Document:

Exhibit 10.5

 Exhibit 10.5 
 FAIRFIELD COUNTY BANK CORP. 
 DIRECTOR DEFERRED FEE
AGREEMENT 
 THIS AGREEMENT is made this              day
of                     , by and between Fairfield County Bank Corp. located in Ridgefield, Connecticut (the “Company”), and
                             (the “Director”). This Agreement is an amendment and
restatement of an Agreement originally entered into                             . 
 INTRODUCTION 
 In an effort to reward past service, encourage continued service on the Company’s Board of Directors, and as a method to attract future Directors, the Company is willing to provide to the Director a deferred fee opportunity. The
Company will pay each Director’s benefits from the Company’s general assets. 
 AGREEMENT 
 The Director and the Company agree as follows: 
 Article I 
 Definitions 
 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1.1 “Anniversary Date” means December 31 of each year. 
 1.1.2 “Change in Control” means any of the following if the event occurs after the date first above-written: 
  

	 	(a)	There occurs a “change in control” of the Company, as defined or determined either by the Company’s primary banking regulator or under regulations
promulgated by it. 

  

	 	(b)	As a result of, or in connection with any merger or other business combination, sale of assets or contested election, the persons who were Directors of the Company
before such transaction or event cease to constitute a majority of the Board of Directors of the Company or any successor to the Company. 

  

	 	(c)	The Company transfers substantially all of its assets to another corporation or entity which is not an affiliate of the Company. 

  

	 	(d)	The Company is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the
surviving or resulting corporation is owned by the former shareholders or depositors of the Company. 

 A Change in Control shall not occur solely as a result of a conversion of the Company from
the mutual to the stock form of organization or a reorganization of the Company into the mutual holding company form of ownership. 
 1.1.3 “Code” means the Internal Revenue Code of 1986, as amended and the regulations or any other authoritative guidance issued thereunder. 
 1.1.4 “Deferral Account” means the Company’s accounting of the Director’s accumulated Deferrals plus accrued interest. The Deferral Account shall include the balance credited to
the Director’s Pre-2005 Deferral Account, if any, plus the balance credited to the Director’s Post-2004 Deferral Account, if any. 
 1.1.5 “Deferrals” means the amount of the Director’s Fees which the Director elects to defer according to this Agreement. 
 1.1.6 “Disability” means the Director’s inability to perform substantially all normal duties of a Director, as
determined by the Company’s Board of Directors in its sole discretion. As a condition to any benefits, the Company may require the Director to submit to such physical or mental evaluations- and tests as the Board of Directors deems appropriate.

 1.1.7 “Effective Date” means the date of this Agreement 
 1.1.8 “Election Form” means the Farm attached- as Exhibit I. 
 1.1.9 “Fees” means the total Director’s fees, including all meeting fees and retainers, payable to the Director.
Reimbursements for expenses are not fees. 
 1.1.10 “Normal Retirement Age” means the Director’s 72nd
birthday Normal Retirement Age has applicability only to this Agreement. 
 1.1.11 “Normal Retirement Date”
means the earlier of the Normal Retirement Age (72) or the Director’s Termination of Service. 
 1.1.12
“Plan Year” means the calendar year. 
 1.1.13 “Post-2004 Deferral Account” means the separate
account established and maintained for the Director to which shall be credited or debited to the extent not inconsistent with Code Section 409A: (a) amounts equal to the Director’s accumulated Deferrals under the Agreement after
December 31, 2004; and (b) accrued interest. 
 1.1.14 “Pre-2005 Deferral Account” means the separate
account established and maintained for the Director who, immediately prior to the Effective Date, had amounts deferred under his Deferral Account (as defined under this Agreement prior to the Effective Date). The Director’s Pre-2005 Deferral
Account shall be credited or debited with, to the extent not inconsistent with Code Section 409A: (a) amounts equal to the Director’s accumulated Deferrals which were deferred under the Agreement prior to January 1, 2005; and
(b) accrued interest. 
  

 2 

 1.1.15 “Termination of Service” means the Director ceasing to be a member
of the Company’s Board of Directors for any reason whatsoever. Notwithstanding the preceding, a Termination of Service shall not include any event that does not qualify as a “Separation from Service” under Code Section 409A.

 1.1.16 “Unforeseeable Financial Emergency” means (a) a severe financial hardship to the Director
resulting from an illness or accident of the Director, the Director’s spouse or a dependent (as defined in Code Section 152(a)) of the Director, (b) loss of the Director’s property due to casualty, or (c) other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director, each as determined to exist by the Board of Directors. 
 Article II 
 Deferral Election and Form of Payment 
 2.1. Initial Election. The Director shall make an initial Deferral election under this Agreement by filing with the Company a signed
Election Form within thirty (30) days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred. The Election Form shall be effective to defer only Fees earned after the date the,
Election-Form is received- by-the- Company. In addition, the Director shall make an election on the Election Form to have his or her Deferral Account paid in the form of a lump sum distribution, or in the-form of ten (10) substantially equal
annual installments. 
 2.2. Election Changes 
 2.2.1 Generally. The Director may modify the amount of Fees to be deferred annually by filing a new Election Form with the Company
prior to the beginning of the Plan Year in which the Fees are to be deferred. The modified deferral election shall not be effective until the calendar year following the year in which the subsequent Election Form is received and approved by the
Company. 
 In addition, the Election Form may be used to change the Director’s distribution option with respect to his
Pre-2005 Deferral Account only; however, in no event shall payment be made under this Agreement to the Director pursuant to an election made by the Director on or after the first day of the twelve month period that ends on the date of the
Director’s Termination of Service. Furthermore, notwithstanding the preceding, in no event shall the Director be permitted to change his distribution option with respect to the Post-2004 Deferral Account. 
 Article III 
 Deferral Account 
 3.1. Establishing and Crediting. The Company shall establish a Deferral Account on
its books for the Director and shall credit to the Deferral Account the following amounts: 
 3.1.1 Deferrals. The Fees
deferred by the Director as of the time the Fees would have otherwise been paid to the Director. 
  

 3 

 3.1.2 Interest. On the first day of each month and immediately prior to the payment
of any benefits, interest will be accrued on the Deferral Account balance from the last month interest was accrued at an interest rate of six (6) times the prior years Return on Assets (ROA). 
 3.2. Statement of Accounts. The Company shall provide to the Director, within one hundred twenty (120) days after each
Anniversary Date, a statement setting forth the Deferral Account balance and the interest accrued from the prior year. 
 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 and does not represent segregated monies. The Director is a general
unsecured creditor of the Company for the payments of benefits. The benefits represent the mere Company promise to pay such benefits. The Director’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment, or garnishment by the Director’s creditors. 
 Article IV 
 Lifetime Benefits 
 4.1. Normal Retirement Benefit. Upon the Normal Retirement Date, the Company shall pay to the Director 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 at the Director’s Normal
Retirement Date. 
 4.1.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form elected by
the Director on the Election Form attached and incorporated herein. If the Director elected to receive his benefit in the form of installments, the Company shall continue to credit interest under Section 3.1.2 on the remaining Deferral Account
balance during any applicable installment period. 
 4.2. Early Retirement Benefit. Upon Termination of Service prior to
the Normal Retirement Age for reasons other than death or Disability, the Company shall pay to the Director the benefit described in this Section 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 at the Director’s Termination
of Service date. 
 4.2.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form elected by
the Director on the Election Form attached. If the Director elected to receive his benefit in the form of installments, the Company shall continue to credit interest under Section 3.1.2 on the remaining Deferral Account balance during any
applicable installment period. 
  

 4 

 4.3. Disability Benefit. If the Director incurs a Termination of Service as a
Director for Disability prior to Normal Retirement Age, the Company shall pay to the Director the benefit described in this Section 4.3 in lieu of any other benefit under this Agreement. 
 4.3.1 Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance at the date of Director’s
Termination of Service. 
 4.3.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form
elected by the Director on the Election Form. If the Director elected to receive his benefit in the form of installments, the Company shall continue to credit interest under Section 3.1.2 on the remaining Deferral Account balance during any
applicable installment period. 
 4.4. Hardship Distribution. Upon the Board of Director’s: determination (following
petition by the Director) that the Director has-suffered an Unforeseeable-Financial Emergency, the Company shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Company, but in no event shall
the distribution be greater than i the amount determined by the Board of Director’s to be necessary to satisfy the Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution,
after taking into account the extent to which the Unforeseeable Financial Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Director’s assets (to the extent the liquidation
of assets would not itself cause severe financial hardship). Notwithstanding the preceding, a distribution under this Section shall be permitted solely to the extent permitted under Section 409A of the Code. 
 Article V 
 Death Benefits 
 5.1. Death During Active Service. If the Director dies while in the active service of
the Company, the Company shall pay to the Director’s beneficiary the benefit described in this Section 5.1 in lieu of any other benefit under this Agreement. 
 5.1.1 Amount of Benefit. The benefit under Section 5.1 is the Deferral Account balance on the date of the Director’s death. 
 5.1.2 Payment of Benefit. The Company shall pay the benefit to the beneficiary in the form elected by the Director on the Election
Form. If the Director elected to receive his benefit in the form of installments, the Company shall continue to credit interest under Section 3.1.2 on the remaining Deferral Account balance during any applicable installment period. 

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

 5 

 Article VI 
 Beneficiaries 
 6.1. Beneficiary Designations.
The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the
Director and accepted by the Company during the Director’s lifetime. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary
and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 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. 
 Article VII 
 Claims and Review Procedures 
 7.1. Claims Procedure. This Section 7.1 is based on final regulations issued by the Department of Labor and published in the
Federal Register on November 21, 2000 and codified at 29 C.F.R. section 2560.503-1. If any provision of this Section 6.1 conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 

For purposes of this Section, references to Disability benefit claims are intended to describe claims made by the Director for Disability
benefits pursuant to Section 4.3. 
 (a) Initial Claim. The Director, a beneficiary or an entity that believes he or
she is entitled to any benefit (a “Claimant”) under this Agreement may file a claim with the Company. The Company will review the claim itself or appoint another individual or entity to review the claim. 
 (i) Benefit Claims that do not Require a Determination of Disability. If the claim is for a benefit other than a Disability benefit,
the Claimant will be notified within ninety (90) days after the claim is filed whether the claim is allowed or denied, unless the Claimant receives written notice from the Company or appointee of the Company before the end of the ninety
(90) day period stating that special circumstances require an extension of the time for decision, such extension not to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. 
  

 6 

 (ii) Disability Benefit Claims. In the case of a benefits claim that requires a
determination by the Company of the Director’s Disability status, the Company will notify the Claimant of the Company’s adverse benefit determination within a reasonable period of time, but not later than forty-five (45) days after
receipt of the claim. If, due to matters beyond the control of the Company, the Company needs additional time to process a claim, the Claimant will be notified, within forty-five (45) days after the Company receives the claim, of those
circumstances and of when the Company expects to make its decision but not beyond seventy-five (75) days. If, prior to the end of the extension period, due to matters beyond the control of the Company, a decision cannot be rendered within that
extension period, the period for making the determination may be extended for up to one hundred five (105) days, provided that the Company notifies the Claimant of the circumstances requiring the extension and the date as of which the Company
expects to render a decision. The extension notice will specifically explain the standards on which entitlement to a Disability benefit is based, the unresolved issues that prevent a decision on the claim and the additional information needed from
the Claimant to resolve those issues, and the Claimant will be afforded at least forty-five (45) days within which to provide the specified information. 
 (iii) Manner and Content of Denial of Initial Claims. If the Company denies a claim, it must provide to the Claimant, in writing or by electronic communication: 
 (A) The specific reasons for the denial; 
 (B) A reference to the Agreement provision or insurance contract provision upon which the denial is based; 
 (C) A description of any additional information or material that the Claimant must provide in order to perfect the claim; 
 (D) An explanation of why such additional material or information is necessary; 
 (E) Notice that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the Claimant wishes to request a review of the claim denial; and 
 (F) A statement of the Director’s right to bring a civil action under section 502(a) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) following a denial on review of the initial denial. 
 In addition, in the case of a
denial of Disability benefits on the basis of the Company’s independent determination of the Director’s Disability status, the Company will provide a copy of any rule, guideline, protocol, or other similar criterion relied upon in making
the adverse determination (or a statement that the same will be provided upon request by the Claimant and without charge). 
 (b) Review Procedures. 
 (i) Benefit Claims that do not Require a Determination of Disability. Except
for claims requiring an independent determination of a Director’s Disability status, a request for review of a denied claim must be made in writing to the Company within sixty (60)

  

 7 

 
days after receiving notice of denial. The decision upon review will be made within sixty (60) days after the Company’s receipt of a request for review, unless special circumstances
require an extension of time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the
initial sixty (60) day period and must explain the special circumstances and provide an expected date of decision. 
 The
reviewer will afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Company. The reviewer will take into account all comments,
documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination. 
 (ii) Disability Benefit Claims. In addition to having the right to review documents and submit comments as described in
(i) above, a Claimant whose claim for Disability benefits requires an independent determination by the Company of the Director’s Disability status has at least one hundred eighty (180) days following receipt of a notification of an
adverse benefit determination within which to request a review of the initial determination. In such cases, the review will meet the following requirements: 
 (A) The Company will provide a review that does not afford deference to the initial adverse benefit determination and that is conducted by an appropriate named fiduciary who did not make the initial
determination that is the subject of the appeal, nor is a subordinate of the individual who made the determination. 
 (B) The
appropriate named fiduciary of the Agreement will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment before making a decision on review of any adverse initial
determination based in whole or in part on a medical judgment. The professional engaged for purposes of a consultation in the preceding sentence will not be an individual who was consulted in connection with the initial determination that is the
subject of the appeal or the subordinate of any such individual. 
 (C) The Company will identify to the Claimant the medical
or vocational experts whose advice was obtained on behalf of the Company in connection with the review, without regard to whether the advice was relied upon in making the benefit review determination. 
 (D) The decision on review will be made within forty-five (45) days after the Company’s receipt of a request for review, unless
special circumstances require an extension of time for processing, in which case a decision will be rendered not later than ninety (90) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant
within the initial forty-five (45) day period and must explain the special circumstances and provide an expected date of decision. 
  

 8 

 (iii) Manner and Content of Notice of Decision on Review. Upon completion of its
review of an adverse initial claim determination, the Company will give the Claimant, in writing or by electronic notification, a notice containing: 
 (A) its decision; 
 (B) the specific reasons for the decision; 
 (C) the relevant Agreement provisions or insurance contract provisions on which its decision is based; 
 (D) a statement that the Claimant is, entitled to receive, upon and without charge, reasonable access to; and copies of, all documents,
records and other information in the Agreement’s files which is relevant to the Claimant’s claim for benefits; 
 (E) a statement describing the Claimant’s right to bring an action for judicial review under ERISA section 502(a); and 
 (F) if an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review, a
statement that a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant upon request. 
 (c) Calculation of Time Periods. For purposes of the time periods specified in this Section, the period of time during which a benefit determination is required to be made begins at the time a
claim is filed in accordance with this Agreement’s procedures without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all
information necessary, the period for making the determination will be tolled from the date the notification is sent to the Claimant until the date the Claimant responds. 
 (d) Failure of Company to Follow Procedures. If the Company fails to follow the claims procedures required by this Section, a Claimant will be deemed to have exhausted the administrative remedies
available under the Agreement and will be entitled to pursue any available remedy under ERISA section 502(a) on the basis that the Company (on behalf of the Agreement) has failed to provide a reasonable claims procedure that would yield a decision
on the merits of the claim. 
 (e) Failure of Claimant to Follow Procedures. A Claimant’s compliance with the
foregoing provisions of this Section is a mandatory prerequisite to the Claimant’s right to commence any legal action with respect to any claim for benefits under this Agreement. 
 Article VIII 
 Amendments and Termination

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

  

 9 

 8.2. Notwithstanding Section 8.1, the Company may amend or terminate this Agreement at
any time if, pursuant to legislative, judicial or regulatory action, continuations of this Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other
significantly detrimental ramifications to the Company (other than the financial impact of paying the benefits). In no event shall this Agreement be terminated under this Section 8.2 without first paying to the Director the Deferral Account
balance attributable to the Director’s Deferrals and interest credited on such amounts. 
 Article IX 
 Miscellaneous 
 9.1. Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries, survivors, executors, administrators and transferees. 
 9.2. No Guarantee of Service. This Agreement is not a contract for services. It does not give the Director the right to remain a
Director of the Company. It also does not require the Director to remain a Director nor interfere with the Director’s right to terminate services at any time. It does not establish a retirement age at the Company other than as provided herein.

 9.3. Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 9.4. Tax Withholding. The Company shall withhold any taxes that are required to be withheld
from the benefits provided under this Agreement. 
 9.5. 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. 
 9.6. Recovery of Estate Taxes. If the Director’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 Director’s estate, then the Director’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
Director’s estate, exceeds the total estate tax which would have been payable if the value of such benefit had not been included in the Director’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. 
 9.7. Unfunded Arrangement. The Director and the Director’s 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 Director’s life is a general asset of the Company to which the Director and the Director’s beneficiary have no preferred or secured claim. 
  

 10 

 9.8. 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.

 9.9. Entire Agreement. This, Agreement constitutes the entire agreement between the Company and the Director as to the
subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than-those specifically set forth herein. 
 9.10. Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
 9.10.1 Interpreting the provisions of the Agreement; 
 9.10.2 Establishing and revising the method of accounting for the Agreement; 
 9.10.3 Maintaining a record of benefit payments; and 
 9.10.4 Establishing rules and prescribing any forms necessary
or desirable to administer the Agreement. 
 9.11. Named Fiduciary. For purposes of ERISA, 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 Agreement including the employment of advisors and the
delegation of ministerial duties to qualified individuals. 
 9.12. Reimbursement of Expenses in Enforcing Rights. All
reasonable costs and expenses, including, without limitation, fees and disbursements of actuaries, accountants and counsels incurred by the Director in seeking in good faith to enforce rights pursuant to this Agreement shall be paid on behalf of or
reimbursed to the Director promptly by the Company. Except in the case of a Change in Control, the Director shall be responsible to reimburse the Company for amounts expended by the Company under this Section if an enforcement action is initiated by
the Director hereunder and the Director does not substantially prevail on any substantial merits of such enforcement action. 
 9.13. Specified Employee Limitation. In the event that the stock of the Company or of any affiliate of the Company becomes tradable on an established securities market or otherwise, then, if the Director is a Specified Employee, to
the extent required under Section 409A of the Code, any payment made hereunder following a Termination of Service other than on account of the Director’s Disability or death shall be made no earlier than the date which is six
(6) months after the Director’s Termination of Service date. For purposes of the preceding sentence, Specified Employee shall mean, with respect to the Company or such affiliate, a “key employee” as defined in Code
Section 416(i) (without regard to paragraph (5) thereof). 
 9.14. Rabbi Trust Following Change in Control. If,
at any time, the Board of Director’s reasonably believes that a Change in Control (as defined below) is likely to occur within thirty (30) days, then the Board of Directors shall direct that, before any such Change in

  

 11 

 
Control becomes effective, cash or property having a value at least equal to the present value of benefits that would be payable upon or following the occurrence of a Change in Control shall be
contributed to a trust satisfying the requirements of the Internal Revenue Service Revenue Procedure 92-64, as amended, which trust has a competent institutional trustee that is independent of the Company and of any other party, directly or
indirectly, to the Change in Control transaction. Any such trust shall be irrevocable, except that the trust shall become revocable if, within one year following the establishment of such trust (or earlier as agreed by the Director), the Change in
Control has not occurred and no Change in Control is then reasonably imminent. 
 IN WITNESS WHEREOF, the Director and a duly
authorized Company officer have signed this Agreement. 
  

							
	DIRECTOR:	 		 	COMPANY:
			
		 		 	Fairfield County Bank Corp.
				
	  
	 		 	By:	 	  

		 		 	Title:	 	

  

 12 

	
	  
 Fairfield County Bank Corp.
  

 EXHIBIT I 
 TO DIRECTOR FEE DEFERRAL AGREEMENT 

 Deferral Election 
 I elect to defer compensation under my Director Fee Deferral Agreement with the Bank, as follows: 
  

			
	  
 Amount of Deferral
  

	[Initial and Complete]
	 	 
	             
	 	 I elect to defer
        % of my Retainer.

	 	 
	             
	 	 I elect to defer
        % of my Board Meeting Fees

	 	 
	             
	 	 I elect to defer
        % of my Committee Meeting Fees

	 	 
	             
	 	 I
elect not to defer my Director
  

 I understand that
I may change the amount, frequency and duration of my deferral by filing a new election form with the Bank; provided, however, that any subsequent election will not be effective until the calendar year following the year in which the new election is
received by the Bank. 
 Form of Benefit 
 I elect to receive benefits under the Agreement in the following form: [Initial One] 
  

			
	 	 
	             
	 	 Lump Sum
  

	 	 
	             
	 	 Annual installments for 10 years
  

 I understand
that I may not change this election once made. 
  

 13 

	
	  
 Fairfield County Bank Corp.
  

 Beneficiary Designation 
 I designate the following as beneficiary of
benefits under the Director Fee Deferral Agreement payable following my death: 
 Primary: 
 Contingent: 
 I understand that I may change these
beneficiary designations by filing a new written designation with the Bank. I further understand that the designations will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary, in the event of the
dissolution of our marriage. 
 Signature:
                                        

 Date:                     

 Accepted by Fairfield County Bank Corp. this             day of
                    . 
  

			
	By:	 	  

	Title:	 	

  

 14Exhibit 10.6

 Exhibit 10.6 
 FAIRFIELD COUNTY BANK CORP 
 DIRECTOR RETIREMENT
AGREEMENT 
 THIS AGREEMENT is made this              day
of                     , by and between FAIRFIELD COUNTY BANK CORP., a Connecticut mutual savings bank located in Ridgefield, Connecticut (the
“Bank”), and                              (the “Director”). This Agreement is an
amendment and restatement of an Agreement originally entered into                             .

 INTRODUCTION 
 To encourage the Director to remain a member of the Bank’s Board of Directors (the “Board”), the Bank is willing to provide retirement benefits to the Director. The Bank will pay the
retirement benefits from its general assets according to the terms of this Agreement. 
 AGREEMENT 
 The Director and the Bank 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 “Annual Benefit” means the annual benefit set forth in subsection 2.1.1. 
 1.1.2 “Change in Control” means any of the following if-the event occurs after the date first above-written: 
  

	 	(a)	There occurs a “change in control” of the Bank, as defined or determined either by the Bank’s primary banking regulator or under regulations promulgated
by it. 

  

	 	(b)	As a result of, or in connection with, any merger or other business combination, sale of assets or contested election, the persons who were Directors of the Bank before
such transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

  

	 	(c)	The Bank transfers substantially all of its assets to another corporation or entity which is not an affiliate of the Bank. 

  

	 	(d)	The Bank is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the
surviving or resulting corporation is owned by the former shareholders or depositors of the Bank. 

 A Change in Control shall not occur solely as a result of a conversion of the Bank from the
mutual to the stock form of organization or a reorganization of the Bank into the mutual holding company form of ownership. 
 1.1.3 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations or any other authoritative guidance issued thereunder. 
 1.1.4 “Disability” means any sickness, injury or other disability which prevents the Director from performing substantially of a Director, provided that such disability is established by
medical evidence satisfactory to the Board, and in order to establish such disability, the Board may designate a physician of its’ choice whose conclusion shall be conclusive on all persons concerned. 
 1.1.5 “Early Retirement Date” means the date of Termination of Service when it occurs before the Normal Retirement Age.

 1.1.6 “Effective Date” means
                            , the date this Agreement originally was approved by the Board of
Directors. 
 1.1.7 “Normal Retirement Age” means the Director’s 72nd birthday. 
 1.1.8 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service. 
 1.1.9 “Plan Year” means the twelve month period commencing on the January 1 and ending on the December 31 of each
year. 
 1.1.10 “Termination of Service” means the Director ceasing to be-a member of the Board for any reason
whatsoever, other than by reason of an approved leave of absence. Notwithstanding the preceding; a Termination of Service shall not include any event that does - not qualify as a “Separation from Service” under Code section 409A.

 1.1.11 “Termination for Cause” means the termination of the Director’s duties as Director for the
reasons set forth in Section 5.1 hereof. 
 1.1.12 “Years of Service” means the total number of complete
Plan Years during which the Director serves as a compensated member of the Board. 
 Article 2 
 Retirement Benefits 
 2.1. Normal Retirement Benefit. Upon Termination of Service on or after the Normal Retirement Age for reasons other than death, the Bank shall pay to the Director the benefit described in this Section 2.1. 
 2.1.1 Amount of Benefit. The Annual Benefit is equal to
$            . 
  

 2 

 2.1.2 Amount of benefit. The total amount of retirement benefit shall be
$            . 
 2.1.3 Payment of Benefit. The Bank
shall pay the benefit in five equal installments beginning on the first day of January following the Director’s Termination of Service and continuing for four additional years. 
 2.2. Early Retirement Benefit. Upon Termination of Service prior to the Normal Retirement Age for reasons other than death or
Disability, the Bank shall pay to the Director the benefit described in this Section 2.2. The early retirement benefit under this Agreement is based on a Director’s Years of Service, however all Directors serving on the Effective Date will
be vested with an early retirement benefit based on ten Years of Service, the maximum required for a full benefit. For all Directors elected after the Effective Date, the early retirement benefit is calculated using the following formula.

 2.2.1 Amount of Benefit. $            divided by a
fraction, the numerator of which is the Director’s Years of Service and the denominator of which is 10. The maximum early retirement benefit is $            . 
 2.2.2 Payment of Benefit. The Bank shall pay the benefit in five equal installments beginning on the first day of January following
the Director’s Termination of Service and continuing for four additional years. 
 2.3. Disability Benefit. Upon
Termination of Service prior to Normal Retirement Age as a result of the Director’s Disability, the Bank shall pay to the Director the benefit described in this Section 2.3. 
 2.3.1 Amount of Benefit. The Annual Benefit under this Section 2.3 is equal to the amount determined under subsection 2.2.1
using the Director’s actual date of Termination of Service. 
 2.3.2 Payment of Benefit. The Bank shall pay, the
benefit in five equal installments beginning on the first day of January following the Director’s Termination of Service and continuing for four additional years. 
 2.4. Change in Control Benefit. In the event of a Termination of Service after a Change in Control, the Bank shall pay the Director the benefit described in this Section 2.4 in lieu of any
other benefit provided for under this Agreement. 
 2.4.1 Amount of Benefit. The benefit under this Section 2.4 is
equal to the amount determined under subsection 2.1.2 using the Director’s actual date of Termination of Service. 
 2.4.2
Payment of Benefit. The Bank shall pay the present value of the total retirement benefit to the Director in a lump sum no more than thirty (30) days after the date of the Termination of Service. The discount rate for determining such
present value shall be the applicable federal midterm rate in effect for the month in which such Termination of Service

  

 3 

 
occurs, plus one and one-half (1-1/2 %) percent. There shall be no present value adjustment to reflect any early commencement of the retirement benefit under this Section, but merely an
adjustment to reflect payment in the form of a lump sum rather than in installments. 
 2.5. Acceleration of Payment. In
the event a Change in Control occurs after the Director’s Termination of Service, and the Director, or in the event of the Director’s death, and the Director’s beneficiary, has not received the total benefit to which the Director (or
the Director’s beneficiary) is entitled under this Article 2, or Article 3, as the case may be, the present value of the balance of the benefit to which the Director (or the Director’s beneficiary) is entitled shall be paid to the
Director, or the Director’s beneficiary, as the case may be, in a single lump sum payment no more than thirty (30) days following such Change in Control. Such present value shall be determined based on the same discount rate applied in
determining present value under subsection 2.4.2 hereof. This Section shall be of no force or effect if, at the time an accelerated payment becomes due hereunder, such payment would result in penalties to the recipient under Code section 409A.

 Article 3 
 Death Benefits 
 3.1. Death During Active Service. If the Director dies while in the active service of the
Bank, the Bank shall pay to the Director’s beneficiary the benefit described in this Section 3.1. 
 3.1.1 Amount
of Benefit. The Annual Benefit under this Section 3.1 is equal to the early retirement benefit as calculated using the formula in subsection 2.2.1. 
 3.1.2 Payment of Benefit. The Annual Benefit shall be paid by the Bank in equal annual installments on the first business day of January, following the date of the Director’s death and
continuing for four additional years. 
 3.2. Death After Termination of Service and Before Benefit and Before Benefit
Period. If the Director dies after his Termination of Service but before benefit payments have commenced under this Agreement, the Bank shall pay to the Director’s beneficiary the benefit to which the Director would have been entitled under
this Agreement had the Director lived. Such benefit shall be paid at the same time and in the same manner as it would have been paid to the Director had, the Director lived. 
 3.3. Death During Benefit Period. If the Director dies after benefit payments have commenced under this Agreement but before
receiving all such payments, the Bank shall pay the remaining benefits to the Director’s beneficiary at the same time and in the same manner they would have been paid to the Director had the Director lived. 
  

 4 

 Article 4 
 Beneficiaries 
 4.1. Beneficiary Designations. The Director shall designate
a beneficiary by filing a written designation with the Board. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Director and accepted by the Board
during the Director’s lifetime. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary and the marriage is subsequently
dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s surviving spouse, if any, and if none, to the Director’s surviving children and the descendants of any deceased child by
right of representation, and if no children or descendants survive, to the Director’s estate. 
 4.2. 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 Bank 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 Board 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 Bank from all liability with respect to such benefit. 
 Article 5 
 General Limitations 
 Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay benefits under this Agreement under the circumstances described in Section 5.1 or 5.2 hereof. 
 5.1. Termination for Cause. Except in the case of any benefit payable hereunder following a Change in Control, no benefits shall be
payable under this Agreement either before or after the Director’s death if the Bank terminates the Director’s duties as a director for: 
 5.1.1 Gross negligence or gross neglect of duties; 
 5.1.2 Commission of a felony
or of a gross misdemeanor involving moral turpitude; or 
 5.1.3 Fraud, disloyalty, dishonesty or willful violation of any law
or significant Bank policy committed in connection with the Director’s service and resulting in an adverse effect on the Bank. 
 5.2. Suicide or Misstatement. No benefits shall be payable under this Agreement after the Director’s death if the Director commits suicide within two (2) years after the original date of this Agreement, or if the Director
has made any material misstatement of fact on any application for life insurance purchased by the Bank. 
 Article 6 

Claims and Review Procedures 
 6.1. Claims Procedure. This Section 6.1 is based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and codified at 29
C.F.R. §2560.503-1. If any provision of this Section 6.1 conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 
  

 5 

 For purposes of this Section, references to Disability benefit claims are intended to
describe claims made by the Director for Disability benefits pursuant to Section 2.3. 
 (a) Initial Claim. The
Director, a beneficiary or an entity that believes he or she is entitled to any benefit (a “Claimant”) under this Agreement may file a claim with the Board. The Board will review the claim itself or appoint another individual or entity to
review the claim. 
 (i) Benefit Claims that do not Require a Determination of Disability. If the claim is for a benefit
other than a Disability benefit, the Claimant will be notified within ninety (90) days after the claim is filed whether the claim is allowed or denied, unless the Claimant receives written notice from the Board or appointee of the Board before
the end of the ninety (90) day period stating that special circumstances require an extension of the time for decision, such extension not to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed.

 (ii) Disability Benefit Claims. In the case of a benefits claim that requires a determination by the Board of a
Director’s Disability status, the Board will notify the Claimant of the Board’s adverse benefit determination within a reasonable period of time, but not later than forty-five (45) days after receipt of the claim. If, due to matters
beyond the control of the Board, the Board needs additional time to process a claim, the Claimant will be notified, within forty-five (45) days after the Board receives the claim, of those circumstances and of when the Board expects to make its
decision but not beyond seventy-five (75) days. If, prior to the end of the extension period, due to matters beyond the control of the Board, a decision cannot be rendered within that extension period, the period for making the determination
may be extended for up to one hundred five (105) days, provided that the Board notifies the Claimant of the circumstances requiring the extension and the date as of which the Board expects to render a decision. The extension notice will
specifically explain the standards on which entitlement to a Disability benefit is based, the unresolved issues that prevent a decision on the claim and the additional information needed from the Claimant to resolve those issues, and the Claimant
will be afforded at least forty-five (45) days within which to provide the specified information. 
 (iii) Manner and
Content of Denial of Initial Claims. If the Board denies a claim, it must provide to the Claimant, in writing or by electronic communication: 
 (A) The specific reasons for the denial; 
 (B) A reference to the Agreement
provision or insurance contract provision upon which the denial is based; 
 (C) A description of any additional information or
material that the Claimant must provide in order to perfect the claim; 
  

 6 

 (D) An explanation of why such additional material or information is necessary; 

(E) Notice that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the
Claimant wishes to request a review of the claim denial; and 
 (F) A statement of the Executive’s right to bring a civil
action under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) following a denial on review of the initial denial. 
 In addition, in the case of a denial of Disability benefits on the basis of the Board’s independent determination of the Director’s Disability status, the Board will provide a copy of any rule,
guideline, protocol, or other similar criterion relied upon in making the adverse determination (or a statement that the same will be provided upon request by the Claimant and without charge). 
 (b) Review Procedures. 
 (i) Benefit Claims that do not Require a Determination of Disability. Except for claims requiring an independent determination of a Director’s Disability status, a request for review of a denied claim must be made in writing to
the Board within sixty (60) days after receiving notice of denial. The decision upon review will be made within sixty (60) days after the Board’s receipt of a request for review, unless special circumstances require an extension of
time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial sixty
(60) day period and must explain the special circumstances and provide an expected date of decision. 
 The reviewer will
afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Board. The reviewer will take into account all comments, documents, records
and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination. 
 (ii) Disability Benefit Claims. In addition to having the right to review documents and submit comments as described in
(i) above, a Claimant whose claim for Disability benefits requires an independent determination by the Board of the Director’s Disability status has at least one hundred eighty (180) days following receipt of a notification of an
adverse benefit determination within which to request a review of the initial determination. In such cases, the review will meet the following requirements: 
 (A) The Board will provide a review that does not afford deference to the initial adverse benefit determination and that is conducted by an appropriate named fiduciary who did not make the initial,
determination that is the subject of the appeal, nor is a subordinate of the individual who made the determination. 
  

 7 

 (B) The appropriate named fiduciary of the Agreement will consult with a health care
professional who has appropriate training and experience in the field of medicine involved in the medical judgment before making a decision on review of any adverse initial determination based in whole or in part on a medical judgment. The
professional engaged for purposes of a consultation in the preceding sentence will not be an individual who was consulted in connection with the initial determination that is the subject of the appeal or the subordinate of any such individual.

 (C) The Board will identify to the Claimant the medical or vocational experts whose advice was obtained on behalf of the
Board in connection with the review, without regard to whether the advice was relied upon in making the benefit review determination. 
 (D) The decision on review will be made within forty-five (45) days after the Board’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision will be
rendered not later than ninety (90) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial forty-five (45) day period and must explain the special circumstances and
provide an expected date of decision. 
 (iii) Manner and Content of Notice of Decision on Review. Upon completion of
its review of an adverse initial claim determination, the Board will give the Claimant, in writing or by electronic notification, a notice containing- 
 (A) its decision; 
 (B) the specific reasons for the decision; 
 (C) the relevant Agreement provisions or insurance contract provisions on which its decision is based; 
 (D) a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all
documents, records and other information in the Agreement’s files which is relevant to the Claimant’s claim for benefits; 
 (E) a statement describing the Claimant’s right to bring an action for judicial review under ERISA section 502(a); and 
 (F) if an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review, a
statement that a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant upon request. 
 (c) Calculation of Time Periods. For purposes of the time periods specified in this Section, the period of time during which a benefit determination is required to be made begins at the time a
claim is filed in accordance with this Agreement’s procedures without regard to whether all the information necessary to make a decision accompanies the claim. If a of time

  

 8 

 
is extended due to a Claimant’s failure to submit all information necessary, the period for making the determination will be tolled from the date the notification is sent to the Claimant
until the date the Claimant responds. 
 (d) Failure of Board to Follow Procedures. If the Board fails to follow the
claims procedures required by this Section, a Claimant will be deemed to have exhausted the administrative remedies available under the Agreement and will be entitled to pursue any available remedy under ERISA section 502(a) on the basis that the
Board (on behalf of the Agreement) has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. 
 (e) Failure of Claimant to Follow Procedures. A Claimant’s compliance with the foregoing provisions of this Section is a mandatory prerequisite to the Claimant’s right to commence any
legal action with respect to any claim for benefits under this Agreement. 
 Article 7 
 Amendments and Termination 
 7.1. The Bank, acting by the Board, may amend or modify this Agreement at any time; provided, however, that no such amendment or modification shall reduce the benefit earned by the Director under the terms of this Agreement as of the date
such amendment or modification is adopted, without the Director’s consent, or, in the event of the Director’s death, his beneficiary. Notwithstanding the foregoing, any amendment to or modification of the definition of “Change in
Control” in subsection 1.1.2 of Section 1.1 hereof or the terms of Section 2.4 or 2.5 hereof shall become effective only upon the written consent of the Director or, in the event of his death, the Director’s beneficiary.

 7.2. The Bank, acting by the Board, reserves the right to terminate this Agreement at any time. However, except as approved
in writing by the Director, or in the event of his death, his beneficiary upon termination of this Agreement any vested benefits then accrued shall remain payable under the terms of this Agreement to the extent then accrued, and the Director’s
benefit shall continue to accrue and continue to vest under the terms of this Agreement until his Termination of Service as if the Agreement had not been terminated. 
 7.3. In the event the consent of the Director’s beneficiary is required pursuant to Section 7.1 or 7.2 hereof and there is more than one such beneficiary such consent shall be deemed to have
been given if a majority in interest of all such beneficiaries have given such consent. 
 Article 8 
 Miscellaneous 
 8.1.
Binding Effect. This Agreement shall be binding upon the Bank and the Director and upon any assignee or successor in interest to the Bank and upon the heirs, legal representative and beneficiaries of the Director. 
  

 9 

 8.2. No Guaranty of Service. This Agreement is not a contract for service. It does
not give the Director the right to continue to serve as a member of the Board or any rights or interests other than as herein provided. It also does not require the Director to remain a Director nor interfere with any rights of the Director to
terminate his service as a Director. 
 8.3. Non-Transferability. This Agreement is designed to provide payment of
benefits solely for the support of the Director and, to the extent of any death benefits, his beneficiary. No person eligible for or entitled to a benefit payable hereunder shall have any right, power or authority to assign, sell, transfer, pledge
or otherwise encumber, whether by voluntary action or by operation of law, the right to receive such benefit payment. 
 8.4.
Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 8.5. Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of State of Connecticut, except to the extent preempted by the laws of the United States of America.

 8.6. Unfunded Arrangement. The Director and beneficiary are general unsecured creditors of the Bank for the payment of
benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits, and the obligation to pay benefits shall be treated as an item of indebtedness by the Bank to the Director or his beneficiary. All benefits
provided for hereunder shall be paid from the general assets of the Bank. Neither the Director nor any beneficiary of the Director shall have any equitable or security rights under this Agreement in any specific assets of the Bank. Any insurance on
the Director’s life is a general asset of the Bank to which the Director and beneficiary have no preferred or secured claim. The rights to benefits hereunder are not subject in any manner to anticipation, alienation, sale, transfer assignment,
pledge, encumbrance, attachment or garnishment by creditors of the Director or the Director’s beneficiary. 
 8.7.
Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth
herein. 
 8.8. Administration. The Board shall have powers which are necessary to administer this Agreement, and its
determinations shall be conclusive on the Bank, the Director, and any other person claiming benefits under this Agreement. The Board may (a) allocate its administrative authority hereunder among any of its members (other than the Director) or
(b) delegate any of its administrative authority to officers or other employees of the Bank. In any event, the Director shall abstain from any determinations by the Board with respect to his benefits hereunder. The Board’s administrative
authority shall include but not be limited to: 
 8.8.1 Interpreting the provisions of the Agreement; 
 8.8.2 Establishing and revising the method of accounting for the Agreement; 
 8.8.3 Maintaining a record of benefit payments; and 
  

 10 

 8.8.4 Establishing rules and prescribing any forms necessary or desirable to administer this
Agreement. 
 8.9. Bona Fide Deferred Compensation Plan. It is intended that this Agreement be and remain a bona fide
deferred compensation plan for purposes of Part 359 of Federal Deposit Insurance Corporation (“FDIC”) Rules as defined by the provisions of FDIC Rule 359.1(d) and the terms of this Agreement shall be so construed in the event of any
ambiguity. 
 8.10. Reimbursement of Expenses in Enforcing Rights. All reasonable costs and expenses, including, without
limitation, fees and disbursements of actuaries, accountants and counsels incurred by the Director in seeking in good faith to enforce rights pursuant to this Agreement shall be paid on behalf of or reimbursed to the Director promptly by the Bank.
Except in the case of a Change in Control, the Director shall be responsible to reimburse the Bank for amounts expended by the Bank under this Section if an enforcement action is initiated by the Director hereunder and the Director does not
substantially prevail on any substantial merits of such enforcement action. 
 8.11. Specified Employee
Limitation. In the event that the stock of the Bank or of any affiliate of the Bank becomes tradable on an established securities market or otherwise, then, if the Director is a Specified Employee, to the extent required under section 409A ®f the Code, any payment made hereunder following a Termination of Service other than on account of the
Director’s Disability or death shall be made no earlier than the date which is six (6) months after the Director’s Termination of Service date. For purposes of the preceding sentence, Specified Employee shall mean, with respect to the
Bank or such affiliate, a “key employee” as defined in Code section 416(i) (without regard to paragraph (5) thereof). 
 8.12. Rabbi Trust Following Change in Control. If, at any time, the Board reasonably believes that a Change in Control is likely to occur within thirty (30) days, then the Board shall direct
that, before any such Change in Control becomes effective, cash or property having a value at least equal to the present value of benefits that would be payable upon or following the occurrence of a Change in Control shall be contributed to a trust
satisfying the requirements of the Internal Revenue Service Revenue Procedure 92-64, as amended, which trust has a competent institutional trustee that is independent of the Bank and of any other party, directly or indirectly, to the Change in
Control transaction. Any such trust shall be irrevocable, except that the trust shall become revocable if, within one year following the establishment of such trust (or earlier as agreed by the Director), the Change in Control has not occurred and
no Change in Control is then reasonably imminent. 
  

 11 

 IN WITNESS WHEREOF, the Director and a duly authorized Bank officer have signed this
Agreement. 
  

			
	FAIRFIELD COUNTY BANK CORP.
	
	  

	By:	 	
	Title:	 	
		
	Director:	 	
	
	  

  

 12 

 BENEFICIARY DESIGNATION 
 FAIRFIELD COUNTY BANK CORP. 
 DIRECTOR RETIREMENT PLAN

 I designate the following as beneficiary of any death benefits under this Director Retirement Agreement: 
  

	
	Primary:
                            
	
	 Contingent:
                                         
               

 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 Bank. I further understand that the designation 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:                            

	
	 Date:                    

 Accepted by the Bank this             date of
                     
  

			
	By:	 	  

	Title:	 	

  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]