Document:

Change in Control Agreement with James E. Rich, Jr.

 Exhibit 10.15 
 BEVERLY NATIONAL CORPORATION 
 240 Cabot Street 
 Beverly, MA 01915 
 February 23, 2000 
 Mr. James E. Rich, Jr. 
 1 Hickory Hill Road 
 Manchester By The Sea, MA 01944 
 Dear Mr. Rich: 
 Beverly National Corporation, a Massachusetts corporation (“Corporation”), recognizes that during your tenure as an officer of Beverly National
Bank, a wholly-owned subsidiary of the Corporation (the “Bank”), you have contributed to the growth and success of the Bank in significant ways, and that you have developed an intimate knowledge of the business and affairs of the Bank and
of its policies, methods and personnel. The Corporation also recognizes that such contributions and knowledge are expected to be of significant benefit to the future growth and success of the Bank and the Corporation. 
 The Board of Directors of the Corporation (the “Board”) recognizes that a change in control of the Corporation may occur and that the threat of
such a change in control may result in the departure of management personnel to the detriment of the Corporation and its stockholders. The Board has determined that appropriate steps should be taken to reinforce and encourage the continued
dedication of members of the Bank’s and the Corporation’s management, including yourself, to their assigned duties in the face of the potentially disturbing circumstances arising from the possibility of such a change in control. The
continued performance of your duties as an officer of the Bank may require your strenuous opposition to such a threatened change in control which, in the judgment of the Board, may not be in the best interests of the Corporation and its
stockholders, and your opposition to such a threatened change in control of the Corporation could prevent or inhibit you from effectively continuing your duties as an officer of the Bank should such a change in control occur. 
 In order to induce you to remain in the employ of the Bank and to continue to perform your duties as an officer of the Bank in a manner which is, in your
judgment, in the best interests of the Bank, the Corporation hereby agrees to provide you with certain severance benefits in the event your employment with the Bank is terminated subsequent to a change in control (as defined in Section 1
hereof) under the circumstances described below. 
 1. Change in Control. No benefits shall be payable hereunder unless there shall
have been a change in control as set forth below, and your employment by the Bank shall thereafter have been terminated in accordance with Section 2 below. For purposes of this Agreement, a “Change in Control’ of the Corporation shall
mean any of the following: 
 (a) The acquisition of “control” (within the meaning of Section 2(a)(2) of the
Bank Holding Company Act of 1956, as amended, or Section 602 of the Change in Bank Control Act of 1978) of the Corporation by any person, company or other entity; 
 (b) Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 thereunder), directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then-outstanding securities. 

 (c) Any such person becomes the beneficial owner, directly or indirectly, of securities
of the Corporation representing less than 20% of the Corporation’s then-outstanding securities, but is determined by a court or regulatory agency with jurisdiction over the matter to possess or to have exercised control over the Corporation;

 (d) During any period of two consecutive years, individuals who at the beginning of such period constitute the Board cease
for any reason to constitute at least a majority thereof unless the election or the nomination for election by the Corporation’s stockholders of each new director was approved by a vote of at least three-fourths of the directors of the
Corporation then still in office who were directors at the beginning of the period; or 
 (e) The Corporation sells a majority
of its assets, or enters into any transaction in which another entity (other than an insurer of the deposit liabilities of a subsidiary of the Corporation) assumes a majority of the deposit liabilities of any subsidiary of the Corporation.

 2. Termination Following Change in Control. You shall be entitled to the benefits provided for in Section 3(b) hereof upon the
involuntary termination of your employment as an officer of the Bank within twenty-four (24) months after a Change in Control, unless your employment is terminated (a) because of your death, retirement, or disability or (b) by the
Bank for Cause (as hereinafter defined). In the event your employment with the Bank shall be terminated and you shall be entitled to the benefits provided in Section 3 hereof, you may thereafter terminate your employment with the Corporation
and continue to be entitled to the benefits provided in Section 3 hereof. 
 (a) Retirement; Disability.

 (i) Termination by the Bank or you of your employment based on retirement shall mean the mandatory termination of your
employment in accordance with the Bank’s retirement policy including (at your sole election and as set forth in writing) early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement
established with your consent with respect to you. 
 (ii) Termination by the Bank of your employment based on disability
shall mean termination because of your inability, as a result of your incapacity due to physical or mental illness, to perform the services required of you as an employee for a period aggregating six months or more within any 12- month period.

 (b) Cause. Termination by the Bank of your employment for “Cause” shall mean termination upon: 

(i) the willful and continued failure by you to substantially perform your duties (other than any such failure resulting from your
incapacity due to physical or mental illness) after a demand for substantial performance is delivered to you by the Board of Directors of the Bank which specifically identifies the manner in which such board believes that you have not substantially
performed your duties, or 
 (ii) a conviction for criminal misconduct by you which is materially injurious to the Bank
monetarily or otherwise. 
 For purposes of this paragraph (b), no act, or failure to act, on your part shall be considered
‘willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interests of the Bank. 
 Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy
of a resolution duly adopted by the affirmative vote of not less than three- quarters of the entire membership of the Board of Directors of the Bank at a meeting of such board called and held (after reasonable notice to you and an opportunity for
you, together with your 

  

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counsel, to be heard before such board), for the purpose of finding that in the good faith opinion of such board you were guilty of conduct set forth above
in clauses (i) or (ii) of the first sentence of this paragraph and specifying the particulars thereof in detail. 
 (c) Notice of Termination. The Corporation agrees that it will cause the Bank to promptly furnish you with a written Notice of Termination. Any purported termination by you shall be communicated by written Notice of Termination to
the Bank, with a copy to the Corporation. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated. 
 (d) Date of Termination. “Date of Termination” shall mean: 
 (i) if your employment is terminated
for disability, thirty (30) days after Notice of Termination is given, 
 (ii) if your employment is terminated by the
Bank for Cause, the date specified in the Notice of Termination, and 
 (iii) if your employment is terminated for any other
reason, the date on which a Notice of Termination is given; provided that if within five (5) days after any Notice of Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning
the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding and final arbitration award or by a final judgment, order or decree of court of
competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). 
 3. Compensation During
Disability or Upon Termination. 
 (a) During any period that you fail to perform your duties as a result of incapacity
due to physical or mental illness, the Corporation shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary at the rate then in effect until the Date of Termination. Thereafter, your benefits shall be determined
in accordance with the Banks long-term disability plan then in effect. 
 (b) If, within twenty-four (24) months after a
Change in Control shall have occurred, your employment by the Bank shall be involuntarily terminated other than for Cause, your death, disability or retirement, then the Corporation shall pay you within five days after the Date of Termination an
amount equal to the sum of: 
 (i) An amount equal to your full base salary through the Date of Termination at the rate in
effect at the time Notice of Termination was given, to the extent Bank does not promptly pay such amount; plus 
 (ii) A lump
sum amount equal to the product of (A) the average sum of your annual base compensation (salary plus bonus) paid to you by the Bank and includible in your taxable income for the five years preceding a Change in Control multiplied by
(B) the number two (2), less one hundred ($100) dollars; plus 
 (iii) All legal fees and expenses incurred by you as a
result of such termination (including all such fees and expenses, if any, incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or benefit provided for by this Agreement). 
 (c) If your employment shall be terminated for Cause, or for any reason other than as specified in Sections 3(a) and (b) above, the
Corporation shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was given and the Corporation shall have no further
obligations to you under this Agreement. 
  

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 (d) You shall not be required to mitigate the amount of any payment provided for in this
Section 3 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 3 be reduced by any compensation earned by you as the result of employment by another employer after the Date of
Termination, or otherwise. 
 (e) It is the intention of the parties to this Agreement that no payments by the Corporation to
you or for your benefit under this Agreement shall be non-deductible to the Corporation by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, notwithstanding any other
provision hereof, if by reason of the operation of said Section 280G. any such payments exceed the amount which can be deducted by the Corporation, the amount of such payments shall be reduced to the maximum which can be deducted by the
Corporation. To the extent that payments in excess of the amount which can be deducted by the Corporation have been made to you or for your benefit, they shall be refunded with interest at the applicable rate provided under Section 1274(d) of
the Code, or at such other rate as may be required in order that no such payment to you or for your benefit shall be non-deductible pursuant to Section 280G of the Code. Any payments made hereunder which are not deductible by the Corporation as
a result of losses which have been carried forward by the Corporation for Federal tax purposes shall not be deemed a non-deductible amount of purposes of this Section 4(c). 
 (f) Notwithstanding any provision hereof to the contrary, no payment hereunder shall be made if it would violate any applicable law, rule
or regulation, including without limitation, 12 C.F.R. Part 359, as promulgated by the Federal Deposit Insurance Corporation. 
 4.
Successors; Binding Agreement. 
 (a) The Corporation will 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 Corporation, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporation would be required to perform it if no such succession had taken place. Failure of the Corporation to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle you to compensation from the Corporation in the same amount and on the same terms as you would be entitled to hereunder if you had been involuntarily terminated other than for Cause, or disability within twenty-four
(24) months after a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, ‘Corporation’
shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 4 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. 
 (b) This Agreement shall inure to the benefit of and be enforceable by
your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If you should die while any amount would still be payable to you hereunder if you had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate. 
 5. Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this Agreement, provided that all notices to the Corporation shall be directed
to the attention of the Board with a copy to the Chairman of the Board, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
receipt. 
  

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 6. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by you and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other or failure to comply with any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the Commonwealth of Massachusetts. This Agreement is made under seal. 
 7. Validity. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument. 
 9. Arbitration. Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Notwithstanding the pendency of any such dispute or controversy, the Corporation
will pay you promptly an amount equal to your full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and provide you with all compensation, benefits and insurance plans in which
you were participating when the notice giving rise to the dispute was given, until the dispute is finally resolved in accordance with Section 2(d) hereof, to the extent Bank does not make such payments or continue such benefits. Amounts paid
under this Section 9 are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction; provided, however, that you shall be entitled to seek specific performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 10. Election of Benefits. An election by you to resign after a Change in Control will not constitute a breach by you of any
employment agreement between the Corporation (or the Bank or any subsidiary thereof) and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or
policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation (or the Bank or any subsidiary thereof), provided, however, that if you become entitled to compensation
under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to
receive both. 
 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Corporation
the enclosed copy of this letter which will then constitute our agreement on this subject. 
  

			
	BEVERLY NATIONAL CORPORATION
		
	By:	 	/s/ Lawrence M. Smith
	Its:	 	President

  

	
	Agreed:
	
	/s/ James E. Rich, Jr.
	James E. Rich, Jr.

  

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 FIRST AMENDMENT 
 TO 
 CHANGE IN CONTROL AGREEMENT 
 Reference is made to the Change in Control Agreement (the “Agreement”) dated as of February 23, 2000 by and between Beverly National
Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and James E. Rich, Jr. (hereinafter referred to as the “Employee”). 
 WHEREAS, the Corporation and the Employee now desire to amend the Agreement, effective January 1, 2005, with respect to any provisions, features or
arrangements of the Agreement that provide for the deferral of compensation that would otherwise be subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to conform each such provision, feature and
arrangement to the requirements of paragraphs (2), (3) and (4) of Code Section 409A; 
 NOW, THEREFORE, for valuable
consideration paid, the receipt and sufficiency of which are hereby acknowledged, the Corporation and the Employee hereby amend the Agreement, effective January 1, 2005, as follows: 
  

	 	1.	Section 3(b)(ii) is amended by deleting the semi-colon at the end of the first and only sentence of such Section and by inserting in lieu thereof the following:

 “; provided that if you are then a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and the payment is treated as being made on account of separation from service pursuant to Section 409A(a)(2)(A)(i) of the Code, the lump sum
amount shall be payable to you pursuant to this Section 3(b)(ii) beginning on the first day of the seventh month following on the date of such termination;” 
  

	 	2.	Section 3(e) is amended by deleting the first sentence of such Section and by inserting in lieu thereof the following: 

 “It is the intention of the parties to this Agreement that no payments by the Corporation to you or for your benefit under this Agreement shall be
non-deductible to the Corporation by reason of the operation of Section 280G of the Code.” 
  

	 	3.	The following new Section 11 is added: 

 “11.
Interpretation. It is the intent of you and the Corporation that the provisions of this Agreement and all amounts payable to you hereunder meet the requirements of Section 409A of the Code, to the extent applicable to this Agreement and such
payments, and the Agreement shall be interpreted and construed in a manner consistent with such intent. Recognizing such intent and the limited guidance currently available regarding the application of Section 409A, you and the Corporation
agree to cooperate in good faith in preparing and executing, at such time as sufficient guidance is available under Section 409A and from time to time thereafter, one or more amendments to this Agreement as may reasonably be necessary solely
for the purpose of assuring that this Agreement and all amounts payable to you hereunder meet the requirements of Section 409A; provided that no such amendments shall increase the cost to the Corporation of providing the amounts payable to you
hereunder; and provided further that any such amendment that relates to amounts deferred in one or more taxable years beginning before January 1, 2005 shall be rendered null and void to the extent the amendment constitutes a material
modification of the Agreement within the meaning of Section 885(d)(2)(B) of the American Jobs Creation Act of 2004 (the “Act”), unless (i) such modifications are pursuant to guidance issued by the U.S. Treasury under
Section 885(f) of the Act, or (ii)

  

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the parties expressly agree that the amounts deferred prior to 2005 may be treated as deferred after 2004 for purposes of Section 409A due to such
amendment.” 
 IN WITNESS WHEREOF, the Employee and the Corporation have duly
executed on this 16th day of January, 2007 and adopted this First Amendment to the Agreement, effective as of
January 1, 2005. 
  

			
	BEVERLY NATIONAL CORPORATION
		
	By:	 	/s/ Donat A. Fournier
		 	A Duly Authorized Representative

  

	
	EMPLOYEE
	
	/s/ James E. Rich, Jr.
	James E. Rich, Jr.

  

 7Change in Control Agreement with Lorraine E. Mitchell

 Exhibit 10.16 
 BEVERLY NATIONAL CORPORATION 
 240 Cabot Street 
 Beverly, MA 01915 
 CHANGE IN CONTROL AGREEMENT WITH 
 LORRAINE MITCHELL EFFECTIVE JANUARY 1, 2007 
 Ms. Lorraine E. Mitchell 
 241 Locust Street 
 Danvers, MA 01923 
 Dear Ms. Mitchell: 
 Beverly National Corporation, a Massachusetts corporation (“Corporation”), expects that during your tenure as an officer of Beverly National Bank, a wholly-owned subsidiary of the Corporation (the “Bank”), you will
contribute to the growth and success of the Bank in significant ways, and that you will develop an intimate knowledge of the business and affairs of the Bank and of its policies, methods, personnel and problems. The Corporation also recognizes that
such contributions and knowledge are expected to be of significant benefit to the future growth and success of the Bank and the Corporation. 
 The Board of Directors of the Corporation (the “Board”) recognizes that a change in control of the Corporation may occur and that the threat of such a change in control may result in the departure of management personnel to the
detriment of the Corporation and its stockholders. The Board has determined that appropriate steps should be taken to reinforce and encourage the continued dedication of members of the Bank’s management, including yourself, to their assigned
duties in the face of the potentially disturbing circumstances arising from the possibility of such a change in control. 
 The continued
performance of your duties as an officer of the Bank may require your strenuous opposition to such a threatened change in control which, in the judgment of the Board, may not be in the best interests of the Corporation and its stockholders, and your
opposition to such a threatened change in control of the Corporation could prevent or inhibit you from effectively continuing your duties as an officer of the Bank should such a change in control occur. 
 In order to induce you to remain in the employ of the Bank under such circumstances and then to continue to perform your duties as an officer of the Bank
in a manner which is, in your judgment, in the best interests of the Bank and the Corporation, the Corporation hereby agrees to provide you with certain severance benefits in the event your employment with the Bank is terminated subsequent to a
change in control (as defined in Section 1 hereof) under the circumstances described below. 
 1. Change in Control. No benefits shall be payable
hereunder there shall have been a change in control as set forth below, and your employment by the Bank shall thereafter have been terminated in accordance with Section 2 below. For purposes of this Agreement, a “Change in Control” of
the Corporation shall mean any of the following: 
 (a) The acquisition of “control” (within the meaning of Section 2(a)(2) of
the Bank Holding Company Act of 1956, as amended, or Section 602 of the Change in Bank Control Act of 1978) of the Corporation by any person, company or other entity; 
 (b) Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 thereunder), directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then-outstanding securities. 

 (c) Any such person becomes the beneficial owner, directly or indirectly, of securities of the
Corporation representing less than 20% of the Corporation’s then-outstanding securities, but is determined by a court or regulatory agency with jurisdiction over the matter to possess or to have exercised control over the Corporation;

 (d) During any period of two consecutive years, individuals who at the beginning of such period constitute the Board cease for any reason
to constitute at least a majority thereof unless the election or the nomination for election by the Corporation’s stockholders of each new director was approved by a vote of at least three-fourths of the directors of the Corporation then still
in office who were directors at the beginning of the period; or 
 (e) The Corporation sells a majority of its assets, or enters into any
transaction in which another entity (other than an insurer of the deposit liabilities of a subsidiary of the Corporation) assumes a majority of the deposit liabilities of any subsidiary of the Corporation. 
 2. Termination Following Change in Control. 
 (a) You shall
be entitled to the benefits provided for in Section 3(b) hereof upon: 
  

	 	(i)	the involuntary termination of your employment as an officer of the Bank within twenty-four (24) months after a Change in Control, unless your employment is terminated
(x) because of your death or (y) by the Bank for Cause (as hereinafter defined), or 

  

	 	(ii)	your termination of your employment as an officer of the Bank for Good Reason (as hereinafter defined). In the event your employment with the Bank shall be terminated and you shall
be entitled to the benefits provided in Section 3 hereof, you may thereafter terminate your employment with the Corporation and continue to be entitled to the benefits provided in Section 3 hereof. 

 (b) Cause. Termination by the Bank of your employment for “Cause” shall mean termination upon: 
  

	 	(i)	the willful and continued failure by you to substantially perform your duties (other than any such failure resulting from your incapacity due to physical or mental illness) after a
demand for substantial performance is delivered to you by the Board of Directors of the Bank which specifically identifies the manner in which such board believes that you have not substantially performed your duties, or 

  

	 	(ii)	a conviction for criminal misconduct by you which is materially injurious to the Bank or the Corporation monetarily or otherwise. 

 For purposes of this paragraph (b), no act, or failure to act, on your part shall be considered “willful” unless done, or omitted to be done,
by you not in good faith and without reasonable belief that your action or omission was in the best interests of the Bank or the Corporation. 
 Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of
the entire membership of the Board of Directors of the Bank, at a meeting of such board called and held for such purposes (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before such board), finding
that in the good faith opinion of such board you were guilty of conduct set forth above in clauses (i) or (ii) of the first sentence of this paragraph and specifying the particulars thereof in detail. 
  

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 (c) Good Reason. Termination by you for “Good Reason” shall mean you terminate your employment
due to: 
  

	 	(i)	a reduction of your salary, 

  

	 	(ii)	a significant change in your responsibilities and/or duties which constitutes, when compared to your responsibilities and/or duties before the Change In Control, a demotion,

  

	 	(iii)	a material loss of title or office, or 

  

	 	(iv)	the relocation of the offices at which you are principally employed as of the Change In Control to a location more than twenty-five (25) miles from such offices, which
relocation is not approved by you. 

 You shall provide the Corporation with a Notice of Termination and an opportunity to cure
any of the events listed in this Section 2(c) and shall not be entitled to compensation pursuant to Section 3 unless the Bank fails to cure within a reasonable period. 
 (d) Notice of Termination. The Corporation agrees that it will cause the Bank to promptly furnish you with a written Notice of Termination. Any purported
termination by you shall be communicated by written Notice of Termination to the Bank, with a copy to the Corporation. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated. 
 (e) Date of Termination. “Date of Termination” shall mean: 
  

	 	(i)	if your employment is terminated for disability, thirty (30) days after Notice of Termination is given, 

  

	 	(ii)	if your employment is terminated by the Bank for Cause, the date specified in the Notice of Termination, and 

  

	 	(iii)	if your employment is terminated for any other reason, the date on which a Notice of Termination is given; provided that if within five (5) days after any Notice of Termination
is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written
agreement of the parties, by a binding and final arbitration award or by a final judgment, order or decree of court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected).

 3. Compensation During Disability or Upon Termination. 
 (a) During any period that you fail to perform your duties as a result of incapacity due to physical or mental illness, the Corporation shall pay you, to the extent it is not paid by the Bank, an amount equal to your
full base salary at the rate then in effect until the Date of Termination. Thereafter, your benefits shall be determined in accordance with the Bank’s long-term disability plan then in effect. 
 (b) If, within twenty-four (24) months after a Change in Control shall have occurred, you shall terminate your employment for Good Reason or your
employment by the Bank shall be involuntarily terminated other than for Cause, your death or disability, then the Corporation shall pay you within five days after the Date of Termination an amount equal to the sum of: 
  

	 	(i)	An amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was given, to the extent the Bank does not promptly
pay such amount; plus 

  

 3 

	 	(ii)	A lump sum amount equal to the product of (A) the average sum of your annual base compensation (salary plus bonus) paid to you by the Bank for the five years (or the term of
your employment, if less) preceding a Change in Control multiplied by (B) the number two (2), less one hundred ($100) dollars; provided that if you are then a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and the payment is treated as being made on account of separation from service pursuant to Section 409A(a)(2)(A)(i) of the Code, the lump sum
amount shall be payable to you pursuant to this Section 3(b)(ii) beginning on the first day of the seventh month following on the date of such termination; plus 

  

	 	(iii)	All legal fees and expenses incurred by you as a result of such termination (including all such fees and expenses, if any, incurred in contesting or disputing any such termination
or in seeking to obtain or enforce any right or benefit provided for by this Agreement). 

 (c) If your employment shall be
terminated for Cause, or for any reason other than as specified in Sections 3(a) and (b) above, the Corporation shall pay you, to the extent it is not paid by the Bank, an amount equal to your full base salary through the Date of Termination at
the rate in effect at the time Notice of Termination was given and the Corporation shall have no further obligations to you under this Agreement. 
 (d) You shall not be required to mitigate the amount of any payment provided for in this Section 3 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 3 be reduced by any
compensation earned by you as the result of employment by another employer after the Date of Termination, or otherwise. 
 (e) It is the
intention of the parties to this Agreement that no payments by the Corporation to you or for your benefit under this Agreement shall be non-deductible to the Corporation by reason of the operation of Section 280G of the Code. Accordingly,
notwithstanding any other provision hereof, if by reason of the operation of said Section 280G, any such payments exceed the amount which can be deducted by the Corporation, the amount of such payments shall be reduced to the maximum which can
be deducted by the Corporation. To the extent that payments in excess of the amount which can be deducted by the Corporation have been made to you or for your benefit, they shall be refunded with interest at the applicable rate provided under
Section 1274(d) of the Code, or at such other rate as may be required in order that no such payment to you or for your benefit shall be non-deductible pursuant to Section 280G of the Code. Any payments made hereunder which are not
deductible by the Corporation as a result of losses which have been carried forward by the Corporation for Federal tax purposes shall not be deemed a non-deductible amount of purposes of this Section 4(c). 
 (f) Notwithstanding any provision hereof to the contrary, no payment hereunder shall be made if it would violate any applicable law, rule or regulation,
including without limitation, 12 C.F.R. Part 359, as promulgated by the Federal Deposit Insurance Corporation. 
 4. Term; Successors; Binding Agreement.

 (a) This Change in Control Agreement shall be deemed to commence as of January 1, 2007 and shall continue in effect through
December 31, 2008. On January 1, 2008, and on each subsequent anniversary thereof, the term of this Agreement shall automatically extend for an additional year unless, not less than thirty (30) days prior thereto either party notifies
the other party by written notice of its intent not to extend the same. 
  

 4 

 (b) The Corporation will 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 Corporation, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Corporation would be required to perform it if no such succession had taken place. Failure of the Corporation to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and
shall entitle you to compensation from the Corporation in the same amount and on the same terms as you would be entitled to hereunder if you had been involuntarily terminated other than for Cause, within twenty-four (24) months after a Change
in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Corporation” shall mean the Corporation as
hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 4 or which otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law. 
 (c) This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and legatees. If you should die while any amount would still be payable to you hereunder if you had continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate. 
 5.
Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth on the first page of this Agreement, provided that all notices to the Corporation shall be directed to the attention of the Board with a copy to the Chairman of the Board, or to such other address as
either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 6. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and such officer as may be specifically designated by the Board.
No waiver by either party hereto at any time of any breach by the other or failure to comply with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this
Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts. This Agreement is made under seal. 
 7. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. 
 8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same instrument. 
 9. Arbitration. Any dispute or controversy arising under
or in connection with this Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Notwithstanding the pendency of any such dispute or
controversy, the Corporation will pay you promptly an amount equal to your full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and provide you with all compensation, benefits
and insurance plans in which you were participating when the notice giving rise to the dispute was given, until the dispute is finally resolved in accordance with Section 2(d) hereof, to the extent the Bank does not make such payments or
continue such benefits. Amounts paid under this Section 9 are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction; provided, however, that you shall be entitled to seek specific 

  

 5 

 
performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this
Agreement. 
 10. Election of Benefits. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not be deemed
a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have
with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such
termination benefits as you may have under any employment agreement, but may not elect to receive both. 
 11. Interpretation. It is the intent of you and
the Corporation that the provisions of this Agreement and all amounts payable to you hereunder meet the requirements of Section 409A of the Code, to the extent applicable to this Agreement and such payments, and the Agreement shall be
interpreted and construed in a manner consistent with such intent. Recognizing such intent and the limited guidance currently available regarding the application of Section 409A, you and the Corporation agree to cooperate in good faith in
preparing and executing, at such time as sufficient guidance is available under Section 409A and from time to time thereafter, one or more amendments to this Agreement as may reasonably be necessary solely for the purpose of assuring that this
Agreement and all amounts payable to you hereunder meet the requirements of Section 409A; provided that no such amendments shall increase the cost to the Corporation of providing the amounts payable to you hereunder; and provided further that
any such amendment that relates to amounts deferred in one or more taxable years beginning before January 1, 2005 shall be rendered null and void to the extent the amendment constitutes a material modification of the Agreement within the
meaning of Section 885(d)(2)(B) of the American Jobs Creation Act of 2004 (the “Act”), unless (i) such modifications are pursuant to guidance issued by the U.S. Treasury under Section 885(f) of the Act, or (ii) the
parties expressly agree that the amounts deferred prior to 2005 may be treated as deferred after 2004 for purposes of Section 409A due to such amendment. 
 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject.

  

	
	BEVERLY NATIONAL CORPORATION
	
	/s/ Donat A. Fournier
	By: Donat A. Fournier
	Its: President

  

	
	Agreed:
	
	/s/ Lorraine E. Mitchell
	Lorraine E. Mitchell

  

 6

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