Document:

exv10w2

 

Exhibit 10.2

Form of Amended and Restated

Change in Control Agreement

     This Amended and Restated AGREEMENT made as of the ___day of March, 2008 (this “Agreement”),
by and among Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”)
and the parent company for Benjamin Franklin Bank, a Massachusetts chartered savings bank, with its
executive offices in Franklin, Massachusetts (the “Bank”) (the Bank and the Holding Company shall
be hereinafter collectively referred to as the “Employers”), and [___] of [___],
Massachusetts (the “Executive”), amends and restates in its entirety the Change in Control
Agreement dated as of April 4, 2005 (the “Original Agreement”)..

     1. Purpose. In order to allow the Executive to consider the prospect of a Change in Control
(as defined in Section 2) in an objective manner, and in consideration of the services rendered and
to be rendered by the Executive to the Employers and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the Employers, the Employers are willing
to provide, subject to the terms of this Agreement, certain severance benefits to protect the
Executive from the consequences of a Terminating Event (as defined in Section 3) occurring
subsequent to a Change in Control.

     2. Change in Control. A “Change in Control” shall be deemed to have occurred in any of the
following events:

          2.1 If there has occurred a change in control which the Holding Company would be required to
report in response to Item 5.01 of Form 8-K promulgated under the Securities Exchange Act of 1934,
as amended (the “1934 Act”), or, if such regulation is no longer in effect, any regulations
promulgated by the Securities and Exchange Commission pursuant to the 1934 Act which are intended
to serve similar purposes;

          2.2 When any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the 1934 Act)
becomes a “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the 1934
Act), directly or indirectly, of securities of the Holding Company or the Bank representing
twenty-five percent (25%) or more of the total number of votes that may be cast for the election of
directors of the Holding Company or the Bank, as the case may be;

          2.3 During any period of two consecutive years, individuals who at the beginning of such
period constitute the Board of Directors of the Holding Company, and any new director (other than a
director designated by a person who has entered into an agreement with the Holding Company to
effect a transaction described in Section 2.2, 2.4, or 2.5 of this Agreement) whose election by the
Board or nomination for election by the Holding Company’s stockholders was approved by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason to constitute at least a majority of the Board of Directors of the Holding
Company;

          2.4 The stockholders of the Holding Company approve a merger, share
exchange or consolidation (“merger or consolidation”) of the Holding Company with any other
corporation, other than (a) a merger or consolidation which would result in the voting securities

 

 

of the Holding Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more
than 70% of the combined voting power of the voting securities of the Holding Company or such
surviving entity outstanding immediately after such merger or consolidation or (b) a merger or
consolidation effected to implement a recapitalization of the Holding Company (or similar
transaction) in which no “person” (as hereinabove defined) acquires more than 30% of the combined
voting power of the Holding Company’s then outstanding securities; or

          2.5 The stockholders of the Holding Company or the Bank approve a plan of complete liquidation
of the Holding Company or the Bank or an agreement for the sale or disposition by the Holding
Company or the Bank of all or substantially all of the Holding Company’s or the Bank’s assets.

     3. Terminating Event. A “Terminating Event” shall mean

          3.1 Termination by either of the Employers of the employment of the Executive with either of
the Employers for any reason other than (i) death, (ii) deliberate dishonesty or gross misconduct
of the Executive with respect to the Holding Company or the Bank or any subsidiary or affiliate
thereof, or (iii) conviction of the Executive for the commission of a felony; or

          3.2 Resignation of the Executive from the employ of either of the Employers, while the
Executive is not receiving payments or benefits from either of the Employers by reason of the
Executive’s disability, subsequent to the occurrence of any of the following events:

          (a) a reduction in the Executive’s annual base salary as in effect on the date hereof
or as the same may be increased from time to time; or

          (b) the relocation of the Employers’ offices at which the Executive is principally
employed to a location that (i) is more than 25 miles away from the offices at which the
Executive is principally employed immediately prior to the date of the Change in Control and
(ii) increases the Executive’s commute by more than 20 miles; or

          (c) the failure by either Employer to pay to the Executive any portion of his current
compensation or to pay to the Executive any portion of an installment of deferred
compensation under any deferred compensation program of either Employer within seven (7)
days of the date such compensation is due; or

          (d) the failure by either Employer to continue the Executive’s participation in any
material compensation, incentive, bonus or benefit plan (or in a successor plan) in which
the Executive participates immediately prior to the Change in Control or the failure of a
successor in interest to make available its benefits plans to the Executive on a basis that
is not substantially less favorable than the successor generally affords to its other
employees holding similar positions; or

          (e) the failure of either Employer to obtain a satisfactory agreement
from any successor to assume and agree to perform this Agreement.

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     4. Severance Payment. In the event a Terminating Event occurs within two years after a Change
in Control, the Holding Company shall pay to the Executive an amount equal to [one or two] times
the sum of: (i) the Executive’s current base salary, plus (ii) the highest annual bonus paid during
the most recent three calendar years, payable in one lump-sum payment on the date of termination.

     5. Benefit Continuation. In the event a Terminating Event occurs within two years after a
Change in Control, the Holding Company shall continue to pay to the Executive the disability and
medical benefits existing on the date of the Terminating Event at the level in effect on, and at
the same out-of-pocket cost to the Executive as of, the date of such Terminating Event, for a
period of [one or two] years. In the event that the Employers are unable to provide the benefits
set forth in this Section 5 due to the change in Executive’s status to that of a non-employee, the
Employers shall instead pay to the Executive a lump sum amount equal to the value of the benefits
required to be provided by this Section 5.

     6. Limitation on Benefits. It is the intention of the Executive and of the Employers that no
payments by the Employers to or for the benefit of the Executive under this Agreement or any other
agreement or plan pursuant to which he is entitled to receive payments or benefits shall be
non-deductible to the Employers by reason of the operation of Section 280G of the Internal Revenue
Code of 1986, as amended (“Code”) relating to parachute payments. Accordingly, and notwithstanding
any other provision of this Agreement or any such agreement or plan, if by reason of the operation
of said Section 280G, any such payments exceed the amount which can be deducted by the Employers,
such payments shall be reduced to the maximum amount which can be deducted by the Employers. To
the extent that payments exceeding such maximum deductible amount have been made to or for the
benefit of the Executive, such excess payments shall be refunded to the Employers with interest
thereon at the applicable Federal Rate determined under Section 1274(d) of the Code, compounded
annually, or at such other rate as may be required in order that no such payments shall be
non-deductible to the Employers by reason of the operation of said Section 280G. To the extent
that there is more than one method of reducing the payments to bring them within the limitations of
said Section 280G, the Executive shall determine which method shall be followed, provided that if
the Executive fails to make such determination within forty-five days after the Employers have sent
him written notice of the need for such reduction, the Employers may determine the method of such
reduction in their sole discretion.

          6.1 If any dispute between the Employers and the Executive as to any of the amounts to be
determined under this Section 6 or the method of calculating such amounts cannot be resolved by the
Employers and the Executive, either party after giving three days written notice to the other, may
refer the dispute to a partner in a Massachusetts office of a firm of independent certified public
accountants selected jointly by the Employers and the Executive. The determination of such partner
as to the amounts to be determined under Section 6.1 and the method of calculating such amounts
shall be final and binding on both the Employers and the Executive. The Employers shall bear the
costs of any such determination.

          6.2 The Executive confirms that he is aware of the fact that the Federal Deposit Insurance
Corporation has the power to preclude the Bank from making payments to the
Executive under this Agreement under certain circumstances. The Executive agrees that the
Bank shall not be deemed to be in breach of this Agreement if it is precluded from making a payment
otherwise payable hereunder by reason of regulatory requirements binding on the Bank.

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     7. Section 409A. In the event that the Bank determines in good faith that any benefit payable under this
Agreement upon termination of the Executive’s employment is “deferred compensation” subject to
Section 409A of the Code: (i) payment of such benefit shall only be made in the event that the
termination of employment constitutes a “Separation from Service” as defined below; (ii) payment of
such benefit shall be made six (6) months after the date of Separation from Service; and (iii)
interest shall be added to such payment to reflect the time during which such payment was delayed
at the Bank’s then-prevailing prime rate. For purposes of this Section 7, Separation from Service
shall mean any termination of employment with the Bank and any affiliate of the Bank pursuant to
which the aggregate level of services provided by the Executive to the Bank and any such affiliate
of the Bank (whether as an employee or a consultant) is permanently reduced to a level of services
that is 49% or less than the level of services provided in the immediately preceding 12 months.

     8. Employment Status. This Agreement is not an agreement for the employment of the Executive
and shall confer no rights on the Executive except as herein expressly provided.

     9. Term. This Agreement shall take effect as of the date of the Original Agreement and shall
terminate upon the earlier of (a) the resignation or termination of the Executive for any reason
prior to a Change in Control, or (b) the resignation of the Executive after a Change in Control for
any reason other than the occurrence of any of the events enumerated in Section 3.2 of this
Agreement.

     10. Withholding. All payments made by the Holding Company under this Agreement shall be net
of any tax or other amounts required to be withheld by the Holding Company under applicable law.

     11. Arbitration of Disputes. Any controversy or claim arising out of or relating to this
Agreement or the breach thereof shall be settled by arbitration in accordance with the laws of The
Commonwealth of Massachusetts by three arbitrators, one of whom shall be appointed by the Holding
Company, one by the Executive and the third by the first two arbitrators. If the first two
arbitrators cannot agree on the appointment of a third arbitrator, then the third arbitrator shall
be appointed by the American Arbitration Association in the City of Boston. Such arbitration shall
be conducted in the City of Boston in accordance with the rules of the American Arbitration
Association, except with respect to the selection of arbitrators which shall be as provided in this
Section 11. Judgment upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. In the event that it shall be necessary or desirable for the Executive to
retain legal counsel and/or incur other costs and expenses in connection with the enforcement of
any or all of the Executive’s rights under this Agreement, the Holding Company shall pay (or the
Executive shall be entitled to recover from the Holding Company, as the case may be) the
Executive’s reasonable attorneys’ fees and other reasonable costs and expenses in connection with
the enforcement of said rights, if the Executive prevails on the merits as determined by the
arbitrators.

     12. Assignment; Successors and Assigns, etc.

          12.1 This Agreement is personal to the Executive and, without the prior written consent of the
Holding Company, shall not be assignable by the Executive otherwise than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the
Executive’s legal representatives.

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          12.2 This Agreement shall inure to the benefit of and be binding upon the Holding Company and
its successors and permitted assigns.

          12.3 The Holding Company may not assign this Agreement or any interest herein without the
prior written consent of the Executive and without such consent any attempted transfer or
assignment shall be null and of no effect; provided, however, that the Holding Company shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Holding Company expressly to
assume and to agree to perform this Agreement in the same manner and to the same extent that the
Holding Company would have been required to perform it if no such succession had taken place. As
used in this Agreement, “the Holding Company” shall mean both the Holding Company as defined above
and any such successor that assumes and agrees to perform this Agreement, by operation of law or
otherwise.

     13. Enforceability. If any portion or provision of this Agreement shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law.

     14. Waiver. No waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of any party to require the performance of any term or
obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not
prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach.

     15. Notices. Any notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or sent by registered or
certified mail, postage prepaid, to the Executive at the last address the Executive has filed in
writing with the Holding Company or, in the case of the Holding Company, at its main office,
attention of the Board of Directors.

     16. Election of Remedies. An election by the Executive to resign after a Change in Control
under the provisions of this Agreement shall not constitute a breach by the Executive of any
employment agreement the Executive may have with either Employer and shall not be deemed a
voluntary termination of employment by the Executive for the purpose of interpreting
the provisions of any of the Employers’ benefit plans, programs or policies. Nothing in this
Agreement shall be construed to limit the rights of the Executive under any employment agreement he
may then have with either Employer, provided, however, that if there is a Terminating Event under
Section 3 hereof, the Executive may elect either to receive the severance and other benefits
provided under Section 4 and Section 5 or such termination benefits as he may have under any such
employment agreement, but may not elect to receive both.

     17. Amendment. This Agreement may be amended or modified only by a written instrument signed
by the Executive and by a duly authorized representative of the Holding Company.

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     18. Governing Law. This is a Massachusetts contract and shall be construed under and be
governed in all respects by the laws of The Commonwealth of Massachusetts.

     19. Interpretation. References to Sections include subsections, which are part of the related
Section (e.g., a section numbered “Section 5.5” would be part of “Section 5” and references to
“Section 5” would also refer to material contained in the subsection described as “Section 5.5”).

     20. Counterparts and Facsimile Signatures. This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each party and delivered to the other
party, it being understood that all parties need not sign the same counterpart. This Agreement may
be executed by facsimile signatures.

     IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Holding
Company, by its duly authorized officer, and by the Executive, as of the date first above written.

	 	 	 	 	 	 	 
	Attest:	 	Benjamin Franklin Bancorp, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Witness	 	Executive
	 
	 	 	 	 	 	 
	 	 	 
	 	 	 	 	[Name]
	 
	 	 	 	 	 	 
	The undersigned hereby unconditionally
guarantees the obligations of the
Holding Company under the foregoing Agreement.	 	 	 	 
	 
	 	 	 	 	 	 
	Benjamin Franklin Bank	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

6exv10w4w1

 

Exhibit 10.4.1

Amended and Restated

Supplemental Executive Retirement Agreement

Thomas R. Venables

 

 

Table of Contents

	 	 	 	 	 
	PART 1. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	1.1. Actuarial Equivalent
	 	 	1	 
	1.2. Agreed-Upon Methodologies
	 	 	1	 
	1.3. Annual Annuity Equivalent
	 	 	2	 
	1.4. Beneficiary
	 	 	2	 
	1.5. Calendar Year
	 	 	2	 
	1.6. Change in Control
	 	 	2	 
	1.7. Code
	 	 	2	 
	1.8. Compensation
	 	 	2	 
	1.9. Disabled and Disability
	 	 	3	 
	1.10. Effective Date
	 	 	3	 
	1.11. Employer
	 	 	3	 
	1.12. Employment Agreement
	 	 	3	 
	1.13. Final Average Compensation
	 	 	3	 
	1.14. Good Reason
	 	 	3	 
	1.15. Insurance Policy
	 	 	3	 
	1.16. Normal Retirement Age
	 	 	3	 
	1.17. Original Agreement
	 	 	3	 
	1.18. Payment Date
	 	 	3	 
	1.19. Retirement Benefit
	 	 	4	 
	1.20. SBERA
	 	 	4	 
	1.21. Separation from Service
	 	 	4	 
	1.22. Specially-Defined Cause
	 	 	5	 
	1.23. Trustee
	 	 	5	 
	1.24. Vested Portion
	 	 	5	 
	 
	 	 	 	 
	PART 2. BENEFIT AND RELATED MATTERS
	 	 	5	 
	 
	 	 	 	 
	2.1. Timing and Calculation of Payment of Benefit
	 	 	5	 
	2.2. Delay in Certain Payments as Required by Section 409A
	 	 	5	 
	2.3. Rabbi Trust
	 	 	5	 
	2.4. Disability
	 	 	6	 
	2.5. Termination without Specially-Defined Cause or for Good Reason
	 	 	6	 
	2.6. Death
	 	 	7	 
	2.7. No Benefits Upon Discharge for Specially-Defined Cause
	 	 	7	 
	2.8. Optional Form of Benefit
	 	 	7	 
	2.9. Interest
	 	 	7	 
	 
	 	 	 	 
	PART 3. ADDITIONAL PROVISIONS
	 	 	8	 
	 
	 	 	 	 
	3.1. Beneficiary Designation Procedure
	 	 	8	 
	3.2. Assistance in Purchase of Life Insurance
	 	 	8	 
	3.3. Alienability and Assignment Prohibition
	 	 	8	 
	3.4. Binding Obligation of Bank and any Successor in Interest
	 	 	8	 
	3.5. Amendment
	 	 	8	 
	3.6. General
	 	 	8	 

 

 

	 	 	 	 	 
	3.7. Headings
	 	 	9	 
	3.8. Applicable Law
	 	 	9	 
	3.9. Named Fiduciary and Plan Administrator
	 	 	9	 
	3.10. Claims Procedure
	 	 	9	 
	3.11. Arbitration
	 	 	9	 
	3.12. Non-Competition; Non-Solicitation
	 	 	10	 
	3.13. Entire Agreement
	 	 	11	 
	3.14. Reductions
	 	 	11	 
	3.15. Interpretation
	 	 	12	 
	3.16. Employment
	 	 	12	 
	3.17. Communications
	 	 	12	 

 

 

Amended and Restated

Supplemental Executive Retirement Agreement

     This Amended and Restated Supplemental Executive Retirement Agreement, made and entered into
as of March ___, 2008 by and between Benjamin Franklin Bank, a Massachusetts chartered savings bank
with its executive offices in Franklin, Massachusetts (the “Bank”) and a wholly-owned subsidiary of
Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”), and Thomas R.
Venables, a key employee and executive of the Bank (the “Executive”), amends and restates in its
entirety the Supplemental Executive Retirement Agreement dated as of December 5, 2005 and amended
and restated as of March ___, 2006 (the “2005 Agreement”).

WITNESSETH.

     WHEREAS, the Executive is a valuable, key employee of the Bank, serving the Bank as its
President and Chief Executive Officer; and

     WHEREAS, because of the Executive’s experience, knowledge of the affairs of the Bank, and
reputation and contacts in the banking industry, the Bank deems the Executive’s continued
employment with the Bank important for its future growth; and

     WHEREAS, it is the desire of the Bank and in its best interest that the Executive’s services
be retained; and

     WHEREAS, in order to induce the Executive to continue in the employ of the Bank, the Bank has
previously entered into the Original Agreement (which was revised and restated to become the 2005
Agreement) to provide the Executive or his beneficiaries with certain benefits in accordance with
the terms and conditions hereinafter set forth; and

     WHEREAS, the parties have agreed to amend and restate in its entirety the 2005 Agreement;

     NOW, THEREFORE, in consideration of services performed in the past and to be performed in the
future as well as of the mutual promises and covenants herein contained, it is agreed as follows:

Part 1. Definitions

     1.1. Actuarial Equivalent shall mean a benefit of equivalent current value to the benefit which
could otherwise have been provided to the Executive, calculated with the Agreed-Upon Methodologies.

     1.2. Agreed-Upon Methodologies (to be used in making actuarial calculations under this Agreement)
shall be the discount rates, mortality tables and other assumptions expressed in Section 417(e) of
the Code, with the following adjustments: (i) the 1994 Group Annuity Reserving Table shall be used
in place of the
50/50 male/female mortality table, and (ii) the applicable discount rate shall be the discount rate
to be utilized under such Section 417(e), as

 

 

published for January of the year in which the
calculation is being made (or of the previous year if as of the time of such calculation no January
data has been published for the year in which the calculation is being made).

     1.3. Annual Annuity Equivalent for a 401(k) plan or other defined contribution plan shall be equal
to the annual benefit that would be payable pursuant to a single life annuity with equal annual
payments, commencing on the Normal Retirement Age and continuing for the Executive’s life, that
could be purchased with the amount assumed to be available for such purchase pursuant to this
Section 1.3. The annual benefit payable under such annuity shall be determined as of the Payment
Date, using the Agreed-Upon Methodologies. For purposes of this Section 1.3, the amount available
for the purchase of said annuity shall be assumed to be the total of: (i) all amounts actually
contributed by the employer as matching contributions or other contributions to the defined
contribution plan on the Executive’s behalf (which contributions shall not include the so-called
“individual contributions” on the Executive’s behalf (it being understood that such “individual”
contributions are made by the employer pursuant to a salary reduction agreement with the
Executive)), plus (ii) earnings on those contributions. For purposes of calculating any amount of
earnings that are to be deemed to have been earned during any future period, such earnings shall be
deemed to be equal to the amount which would have been earned if the balance in the account as of
such date of calculation had been invested at a 6% rate of interest, compounded annually, until the
Normal Retirement Age. Nothing in this Section 1.3 shall require the Executive to actually purchase
an annuity or to actually surrender any life insurance contract at retirement.

     1.4. Beneficiary shall mean the person or persons designated by the Executive in accordance with
Section 3.1 hereof to receive benefits under this Agreement after the death of the Executive.

     1.5. Calendar Year shall mean a calendar year from January 1 to December 31.

     1.6. Change in Control shall have the meaning defined in the Employment Agreement.

     1.7. Code shall mean the Internal Revenue Code of 1986, as amended.

     1.8. Compensation shall mean all compensation reported on the Executive’s Form W-2 (Wages, tips,
other compensation box) for a Calendar Year, including, but not limited to, any bonuses actually
paid by the Bank to the Executive during the Calendar Year, but adding thereto any amount which is
contributed by the Bank on the Executive’s behalf pursuant to a salary reduction agreement and
which is not includable in the Executive’s gross income under Section 125, 132(f), 402(e)(3) or
402(h) of the Code, as well as the amount of any pay reduction contributions to a nonqualified
deferred compensation plan, and excluding therefrom any taxable employee benefits of any kind
(e.g., reimbursements of moving and relocation expenses, insurance premiums, automobile, health,
medical, and dental expenses, the cost of group-term life insurance, compensation arising from the
exercise of a nonqualified stock option, the disqualifying disposition of stock issued pursuant to
an incentive stock option, or from a stock grant, and any fringe benefit which is not excluded from
gross income under Section 132 of the Code).

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     1.9. Disabled and Disability shall have the meaning defined in Section 2.4(b).

     1.10. Effective Date. The Effective Date of this Agreement shall be January 1, 2005.

     1.11. Employer shall mean each of the Bank and the Holding Company, individually and collectively.

     1.12. Employment Agreement shall mean that certain Employment Agreement between the Executive and
the Holding Company dated as of April 4, 2005 (as the same may be amended, modified or restated
from time to time).

     1.13. Final Average Compensation shall mean the average of the Compensation of the Executive for
the three Calendar Years during his final ten Calendar Years of employment with the Bank during
which his Compensation was the highest.

     1.14. Good Reason shall have the meaning defined in the Employment Agreement and shall also
include:

          (a) A material breach by the Bank of any of the provisions of this Agreement which failure or
breach shall have continued for thirty (30) days after written notice from the Executive to the
Bank specifying the nature of such failure or breach; or

          (b) Any termination of the Executive’s employment with the Bank or the Holding Company that
does not constitute a “Voluntary Termination” under the Employment Agreement; or

          (c) The failure of the Bank to obtain a satisfactory agreement from any successor thereof to
assume and agree to perform this Agreement.

In addition, “Good Reason” shall include the following event but only if it shall occur within
three years following a Change in Control:

          (d) A reasonable determination by the Executive that, as a result of a Change in Control, he
is unable to exercise the responsibilities, authorities, powers, functions or duties exercised by
the Executive immediately prior to such Change in Control.

     1.15. Insurance Policy shall mean such insurance policy or policies (if any) as the Bank, in its
sole and absolute discretion, may choose to purchase to fund some or all of the benefits payable
hereunder.

     1.16. Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

     1.17. Original Agreement shall mean the Salary Continuation Agreement dated as of August 22, 2002.

     1.18. Payment Date shall mean the earlier to occur of (x) Separation from Service or (y) Normal
Retirement Age.

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     1.19. Retirement Benefit shall mean a lump sum payment calculated in the manner described in this
Section 1.19. The lump sum Retirement Benefit payment shall be the Actuarial Equivalent of a
stream of payments, each year consisting of twelve equal payments each in an amount equal to one
twelfth of the “Yearly Benefit Amount,” commencing at Normal Retirement Age and continuing for
twenty (20) years. The actuarial equivalent of such stream of payments shall be determined as of
the Payment Date, using the Agreed-Upon Methodologies. The parties have agreed that it shall be
assumed that payment of the Yearly Benefit Amount would commence at Normal Retirement Age
(regardless of when the Retirement Benefit is actually paid) for purposes of calculating the amount
of such lump sum Retirement Benefit, in order to appropriately adjust such Retirement Benefit for
the time value of money in the event that the Retirement Benefit is paid prior to Normal Retirement
Age; provided, however, that in the event of Termination without Specially-Defined Cause or for
Good Reason (as described in Section 2.5) within three years after a Change in Control, payment of
the Yearly Benefit Amount shall be deemed to commence as of the date of Separation from Service for
purposes of calculating such lump sum benefit. The “Yearly Benefit Amount” shall be calculated as
of the Payment Date by:

          (a) multiplying 75% times the Executive’s Final Average Compensation (as of such Payment
Date); and by

          (b) subtracting from such result the following:

          (i) one-half of the annual amount payable (before earnings reductions) to the Executive
as a primary Social Security retirement benefit at age 65 (assuming that the Executive had
continued to earn at the same annual rate he was earning during the twelve month period
immediately preceding the date on which the calculation of this amount is being made),

          (ii) the Annual Annuity Equivalent (calculated pursuant to Section 1.3 and based only
upon amounts actually contributed by the employer as matching contributions or other
contributions, and not including so-called “individual” contributions) that would be payable
to the Executive as of the Payment Date under any tax qualified defined contribution plans
maintained by the Bank during the Executive’s employment, including the Bank’s 401(k) plan
and Employee Stock Ownership Plan, and

          (iii) the Annual Annuity Equivalent that would be payable to the Executive as of the
Payment Date under the Bank’s Benefit Restoration Plan; and then

          (c) multiplying such result by the Vested Portion as of the Payment Date.

     1.20. SBERA shall mean the Savings Banks Employees Retirement Association or any successor thereto.

     1.21. Separation from Service shall mean any termination of employment with the Bank and any
affiliate of the Bank pursuant to which the aggregate level of

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services provided by the Executive
to the Bank and any such affiliate of the Bank (whether as an employee or a consultant) is
permanently reduced to a level of services that is 49% or less than the level of services provided
in the immediately preceding 12 months. This definition is intended to comply with Section 409A of
the Code and the regulations issued thereunder.

     1.22. Specially-Defined Cause shall have the meaning defined in the Employment Agreement.

     1.23. Trustee. Trustee shall mean the trustee to be appointed under that certain Trust Agreement
(“Trust”) under the Benjamin Franklin Bank Supplemental Executive Retirement Plan to be entered
into by the Bank.

     1.24. Vested Portion. Except as provided in the following sentence, the Vested Portion shall be
determined in the manner provided in Exhibit 1.24 (Vested Portion). The Vested Portion will
be 100% from and after the earliest to occur of any of the following (i) the date on which the
Executive becomes Disabled, (ii) the date on which the Bank terminates the Executive’s employment
without Specially-Defined Cause (as such term is defined in Section 2.7), (iii) the date on which
the
Executive resigns for Good Reason, (iv) the date of the Executive’s death, and (v) the date on
which a Change in Control first occurs. The Vested Portion shall never exceed 100%.

Part 2. Benefit and Related Matters

     2.1. Timing and Calculation of Payment of Benefit. The Executive shall be entitled to receive a
Retirement Benefit under this Agreement as of the Payment Date. Such Retirement Benefit shall be
calculated pursuant to Section 1.19, and shall be paid not later than 30 days after the Payment
Date. The method of calculating and/or the time of payment of the Retirement Benefit may be
adjusted as provided in, as applicable, Section 2.4, Section 2.5, or Section 2.6. To the extent of
any inconsistency between this Section 2.1 and any of Section 2.4, Section 2.5, or Section 2.6,
such Section 2.4, Section 2.5, or Section 2.6, as applicable, shall be controlling.

     2.2. Delay in Certain Payments as Required by Section 409A. Notwithstanding any other provision of
this Agreement, to the extent required by applicable law, if the Retirement Benefit is being paid
upon Separation from Service (other than upon Disability or death), payment of such benefit shall
be made six (6) months after the date of Separation from Service in order to comply with Section
409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.

     2.3. Rabbi Trust. In the event that: (a) a Change in Control occurs before the Payment Date,
(b) payment of the Retirement Benefit is required to be delayed for a period of time after
Separation from Service in order to comply with Section 409A of the Code, or (c) the Payment Date
is extended for an additional period of at least five years pursuant to Section 2.8 in order to
comply with Section 409A of the Code, the Bank shall, as soon as possible, but in no event later
than 30 days following the Change in Control (in the event of (a) above), or the date on which it
is first determined that the Payment Date must be extended or delayed (in the event of (b) or (c)
above), make an irrevocable contribution to the Trust. In the event of a Change in Control, the
contribution shall be in an amount that is sufficient, as determined by an actuary appointed by the
Trustee, to pay the Executive or his beneficiary the full benefits to which he would be entitled
pursuant to the terms of this Agreement as of the date on which the Change in Control

-5-

 

occurred
assuming that the Payment Date was the date of the Change in Control. In the event that payment is
delayed or the Payment Date is extended in order to comply with Section 409A, the contribution
shall be in an amount equal to the Retirement Benefit, calculated pursuant to Section 1.19, plus
the interest to be added to such amount pursuant to Section 2.9. Within the same 30 day period,
the Bank shall make a further irrevocable contribution to the Trust in an amount sufficient to pay
for the Trustee’s fees and for actuarial, accounting, legal and other professional or
administrative services necessary to implement the terms of this Agreement until actual payment of
the Retirement Benefit. Such amount shall be determined by the Trustee’s estimate of its fees (as
provided in the Trust Agreement) and by estimates obtained by the Trustee from the independent
actuaries, accountants, lawyers and other appropriate professional and administrative personnel who
provide such services to the Trust or the Bank (and in the
event of a Change in Control it shall be those personnel who provided such services immediately
before the Change in Control).

     2.4. Disability.

          (a) In the event that the Executive shall become “Disabled” (as defined in Section 2.4(b))
while in the employ of the Bank and prior to his Normal Retirement Age, the Vested Portion shall be
100% and his Retirement Benefit shall be calculated pursuant to Section 1.19 as if the Executive’s
Compensation had increased by five percent (5%) per year for each year from the date of Separation
from Service due to Disability to Normal Retirement Age. The Executive shall receive such benefit
at Normal Retirement Age. Payments under this Section 2.4 shall be in full satisfaction of any
obligations of the Bank to the Executive under this Agreement but shall be in addition to any
payments otherwise payable to the Executive as a result of disability under any other plans or
agreements in effect from time to time.

          (b) The Executive shall be considered to be “Disabled” (and to have a “Disability”) if (i) the
Bank’s long term disability insurance policy carrier has determined that the Executive is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) the Executive is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than 3 months under an accident and health plan covering
employees of the Bank.

     2.5. Termination without Specially-Defined Cause or for Good Reason. If the Employer shall
terminate Executive’s employment prior to the Normal Retirement Age without “Specially-Defined
Cause,” as defined at Section 1.22, other than by reason of death or Disability (as defined at
Section 2.4(b)), or if the Executive terminates employment for “Good Reason,” as defined at
Section 1.14, the Vested Portion shall be 100% and the Executive’s Retirement Benefit shall be
calculated pursuant to Section 1.19 as if the Executive’s Compensation had increased by five
percent (5%) per year for each year from the date of such termination of employment until the
Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be
made six (6) months after the date of Separation from Service in order to comply with Section 409A
of the Code, and interest shall be added to such payment pursuant to Section 2.9.

-6-

 

     2.6. Death. In the event that the Executive should die while in the employ of the Bank and prior
to his Normal Retirement Age, the Vested Portion shall be 100% and the Executive’s Beneficiary
shall receive a Retirement Benefit, calculated pursuant to Section 1.19, provided, however, that
the Executive’s Compensation shall be deemed to have increased by five percent (5%) per year for
each year from the Executive’s death until Normal Retirement Age. The Executive’s Beneficiary
shall receive such benefit within 30 days of the Executive’s death.

     2.7. No Benefits Upon Discharge for Specially-Defined Cause. Should the Executive be discharged for Specially-Defined Cause at any time, all benefits under
Part 2 of this Agreement shall be forfeited. The Executive shall not be considered to have been
terminated for Specially-Defined Cause unless he shall have been terminated for Specially-Defined
Cause in accordance with the procedures set forth in the Employment Agreement. If a dispute arises
as to whether a discharge is for “Specially-Defined Cause,” such dispute shall be resolved by
arbitration as set forth in Section 3.11 of this Agreement.

     2.8. Optional Form of Benefit. In lieu of the lump sum Retirement Benefit provided in
Section 1.19, upon request the Executive may obtain an optional form of payment that is the
Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of
benefit under the SBERA Pension Plan, and provided that such request complies with the provisions
of Section 409A of the Code and any regulations or other Internal Revenue Service guidance
promulgated thereunder. Acceptable forms of payment presently include:

	 	•	 	Life Annuity
	 
	 	•	 	Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity.

The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to
elect the form of payment in which his benefit is to be paid. Prior to the Payment Date, the
Executive may change the form of payment he has elected, provided, however, that such change must
conform with the provisions of this Agreement and with any applicable requirements of Section 409A
(and any other applicable tax law regarding deferral of income or avoidance of constructive
receipt). As of the date of this Agreement, all such changes (other than those from one form of
life annuity to an actuarially-equivalent form of life annuity) must be made at least one year
before the Payment Date and must extend the Payment Date for an additional period of at least five
(5) years (which means that payment of the benefit under this Agreement shall be made or commence
on a date that is at least five years after the Payment Date).

     2.9. Interest. In the event that payment of a Retirement Benefit under this Agreement is required
to be made six (6) months after the date of Separation from Service in order to comply with Section
409A of the Code, or if the Payment Date is extended for a period of at least five years pursuant
to Section 2.8, interest (calculated at the annual discount rate or rates from time to time in
effect under the Agreed-Upon Methodologies and compounded annually) shall accrue from the
otherwise-applicable, original Payment Date (as determined pursuant to Section 1.18) until the date
of actual payment of the benefit, and shall be paid together with the Retirement Benefit.

-7-

 

Part 3. Additional Provisions

     3.1. Beneficiary Designation Procedure. The Executive may designate one or more Beneficiaries to
receive specified percentages of any death benefit payments to be paid hereunder. The Executive
shall designate any such Beneficiaries in writing and shall submit such writing to the Treasurer of
the Bank. Only designated Beneficiaries alive at the Executive’s death shall be entitled to share
in the benefit
payments. Absent a contrary specification by the Executive in writing submitted to the Treasurer
of the Bank, each Beneficiary alive at the Executive’s death (or, in the case of the Beneficiary’s
death after the Executive’s death, the Beneficiary’s estate) shall share equally in death benefit
payments. If no designated Beneficiary is alive at the Executive’s death, his surviving spouse
shall be entitled to all death benefit payments. If the Executive dies leaving neither a
designated Beneficiary nor a surviving spouse, his estate shall be entitled to any death benefit
payments. Except to the extent specifically provided in this Section 3.1, the Executive may not,
without the written consent of the Bank, assign to any individual, trust or other organization, any
right title or interest in the Insurance Policy nor any rights, options, privileges or duties
created under this Agreement.

     3.2. Assistance in Purchase of Life Insurance. If the Bank elects to invest in an Insurance
Policy, the Executive shall assist the Bank by freely submitting to a physical exam and supplying
such additional information necessary to obtain such insurance or annuities. It is agreed and
understood, however, that the Bank is under no obligation to fund the benefits payable under this
Agreement with any form of insurance.

     3.3. Alienability and Assignment Prohibition. Neither the Executive, his surviving spouse nor any
other Beneficiary under this Agreement 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 Executive or his Beneficiary, nor
be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the
event the Executive or any Beneficiary attempts assignment, commutation, hypothecation, transfer or
disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate.

     3.4. Binding Obligation of Bank and any Successor in Interest. This Agreement shall bind the
Executive and the Bank, their heirs, successors, personal representatives and assigns. The Bank
expressly agrees that it shall not merge or consolidate into or with another bank or sell
substantially all of its assets to another bank, firm or person until such bank, firm or person
expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank under
this Agreement.

     3.5. Amendment. During the lifetime of the Executive, this Agreement may be amended only with the
mutual written assent of the Executive and the Bank.

     3.6. General. The benefits provided by the Bank to the Executive pursuant to this Agreement are in
the nature of a fringe benefit and shall in no event be construed to affect or limit the
Executive’s current or prospective salary increases, cash bonuses or profit-sharing distributions
or credits or
his right to participate in or be covered by any qualified or non-qualified pension,
profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan.

-8-

 

     3.7. Headings. Headings and subheadings in this Agreement are inserted for reference and
convenience only and shall not be deemed a part of this Agreement.

     3.8. Applicable Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the substantive laws of The Commonwealth of Massachusetts without regard to its principles of
conflicts of laws.

     3.9. Named Fiduciary and Plan Administrator. The “Named Fiduciary and Plan Administrator” of this
plan shall be Benjamin Franklin Bank until its removal by the Board. As Named Fiduciary and Plan
Administrator, the Bank shall be responsible for the management, control and administration of the
benefits to be provided under this Agreement. The Named Fiduciary 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.

     3.10. Claims Procedure. In the event a dispute arises over benefits under this Agreement and
benefits are not paid to the Executive (or to his beneficiary in the case of the Executive’s death)
and such claimants feel they are entitled to receive such benefits, then a written claim must be
made to the Plan Administrator named above within sixty (60) days from the date payments are
refused. The Plan Administrator shall review the written claim and if the claim is denied, in
whole or in part, they shall provide in writing within sixty (60) days of receipt of such claim
their specific reasons for such denial, reference to the provisions of this Agreement upon which
the denial is based and any additional material or information necessary to perfect the claim. Such
written notice shall further indicate the additional steps to be taken by claimants if a further
review of the claim denial is desired. A claim shall be deemed to have been denied if the Plan
Administrator fails to take any action within the aforesaid ninety-day period.

     If claimants desire a second review they shall notify the Plan Administrator in writing within
ninety (90) days of the first claim denial. Claimants may review this Agreement or any documents
relating thereto and submit any written issues and comments they may feel appropriate. In its sole
discretion, the Plan Administrator shall then review the second claim and provide a written
decision within sixty (60) days of receipt of such claim. This decision shall likewise state the
specific reasons for the decision and shall include reference to specific provisions of this
Agreement upon which the decision is based.

     3.11. Arbitration. Any controversy or claim arising out of or relating to the Agreement, or the breach thereof, or
any failure to agree where agreement of the parties is necessary pursuant hereto, including the
determination of the scope of this agreement to arbitrate, shall be resolved by the following
procedures:

          (a) The parties agree to submit any dispute to final and binding arbitration administered by
the American Arbitration Association (the “AAA”), pursuant to the Commercial Arbitration Rules of
the AAA as in effect at the time of submission. The arbitration shall be held in Boston,
Massachusetts before a single neutral, independent, and impartial arbitrator (the “Arbitrator”).

-9-

 

          (b) Unless the parties have agreed upon the selection of the Arbitrator before then, the AAA
shall appoint the Arbitrator within thirty (30) days after the submission to AAA for binding
arbitration. The arbitration hearings shall commence within fifteen (15) days after the selection
of the Arbitrator. Each party shall be limited to two pre-hearing depositions each lasting no
longer than two (2) hours. The parties shall exchange documents to be used at the hearing no later
than ten (10) days prior to the hearing date. Each party shall have no longer than three (3) hours
to present its position, and the entire proceedings before the Arbitrator shall be on no more than
two (2) hearing days within a two week period. The award shall be made no more than ten (10) days
following the close of the proceeding. The Arbitrator’s award shall not include consequential,
exemplary, or punitive damages. The Arbitrator’s award shall be a final and binding determination
of the dispute and shall be fully enforceable in any court of competent jurisdiction. Except in a
proceeding to enforce the results of the arbitration, neither party nor the Arbitrator may disclose
the existence, content, or results of any arbitration hereunder without the prior written consent
of both parties.

          (c) In the event that it shall be necessary or desirable for the Executive to retain legal
counsel or incur other costs and expenses in connection with the enforcement or protection of any
or all of the Executive’s rights under this Agreement, the Bank shall pay (or the Executive shall
be entitled to recover from the Bank, as the case may be) the Executive’s reasonable attorneys’
fees and other reasonable costs and expenses in connection with the enforcement or protection of
said rights (including the enforcement of any arbitration award in court) regardless of the final
outcome, unless and to the extent the arbitrators shall determine that under the circumstances
recovery by the Executive of all or a part of any such fees and costs and expenses would be unjust.

     3.12. Non-Competition; Non-Solicitation. For purposes of this Section 3.12, the term “Employer”
shall include not only each of the Holding Company and the Bank, but also every other affiliate of
the Holding Company (each, an “Employer”).

          (a) While Employed. During such time as the Executive is employed by the Bank or the Holding
Company, the Executive will not compete with the banking or any other business conducted by any
Employer during the period of the Executive’s employment, nor will the Executive attempt to hire
any employee of any Employer, assist in such hiring by any other person, encourage any such
employee to terminate his or her relationship with any Employer, or
interfere with or damage (or attempt to interfere with or damage) any relationship between any
Employer and any customers of any Employer or solicit or encourage any customer of any Employer to
terminate its relationship with any Employer or to conduct with any other person any business or
activity which such customer conducts or could conduct with any Employer.

          (b) Post-Employment. The provisions of this Section 3.12(b) shall not be binding on the
Executive (and shall become of no further force or effect) after a Change in Control shall have
occurred, or in the event that the Employer has terminated the Executive’s employment without
Specially-Defined Cause. The Executive agrees that during the one-year period following
termination of the Executive’s employment for any reason (the “Noncompetition Period”), the
Executive will not, directly or indirectly, (i) become a director, officer, employee, principal,
agent, consultant or independent contractor of any insured depository institution, trust company or
parent holding company of any such institution or company which has an office in

-10-

 

any city or town
in which the Bank maintains an office (a “Competing Business”), provided, however, that this
provision shall not prohibit the Executive from (x) owning bonds, non-voting preferred stock or up
to five percent (5%) of the outstanding common stock of any such entity if such common stock is
publicly traded and (y) being employed by a Competing Business outside of such cities and towns so
long as the Executive is in compliance with the provisions of the remainder of this
Section 3.12(b). During the Noncompetition Period, the Executive will not, directly or indirectly,
(i) solicit or encourage any person who was employed by any Employer on the date of termination of
the Executive’s employment to leave his or her employment at any Employer, or (ii) encourage or
assist any person with whom the Executive has an employment or consulting or other similar
relationship in identifying, recruiting or soliciting any commercial loan officer or relationship
manager who was employed by any Employer on the date of termination of the Executive’s employment
(“Termination Date”), or (iii) assist such person in formulating an employment package for such
officer or manager to the extent such assistance involves the use of confidential information (as
that term is defined in that certain Employment Agreement between the Executive and the Holding
Company). The provisions of this Section 3.12(b) shall not be construed to prohibit any person who
employs the Executive as an employee or consultant from advertising generally for employees in the
markets served by any Employer or from hiring any candidate, whether or not such person was
employed by an Employer, so long as the Executive does not breach the covenants set forth in this
Section 3.12(b). During the Noncompetition Period, the Executive will not, directly or indirectly,
solicit or encourage or assist others to solicit any business from any person or entity which,
together with its affiliates, had commercial loans outstanding from the Bank which in the aggregate
amounted to $1,000,000 or more at any time within the six-month period prior to the Termination
Date (“Commercial Loan Customers”). This Section 3.12(b) shall not be construed to prohibit any of
the Executive’s future employers from making general public announcements to the effect that the
Executive has become affiliated with such new employer or holding receptions to introduce the
Executive to persons other than Commercial Loan Customers. The Executive agrees to inform any
potential new employer of the covenant set forth in this Section 3.12(b) prior to accepting
employment during the Noncompetition Period.

     3.13. Entire Agreement. This Agreement constitutes the entire agreement between the parties
pertaining to its subject matter and supersedes all prior and contemporaneous agreements,
understandings, negotiations,
prior draft agreements, and discussions of the parties, whether oral or written. The 2005 Agreement
specifically superseded and replaced the Original Agreement in its entirety, and this Agreement
specifically supersedes and replaces the 2005 Agreement in its entirety.

     3.14. Reductions. Notwithstanding anything to the contrary contained in this Agreement, any and
all payments and benefits to be provided to the Executive hereunder are subject to reduction to the
extent required by applicable statutes, regulations, rules and directives of federal, state and
other governmental and regulatory bodies having jurisdiction over the Bank or the Holding Company.
The Executive confirms that the Executive is aware of the fact that the Federal Deposit Insurance
Corporation has the power to preclude the Bank from making payments to the Executive under this
Agreement under certain circumstances. The Executive agrees that the Bank shall not be deemed to
be in breach of this Agreement if it is precluded from making a payment otherwise payable hereunder
by reason of regulatory requirements binding on the Bank.

-11-

 

     3.15. Interpretation. When a reference is made in this Agreement to Sections or Exhibits, such
reference shall be to a Section of or Exhibit to this Agreement unless otherwise indicated.
References to Sections include subsections, which are part of the related Section (e.g., a section
numbered “Section 5.5(a)” would be part of “Section 5.5” and references to “Section 5.5” would also
refer to material contained in the subsection described as “Section 5.5(a)”). The recitals hereto
constitute an integral part of this Agreement. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”. The phrases “the date of
this Agreement”, “the date hereof” and terms of similar import, unless the context otherwise
requires, shall be deemed to refer to the date set forth in the Preamble to this Agreement.

     3.16. Employment. No provision of this Agreement shall be deemed to restrict or limit any existing
employment agreement by and between the Bank and the Executive, nor shall any conditions herein
create specific employment rights to the Executive nor limit the right of the Bank to discharge the
Executive with or without Specially-Defined Cause. In a similar fashion, no provision shall limit
the Executive’s rights to voluntarily terminate his employment at any time. The benefits provided
by this Agreement are not part of any salary reduction plan or any arrangement deferring a bonus or
salary increase. The Executive has no option to take any current payment or bonus in lieu of these
benefits.

     3.17. Communications. All notices and other communications hereunder shall be in writing and shall
given by hand, sent by facsimile transmission with confirmation of receipt requested, sent via a
reputable overnight courier service with confirmation of receipt requested, or mailed by registered
or certified mail (postage prepaid and return receipt requested) and shall be addressed to the
Executive at the Executive’s last known address on the books of the Bank or, in the case of the
Bank, at its main office, attention of the Board of Directors. All notices shall be deemed given on
the date on which delivered by hand or otherwise on the date of receipt as confirmed.

-12-

 

     In Witness Whereof, the parties have executed this Agreement as an instrument under
seal, as of the date first written above.

	 	 	 	 	 
	 	 	Benjamin Franklin Bank
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	Witness

	 	 	 	Alfred H. Wahlers/
	 

	 	 	 	Chairman of the Board
	 
	 	 	 	 
	 

	 	 	 	 
	Witness

	 	Thomas R. Venables

-13-

 

Beneficiary Designation Form

Primary Designation:

	 	 	 
	          Name	 	Relationship
	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

Contingent Designation:

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Thomas R. Venables

	 	Date

-14-

 

Exhibit 1.24  — Vested Portion

     As of December 31st of each year, the Vested Portion shall be the percentage listed
for such date on the table set forth below (“Table”). Starting on January 1 of each calendar year,
the Vested Portion shall be increased (ratably over the course of the year) so that as of the next
December 31st, the Vested Portion shall have been increased to the percentage set forth
on the Table for such December 31st.

     By way of example, the Vested Portion shall be 33.3% on December 31, 2006. As of the date
which is 180 days after such December 31, the Vested Portion shall be determined by adding together
(x) 33.3% (the Vested Portion as of the previous December 31) and (y) the ratable increase in such
Vested Portion for 2007 (the “Applicable Increase”).

     The Applicable Increase shall be determined by multiplying 13.3% (the amount by which the
Vested Portion would increase during all of 2007) by the fraction of the year that has then
elapsed. Thus, 13.3% times 180/365 equals 6.56%. Calculations shall be rounded to two significant
digits. Accordingly, the Vested Portion for such date would be 33.3% plus 6.56%, or a total of
39.86%. The Vested Portion shall never be greater than 100%.

	 	 	 	 	 
	December 31	 	Vested Portion	 
	2005
	 	 	20.0	%
	2006
	 	 	33.3	%
	2007
	 	 	46.6	%
	2008
	 	 	59.9	%
	2009
	 	 	73.2	%
	2010
	 	 	86.5	%
	2011
	 	 	99.8	%
	2012 and thereafter
	 	 	100.0	%

-15-

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