Document:

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                                                                    Exhibit 10.3

                                     FORM OF
                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT (the "Agreement"), made this ___ day of
________________2002, by and among NEW ENGLAND BANCSHARES, INC., a federally
chartered corporation (the "Company"), ENFIELD FEDERAL SAVINGS AND LOAN
ASSOCIATION, (the "Association"), and DAVID O'CONNOR ("Executive").

                               W I T N E S S E T H

         WHEREAS, Executive serves in a position of substantial responsibility;

         WHEREAS, the Company and the Association wish to assure the services
of Executive for the period provided in this Agreement; and

         WHEREAS, Executive is willing to serve in the employ of the Association
on a full-time basis for said period.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows:

         1.   Employment. Executive is employed as the President, Chief
              ----------
Executive Officer and Chief Financial Officer of the Company and the
Association. Executive shall perform all duties and shall have all powers which
are commonly incident to the offices of President, Chief Executive Officer and
Chief Financial Officer or which, consistent with those offices, are delegated
to him by the Chairman of the Board of Directors of the Association and the
Company. During the term of this Agreement, Executive also agrees to serve, if
elected, as an officer and/or director of any subsidiary of the Company and the
Association and in such capacity will carry out such duties and responsibilities
reasonably appropriate to that office.

         2.   Location and Facilities. The Executive will be furnished with the
              -----------------------
working facilities and staff customary for executive officers with the title and
duties set forth in Section 1 and as are necessary for him to perform his
duties. The location of such facilities and staff shall be at the principal
administrative offices of the Company and the Association, or at such other site
or sites customary for such offices.

         3.   Term.
              ----

         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 third anniversary of the
              Effective Date, plus (ii) any and all extensions of the initial
              term made pursuant to this Section 3.

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         b.   Commencing on the first year anniversary date of this Agreement,
              and continuing on each anniversary thereafter, the disinterested
              members of the boards of directors of the Association and the
              Company may extend the Agreement an additional year such that the
              remaining term of the Agreement shall be thirty-six (36) months,
              unless Executive elects not to extend the term of this Agreement
              by giving written notice in accordance with Section 19 of this
              Agreement. The Board of Directors of the Association (the "Board")
              will review the Agreement and Executive's performance annually for
              purposes of determining whether to extend the Agreement and the
              rationale and results thereof shall be included in the minutes of
              the Board's meeting. The Board of Directors of the Association
              shall give notice to Executive as soon as possible after such
              review as to whether the Agreement is to be extended.

         4.   Base Compensation.
              -----------------

         a.   The Company and the Association agree to pay the Executive during
              the term of this Agreement a base salary at the rate of $158,340
              per year, payable in accordance with customary payroll practices.

         b.   The Board shall review annually the rate of the Executive's base
              salary based upon factors they deem relevant, and may maintain or
              increase his salary, provided that no such action shall reduce the
              rate of salary below the rate in effect on the Effective Date.

         c.   In the absence of action by the Board, the Executive shall
              continue to receive salary at the annual rate specified on the
              Effective Date or, if another rate has been established under the
              provisions of this Section 4, the rate last properly established
              by action of the Board under the provisions of this Section 4.

         5.   Bonuses.  The Executive shall be entitled to participate in
              -------
discretionary bonuses or other incentive compensation programs that the Company
and the Association may award from time to time to senior management employees
pursuant to bonus plans or otherwise.

         6.   Benefit Plans. The Executive shall be entitled to participate in
              -------------
such life insurance, medical, dental, pension, profit sharing, retirement and
stock-based compensation plans and other programs and arrangements as may be
approved from time to time by the Company and the Association for the benefit of
their employees.

         7.   Vacation and Leave.
              ------------------

         a.   The Executive shall be entitled to vacations and other leave in
              accordance with policy for senior executives, or otherwise as
              approved by the Board.

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         b.   In addition to paid vacations and other leave, the Executive shall
              be entitled, without loss of pay, to absent himself voluntarily
              from the performance of his employment for such additional periods
              of time and for such valid and legitimate reasons as the Board may
              in its discretion determine. Further, the Board may grant to the
              Executive a leave or leaves of absence, with or without pay, at
              such time or times and upon such terms and conditions as the Board
              in its discretion may determine.

         8.   Expense Payments and Reimbursements.  The Executive shall be
              -----------------------------------
reimbursed for all reasonable out-of-pocket business expenses that he shall
incur in connection with his services under this Agreement upon substantiation
of such expenses in accordance with applicable policies of the Company and the
Association.

         9.   Automobile Allowance.   During the term of this Agreement, the
              --------------------
Executive shall be entitled to an automobile allowance on terms no less
favorable that those in effect immediately prior to the execution of this
Agreement. Executive shall comply with reasonable reporting and expense
limitations on the use of such automobile as may be established by the Company
or the Association from time to time, and the Company or the Association shall
annually include on Executive's Form W-2 any amount of income attributable to
Executive's personal use of such automobile.

         10.  Loyalty and Confidentiality.
              ---------------------------

         a.   During the term of this Agreement Executive: (i) shall devote all
              his time, attention, skill, and efforts to the faithful
              performance of his duties hereunder; provided, however, that from
              time to time, Executive may serve on the boards of directors of,
              and hold any other offices or positions in, companies or
              organizations which will not present any conflict of interest with
              the Company and the Association or any of their subsidiaries or
              affiliates, unfavorably affect the performance of Executive's
              duties pursuant to this Agreement, or violate any applicable
              statute or regulation and (ii) shall not engage in any business or
              activity contrary to the business affairs or interests of the
              Company and the Association.

         b.   Nothing contained in this Agreement shall prevent or limit
              Executive's right to invest in the capital stock or other
              securities of any business dissimilar from that of the Company and
              the Bank, or, solely as a passive, minority investor, in any
              business.

         c.   Executive agrees to maintain the confidentiality of any and
              all information concerning the operation or financial status of
              the Company and the Association; the names or addresses of any of
              its borrowers, depositors and other customers; any information
              concerning or obtained from such customers; and any other
              information concerning the Company and the Association to which he
              may be exposed during the course of his employment. The Executive
              further agrees that, unless required by law or specifically
              permitted by the Board in writing, he will not disclose to any
              person or entity, either during or subsequent to his employment,
              any of the above-mentioned

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              information which is not generally known to the public, nor shall
              he employ such information in any way other than for the benefit
              of the Company and the Association.

         11.  Termination and Termination Pay.  Subject to Section 12 of this
              -------------------------------
Agreement, Executive's employment under this Agreement may be terminated in the
following circumstances:

         a.   Death. Executive's employment under this Agreement shall terminate
              -----
              upon his death during the term of this Agreement, in which event
              Executive's estate shall be entitled to receive the compensation
              due to the Executive through the last day of the calendar month in
              which his death occurred.

         b.   Retirement.  This Agreement shall be terminated upon Executive's
              ----------
              retirement under the retirement benefit plan or plans in which he
              participates pursuant to Section 6 of this Agreement or otherwise.

         c.   Disability.
              ----------

              i.   The Board or Executive may terminate Executive's employment
                   after having determined Executive has a Disability. For
                   purposes of this Agreement, "Disability" means a physical or
                   mental infirmity that impairs Executive's ability to
                   substantially perform his duties under this Agreement and
                   that results in Executive becoming eligible for long-term
                   disability benefits under any long-term disability plans of
                   the Company and the Association (or, if there are no such
                   plans in effect, that impairs Executive's ability to
                   substantially perform his duties under this Agreement for a
                   period of one hundred eighty (180) consecutive days). The
                   Board shall determine whether or not Executive is and
                   continues to be permanently disabled for purposes of this
                   Agreement in good faith, based upon competent medical advice
                   and other factors that they reasonably believe to be
                   relevant. As a condition to any benefits, the Board may
                   require Executive to submit to such physical or mental
                   evaluations and tests as it deems reasonably appropriate.

              ii.  In the event of such Disability, Executive's obligation to
                   perform services under this Agreement will terminate. The
                   Association will pay Executive, as Disability pay, an amount
                   equal to one hundred percent (100%) of Executive's bi-weekly
                   rate of base salary in effect as of the date of his
                   termination of employment due to Disability. Disability
                   payments will be made on a monthly basis and will commence on
                   the first day of the month following the effective date of
                   Executive's termination of employment for Disability and end
                   on the earlier of: (A) the date he returns to full-time
                   employment at the Association in the same capacity as he was
                   employed prior to his termination for Disability; (B) his
                   death; or (C) upon attainment of age

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                   65.  Such payments shall be reduced by the amount of any
                   short- or long-term disability benefits payable to the
                   Executive under any other disability programs sponsored by
                   the Company and the Association. In addition, during any
                   period of Executive's Disability, Executive and his
                   dependents shall, to the greatest extent possible, continue
                   to be covered under all benefit plans (including, without
                   limitation, retirement plans and medical, dental and life
                   insurance plans) of the Company and the Association, in which
                   Executive participated prior to his Disability on the same
                   terms as if Executive were actively employed by the Company
                   and the Association.

        d.    Termination for Cause.
              ---------------------

              i.   The Board may, by written notice to the Executive in the form
                   and manner specified in this paragraph, immediately terminate
                   his employment at any time, for "Cause". The Executive shall
                   have no right to receive compensation or other benefits for
                   any period after termination for Cause except for vested
                   benefits. Termination for "Cause" shall mean termination
                   because of, in the good faith determination of the Board,
                   Executive's:

                   (1)   Personal dishonesty;

                   (2)   Incompetence;

                   (3)   Willful misconduct;

                   (4)   Breach of fiduciary duty involving personal profit;

                   (5)   Intentional failure to perform duties under this
                         Agreement;

                   (6)   Willful violation of any law, rule or regulation (other
                         than traffic violations or similar offenses) that
                         reflects adversely on the reputation of the Company and
                         the Association, any felony conviction, any violation
                         of law involving moral turpitude, or any violation of a
                         final cease-and-desist order; or

                   (7)   Material breach by Executive of any provision of this
                         Agreement.

              ii.  Notwithstanding the foregoing, Executive shall not be deemed
                   to have been terminated for Cause by the Company and the
                   Association unless there shall have been delivered to
                   Executive a copy of a resolution duly adopted by the
                   affirmative vote of a majority of the entire membership of
                   the Board at a meeting of such Board called and held for the
                   purpose (after reasonable notice to Executive and an
                   opportunity for Executive to be heard before the

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                   Board with counsel), of finding that in the good faith
                   opinion of the Board , Executive was guilty of the conduct
                   described above and specifying the particulars thereof.

        e.    Voluntary Termination by Executive. In addition to his other
              ----------------------------------
              rights to terminate under this Agreement, Executive may
              voluntarily terminate employment during the term of this Agreement
              upon at least sixty (60) days prior written notice to the Board,
              in which case Executive shall receive only his compensation,
              vested rights and employee benefits up to the date of his
              termination.

        f.    Without Cause or With Good Reason.
              ---------------------------------

              i.   In addition to termination pursuant to Sections 11(a) through
                   11(e) the Board, may, by written notice to Executive,
                   immediately terminate his employment at any time for a reason
                   other than Cause (a termination "Without Cause") and
                   Executive may, by written notice to the Board, immediately
                   terminate this Agreement at any time within ninety (90) days
                   following an event constituting "Good Reason" as defined
                   below (a termination "With Good Reason").

              ii.  Subject to Section 12 of this  Agreement, in the event of
                   termination under this Section 11(f), Executive shall be
                   entitled to receive his base salary for the remaining term of
                   the Agreement paid in one lump sum within ten (10) calendar
                   days of such termination. Also, in such event, Executive
                   shall, for the remaining term of the Agreement, receive the
                   benefits he would have received during the remaining term of
                   the Agreement under any retirement programs (whether
                   tax-qualified or non-qualified) in which Executive
                   participated prior to his termination (with the amount of the
                   benefits determined by reference to the benefits received by
                   the Executive or accrued on his behalf under such programs
                   during the twelve (12) months preceding his termination) and
                   continue to participate in any benefit plans of the Company
                   and the Association that provide health (including medical
                   and dental), life or disability insurance, or similar
                   coverage upon terms no less favorable than the most favorable
                   terms provided to senior executives of the Company and the
                   Association during such period. In the event that the Company
                   and the Association are unable to provide such coverage by
                   reason of Executive no longer being an employee, the Company
                   and the Association shall provide Executive with comparable
                   coverage on an individual policy basis.

              iii. "Good Reason" shall exist if, without Executive's express
                   written consent, the Company and the Association materially
                   breach any of their respective

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                   obligations under this Agreement. Without limitation, such a
                   material breach shall be deemed to occur upon any of the
                   following:

                   (1)   A material reduction in Executive's responsibilities or
                         authority in connection with his employment with the
                         Company or the Association;

                   (2)   Assignment to Executive of duties of a non-executive
                         nature or duties for which he is not reasonably
                         equipped by his skills and experience;

                   (3)   Failure of the Executive to be nominated or renominated
                         to the Board;

                   (4)   A reduction in salary or benefits contrary to the terms
                         of this Agreement, or, following a Change in Control as
                         defined in Section 12 of this Agreement, any reduction
                         in salary or material reduction in benefits below the
                         amounts to which he was entitled prior to the Change in
                         Control;

                   (5)   Termination of incentive and benefit plans, programs or
                         arrangements, or reduction of Executive's participation
                         to such an extent as to materially reduce their
                         aggregate value below their aggregate value as of the
                         Effective Date;

                   (6)   A requirement that Executive relocate his principal
                         business office or his principal place of residence
                         outside of the area consisting of a twenty-five (25)
                         mile radius from the current main office and any branch
                         of the Association, or the assignment to Executive of
                         duties that would reasonably require such a
                         relocation;or

                   (7)   liquidation or dissolution of the Company or the
                         Association.

              iv.  Notwithstanding the foregoing, a reduction or elimination
                   of the Executive's benefits less than one or more benefit
                   plans maintained by the Company and the Association as part
                   of a good faith, overall reduction or elimination of such
                   plans or plans or benefits thereunder applicably to all
                   participants in a manner that does not discriminate against
                   Executive (except as such discrimination may be necessary to
                   comply with law) shall not constitute an event of Good Reason
                   or a material breach of this Agreement, provided that
                   benefits of the type or to the general extent as those
                   offered under such plans prior to such reduction or
                   elimination are not available to other officers of the
                   Company and the Association or any company that controls
                   either of them

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                        under a plan or plans in or under which Executive is not
                        entitled to participate.

              g.   Continuing Covenant Not to Compete or Interfere with
                   ----------------------------------------------------
Relationships. Regardless of anything herein to the contrary, following a
-------------
termination by the Company and the Association or Executive pursuant to Section
11(f):

                   i.   Executive's obligations under Section 10(c) of this
                        Agreement will continue in effect; and

                   ii.  During the period ending on the first anniversary of
                        such termination, the Executive shall not serve as an
                        officer, director or employee of any bank holding
                        company, bank, savings association, savings and loan
                        holding company, or mortgage company (any of which, a
                        "Financial Institution") which Financial Institution
                        offers products or services competing with those offered
                        by the Association from any office within fifty (50)
                        miles from the main office or any branch of the
                        Association and shall not interfere with the
                        relationship of the Company and the Association and any
                        of its employees, agents, or representatives.

              12.  Termination in Connection with a Change in Control.
                   --------------------------------------------------

              a.   For purposes of this Agreement, a "Change in Control" shall
                   be deemed to occur on the earliest of:

                   (i)  such time as any "person" (as the term is used in
                        Sections 13(d) and 14(d) of the Securities Exchange Act
                        of 1934, as amended ("Exchange Act")) is or becomes the
                        "beneficial owner" (as defined in Rule 13d-3 under the
                        Exchange Act), directly or indirectly, of voting
                        securities of the Company representing 20% or more of
                        the Association's outstanding voting securities or the
                        right to acquire such securities, except for any voting
                        securities purchased by any employee benefit plan of the
                        Association;

                   (ii) such time as individuals who constitute the Board of
                        Directors on the date hereof (the "Incumbent Board")
                        cease for any reason to constitute at least a majority
                        thereof, provided that any person becoming a director
                        subsequent to the date hereof whose election was
                        approved by a vote of at least three-quarters of the
                        directors constituting the Incumbent Board (or members
                        who were nominated by the Incumbent Board), or whose
                        nomination for election by the Association's
                        stockholders was approved by a Nominating Committee
                        solely composed of members which are Incumbent Board
                        members (or members nominated by the Incumbent Board),
                        shall be, for

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                   purposes of this clause (iii), considered as though he or she
                   were a member of the Incumbent Board;

            (iii)  such time as a reorganization, merger, consolidation, or
                   similar transaction occurs or is effectuated as a result of
                   which 60% of shares of the common stock of the resulting
                   entity are owned by persons who were not stockholders of the
                   Association immediately prior to the consummation of the
                   transaction;

            (iv)   such time as substantially all of the assets of the
                   Association are sold or otherwise transferred to another
                   corporation or other entity that is not controlled by the
                   Association.

Notwithstanding anything in this Agreement to the contrary, in no event shall
the conversion of the Association from mutual to stock form (including without
limitation, through the formation of a stock holding company) or the
reorganization of the Association into the mutual holding company form of
organization constitute a "Change in Control" for purposes of this Agreement.

     (b)    Termination. If within the period ending two years after a Change in
            Control, (i) the Company and the Association shall terminate the
            Executive's employment Without Cause, or (ii) Executive voluntarily
            terminates his employment With Good Reason, the Company and the
            Association shall, within ten calendar days of the termination of
            Executive's employment, make a lump-sum cash payment to him equal to
            2.99 times the Executive's average Annual Compensation over the five
            (5) most recently completed calendar years ending with the year
            immediately preceding the effective date of the Change in Control.
            In determining Executive's average Annual Compensation, Annual
            Compensation shall include base salary and any other taxable income,
            including but not limited to amounts related to the granting,
            vesting or exercise of restricted stock or stock option awards,
            commissions, bonuses (whether paid or accrued for the applicable
            period), as well as, retirement benefits, director or committee fees
            and fringe benefits paid or to be paid to Executive or paid for
            Executive's benefit during any such year, profit sharing, employee
            stock ownership plan and other retirement contributions or benefits,
            including to any tax-qualified plan or arrangement (whether or not
            taxable) made or accrued on behalf of Executive of such year. The
            cash payment made under this Section 12(b) shall be made in lieu of
            any payment also required under Section 11(f) of this Agreement
            because of a termination in such period. Executive's rights under
            Section 11(f) are not otherwise affected by this Section 12. Also,
            in such event, the Executive shall, for a thirty-six (36) month
            period following his termination of employment, receive the benefits
            he would have received over such period under any retirement
            programs (whether tax-qualified or nonqualified) in which the
            Executive participated prior to his termination (with the amount of
            the benefits determined by reference to the benefits received by the
            Executive or accrued on his behalf under such programs during the
            twelve (12)

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                   months preceding the Change in Control) and continue to
                   participate in any benefit plans of the Company and the
                   Association that provide health (including medical and
                   dental), life or disability insurance, or similar coverage
                   upon terms no less favorable than the most favorable terms
                   provided to senior executives of during such period. In the
                   event that the Company and the Association are unable to
                   provide such coverage by reason of the Executive no longer
                   being an employee, the Company and the Association shall
                   provide the Executive with comparable coverage on an
                   individual policy.

           c.      The provisions of Sections 12 and Sections 14 through 25,
                   including the defined terms used is such sections, shall
                   continue in effect until the later of the expiration of this
                   Agreement or two years following a Change in Control.

           13.     Indemnification and Liability Insurance.
                   ---------------------------------------

           a.      Indemnification.  The  Company and the Association agree to
                   ---------------
                   indemnify the Executive (and his heirs, executors, and
                   administrators), and to advance expenses related thereto, to
                   the fullest extent permitted under applicable law and
                   regulations against any and 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 Executive
                   of the Company, the Association or any of their subsidiaries
                   (whether or not he continues to be a director or Executive at
                   the time of incurring any such expenses or liabilities) such
                   expenses and liabilities to include, but not be limited to,
                   judgments, court costs, and attorney's fees and the cost of
                   reasonable settlements, such settlements to be approved by
                   the Board, if such action is brought against the Executive in
                   his capacity as an Executive or director of the Company and
                   the Association or any of their subsidiaries. Indemnification
                   for expense shall not extend to matters for which the
                   Executive has been terminated for Cause. Nothing contained
                   herein shall be deemed to provide indemnification prohibited
                   by applicable law or regulation. Notwithstanding anything
                   herein to the contrary, the obligations of this Section 13
                   shall survive the term of this Agreement by a period of six
                   (6) years.

           b.      Insurance. During the period in which indemnification of the
                   ---------
                   Executive is required under this Section, the Company and the
                   Association shall provide the Executive (and his heirs,
                   executors, and administrators) with coverage under a
                   directors' and Executives' liability policy at the expense of
                   the Company and the Association, at least equivalent to such
                   coverage provided to directors and senior Executives of the
                   Company and the Association.

           14.     Reimbursement of Executive's Expenses to Enforce this
                   -----------------------------------------------------
Agreement. The Company and the Association shall reimburse the Executive for all
---------
out-of-pocket expenses, including, without limitation, reasonable attorney's
fees, incurred by the Executive in connection

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with successful enforcement by the Executive of the obligations of the Company
and the Association to the Executive under this Agreement. Successful
enforcement shall mean the grant of an award of money or the requirement that
the Company and the Association take some action specified by this Agreement (i)
as a result of court order; or (ii) otherwise by the Company and the Association
following an initial failure of the Company and the Association to pay such
money or take such action promptly after written demand therefor from the
Executive stating the reason that such money or action was due under this
Agreement at or prior to the time of such demand.

         15. Limitation of Benefits under Certain Circumstances. If the payments
             --------------------------------------------------
and benefits pursuant to Section 12 of this Agreement, either alone or together
with other payments and benefits which the Executive has the right to receive
from the Company and the Association, would constitute a "parachute payment"
under Section 280G of the Code, the payments and benefits pursuant to Section 12
shall be reduced or revised, in the manner determined by the Executive, by the
amount, if any, which is the minimum necessary to result in no portion of the
payments and benefits under Section 12 being non-deductible to the Company and
the Association pursuant to Section 280G of the Code and subject to the excise
tax imposed under Section 4999 of the Code. The determination of any reduction
in the payments and benefits to be made pursuant to Section 12 shall be based
upon the opinion of the Company and the Association's independent public
accountants and paid for by the Company and the Association. In the event that
the Company, the Association and/or the Executive do not agree with the opinion
of such counsel, (i) the Company and the Association shall pay to the Executive
the maximum amount of payments and benefits pursuant to Section 12, as selected
by the Executive, which such opinion indicates there is a high probability do
not result in any of such payments and benefits being non-deductible to the
Company and the Association and subject to the imposition of the excise tax
imposed under Section 4999 of the Code and (ii) the Company and the Association
may request, and the Executive shall have the right to demand that they request,
a ruling from the IRS as to whether the disputed payments and benefits pursuant
to Section 12 have such consequences. Any such request for a ruling from the IRS
shall be promptly prepared and filed by the Company and the Association, but in
no event later than thirty (30) days from the date of the opinion of counsel
referred to above, and shall be subject to the Executive's approval prior to
filing, which shall not be unreasonably withheld. The Company, the Association
and the Executive agree to be bound by any ruling received from the IRS and to
make appropriate payments to each other to reflect any such rulings, together
with interest at the applicable federal rate provided for in Section 7872(f)(2)
of the Code. Nothing contained herein shall result in a reduction of any
payments or benefits to which the Executive may be entitled upon termination of
employment other than pursuant to Section 12 hereof, or a reduction in the
payments and benefits specified in Section 12 below zero.

         16. Injunctive Relief. If there is a breach or threatened breach of
             -----------------
Section 11(g) of this Agreement or the prohibitions upon disclosure contained in
Section 10(c) of this Agreement, the parties agree that there is no adequate
remedy at law for such breach, and that the Company and the Association shall be
entitled to injunctive relief restraining the Executive from such breach or
threatened breach, but such relief shall not be the exclusive remedy hereunder
for such breach. The

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parties hereto likewise agree that the Executive, without limitation, shall be
entitled to injunctive relief to enforce the obligations of the Company and the
Association under this Agreement.

              17.  Successors and Assigns.
                   ----------------------

              a.   This Agreement shall inure to the benefit of and be binding
                   upon any corporate or other successor of the Company and the
                   Association which shall acquire, directly or indirectly, by
                   merger, consolidation, purchase or otherwise, all or
                   substantially all of the assets or stock of the Company and
                   the Association.

              b.   Since the Company and the Association are contracting for the
                   unique and personal skills of Executive, Executive shall be
                   precluded from assigning or delegating his rights or duties
                   hereunder without first obtaining the written consent of the
                   Company and the Association.

              18.  No Mitigation.  Executive shall not be required to mitigate
                   -------------
the amount of any payment provided for in this Agreement by seeking other
employment or otherwise and no such payment shall be offset or reduced by the
amount of any compensation or benefits provided to Executive in any subsequent
employment.

              19.  Notices. All notices, requests, demands and other
                   -------
communications in connection with this Agreement shall be made in writing and
shall be deemed to have been given when delivered by hand or 48 hours after
mailing at any general or branch United States Post Office, by registered or
certified mail, postage prepaid, addressed to the Company and/or the Association
at their principal business offices and to Executive at his home address as
maintained in the records of the Company and the Association.

              20.  No Plan Created by this Agreement. Executive, the Company and
                   ---------------------------------
the Association expressly declare and agree that this Agreement was negotiated
among them and that no provision or provisions of this Agreement are intended
to, or shall be deemed to, create any plan for purposes of the Employee
Retirement Income Security Act or any other law or regulation, and each party
expressly waives any right to assert the contrary. Any assertion in any judicial
or administrative filing, hearing, or process that such a plan was so created by
this Agreement shall be deemed a material breach of this Agreement by the party
making such an assertion.

              21.  Amendments.  No amendments or additions to this Agreement
                   ----------
shall be binding unless made in writing and signed by all of the parties, except
as herein otherwise specifically provided.

              22.  Applicable Law.  Except to the extent preempted by Federal
                   --------------
law, the laws of the State of Connecticut shall govern this Agreement in all
respects, whether as to its validity, construction, capacity, performance or
otherwise.

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         23.   Severability.  The provisions of this Agreement shall be deemed
               ------------
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

         24.   Headings.  Headings contained herein are for convenience of
               --------
reference only.

         25.   Entire Agreement. This Agreement, together with any understanding
               ----------------
or modifications thereof as agreed to in writing by the parties, shall
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof, other than written agreements with respect to specific
plans, programs or arrangements described in Sections 5 and 6.

         26.   Required Provisions. In the event any of the foregoing provisions
               -------------------
of this Section 26 are in conflict with the terms of this Agreement, this
Section 26 shall prevail.

         a.    The Association may terminate Executive's employment at any
               time, but any termination by the Association, 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 as defined in
               Section 7 hereinabove.

         b.    If Executive is suspended from office and/or temporarily
               prohibited from participating in the conduct of the Association'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.(S)1818(e)(3) or
               (g)(1); the Association'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 Association 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 Association'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.(S)1818(e)(4) or (g)(1), all
               obligations of the Association 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 Association is in default as defined in Section 3(x)(1)
               of the Federal Deposit Insurance Act, 12 U.S.C.(S)1813(x)(1) all
               obligations of the Association 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 of the Association under this contract shall be
               terminated, except to the extent determined that continuation of
               the contract is necessary for the continued operation of the
               institution: (i) by the Director of the OTS (or his designee),
               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 Association under the authority contained in
               Section 13(c) of the Federal Deposit Insurance Act, 12
               U.S.C.(S)1823(c);

                                       13

<PAGE>

                   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
                   Association or when the Association is determined by the
                   Director to be in an unsafe or unsound condition. Any rights
                   of the parties that have already vested, however, shall not
                   be affected by such action.

              f.   Any payments made to Executive pursuant to this Agreement,
                   or otherwise, are subject to and conditioned upon compliance
                   with 12 U.S.C.(S)1828(k) and 12 C.F.R. Section 545.121 and
                   any rules and regulations promulgated thereunder.

              IN WITNESS WHEREOF, the parties hereto have executed this
              Agreement on the date first set forth above.

Attest:                                  NEW ENGLAND BANCSHARES, INC.

___________________________              By:_______________________________

                                         Title:____________________________

Attest:                                  ENFIELD FEDERAL SAVINGS AND
                                         LOAN ASSOCIATION

____________________________             By:_______________________________

                                         Title:____________________________

Witness:                                 EXECUTIVE

____________________________             __________________________________

                                       14<PAGE>

                                                                    Exhibit 10.4

                                     FORM OF
                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                      EMPLOYEE SEVERANCE COMPENSATION PLAN

                                  PLAN PURPOSE

         The purpose of the Enfield Federal Savings and Loan Association
Employee Severance Compensation Plan (the "Plan") is to assure the services of
employees of the Association (and affiliates of the Association that adopt the
Plan) in the event of a Change in Control (capitalized terms are defined in
Section 2.1). The benefits contemplated by the Plan recognize the value to the
Association of the services and contributions of the employees of the
Association and the effect upon the Association resulting from the uncertainties
of continued employment, reduced employee benefits, management changes and
relocations that may arise in the event of a Change in Control. The Board of
Directors of the Association believes that the Plan will also aid the
Association in attracting and retaining highly qualified individuals who are
essential to its success and the Plan's assurance of fair treatment of the
Association's employees will reduce the distractions and other adverse effects
on employees' performance in the event of a Change in Control.

                                    ARTICLE I
                              ESTABLISHMENT OF PLAN

         1.1      Establishment of Plan
                  ---------------------

         As of the Effective Date of the Plan, the Association hereby
establishes an employee severance compensation plan to be known as the "Enfield
Federal Savings and Loan Association Employee Severance Compensation Plan."

         1.2      Applicability of Plan
                  ---------------------

         The benefits provided by this Plan shall be available to all employees
of the Association, who, at or after the Effective Date, meet the eligibility
requirements of Article III.

         1.3      Contractual Right to Benefits
                  -----------------------------

         This Plan establishes and vests in each Participant a contractual right
to the benefits to which each Participant is entitled hereunder, enforceable by
the Participant against the Employer.

<PAGE>

                                   ARTICLE II
                          DEFINITIONS AND CONSTRUCTION

         2.1      Definitions
                  -----------

         Whenever used in the Plan, the following terms shall have the meanings
set forth below.

         (a)      "Annual Compensation" of a Participant means and includes all
cash compensation paid or accrued by the Employer with respect to the
Participant's service during the 12-consecutive month period ending on the last
business day of the month preceding the date the Participant's employment
terminates.

         (b)      "Association" means Enfield Federal Savings and Loan
Association or any successor as provided for in Article VII hereof.

         (c)      "Change in Control" shall occur:

                  (i)      at such time as any "person" (as the term is used in
                           Sections 13(d) and 14(d) of the Securities Exchange
                           Act of 1934, as amended ("Exchange Act")) is or
                           becomes the "beneficial owner" (as defined in Rule
                           13d-3 under the Exchange Act), directly or
                           indirectly, of voting securities of the Company
                           representing 20% or more of the Association's
                           outstanding voting securities or the right to acquire
                           such securities, except for any voting securities
                           purchased by any employee benefit plan of the
                           Association;

                  (ii)     at such time as individuals who constitute the Board
                           of Directors on the date hereof (the "Incumbent
                           Board") cease for any reason to constitute at least a
                           majority thereof, provided that any person becoming a
                           director subsequent to the date hereof whose election
                           was approved by a vote of at least three-quarters of
                           the directors constituting the Incumbent Board (or
                           members who were nominated by the Incumbent Board),
                           or whose nomination for election by the Bank's
                           stockholders was approved by a Nominating Committee
                           solely composed of members which are Incumbent Board
                           members (or members nominated by the Incumbent
                           Board), shall be, for purposes of this clause (iii),
                           considered as though he or she were a member of the
                           Incumbent Board;

                  (iii)    at such time as a reorganization, merger,
                           consolidation, or similar transaction occurs or is
                           effectuated as a result of which 60% of shares of the
                           common stock of the resulting entity are owned by
                           persons who were not stockholders of the Association
                           immediately prior to the consummation of the
                           transaction;

                                        2

<PAGE>

                  (iv)     at such time as substantially all of the assets of
                           the Association are sold or otherwise transferred to
                           another corporation or other entity that is not
                           controlled by the Association.

Notwithstanding anything in this Plan to the contrary, in no event shall the
conversion of the Association from mutual to stock form (including without
limitation, through the formation of a stock holding company) or the
reorganization of the Association into the mutual holding company form of
organization constitute a "Change in Control" for purposes of this Plan.

         (d)      "Company" means New England Bancshares, Inc., a federally
chartered corporation.

         (e)      "Disability" means the permanent and total inability by reason
of mental or physical infirmity, or both, of an employee to perform the work
customarily assigned to him. Additionally, a medical doctor selected or approved
by the Board of Directors must advise the Board that it is either not possible
to determine if or when such Disability will terminate or that it appears
probable that such Disability will be permanent during the remainder of said
employees lifetime.

         (f)      "Effective Date" ________________, 2002.

         (g)      "Employer" means (i) the Association, (ii) the Company, or
(iii) any subsidiary of the Association or the Company that adopts the Plan.

         (h)      "ERISA" means Employee Retirement Income Security Act of 1974,
as amended.

         (i)      "Participant" means an employee of an employer who meets the
eligibility requirements of Article III.

         (j)      "Termination for Cause" shall include termination because of a
Participant's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or violation of any final cease-and desist
order, or material breach of any provision of the plan. In determining
incompetence, the acts or omissions shall be measured against standards
generally prevailing in the savings institutions industry.

         (k)      "Leave of Absence" and "LOA" mean (i) the taking of an
authorized or approved leave of absence under the provisions of the federal
Family and Medical Leave Act ("FMLA"), (ii) any state law providing
qualitatively similar benefits as the FMLA, or (iii) a leave of absence
authorized under the policies of the Association. "Leave of Absence" and "LOA"
are defined in this paragraph for the exclusive purposes of this Plan.

                                        3

<PAGE>

         (l)      "Plan" means this Enfield Federal Savings and Loan Association
Employee Severance Compensation Plan.

         (k)      "Year of Service" means each consecutive 12 month period,
beginning with an employee's date of hire and running without a termination of
employment in which an employee is credited with at least one hour of service in
each of the 12 calendar months in such period. The taking of an LOA shall not
eliminate a period of time from being a Year of Service if such period of time
otherwise qualifies as such. Further if a particular 12 month period of time
would not otherwise qualify under the Plan as a Year of Service because one hour
of service is not credited during each month of such period due to the taking of
a LOA, then such period of time shall be deemed to be a Year of Service for all
other sections of this Plan.

         2.2      Applicable Law
                  --------------

         The laws of the State of Connecticut shall be the controlling law in
all matters relating to the Plan to the extent not preempted by Federal law.

         2.3      Severability
                  ------------

         If a provision of this Plan shall be held illegal or invalid, the
illegality or invalidity shall not affect the remaining parts of the Plan and
the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

                                   ARTICLE III
                                   ELIGIBILITY

         3.1      Participation
                  -------------

         All employees of the Employer who have completed at least one (1) Year
of Service with the Employer at the time of any termination pursuant to Section
4.2 of this Plan are eligible to participate in the Plan. Notwithstanding the
foregoing, persons who have entered into and continue to be covered by an
employment agreement with the Employer shall not be entitled to participate in
this Plan.

         3.2      Duration of Participation
                  --------------------------

         A Participant shall cease to be a Participant in the Plan when the
Participant ceases to be an employee of an Employer, unless such Participant is
entitled to benefits under the Plan. A Participant entitled to benefits under
the Plan shall remain a Participant in this Plan until he has received full
payment of his Plan benefits.

                                        4

<PAGE>

                                   ARTICLE IV
                                    BENEFITS

         4.1      Right to Benefits
                  -----------------

         A Participant shall be entitled to receive from his respective Employer
a severance benefit in the amount provided in Section 4.3 of the Plan if there
has been a Change in Control of the Association or the Company and if, within
twenty-four (24) months thereafter, the Participant's employment by an Employer
shall terminate for any reason specified in Section 4.2 of the Plan, whether the
termination of employment is voluntary or involuntary. A Participant shall not
be entitled to a benefit if termination occurs by reason of death, voluntary
retirement, voluntary termination other than for reasons specified in Section
4.2 of the Plan, Disability, or as a result of Termination for Cause.

         4.2      Reasons for Termination
                  -----------------------

         Following a Change in Control, a Participant shall be entitled to a
benefit if employment by an Employer is terminated, voluntarily or
involuntarily, for any one or more of the following reasons:

                  (a) The Employer reduces the Participant's base salary or rate
of compensation as in effect immediately prior to the Change in Control.

                  (b) The Employer materially changes the Participant's
function, duties or responsibilities which would cause the Participant's
position to be one of lesser responsibility, importance or scope with the
Employer than immediately prior to the change in control.

                  (c) The Employer requires the Participant to change the
location of the Participant's job or office, so that such Participant will be
based at a location more than ______ miles from the location of the
Participant's job or office immediately prior to the Change in Control provided
that such new location is not closer to the Participant's home.

                  (d) The Employer materially reduces the benefits and
perquisites available to the Participant immediately prior to the Change in
Control, provided, however, that a material reduction in benefits and
perquisites generally provided to all Employees of the Employer on a
nondiscriminatory basis would not trigger a payment pursuant to this Plan.

                  (e) A successor to the Association fails or refuses to assume
the Employer's obligations under this Plan, as required by Article VII.

                  (f) The Association or any successor to the Association
breaches any other provisions of this Plan.

                  (g) The Employer terminates the employment of a Participant at
or after a Change in Control other than for Termination for Cause.

                                        5

<PAGE>

         4.3      Amount of Benefit
                  -----------------

                  (a) Each Participant entitled to a benefit under this Plan
shall receive from the Association, a lump sum cash payment equal to one-twelfth
of his Annual Compensation for each Year of Service up to a maximum of twenty
four months of service.

                  (b) Notwithstanding the provisions of paragraph (a) above, if
a benefit to a Participant who is a "Disqualified Individual" shall be in an
amount which includes an "Excess Parachute Payment," the benefit hereunder to
that Participant shall be reduced to the maximum amount which does not include
an Excess Parachute Payment. The terms "Disqualified Individual" and "Excess
Parachute Payment" shall have the same meanings as under Section 280G of the
Internal Revenue Code of 1986, as amended, or any successor provision thereto.

         The Participant shall not be required to mitigate damages on the amount
of the benefit by seeking other employment or otherwise, nor shall the amount of
such benefit reduced by any compensation earned by the Participant as a result
of employment after termination of employment hereunder.

         4.4      Time of Payment of Benefit
                  --------------------------

         The benefit to which a Participant is entitled shall be paid to the
Participant by the Employer or the successor to the Employer, in cash and in
full, not later than twenty (20) business days after the termination of the
Participant's employment. If any Participant should die after termination of the
employment but before all amounts have been paid, such unpaid amounts shall be
paid to the Participant's named beneficiary, if living, otherwise to the
personal representative on behalf of or for the benefit of the Participant's
estate.

                                    ARTICLE V
                     OTHER RIGHTS AND BENEFITS NOT AFFECTED

         5.1      Other Benefits
                  --------------

         Neither the provisions of this Plan nor the benefits provided for
hereunder shall reduce any amounts otherwise payable, or in any way diminish the
Participant's rights as an Employee of an Employer, whether existing now or
hereafter, under any benefit, incentive, retirement, stock option, stock bonus,
stock ownership or any employment agreement or other plan or arrangement.

         5.2      Employment Status
                  -----------------

         This Plan does not constitute a contract of employment or impose on the
Participant or the Participant's Employer any obligation to retain the
Participant as an Employee, to change the status of the Participant's
employment, or to change the Employer's policies regarding termination of
employment.

                                        6

<PAGE>

                                   ARTICLE VI
                             PARTICIPATING EMPLOYERS

         6.1   Upon approval by the Board of Directors of the Association, this
Plan may be adopted by any "Subsidiary" or "Parent" of the Association. Upon
such adoption, the Subsidiary or Parent shall become an Employer hereunder and
the provisions of the Plan shall be fully applicable to the Employees of that
Subsidiary or Parent. The term "Subsidiary" means any corporation in which the
Association, directly or indirectly, holds a majority of the voting power of its
outstanding shares of capital stock. The term "Parent" means any corporation
which holds a majority of the voting power of the Association's outstanding
shares of capital stock.

                                   ARTICLE VII
                          SUCCESSOR TO THE ASSOCIATION

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

                                  ARTICLE VIII
                       DURATION, AMENDMENT AND TERMINATION

         8.1   Duration
               --------

         If a Change in Control has not occurred, this Plan shall expire ten(10)
years from the Effective Date, unless sooner terminated as provided in Section
8.2 of the Plan, or unless extended for an additional period or periods by
resolution adopted by the Board of Directors of the Association.

         Notwithstanding the foregoing, if a Change in Control occurs this Plan
shall continue in full force and effect, and shall not terminate or expire until
such date as all Participants who become entitled to benefits hereunder shall
have received such benefits in full.

         8.2   Amendment and Termination
               -------------------------

         The Plan may be terminated or amended in any respect by resolution
adopted by a majority of the Board of Directors of the Association, unless a
Change in Control has previously occurred. If a Change in Control occurs, the
Plan no longer shall be subject to amendment, change, substitution, deletion,
revocation or termination in any respect whatsoever.

                                        7

<PAGE>

         8.3   Form of Amendment
               -----------------

         The form of any proper amendment or termination of the Plan shall be a
written instrument signed by a duly authorized officer or officers of the
Association, certifying that the amendment or termination has been approved by
the Board of Directors. A proper amendment of the Plan automatically shall
effect a corresponding amendment to each Participant's rights hereunder. A
proper termination of the Plan automatically shall effect a termination of all
Participants' rights and benefits hereunder.

         8.4   No Attachment
               -------------

               (a)  Except as required by law, no right to receive payments
under this Plan 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 such action shall be null, void,
and of no effect.

               (b)  This Plan shall be binding upon, and inure to the benefit
of, Employee and the Association and their respective successors and assigns.

                                   ARTICLE IX
                             LEGAL FEES AND EXPENSES

         9.1   All reasonable legal fees and other expenses paid or incurred by
a party hereto pursuant to any dispute or question of interpretation relating to
this Plan shall be paid or reimbursed by the prevailing party in any legal
judgment, arbitration or settlement.

                                    ARTICLE X
                               REQUIRED PROVISIONS

         10.1  The Employer may terminate an Employee's employment at any time,
but any termination by the Employer, other than Termination for Cause, shall not
prejudice the Employee's right to compensation or other benefits under this
Plan. Employee shall not have the right to receive compensation or other
benefits for any period after Termination for Cause as otherwise provided
hereunder.

         10.2  If the Employee is suspended and/or temporarily prohibited from
participating in the conduct of the Association'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.
(S)1818(e)(3) or (g)(1), the Association'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 Association may in
its discretion (i) pay the Employee 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.

         10.3  If the Employee is removed and/or permanently prohibited from
participating in the conduct of the Association's affairs by an order issued
under Section 8(e)(4) or 8(g)(1) of the

                                        8

<PAGE>

Federal Deposit Insurance Act, 12 U.S.C. (S)1818(e)(4) or (g)(1), all
obligations of the Association under this contract shall terminate as of the
effective date of the order, but vested rights of the contracting parties shall
not be affected.

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

         10.5  All obligations under the Plan shall be terminated, except to the
extent determined that continuation of the Plan is necessary for the continued
operation of the Association:

         (a)   by the Director or his designee, at the time the Federal Deposit
Insurance Corporation or the Resolution Trust Corporation enters into an
agreement to provide assistance to or on behalf of the Association under the
authority contained in section 13(c) of the Federal Deposit Insurance Act; or

         (b)   by the Director or his designee, at the time the Director or his
designee approves a supervisory merger to resolve problems related to operation
of the Association or when the Association 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.

         10.6  Any payments made to a Participant pursuant to this Plan, or
otherwise, are subject to and conditioned upon their compliance with 12
U.S.C. (S)1828(k) and any regulations promulgated thereunder.

                                   ARTICLE XI
                            ADMINISTRATIVE PROVISIONS

         11.1  Plan Administrator. The administrator of the Plan shall be under
               ------------------
the supervision of the Board of Directors of the Association or a Committee
appointed by the Board of Directors of the Association (the "Board"). It shall
be a principal duty of the Board to see that the Plan is carried out in
accordance with its terms, for the exclusive benefit of persons entitled to
participate in the Plan without discrimination among them. The Board will have
full power to administer the Plan in all of its details subject, however, to the
requirements of ERISA if the Plan is subject to such requirements. For this
purpose, the Board's powers will include, but will not be limited to, the
following authority, in addition to all other powers provided by this Plan: (a)
to make and enforce such rules and regulations as it deems necessary or proper
for the efficient administration of the Plan; (b) to interpret the Plan, its
interpretation thereof in good faith to be final and conclusive on all persons
claiming benefits under the Plan; (c) to decide all questions concerning the
Plan and the eligibility of any person to participate in the Plan; (d) to
compute the amount of benefits that will be payable to any Participant or other
person in accordance with the provisions of the Plan, and to determine the
person or persons to whom such benefits will be paid; (e) to authorize the
payment of benefits; (f) to appoint such agents, counsel, accountants,
consultants and actuaries as may be required to assist in administering the
Plan; and (g) to

                                        9

<PAGE>

allocate and delegate its responsibilities under the Plan and to designate other
persons to carry out any of its responsibilities under the Plan, any such
allocation, delegation or designation to be by written instrument and in
accordance with Section 405 of ERISA if applicable.

         11.2  Named fiduciary. The Board will be a "named fiduciary" for
               ---------------
purposes of Section 402(a)(1) of ERISA with authority to control and manage the
operation and administration of the Plan, and will be responsible for complying
with all, if any, of the reporting and disclosure requirements of Part 1 of
Subtitle B of Title I of ERISA.

         11.3  Claims and review procedures.
               ----------------------------

               (a)  Claims procedure. If any person believes he is being
                    ----------------
denied any rights or benefits under the Plan, such person may file a claim in
writing with the Board. If any such claim is wholly or partially denied, the
Board will notify such person of its decision in writing. Such notification will
be written in a manner calculated to be understood by such person and will
contain (i) specific reasons for the denial, (ii) specific reference to
pertinent Plan provisions, (iii) a description of any additional material or
information necessary for such person to perfect such claim and an explanation
of why such material or information is necessary and (iv) information as to the
steps to be taken if the person wishes to submit a request for review. Such
notification will be given within 90 days after the claim is received by the
Board (or within 180 days, if special circumstances require an extension of time
for processing the claim, and if written notice of such extension and
circumstances is given to such person within the initial 90 day period). If such
notification is not given within such period, the claim will be considered
denied as of the last day of such period and such person may request a review of
his claim.

               (b)  Review procedure. Within 60 days after the date on which a
                    ----------------
person receives a written notice of a denied claim (or, if applicable, within 60
days after the date on which such denial is considered to have occurred) such
person (or his duly authorized representative) may (i) file a written request
with the Board for a review of his denied claim and of pertinent documents and
(ii) submit written issues and comments to the Board. The Board will notify such
person of its decision in writing. Such notification will be written in a manner
calculated to be understood by such person and will contain specific reasons for
the decision as well as specific references to pertinent Plan provisions. The
decision on review will be made within 60 days after the request for review is
received by the Board (or within 120 days, if special circumstances require an
extension of time for processing the requests such as an election by the Board
to hold a hearing, and if written notice of such extension and circumstances is
given to such person within the initial 60 day period). If the decision on
review is not made within such period, the claim will be considered denied.

         11.4  Nondiscriminatory exercise of authority. Whenever, in the
               ---------------------------------------
administration of the Plan, any discretionary action by the Board is required,
the Board shall exercise its authority in a nondiscriminatory manner so that all
persons similarly situated will receive substantially the same treatment.

         11.5  Indemnification of Board. The Association will indemnify and
               ------------------------
defend to the fullest extent permitted by law any person serving on the Board or
as a member of a committee

                                       10

<PAGE>

designated as Board (including any person who formerly served as a Board member
or as a member of such committee) against all liabilities, damages, costs and
expenses (including attorneys fees and amounts paid in settlement of any claims
approved by the Association) occasioned by any act or omission to act in
connection with the Plan, if such act or omission is in good faith.

         11.6  Benefits solely from general assets. The benefits provided
               -----------------------------------
hereunder will be paid solely from the general assets of the Employer. Nothing
herein will be construed to require the Employer or the Board to maintain any
fund or segregate any amount for the benefit of any Participant, and no
Participant or other person shall have any claim against, right to, or security
or other interest in, any fund, account or asset of the Employer from which any
payment of benefits under the Plan may be made.

Having been adopted by its Board of Directors on__________________, 2002, this
Plan is executed by its duly authorized officers this _______ day of
_________________, 2002.

Attest                              ENFIELD FEDERAL SAVINGS AND

                                    LOAN ASSOCIATION

______________________________      By:     ___________________________

                                       11

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