Document:

Exhibit 10.6

                           CHANGE IN CONTROL AGREEMENT

AGREEMENT, made as of October 1, 2004, by and between VALLEY BANK, a banking
corporation organized and existing by virtue of the laws of the State of
Connecticut (the Bank) and MARK BLUM (the "Employee").

WHEREAS, Employee is currently rendering services to the Bank as its Executive
Vice President and Chief Financial Officer; and

WHEREAS, the Bank considers the performance and dedication of its management
team to be significant for its overall corporate strategy and to be essential to
protecting and enhancing the best interests of the Bank; and

WHEREAS, the banking industry is a dynamic one with independent public
institutions like the Bank subject to unexpected changes in ownership; and

WHEREAS, the performance by Employee of services to the Bank may be negatively
affected by his uncertainty over the possibility of a change in ownership of the
Bank and possible affect thereof on his employment with the Bank; and

WHEREAS, the Bank wishes to mitigate the fears of Employee regarding a potential
Bank ownership change, so as to avoid a negative effect on his performance of
services to the Bank, and in that interest the Bank desires to afford certain
protection to Employee in the event of dismissal or substantial change in duties
or compensation upon the occurrence of certain events as specified herein.

NOW, THEREFORE, to further the above recited corporate objective, and for other
good and valuable consideration, the receipt and adequacy of which each party
hereby acknowledges, the Bank and the Employee agree as follows:

1.    (a)   The term of this Agreement shall be from October 1, 2004 until
            December 31, 2006, subject to renewal and extension as provided for
            in subparagraph (1) (b) hereof. Such period, as from time to time
            renewed, is referred to herein as the "term hereof".

      (b)   On each December 31st commencing in 2004 (a "Renewal Date"),, this
            Agreement shall be automatically renewed for an additional year, so
            that after such extension, this Agreement shall have a term ending
            three (3) years after such Renewal Date, unless prior to such

<PAGE>

            Renewal Date either party hereto shall have given notice to the
            other that such renewal shall not take place (but no such notice
            shall have the effect of terminating this Agreement prior to the
            expiration of three (3) years from and after the Effective Date
            hereof); provided, however, that upon the occurrence of any Change
            in Control Event (as defined in paragraph 2 hereof) during the term
            hereof, this Agreement shall be automatically extended for the three
            year period following the date of Change of Control.

 2.   Should at any time there occur any one of the following events (any one
      of which shall be referred to as a "Change in Control Event")

      (a)   Any person shall become the beneficial owner, directly or
            indirectly, of securities representing 20 percent or more of the
            combined voting power of the then outstanding securities of the Bank
            (as used in this subparagraph (a), the term "beneficial ownership"
            shall have the meaning ascribed to that term from time to time under
            the rules and regulations promulgated by the Federal Deposit
            Insurance Corporation ("FDIC") (currently codified at 12 C.F.R.
            Section 335.403 or any similar, successor statute and rules); a
            "person" shall include any natural person, corporation, partnership,
            trust, association, or any group of persons, whose ownership of the
            Bank's securities would be required to be reported collectively
            pursuant to rules and regulations of the FDIC; and "affiliate" shall
            mean a person that directly, or indirectly through one or more
            intermediaries, controls, or is controlled by, or is under common
            control with, the person specified, pursuant to the rules and
            regulations of the FDIC.

      (b)   The Bank shall be a party to any merger or consolidation with
            another corporation, association or business entity, which merger or
            consolidation shall be consummated or shall sell, exchange or
            transfer all or substantially all of its respective assets to some
            other person (as "person" is defined in subparagraph (a) , above) ,
            except in any such case in a transaction in which immediately after
            such merger or consolidation or such sale, exchange or transfer,
            the shareholders of the Bank, in their capacities as such

<PAGE>

            and as a result thereof, shall own at least 50 percent in voting
            power of the then outstanding securities of the Bank or of any
            surviving corporation or business entity pursuant to any such merger
            (or of its parent) the consolidated corporation or business entity
            in any such consolidation or of all the persons or their parents to
            which such sale, exchange or transfer of assets is made; or

      (c)   The Bank shall cease to be a publicly owned corporation; or

      (d)   During any period of two consecutive years, individuals who at the
            beginning of any such period constitute the Directors of the Bank
            shall have ceased for any reason to constitute at least a majority
            thereof unless the election, or the nomination for election by the
            Bank's shareholders, of each new director of the Bank was approved
            by a vote of at least two-thirds of the Directors of the Bank then
            still in office who were Directors of the Bank at the beginning of
            such period, provided, that a majority of the Directors of the Bank,
            which majority is composed of Directors who were Directors before
            the occurrence of an event which would otherwise constitute a Change
            in Control Event (the "Continuing Directors") together with any
            Directors whose election was approved by a majority of the
            Continuing Directors in office at that time, may specifically
            determine in the good faith exercise of their judgment that such
            event does not constitute a Change in Control Event because it is
            not likely to change the existing management, personnel or
            management policies of the Bank;

      then (i) if in any such case within three (3) years thereafter there shall
      be a termination of Employee's employment other than for Good Cause as
      defined in paragraph 3, or (ii) if within three (3) years thereafter the
      Employee terminates his employment for Good Reason as defined in paragraph
      4, then in either such case the Bank shall, subject to the restriction
      contained in paragraph 5 hereof:

<PAGE>

      (A)   within fifteen (15) days of such termination, make a cash payment
            to the Employee in an amount equal to three (3) times Employee's
            Annual Compensation as defined below in this paragraph less one
            dollar and minus any and all cash compensation that has actually
            been paid to Employee following the Change in Control Event by the
            Bank or its successor; and

      (B)   maintain and provide for a period ending at the earlier of (i) one
            (1) year after the date of termination of the Employee's employment,
            or (ii) the date of Employee's full--time employment by another
            employer (provided that Employee is entitled under the terms of such
            employment to benefits substantially similar to those described in
            this subparagraph (B), at a cost to Employee not greater than it
            would have been had he continued as an employee at the Bank)
            Employee's continued participation in all group insurance, life
            insurance, health and accident, disability and other employee
            benefit plans, programs and arrangements (other than any retirement
            benefit plan, program or arrangement) in which the Employee was
            entitled to participate immediately prior to the date of
            termination, provided that the Employee's continued participation is
            possible under the general terms and provisions of such plans,
            programs and arrangements.

      Unless otherwise prohibited under paragraph 5 hereof, in the event that
      the Employee's participation in any plan, program or arrangement as
      provided in subparagraph (B) above is barred, or any such plan, program or
      arrangement is discontinued or the benefits thereunder are materially
      reduced, during such period the Bank shall arrange to provide Employee
      with, or reimburse Employee for his cost of obtaining, benefits
      substantially similar to those which the Employee was entitled to receive
      under such plans, programs and arrangements (other than any retirement
      benefit plan, program or arrangement) immediately prior to the date of
      termination. At the end of the period of coverage hereinabove provided
      for, the Employee shall have the option to have assigned to him at no cost
      and with no apportionment of prepaid premiums, any assignable insurance
      owned by the Bank and relating specifically to the Employee.

<PAGE>

      For purposes of this Agreement, Employee's "Annual Compensation" shall be
      deemed to mean the greater of (1) the annual base salary and average bonus
      for the past three years of Employee as in effect on the date of the
      occurrence of the Change in Control Event immediately preceding Employee's
      termination, or (ii) the annual base salary and projected bonus
      compensation of Employee as of the date of termination of Employee's
      employment. Employee's annual base salary for purposes of calculating
      Employee's Annual Compensation shall include any annual base salary paid
      to Employee by any Subsidiary (as defined in subparagraph 9(d) hereof).

 3.   For purposes of this Agreement, termination of the Employee by the Bank
      for "Good Cause" shall mean termination only by reason of one or more
      of the following occurrences:

      (a)   His conviction, by a court of competent jurisdiction, of a crime
            involving moral turpitude, whether or not committed during the term
            hereof; or

      (b)   His commission of an act of fraud upon, or materially evidencing
            bad faith toward, the Bank; or

      (c)   A willful breach by him of any material duty or obligation imposed
            upon him under the terms of his employment with the Bank, as to
            which breach the Bank shall have given him thirty (30) days' notice,
            and which breach shall not have been cured within such thirty--day
            period; or

      (d)   His inability, by reason of physical or mental disability, to
            carry out the normal and usual duties of his employment for six (6)
            consecutive months. Such disability shall, in the event of a dispute
            between Employee and the Bank concerning Employee's physical or
            mental ability to perform his duties, be finally determined by a
            competent physician mutually agreeable to both parties; or

      (e)   His breach of a fiduciary duty to the Bank or violation of any
            banking law or regulation.

      (f)   For purposes of this paragraph 3, no act, or failure to act, on
            Employee's part shall be considered "willful" unless done, or
            omitted to be done, by Employee not in good faith and without
            reasonable belief that

<PAGE>

            Employee's action or omission was in the best interest of the Bank;
            provided that any act or omission to act on the Employee's behalf in
            reliance upon an opinion of counsel to the Bank or counsel to the
            Employee received prior to such act or omission to act shall not be
            deemed to be willful.

 4.   For purposes of this Agreement, termination by the Employee of his
      employment for "Good Reason" shall mean:

      (a)   The assignment of duties to the Employee by the Bank or a
            Subsidiary which (i) are materially inferior to the Employee's
            duties immediately prior to a Change in Control Event, or (ii)
            result in the Employee having significantly less authority and/or
            responsibility than he had prior to a Change in Control Event,
            without his express written consent; or

      (b)   The removal of the Employee from, or any failure to reelect him
            to, the position(s) held by Employee immediately prior to a Change
            in Control Event, except in connection with a termination of his
            employment by the Bank or a Subsidiary for Good Cause; or

      (c)   A reduction by the Bank or a Subsidiary of the Employee's base
            salary as in effect on the date of a Change in Control Event or as
            the same may be increased from time to time thereafter; or

      (d)   The relocation of the Bank's principal executive offices to a
            location outside of the Bristol, Connecticut area, or the Bank's or
            a Subsidiary's requiring the Employee to be located anywhere other
            than the Bank's principal executive offices except for required
            travel on business to an extent substantially consistent with his
            business travel obligations at the time this Agreement was entered
            into, or, in the event the Employee consents to any such relocation
            of the Bank's executive offices, the failure by the Bank or a
            Subsidiary to pay (or reimburse him for) all reasonable moving
            expenses incurred by him relating to a change in his principal
            residence in connection with such relocation and to indemnify him
            against any loss realized in the sale of his principal residence in
            connection with any such change of residence; or

<PAGE>

      (e)   The failure of the Bank or a Subsidiary to provide the Employee
            with substantially the same fringe benefits (including paid
            vacations) that were provided to him immediately prior to a Change
            in Control Event, or with a package of fringe benefits that, though
            one or more of such benefits may vary from those in effect
            immediately prior to a Change in Control Event, is substantially
            comparable in all material respects to such fringe benefits taken as
            a whole; or

      (f)   The failure of the Bank or a Subsidiary to obtain the assumption
            of an agreement to perform this Agreement by any successor as
            contemplated in subparagraph 9(b) (ii) hereof.

5.    Nothing in this Agreement shall be interpreted as requiring the Bank to
      make payments which would constitute a prohibited excess parachute payment
      pursuant to Section 280G of the Internal Revenue Code or which would be in
      violation of restrictions imposed, if any, pursuant to Section 18 of the
      Federal Deposit Insurance Act. The Employee expressly disclaims any right
      to a payment which would be so prohibited.

6.    Employee acknowledges that he relies for the payments to be made to him
      hereunder solely upon the contractual obligations herein undertaken by the
      Bank and solely as a general creditor of the Bank. The parties acknowledge
      that Employee shall have no right to receive any payments or benefits
      except at the time, in the amounts, and in the manner herein provided, all
      of which are essential terms of this Agreement and essential
      considerations to the Bank in obligating itself to make the payments
      herein provided.

7.    A waiver by either party of any of the terms and conditions of this
      Agreement in any instance shall not be deemed or construed to be a waiver
      of such terms or conditions for the future, or of any subsequent breach
      thereof.

8.    Any and all notices required or permitted to be given hereunder shall be
      in writing and shall be deemed to have been given when deposited in the
      United States mails,

<PAGE>

      certified or registered mail, postage prepaid and addressed as follows:

            To Employee:      Mark Blum
                              201 Winding Brook Farm Road
                              Watertown, CT 06795

            To the Bank:      Chairman Of The Board
                              Valley Bank
                              4 Riverside Ave.
                              Bristol, CT 06010

      Either party may change by notice the address to which notices to him or
      it are to be addressed.

9.    (a)   Employee shall not have any right to commute, encumber or
            dispose of the right to receive payment hereunder or of the right to
            receive any of the benefits provided for hereunder.

      (b)   The Bank may: (i) remaining obligated with respect to this
            Agreement, cause its obligations hereunder to be performed by a
            Subsidiary or Subsidiaries, in whole or in part, and may, to the
            extent provided herein, cause Employee to be assigned duties with
            respect to any such Subsidiary or Subsidiaries; (ii) assign this
            Agreement and its right hereunder in whole, but not in part, to any
            bank, corporation or other entity with or into which it may
            hereafter merge or consolidate or to which it may transfer all or
            substantially all of its respective assets, if in any such case such
            bank, corporation or other entity shall by operation of law or
            expressly in writing assume all liabilities of the Bank hereunder as
            fully as if it had been originally named the Bank herein; but may
            not otherwise assign this Agreement or its rights hereunder.

      (C)   THIS AGREEMENT DOES NOT CONSTITUTE AN AGREEMENT FOR THE EMPLOYMENT
            OF EMPLOYEE AND SHALL NOT GIVE EMPLOYEE ANY RIGHT TO BE RETAINED IN
            THE SERVICE OR EMPLOY OF THE BANK OR ANY SUBSIDIARY. THE BANK AND
            ITS SUBSIDIARIES RETAIN THE RIGHT TO DISCHARGE EMPLOYEE AT ANY TIME
            (PROVIDED THAT EMPLOYEE IS AN EMPLOYEE OF SUCH INSTITUTION) AT WILL,
            WITH OR WITHOUT CAUSE, AS IF THIS AGREEMENT HAD NEVER BEEN ENTERED
            INTO; PROVIDED, HOWEVER, THAT UPON ANY SUCH TERMINATION AND

<PAGE>

            DISCHARGE FOLLOWING A CHANGE IN CONTROL EVENT EMPLOYEE SHALL BE
            ENTITLED TO THE BENEFITS OF THIS AGREEMENT, IF ANY, PAYABLE OR TO BE
            PROVIDED IN CONNECTION WITH SUCH TERMINATION.

      (d)   For purposes of this Agreement, the term "Subsidiary" means a bank,
            corporation or other entity at least 50 percent of the total
            combined voting power of all classes of stock of which is owned by
            the Bank, either directly or through one or more subsidiaries.

      (e)   Nothing herein contained shall affect the terms and conditions of
            any other written agreement between Employee and the Bank or any
            Subsidiary.

10.   If any provision of this Agreement, as applied to either party or to any
      circumstances, shall be adjudged by a court to be void or unenforceable,
      the same shall in no way affect any other provision of this Agreement or
      the applicability of such provision to any other circumstance.

11.   This Agreement may not be varied, altered, modified, changed, or in any
      way amended except by an instrument in writing, executed by the parties
      hereto or their legal representatives.

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

EMPLOYEE

/s/ Mark Blum
----------------------------------------
   MARK BLUM

VALLEY BANK

By /s/ Robert L. Messier, Jr.
   -------------------------------------
   ROBERT L. MESSIER, JR., Its PresidentExhibit 10.7

                           CHANGE IN CONTROL AGREEMENT

AGREEMENT, made as of October 1, 2004, by and between VALLEY BANK, a banking
corporation organized and existing by virtue of the laws of the State of
Connecticut (the "Bank") and ANTHONY M. MATTIOLI (the "Employee").

WHEREAS, Employee is currently rendering services to the Bank as its Senior Vice
President and Chief Lending Officer; and

WHEREAS, the Bank considers the performance and dedication of its management
team to be significant for its overall corporate strategy and to be essential to
protecting and enhancing the best interests of the Bank; and

WHEREAS, the banking industry is a dynamic one with independent public
institutions like the Bank subject to unexpected changes in ownership; and

WHEREAS, the performance by Employee of services to the Bank may be negatively
affected by his uncertainty over the possibility of a change in ownership of the
Bank and possible affect thereof on his employment with the Bank; and

WHEREAS, the Bank wishes to mitigate the fears of Employee regarding a potential
Bank ownership change, so as to avoid a negative effect on his performance of
services to the Bank, and in that interest the Bank desires to afford certain
protection to Employee in the event of dismissal or substantial change in duties
or compensation upon the occurrence of certain events as specified herein.

NOW, THEREFORE, to further the above recited corporate objective, and for other
good and valuable consideration, the receipt and adequacy of which each party
hereby acknowledges, the Bank and the Employee agree as follows:

1.    (a)   The term of this Agreement shall be from October 1, 2002 until
            December 31, 2004, subject to renewal and extension as provided for
            in subparagraph (1) (b) hereof. Such period, as from time to time
            renewed, is referred to herein as the "term hereof".

      (b)   On each December 31st commencing in 2002 (a "Renewal Date"), this
            Agreement shall be automatically renewed for an additional year, so
            that after such extension,

<PAGE>

            this Agreement shall have a term ending three (3) years after such
            Renewal Date, unless prior to such Renewal Date either party hereto
            shall have given notice to the other that such renewal shall not
            take place (but no such notice shall have the effect of terminating
            this Agreement prior to the expiration of three (3) years from and
            after the Effective Date hereof); provided, however, that upon the
            occurrence of any Change in Control Event (as defined in paragraph 2
            hereof) during the term hereof, this Agreement shall be
            automatically extended for the three year period following the date
            of Change of Control.

2.    Should at any time there occur any one of the following events (any one
      of which shall be referred to as a "Change in Control Event):

      (a)   Any person shall become the beneficial owner, directly or
            indirectly, of securities representing 20 percent or more of the
            combined voting power of the then outstanding securities of the Bank
            (as used in this subparagraph (a) , the term "beneficial ownership"
            shall have the meaning ascribed to that term from time to time under
            the rules and regulations promulgated by the Federal Deposit
            Insurance Corporation ("FDIC") (currently codified at 12 C.F.R.
            Section 335.403 or any similar, successor statute and rules); a
            "person" shall include any natural person, corporation, partnership,
            trust, association, or any group of persons, whose ownership of the
            Bank's securities would be required to be reported collectively
            pursuant to rules and regulations of the FDIC; and "affiliate" shall
            mean a person that directly, or indirectly through one or more
            intermediaries, controls, or is controlled by, or is under common
            control with, the person specified, pursuant to the rules and
            regulations of the FDIC;

      (b)   The Bank shall be a party to any merger or consolidation with
            another corporation, association or business entity, which merger or
            consolidation shall be consummated or shall sell, exchange or
            transfer all or substantially all of its respective assets to some
            other person (as "person" is defined in subparagraph (a), above) ,
            except in any such case in a transaction in which immediately after
            such merger or consolidation or such sale, exchange or transfer, the
            shareholders of the Bank, in their capacities as such and as a
            result thereof, shall own at least 50 percent in voting power of the
            then outstanding securities of the Bank or of any surviving
            corporation or business entity pursuant to any such merger (or of
            its parent), the consolidated corporation or business entity in any
            such consolidation or of all the persons or their parents to which
            such sale, exchange or transfer of assets is made; or

      (c)   The Bank shall cease to be a publicly owned corporation; or

      (d)   During any period of two consecutive years, individuals who at the
            beginning of any such period constitute the Directors of the Bank
            shall have ceased for any reason to constitute at least a majority
            thereof unless the election, or the nomination for election by the
            Bank's shareholders, of each new director of the Bank was approved
            by a vote of at least two-thirds of the Directors of the Bank

<PAGE>

            then still in office who were Directors of the Bank at the beginning
            of such period, provided, that a majority of the Directors of the
            Bank, which majority is composed of Directors who were Directors
            before the occurrence of an event which would otherwise constitute a
            Change in Control Event (the "Continuing Directors"), together with
            any Directors whose election was approved by a majority of the
            Continuing Directors in office at that time, may specifically
            determine in the good faith exercise of their judgment that such
            event does not constitute a Change in Control Event because it is
            not likely to change the existing management, personnel or
            management policies of the Bank;

      then (i) if in any such case within three (3) years thereafter there shall
      be a termination of Employee's employment other than for Good Cause as
      defined in paragraph 3, or (ii) if within three (3) years thereafter the
      Employee terminates his employment for Good Reason as defined in paragraph
      4, then in either such case the Bank shall, subject to the restriction
      contained in paragraph 5 hereof:

(A)   within fifteen (15) days of such termination, make a cash payment to the
      Employee in an amount equal to three (3) times Employee's Annual
      Compensation as defined below in this paragraph less one dollar and minus
      any and all cash compensation that has actually been paid to Employee
      following the Change in Control Event by the Bank or its successor; and

(B)   maintain and provide for a period ending at the earlier of (i) one (1)
      year after the date of termination of the Employee's employment, or (ii)
      the date of Employee's full-time employment by another employer (provided
      that Employee is entitled under the terms of such employment to benefits
      substantially similar to those described in this subparagraph (B), at a
      cost to Employee not greater than it would have been had he continued as
      an employee at the Bank), Employee's continued participation in all group
      insurance, life insurance, health and accident, disability and other
      employee benefit plans, programs and arrangements (other than any
      retirement benefit plan, program or arrangement) in which the Employee was
      entitled to participate immediately prior to the date of termination,
      provided that the Employee's continued participation is possible under the
      general terms and provisions of such plans, programs and arrangements.

Unless otherwise prohibited under paragraph 5 hereof, in the event that the
Employee's participation in any plan, program or arrangement as provided in
subparagraph (B) above is barred, or any such plan, program or arrangement is
discontinued or the benefits thereunder are materially reduced, during such
period the Bank shall arrange to provide Employee with, or reimburse Employee
for his cost of obtaining, benefits substantially similar to those which the
Employee was entitled to receive under such plans, programs and arrangements
(other than any retirement benefit plan, program or arrangement) immediately
prior to the date of termination. At the end of the period of coverage
hereinabove provided for, the Employee shall have the option to have assigned to
him at no cost and with no apportionment of prepaid premiums, any assignable
insurance owned by the Bank and relating specifically to the Employee.

      best interest of the Bank; provided that any act or omission to act on the
      Employee's behalf in reliance upon an opinion of counsel to the Bank or
      counsel to the Employee

<PAGE>

      received prior to such act or omission to act shall not be deemed to be
      willful.

4.    For purposes of this Agreement, termination by the Employee of his
      employment for "Good Reason" shall mean:

      (a)   The assignment of duties to the Employee by the Bank or a Subsidiary
            which (i) are materially inferior to the Employee's duties
            immediately prior to a Change in Control Event, or (ii) result in
            the Employee having significantly less authority and/or
            responsibility than he had prior to a Change in Control Event,
            without his express written consent; or

      (b)   The removal of the Employee from, or any failure to reelect him to,
            the position(s) held by Employee immediately prior to a Change in
            Control Event, except in connection with a termination of his
            employment by the Bank or a Subsidiary for Good Cause; or

      (c)   A reduction by the Bank or a Subsidiary of the Employee's base
            salary as in effect on the date of a Change in Control Event or as
            the same may be increased from time to time thereafter; or

      (d)   The relocation of the Bank's principal executive offices to a
            location outside of the Bristol, Connecticut area, or the Bank's or
            a Subsidiary's requiring the Employee to be located anywhere other
            than the Bank's principal executive offices except for required
            travel on business to an extent substantially consistent with his
            business travel obligations at the time this Agreement was entered
            into, or, in the event the Employee consents to any such relocation
            of the Bank's executive offices, the failure by the Bank or a
            Subsidiary to pay (or reimburse him for) all reasonable moving
            expenses incurred by him relating to a change in his principal
            residence in connection with such relocation and to indemnify him
            against any loss realized in the sale of his principal residence in
            connection with any such change of residence; or

      For purposes of this Agreement, Employee's "Annual Compensation" shall be
      deemed to mean the greater of (i) the annual base salary and projected
      bonus compensation of Employee as in effect on the date of the occurrence
      of the Change in Control Event immediately preceding Employee's
      termination, or (ii) the annual base salary and projected bonus
      compensation of Employee as of the date of termination of Employee's
      employment. Employee's annual base salary for purposes of calculating
      Employee's Annual Compensation shall include any annual base salary paid
      to Employee by any Subsidiary (as defined in subparagraph 9(d) hereof).

3.    For purposes of this Agreement, termination of the Employee by the Bank
      for "Good Cause" shall mean termination only by reason of one or more of
      the following occurrences:

      (a)   His conviction, by a court of competent jurisdiction, of a crime
            involving moral

<PAGE>

            turpitude, whether or not committed during the term hereof; or

      (b)   His commission of an act of fraud upon, or materially evidencing bad
            faith toward, the Bank; or

      (c)   A willful breach by him of any material duty or obligation imposed
            upon him under the terms of his employment with the Bank, as to
            which breach the Bank shall have given him thirty (30) days' notice,
            and which breach shall not have been cured within such thirty-day
            period; or

      (d)   His inability, by reason of physical or mental disability, to carry
            out the normal and usual duties of his employment for six (6)
            consecutive months. Such disability shall, in the event of a dispute
            between Employee and the Bank concerning Employee's physical or
            mental ability to perform his duties, be finally determined by a
            competent physician mutually agreeable to both parties; or

      (e)   His breach of a fiduciary duty to the Bank or violation of any
            banking law or regulation.

      (f)   For purposes of this paragraph 3, no act, or failure to act, on
            Employee's part shall be considered "willful" unless done, or
            omitted to be done, by Employee not in good faith and without
            reasonable belief that Employee's action or omission was in the best
            interest of the Bank; provided that any act or omission to act on
            the Employee's behalf in reliance upon an opinion of counsel to the
            Bank or counsel to the Employee received prior to such act or
            omission to act shall not be deemed to be willful.

4.    For purposes of this Agreement, termination by the Employee of his
      employment for "Good Reason" shall mean:

      (a)   The assignment of duties to the Employee by the Bank or a Subsidiary
            which (i) are materially inferior to the Employee's duties
            immediately prior to a Change in Control Event, or (ii) result in
            the Employee having significantly less authority and/or
            responsibility than he had prior to a Change in Control Event,
            without his express written consent; or

      (b)   The removal of the Employee from, or any failure to reelect him to,
            the position(s) held by Employee immediately prior to a Change in
            Control Event, except in connection with a termination of his
            employment by the Bank or a Subsidiary for Good Cause; or

      (c)   A reduction by the Bank or a Subsidiary of the Employee's base
            salary as in effect on the date of a Change in Control Event or as
            the same may be increased from time to time thereafter; or

      (d)   The relocation of the Bank's principal executive offices to a
            location outside of the Bristol, Connecticut area, or the Bank's or
            a Subsidiary's requiring the

<PAGE>

            Employee to be located anywhere other than the Bank's principal
            executive offices except for required travel on business to an
            extent substantially consistent with his business travel obligations
            at the time this Agreement was entered into, or, in the event the
            Employee consents to any such relocation of the Bank's executive
            offices, the failure by the Bank or a Subsidiary to pay (or
            reimburse him for) all reasonable moving expenses incurred by him
            relating to a change in his principal residence in connection with
            such relocation and to indemnify him against any loss realized in
            the sale of his principal residence in connection with any such
            change of residence; or

      (e)   The failure of the Bank of a Subsidiary to provide the Employer with
            substantially the same fringe benefits (including paid vacations)
            that were provided to him immediately prior to a Change in Control
            Event, or with a package of fringe benefits that, though one or more
            of such benefits may vary from those in effect immediately prior to
            a Change in Control Event, is substantially comparable in all
            material respects to such fringe benefits taken as a whole; or

      (f)   The failure of the Bank or a Subsidiary to obtain the assumption of
            an agreement to perform this Agreement by any successor as
            contemplated in subparagraph 9(b)(ii) hereof.

5.    Nothing in this Agreement shall be interpreted as requiring the Bank to
      make payments which would constitute a prohibited excess parachute payment
      pursuant to Section 280G of the Internal Revenue Code or which would be in
      violation of restrictions imposed, if any, pursuant to Section l8 of the
      Federal Deposit Insurance Act. The Employee expressly disclaims any right
      to a payment which would be so prohibited.

6.    Employee acknowledges that he relies for the payments to be made to him
      hereunder solely upon the contractual obligations herein undertaken by the
      Bank and solely as a general creditor of the Bank. The parties acknowledge
      that Employee shall have no right to receive any payments or benefits
      except at the time, in the amounts, and in the manner herein provided, all
      of which are essential terms of this Agreement and essential
      considerations to the Bank in obligating itself to make the payments
      herein provided.

7.    A waiver by either party of any of the terms and conditions of this
      Agreement in any instance shall not be deemed or construed to be a waiver
      of such terms or conditions for the future, or of any subsequent breach
      thereof.

8.    Any and all notices required or permitted to be given hereunder shall be
      in writing and shall be deemed to have been given when deposited in the
      United States mails, certified or registered mail, postage prepaid and
      addressed as follows:

            To Employee:      Anthony Mattioli
                              36 Hidden Brook Dr.
                              Bristol,CT 06010

<PAGE>

            To the Bank:      Chairman Of The Board
                              Valley Bank
                              4 Riverside Ave.
                              Bristol, CT 06010

      Either party may change by notice the address to which notices to him or
      it are to be addressed.

9.    (a)   Employee shall not have any right to commute, encumber or dispose
            of the right to receive payment hereunder or of the right to
            receive any of the benefits provided for hereunder.

      (b)   The Bank may: (i) remaining obligated with respect to this
            Agreement, cause its obligations hereunder to be performed by a
            Subsidiary or Subsidiaries, in whole or in part, and may, to the
            extent provided herein, cause Employee to be assigned duties with
            respect to any such Subsidiary or Subsidiaries; (ii) assign this
            Agreement and its right hereunder in whole, but not in part, to any
            bank, corporation or other entity with or into which it may
            hereafter merge or consolidate or to which it may transfer all or
            substantially all of its respective assets, if in any such case such
            bank, corporation or other entity shall by operation of law or
            expressly in writing assume all liabilities of the Bank hereunder as
            fully as if it had been originally named the Bank herein; but may
            not otherwise assign this Agreement or its rights hereunder.

      (c)   THIS AGREEMENT DOES NOT CONSTITUTE AN AGREEMENT FOR THE EMPLOYMENT
            OF EMPLOYEE AND SHALL NOT GIVE EMPLOYEE ANY RIGHT TO BE RETAINED IN
            THE SERVICE OR EMPLOY OF THE BANK OR ANY SUBSIDIARY. THE BANK AND
            ITS SUBSIDIARIES RETAIN THE RIGHT TO DISCHARGE EMPLOYEE AT ANY TIME
            (PROVIDED THAT EMPLOYEE IS AN EMPLOYEE OF SUCH INSTITUTION) AT WILL,
            WITH OR WITHOUT CAUSE, AS IF THIS AGREEMENT HAD NEVER BEEN ENTERED
            INTO; PROVIDED, HOWEVER, THAT UPON ANY SUCH TERMINATION AND
            DISCHARGE FOLLOWING A CHANGE IN CONTROL EVENT EMPLOYEE SHALL BE
            ENTITLED TO THE BENEFITS OF THIS AGREEMENT, IF ANY, PAYABLE OR TO BE
            PROVIDED IN CONNECTION WITH SUCH TERMINATION.

      (d)   For purposes of this Agreement, the term "Subsidiary" means a bank,
            corporation or other entity at least 50 percent of the total
            combined voting power of all classes of stock of which is owned by
            the Bank, either directly or through one or more subsidiaries.

      (e)   Nothing herein contained shall affect the terms and conditions of
            any other written agreement between Employee and the Bank or any
            Subsidiary.

10.   If any provision of this Agreement, as applied to either party or to any
      circumstances, shall be adjudged by a court to be void or unenforceable,
      the same shall in no way affect any other provision of this Agreement or
      the applicability of such provision to any other circumstance.

<PAGE>

11.   This Agreement may not be varied, altered, modified, changed, or in any
      way amended except by an instrument in writing, executed by the parties
      hereto or their legal representatives.

IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS AGREEMENT AS OF THE DAY AND
YEAR FIRST ABOVE WRITTEN.

EMPLOYEE

By: /s/ Anthony M. Mattioli
    ----------------------------------------
       ANTHONY M. MATTIOLI

VALLEY BANK

By: /s/ Robert L. Messier, Jr.
    ----------------------------------------
       ROBERT L. MESSIER, JR., Its President

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