONS

     (a) Notwithstanding anything herein contained to the contrary, any payments to Executive by
the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon
their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section
1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

     (b) Notwithstanding anything else in this Agreement, Executive’s employment shall not be
deemed to have been terminated unless and until the Executive has a Separation from Service within
the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). For
purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by the Executive
after the date of the termination (whether as an employee or as an independent contractor) or the
level of further services performed will not exceed 49% of the average level of bona fide services
in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder,
the definition of Separation from Service shall be interpreted consistent with Treasury Regulation
Section 1.409A-1(h)(ii).

9. NO ATTACHMENT

     Except as required by law, no right to receive payments under this Agreement shall be subject
to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect.

10. ENTIRE AGREEMENT; MODIFICATION AND WAIVER

     (a) This Agreement contains the entire understanding between the parties hereto and supersedes
any prior agreement between the Bank and Executive or the Company and Executive, except that this
Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of
a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that
Executive is subject to receiving fewer benefits than those available to him without reference to
this Agreement. This Agreement is not a contract of employment between Executive and the Bank or
the Company.

     (b) This Agreement may not be modified or amended except by an instrument in writing signed by
the parties hereto.

     (c) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future or as to any act other than that specifically waived.

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11. SEVERABILITY

     If, for any reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement or any part of such
provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect.

12. HEADINGS FOR REFERENCE ONLY

     The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

13. GOVERNING LAW

     This Agreement shall be governed by the laws of the State of Delaware but only to the extent
not superseded by federal law.

14. ARBITRATION

     Any dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by binding arbitration, as an alternative to civil litigation and without any trial by
jury to resolve such claims, conducted by a single arbitrator who is certified by the American
Arbitration Association and is mutually acceptable to the Bank and Executive sitting in a location
selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance with
the rules of the American Arbitration Association’s National Rules for the Resolution of Employment
Disputes then in effect. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction.

15. PAYMENT OF LEGAL FEES

     To the extent that such payment(s) may be made without triggering penalty under Code Section
409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute or question
of interpretation relating to this Agreement shall be paid or reimbursed by the Bank or Company,
provided (i) that the dispute or interpretation has been settled by Executive and the Bank and
Company or resolved in Executive’s favor, (ii) Executive has provided prior written notice to the
Bank of his intention to retain counsel and the name of such counsel, and (iii) such reimbursement
shall occur no later than sixty (60) days after the end of the year in which the dispute is settled
or resolved in Executive’s favor.

16. OBLIGATIONS OF BANK

     The termination of Executive’s employment, other than following a Change in Control, shall not
result in any obligation of the Bank or the Company under this Agreement.

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17. SUCCESSORS AND ASSIGNS

     The Bank and the Company shall require any successor or assignee, whether direct or indirect,
by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets
of the Bank and/or the Company, expressly and unconditionally to assume and agree to perform the
Bank’s or Company’s obligations under this Agreement, in the same manner and to the same extent
that the Bank or Company would be required to perform if no such succession or assignment had taken
place.

[Signature Page Follows]

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SIGNATURES

     IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be executed by its
duly authorized officer, and Executive has signed this Agreement, on the dates set forth below.

	 	 	 	 	 	 	 	 	 

	 	 	 	 	LEGACY BANKS	 	 
	 
	 	 	 	 	 	 	 	 
	November 1, 2010
	 	 	 	 	 	 	 	 
	 

Date

	 	 	 	 By:
	 	/s/ Patrick J. Sullivan	 	 
	 

	 	 	 	 	 	 

Patrick J. Sullivan
	 	 
	 

	 	 	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	LEGACY BANCORP, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	November 1, 2010
	 	 	 	 	 	 	 	 
	 

Date

	 	 	 	 By:
	 	/s/ Patrick J. Sullivan	 	 
	 

	 	 	 	 	 	 

Patrick J. Sullivan
	 	 
	 

	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	November 1, 2010

	 	 	 	By:
	 	/s/ Richard M. Sullivan	 	 
	 

Date

	 	 	 	 	 	 

Richard M. Sullivan
	 	 

8

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