Document:

Exhibit 10.8 -- Form of Savings Institute Director Deferred Fee Agreement

 Exhibit 10.8 
 SAVINGS INSTITUTE BANK & TRUST COMPANY 
 DIRECTOR DEFERRED FEE AGREEMENT 
 THIS AGREEMENT is made this 1st day of December, 2008 by and between the Savings Institute Bank & Trust Company (the “Bank”), a savings bank headquartered in Willimantic, Connecticut, and
                     (the “Director”). 
 INTRODUCTION 
 In an effort to reward past service, encourage continued service on the Bank’s Board of Directors, and
as a method to attract future Directors, the Bank is willing to provide to the Director a deferred fee opportunity. The Bank will pay each Director’s benefits from the Bank’s general assets. 
 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 “Anniversary Date” means December 31 of each year. 
 1.1.2 “Change in Control” means any one of the following events occur: 
  

	 	(i)	Merger: The Bank merges into or consolidates with another corporation, or merges another corporation into the Bank, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Bank immediately before the merger or consolidation. 

  

	 	(ii)	Acquisition of Significant Share Ownership: The Bank files, or is required to file, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Bank’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Bank voting shares held in a fiduciary capacity by an entity of which the Bank directly or indirectly beneficially owns 50% or more of its outstanding voting securities.

  

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

	 	(iv)	Sale of Assets: The Bank sells to a third party all or substantially all of its assets. 

 Notwithstanding anything in this Agreement to the contrary, in no event shall the conversion of the Bank from mutual to stock form (including without
limitation, through the formation of a stock holding company) or the reorganization of the Bank into the mutual holding company form of organization constitute a “Change in Control” for purposes of this Agreement. 
 1.1.3 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.1.4 “Deferral Account” means the Bank’s accounting of the Director’s accumulated Deferrals plus accrued interest.

 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 Bank’s Board of Directors in its sole discretion. As a condition to any benefits, the Bank 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 December 1, 2008. 
 1.1.8 “Election Form” means the Form attached as Exhibit A. 
 1.1.9 “Fees” means the total Director’s fees payable to the Director. 
 1.1.10 “Plan Year” means the calendar year. 
 1.1.11 “Prime Rate” means the Prime Interest Rate reported in the Wall Street Journal on the business day immediately prior to the Anniversary Date. 
 1.1.12 “Termination of Service” shall mean a “Separation from Service” as defined under Section 409A of the Code.
Section 409A defines a Separation of Service as a termination of a Director’s services (whether as director, employee or as an independent contractor) to the Company and the Bank for reasons other than death or disability. Whether a
Separation from Service has occurred shall be determined in accordance with the requirements of Section 409A of the Code based on whether the facts and circumstances indicate that the Company, the Bank and the Director reasonably anticipated
that no further services would be performed after a certain date or that the level of bona fide services the Director would perform after such date (whether as a director, employee or as an independent contractor) would permanently decrease to no
more than twenty percent (20%) of the average level of bona fide services performed (whether as a director, employee or an independent contractor) over the immediately preceding thirty-six (36) month period. 
  

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 Article 2 
 Deferral Election 
 2.1 Election. A
Director must file a Director Fee Deferral Election Form prior to the December 15th immediately preceding the Plan Year in which the Director
wishes to defer Fees. 
 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 Bank 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 Plan Year following the year in which the subsequent Election Form is received and approved by the Bank. The new Election Form may be used to change the Director’s distribution option;
however, the change: (i) may not accelerate the payment of the Director’s Deferral Account, (ii) must be made at least 12 months prior to the scheduled distribution date, and (iii) must postpone payment (or the commencement of
payments) for at least 5 years from the scheduled distribution date 
 2.2.2 Hardship. If an unforeseeable financial emergency (as
defined under Section 409A of the Code) occurs, the Director, by written instructions to the Bank, may reduce future deferrals under this Agreement in accordance with Section 409A of the Code. 
 Article 3 
 Deferral Account 

 3.1 Establishing and Crediting. The Bank 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. 
 3.1.2 Interest. On the first day of each month and immediately prior to the payment of any
benefits, interest on the Deferral Account balance since the preceding credit under this Section 3.1.1, if any, at an annual rate, compounded monthly, equal to the Prime Rate for the previous Anniversary Date. However, the actual crediting rate
will equal the Prime Rate unless the Prime Rate is less than Six (6%) or greater than Twelve (12%). In which case the maximum crediting rate shall be Twelve (12%) and the minimum shall be Six (6%). 
 3.2 Statement of Accounts. The Bank shall provide to the Director, within one hundred twenty (120) days after each Anniversary Date, a
statement setting forth the Deferral Account balance. 
 3.3 Accounting Device Only. The Deferral Account is solely a device for
measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund of any kind. The Director is a general unsecured creditor of the Bank for the payment of benefits. The benefits represent the mere promise by the Bank 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. 
  

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 Article 4 
 Distribution of Benefits 
 4.1 Termination of Service Benefit. Upon the Director’s
Termination of Service, the Bank 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 Termination of Service date. 
 4.1.2 Payment of Benefit. The Bank 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 Bank shall continue to credit interest on the remaining Deferral Account balance during any applicable installment period fixed at the rate in effect under Section 3.1.2 on the
Director’s date of Termination of Service. 
 4.2 Reserve. 
 4.3 Change of Control Benefit. Upon Termination of Service within 12 months of a Change of Control, the Bank 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 shall be the balance of the Director’s Deferral Account on the date of the Director’s Termination of Service. 
 4.3.2 Payment of Benefit. The Bank shall pay the benefit to the Director in the form of a lump sum payment. This lump-sum payment shall occur within 30 days after the date of the Director’s Termination of Service. 
 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 as described in Section 2.2.2, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is
necessary to relieve the financial hardship. 
 4.5 Entitlement to Benefits. Except to the extent provided in Section 5, a
Director shall become entitled to receive a benefit under the Plan only if he or she experiences a Termination of Service for reasons other than Cause and only after the earlier of (i) the date he attained age 65 (or as otherwise indicated in
Exhibit A); or (ii) the date that the sum of his or her age and Years of Service equals at least 80. 
 Article 5 
 Death Benefits 
 5.1 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 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. 

 

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 5.1.2 Payment of Benefit. The Bank 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 Bank shall continue to credit interest on the remaining Deferral Account balance during any applicable installment period fixed at the
rate in effect under Section 3.1.2 on the date of the Director’s death. 
 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 Bank 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. 
 Article 6 
 Beneficiaries 
 6.1 Beneficiary Designations. The Director shall designate a beneficiary by
filing a written designation with the Bank. 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 received and approved by the Bank
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 (as determined by the Bank), 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 Bank 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 7 
 Amendments and Termination 
 7.1
Subject to Section 409A of the Code, this Agreement may be amended or terminated only by a written agreement signed by the Bank and the Director. 
 7.2 Notwithstanding Section 7.1, the Bank may amend or terminate this Agreement at any time if, pursuant to legislative, judicial or regulatory action, continuation of the 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 Bank. In no event shall this Agreement be terminated under this Section 7.2
without payment to the Director of the Deferral Account balance attributable to the Director’s Deferrals and interest credited on such amounts. 
 Article 8 
 Miscellaneous 
 8.1 Binding Effect. This Agreement shall bind the Director and the Bank, and their beneficiaries, survivors, executors, administrators and transferees. 
  

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 8.2 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 Bank. It also does not require the Director to remain a Director nor interfere with the Director’s right to terminate services at any time. 
 8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

 8.4 Tax Withholding. The Bank is authorized to withhold any taxes that it believes are required to be withheld from the benefits
provided under this Agreement. 
 8.5 Applicable Law. The Plan and all rights hereunder shall be governed by and construed according
to the laws of the State of Connecticut, except to the extent preempted by the laws of the United States of America. 
 8.6 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 Bank for a lump sum payment in an amount not to exceed the lesser of the beneficiary’s liability hereunder and the balance remaining in the Deferral Account. 
 8.7 Unfunded Arrangement. The Director and, to the extent the Director’s beneficiary or estate have rights to benefits under this Agreement,
are the 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. 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 which the Bank may have procured in connection with this Agreement on the Director’s life is a general asset of the Bank to
which the Director, the Director’s beneficiary nor the Director’s estate have any preferred or secured claim. 
 8.8
Reorganization. In the event of any merger, consolidation or acquisition where the Bank or its parent holding company, SI Bancorp, Inc., is not the surviving entity or resulting corporation, or upon transfer of all or substantially all of the
assets of the Bank, this Agreement shall continue and be in full force and effect and shall be binding upon such surviving entity, resulting corporation, or transferee. 
 8.9 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. 
 8.10 Administration. The Bank shall have powers which are necessary to administer this
Agreement, including but not limited to: 
 8.10.1 Interpreting the provisions of the Agreement; 
 8.10.2 Establishing and revising the method of accounting for the Agreement; 
  

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 8.10.3 Maintaining a record of benefit payments; and 
 8.10.4 Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. 
 8.11 Named Fiduciary. For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be the named fiduciary
and plan administrator under the Agreement. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the plan including the employment of advisors and the delegation of ministerial duties to
qualified individuals. 
 8.12 Aggregation of Employers. To the extent required under Section 409A of the Code, if the Bank is a
member of a controlled group of corporations or a group of trades or business under common control (as described in Section 414(b) or (c) of the Code), all members of the group shall be treated as a single employer for purposes of whether
there has occurred a Separation from Service (as defined in Section 409A) and for any other purposes under the Agreement as Section 409A of the Code shall require. 
 8.13 Specified Employees. Notwithstanding any other provision of the Agreement to the contrary, if when a Separation from Service occurs a
Director is a Specified Employee, the Director’s benefit shall be paid to the Director in a single lump sum without interest on the first payroll date of the seventh month following the date on which the Separation from Service occurs.

 8.14 Section 409A. It is intended that the Agreement is intended to be (a) an arrangement that is not qualified within
the meaning of Section 401(a) of the Code, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or
made available to the Directors. The Agreement shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
 8.15 409A Application. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under
Section 409A of the Code. 
 8.16 Transition Relief. On or before December 31, 2008, if a Director wishes to change his or
her payment election as to the form or timing of the payment under the Agreement, the Director may do so by completing a Transition Relief Election Form, provided that any such election (i) must be made prior to the Director’s Termination
from Service, (ii) shall not take effect before the date that is 12 months after the date the election is made, (iii) cannot apply to amounts that would otherwise be payable in 2008 and may not cause an amount to be paid in 2008 that would
otherwise be paid in a later year. 
  

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

									
	DIRECTOR:	 		 	BANK:
				
		 		 		 	Savings Institute Bank & Trust Co
				
	  
	 		 	By:	 	  

					
		 		 		 	Title:	 	  

  

 8Exhibit 10.12 -- Change in Control Agreement

 Exhibit 10.12 
 SECTION 409A AMENDMENT TO THE 
 CHANGE IN CONTROL AGREEMENT 
 WHEREAS, David T. Weston (the “Executive”) entered into a change in control agreement with the Savings Institute Bank and Trust Company
(the “Bank”) and SI Financial Group, Inc. (the “Company”) as guarantor, effective September 30, 2004 (the “Agreement”); and 
 WHEREAS, the parties to the Agreement desire to amend the Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and guidance
issued with respect to 409A of the Code; and 
 WHEREAS, Section 8 of the Agreement provides that the Agreement may be amended or
modified at any time by means of a written instrument signed by the parties. 
 NOW, THEREFORE, the Bank, the Company and the
Executive agree to amend the Agreement effective December 17, 2008 as follows: 
 FIRST CHANGE 
 The following new Section 17 shall be added to the Agreement: 
  

	“17.	SECTION 409A OF THE CODE. 

 (a) This Agreement is
intended to comply with the requirements of Section 409A of the Code, and specifically, with the “short-term deferral exception” under Treasury Regulation Section 1.409A-1(b)(4) and the “separation pay exception” under
Treasury Regulation Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any payment or benefit hereunder cannot be provided or made at the time specified herein without
incurring sanctions on Executive under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A of the Code, all
payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of such term under Section 409A of the Code), each payment made under this Agreement shall
be treated as a separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated as a right to a series of separate payments, and if a payment is not made by the designated payment date under this
Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment provided for hereunder would be subject to additional tax under Section 409A of the Code, or would
cause the administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law, and any such amount shall be payable in
accordance with subparagraph (b) of this Agreement below. In no event shall Executive, directly or indirectly, designate the calendar year of payment. 
 (b) If when separation from service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if the cash severance payment under Section 3(a)(i) of this
Agreement would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available (i.e., the “short-term
deferral exception” under Treasury Regulations Section 1.409A-1(b)(4) or the “separation pay exception” under Treasury Section 1.409A-1(b)(9)(iii)), the Bank or the Company 

 
will make the maximum severance payment possible in order to comply with an exception from the six month requirement and make any remaining severance payment
under Section 3(a)(i) of this Agreement to Executive in a single lump sum without interest on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service. 
 (c) If (x) under the terms of the applicable policy or policies for the insurance or other benefits specified in Section 3(a)(ii) of this
Agreement it is not possible to continue coverage for Executive and his dependents, or (y) when a separation from service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if any of
the continued insurance coverage or other benefits specified in Section 3(a)(ii) of this Agreement would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement
of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance or other benefit, the Bank or the Company shall pay to Executive in a single lump sum an amount in cash equal to the present value of the Bank’s
projected cost to maintain that particular insurance benefit had Executive’s employment not terminated. The lump-sum payment shall be made thirty (30) days after employment termination or, if Section 17(b) of this Agreement applies,
on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service. 
 (d) References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Section 409A of the Code.”

 SECOND CHANGE 
 Section 2(a) of the Agreement shall be amended by adding the following paragraph to the end thereof: 
 “In the event Executive elects to
voluntarily terminate his employment for Good Reason in accordance with this Section 2(a), he must notify the Bank within ninety (90) days after the initial existence of an event that qualifies as Good Reason and the Bank must be given an
opportunity, not less than thirty (30) days, to effectuate a cure for such asserted “Good Reason” by the Executive.” 
  

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 IN WITNESS WHEREOF, the Bank and the Company has caused this Amendment to be executed by its duly
authorized officers, and the Executive has signed this Amendment, on the 17th day of December, 2008 
  

							
	ATTEST:	 		 	 SAVINGS INSTITUTE BANK AND
 TRUST
COMPANY

			
	 /s/ Laurie Gervais
	 		 	 /s/ Henry P. Hinckley

		 		 	For the Board of Directors
			
	ATTEST:	 		 	SI FINANCIAL GROUP, INC.
		 		 	(as guarantor)
			
	 /s/ Laurie Gervais
	 		 	 /s/ Henry P. Hinckley

		 		 	For the Board of Directors
			
	WITNESS:	 		 	EXECUTIVE
			
	 /s/ Laurie Gervais
	 		 	 /s/ David T. Weston

  

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 SAVINGS INSTITUTE BANK AND TRUST COMPANY 
 CHANGE IN CONTROL AGREEMENT 
 This AGREEMENT (“Agreement”) is
hereby entered into as of September 30, 2004, by and between Savings Institute Bank and Trust Company (the “Bank”), a federally-chartered savings bank with its principal offices at 803 Main Street, Willimantic, Connecticut 06226,
David T. Weston (“Executive”) and SI Financial Group, Inc. (the “Company”), a federally-chartered corporation and the holding company of the Bank, as guarantor. 
 WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect his position with the Bank in the event of a
change in control of the Bank or the Company for the period provided for in this Agreement; and 
 WHEREAS, Executive and the Board of
Directors of the Bank desire to enter into an agreement setting forth the terms and conditions of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
  

	1.	Term of Agreement. 

 (a) The term of this Agreement
shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective Date”) and ending on the second anniversary of the Effective Date, plus (ii) any and all extensions of the initial
term made pursuant to this Section 1. 
 (b) Commencing on the first anniversary of the Effective Date and continuing each anniversary
date thereafter, the Board of Directors of the Bank (the “Board of Directors”) may extend the term of this Agreement for an additional one (1) year period beyond the then effective expiration date, provided that Executive shall not
have given at least sixty (60) days’ written notice of his desire that the term not be extended. 
 (c) Notwithstanding anything in
this Section to the contrary, this Agreement shall terminate if Executive or the Bank terminates Executive’s employment prior to a Change in Control. 
  

	2.	Change in Control. 

 (a) Upon the occurrence of a
Change in Control of the Bank or the Company followed at any time during the term of this Agreement by the termination of Executive’s employment in accordance with the terms of this Agreement, other than for Just Cause, as defined in
Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time during the
term of this Agreement following an event constituting “Good Reason.” 
  

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 “Good Reason” means, unless Executive has consented in writing thereto, the occurrence
following a Change in Control, of any of the following: 
  

	 	(i)	the assignment to Executive of any duties materially inconsistent with Executive’s position, including any material change in status, title, authority, duties or
responsibilities or any other action that results in a material diminution in such status, title, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is
remedied by the Bank or Executive’s employer reasonably promptly after receipt of notice thereof given by the Executive; 

  

	 	(ii)	a reduction by the Bank or Executive’s employer of the Executive’s base salary in effect immediately prior to the Change in Control; 

  

	 	(iii)	the relocation of the Executive’s office to a location more than twenty-five (25) miles from its location as of the date of this Agreement; 

  

	 	(iv)	the taking of any action by the Bank or any of its affiliates or successors that would materially adversely affect the Executive’s overall compensation and benefits package,
unless such changes to the compensation and benefits package are made on a non-discriminatory basis to all employees; or 

  

	 	(v)	the failure of the Bank or the affiliate of the Bank by which Executive is employed, or any affiliate that directly or indirectly owns or controls any affiliate by which Executive
is employed, to obtain the assumption in writing of the Bank’s obligation to perform this Agreement by any successor to all or substantially all of the assets of the Bank or such affiliate within thirty (30) days after a reorganization,
merger, consolidation, sale or other disposition of assets of the Bank or such affiliate. 

 (b) For purposes of this
Agreement, a “Change in Control” shall be deemed to occur on the earliest of any of the following events: 
 (i) Merger: The
Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or
consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 
  

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 (ii) Acquisition of Significant Share Ownership: There is filed or required to be filed a report
on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the
beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or
indirectly beneficially owns 50% or more of its outstanding voting securities. 
 (iii) Change in Board Composition: During any period
of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however,
that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the
beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 
 (iv) Sale of
Assets: The Company sells to a third party all or substantially all of its assets. 
 Notwithstanding anything in this Agreement to the
contrary, in no event shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a
“Change in Control” for purposes of this Agreement. 
 (c) Executive shall not have the right to receive termination benefits
pursuant to Section 3 hereof upon termination for Just Cause. The term “Just Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this
Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Just Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of a majority of the
entire membership of the Board of Directors at a meeting of the Board of Directors called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board of Directors),
finding that in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or
other benefits for any period after termination for Just Cause. During the period beginning on the date of the Notice of Termination for Just Cause pursuant to Section 4 hereof through the Date of Termination, stock options granted to Executive
under any stock option plan shall not be exercisable nor shall any unvested stock awards granted to Executive under any stock benefit plan of the Bank, the Company or any 

  

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subsidiary or affiliate thereof, vest. At the Date of Termination, such stock options and any such unvested stock awards shall become null and void and shall
not be exercisable by or delivered to Executive at any time subsequent to such termination for Just Cause. 
  

	3.	Termination Benefits. 

 (a) If Executive’s
employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive: 
  

	 	(i)	a lump sum cash payment equal to two (2) times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Internal Revenue Code of 1986,
as amended (the “Code”). Such payment shall be made not later than five (5) days following Executive’s termination of employment under this Section 3. 

  

	 	(ii)	Continued benefit coverage under all Bank health and welfare plans which Executive participated in as of the date of the Change in Control (collectively, the “Employee Benefit
Plans”) for a period of twenty-four (24) months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s termination of employment.
Solely for purposes of benefits continuation under the Employee Benefit Plans, Executive shall be deemed to be an active employee. To the extent that benefits required under this Section 3(a) cannot be provided under the terms of any Employee
Benefit Plan, the Bank shall enter into alternative arrangements that will provide Executive with comparable benefits. 

 (b)
Notwithstanding the preceding provisions of this Section 3, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an “excess
parachute payment” under Section 280G of the Code or any successor thereto, and to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one
dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits
provided by this Section 3 shall be determined by Executive. 
  

	4.	Notice of Termination. 

 (a) Any purported
termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
  

 4 

 (b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in
the case of a termination for Just Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

 All payments provided in this
Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due
from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation
inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this
Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
  

	7.	No Attachment. 

 (a) Except as required by law, no
right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement
shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and assigns. 
  

	8.	Modification and Waiver. 

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

 5 

	9.	Severability. 

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

	10.	Headings for Reference Only. 

 The headings of
sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the
masculine and the feminine. 
  

	11.	Governing Law. 

 Except to the extent preempted by
federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Connecticut, without regard to principles of conflicts of law of that State. 
  

	12.	Arbitration. 

 Any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in
accordance with the rules of the American Arbitration Bank then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of
his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
  

	13.	Payment of Legal Fees. 

 All reasonable legal fees
paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement.

  

	14.	Indemnification. 

 The Company or the Bank shall
provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and
administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his
having been a director or officer of the Company or the Bank 

  

 6 

 
(whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include,
but not be limited to, judgments, court costs, attorneys’ fees and the cost of reasonable settlements. 
  

	15.	Successors to the Bank and the Company. 

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

	16.	Required Provisions. 

 In the event any of the
foregoing provisions of this Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail. 
  

	 	a.	The Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice
Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. 

  

	 	b.	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were
suspended. 

  

	 	c.	If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

	 	d.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	e.	 All obligations under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued 

  

 7 

	 	 
operation of the Bank: (i) by the Director of the OTS (or his designee), at the time the FDIC or the Resolution Trust Corporation, at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee)
at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that
have already vested, however, shall not be affected by such action. 

  

	 	f.	Any payments made to employees Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC
regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

  

 8 

 SIGNATURES 
 IN WITNESS WHEREOF, Savings Institute Bank and Trust Company and SI Financial Group, Inc. have
caused this Agreement to be executed and their seals to be affixed hereunto by their duly authorized officers, and Executive has signed this Agreement, on the 30th day of September, 2004. 
  

							
	ATTEST:	 		 	 SAVINGS INSTITUTE BANK AND
 TRUST
COMPANY

				
	 /s/ Sandra M. Mitchell
	 		 	By:	 	 /s/ Rheo A. Brouillard

	Corporate Secretary	 		 		 	For the Entire Board of Directors
			
	ATTEST:	 		 	SI FINANCIAL GROUP, INC.
		 		 		 	(Guarantor)
				
	 /s/ Sandra M. Mitchell
	 		 	By:	 	 /s/ Rheo A. Brouillard

	Corporate Secretary	 		 		 	For the Entire Board of Directors
			
	[SEAL]	 		 	
			
	WITNESS:	 		 	EXECUTIVE
			
	 /s/ Sandra M. Mitchell
	 		 	 /s/ David T. Weston

	Corporate Secretary	 		 	David T. Weston

  

 9

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