Document:

Exhibit 10.16 

 	
  

 

Employee Stock Ownership Plan
Of Rome Bancorp, Inc.

Amended and Restated
as of January 1, 2008)

AMENDMENT

	
  

 	
  

 
	
           1.
 Article I – Effective as
 of January 1, 2009, section 1.3 of the Plan, the definition of “Allocation
 Compensation” shall be amended by adding the following sentence at the end
 thereof:

 
	
  

 	
  

 
	
  

 	
 Effective
 for any Plan Year beginning on or after January 1, 2009, an Employee’s
 Allocation Compensation shall include any differential wage payment within
 the meaning of section 3401(h)(2) of the Code.

 
	
  

 	
  

 
	
           2.
 Article I – Effective as
 of January 1, 2009, section 1.50 of the Plan shall be amended to include the
 following sentence immediately prior to the last sentence of that section:

 
	
  

 	
  

 
	
  

 	
 Effective for any Plan Year beginning
 on and after January 1, 2009, a person’s Total Compensation shall include any
 differential wage payment within the meaning of section 3401(h)(2) of the
 Code.

 
	
  

 	
  

 
	
           3.
 Article III – Effective
 as of January 1, 2007, the following new sentence shall be added to the end
 of section 3.1:

 
	
  

 	
  

 
	
  

 	
 Periods of service in the
 armed forces of the United States shall be treated as provided in section 3.5
 and, in any event, in the manner required pursuant to section 414(u) of the
 Internal Revenue Code.

 
	
  

 	
  

 
	
           4.
 Article III – Effective
 as of January 1, 2008, Article III of the Plan shall be amended to revise
 section 3.5 to read in its entirety as follows:

 
	
  

 	
  

 
	
  

 	
 3.5 Family and Medical Leave.

 
	
  

 	
  

 
	
  

 	
 For purposes of eligibility,
 vesting, contributions and forfeitures, periods of absence recognized as
 family or medical leave under the federal Family and Medical Leave Act of
 1993, as amended, including but not limited to leave required to be provided
 to active service members and their family members pursuant to the National
 Defense Authorization Act for Fiscal Year 2008 and the National Defense
 Authorization Act for Fiscal Year 2010 shall be treated in the manner
 required by such law and the regulations promulgated thereunder.

 
	
  

 	
  

 
	
           5.
 Article III – Effective
 as of January 1, 2007, a new section 3.6 of the Plan shall be amended to read
 in its entirety as follows:

 

Page 1 of 3

	
  

 	
  

 
	
  

 	
 3.6 Service with Uniformed Forces.

 
	
  

 	
  

 
	
  

 	
 (a) In the case of an Employee
 who terminates employment with the Employer to enter into qualified military
 service and is re-employed by the Employer pursuant to his re-employment
 rights under chapter 38 of Title 38 of the United States Code: (i) the
 Employee shall not be treated as having incurred a break in service by reason
 of the qualified military service; (ii) the period of qualified military
 service shall be treated as a period of employment with the Employer for
 purposes of vesting and benefit accrual; and (iii) such person shall be
 entitled to retroactive contributions and allocations in accordance with
 section 414(u) of the Code.

 
	
  

 	
  

 
	
  

 	
 (b) In the case of an Employee
 who terminates employment with the Employer to enter into qualified military
 service and who, after December 31, 2007, dies while performing such
 qualified military service, for purposes of determining the benefits due to
 the Employee’s Beneficiary, the Employee shall be regarded as having resumed
 employment with the Employer pursuant to his re-employment rights under
 chapter 38 of Title 38 of the United States Code on the day before his death
 and as having terminated employment with the Employer on the date of his
 actual death.

 
	
  

 	
  

 
	
  

 	
 (c) In the case of an Employee
 who terminates employment with the Employer to enter into qualified military
 service and who, after December 31, 2007, suffers a Disability while
 performing such qualified military service, for purposes of determining the
 benefits due to the Employee or the Employee’s Beneficiary, the Employee
 shall be regarded as having resumed employment with the Employer pursuant to
 his re-employment rights under chapter 38 of Title 38 of the United States
 Code on the day before his Disability arises and as having terminated
 employment with the Employer on the date of his actual Disability.

 
	
  

 	
  

 
	
  

 	
 (d) This section 3.5 shall be interpreted,
 administered and enforced in accordance with sections 401(a)(37) and 414(u)
 of the Code and regulations thereunder.

 
	
  

 	
  

 
	
           6. Article VIII – Effective as of
 January 1, 2007, section 8.2(a) of the Plan shall be amended by adding the
 following sentence to the end thereof:

 
	
  

 	
  

 
	
  

 	
 For purposes
 of this section 8.2, “Total Compensation” shall not include any compensation
 following severance from employment unless such compensation is made by the
 later of (i) 21⁄2 months following severance from employment and would have
 been paid prior to a severance from employment if the Employee had continued
 in employment with the Employer, and (ii) the end of the Limitation Year in
 which the severance occurs, all as permitted by Treasury regulations.

 
	
  

 	
  

 
	
           7. Article IX – Effective as of
 January 1, 2007, section 9.1 of the Plan shall be amended to add the
 following at the end thereof:

 

Page 2 of 3

	
  

 	
  

 
	
  

 	
 With respect
 to account balances attributable to contributions made for Plan Years after
 the Plan Year in which any Share Acquisition Loan outstanding on September
 26, 2005 is repaid in full or, if earlier, was scheduled to be repaid in full
 under its terms as in effect on September 26, 2005:

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Years of

 Vesting Service

 	
  

 	
 Vested

 Percentage

 	
  

 
	

 

 	
  

 	

 

 	
  

 
	
       less than 2

 	
  

 	
 0

 	
 %

 	
  

 
	
 2 but less
 than 3

 	
  

 	
 20

 	
 %

 	
  

 
	
 3 but less
 than 4

 	
  

 	
 40

 	
 %

 	
  

 
	
 4 but less
 than 5

 	
  

 	
 60

 	
 %

 	
  

 
	
 5 but less
 than 6

 	
  

 	
 80

 	
 %

 	
  

 
	
 6 or more

 	
  

 	
 100

 	
 %

 	
  

 

          In Witness Whereof, this Amendment has been signed
by an officer of Rome Bancorp, Inc. thereunto duly authorized.

	
  

 	
  

 	
  

 
	
  

 	
 Rome Bancorp, Inc.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Charles
 M. Sprock

 
	
  

 	
  

 	
 

 
	
  

 	
  

 	
 Name: Charles M. Sprock

 
	
  

 	
  

 	
 Title:
Chairman President & CEO 

 
	
  

 	
  

 	
  

 
	
  

 	
 Date:
 12/23/2009

 

Page 3 of 3EXHIBIT 10.17

DIRECTORS’ DEFERRED COMPENSATION PLAN OF ROME BANCORP, INC.

(Amended and Restated
Effective as of December 21, 2005)  

AMENDMENT

          Pursuant to
Section 8.1 of the Directors’ Deferred Compensation Plan of Rome Bancorp, Inc.,
as Amended and Restated Effective December 21, 2005 (the “Plan”), the Plan is
hereby amended, effective immediately prior to the “Effective Time”, as defined
in the Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc
and Rome Bancorp, Inc. by adding the following Section 8.4 to the Plan, as
follows: 

          “The Company
terminates the Plan immediately prior to the ‘Effective Time’ as defined in the
Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc and
the Company. The Company shall direct the trustee of the trust under the Plan
to pay each Participant in the Plan any and all amounts due thereunder in a
lump sum, on the Effective Time in accordance with Section 409A of the Code.” 

IN WITNESS WHEREOF, this
Amendment has been signed by an officer of Rome Bancorp, Inc. thereunto duly
authorized.  

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ROME BANCORP, INC.  

 
	
  

 	
  

 
	
  

 	
 By: /s/ Charles M. Sprock

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name: Charles
 M. Sprock,

 
	
  

 	
 Title:
 Chairman President & CEO

 
	
  

 	
  

 
	
  

 	
 Date: February 23,
 2011Exhibit 10.18

  Benefit Restoration Plan of Rome Bancorp, Inc.
 
(Amended and Restated
Effective as of December 15, 2005)  

AMENDMENT

          Pursuant to
Section 7.1 of the Benefit Restoration Plan of Rome Bancorp, Inc., as Amended
and Restated Effective December 15, 2005 (the “Plan”), the Plan is hereby
amended, effective immediately prior to the “Effective Time”, as defined in the
Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc and
Rome Bancorp, Inc. by adding the following to Section 7.2 of the Plan, as
follows: 

          “The Company
terminates the Plan immediately prior to the ‘Effective Time’ as defined in the
Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc and
the Company. The Company shall pay the amounts due thereunder in a lump sum to
the Participants on the Effective Time in accordance with Section 409A of the
Code. 

In Witness Whereof, this
Amendment has been signed by an officer of Rome Bancorp, Inc. thereunto duly
authorized.  

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Rome Bancorp, Inc.  

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Charles M. Sprock
 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
 Charles M. Sprock

 
	
  

 	
 Title:

 	
 Chairman, President & CEO

 
	
  

 	
  

 	
  

 
	
  

 	
 Date:

 	
 February 23, 2011EXHIBIT 10.19

SETTLEMENT AGREEMENT

          This
Settlement Agreement (the “Settlement Agreement”) is entered into as of October
12, 2010 by and between Berkshire Hills Bancorp, Inc., a Delaware corporation
(“BHB”), the Berkshire Bank, a wholly-owned subsidiary of BHB, Rome Bancorp,
Inc. (“Rome”), a Delaware corporation, The Rome Savings Bank (the “Bank”), a
wholly-owned subsidiary of Rome, and Charles M. Sprock (the “Executive”). 

          WHEREAS, the Executive and Rome are parties
to an Amended and Restated Employment Agreement as of November 28, 2007 (“Rome
Agreement”), and the Executive and the Bank are parties to an Amended and
Restated Employment Agreement as of November 28, 2007 (“Bank Agreement, and
together with the Rome Agreement, the “Agreements”), and the Executive is the
sole participant in the Benefit Restoration Plan of Rome Bancorp, Inc. (the
“BRP”); and 

          WHEREAS, BHB and Rome have entered into an
Agreement and Plan of Merger, dated as of October 12, 2010 (the “Merger
Agreement”), pursuant to which Rome will be merged into BHB (the “Merger”); and

          WHEREAS, it is contemplated that
Executive’s employment shall be terminated as of the Closing Date and such
termination shall constitute a “separation from service” within the meaning of
Section 409A of the Internal Revenue Code of 1986 (the “Code”); and 

          WHEREAS, Section 7.6.7 of the Merger
Agreement provides that Rome, subject to BHB’s approval, shall enter into this
Settlement Agreement which shall terminate the Agreements as of the closing
date of the Merger (the “Closing Date”), and in lieu of any payment or benefits
under the Agreements and the BRP, the Executive shall be entitled to the
settlement benefits set forth herein; and 

          WHEREAS, for purposes of Section 409A of
the Code, the payments under Section 3(a) of this Settlement Agreement shall be
deemed to be payments in substitution of the payments under the Agreement,
within the meaning of Treasury Regulation 1.409A-3(f). 

          NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained in this Settlement Agreement, BHB,
the Berkshire Bank, Rome, the Bank and the Executive hereby agree as follows: 

          Section 1. Termination of the Agreements. 

          (a) Termination.
The Executive, BHB, the Berkshire Bank, Rome and the Bank hereby agree that the
Agreements shall be terminated without any further action of any parties
hereto, and agree that the BRP shall be terminated, effective as of the Closing
Date. The Executive, in lieu of any payment or benefits under the Agreement or
the BRP, shall be entitled to the settlement benefits set forth in Section 3
hereof. 

          (b) The
Executive, BHB, the Berkshire Bank, Rome and the Bank hereby agree that Section
12(b) of each of the Agreements shall not apply from the date of this
Settlement Agreement through the earlier of the Closing Date or the date of
termination, if any, of the Merger Agreement (such period, the “Interim
Period”), and that the Agreements shall otherwise remain in effect during the
Interim Period, including Section 10 of each of the Agreements. 

          Section 3. Settlement Benefits. 

          (a) Cash
Severance Payment. The parties hereto acknowledge that the Merger qualifies as
a “Change of Control” as defined under the Agreements and further acknowledge
that Executive is a “specified employee” within the meaning of Code Section
409A who will have a “separation from service” within the meaning of Code
Section 409A on the Closing Date (“Separation Date”). Immediately before the
Effective Time under the Merger Agreement, Rome shall pay to the Executive, a
cash lump sum equal to $1,383,627 (the “Cash Severance Payment”), which payment
shall be subject to income withholding taxes, representing:  

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
                    Payment Source

 	
  

 	
 Payment Amount

 	
  

 
	

 	

 	
  

 	
 

 	

 

 	
  

 
	
 1.

 	
 Agreements:

 	
  

 	
 $

 	
 1,025,067

 	
  

 
	
 2.

 	
 BRP:

 	
  

 	
 $

 	
 358,560

 	
  

 
	
  

 	
  

 	
  

 	

 

 	

 

 	
  

 
	
  

 	
 Total Payments

 	
  

 	
 $

 	
 1,383,627

 	
  

 

Accordingly,
BHB shall pay the Cash Severance Payment to the Executive on the first day of
the seventh month following the Separation Date. 

          (b) Rabbi
Trust. Since the Cash Severance Payment is to be paid on the first day of the
seventh month following the Separation Date, the Cash Severance Payment shall
be deposited into an irrevocable grantor trust which meets the requirements of
Internal Revenue Service Revenue Procedure 92-65 (as amended or superseded from
time to time), the trustee of which shall be a financial institution selected
by Rome with the approval of the Executive (which approval shall not be unreasonably
withheld or delayed), and payment to the Executive under this Settlement
Agreement shall be adjusted for investment experience of the investments made
with the assets of such trust, as determined by the trustee without election by
the Executive, which investments shall consist of short-term investment-grade
fixed-income securities or units of interest in mutual funds or other pooled
investment vehicles designed to invest primarily in such securities.  

          Section 4. Waiver and Release. 

          (a) The
Executive hereby agrees that payment of the Cash Severance Payment and
Additional Compensation, if any, to the Executive will be in full satisfaction
of all obligations of BHB, Berkshire Bank, Rome, and the Bank to the Executive
under the Agreement and this Settlement Agreement. 

          (b) The
Executive, on behalf of himself, his heirs and assigns, irrevocably and
unconditionally releases BHB, Berkshire Bank, Rome and the Bank (which, for
purpose of this 

2

Section 4 shall be defined to include all of BHB’s, Rome’s, and the
Bank’s related and affiliated entities, their predecessors, successors, heirs
or assigns, and any past, present or future officers, board of director
members, agents, attorneys, and employees) from all claims, controversies,
liabilities, demands, causes of action, debts, obligations, promises, acts,
agreements, and damages of whatever kind or nature, whether known or unknown,
suspected or unsuspected, foreseen or unforeseen, liquidated or contingent,
actual or potential, jointly and individually, that the Executive has had or
now has, based upon and/or arising out of the Agreements. Notwithstanding the
above, it is understood that the Executive does not waive any rights that the
Executive may have to vested benefits under any tax-qualified retirement,
restricted stock or stock option awards. 

          (c) The
Executive waives the rights and claims to the extent set forth above, and the
Executive also agrees not to institute, or have instituted, a lawsuit against
BHB, Berkshire Bank, Rome, and/or the Bank based on any such waived claims or
rights. 

          (d) BHB,
Berkshire Bank, Rome, the Bank (the “Parties”) and the Executive each agree
that the Parties and the Executive shall not at any time, either before or
after the Closing Date, make or cause to be made any derogatory or disparaging
statement to anyone about the other party, or the Parties’ products, services,
financial condition or proposals or about any of the directors, officers or
employees of the Parties or regarding the Executive’s employment. 

          Section 5. Miscellaneous. 

           (a)
Successors. The terms of this Settlement Agreement shall be binding upon all
parties hereto and their respective heirs, successors, and assigns.  

          (b) Final
Agreement. This Settlement Agreement represents the entire understanding of the
parties with respect to the subject matter hereof and supersedes all prior
understandings, written or oral. The terms of this Settlement Agreement may be
changed, modified or discharged only by an instrument in writing signed by the
parties hereto. The Executive acknowledges that the Executive has carefully
read the foregoing, has had sufficient opportunity to review the Settlement
Agreement with legal counsel of the Executive’s own choosing, knows and
understands this Settlement Agreement contents, and freely and independently
signs this Settlement Agreement. No inducements, representations, or agreements
have been made or relied upon to make this Settlement Agreement except as stated
in this Settlement Agreement.  

          (c)
Governing Law. The validity, interpretation, construction and performance of
this Settlement Agreement shall be governed by the laws of the Commonwealth of
Massachusetts without regard to principles of conflicts of laws thereof.  

           (d)
Statutory Changes. All references to sections of the Code shall be deemed also
to refer to any successor provisions to such sections.  

           (e)
Validity. The invalidity or unenforceability of any provision of this Settlement
Agreement shall not affect the validity or enforceability of any other
provision of this Settlement Agreement, which shall remain in full force and
effect.  

3

           (f) No
Assignment of Benefits. Except as otherwise provided herein or by law, no right
or interest of the Executive under the Settlement Agreement shall be assignable
or transferable, in whole or in part, either directly or by operation of law or
otherwise.  

           (g)
Counterparts. This Settlement Agreement may be signed in counterparts, and all
of the counterpart copies shall be treated as a single agreement.  

          Section 6. Effectiveness. 

          This
Settlement Agreement shall be effective as of the Closing Date, provided,
however, that Section 1(b) hereof shall be effective from the day and year
first set forth above. In the event the Merger Agreement is terminated for any
reason, this Settlement Agreement shall be deemed null and void. 

 [Signature Page to Follow]

4

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

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 EXECUTIVE 

 
	
  

 	
  

 
	
  

 	
  /s/ Charles
 M. Sprock
 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Charles M. Sprock

 	
  

 
	
  

 	
  

 
	
  

 	
 BERKSHIRE HILLS BANCORP, INC. 

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  /s/ Michael
 P. Daly 
 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Michael P. Daly

 
	
  

 	
  

 	
 President and Chief Executive Officer 

 
	
  

 	
  

 	
  

 
	
  

 	
 BERKSHIRE BANK 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ Michael
 P. Daly 
 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Michael P. Daly

 
	
  

 	
  

 	
 President and Chief Executive Officer 

 
	
  

 	
  

 	
  

 
	
  

 	
 ROME BANCORP, INC. 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ David C. Nolan
 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 David
 C. Nolan

 
	
  

 	
  

 	
 Executive
 Vice-President and Chief Financial Officer 

 
	
  

 	
  

 	
  

 
	
  

 	
 THE ROME SAVINGS BANK 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ David C.
 Nolan 
 
	
  

 	
  

 	

 

 	
  

 
	
  

 
	
  

 	
  

 	
 David C. Nolan 

 
	
  

 	
  

 	
 Executive Vice-President and Chief
 Financial Officer

 

5

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