Document:

EXHIBIT 10.7

 Exhibit 10.7 
  
 SAVINGS INSTITUTE 
 DIRECTOR RETIREMENT PLAN 
  
 1.
PURPOSE. The purpose of The Savings Institute Bank Director Retirement Plan (the “Plan”) is to provide retirement benefits to Directors who have contributed to the growth and success of Savings Institute (the
“Bank”) a savings bank headquartered in Willimantic, Connecticut. 
  
 2. DEFINITIONS. 
  
 1.3 Definitions. For purposes of the Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise. 
  
 “Administrator” of the Plan shall mean the Board of Directors of the Bank. 
  
 “Cause” means termination of employment because of the
Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar infractions)
or a final cease-and-desist order issued on such Participant. 
  
 “Compensation” shall mean the total Board fees and retainer payable to a Director. 
  
 “Disability” means the Director’s ability 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. 
  
 “Effective Date” of the Plan is May 21, 2003. 
  
 “Eligible Director” means a Director of the Bank who is
identified in Exhibit A as a Participant or who is designated by the Administrator as a Participant after the Effective Date of the Plan. 
  
 “Participant” means an Eligible Director who has been selected by the Administrator to participate in the Plan or who is identified in
Exhibit A. 
  
 “Retirement Date” means the first
day of the month following the month in which the Director attains age seventy-two (72). 
  
 “Early Retirement” a director can retire prior to age 72 provided he/she has completed at least fifteen (15) years of service as a director. 
  
 “Years of Service” means each twelve consecutive month
period following the date of an Eligible Director’s election to the Board of Directors of the Bank; provided that such Director remained in Continuous service for such period on a full-time basis during such period. 
  

 3. ADMINISTRATION. This Plan shall be administered by the Board of Directors of the
Bank, who shall have full authority to interpret the Plan and make all factual determinations necessary therefor. No member of the Board of Directors shall be liable for any act done or determination made in good faith. The construction and
interpretation of any provision of the Plan by the Board of Directors, and a determination by the Board of Directors of the amount of any Participant’s benefit under the Plan, shall be final and conclusive. 
  
 4. REMUNERATION. A Participant shall receive an annual
benefit under the Plan equal to 70% of the average Compensation received by the Participant for service as a director of the Bank during the three calendar years preceding the date on which the Participant terminated his services. Such amount shall
be payable in monthly installments beginning with the first month of the Participant’s termination of service and ending on the earlier of: (1) the 120th month following commencement of such monthly payments; or (2) the date on which the Participant attains age 82. 
  

5. BENEFITS. A Participant who retires at the Retirement Date shall be paid his/her vested annual retirement benefit in equal
monthly installments, commencing on the first business day of the month following his Retirement Date, and continuing until the month he/she attains age 82. A Participant who elects Early Retirement shall be paid an amount equal to his/her accrued
liability balance as of the Early Retirement date in equal monthly installments, commencing on the first business day of the month following the month of his/her Early Retirement and continuing until the earlier of (i) the 120th month following commencement of such payments or (ii) age 82. Notwithstanding anything herein to the contrary, no benefit
shall be payable under this Plan to a Participant whose service as a Director of the Bank is terminated for Cause. 
  
 6. DEATH OF A PARTICIPANT. If a Participant dies after his Retirement Date, all remaining benefits payable hereunder shall be
paid to such Participant’s beneficiaries, heirs or assigns. If a Participant dies prior to his Retirement Date, the benefit payable to his beneficiaries, heirs, or assigns shall be equal to the value of the accrued liability as of the date of
the Participant’s death. 
  
 7. UNFUNDED
ARRANGEMENT. This Plan shall be an unfunded arrangement, and shall not relate to any specific funds of the Bank. Payments of benefits due under the Plan shall be made from the general assets of the Bank, and a Participant shall have only the
rights of an unsecured creditor of the Bank with respect thereto. Notwithstanding the foregoing, the Bank shall have the right in its sole discretion to provide for the funding of payments required to be made hereunder through a trust or otherwise.

  
 8. AMENDMENT. The Board of Directors may
amend, modify, suspend or terminate this Plan at any time; provided, however, that any amendment, modification, suspension or termination shall not affect the rights of Participants to benefits which have accrued prior to the date of amendment.

  
 9. NON-ALIENATION. No Participant shall
have the power to transfer, assign, anticipate, mortgage or otherwise encumber any rights or any amounts payable hereunder; nor 

  

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shall any such rights or payments be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance, or be transferable by
operation of law in the event of bankruptcy, insolvency, or otherwise. 
  
 10. MERGER_OR_ACQUISITION. 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 frill force and effect and shall be binding upon such surviving entity, resulting corporation, or transferee. 
  
 11. GOVERNING_LAW. Except to the extent preempted
by federal law, this Plan shall be governed by the laws of the State of Connecticut, USA, without reference to conflicts of law principles. 
  
 12. EFFECTIVE_DATE. May 21, 2003. 
  

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

  

									
	DIRECTOR:	 	 	 	 	 	BANK:
				
	 	 	 	 	 	 	Savings Institute
					
	 	 	 	 	 	 	By:	 	 
					
	 	 	 	 	 	 	Title:	 	 

  

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 EXHIBIT A 
  

The following directors are Participants in the Plan 
  
 Robert C. Cushman, Sr. 
 Roger Engle

 Donna M. Evan 
 Robert O.
Gillard 
 Henry P. Hinckley 
 Everett A. Watson 
 Steven TownsendEXHIBIT 10.8

 Exhibit 10.8 
  
 FORM OF 
 SAVINGS INSTITUTE BANK AND TRUST COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  

 Form of 
 Savings Institute Bank and Trust Company 
 Supplemental Executive Retirement Plan 
  
 Table of Contents 
  

			
	 Article I – Introduction
	  	1
		
	 Article II – Definitions
	  	2
		
	 Article III – Eligibility and Participation
	  	5
		
	 Article IV – Benefits
	  	6
		
	 Article V – Accounts
	  	8
		
	 Article VI – Supplemental Benefit Payments
	  	9
		
	 Article VII – Claims Procedures
	  	10
		
	 Article VIII – Amendment and Termination
	  	12
		
	 Article IX – General Provisions
	  	13

  

 Article I 
 Introduction 
  
 Section 1.01
Purpose, Design and Intent. 
  

	(a)	The purpose of the Savings Institute Bank and Trust Company Supplemental Executive Retirement Plan (the “Plan”) is to assist Savings Institute Bank and Trust Company (the
“Bank”) and its affiliates in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental
retirement benefits to such employees. 

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income Security Act of 1974,
as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Bank but for the applicable
limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

  

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 Article II 
 Definitions 
  
 Section 2.01
Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,”
shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings: 
  
 (a) “Affiliate” means any corporation, trade or business, which, at
the time of reference, is together with the Bank, a member of a controlled group of corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as described in Sections 414(b),
414(c), and 414(m) of the Code, respectively, or any other organization treated as a single employer with the Bank under Section 414(o) of the Code. 
  
 (b) “Applicable Limitations” means one or more of the following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits under
tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

  
 (c) “Bank” means Savings Institute Bank
and Trust Company, and its successors. 
  
 (d) “Board of
Directors” means the Board of Directors of the Bank. 
  
 (e)
“Change in Control” means the earliest occurrence of one 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. 
  
 (ii) Acquisition of Significant Share Ownership: The Company 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 Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a 

  

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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. 
  
 (f) “Code” means the Internal Revenue Code of 1986, as amended.

  
 (g) “Committee” means the person(s) designated by the
Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan. 
  
 (h) “Common Stock” means the common stock of the Company. 
  
 (i) “Company” means SI Financial Group, Inc. and its successors. 
  
 (j) “Eligible Individual” means any Employee who participates in the ESOP or the Savings Plan, as the case may be, and whom the Board of Directors
determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
  
 (k) “Employee” means any person employed by the Bank or an Affiliate. 
  
 (l) “Employer” means the Bank or Affiliate that employs the Employee.

  
 (m) “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended. 
  
 (n) “ESOP” means the
Savings Institute Bank and Trust Company Employee Stock Ownership Plan, as amended from time to time. 
  
 (o) “ESOP Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with the purchase of Common Stock on behalf of the ESOP. 
  
 (p) “ESOP Valuation Date” means any day as of which the investment
experience of the trust fund of the ESOP is determined and individuals’ accounts under the ESOP are adjusted accordingly. 
  
 (q) “Effective Date” means January 1, 2004. 
  

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 (r) “Participant” means an Eligible Employee who is entitled to benefits under the Plan.

  
 (s) “Plan” means this Savings Institute
Bank and Trust Company Supplemental Executive Retirement Plan. 
  
 (t)
“Savings Plan” means the Savings Institute Bank and Trust Company Profit Sharing and 401(k) Savings Plan, as amended from time to time. 
  
 (u) “Supplemental ESOP Account” means an account established by an Employer, pursuant to Section 5.01
of the Plan, with respect to a Participant’s Supplemental ESOP Benefit. 
  
 (v) “Supplemental ESOP Benefit” means the benefit credited to a Participant pursuant to Section 4.01 of the Plan. 
  

(w) “Supplemental Savings Benefit” means the benefit credited to a Participant pursuant to Section 4.03 of the Plan. 

 
 (x) “Supplemental Savings Account” means an account
established by an Employer, pursuant to Section 5.03 of the Plan, with respect to a Participant’s Supplemental Savings Benefit. 
  
 (y) “Supplemental Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with
respect to a Participant’s Supplemental Stock Ownership Benefit. 
  
 (z)
“Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 
  

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 Article III 
 Eligibility and Participation 
  
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible
Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation
at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

  

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 Article IV 
 Benefits 
  
 Section 4.01
Supplemental ESOP Benefit. 
  
 As of the last day of each plan year of
the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP Benefit equal to the excess of (a) over (b), where: 
  

	(a)	Equals the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations; and 

  

	(b)	Equals the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations.

  
 Section 4.02 Supplemental Stock Ownership Benefit.

  

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less (ii), the
result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

  

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	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of (i) and (ii) by (iii),
where: 

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

  
 Section 4.03 Supplemental Savings Benefit. 
  
 A Participant’s Supplemental Savings Benefit under the Plan shall be equal to the excess of (a) over (b), where: 
  

	(a)	is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the Savings Plan for a
particular year, if the provisions of the Savings Plan were administered without regard to any of the Applicable Limitations; and 

  

	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the Savings Plan
for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

  

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 Article V 
 Accounts 
  
 Section 5.01
Supplemental ESOP Benefit Account. 
  
 For each Participant who is
credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year, the Committee shall credit to the Participant’s Supplemental ESOP Account
the amount of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise
been made to the Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s
Supplemental ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.02 Supplemental Stock Ownership Account. 
  
 The Employer shall establish, as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the
Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The Committee shall credit the account with an amount equal to the appropriate number of shares
of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions
credited to a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.03 Supplemental Savings Account. 
  
 The Employer shall establish a memorandum account, the “Supplemental Savings
Account” for each Participant on its books, and each year the Committee will credit the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be
credited monthly with interest at a rate equal to the combined weighted return provided to the Participant’s account(s) under the Savings Plan. 
  

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 Article VI 
 Supplemental Benefit Payments 
  
 Section 6.01 Payment of Supplemental ESOP Benefit. 
  

	(a)	A Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form, time and
medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage as he has to benefits allocated to him under
the ESOP at the time the benefits become distributable to him under the ESOP. 

  
 Section 6.02 Payment of Supplemental Stock Ownership Benefit. 
  

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form,
time and medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

  
 Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form and at the
same time as his benefits are paid under the Savings Plan. 

  

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to his matching contributions under the Savings
Plan at the time the benefits become distributable to him under the Savings Plan. 

  
 Section 6.04 Alternative Payment of Benefits. 
  
 Notwithstanding the other provisions of this Article VI, a Participant may, with prior written consent of the Committee and upon such terms and conditions as the Committee may impose, request that the Supplemental
ESOP Benefit and/or the Supplemental Stock Ownership Benefit and/or the Supplemental Savings Benefit to which he is entitled be paid commencing at a different time, over a different period, in a different form, or to different persons, than the
benefit to which he or his beneficiary may be entitled under the ESOP or the Savings Plan. 
  

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 Article VII 
 Claims Procedures 
  
 Section 7.01
Claims Reviewer. 
  
 For purposes of handling claims with respect to
this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates another person or group of persons as Claims Reviewer. 
  
 Section 7.02 Claims Procedure. 
  

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances require
the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before the expiration of the
initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the end of the initial 90-day
period. 

  

	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner
calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for the claimant to perfect
the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

  

	(d)	 Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the
claimant may have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant
receives written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the
claimant’s views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of such
60-day period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the
claim within 120 days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the form 

  

 10 

	 	 
of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim. 

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded
the claimant by this Article VII. 

  

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 Article VIII 
 Amendment and Termination 
  
 Section
8.01 Amendment of the Plan. 
  
 The Bank may from time to time and at
any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become
entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal
or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently be ratified by the Board of Directors. 
  
 Section 8.02 Termination of the Plan. 
  
 The Bank may at any time terminate the Plan; provided, however, that such termination may not adversely affect the rights of any Participant
or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such termination without the consent of the Participant or beneficiary. Any amounts
credited to the supplemental accounts of any Participant shall remain subject to the provisions of the Plan and no distribution of benefits shall be accelerated because of termination of the Plan. 
  

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 Article IX 
 General Provisions 
  
 Section 9.01
Unfunded, Unsecured Promise to Make Payments in the Future. 
  
 The
right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries,
shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of
ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any
benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s
beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
  
 Section 9.02 Committee as Plan Administrator. 
  

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 

  

	(b)	The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the duty and
responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative duties to employees of the Bank or an
Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by
the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the Committee shall be final and binding on all persons and parties concerned. 

  
 Section 9.03 Expenses. 
  
 Expenses of administration of the Plan shall be paid by the Bank or an Affiliate.

  
 Section 9.04 Statements. 
  
 The Committee shall furnish individual annual statements of accrued benefits to each
Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 
  

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 Section 9.05 Rights of Participants and Beneficiaries. 
  

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be
entitled to hereunder. 

  

	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an Affiliate will be
sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank or an Affiliate and any Participant or other
individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of employment or service.

  
 Section 9.06 Incompetent Individuals. 

 
 The Committee may, from time to time, establish rules and procedures which it determines
to be necessary for the proper administration of the Plan and the benefits payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally
charged with that Participant’s or beneficiary’s care. Except as otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such
Participant’s or beneficiary’s benefits to such conservator, person legally charged with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such
Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the Bank or an Affiliate and the Plan for such Participant or beneficiary. 
  
 Section 9.07 Sale, Merger or Consolidation of the Bank. 
  
 The Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or
entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to Participant’s deferral accounts
shall be placed in a grantor trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to the provisions of Section 8.02
of the Plan. Any legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate of which the Participant is an Employee or, if
applicable, a member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
  

 14 

 Section 9.08 Location of Participants. 
  
 Each Participant shall keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries.
The Bank shall not be obligated to search for any person. If such person is not located within three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as
though the Participant or his beneficiary had died at the end of such three-year period. 
  
 Section 9.09 Liability of the Bank and its Affiliates. 
  
 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual acting as an employee or agent of the Bank shall be liable to any Participant, former Participant, beneficiary, or any other
person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Bank or any such employee or agent of the Bank. 
  
 Section 9.10 Governing Law. 
  
 All questions pertaining to the construction, validity and effect of the Plan shall be
determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the laws of the State of Connecticut. 
  
 Having been adopted by its Board of Directors, this Plan is executed by its duly authorized officer this
             day of                     , 2004. 
  

									
	 	 	SAVINGS INSTITUTE BANK AND TRUST COMPANY
	 Attest:
	 	 	 	 
				
	 	 	 	 	By:	 	 
	Corporate Secretary	 	 	 	        For the Entire Board of Directors

  

 15

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