Document:

Employment Agreement with Theodore N. Scontras

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made
and entered into, effective as of the 21st day of
June, 2010, by and between Savings Bank of Maine, a federal savings bank (the “Bank”), and Theodore N. Scontras, a resident of Saco, Maine (“Executive”). 

WITNESSETH: 
 WHEREAS, the Bank is a federal savings bank located in Gardiner, Maine; and 

WHEREAS, the Bank wishes to retain Executive as Executive Vice President – Government and Non-Profit Entities of the Bank;
and 
 WHEREAS, the Bank and Executive are willing to enter into this Employment Agreement (“Agreement”)
on the terms herein set forth; 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants herein
contained, the parties hereto, intending to be legally bound, do hereby mutually covenant and agree as follows: 
 Section 1.
Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Cause” shall mean termination of Executive’s employment on account of, but not limited to, the
following reasons: 
 (i) Personal dishonesty; 

(ii) Incompetence; 
 (iii) Willful misconduct; 
 (iv) Breach of fiduciary duty
involving personal profit; 
 (v) Intentional failure to perform stated duties; 

(vi) Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order; or 
 (vii) Material breach of any provision of this Agreement. 

Section 2. Employment and Term. Bank hereby agrees to employ Executive as Executive Vice President – Government and
Non-Profit Entities responsible for government and non-profit entity banking sales and distribution strategies, subject to receipt of all required approvals of the Office of Thrift Supervision (the “OTS”), and Executive accepts said
employment and agrees to serve in such capacity upon the terms and conditions hereinafter set forth. The term of this Agreement (the “Term”) shall be one year. 

 Section 3. Duties of Employment. 

(a) Executive shall serve as Executive Vice President – Government and Non-Profit Entities of the Bank, such service
to be subject to the terms of this Employment Agreement and the direction and control of the Board of Directors of the Bank. 
 (b) Executive will serve the Bank faithfully, diligently and competently and will devote full-time to his employment and may hold, in addition to the office of Executive Vice President – Government
and Non-Profit Entities of the Bank, such other executive offices of the Bank, or its subsidiaries and affiliates, to which he may be elected, appointed or assigned by the Board of Directors of the Bank from time to time and will discharge such
executive duties in connection therewith. 
 (c) Nothing in this Agreement shall preclude Executive, with the
prior approval of the Board of Directors of the Bank, from devoting reasonable periods of time required for (i) serving as a director or member of a committee of any organization involving no conflict of interest with the Bank, or
(ii) engaging in charitable, religious and community activities, provided, that such directorships, memberships or activities do not materially interfere with the performance of his duties hereunder. 

Section 4. Compensation. The Bank shall pay to Executive as compensation for the services to be rendered by him hereunder the
following: 
 (a) A base salary at the rate of One Hundred Seventy-Five Thousand Dollars ($175,000) per year, or
such larger sum as the Board of Directors of the Bank may from time to time determine in connection with regular periodic performance reviews pursuant to the Bank’s policies and practices, with payments to be made no less frequently than
monthly. 
 (b) In addition, for the full calendar year 2011, Executive shall be entitled to a minimum cash
bonus of Thirty-Five Thousand Dollars ($35,000) and may be entitled to an additional annual bonus, payable in cash or other form of compensation, in an amount and form set by the Board of Directors of the Bank. The Board of Directors of the Bank may
establish one or more individual or corporate goals, the achievement of which may be made a condition to the payment of the foregoing bonus to Executive. Such goals shall be communicated to Executive and shall be stated to be a condition to payment
of said bonus. 
 Section 5. Benefits. Executive shall be entitled to the following benefits: 

(a) Health and medical insurance comparable to coverage provided for executive employees of the Bank generally in
compliance with such plans or practices in effect at the Bank. 
 (b) The Bank’s holding company has
established an equity incentive plan (“Equity Incentive Plan”), in which Executive may be entitled to participate, as determined by the Bank’s board of directors in its sole discretion, and in accordance with the terms thereof,
as may be in effect from time to time and subject to any required approvals from OTS. 

  
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 (c) Participation in the Bank’s pension plan, in accordance with the
terms thereof, as may be in effect from time to time. 
 (d) A monthly automobile allowance of Seven Hundred
Dollars ($700) per month or reimbursement of automobile expenses in accordance with IRS guidelines pursuant to Paragraph 5 (e), at Executive’s option 
 (e) Reimbursement of all travel and other reasonable business expenses incident to the rendering of services by Executive hereunder subject to the submission of appropriate vouchers and receipts in
accordance with the Bank’s policy from time to time in effect. 
 Section 6. Termination. This Agreement shall end
upon the occurrence of any of the following events: 
 (a) Termination of Executive’s employment by the
Bank. 
 (b) The voluntary termination of Executive’s employment by Executive. 

(c) The death or disability of Executive. If this Agreement is terminated by reason of the disability of Executive, the
Bank shall give written notice to that effect to Executive in the manner provided in Paragraph 13 herein. 
 Section 7.
Payment Upon Termination. 
 (a) If Executive’s employment is terminated by the Bank for any reason,
with or without Cause, the obligations of the Bank under this Agreement shall cease and Executive shall forfeit all right to receive any compensation or other benefits under this Agreement except only salary and reimbursable expenses accrued through
the date of such termination. 
 (b) If Executive shall voluntarily terminate his employment during the Term, or
shall die, the obligations of the Bank under this Agreement shall cease and Executive shall forfeit all right to receive any compensation or other benefits under this Agreement except only salary and reimbursable expenses accrued through the date of
such termination. 
 (c) If Executive’s employment is terminated by reason of disability, then Executive
shall receive any disability benefits under any long-term disability plan maintained by the Bank. 
 Section 8. Confidential
Information. Executive understands that in the course of his employment by the Bank, Executive will receive or have access to confidential information concerning the business of the Bank and which the Bank desires to protect. Such confidential
information shall be deemed to include, but not be limited to, the Bank’s customer and prospective customer lists, loan lists and information, and employee lists, including, if known, personnel information and data. Executive agrees that,
unless as otherwise may be required by law, he will not at any time during the period ending one year after termination of the Agreement reveal to anyone outside the Bank or use for his own benefit any such information without specific written
authorization by the Bank. Executive further agrees not to use any such confidential information or trade secrets in competing with Bank at any time during or in the one year period immediately following termination of employment with Bank.

  
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 Section 9. Covenants by Executive Not to Compete With the Bank. 

(a) Upon termination of Executive’s employment with the Bank for any reason, Executive covenants and agrees that he
will not at any time during the period of one year from and after such termination directly or indirectly in any manner or under any circumstances or conditions whatsoever be or become interested, as an individual, partner, principal, agent, clerk,
employee, stockholder, officer, director, trustee, or in any other capacity whatsoever, except as a nominal owner of stock of a public corporation, in any other business in any county in any state in which the Bank maintains a main office or a
branch office that competes with the business of the Bank as it exists at the time of Executive’s termination, or engage or participate in, directly or indirectly (whether as an officer, director, employee, partner, consultant, holder of an
equity or debt investment, lender or in any other manner or capacity), or lend his name (or any part or variant thereof) to, any business in any such county that is, or as a result of the Executive’s engagement or participation would become,
competitive with any aspect of the business of the Bank as it exists at the time of Executive’s termination or solicit any officer, director, employee or agent of the Bank or any subsidiary or affiliate of the Bank to become an officer,
director, employee or agent of Executive, his affiliates or anyone else; ownership, in the aggregate, of less than five percent (5%) of the outstanding shares of capital stock of any corporation shall not constitute a violation of the foregoing
provision. 
 (b) Executive hereby acknowledges that his services are unique and extraordinary, and are not
readily replaceable, and hereby expressly agrees that the Bank, in enforcing the covenants contained in Paragraphs 8 and 9 herein, in addition to any other remedies provided for herein or otherwise available at law, shall be entitled in any court of
equity having jurisdiction to an injunction restraining him in the event of a breach, actual or threatened, of the agreements and covenants contained in these Paragraphs without any requirement to post a bond or other surety. 

(c) The parties hereto believe that the restrictive covenants of these Paragraphs are reasonable. However, if at any time
it shall be determined by any court of competent jurisdiction that these Paragraphs or any portion of them as written, are unenforceable because the restrictions are unreasonable, the parties hereto agree that such portions as shall have been
determined to be unreasonably restrictive shall thereupon be deemed so amended as to make such restrictions reasonable in the determination of such court, and the said covenants, as so modified, shall be enforceable between the parties to the same
extent as if such amendments had been made prior to the date of any alleged breach of said covenants. 
 Section 10. No
Obligation to Mitigate. So long as Executive shall not be in breach of any provision of Paragraph 8 or 9, Executive shall have no duty to mitigate damages in the event of a termination and if he voluntarily obtains other employment
(including self-employment), any compensation or profits received or accrued, directly or indirectly, from such other employment shall not reduce or otherwise affect the obligations of the Bank to make payments hereunder. 

  
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 Section 11. Insurance. The Bank shall have the right at its own cost and expense to
apply for and to secure in its own name, or otherwise, life, health or accident insurance or any or all of them covering Executive, and Executive agrees to submit to the usual and customary medical examination and otherwise to cooperate with the
Bank in connection with the procurement of any such insurance, and any claims thereunder. 
 Section 12. Regulatory
Limitations. In the event any of the provisions of this Agreement conflict with the terms of this Paragraph 12, this Paragraph 12 shall prevail. 
 (a) The Bank may terminate Executive’s employment at any time. Executive shall not have the right to receive compensation or other benefits for any period after termination. 

(b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the
Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay Executive all or part of the compensation withheld while its contract
obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal
Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be
affected. 
 (d) If the Bank is in default as defined in Section 3(x)(l) of the Federal Deposit
Insurance Act, 12 U.S.C. Section 1813(x)(l), all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties, 

(e) All obligations under this Agreement shall terminate, except to the extent determined that continuation of the
contract is necessary for the continued operation of the institution: (i) by the Director of the OTS (or his designee) at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained
in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the Director of the OTS (or his or her designee) at the time the Director (or his or her designee) approves a supervisory
merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such
action. 
 (f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and
conditioned upon their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

  
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 Section 13. Notices. All notices under this Agreement shall be in writing and shall
be deemed effective when delivered in person to Executive or to the Secretary of the Bank, or if mailed, postage prepaid, registered or certified mail, addressed, in the case of Executive, to his last known address, and, in the case of the Bank, to
its headquarters, attention of the Secretary, or to such other address as the party to be notified may specify by notice to the other party. Executive hereby agrees to give the Bank not less than sixty days’ advance notice of his intended
resignation or other termination from the Bank. 
 Section 14. Successors and Assigns. The rights and obligations of the
Bank under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Bank, including, without limitation, any institution, individual or other person or entity which may acquire all or substantially all
of the assets and business of the Bank, or with or into which the Bank may be consolidated or merged or any surviving entity in any merger involving the Bank. All references in this Agreement to the Bank shall be deemed to include all such
successors and assigns. 
 Section 15. Arbitration. Any dispute which may arise between the parties hereto may, if both
parties agree, be submitted to binding arbitration in Gardiner, Maine in accordance with the Rules of the American Arbitration Association; provided that any such dispute shall first be submitted to the Bank’s Board of Directors in an effort to
resolve such dispute without resort to arbitration. 
 Section 16. Severability. If any of the terms or conditions of
this Agreement shall be declared void or unenforceable by any court or administrative body of competent jurisdiction, such term or condition shall be deemed severable from the remainder of this Agreement, and the other terms and conditions of this
Agreement shall continue to be valid and enforceable. 
 Section 17. Amendment. This Agreement may be
modified or amended only by an instrument in writing executed by the parties hereto. 
 Section 18. Construction. This
Agreement shall supersede and replace all prior agreements and understandings between the parties hereto on the subject matter covered hereby. This Agreement shall be governed and construed under the laws of the State of Maine. Paragraph headings
are for convenience only and shall not be considered a part of the terms and provisions of the Agreement. 

  
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 IN WITNESS WHEREOF, the Bank has caused this Agreement to be
executed by a duly authorized representative, and Executive has hereunto set his hand, effective this 21st day of June, 2010. 
  

					
	SAVINGS BANK OF MAINE
		
	By:	 	/s/ John W. Everets
		 	Name:	 	John W. Everets
		 	Title:	 	Chairman and CEO
	
	 EXECUTIVE

		
	By:	 	/s/ Theodore N. Scontras
		 	Name:	 	Theodore N. Scontras

  
 7Employment Agreement with Ronald Maggiacomo

 Exhibit 10.13 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made and entered into,
effective as of January 15, 2011, by and between Savings Bank of Maine, a federal savings bank (the “Bank”) and Ronald Maggiacomo, a resident of East Greenwich, Rhode Island (“Executive”). 

WITNESSETH: 
 WHEREAS, the Bank is a federal savings bank with a main office located in Gardiner, Maine; 
 WHEREAS, Executive is an individual with substantial experience in banking; 

WHEREAS, the Bank wishes to retain Executive as Executive Vice President of the Bank; and 

WHEREAS, the Bank and Executive are willing to enter into this Employment Agreement (“Agreement”) on the terms
herein set forth; 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the
parties hereto, intending to be legally bound, do hereby mutually covenant and agree as follows: 
 1. Definitions. For
purposes of this Agreement, “Cause” shall mean termination of Executive’s employment on account of, but not limited to, the following reasons: 

(i) Personal dishonesty; 
 (ii) Incompetence; 
 (iii) Willful misconduct; 

(iv) Breach of fiduciary duty involving personal profit; 

(v) Intentional failure to perform stated duties; 

(vi) Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order; or 
 (vii) Material breach of any provision of this Agreement. 

2. Employment and Term. The Bank hereby agrees to employ Executive as Executive Vice President of the Bank. Executive accepts such
employment and agrees to serve in such capacity upon the terms and conditions hereinafter set forth. The term of this Agreement (the “Term”) shall be one (1) year. 

 3. Duties of Employment. 

(a) Executive’s duties shall include working with the Special Assets Group, responsibility for the Bank’s
facilities group and other assignments as directed by the Chairman and Chief Executive Officer of the Bank (CEO), subject to the terms of this Employment Agreement and the direction and control of the CEO. 

(b) Executive will serve the Bank faithfully, diligently and competently and will devote his full business time to his
employment. He may hold, in addition to the office of Executive Vice President of the Bank, such other executive offices of the Bank or its subsidiaries and affiliates, to which he may be elected, appointed or assigned by the CEO from time to time
and will discharge such executive duties in connection therewith. 
 (c) Nothing in this Agreement shall
preclude Executive, with the prior approval of the CEO, from (i) serving as a director or member of a committee of any organization involving no conflict of interest with the Bank, or (ii) engaging in charitable, religious and community
activities, provided, that such directorships, memberships or activities do not materially interfere with the performance of his duties hereunder. 
 4. Compensation. The Bank shall pay to Executive as compensation for the services to be rendered by him hereunder the following: 

(a) A base salary at the rate of $150,000 per year through December 31, 2011 and $156,000 per year thereafter, or
such larger sum as the CEO may from time to time determine in connection with regular periodic performance reviews pursuant to the Bank’s policies and practices, with payments to be made in accordance with the Bank’s regular payroll cycle.

 (b) The Executive may be entitled to a bonus at the end of each calendar year of his employment, payable in
cash or other form of compensation, in an amount and form set by the Chief Executive Officer of the Bank. The CEO may establish one or more individual or corporate goals, the achievement of which may be made a condition to the payment of a bonus to
Executive. Such goals shall be communicated to Executive. 
 (c) The Executive will be awarded 400 non-qualified
stock options in SBM Financial, Inc., the Bank’s holding company, having an exercise price of $100.00 per share and a vesting period of five (5) years, pursuant to the Bank’s Equity Incentive Plan as determined by the CEO and the
Compensation Committee of the Bank’s board of directors. 
 5. Benefits. Executive shall be entitled to the
following benefits: 
 (a) Health insurance in accordance with plans provided for employees of the Bank,
together with reimbursement to Executive for COBRA or similar health insurance coverage until he is eligible to participate in the Bank’s health insurance plan, 

(b) Participation in the Bank’s pension plan, 401(k) plan, flexible spending account, life insurance, disability
insurance and such other benefits as the Bank makes available to its employees, all subject to such conditions and terms as provided in such plans, and 

  
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 (c) Reimbursement of mileage and other reasonable business expenses incident
to the rendering of services by Executive hereunder, subject to the submission of appropriate vouchers and receipts in accordance with the Bank’s policies, and amount not to exceed $6,000, for temporary housing through December 31, 2011.

 6. Termination. This Agreement shall end upon the occurrence of any of the following events: 

(a) The end of the Term. 
 (b) Termination of Executive’s employment by the Bank without Cause or for Cause. 
 (c) The voluntary termination of employment by Executive. 
 (d)
The death or disability of Executive. 
 7. Payment Upon Termination. 

(a) If this Agreement shall be terminated by the Bank for Cause, or terminate at the end of the Term, or Executive shall
voluntarily terminate his employment during the Term, or shall die, the obligations of the Bank under this Agreement shall cease and Executive shall have no right to receive any compensation or other benefits under this Agreement except for salary
and reimbursable expenses accrued through the date of termination. 
 (b) If Executive were
to become disabled1 so as to be unable to perform the
essential functions of his position, the Bank may terminate this Agreement (i) upon expiration of any medical leave taken by Executive in accordance with the Family and Medical Act and/or the Maine Family Medical Leave law; and (ii) after
the Bank and Executive have engaged in an interactive process for a period of thirty (30) days2 to determine whether Executive’s disability can be reasonably accommodated and it has become evident through their discussions that Executive’s disability cannot reasonably be accommodated or
an accommodation would impose an undue hardship on the conduct of the employer’s business. Upon such termination, Executive shall be entitled to any benefits that may be available to him under any disability plan of the Bank for which he is
beneficiary. 
 8. Confidential Information. Executive understands that in the course of his employment by the Bank,
Executive will receive or have access to confidential information concerning the business of the Bank which the Bank desires to protect (“Confidential Information”). Such Confidential Information includes, but is not limited to, the
Bank’s business plans, customer and prospective customer lists and other customer information, borrower and prospective borrower lists and other borrower information and employee 

 

	1 	 A physical or mental disability is defined by §4553-A of the Maine Human Rights Act. 

 

	2 	 The parties can mutually agree to amend the deadline for the period in which they engage in the interactive process, provided, however, that only an
instrument in writing may amend the deadline signed by the parties hereto. 

  
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and prospective employee lists and other employee information. Executive agrees that, unless otherwise required by law, he will not at any time during the Term of this Agreement or thereafter
reveal to anyone outside the Bank or use for his own benefit any such Confidential Information without written authorization by the Bank. 
 9. Covenants by Executive Not to Compete With the Bank. 

(a) Upon termination of Executive’s employment with the Bank for any reason, Executive covenants and agrees that he
will not at any time during the Term and for a period of ninety (90) days from and after termination of his employment, directly or indirectly, in any manner or under any circumstances or conditions whatsoever be or become interested, as an
individual, partner, principal, agent, clerk, employee, stockholder, officer, director, trustee, or in any other capacity whatsoever, in any other business located in any state in which the Bank, or any of its subsidiaries or affiliates, maintains
an office or a branch office if such business competes with the business of the Bank as it exists, or is planned to be established, at such location at the time of Executive’s termination, or participate in, directly or indirectly (whether as
an officer, director, employee, partner, consultant, holder of an equity or debt investment, lender or in any other manner or capacity), or lend his name (or any part or variant thereof) to, any such business that is, or as a result of the
Executive’s engagement or participation would become, competitive with any aspect of the business of the Bank, or any of its subsidiaries or affiliates as it exists or is planned to be established at that location, at the time of
Executive’s termination or solicit any officer, director, employee or agent of the Bank or any subsidiary or affiliate of the Bank to become an officer, director, employee or agent of Executive, a business with which Executive is affiliated or
anyone else. Ownership, in the aggregate, of less than five percent (5%) of the outstanding shares of capital stock of any entity shall not constitute a violation of the foregoing provision. 

(b) Executive hereby acknowledges that his services are unique and are not readily replaceable, and expressly agrees that
the Bank, in enforcing the covenants contained in this Paragraph 9 in addition to any other remedies provided for herein or otherwise available at law, shall be entitled to obtain an injunction, in any court of equity having jurisdiction, that
restrains him from a breach, actual or threatened, of the covenants contained in this Paragraph 9, without any requirement to post a bond or other surety. 
 (c) The parties agree that the restrictive covenants of this Paragraph 9 are reasonable. If however, at any time, a court of competent jurisdiction should determine that these covenants or any
portions of them, are unenforceable because the restrictions are unreasonable, the parties agree that such portions as shall be determined to be unreasonably restrictive shall be deemed amended to make the restrictions reasonable in the
determination of court. The covenants, as so modified, shall be enforceable between the parties to the same extent as if the modification had been made prior to the date of any alleged breach of the covenants. 

  
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 10. Regulatory Limitations. In the event any of the provisions of this Agreement
conflict with the terms of this Paragraph 10, this Paragraph 10 shall prevail. 
 (a) The Bank may
terminate Executive’s employment at any time. Executive shall not have the right to receive compensation or other benefits for any period after termination. 

(b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the
Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended; and
(ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If Executive is
removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all
obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 

(d) If the Bank is in default as defined in Section 3(x)(l) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1813(x)(l), all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties. 

(e) All obligations under this Agreement shall terminate, except to the extent determined that continuation of the
contract is necessary for the continued operation of the institution: (i) by the Director of the OTS (or his designee) at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained
in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the Director of the OTS (or him or his designee) at the time the Director (or him or his designee) approves a supervisory merger to resolve
problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

(f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their
compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R Part 359, Golden Parachute and Indemnification Payments. 
 11. Notices. All notices under this Agreement shall be in writing and shall be effective when delivered in person to Executive or to the General Counsel of the Bank, or if mailed, postage prepaid,
registered or certified mail, addressed, in the case of Executive, to his last known address, and, in the case of the Bank, to its headquarters, attention of the General Counsel, or to such other address as the party to be notified may specify by
notice to the other party. Executive hereby agrees to give the Bank not less than thirty (30) days’ advance notice of his intended resignation from the Bank. 

  
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 12. Successors and Assigns. The rights and obligations of the Bank under this
Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Bank, including, without limitation, any person or entity which may acquire all or substantially all of the assets and business of the Bank, or with
or into which the Bank maybe consolidated or merged. All references in this Agreement to the Bank shall be deemed to include all such successors and assigns. 
 13. Arbitration. Any dispute which may arise between the parties shall be submitted to binding arbitration before a single arbitrator with expertise in employment law in Portland, Maine in
accordance with the Commercial Arbitration Rules of the American Arbitration Association, provided that the parties shall first attempt to resolve any dispute through non-binding mediation. 

14. Severability. If any of the terms or conditions of this Agreement shall be declared void or unenforceable by any court or
administrative body of competent jurisdiction, such term or condition shall be severable from the remainder of this Agreement, and the other terms and conditions of this Agreement shall continue to be valid and enforceable. 

15. Amendment. This Agreement may be modified or amended only by an instrument in writing executed by the parties. 

16. Construction. This Agreement shall supersede and replace all prior agreements and understandings between the parties with
respect to the subject matter hereof. This Agreement shall be governed and construed under the laws of the State of Maine. Paragraph headings are for convenience only and shall not be considered a part of the terms and provisions of the Agreement.

  
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 IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by a duly
authorized representative, and Executive has hereunto set his hand, effective as of January 3, 2011. 
  

			
	SAVINGS BANK OF MAINE
		
	By:	 	/s/ John W. Everets
		 	John W. Everets
		 	Chairman and CEO

	
	
	 EXECUTIVE

	
	/s/ Ronald Maggiacomo
	Ronald Maggiacomo

  
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