Document:

Exhibit 10.63

                      THE FIRST NATIONAL BANK OF LITCHFIELD
                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

      THIS  AGREEMENT  is made this  twenty-eighth  day of April,  2006,  by and
between The First  National  Bank of  Litchfield,  a national  bank,  located in
Litchfield,  Connecticut,  (the  "Company"),  and  Fredrick  F.  Judd,  III (the
"Executive").

                                  INTRODUCTION

      To  encourage  the  Executive  to remain an employee of the  Company,  the
Company is willing to provide to the Executive a deferred incentive opportunity.
The Company will pay the benefits from its general assets.

                                    AGREEMENT

      The Executive and the Company agree as follows:

                                    Article 1
                                   Definitions

      1.1 Definitions.  Whenever used in this Agreement, the following words and
phrases shall have the meanings specified:

            1.1.1 "Base  Salary"  means the total annual base salary  payable to
      the  Executive  at the rate in effect on the date  specified.  Base Salary
      shall not be reduced for any salary reduction  contributions:  (i) to cash
      or  deferred  arrangements  under  Section  401(k) of the Code;  (ii) to a
      cafeteria  plan  under  Section  125 of the Code;  or (iii) to a  deferred
      compensation plan that is not qualified under Section 401(a) of the Code.

            1.1.2 "Code" means the Internal Revenue Code of 1986, as amended.

            1.1.3  "Deferral  Account"  means the  Company's  accounting  of the
      Executive's accumulated Deferrals plus accrued interest.

            1.1.4  "Disability"  means  the  Executive's  inability  to  perform
      substantially all normal duties of the Executive's position, as determined
      by the Company's Board of Directors in its sole discretion. As a condition
      to any  benefits,  the Company may require the Executive to submit to such
      physical or mental  evaluations  and tests as the Board of Directors deems
      appropriate.

            1.1.5 "Early  Retirement Age" means the  Executive's  55th birthday,
      provided he has

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      completed at least 20 Years of Service.

            1.1.6 "Early  Retirement Date" means the date that the Executive has
      terminated  employment  after  attaining  his 55th birthday but before his
      65th birthday provided he has completed at least 20 Years of Service.

            1.1.7  "Earnings"  means the  Company's  reported  Net Income  after
      taxes.

            1.1.8 "Effective Date" means the date first written above.

            1.1.9 "Election Form" means the Form attached as Exhibit 1.

            1.1.10   "Extraordinary  Items"  means  those  items  recognized  by
      Generally   Accepted   Accounting   Principles   as   extraordinary   that
      substantially  affect  shareholder  equity  and/or the  Company's  assets.
      Examples of such items are stock redemptions, mergers, acquisitions, stock
      splits and other items of that nature.

            1.1.11 "Return On Equity" means the Company's Earnings, adjusted for
      Extraordinary  Items,  divided by the Company's common stock equity at the
      end of the same fiscal year.

            1.1.12 "Normal Retirement Age" means the Executive's 65th birthday.

            1.1.13  "Normal  Retirement  Date"  means  the  later of the  Normal
      Retirement Age or Termination of Employment.

            1.1.14  "Plan Year" means the calendar  year.  The initial Plan Year
      shall be a short Plan Year  commencing on the Effective Date and ending on
      December 31 of the same year.

            1.1.15  "Growth of Stock  Rate" means the  percentage  change in the
      Company's fair market value common stock price ("Stock  Price") over a one
      year  period,  measured  on December  31 of each year,  with a  guaranteed
      minimum of 4% and a maximum of 15%, cumulatively.

            1.1.16 "Termination of Employment" means the Executive ceasing to be
      employed  by  the  Company  for  any  reason   whatsoever,   voluntary  or
      involuntary, other than by reason of an approved leave of absence.

            1.1.17  "Years of Service"  means the total  number of  twelve-month
      periods during which the Executive is employed on a full-time basis by the
      Company, inclusive of any approved leave of absence.

                                    Article 2
                                    Incentive

      2.1 Incentive  Award.  The three (3) year rolling  average of and earnings
growth  Return On Equity (the "ROE")  determined  as of December 31 of each plan
year shall determine the Executive's  Incentive Award Percentage,  in accordance
with the attached Schedule A. The chart on Schedule A is specifically subject to
change annually at the sole discretion of the Company's Board of Directors.  The
Incentive Award is calculated annually by taking the Executive's Base Salary for
the Plan Year in which the ROE

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was calculated times the Incentive Award Percentage.

      2.2 Incentive  Deferral.  On March 1 following each Plan Year, the Company
shall declare and pay the Incentive  Award in the form of  compensation  and the
Executive shall defer such amount to the Deferral Account.

                                    Article 3
                                Deferral Account

      3.1  Establishing  and Crediting.  The Company shall  establish a Deferral
Account on its books for the Executive, and shall credit to the Deferral Account
the following amounts:

            3.1.1 Deferrals.  The Incentive Deferral as determined under Article
      2.

            3.1.2 Interest.  On March 1 following each Plan Year and immediately
      prior to the payment of any  benefits,  interest  on the  account  balance
      since the preceding  credit under this Section  3.1.2,  at an annual rate,
      compounded monthly, equal to the Growth of Stock Rate for the same period.

      3.2 Statement of Accounts.  The Company  shall  provide to the  Executive,
within one hundred  twenty (120) days after each Plan Year, a statement  setting
forth the Deferral Account balance.

      3.3 Accounting  Device Only.  The Deferral  Account is solely a device for
measuring amounts to be paid under this Agreement. The Deferral Account is not a
trust fund of any kind.  The  Executive is a general  unsecured  creditor of the
Company for the payment of  benefits.  The benefits  represent  the mere Company
promise to pay such  benefits.  The  Executive's  rights are not  subject in any
manner  to  anticipation,   alienation,  sale,  transfer,   assignment,  pledge,
encumbrance, attachment, or garnishment by the Executive's creditors.

      3.4 Hardship.  If an unforeseeable  financial  emergency  arising from the
death of a family  member,  divorce,  sickness,  injury,  catastrophe or similar
event  outside the control of the  Director  occurs,  the  Director,  by written
instructions to the Company, may reduce future deferrals under this Agreement.

                                    Article 4
                                Lifetime Benefits

      4.1 Normal Retirement Benefit. If the Executive  terminates  employment on
or after the Normal  Retirement  Age for reasons  other than death,  the Company
shall pay to the Executive the benefit  described in this Section 4.1 in lieu of
any other benefit under this Agreement.

            4.1.1 Amount of Benefit.  The benefit  under this Section 4.1 is the
      Deferral Account balance on the Executive's Normal Retirement Date.

            4.1.2  Payment of Benefit.  The Company shall pay the benefit to the
      Executive  commencing  on  the  first  day  of  the  month  following  the
      Executive's Normal Retirement Date in the form elected by the Executive on
      the Election  Form. If the Executive  elects to receive  payments in equal
      monthly installments, the Company shall continue to credit interest on the
      remaining account balance during any applicable  installment  period fixed
      at the rate in effect under Section  3.1.2 on the date of the  Executive's
      Termination of Employment.

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      4.2 Early Retirement Benefit. If the Executive terminates employment on or
after the Early  Retirement  Age and before the Normal  Retirement  Age, and for
reasons other than death or  Disability,  the Company shall pay to the Executive
the  benefit  described  in this 4.2 in lieu of any  other  benefit  under  this
Agreement.

            4.2.1 Amount of Benefit.  The benefit  under this Section 4.2 is the
      Deferral Account balance on the Executive's Early Retirement Date.

            4.2.2  Payment of Benefit.  The Company shall pay the benefit to the
      Executive  in the form and on the date  elected  by the  Executive  on the
      Election Form. If the Executive  elects the Deferred  Payment Option or to
      receive payments in equal monthly installments, the Company shall continue
      to credit interest on the remaining  account balance during any applicable
      installment  period fixed at the rate in effect under Section 3.1.2 on the
      date of the Executive's Termination of Employment.

      4.3 Early  Termination  Benefit.  If the Executive  terminates  employment
before the Early Retirement Age or Normal  Retirement Age for reasons other than
death  or  Disability,  the  Company  shall  pay to the  Executive  the  benefit
described  in  this  Section  4.3 in  lieu  of any  other  benefits  under  this
Agreement.

            4.3.1 Amount of Benefit.  The benefit  under this Section 4.3 is the
      vested  portion  of  the  Deferral  Account  balance  on  the  Executive's
      Termination of Employment.

            4.3.2 Vesting of Awards. For purposes of this Section 4.3, Incentive
      Awards  will vest 20% per year from the date the award was  declared.  The
      Interest credited to each Incentive Award will also vest 20% per year from
      the date the award was declared.

            4.3.3  Payment of Benefit.  The Company shall pay the benefit to the
      Executive  in a single  lump  sum  within  60 days  after  Termination  of
      Employment.

      4.4  Disability  Benefit.  If  the  Executive  terminates  employment  for
Disability  prior to the Early  Retirement  Age or Normal  Retirement  Age,  the
Company shall pay to the Executive the benefit  described in this Section 4.4 in
lieu of any other benefit under this Agreement.

            4.4.1 Amount of Benefit.  The benefit  under this Section 4.4 is the
      Deferral Account balance at Termination of Employment.

            4.4.2  Payment of Benefit.  The Company shall pay the benefit to the
      Executive  commencing  on  the  first  day  of  the  month  following  the
      Executive's Termination of Employment in the form elected by the Executive
      on the Election Form. If the Executive elects to receive payments in equal
      monthly installments, the Company shall continue to credit interest on the
      remaining account balance during any applicable  installment  period fixed
      at the rate in effect under Section  3.1.2 on the date of the  Executive's
      Termination of Employment.

      4.5 Hardship  Distribution.  Upon the Company's  determination  (following
petition by the  Executive)  that the  Executive  has suffered an  unforeseeable
financial emergency as described in Section 3.4, the Company shall distribute to
the Executive all of the Deferral Account balance as determined by the Company.

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<PAGE>

                                    Article 5
                                 Death Benefits

      5.1 Death During Active Service. If the Executive dies while in the active
service of the Company, the Company shall pay to the Executive's beneficiary the
benefit described in this Section 5.1.

            5.1.1  Amount of  Benefit.  The  benefit  under  Section  5.1 is the
      greater  of the  Deferral  Account  balance  or the  projected  retirement
      benefit as per the attached Schedule B.

            5.1.2  Payment of Benefit.  The Company shall pay the benefit to the
      beneficiary  commencing  on  the  first  day of the  month  following  the
      Executive's  death in the form  elected by the  Executive  on the Election
      Form. If the Executive elects payments in equal monthly installments,  the
      Company shall continue to credit interest on the remaining account balance
      during any applicable installment period fixed at the rate in effect under
      Section 3.1.2 on the date of the Executive's Termination of Employment.

      5.2 Death During  Benefit  Period.  If the  Executive  dies after  benefit
payments  have  commenced  under this  Agreement  but before  receiving all such
payments,  the  Company  shall pay the  remaining  benefits  to the  Executive's
beneficiary  at the same time and in the same  amounts they would have been paid
to the Executive had the Executive survived.

      5.3 Death After  Termination  of Employment  But Before  Benefit  Payments
Commence. If the Executive is entitled to benefit payments under this Agreement,
but dies prior to the commencement of said benefit  payments,  the Company shall
pay the benefit  payments to the Executive's  beneficiary that the Executive was
entitled to prior to death except that the benefit  payments  shall  commence on
the first day of the month following the date of the Executive's death.

                                    Article 6
                                  Beneficiaries

      6.1 Beneficiary Designations.  The Executive shall designate a beneficiary
by filing a written  designation  with the Company.  The Executive may revoke or
modify the designation at any time by filing a new written designation. However,
designations  will only be effective if signed by the  Executive and accepted by
the  Company  during  the  Executive's  lifetime.  The  Executive's  beneficiary
designation shall be deemed automatically revoked if the beneficiary predeceases
the  Executive,  or if the  Executive  names a  spouse  as  beneficiary  and the
marriage  is  subsequently  dissolved.  If the  Executive  dies  without a valid
beneficiary designation, all payments shall be made to the Executive's estate in
a lump sum.

      6.2 Facility of Payment.  If a benefit is payable to a minor,  to a person
declared  incompetent,  or to a person  incapable of handling the disposition of
his or her  property,  the Company may pay such benefit to the  guardian,  legal
representative  or person having the care or custody of such minor,  incompetent
person or  incapable  person.  The Company may  require  proof of  incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the
benefit.  Such  distribution  shall  completely  discharge  the Company from all
liability with respect to such benefit.

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<PAGE>

                                    Article 7
                               General Limitations

      Notwithstanding  any  provision  of this  Agreement to the  contrary,  the
Company shall not pay any benefit under this Agreement:

      7.1 Excess  Parachute  Payment.  To the extent the benefit would create an
excise tax under the excess parachute rules of Section 280G of the Code.

      7.2  Termination  for Cause.  If the Company  terminates  the  Executive's
employment for:

            7.2.1 Gross negligence or gross neglect of duties;

            7.2.2  Commission  of a felony or of a gross  misdemeanor  involving
      moral turpitude; or

            7.2.3 Fraud, disloyalty,  dishonesty or willful violation of any law
      or significant Company policy committed in connection with the Executive's
      employment and resulting in an adverse effect on the Company.

      7.3 Suicide.  If the Executive  commits suicide within two years after the
date of this Agreement,  or if the Executive has made any material  misstatement
of fact on any application for life insurance purchased by the Company.

                                    Article 8
                          Claims and Review Procedures

      8.1 Claims  Procedure.  The Company shall notify any person or entity that
makes a claim against the Agreement (the  "Claimant") in writing,  within ninety
(90)  days  of  Claimant's  written  application  for  benefits,  of  his or her
eligibility or noneligibility  for benefits under the Agreement.  If the Company
determines that the Claimant is not eligible for benefits or full benefits,  the
notice shall set forth (1) the specific reasons for such denial,  (2) a specific
reference to the provisions of the Agreement on which the denial is based, (3) a
description of any additional information or material necessary for the Claimant
to perfect his or her claim,  and a description of why it is needed,  and (4) an
explanation of the  Agreement's  claims review  procedure and other  appropriate
information as to the steps to be taken if the Claimant wishes to have the claim
reviewed.  If the  Company  determines  that  there  are  special  circumstances
requiring  additional  time to make a  decision,  the Company  shall  notify the
Claimant  of the  special  circumstances  and the  date by which a  decision  is
expected to be made, and may extend the time for up to an additional  ninety-day
period.

      8.2 Review Procedure.  If the Claimant is determined by the Company not to
be eligible for benefits, or if the Claimant believes that he or she is entitled
to greater or different  benefits,  the Claimant  shall have the  opportunity to
have such claim reviewed by the Company by filing a petition for review with the
Company  within  sixty  (60) days  after  receipt  of the  notice  issued by the
Company.  Said  petition  shall state the  specific  reasons  which the Claimant
believes  entitle him or her to benefits  or to greater or  different  benefits.
Within sixty (60) days after receipt by the Company of the petition, the Company
shall afford the Claimant (and counsel, if any) an opportunity to present his or
her position to the Company orally or in writing,  and the Claimant (or counsel)
shall have the right to review the pertinent documents. The Company shall notify
the Claimant of its decision in writing  within the  sixty-day  period,  stating
specifically  the basis of its  decision,  written in a manner  calculated to be
understood by the Claimant and

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<PAGE>

the specific  provisions  of the  Agreement on which the decision is based.  If,
because of the need for a hearing,  the sixty-day period is not sufficient,  the
decision may be deferred for up to another  sixty-day  period at the election of
the Company, but notice of this deferral shall be given to the Claimant.

                                    Article 9
                           Amendments and Termination

      This  Agreement may be amended or terminated  only by a written  agreement
signed by the Company.

                                   Article 10
                                  Miscellaneous

      10.1 Binding  Effect.  This  Agreement  shall bind the  Executive  and the
Company,   and   their   beneficiaries,    survivors,   executors,   successors,
administrators and transferees.

      10.2 No  Guarantee of  Employment.  This  Agreement  is not an  employment
policy  or  contract.  It does not give the  Executive  the  right to  remain an
employee of the  Company,  nor does it  interfere  with the  Company's  right to
discharge  the  Executive.  It also does not require the  Executive to remain an
employee nor interfere with the Executive's right to terminate employment at any
time.

      10.3  Non-Transferability.  Benefits under this Agreement  cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.

      10.4  Reorganization.  The Company shall not merge or consolidate  into or
with another company, or reorganize,  or sell substantially all of its assets to
another company,  firm, or person unless such succeeding or continuing  company,
firm, or person agrees to assume and  discharge the  obligations  of the Company
under this Agreement.  Upon the occurrence of such event,  the term "Company" as
used in this  Agreement  shall be deemed to refer to the  successor  or survivor
company.

      10.5 Tax  Withholding.  The  Company  shall  withhold  any taxes  that are
required to be withheld from the benefits provided under this Agreement.

      10.6 Applicable  Law. The Plan and all rights  hereunder shall be governed
by and  construed  according  to the laws of  Connecticut,  except to the extent
preempted by the laws of the United States of America.

      10.7  Unfunded  Arrangement.  The Executive  and  beneficiary  are general
unsecured  creditors  of the  Company  for the  payment of  benefits  under this
Agreement.  The benefits  represent  the mere promise by the Company to pay such
benefits.  The rights to benefits are not subject in any manner to anticipation,
alienation,  sale, transfer,  assignment,  pledge,  encumbrance,  attachment, or
garnishment  by creditors.  Any insurance on the  Executive's  life is a general
asset of the Company to which the Executive and beneficiary have no preferred or
secured claim.

      10.8 Recovery of Estate Taxes. If the Executive's gross estate for federal
estate tax  purposes  includes  any amount  determined  by  reference  to and on
account of this Agreement,  and if the beneficiary is other than the Executive's
estate,  then the  Executive's  estate  shall be  entitled  to recover  from the
beneficiary  receiving such benefit under the terms of the Agreement,  an amount
by which the total estate tax due by the Executive's  estate,  exceeds the total
estate tax which would have been payable if the value

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of such benefit had not been included in the Executive's  gross estate. If there
is more than one person  receiving such benefit,  the right of recovery shall be
against  each  such  person.  In  the  event  the  beneficiary  has a  liability
hereunder, the beneficiary may petition the Company for a lump sum payment in an
amount not to exceed the beneficiary's liability hereunder.

      10.9  Entire  Agreement.  This Agreement  constitutes the entire agreement
            between  the  Company and the  Executive  as to the  subject  matter
            hereof.  No rights are  granted to the  Executive  by virtue of this
            Agreement other than those specifically set forth herein.

      10.10 Administration. The Company shall have powers which are necessary to
administer this Agreement, including but not limited to:

                  10.10.1 Interpreting the provisions of the Agreement;

                  10.10.2 Establishing and revising the method of accounting for
                           the Agreement;

                  10.10.3 Maintaining a record of benefit payments; and

                  10.10.4 Establishing rules and prescribing any forms necessary
                          or desirable to administer the Agreement.

      10.11 Designated Fiduciary. For purposes of the Employee Retirement Income
Security Act of 1974, if  applicable,  the Company shall be the named  fiduciary
and plan administrator under the Agreement.  The named fiduciary may delegate to
others certain aspects of the management and operation  responsibilities  of the
plan  including  the  employment of advisors and the  delegation of  ministerial
duties to qualified individuals.

      IN WITNESS  WHEREOF,  the Executive and a duly authorized  Company officer
have signed this Agreement.

EXECUTIVE:                                  COMPANY:
                                  The First National Bank of Litchfield
                                  -------------------------------------

Signed:                               By    Joseph J. Greco
Frederick F. Judd, III
                                      Title       CEO & President              .
                                             ----------------------------------

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                                  EXHIBIT 1 TO
                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

                           Normal Retirement Benefits
                           --------------------------

I elect to receive my Normal  Retirement  Benefits  under  Section  4.1.2 of the
Agreement in the following form: [Initial One]

_FJ_   Lump sum

____ Equal monthly installments for 180 months.

                            Early Retirement Benefits
                            -------------------------

I elect to receive  my Early  Retirement  Benefits  under  Section  4.2.2 of the
Agreement in the following form: [Initial One]

_FJ_  Lump  sum,  payable  on the  first  day of the  month  following  my Early
Retirement Date.

____ Deferred Lump sum, payable on                                            .
                                  --------------------------------------------

      ____ Equal monthly installments for 180 months commencing on the first day
of the month following my Early Retirement Date.

      ____  Deferred  Equal  monthly  installments  for  180  months  commencing
on_________________________.

                               Disability Benefits
                               -------------------

I elect to receive my Disability  Benefits  under Section 4.4.2 of the Agreement
in the following form: [Initial One]

__FJ__ Lump sum

____ Equal monthly installments for 180 months.

                                 Death Benefits
                                 --------------

I elect to have my Death  Benefit paid under  Section  5.1.2 of the Agreement in
the following form: [Initial One]

__FJ_ Lump sum

____ Equal monthly installments for 180 months.

Signature: /s/ Frederick F. Judd,III
------------------------------------

Date: April 28, 2006
--------------------

Accepted by the Company this 28th day of April, 2006.

Signature:  /s/ Joseph J. Greco
-------------------------------
By         Joseph J. Greco         .
    -------------------------------
Title      President & CEO          .
       -----------------------------

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                             BENEFICIARY DESIGNATION

                      The First National Bank of Litchfield
                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

I  designate  the  following  as  beneficiary  of any death  benefits  under the
Executive Incentive Retirement Agreement:

Primary:    Lisa D. Judd

Contingent:   Olivia Judd, Caroline Judd, Benjamin Judd

--------------------------------------------------------------------------------

Note: To name a trust as beneficiary,  please provide the name of the trustee(s)
      and the exact name and date of the trust agreement.
              -----

I understand  that I may change these  beneficiary  designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically  revoked if the beneficiary  predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved.

Signature:  /s/ Frederick F. Judd III
Date:  April 28, 2006

Accepted by the Company this 28th day of  April, 2006.

Signature:  /s/ Joseph J. Greco

By         Joseph J. Greco       .
     -----------------------------
Title      President & CEO       .
       ---------------------------

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                                   Schedule A

                      Deferred Bonus as a % of Annual Fees
--------------------------------------------------------------------------------

                   ------------------------------------------------------------
             14.0%    11.0      12.1      13.1       14.1     15.1     16.1
                   ------------------------------------------------------------
             13.0%    10.3      11.3      12.2       13.1     14.1     15.0
                   ------------------------------------------------------------
             12.0%     9.6      10.5      11.4       12.2     13.1     14.0
                   ------------------------------------------------------------
Earnings     11.0%     8.9       9.7      10.5       11.3     12.1     13.0
                   ------------------------------------------------------------
 Growth      10.0%     8.2       8.8       9.7       10.4     11.2     11.9
                   ------------------------------------------------------------
              9.0%     7.5       8.1       8.8       9.5      10.2     10.9
                   ------------------------------------------------------------
             8.0%      6.8       7.5       8.0       8.6       9.2     9.8
                   ------------------------------------------------------------
              7.0%     6.1       6.5       7.2       7.7       8.3     8.8
                   ------------------------------------------------------------
              6.0%     5.3       5.9       6.3       6.8       7.3     7.8
                   ------------------------------------------------------------
              5.0%     4.6       5.0       5.5       5.9       6.3     6.7
                   ------------------------------------------------------------
                      11.0%     12.0%     13.0%     14.0%     15.0%   16.0%

                                Return on EquityExhibit 10.64

                      EXECUTIVE CHANGE IN CONTROL AGREEMENT
                 NOT TO BE CONSTRUED AS AN EMPLOYMENT AGREEMENT

                      THE FIRST NATIONAL BANK OF LITCHFIELD
                     FIRST LITCHFIELD FINANCIAL CORPORATION
                                 13 North Street
                             Litchfield, Connecticut

      WHEREAS, The First National Bank of Litchfield (the "Bank") and its parent
bank holding  company,  First  Litchfield  Financial  Corporation  (the "Holding
Company"),  wish to continue to employ Joseph J. Greco ("Employee") as President
and CEO of the Bank.  The Bank and the Holding  Company  expect that  Employee's
contributions  and knowledge will continue to be of  significant  benefit to the
future growth and success of the Bank;

      WHEREAS,  the  Boards of  Directors  of the Bank and the  Holding  Company
recognize  that a change in control of the Bank and/or the  Holding  Company may
occur and that the threat of such change in control may create  uncertainty  and
may result in the  distraction or departure of key personnel to the detriment of
the Bank and Holding Company and their stockholders;

      WHEREAS, the Boards have determined that appropriate steps should be taken
to reinforce and  encourage  the  continued  dedication of members of the Bank's
management,  including  Employee,  to  their  assigned  duties  in the  face  of
potential circumstances involving the possibility of such a change in control;

      NOW  THEREFORE,  in  addition  to one  dollar  ($1.00)  and other good and
valuable  consideration  paid by the Bank to  Employee  and in  order to  induce
Employee  to  continue  employment  with  the Bank and to  continue  to  perform
Employee's  duties in a manner which is in the best  interests of the Bank,  the
Bank and Holding Company hereby agree to provide  Employee with certain benefits
in the  event  his/her  employment  with the Bank  terminates  or is  reassigned
subsequent  to a Change in Control  (as  defined in Section 2 hereof)  under the
circumstances described below.

      1. Term of Agreement;  Employment Status. This Agreement shall take effect
when signed by all parties and shall  remain in full force and effect until June
1, 2008.  All employees of Bank and Holding  Company,  including  Employee,  are
employees at will. The terms of this  Agreement,  therefore,  do not and are not
intended to create either an express and/or implied  contract of employment with
the Bank and/or the Holding  Company.  This Agreement  simply  provides  certain
potential  benefits  to  Employee  in the event that a Change in Control  occurs
prior to June 1, 2008 as hereinafter defined.

      2. Change in Control.  No benefits shall be payable hereunder unless prior
to June 1, 2008 there  shall  have been a Change in Control as set forth  below,
and  thereafter  within  twenty-four  (24)  months  of such  Change  in  Control
Employee's  employment with the Bank and/or its successor terminates or Employee
is  reassigned  in  accordance  with  Section 3,  below.  For  purposes  of this
Agreement, a "Change in Control" shall mean any of the following:

            (a) The  acquisition  of fifty percent (50%) or more of any class of
      equity securities of the Holding Company by any person (or persons working
      in concert) or entity after the date hereof;

            (b) The  acquisition  of fifty percent (50%) or more of any class of
      equity  securities  of the Bank by any person or entity other than Holding
      Company;

                                       2
<PAGE>

            (c) A merger,  consolidation or  reorganization to which the Bank or
      the Holding Company is a party,  if, as a result thereof,  individuals who
      were  directors of the Bank or Holding  Company,  immediately  before such
      transaction shall cease to constitute a majority of the Board of Directors
      of the surviving entity;

            (d) A sale of all or substantially  all of the assets of the Bank or
      the Holding Company to another party;

            (e) The  assumption of all or  substantially  all of the deposits of
      the Bank by  another  party  other  than  the  Federal  Deposit  Insurance
      Corporation; or

            (f) During any twenty-four (24) month period, individuals who at the
      beginning of such period constitute the Board of Directors of the Bank and
      the Holding Company, cease for any reason (other than death or disability)
      to  constitute  at least a majority  thereof  unless the  election  or the
      nomination  for  election  by  the   stockholders  of  the  Bank  and  the
      stockholders of Holding  Company,  respectively,  of each new director was
      approved by a vote of at least a majority of the  directors of the Bank or
      of Holding Company as applicable,  then still in office who were directors
      of the Bank or the Holding Company, as applicable, at the beginning of the
      period.

      3. Termination Following Change in Control. If any of the events described
in  Section 2 hereof  constituting  a Change in  Control  shall  have  occurred,
Employee  shall be entitled to the benefits  provided for in Section 4(a) hereof
upon the  termination or  reassignment  of his employment as a senior  executive
officer of the Bank and/or its  successor  as provided in this Section 3, within
twenty-four  (24) months after such event,  unless such employment is terminated
or   reassigned:   (i)  by  any   regulatory   authority   (acting  with  proper
jurisdiction);  or (ii) by the Board of Directors for cause; or (iii) because of
Employee's  death,  retirement or disability.  Such benefits shall be reduced by
the amount of any severance paid to Employee by the Bank or its successor.

            (a) Retirement; Disability.
                -----------------------

                  (i)  Termination of employment by the Bank based on retirement
      shall mean the mandatory  termination of employment in accordance with the
      retirement policy of the Bank,  including (at Employee's sole election and
      as set forth in writing)  early  retirement,  generally  applicable to its
      salaried  employees  or in  accordance  with  any  retirement  arrangement
      established with Employee's consent with respect to Employee.

                  (ii) Termination of employment by the Bank based on disability
      shall mean termination because of inability, as a result of incapacity due
      to physical or mental  illness,  to perform  the  services  required as an
      employee for a period aggregating six (6) months or more within any twelve
      (12) month period, or because Employee becomes or is deemed disabled under
      any applicable policy providing disability insurance.

            (b)  Notice of  Termination.  The Bank  agrees  that in the event of
termination  it  will  promptly  furnish  Employee  with  a  written  Notice  of
Termination.  Any purported  termination  of Employee shall be  communicated  by
written Notice of Termination  to the Bank.  For purposes of this  Agreement,  a
"Notice of  Termination"  shall mean a notice  which shall  include the specific
termination  provision  in this  Agreement  relied  upon and  shall set forth in
reasonable  detail  the facts and  circumstances  claimed to provide a basis for
termination of Employee's employment under the provision so indicated.

            (c) Date of Termination.  "Date of Termination"  shall mean the date
on which a Notice of  Termination  is given;  provided  that, if within five (5)
days after any Notice of Termination is

                                       3
<PAGE>

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 and final 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).

            (d) Reassignment. Reassignment shall mean a reduction in base salary
or an  involuntary  reassignment  of  Employee's  duties,  responsibilities,  or
benefits  inconsistent with those of a senior executive officer of a bank or the
involuntary  relocation of Employee's primary duties and  responsibilities to an
office or location greater than fifty (50) miles from Litchfield, Connecticut or
action  which  results  in  a  significant  worsening  of  the  Employee's  work
conditions  (including,  but not limited to, a significant  change in employment
duties, responsibilities, required hours or otherwise).

      4. Compensation Upon Termination or Reassignment.
         ----------------------------------------------

            (a) If, within twenty-four (24) months after a Change in Control, as
defined in Section 2 hereof, shall have occurred, Employee's employment with the
Bank  terminates  or is  reassigned as defined in Section 3 (except by an agency
acting with proper  jurisdiction,  or by a board of directors  for cause or as a
result of death,  retirement or disability),  then the Bank and/or its successor
shall pay Employee  within five (5) days after the Date of Termination an amount
equal to the sum of:

                  (i) Two (2) years of Employee's annual compensation based upon
      the most recent  aggregate base salary paid to Employee in the twelve (12)
      month period  immediately  preceding  his/her  termination or reassignment
      less  amounts  previously  paid to  Employee  from the date of  Change  in
      Control; plus

                  (ii) Reasonable  legal fees and expenses  incurred by Employee
      as a result of such  termination or reassignment  (including all such fees
      and  expenses,  if any,  incurred  in  contesting  or  disputing  any such
      termination or  reassignment  or in seeking to obtain or enforce any right
      or benefit provided for by this Agreement).

            (b)  Employee  shall not be required  to mitigate  the amount of any
payment provided for in this Section 4 by seeking other employment or otherwise,
nor shall the amount of any payment provided for in this Section 4 be reduced by
any  compensation  earned by  Employee  as the result of  employment  by another
employer after the Date of Termination or Reassignment, or otherwise.

            (c) It is the  intention  of the parties to this  Agreement  that no
payments by the Bank to or for Employee's  benefit under this Agreement shall be
non-deductible  to the Bank by reason of the  operation  of Section  280G of the
Internal Revenue Code. Accordingly,  notwithstanding any other provision hereof,
if by reason of the operation of said Section 280G of the Internal Revenue Code,
any such  payments  exceed the amount  which can be  deducted  by the Bank,  the
amount of such payments shall be reduced to the maximum which can be deducted by
the Bank.  To the extent  that  payments  in excess of the  amount  which can be
deducted by the Bank have been made to and for Employee's benefit, they shall be
refunded with interest at the applicable  rate provided under Section 1274(d) of
the  Internal  Revenue  Code,  or at such other rate as may be required in order
that no such  payment  to or for  Employee's  benefit  shall  be  non-deductible
pursuant to Section

280G of the Internal  Revenue Code.  Any payments made  hereunder  which are not
deductible by the Bank as a result of losses which have been carried  forward by
the Bank for Federal tax purposes  shall not be deemed a  non-deductible  amount
for purposes of this Section 4(c).

                                       4
<PAGE>

      5. Continuation of Insurance Benefits.
         -----------------------------------

      Notwithstanding any other provision in this Agreement to the contrary, the
Bank and/or its successor shall maintain in full force and effect for Employee's
continued  benefit,  for the two (2) year  period  beginning  upon a  Change  in
Control,  all life  insurance,  medical,  health  and  accident  and  disability
policies, plans, programs or arrangements which were in effect immediately prior
to the Change in Control.

      6. Successors; Binding Agreement.
         ------------------------------

            (a) The Bank and the Holding  Company  will  require  any  successor
(whether direct or indirect, by purchase, merger, consolidation,  acquisition of
assets or assumption of liabilities or otherwise) to all or substantially all of
the  business  and/or  assets  and/or  deposits of the Bank,  by  agreement,  to
expressly  assume and agree to perform this  Agreement in the same manner and to
the same  extent  that  the Bank  would be  required  to  perform  it if no such
succession had taken place. Failure of the Bank and/or Holding Company to obtain
such agreement  prior to the  effectiveness  of any such  succession  shall be a
breach of this  Agreement and shall entitle  Employee to  compensation  from the
Bank in the same  amount  and on the same  terms  as he  would  be  entitled  to
hereunder if his/her  employment  had terminated as a result of a Termination or
Reassignment, as provided in Section 3 hereof, after a Change in Control, except
that for  purposes of  implementing  the  foregoing,  the date on which any such
succession becomes effective shall be deemed the Date of Termination. As used in
this  Agreement,  "Bank"  shall mean the Bank as  hereinbefore  defined  and any
successor to the business,  assets and/or  deposits as aforesaid  which executes
and delivers  the  agreement  provided for in this Section 6 or which  otherwise
becomes bound by all the terms and  provisions of this Agreement by operation of
law.

            (b) This Agreement  shall inure to the benefit of and be enforceable
by  Employee's  personal or legal  representatives,  executors,  administrators,
successors,  heirs, distributees,  devisees and legatees. If Employee should die
after any rights to receive the  amounts  contemplated  hereby  have  accrued to
Employee  but before  such  amounts  have been paid,  all such  amounts,  unless
otherwise  provided  herein,  shall be paid in accordance with the terms of this
Agreement to his/her devisee,  legatee or other designee or, if there be no such
designee, to his/her estate.

      7.  Notices.  All notices and other  communications  provided  for in this
Agreement  shall be in writing  and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt  requested,
postage  prepaid,  addressed to the respective  addresses set forth on the first
page of this  Agreement,  provided  that all notices to the Bank and the Holding
Company  shall be  directed  to the  attention  of the Board  with a copy to the
Chairman  of the Board of the Bank and the  Chairman of the Board of the Holding
Company or to such other address as either party may have furnished to the other
in writing in accordance herewith, except that notice of change of address shall
be effective only upon receipt.

      8. Miscellaneous.  No provision of this Agreement may be modified,  waived
or  discharged  unless such  waiver,  modification  or discharge is agreed to in
writing and signed by  Employee  and such other  officer as may be  specifically
designated  by the Board.  No waiver by either  party  hereto at any time of any
breach by the other or failure to comply with any condition or provision of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar or  dissimilar  provisions  or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied,  with  respect to the  subject  matter  hereof have been made by either
party  which  are not  expressly  set  forth in this  Agreement.  The  validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Connecticut and of the United States of America.

      9. Validity.  The invalidity or  unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

                                       5
<PAGE>

      10. Counterparts.  This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which  together  will
constitute one and the same instrument.

      11. Arbitration. Any dispute or controversy arising under or in connection
with this Agreement  shall be settled  exclusively by arbitration in Litchfield,
Connecticut,   in  accordance  with  the  rules  of  the  American   Arbitration
Association then in effect.  Notwithstanding the pendency of any such dispute or
controversy, the Bank will pay Employee promptly an amount equal to his/her full
scheduled  compensation in effect when the notice giving rise to the dispute was
given (including, but not limited to, base salary) and provide Employee with all
scheduled   compensation,   benefits  and  insurance   plans  in  which  he  was
participating  when the notice  giving rise to the dispute was given,  until the
dispute is finally  resolved in accordance  with Section 3 hereof.  Amounts paid
under  this  Section  11 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.  Judgment may be entered on the arbitrator's  award in any court
having jurisdiction;  provided, however, that Employee shall be entitled to seek
specific  performance  of his/her right to be paid until the Date of Termination
during the pendency of any dispute or controversy arising under or in connection
with this Agreement.

      Agreed to this 26th day of May,  2006,  by and among  Employee,  The First
National Bank of Litchfield, and First Litchfield Financial Corporation.

                                   THE FIRST NATIONAL BANK OF LITCHFIELD

                                   /s/ Charles E. Orr
                                   By:  Charles E. Orr
                                   Its:  Chairman
                                   Duly Authorized

                                   FIRST LITCHFIELD FINANCIAL CORPORATION

                                   /s/ Charles E. Orr
                                   By:  Charles E. Orr
                                   Its:  Chairman
                                   Duly Authorized

                                   EMPLOYEE

                                   Signature:  /s/ Joseph J. Greco
                                                       Joseph J. Greco

STATE OF CONNECTICUT )
                     )  ss:  Litchfield
COUNTY OF LITCHFIELD )

      On this the 26th day of May, 2006, before me, the undersigned,  personally
appeared Charles E. Orr, who acknowledged  himself/herself to be the Chairman of
THE  FIRST   NATIONAL  BANK  OF  LITCHFIELD  and  FIRST   LITCHFIELD   FINANCIAL
CORPORATION,  and that  he/she  as such  Chairman,  being  authorized  so to do,
executed the foregoing  instrument for the purposes therein contained by signing
his name.

      In Witness Whereof, I hereunto set my hand.

                                       6
<PAGE>

                                         /s/ Michelle L. Quigley
                                         Notary Public
                                         My Commission Expires:  Mar 31, 2007

STATE OF CONNECTICUT  )
                      ) ss.:  Litchfield
COUNTY OF  LITCHFIELD )

      On this the 26th day of May,  2006,  before me, the  undersigned  officer,
personally appeared, Joseph J. Greco, known to me or satisfactorily proven to be
the person signing the foregoing  document and acknowledged that he/she executed
the same for the purposes therein contained as his free act and deed.

      In Witness Whereof, I hereunto set my hand.

                                         /s/ Michelle L. Quigley
                                         Notary Public
                                         My Commission Expires:  Mar 31, 2007

                                       7

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