Document:

Exhibit 4.1

 

 

AMENDED AND RESTATED

CERTIFICATE OF DESIGNATION

of

SERIES C CONVERTIBLE PREFERRED STOCK

of

PCT LTD

 

Establishing the

Voting Powers, Designations, Preferences, Limitations,

Restrictions, and Relative Rights of

 

Pursuant to NRS
78.195 of the

Laws of the
State of Nevada

PCT LTD,
a corporation organized and existing under the laws of the State of Nevada (hereinafter called the “Company”), hereby
certifies that the following resolution was adopted by the board of directors of the Company as required by NRS 78.195 at a meeting duly
called and held on December 1, 2021;

      RESOLVED,
that pursuant to the authority granted to and vested in the board of directors of the Corporation (the “Board”) in
accordance with the provisions of the articles of incorporation of the Company, as currently in effect, the Board hereby amends and restates
the Series C Preferred Stock, par value $0.001 per share (the “Preferred Stock”), of the Company and hereby states
the designation and number of shares, and fixes the relative rights, preferences, and limitations thereof as follows:

Series C Convertible
Preferred Stock:

The number
of shares constituting the Series C Convertible Preferred Stock shall be 1,500,000. Such number of shares may be increased or decreased
by resolution of the Board; provided, that no decrease shall reduce the number of shares of Series C Convertible Preferred Stock
to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Series C Convertible
Preferred Stock.

		6.	DESIGNATION. The Shares are designated as the Company’s Series
C Convertible Preferred Stock (the “Shares”).

 

		7.	CONVERSION. The holders of the Shares shall have conversion rights
as follows (the “Conversion Rights”):

 

(a) Right
to Convert. Each Share, originally purchased for $1.50, shall be convertible into shares of the Company’s Common Stock at a
price per share of $0.015 (1 Share converts into 100 shares of Common Stock) (the “Conversion Price”), at the option
of the holder thereof, at any time following the date of issuance of such Share and on or prior to the fifth (5th) day prior
to a redemption Date, if any, as may have been fixed in any redemption notice with respect to the Shares, at the office of this Company
or any transfer agent for such stock.

 

(b) Mechanics
of Conversion. Before any holder of Shares shall be entitled to convert the same into shares of Common Stock, he shall surrender the
certificate or certificates therefor, duly endorsed, at the office of this Company or of any transfer agent for the Shares, and shall
give written notice to this Company at its principal corporate office, of the election to convert the same and shall state therein the
name or names in which the certificate or certificates for shares of Common Stock are to be issued. This Company shall, as soon as practicable
thereafter, issue and deliver at such office to such holder of Shares, or to the nominee or nominees of such holder, a certificate or
certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid. Such conversion shall be deemed
to have been made immediately prior to the close of business on the date of such surrender of the shares of Shares to be converted, and
the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as
the record holder or holders of such shares of Common Stock as of such date.

 

(d) No
Impairment. This Company will not, by amendment of its Articles of incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by this Company, but will at all times in good
faith assist in the carrying out of all the provisions of this section and in the taking of all such action as may be necessary or appropriate
in order to protect the Conversion Rights of the holders of the Shares against impairment.

 

(e) Reservation
of Stock Issuable Upon Conversion. This Company shall at all times reserve and keep available out of its authorized but unissued shares
of Common Stock, solely for the purpose of effecting the conversion of the shares of the Shares, such number of its shares of Common Stock
as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Shares; and if at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the
Shares, in addition to such other remedies as shall be available to the holder of such Shares, this Company will take such corporate action
as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder
approval of any necessary amendment to the Company’s Certificate of incorporation.

 

(f) Notice.
Any notice required by the provisions of this section to be given to the holders of Shares shall be deemed given if deposited in the United
States mail, postage prepaid, and addressed to each holder of record at his address appearing on the books of this Company.

 

		8.	OTHER RIGHTS. Except as otherwise stated herein, there are no other
rights, privileges, or preferences attendant or relating to in any way the Shares, including by way of illustration but not limitation,
those concerning dividend, ranking, other conversion, other redemption, participation, or anti-dilution rights or preferences.

 

		9.	Voting Rights.
The holder of each Share shall not have any voting rights, except in the case of voting on a change in the preferences of Shares.

 

		10.	Protective Provisions.
So long as any Shares are outstanding, this Company shall not without first obtaining the approval (by vote or written consent, as provided
by law) of the holders of Shares which is entitled, other than solely by law, to vote with respect to the matter, and which Shares represents
at least a majority of the voting power of the then outstanding Shares:

 

(a) sell,
convey, or otherwise dispose of or encumber all or substantially all of its property or business or merge into or consolidate with any
other corporation (other than a wholly-owned subsidiary corporation) or effect any transaction or series of related transactions in which
more than fifty percent (50%) of the voting power of the Company is disposed of;

 

(b) alter
or change the rights, preferences or privileges of the Shares so as to affect adversely the Shares;

 

(c) increase
or decrease (other than by redemption or conversion) the total number of authorized shares of preferred stock;

 

(d) authorize
or issue, or obligate itself to issue, any other equity security, including any other security convertible into or exercisable for any
equity security (i) having a preference over, or being on a parity with, the Shares with respect to upon liquidation, or (ii) having rights
similar to any of the rights of the Preferred Stock; or

 

(e) amend
the Company’s Articles of Incorporation or bylaws.

 

In WITNESS WHEREOF, the undersigned
hereby declares and certifies that this Certificate of Designation is executed on behalf of the Company as of this 2nd day
of December, 2021.

 

 

Company:

PCT LTD

 

 

By:  /s/ Gary
Grieco                    

Gary Grieco, PresidentExhibit 10.1

 

SALISBURY BANK AND TRUST COMPANY

AMENDED AND RESTATED

NON-QUALIFIED DEFERRED COMPENSATION PLAN

 

 

This Salisbury Bank and Trust
Company Amended and Restated Non-Qualified Deferred Compensation Plan (as amended and restated, the “Plan”) entered into on
the 27th day of December, 2021, and effective as of January 1, 2022 (the “Effective Date”), is an amendment and
restatement of the Salisbury Bank and Trust Company Non-Qualified Deferred Compensation Plan adopted January 1, 2013. This Plan has been
adopted by Salisbury Bank and Trust Company (the “Bank”) for the benefit of certain key employees, (the “Participant”
or “Participants”), who have been selected and approved by the Bank to participate in this Plan and who have evidenced their
participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement in a form provided by the Bank. This
Plan is intended to comply with Internal Revenue Code (“Code”) Section 409A and any regulatory or other guidance issued under
Code Section 409A.

 

WHEREAS, the Bank desires
to amend and restate the Plan to permit the Participants in the Plan to: (i) elect to make elective deferral contributions from base salary
and discretionary and incentive bonuses; (ii) make different distribution elections with respect to each year’s annual deferrals,
provided that prior deferral elections will continue to be administered in accordance with the distribution elections entered into prior
to the Plan’s amendment and restatement; (iii) choose from different investment opportunities made available by the Administrator
for investment of the Participants’ “Account Balances” (as defined below); and (iv) to allow non-employee directors
to participate in the Plan, if permitted by the Administrator; and

 

WHEREAS, the Bank intends
this Plan to be considered an unfunded arrangement, maintained primarily to provide supplemental retirement income for Participants, who
are members of a select group of management or highly compensated employees of the Bank, for tax purposes and for purposes of the Employee
Retirement Income Security Act of 1974, as amended; and

 

WHEREAS, the Bank has adopted
this Plan which controls all issues relating to benefits as described herein, and which replaces all other agreements and representations,
oral or written, between the Bank and each Participant with respect to any supplemental Participant retirement benefits to be provided
to the Participant by the Bank (other than any Participation Agreement entered into with respect to Discretionary Contributions contributed
prior to the Effective Date).

 

NOW, THEREFORE, the Bank
has adopted this Plan as follows:

 

SECTION I

DEFINITIONS

 

When used herein, the following
words and phrases shall have the meanings ascribed to them below unless the context clearly indicates otherwise:

 

		1.1	“Account Balance” means the amount credited to the Participant
hereunder, including Discretionary Contributions, Elective Deferrals and earnings on Discretionary Contributions and Elective Deferrals.

 

		1.2	“Administrator” means Compensation Committee of the Board, or
the person or persons to whom the Compensation Committee has delegated administrative authority over the Plan.

 

		1.3	“Annual Election Form” means the agreement between a Participant
and the Bank which sets forth, for Plan Years beginning January 1, 2022, the particulars of a Participant’s Elective Deferrals for
a calendar year, if any, and the period or periods over which such Elective Deferrals shall be distributed.

 

		1.4	“Base Salary Deferrals” means amounts a Participant elects to
defer for a calendar year from the Participant’s base salary otherwise received in such calendar year. Such Base Salary Deferrals
shall be set forth on a Participant’s Agreement or Annual Election Form submitted to the Bank on a timely basis. Notwithstanding
anything herein to the contrary, the Administrator shall determine, prior to the commencement of the Plan Year, whether Base Salary Deferrals
shall be permitted for the Plan Year.

 

		1.5	"Base Salary Deferral Percentage” means a fixed percentage of
a Participant’s Base Salary for a calendar year (but not in excess of 50%) that a Participant elects to have contributed to the
Participant’s Account Balance for a particular Plan Year. The Base Salary Deferral Percentage for a calendar year, if any, shall
be set forth in a Participant’s Participation Agreement or Annual Election Form for such calendar year.

 

		1.6	“Beneficiary” means the person or persons (and their heirs)
designated as Beneficiary by the Participant to whom the deceased Participant’s benefits are payable. Such beneficiary designation
shall be made on the form attached hereto as Exhibit A and filed with the Administrator. If no Beneficiary is so designated, then the
Participant’s spouse, if living, will be deemed the Beneficiary. If the Participant’s spouse is not living, then the Participant’s
children (both natural and legally adopted) will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no such
living children, then the estate of the Participant will be deemed the Beneficiary.

 

		1.7	“Benefit Age” means the age set forth in the Participant’s
Participation Agreement following which a Participant can retire with a fully-vested benefit. Notwithstanding the foregoing, the Board
may designate one or more specific Discretionary Contributions as subject to a vesting schedule without regard to the Participant’s
Benefit Age. For Participants who entered the Plan prior to January 1, 2022, Benefit Age shall be the age set forth in their initial Participation
Agreement. For Participants whose initial participation date is on or after January 1, 2022, the Benefit Age shall be age 62.

 

		1.8	“Board” shall mean the Board of Directors of the Bank.

 

		1.9	“Cause” shall mean (i) the conviction of the Participant of
a felony or of any lesser criminal offense involving moral turpitude; (ii) the willful commission by the Participant of any act that,
in the judgment of the Board will likely cause substantial economic damage to the Bank or substantial injury to the business reputation
of the Bank; (iii) the commission by the Participant of an act of fraud in the performance of the Participant’s duties on behalf
of the Bank; (iv) the continuing willful failure of the Participant to perform the Participant’s duties to the Bank after written
notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to cure such failure are given to
the Participant; or (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination
of the Participant’s employment by the Bank. For this purpose, no act, or failure to act, on the part of the Participant shall be
deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that
the Participant’s action or omission was in the best interests of the Bank. Without limiting the foregoing, in no event shall a
Participant be deemed to be acting in good faith or in the best interests of the Bank for purposes of the preceding sentence with respect
to acts of omission or commission taken in contravention of any direction(s), rule(s) or requirement(s) issued, authorized, approved or
ratified by the Board. Any termination for Cause shall be subject to the same formalities required in a for Cause termination under any
severance or change in control agreement between the Participant and the Bank. If the Participant is not a party to such an agreement,
then a termination for Cause shall not occur unless the Bank provides the Participant with written notice stating that the Bank intends
to terminate the Participant for Cause (as defined herein) and setting forth in reasonable detail the facts and circumstances allegedly
constituting Cause, and the Bank affords the Participant a period of two (2) weeks after issuance of such notice either to demonstrate,
through written rebuttal, that Cause does not exist or to cure the circumstances constituting such Cause; provided, however, that the
determination of whether Cause exists or whether the Participant has sufficiently cured any Cause, shall be made in the reasonable discretion
of the Board, as evidenced by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the
Board called and held for such purpose (after reasonable notice is provided to the Participant and the Participant is given an opportunity,
together with counsel, to be heard before the Board). Nothing in this definition shall prevent the Bank from terminating the Participant
for Cause prior to the issuance of the above-referenced notice or expiration of the above-referenced two (2) week rebuttal/cure period;
provided however that if, upon the expiration of such two (2) week period, it is determined that facts or circumstances sufficient to
constitute Cause did not (or, if applicable, do not) exist or has/have been cured, then such earlier termination of the Participant by
the Bank shall be deemed to be without Cause. 

 

		1.10	“Change in Control” means
(a) a change in ownership of the Company or the Bank under paragraph (i) below, or (b) a change in effective control of the Company or
the Bank under paragraph (ii) below, or (c) a change in the ownership of a substantial portion of the assets of the Company or the Bank
under paragraph (iii) below:

 

(a)       Change
in ownership of the Company or Bank. A change in ownership of the Company or Bank shall occur on the date that any one person or more
than one person acting as a group acquires ownership of stock of that corporation that, together with stock held by such person or group,
constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation; or

 

(b)       Change in the effective control of
the Company or Bank. A change in the effective control of the Company or Bank shall occur on the date that either (i) any one person,
or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) ownership of stock of the Company or Bank possessing 30% or more of the total voting power of the
stock of the Company or Bank; or (ii) a majority of members of the Company’s or Bank’s Board of Directors is replaced during
any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the corporation’s
board of Directors prior to the date of the appointment or election, provided that this sub-section (ii) is inapplicable where a majority
shareholder of the Company or Bank is another corporation; or

 

(c)      Change in the ownership of a substantial portion of the Company’s
or Bank’s assets. A change in the ownership of a substantial portion of the Company’s or Bank’s assets shall occur on
the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) assets from the Company or Bank that have a total gross fair market
value equal to or more than 40% of the total gross fair market value of all of the assets of the corporation immediately prior to such
acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the corporation, or the value
of the assets being disposed of, determined without regard to any liabilities associated with such assets. There is no Change in Control
event under this paragraph (iii) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation
immediately after the transfer; or

 

(d)       For
all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation
Section 1.409A-3(i)(5), except to the extent modified herein.

 

		1.11	“Code” means the Internal Revenue Code of 1986, as amended.

 

		1.12	“Company” shall mean Salisbury Bancorp, Inc., the holding company
of the Bank.

 

		1.13	“Compensation Committee” means the Compensation Committee of
the Board.

 

		1.14	“Death Benefit” shall mean the benefit paid from a Participant’s
Account Balance after the Participant’s death. For the portion of a deceased Participant’s Account Balance attributable to
Discretionary Contributions received before the Effective Date of this Plan, the Death Benefit shall be paid in a lump sum.

 

		1.15	“Disability” or “Disabled” means that the Participant
is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under the disability insurance, if any, covering employees of the Bank, or (iii) determined to be totally disabled by the Social
Security Administration.

 

		1.16	“Disability Benefit” shall mean the payment made to or on behalf
of a Participant who has suffered a Disability. For Discretionary Contributions received before the Effective Date of this Plan, the Disability
Benefit shall be paid in the manner set forth in the Participation Agreement entered into and effective at that time. 

 

		1.17	“Discretionary Contribution” shall mean a contribution made
in the sole discretion of the Board from time to time, to one or more Participants participating in the Plan. Such Discretionary Contribution
may be made in the same or differing amounts or percentages to different Participants and may be made to fewer than all Participants participating
in the Plan in any Plan Year.

 

		1.18	“Distribution Event” shall mean a distribution may be made to
a Participant following the occurrence of any of the following events: (i) Separation from Service before Benefit Age; (ii) Separation
from Service on or after Benefit Age; (iii) the Participant’s death; (iv) the date the Participant becomes Disabled; (v) an involuntary
Separation from Service (including a resignation for Good Reason) in connection with or following a Change in Control; (vi) upon a Specified
Date; or (vii) an Unforeseeable Emergency. A Participant may make different distribution elections with respect to the various Distribution
Events. 

 

		1.19	“Elective Deferrals” means the sum of a Participant’s
Base Salary Deferrals and Incentive Compensation Deferrals. If non-employee directors are permitted to participate in the Plan, Elective
Deferrals shall also refer to amounts a director elects to defer from the director’s annual retainer and/or meeting or committee
fees.

 

		1.20	“Good Reason” shall constitute any of the following circumstances
if they occur without the Participant’s express written consent: (i) a material reduction in the Participant’s Base Salary
not warranted by general across the board reductions due to economic necessity; (ii) a material reduction in the Participant’s incentive
bonus and other benefits provided to Participants generally (except due to general across the board reductions due to economic necessity);
(iii) a material reduction in the Participant’s authority, duties or responsibilities such that the Participant no longer holds
a position with executive level responsibilities consistent with executive’s training and experience; or (iv) the permanent relocation
of the Participant’s principal place of business to a location that is more than 35 miles from the Participant’s workplace
at the Participant’s initial participation in this Plan; provided that for a termination to be deemed for Good Reason, the Participant
must give, within the ninety (90) day period commencing on the initial existence of the condition(s) constituting Good Reason, written
notice of the intention to terminate for Good Reason, and, upon receipt of such notice, the Bank shall have a thirty (30) day period within
which to cure such condition(s); and provided further that the Bank may waive such right to notice and opportunity to cure. In no event
may facts or circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies
upon, in whole or in material part, in terminating the Participant for Cause.

 

		1.21	“Incentive Compensation Deferrals” means deferrals elected by
a Participant from a discretionary cash bonus or cash incentive compensation earned by a Participant under any discretionary bonus or
performance-based cash bonus plan maintained by the Bank from time to time from which the Bank permits the Participant to defer all or
a portion of the Participant’s incentive compensation. Such Incentive Compensation Deferrals shall be set forth on a Participant’s
Participation Agreement or Annual Election Form submitted to the Bank on a timely basis. Notwithstanding anything herein to the contrary,
the Administrator shall determine, prior to the commencement of the Plan Year, whether Incentive Compensation Deferrals shall be permitted
for the Plan Year. 

 

		1.22	“Incentive Compensation Percentage” means a fixed percentage
of a Participant’s Incentive Compensation (up to 100%) that will be contributed to the Participant’s Account for a particular
calendar year. The Incentive Compensation Percentage shall be set forth in the Participant’s Participation Agreement or Annual Election
Form.

 

		1.23	“Participant” means an employee who has been selected and approved
by the Administrator to participate in the Plan and who has agreed to participation by completing a Participation Agreement.

 

		1.24	“Participation Agreement” means the agreement between a Participant
and the Bank which sets forth the particulars of the Participant’s benefits under the Plan. For Plan Years prior to January 1, 2022,
a Participant entered into a signed Participation Agreement at the commencement of participation and the Participation Agreement set forth
the vesting schedule for Discretionary Contributions and the terms of distribution of the Participant’s Account Balance. For Plan
Years on or after January 1, 2022, if provided by the Administrator, an existing Participant shall enter into an updated Participation
Agreement prior to the beginning of the Plan Year which will set forth the Benefit Age and vesting schedule for amounts contributed to
the Participant’s account thereafter. A new Participant shall enter into a Participation Agreement at initial commencement of participation
setting forth the Participant’s Benefit Age and vesting schedule for amounts contributed to the Participant’s Account. A Participant
will also enter into an Annual Election Form for each calendar year which will set forth the Elective Deferrals and distribution options
elected for that year’s Elective Deferrals and/or Discretionary Contributions made by or on behalf of the Participant for such calendar
year. 

 

		1.25	“Plan Year” shall mean the calendar year.

 

		1.26	“Separation from Service” means a Participant’s death,
retirement or other termination of employment with the Bank within the meaning of Code Section 409A. No Separation from Service shall
be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six
months or, if longer, so long as Participant’s right to reemployment is provided by law or contract. If the leave exceeds six months
and the Participant’s right to reemployment is not provided by law or by contract, then the Participant shall have a Separation
from Service on the first date immediately following such six-month period.

 

Whether a Separation from Service has occurred
is determined based on whether the facts and circumstances indicate that the employer and employee reasonably anticipated that no further
services would be performed after a certain date or that the level of bona fide services the employee would perform after such date (whether
as an employee or as an independent contractor) would permanently decrease to less than 50% of the average level of bona fide services
performed over the immediately preceding 36 months (or such lesser period of time in which the Participant performed services for the
Bank). The determination of whether a Participant has had a Separation from Service shall be made by applying the presumptions set forth
in the Treasury Regulations under Code Section 409A.

 

		1.27	"Specified Date” means a specific date chosen by a Participant
on which to receive the payment of all of a Participant’s Elective Deferrals made for a Plan Year, beginning in or after the 2023
Plan Year. A Participant may make an election to receive the payment on a Specified Date only with respect to amounts that the Participant
wishes to receive prior to Separation from Service. If a Participant has a Separation from Service prior to the Specified Date selected,
the Participant’s benefits will be paid in accordance with the applicable year’s Discretionary Contribution election for benefits
paid on a Separation from Service. 

 

		1.28	“Specified Employee” means, in the event the Bank or any corporate
parent is or becomes publicly traded, a “Key Employee” as such term is defined in Code Section 416(i) without regard to paragraph
5 thereof. Notwithstanding anything to the contrary herein, in the event a Participant is a Specified Employee and becomes entitled to
a payment hereunder due to Separation from Service for any reason (other than death or Disability), the payments to such Participant shall
not commence until the first day of the seventh month following such Separation from Service. Whether and the extent to which a person
is a Specified Employee shall be determined on the “Specified Employee Determination Date” which shall be December 31 of each
calendar year and shall be applicable commencing on the following April 1, in accordance with the rules set forth in the Treasury Regulations
under Code Section 409A. 

 

		1.29	“Treasury Regulations” means the regulations promulgated under
the United States Treasury Department. 

 

		1.30	“Unforeseeable Emergency” means an “unforeseeable emergency”
within the meaning of Section 409A of the Code.

 

SECTION II

ELIGIBILITY, ENROLLMENT AND VESTING

 

		2.1	Eligibility and Enrollment.

 

		(a)	Eligibility.

 

		(i)	Employee Eligibility. The Plan is available to a select group of management or highly compensated
employees, as determined from time to time by the Administrator. Selection as a Participant for one calendar year does not guarantee selection
as a Participant for any future calendar year. If a Participant’s position changes such that the Participant is no longer a member
of a select group of management or highly compensated employees, the Participant shall not be able to participate in making further Elective
Deferrals or receiving Discretionary Contributions but amounts previously deferred shall continue to be administered in accordance with
the terms of the Plan and the Participant’s Participation Agreements and or Annual Election Forms.

 

		(ii)	Non-Employee Director Eligibility. The Administrator may determine to permit non-employee directors
to participate in the Plan by making Elective Deferrals.

 

		(b)	Enrollment.

 

		(i)	Participation Agreement. Each Participant who is eligible to participate in the Plan for any Plan Year
after the 2021 Plan Year, shall enroll in the Plan by entering into a Participation Agreement. Participants enrolled in the Plan prior
to the amended and restatement of the Plan shall also be required to enter into a new Participation Agreement. The Participation Agreement
shall set forth the Benefit Age, the vesting schedule and other terms and conditions of participation. An eligible employee’s participation
in the Plan shall commence as of the date specified in the Participation Agreement.

 

		(ii)	Annual Election Form. Each Participant for a Plan Year shall also enter into an Annual Election Form prior
to the end of the immediately preceding calendar year, in accordance with the administrative procedures developed by the Administrator,
and completing all other forms as the Administrator may request.

 

		(iii)	To the extent permitted by the Administrator, a Participant’s Participation Agreement and Annual
Election Form may be completed on-line.

 

		2.2	Benefit Credits; Vesting.

 

		(a)	Crediting Contributions and Deferrals.

 

		(i)	Crediting Discretionary Contributions. As of the last day of a Plan Year (or on such other date
as the Administrator determines in its sole discretion), if the Board has approved a Discretionary Contribution for a Participant for
the Plan Year, the Administrator shall credit such Participant’s accounts under this Plan with such Discretionary Contribution.
In the sole discretion of the Board, a Participant may receive an additional Discretionary Contribution from time to time at such time
as the Administrator determines.

 

		(ii)	Crediting Elective Deferrals. Base Salary Deferrals shall be deferred on a payroll-by-payroll basis,
however, such deferrals for a Plan Year shall not exceed the Base Salary Deferral Percentage. Incentive Compensation Deferrals shall be
deferred when earned and, but for the deferral, payable to the Participant. Incentive Compensation Deferrals for a Plan Year shall not
exceed the Incentive Compensation Deferral Percentage. If non-employee directors are permitted to participate in the Plan, a non-employee
director’s Elective Deferrals shall be credited at the same time as the deferred amount would otherwise have been paid to the director.
If permitted to participate, a non-employee director’s Elective Deferral percentage shall not exceed 50% of his annual retainer
and/or meeting or committee fees for such Plan Year.

 

		(b)	Earnings.

 

		(i)	Prior to January 1, 2022, as of the last day of each Plan Year, the Administrator shall credit each Participant’s
Account Balance with interest equal to the Bank’s highest certificate of deposit rate for that year, compounded annually. Additional
earnings may be credited based on the achievement of performance metrics established by the Board on the first business day of the calendar
year. The achievement of such metrics shall be determined and certified by the Board on or within 60 business days of the end of the calendar
year.

 

		(ii)	With the Plan Year commencing January 1, 2022, or such later date as the Committee shall determine, Participants
shall have the right to direct the investment of the Participant’s Account Balance among those investment alternatives made available
by the Administrator from time to time. The Administrator shall credit each Participant’s Account Balance with earnings or losses
on such investments. If the Participant fails to provide investment directions for the Participant’s Account Balance, the Administrator
may select a default investment in its sole discretion. Notwithstanding the foregoing, a Participant’s Account Balance shall not
be invested directly in Company common stock.

 

		(c)	Vesting and Clawback.

 

		(i)	Discretionary Contributions. For Discretionary Contributions made for Plan Years commencing prior
to January 1, 2022, a Participant’s Discretionary Contributions, if any, and earnings thereon, shall be subject to the vesting schedule
set forth on the Participant’s initial Participation Agreement. For Plan Years commencing on or after January 1, 2022, unless the
Administrator otherwise, Discretionary Contributions shall be subject to a five-year rolling vesting schedule, i.e., each such Discretionary
Contribution vest at the rate of 20% per year. Notwithstanding the vesting schedule, a Participant’s Account Balance shall automatically
become 100% vested upon involuntary termination without Cause, death, Disability or a Change in Control. Generally, a Participant’s
Account Balance will also become 100% vested upon attainment of the Participant’s Benefit Age except to the extent that the Board
has designated one or more Discretionary Contributions as subject to a vesting schedule without regard to accelerated vesting at Benefit
Age.

 

		(ii)	Elective Deferrals. The Participant’s Account Balance attributable to Elective Deferrals
shall be fully vested at all times. Notwithstanding the foregoing, Incentive Compensation Deferrals and earnings thereon may be subject
to clawback under Sub-section (c)(iii) below.

 

		(iii)	Clawback. Incentive Compensation Deferrals deferred under this Plan are subject to the provisions
of the Company’s clawback policy and/or any revisions to the clawback policy that the Company may subsequently adopt. If the clawback
policy is triggered, the Company and/or the Bank may recover from the applicable Participant’s Account Balance any amounts attributable
to a Participant’s Incentive Compensation Deferrals for the calendar year or years for which the clawback is enforced. Base Salary
deferrals and earnings thereon are not subject to clawback. In addition, Discretionary Contributions, Incentive Compensation Deferrals
and earnings on each, shall, in the sole discretion of the Bank, be required to be reimbursed to the Company (or forfeited if not yet
distributed) as a result of the violation of Section 6.16 Non-competition, Non-solicitation, and Nondisclosure hereof.

 

SECTION III

BENEFIT PAYMENTS

 

		3.1	Benefit Payment Election.

 

		(a)	Benefit Payment Election for Each Distribution Event.

 

		(i)	Benefit Payment Dates and Form. Benefits may be paid under the Plan upon the occurrence of a Distribution
Event. A Participant may elect on the Annual Election Form the form of payment of the Participant’s Account Balance for each Distribution
Event. The form of payment may be either: (i) distribution in a lump sum or (ii) distribution in monthly, quarterly or annual installments
over a period not to exceed ten (10) years. A Participant may elect to receive the Participant’s Elective Deferrals deferred for
one or more Plan Years on a Specified Date set forth in the applicable Annual Election Form. For the Plan Year in which a Specified Date
election is made, the entire amount of the Participant’s Elective Deferrals (plus earnings thereon) will be subject to such election.

 

A Participant shall make
this election on a timely filed an Annual Election Form with respect to Elective Deferrals and Discretionary Contributions for Plan Years
commencing after December 31, 2021 or such later date as specified by the Administrator. If the Participant fails to specify a form of
payment for a Plan Year, then the amounts deferred or contributed during that Plan Year shall be distributed in a lump sum following the
Participant’s Separation from Service.

 

		(b)	Subsequent Deferral Election. A Participant may change the time or form of distribution by filing
a Subsequent Deferral Election Form, provided that such election:

 

		(i)	must take effect not less than twelve (12) months after the date on which the change is made;

 

		(ii)	except for payments upon the Participant’s death, or Disability, the first of a stream of payments
for which the subsequent election is made shall be deferred for a period of not less than five (5) years from the date on which such payment
would otherwise have been made; and;

 

		(iii)	for payments scheduled to be made on a Specified Date or to commence under a fixed schedule, the subsequent
election must be made at least 12 months before the date of the first scheduled payment; and

 

(iv)       may
not accelerate the time or schedule of any distribution.

 

		3.2	Separation from Service. If the Participant has a Separation from Service, other than due to (i)
Cause, the Participant shall be entitled to benefits as set forth in the Participant’s Participation Agreement and Annual Election
Forms. The Participant’s benefit shall be equal to the Participant’s vested Account Balance, which shall continue to be credited
with earnings until paid to the Participant. Unless an earlier date is set forth in this Plan, such amount shall commence to be paid no
later than sixty (60) days after the Participant’s Separation from Service date. Notwithstanding the foregoing, if the Participant
is a Specified Employee, payment shall commence on the first day of the seventh month following Separation from Service (other than due
to death or Disability).

 

3.3       Benefit
Payable Following a Change in Control.

 

		(a)	If a Change in Control occurs and a Participant has a Separation from Service,
the Participant shall be entitled to a payment of the Participant’s entire Account Balance hereunder. A Participant may elect an
alternative form of distribution for benefits received due to a Change in Control if the Participant has an involuntary Separation from
Service without Cause or a resignation for Good Reason within two years after the Change in Control. If Separation from Service occurs
more than two years after the Change in Control, the benefit will be paid in such form as would otherwise be required under the Plan.

 

		(b)	Notwithstanding the foregoing, and unless otherwise specified in a Participant’s
Participation Agreement, if the benefit provided under this Section, either alone or when aggregated with other payments to or for the
benefit of a Participant that are contingent on a Change in Control, would cause a Participant to have an “excess parachute payment”
under Code Section 280G, the benefit and/or such other payments shall be reduced to an amount that is one dollar ($1.00) less than the
amount that would trigger an excess parachute payment in order to avoid this result. In the event a reduction is necessary, the Participant
shall be entitled to determine which benefits or payments shall be reduced or eliminated so the total parachute payments do not result
in an excess parachute payment. If a Participant does not make this determination within 10 business days after receiving a written request
form the Bank, the Bank may make such determination, and shall notify the Participant promptly thereof. In the event it is determined
that permitting the Participant or the Bank to make the determination regarding the form or manner of reduction would violate Code Section
409A, such reduction shall be made pro rata.

 

With respect to Discretionary
Contributions deferred prior to the Effective Date of this Plan, any payment under this Section 3.3 will be paid in a lump sum no later
than sixty (60) days after such termination of employment (or, if the Participant is a Specified Employee, payment will be made on the
first day of the seventh month following Separation from Service).

 

With respect to any Discretionary
Contributions made or amounts deferred on or after January 1, 2022, any payments under this Section 3.3 will be paid in accordance with
the Participation Agreement or Annual Election Form in effect for the year in which such Discretionary Contributions or Elective Deferrals
were made.

 

		3.4	Death Benefit.

 

		(a)	If a Participant dies while employed at the Bank, the Participant’s
Beneficiary shall be entitled to the Death Benefit. The Death Benefit shall be paid in a lump sum no later than 30 days after the Participant’s
Date of Death. Notwithstanding the foregoing, commencing with Elective Deferrals or Discretionary Contributions made on or after January
1, 2022, a Participant may elect on an annual basis the form of distribution of the Participant’s death benefits from among the
options set forth on the Participation Agreement or Annual Election Form. If a Participant fails to make an election as to the form of
distribution, the Death Benefit payable for the period for which no distribution election is in effect shall be paid in a lump sum.

 

		(b)	If a Participant dies following Separation from Service but prior to the
receiving all payments under the Plan, the Participant’s Beneficiary shall be paid all remaining payments as a lump sum no later
than 30 days after the Participant’s Date of Death. Notwithstanding the foregoing, commencing with Elective Deferrals and/or Discretionary
Contributions made on or after January 1, 2022, a Participant may elect on an annual basis the form of distribution of the Participant’s
Death Benefits. If a Participant fails to make an election as to the form of distribution, the Death Benefit payable for the period for
which no distribution election is in effect shall be paid in a lump sum.

 

		(c)	A Participant shall make an initial designation of primary and secondary
Beneficiaries upon execution of the Participant’s Participation Agreement and shall have the right to change such designation at
any subsequent time by submitting to the Administrator, in substantially the form attached as Exhibit A, a written designation of primary
and secondary Beneficiaries. Any Beneficiary designation made subsequent to execution of the Participation Agreement shall become effective
only when receipt thereof is acknowledged in writing by the Administrator.

 

		3.5	Disability Benefit. Notwithstanding any other provision hereof, if a Participant becomes Disabled
while employed at the Bank, the Participant shall be entitled to receive the Disability Benefit hereunder. The Disability Benefit shall
be payable in a lump sum within 30 days of the Disability determination unless the Participant elects another form of payment in the Participant’s
Participation Agreement or Annual Election Forms.

 

		3.6	In-Service Distribution/Specified Date. A Participant may designate in the Participant’s
Annual Election Form to defer all of the Participant’s Elective Deferrals for a Plan Year to be distributed on a Specified Date
(i.e., month/day/year) which is expected to occur prior to the Participant’s Separation from Service. Notwithstanding the foregoing,
if a Participant makes a Specified Date election and prior to the Specified Date, the Participant has a Separation from Service, the amount
otherwise payable on the Specified Date shall be payable in accordance with the distribution election made for Discretionary Contributions
in the same calendar year that the Specified Date election was made. If the Participant had not made another election for that Plan Year’s
Discretionary Contribution, then the amount subject to the Specified Date election shall be paid in a lump sum following the Participant’s
Separation from Service.

 

		3.7	Unforeseeable Emergency. A Participant may request a distribution from the Participant’s
vested Account Balance in the event of an Unforeseeable Emergency pursuant to the rules set forth in this Section 3.7. In addition, a
Participant may make an application to the Administrator to cancel the Participant’s deferral elections under the Plan for the year
in which the Unforeseeable Emergency distribution, if any, is made under this Section 3.7. If the cancellation of the Participant’s
deferral election is approved by the Administrator, the Participant’s deferral election must be cancelled for the year in question
and not merely postponed or delayed. Any deferral election made thereafter shall be made in accordance with the rules under Code Section
409A for initial deferral elections.

 

		(a)	A distribution because of an Unforeseeable Emergency shall not exceed the
amount required to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of such
distribution, after taking into account the extent to which the Unforeseeable Emergency may be relieved through reimbursement or compensation
by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not
itself cause severe financial hardship) or by stopping current deferrals under the Plan.

 

		(b)	The Participant’s request for a distribution on account of an Unforeseeable
Emergency must be made in writing to the Administrator. The request must specify the nature of the financial hardship, the total amount
requested to be distributed from the Participant’s vested Account Balance, and the total amount of the actual expense incurred or
to be incurred on account of the Unforeseeable Emergency.

 

		(c)	If a cancellation of a Participant’s deferral election is approved
such cancellation will be effective as soon as practicable. If a distribution under this Section 3.7 is approved by the Administrator,
such distribution will be made as soon as practicable following the date that it is approved. Processing of the request shall be completed
as soon as practicable after the date on which the Administrator receives the properly completed written request for a distribution on
account of an Unforeseeable Emergency. A distribution payable due to an Unforeseeable Emergency shall be taken in equal proportion from
amounts deferred in each calendar year.

 

		3.8	Termination for Cause. If a Participant is terminated for Cause, all benefits under this Plan (other
than Elective Deferral Contributions and earnings thereon) shall be forfeited (even if vested) and the Participant’s participation
in this Plan shall become null and void. Notwithstanding the foregoing, Elective Deferrals which are Incentive Compensation Deferrals
may be clawed back in accordance with Section 2.2(c)(iii), if appropriate.

 

SECTION IV

PARTICIPANT’S RIGHT TO ASSETS:

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

At no time shall a Participant
be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The rights of a Participant,
any Beneficiary, or any other person claiming through the Participant under this Plan, shall be solely those of an unsecured general creditor
of the Bank. the Participant, the Beneficiary, or any other person claiming through the Participant, shall only have the right to receive
from the Bank those payments so specified under this Plan. Neither the Participant nor any Beneficiary under this Plan shall have any
power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits
payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance
owed by the Participant or the Participant’s Beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency
or otherwise.

 

SECTION V

ADMINISTRATIVE PROCEDURES

 

		5.1	Named Fiduciary and Administrator. The Compensation Committee shall
be the “Named Fiduciary” and Administrator of this Plan, provided that the Compensation Committee may delegate its administrative
duties hereunder to certain senior officers of the Bank. The Administrator shall be responsible for the management, control and administration
of the Plan. The Administrator shall have discretionary authority to construe and interpret the terms of the Plan and to determine benefit
eligibility, provided that benefit eligibility for any Participant to whom administrative duties have been delegated shall be determined
by the Compensation Committee. The Administrator may delegate to others certain aspects of the management and operational responsibilities
of the Plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals.

 

		5.2	Claims Procedure and Arbitration. In the event that benefits under
this Plan are not paid to the Participant (or to the Participant’s Beneficiary in the case of the Participant’s death) and
such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Administrator within sixty (60)
days from the date payments are refused. The Administrator shall review the written claim and, if the claim is denied, in whole or in
part, they shall provide in writing, within thirty (30) days of receipt of such claim, their specific reasons for such denial, reference
to the provisions of this Plan or the Participation Agreement upon which the denial is based, and any additional material or information
necessary to perfect the claim. Such writing by the Administrator shall further indicate the additional steps which must be undertaken
by claimants if an additional review of the claim denial is desired.

 

If claimants desire a second review, they
shall notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Plan, the Participation
Agreement or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion,
the Administrator shall then review the second claim and provide a written decision within thirty (30) days of receipt of such claim.
This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this Plan or the
Participation Agreement upon which the decision is based.

 

SECTION VI

MISCELLANEOUS

 

		6.1	Trust Fund. The Bank shall be responsible for the payment of all
benefits provided under the Plan. At its discretion, the Bank may establish one or more grantor trusts, with the Bank as the grantor,
and such trustees as the Board may approve, for the purpose of providing for the payment of such benefits. Such grantor trust or trusts
may be irrevocable, but the assets thereof shall be subject to the claims of the Bank’s creditors in the event of the Bank’s
insolvency. To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further obligation
with respect to such benefits, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the
Bank.

 

		6.2	Unfunded Plan. This Plan is not intended to create an investment
contract, but to provide tax-planning opportunities and retirement benefits to eligible individuals who participate in the Plan. At no
time shall any Participant be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Company
or the Bank. The rights of the Participants, any Beneficiary, or any other person claiming through the Participant under this Plan, shall
be solely those of an unsecured general creditor of the Company and the Bank. The Participants, the Beneficiary, or any other person claiming
through the Participant, shall only have the right to receive from the Company or the Bank those payments so specified under this Plan.
Neither the Participants nor any Beneficiary under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate,
mortgage, commute, modify or otherwise encumber in advance any benefits payable, nor shall any of said benefits be subject to seizure
for the payment of any debts, judgments, alimony, or separate maintenance owed by the Participants or their Beneficiaries, nor be transferable
by operation of law in the event of bankruptcy, insolvency, or otherwise.

 

		6.3	No Effect on Employment Rights. Nothing contained herein will confer
upon the Participant the right to be retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal
with the Participant without regard to the existence of the Plan.

 

		6.4	Governing Law. The Plan is established under, and will be construed
according to, the laws of the State of Connecticut, to the extent such laws are not preempted by the ERISA or the Code and regulations
published thereunder.

 

		6.5	Code Section 409A. The Plan shall be interpreted to comply with Code
Section 409A, and all provisions of the Plan shall be construed in a manner consistent with the requirements for avoiding taxes or penalties
under Code Section 409A. 

 

		6.6	Severability and Interpretation of Provisions. In the event that
any of the provisions of this Plan or portion hereof are held to be inoperative or invalid by any court of competent jurisdiction, or
in the event that any provision is found to violate Code Section 409A and would subject the Participant to additional taxes and interest
on the amounts deferred hereunder, or in the event that any legislation adopted by any governmental body having jurisdiction over the
Bank would be retroactively applied to invalidate this Plan or any provision hereof or cause the benefits hereunder to be taxable, then:
(1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the
validity and enforceability of the remaining provisions will not be affected thereby. In the event that the intent of any provision shall
need to be construed in a manner to avoid taxability, such construction shall be made by the Administrator in a manner that would manifest
to the maximum extent possible the original meaning of such provisions.

 

		6.7	Incapacity of Recipient. In the event the Participant is declared
incompetent and a conservator or other person legally charged with the care of the Participant’s person or estate is appointed,
any benefits under the Plan to which such Participant is entitled shall be paid to such conservator or other person legally charged with
the care of the Participant’s person or estate.

 

		6.8	Unclaimed Benefit. The Participant shall keep the Bank informed of
the Participant’s current address and the current address of the Participant’s Beneficiaries. If the location of the Participant
is not made known to the Bank, the Bank shall delay payment of the Participant’s benefit payment(s) until the location of the Participant
is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Participant until the expiration
of three (3) years. Upon expiration of the three (3) year period, the Bank may discharge its obligation by payment to the Participant’s
Beneficiary. If the location of the Participant’s Beneficiary is not known to the Bank, the Participant and the Participant’s
Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of any benefits provided for such Participant and/or Beneficiary
under this Plan.

 

		6.9	Limitations on Liability. Notwithstanding any of the preceding provisions
of the Plan, no individual acting as an employee or agent of the Bank, or as a member of the Board of the Bank shall be personally liable
to the Participant or any other person for any claim, loss, liability or expense incurred in connection with the Plan.

 

		6.10	Gender. Whenever in this Plan words are used in the masculine or
neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

 

		6.11	Inurement. This Plan shall be binding upon and shall inure to the
benefit of the Bank, its successors and assigns, and the Participants, their successors, heirs, executors, administrators, and Beneficiaries.

 

		6.12	Acceleration of Payments. Except as specifically
permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding
the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4)
and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with
requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain
domestic relations orders; (ii) in compliance with ethics agreements with the federal government; (iii) in compliance with ethics laws
or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the
case of certain distributions to avoid a non-allocation year under Code Section 409(p); (vi) to apply certain offsets in satisfaction
of a debt of the Participant to the Bank; (vii) in satisfaction of certain bona fide disputes between the Participant and the Bank;
or (viii) for any other purpose set forth in the Treasury Regulations and subsequent guidance.

 

		6.13	Headings. Headings and sub-headings in this
Plan are inserted for reference and convenience only and shall not be deemed a part of this Plan.

 

		6.14	12 U.S.C. § 1828(k). Any payments made
to the Participant pursuant to this Plan or otherwise are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) and
12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations promulgated thereunder. 

 

		6.15	Payment of Employment and Code Section 409A Taxes.
Any distribution under this Plan shall be reduced by the amount of any taxes required to be withheld from such distribution. This Plan
shall permit the acceleration of the time or schedule of a payment to pay employment-related taxes as permitted under Treasury Regulation
Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section
409A and the regulations and other guidance promulgated thereunder. In the latter case, such payments shall not exceed the amount required
to be included in income as the result of the failure to comply with the requirements of Code Section 409A.

 

		6.16	Non-competition, Non-solicitation and Nondisclosure.
In the event the Participant has a vested Account Balance under this Plan, the benefits provided to the Participants under this Plan are
specifically conditioned on each Participant’s covenant that, for a period of one (1) year following the Participant’s Separation
from Service with the Bank, the Participant will not, without the written consent of the Bank, either directly or indirectly:

 

		(a)	solicit, offer employment to, or take any other action intended (or that a reasonable person acting in
like circumstances would expect) to have the effect of causing any officer or employee of the Bank or any of its affiliates to terminate
the Participant’s employment and accept employment or become affiliated with, or provide services for compensation in any capacity
whatsoever to, any business or other entity;

 

		(b)	become an officer, employee, consultant, director, independent contractor,
agent, sole proprietor, joint venturer, greater than 5% equity-owner or stockholder, partner
or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company,
insurance company or agency, any mortgage or loan broker or any other entity that has headquarters or offices within fifteen (15)
miles of the locations in which the Bank or its affiliates has business operations or has filed an application for regulatory approval
to establish an office as of the date of the Participant’s termination; provided, however,
that this restriction shall not apply if the Participant’s employment is terminated following a Change in Control; or

 

		(c)	solicit, provide any information, advice or recommendation or take any other
action intended (or that a reasonable person acting in like circumstances would expect) to
have the effect of causing any customer of the Bank or its affiliates to terminate an existing business or commercial relationship with
the Bank or its affiliates;

 

		(d)	at any time or in any manner, directly or indirectly, use or disclose Confidential
Information (as hereinafter defined) to any party other than the Bank either during or after the Participant’s termination of employment
for any reason, except for purposes consistent with the administration and performance of the Participant’s obligations hereunder,
or as required by law, provided that written notice of any legally required disclosure shall be given to the Bank promptly prior to any
such disclosure and the Participant shall reasonably cooperate with the Bank to protect the confidentiality thereof pursuant to applicable
law or regulation. For these purposes, the term “Confidential Information” includes any confidential or proprietary information
furnished or provided by the Bank to the Participant after the Participant first became employed by the Bank (without regard to whether
such information is conveyed directly or on the Bank’s behalf), or otherwise acquired by the Participant as a consequence of the
Participant’s employment with the Bank and that is not generally known in the industry in which the Bank is engaged and that in
any way relates to the products, services, purchasing, marketing, names of customers, vendors or suppliers, merchandising and selling,
plans, data, specifications or any other confidential and proprietary information of the Bank or any affiliate. Any Confidential Information
supplied to a Participant by the Bank prior to the Participant’s participation in this Plan shall be considered in the same manner
and be subject to the same treatment as the Confidential Information made available after the Participant’s participation in this
Plan. The term “Confidential Information” does not include information (i) which was already in the public domain, (ii) which
is disclosed as a matter of right by a third party source after the Participant’s participation in this Plan, provided such third
party source is not bound by a confidentiality agreement with the Bank or (iii) which passes into the public domain by acts other than
the unauthorized acts of the Participant, whether acting alone or in concert; provided, however, that any disclosure of Confidential Information
may be made by the Participant if the Bank expressly consents thereto in writing prior to such disclosure.

 

In the event that the Participant violates
any provision of this Section 6.16, all benefits payable to the Participant (other than benefits attributable to the Participant’s
Elective Deferrals and earnings thereon) shall cease and any benefits previously paid shall be reimbursed to the Bank within thirty (30)
days of the Bank’s notification to the Participant that this provision has been violated. Notwithstanding anything in this Section
6.16 to the contrary, in the event of the Participant’s termination of employment following a Change in Control, the Participant
shall not be subject to the requirements of Sections 6.16(a), (b) or (c) above.

 

SECTION VII

AMENDMENT/TERMINATION

 

		7.1	Amendment or Modification. This Plan may be amended or modified at
any time, provided, however, that no such amendment may serve to reduce the vested benefits of any Participant, and provided further,
that no amendment or modification shall be valid if it violates Code Section 409A, as in effect at the time of such amendment or modification.

 

		7.2	Termination of Plan. Subject to the requirements of Code Section
409A, in the event of complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to the Participants
their benefits as if the Participant had terminated employment as of the effective date of the complete termination. Such complete termination
of the Plan shall occur only under the following circumstances and conditions:

 

		(a)	The Board may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section
331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan
are included in the Participant’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar
year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment
is administratively practicable.

 

		(b)	The Board may terminate the Plan by Board action taken within the 30 days preceding a Change in Control
(but not following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements
sponsored by the Bank are terminated so that the Participants and all participants under substantially similar arrangements are required
to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the
arrangements. Following the termination of the Plan, the amount payable to each Participant shall be the amount to which the Participant
is entitled upon a Change in Control, as set forth in the Participant’s Participation Agreement.

 

[Signature Page Follows]

 

    	 

    	 

    

SECTION VIII

EXECUTION

 

This Plan sets forth the entire
understanding of the parties hereto with respect to the supplemental retirement benefits to be provided by the Bank, and any previous
agreements or understandings between the parties hereto regarding the subject matter hereof are superseded by this Plan.

 

IN WITNESS WHEREOF,
the Bank executed this Plan on the date set forth below.

 

	 	 	SALISBURY BANK AND TRUST COMPANY
	 	 	 	 
	 	 	 	 
	 	 	 	 
	December 27, 2021	 	By:	/s/ Arthur J. Bassin
	Date	 	 	Arthur J. Bassin
	 	 	 	Compensation Committee Chair

  

    	 

    	 

    

 

Exhibit A

 

SALISBURY BANK AND TRUST COMPANY

AMENDED AND RESTATED

NON-QUALIFIED DEFERRED COMPENSATION PLAN

 

BENEFICIARY DESIGNATION

 

 

The undersigned Executive, under
the terms of the Salisbury Bank and Trust Company Amended and Restated Non-Qualified Deferred Compensation Plan executed by Salisbury
Bank and Trust Company on December 27, 2021, and effective January 1, 2022, hereby designates the following Beneficiary to receive any
guaranteed payments or death benefits under such Plan, following his or her death:

 

 

PRIMARY BENEFICIARY:

 

 

	 

 

 

In the event the Primary Beneficiary set forth above
has predeceased me, I designate the person set forth below as my Secondary Beneficiary.

 

SECONDARY BENEFICIARY:

 

 

	 

 

 

This Beneficiary Designation will be effective
upon submission to Doug Cahill, Vice President, Human Resources, Salisbury Bank and Trust and hereby revokes any prior Beneficiary Designation
which may have been in effect. Such Beneficiary Designation is revocable.

 

 

 

 

 

 

	 	 	 
	Date	 	EXECUTIVE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]