Document:

Exhibit 10.12

 Exhibit 10.12 
 AMENDED AND RESTATED 
 CHICOPEE SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 As of November 20, 2008 

 Amended and Restated 
 Chicopee Savings Bank 
 Supplemental Executive Retirement Plan 
 Table of Contents 
  

					
	 Article I
	  	Introduction	  	1
			
	 Article II
	  	Definitions	  	1
			
	 Article III
	  	Eligibility and Participation	  	3
			
	 Article IV
	  	Benefits	  	3
			
	 Article V
	  	Accounts	  	5
			
	 Article VI
	  	Supplemental Benefit Payments	  	5
			
	 Article VII
	  	Claims Procedures	  	6
			
	 Article VIII
	  	Amendment and Termination	  	7
			
	 Article IX
	  	General Provisions	  	8

 Article I 
 Introduction 
 Section 1.01 Purpose, Design and Intent. 
  

	(a)	The purpose of the Chicopee Savings Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Chicopee Savings Bank (the “Bank”) and its affiliates
in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental retirement benefits to such employees.

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income Security Act of
1974, as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Bank but for the applicable
limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

  

	(c)	The Bank is amending and restating the Plan in its entirety effective as of January 1, 2005, to comply with Section 409A of the Code. 

 Article II 
 Definitions

 Section 2.01 Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or
feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless
the context otherwise requires, the capitalized terms shall have the following meanings: 
  

	(a)	“Affiliate” means any corporation, trade or business, which, at the time of reference, is together with the Bank, a member of a controlled group of
corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as described in Sections 414(b), 414(c), and 414(m) of the Code, respectively, or any other organization treated as a
single employer with the Bank under Section 414(o) of the Code. 

  

	(b)	“Applicable Limitations” means one or more of the following, as applicable: 

  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits
under tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

  

	(c)	“Bank” means Chicopee Savings Bank, and its successors. 

  

	(d)	“Board of Directors” means the Board of Directors of the Bank. 

  

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	(e)	“Change in Control” means the earliest occurrence of a “change in ownership,” “change in effective control,” or “change in ownership
of a substantial portion of assets” for purposes of Section 409A of the Code. 

  

	(f)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	(g)	“Committee” means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan.

  

	(h)	“Common Stock” means the common stock of the Company. 

  

	(i)	“Company” means Chicopee Bancorp, Inc. and its successors. 

  

	(j)	“Eligible Individual” means any Employee who participates in the ESOP or the 401(k) Plan, as the case may be, and whom the Board of Directors determines is
one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 

  

	(k)	“Employee” means any person employed by the Bank or an Affiliate. 

  

	(l)	“Employer” means the Bank or Affiliate thereof that employs the Employee. 

  

	(m)	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	(n)	“ESOP” means the Chicopee Savings Bank Employee Stock Ownership Plan, as amended from time to time. 

  

	(o)	“ESOP Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with the purchase of Common Stock on
behalf of the ESOP. 

  

	(p)	“ESOP Valuation Date” means any day as of which the investment experience of the trust fund of the ESOP is determined and individuals’ accounts under
the ESOP are adjusted accordingly. 

  

	(q)	“Effective Date” means January 1, 2006. 

  

	(r)	“Participant” means an Eligible Employee who is entitled to benefits under the Plan. 

  

	(s)	“Plan” means this Chicopee Savings Bank Supplemental Executive Retirement Plan, as amended and restated. 

  

	(t)	“401(k) Plan” means the SBERA 401(k) Plan as adopted by Chicopee Savings Bank, as amended from time to time. 

  

	(u)	“Separation from Service” means a Participant’s separation from service with the Bank, within the meaning of Section 409A of the Code.

  

	(v)	“Specified Employee” means, as of a given date, a “specified employee” as of such date for purposes of Section 409A of the Code.

  

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	(w)	“Supplemental ESOP Account” means an account established by an Employer, pursuant to Section 5.01 of the Plan, with respect to a Participant’s
Supplemental ESOP Benefit. 

  

	(x)	“Supplemental ESOP Benefit” means the benefit credited to a Participant pursuant to Section 4.01 of the Plan. 

  

	(y)	“Supplemental Savings Benefit” means the benefit credited to a Participant pursuant to Section 4.03 of the Plan. 

  

	(z)	“Supplemental Savings Account” means an account established by an Employer, pursuant to Section 5.03 of the Plan, with respect to a Participant’s
Supplemental Savings Benefit. 

  

	(aa)	“Supplemental Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with respect to a
Participant’s Supplemental Stock Ownership Benefit. 

  

	(bb)	“Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 

 Article III 
 Eligibility and
Participation 
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible
Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation
at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

 Article IV 
 Benefits 
 Section 4.01 Supplemental ESOP Benefit. 
 As of the last day of each plan year of the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP Benefit equal to the excess of (a) over (b), where:

  

	(a)	Equals the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations; and 

  

	(b)	Equals the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations.

  

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 Section 4.02 Supplemental Stock Ownership Benefit. 
  

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less
(ii), the result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

  

	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of
(i) and (ii) by (iii), where: 

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

 Section 4.03 Supplemental Savings Benefit. 
 A Participant’s Supplemental Savings Benefit under the
Plan shall be equal to the excess of (a) over (b), where: 
  

	(a)	is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the 401(k) Plan for a
particular year, if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 

  

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	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the 401(k) Plan
for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

 Article V 
 Accounts 
 Section 5.01 Supplemental ESOP Benefit Account. 
 For each Participant who is credited with a benefit pursuant to
Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year, the Committee shall credit to the Participant’s Supplemental ESOP Account the amount of benefits
determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise been made to the
Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental
ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
 Section 5.02 Supplemental Stock Ownership Account. 
 The Employer shall establish, as a memorandum account
on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The
Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock
shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return
provided to the Participant’s non-stock accounts under the ESOP. 
 Section 5.03 Supplemental Savings Account. 
 The Employer shall establish a memorandum account, the “Supplemental Savings Account” for each Participant on its books, and each year the Committee will credit
the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be credited monthly with interest at a rate equal to the combined weighted return provided
to the Participant’s account(s) under the 401(k) Plan. 
 Article VI 
 Supplemental Benefit Payments 
 Section 6.01 Payment of Supplemental ESOP
Benefit. 
  

	(a)	A Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a form
acceptable to the Employer), in a single lump sum payment as soon as administratively practicable (but no later than 60 days) following the Participant’s Separation from Service. The form of the payment shall match the form (i.e., cash, stock
or other medium) in which the Employer credited the benefit pursuant to Article V of the Plan. 

  

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	(b)	A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage as he has benefits allocated to him under
the ESOP at the time the benefits become distributable to him under the ESOP. 

 Section 6.02 Payment of Supplemental Stock
Ownership Benefit. 
  

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a
form acceptable to the Employer), in a single lump sum payment as soon as administratively practicable (but no later than 60 days) following the Participant’s Separation from Service. The form of the payment shall match the form (i.e., cash,
stock or other medium) in which the Employer credited the benefit pursuant to Article V of the Plan. 

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

 Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a form
acceptable to the Employer), in a single lump sum payment as soon as administratively practicable (but no later than 60 days) following the Participant’s Separation from Service. The form of payment shall match the form (i.e., cash, stock or
other medium) in which the Employer credited the benefit pursuant to Article V of the Plan. 

  

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to his matching contributions under the 401(k)
Plan at the time the benefits become distributable to him under the 401(k) Plan. 

 Article VII 
 Claims Procedures 
 Section 7.01 Claims
Reviewer. 
 For purposes of handling claims with respect to this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee
designates another person or group of persons as Claims Reviewer. 
 Section 7.02 Claims Procedure. 
  

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances
require the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before the expiration
of the initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the end of the
initial 90-day period. 

  

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	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner
calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for the claimant to perfect
the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

  

	(d)	Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may
have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant receives
written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s
views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day
period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the claim
within 120 days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original
claim. 

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded
the claimant by this Article VII. 

 Article VIII 
 Amendment and Termination 
 Section 8.01 Amendment of the Plan. 

The Bank may from time to time and at any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or
beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee
shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently
be ratified by the Board of Directors. 
 Section 8.02 Termination in the Discretion of the Bank. 
 Except as otherwise provided in Sections 8.03, the Bank in its discretion may terminate the Plan and distribute benefits to Participants subject to the following
requirements and any others specified under Section 409A of the Code: 
  

	(a)	All arrangements sponsored by the Bank that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations are terminated. 

  

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	(b)	No payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination date.

  

	(c)	All benefits under the Plan are paid within 24 months of the termination date. 

  

	(d)	The Bank does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations providing for the deferral of
compensation at any time within 3 years following the date of termination of the Plan. 

  

	(e)	The termination does not occur proximate to a downturn in the financial health of the Bank. 

 Section 8.03 Termination Upon Change in Control Event. 
 If the Bank terminates the Plan within thirty
days preceding or twelve months following a Change in Control, the Accounts (Supplemental ESOP Account, Supplemental Savings Account and Supplemental Stock Ownership Account) of each Participant shall become fully vested and payable to the
Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code. 
 Article IX 
 General Provisions 
 Section 9.01 Unfunded, Unsecured Promise to Make Payments in the Future. 
 The right of a Participant or any beneficiary to
receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries, shall have any rights in or against any amount
credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of ERISA. Any funds invested hereunder shall
continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any benefits which may be payable pursuant to this
Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s beneficiary. The Plan constitutes a mere promise by the
Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such Participant or
beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
 Section 9.02 Committee as Plan
Administrator. 
  

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 

  

	(b)	 The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the
duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative 

  

 8 

	 	 
duties to employees of the Bank or an Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations,
certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the
Committee shall be final and binding on all persons and parties concerned. 

 Section 9.03 Expenses. 
 Expenses of administration of the Plan shall be paid by the Bank or an Affiliate. 
 Section 9.04 Statements. 
 The Committee shall furnish individual annual statements of accrued benefits to each Participant, or
current beneficiary, in such form as determined by the Committee or as required by law. 
 Section 9.05 Rights of Participants and
Beneficiaries. 
  

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be
entitled to hereunder. 

  

	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an Affiliate will be
sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank or an Affiliate and any Participant or other
individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of employment or service.

 Section 9.06 Incompetent Individuals. 
 The Committee may, from time to time, establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits payable to a Participant or beneficiary in the event
that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally charged with that Participant’s or beneficiary’s care. Except as otherwise provided for herein, when the Committee
determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such Participant’s or beneficiary’s benefits to such conservator, person legally charged with such Participant’s or
beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the Bank or an Affiliate and
the Plan for such Participant or beneficiary. 
 Section 9.07 Sale, Merger or Consolidation of the Bank. 
 Subject to Section 8.03, tthe Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or
entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to Participant’s deferral accounts
shall be placed in a grantor trust to the extent not already in such a trust. In the event that the Plan is not 

  

 9 

 
continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to the provisions of Section 8.03 of the Plan. Any
legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate of which the Participant is an Employee or, if applicable, a
member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
 Section 9.08 Location of Participants.

 Each Participant shall keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries. The Bank shall
not be obligated to search for any person. If such person is not located within three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as though the
Participant or his beneficiary had died at the end of such three-year period. 
 Section 9.09 Liability of the Bank and its Affiliates.

 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual acting as an employee or agent of the Bank shall be liable to any
Participant, former Participant, beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Bank or any such employee or
agent of the Bank. 
 Section 9.10 Governing Law. 
 All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the Commonwealth of Massachusetts. 
 Section 9.11 Aggregation of Employers.  
 To the extent required under Section 409A of the Code, if
the Bank is a member of a controlled group of corporations or a group of trades or business under common control (as described in Section 414(b) or (c) of the Code), all members of the group shall be treated as a single employer for
purposes of whether there has occurred a Separation from Service and for any other purposes under the Plan as Section 409A of the Code shall require. 
 Section 9.12 Specified Employees. 
 Notwithstanding any other provision of the Plan to the contrary, if when a Separation from
Service occurs a Participant is a Specified Employee, the Participant’s benefit shall be paid to the Participant in a single lump sum without interest on the first payroll date of the seventh month following the date on which the Separation
from Service occurs. 
 Section 9.13 Section 409A. 
 It is intended that the Plan is intended to be a plan that is not qualified within the meaning of Section 401(a) of the Code, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a
taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Participants. The Plan shall be administered and interpreted to the extent possible in a manner consistent with
that intent. 
  

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 Section 9.14 409A Application. 
 References in this Plan to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 
 Having been adopted by its Board of Directors, this Plan, as amended and restated in its entirety, is executed by its duly authorized officer this 20th day of November,
2008. 
  

									
	Attest:	 		 	CHICOPEE SAVINGS BANK
				
	/s/ Theresa C. Szlosek	 		 	By:	 	/s/ William J. Wagner
	Corporate Secretary	 		 		 	For the Entire Board of Directors

  

 11Exhibit 10.14

 Exhibit 10.14 
 FIRST AMENDMENT 
 TO THE 
 CHICOPEE SAVINGS BANK 
 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT 

 DATED SEPTEMBER 28, 1999 
 FOR 
 [                                       
 ] 
 THIS FIRST AMENDMENT is adopted this          day of
                        , 2008, effective as of January 1, 2005, by and between CHICOPEE SAVINGS BANK, a
Massachusetts savings bank (the “Bank”), and [                            ] (the
“Executive”). 
 The Bank and the Executive executed the Executive Supplemental Retirement Income Agreement effective as of
September 28, 1999 (the “Agreement”). 
 The undersigned hereby amend the Agreement for the purpose of bringing the Agreement
into compliance with Section 409A of the Internal Revenue Code. Therefore, the following changes shall be made: 
 Subsection 1.14(a)
of the Agreement shall be deleted in its entirety and replaced by the following: 
  

	1.14	(a) “Disability” means the Executive: (i) 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 twelve (12) months; or (ii) 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 twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan
covering employees or directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees or directors of the Bank provided that the
definition of “disability” applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of the plan administrator, the Executive must submit proof to the plan administrator of
the Social Security Administration’s or the provider’s determination. 

 Subsection 1.25 of the Agreement shall be
deleted in its entirety and replaced by the following: 
  

	1.25	“Timely Election” means the Executive has made an election to change the form of benefit payment(s) by filing with the Administrator a Notice of Election to Change the
Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election: 

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A and the regulations thereunder; 

  

	 	(b)	must, for benefits distributable under Subsections 3.1(b) and 5.1(b\a)(1), be made at least twelve (12) months prior to the Executive’s Benefit Eligibility Date;

  

	 	(c)	must, for benefits distributable under Subsections 3.1(b) and 5.1(b)(1), delay the benefit payments for a minimum of five (5) years from the Executive’s Benefit
Eligibility Date; and 

  

 1 

	 	(d)	must take effect not less than twelve (12) months after the election is made. 

 In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time. 
 The following Subsections 1.26 and 1.27 shall be added to the Agreement immediately following Subsection 1.25. 
  

	1.26	“Termination of Employment” means the termination of the Executive’s employment with the Bank for reasons other than death or Disability. Whether a Termination of
Employment takes place is determined in accordance with the requirements of Code Section 409A and related Treasury guidance or Regulations based on the facts and circumstances surrounding the termination of the Executive’s employment and
whether the Bank and the Executive intended for the Executive to provide significant services for the Bank following such termination. A Termination of Employment will not have occurred if: 

  

	 	(a)	the Executive continues to provide services as an employee of the Bank at an annual rate that is twenty percent (20%) or more of the services rendered, on average, during the
immediately preceding three (3) full calendar years of employment (or, if employed less than three (3) years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the average annual
remuneration earned during the final three (3) full calendar years of employment (or, if less, such lesser period), or 

  

	 	(b)	the Executive continues to provide services to the Bank in a capacity other than as an employee of the Bank at an annual rate that is fifty percent (50%) or more of the
services rendered, on average, during the immediately preceding three (3) full calendar years of employment (or if employed less than three (3) years, such lesser period) and the annual remuneration for such services is fifty percent
(50%) or more of the average annual remuneration earned during the final three (3) full calendar years of employment (or if less, such lesser period). 

 The Executive’s employment relationship will be treated as continuing intact while the Executive is on military leave, sick leave, or other bona fide
leave of absence if the period of such leave of absence does not exceed six (6) months, or if longer, so long as the Executive’s right to reemployment with the Bank is provided either by statute or by contract. If the period of leave
exceeds six (6) months and there is no right to reemployment, a Termination of Employment will be deemed to have occurred as of the first date immediately following such six (6) month period. 
  

	1.27	“Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank if any stock of the Bank is
publicly traded on an established securities market or otherwise, as determined by the Administrator based on the twelve (12) month period ending each December 31 (the “identification period”). If the Executive is determined to
be a Specified Employee for an identification period, the Executive shall be treated as a Specified Employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of the fourth month following the close
of the identification period. 

  

 2 

 The third paragraph of Subsection 3.1(a) of the Agreement shall be deleted in its entirety and
replaced by the following: 
 The Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s Benefit
Date, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Executive’s Benefit Commencement Date. In the event the Executive dies at
any time after the Benefit Date, but prior to commencement or completion of all the payments due and owing hereunder, the Bank shall pay to the Executive’s Beneficiary the same monthly installments (or a continuation of such monthly
installments if they have already commenced) for the balance of months remaining the Payout Period. 
 The third paragraph of Subsection
3.1(b) of the Agreement shall be deleted in its entirety and replaced by the following: 
 The balance of the Executive’s Accrued
Benefit Account (if applicable), measured as of the date selected by the Executive in his Timely Election, shall be paid to the Executive in a lump sum on such date. In the event the Executive dies after becoming eligible for such payment (upon
attainment of his benefit age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 3.1(b) within thirty (30) days of this date the Administrator receives
notice of the Executive’s death. 
 The third paragraph of Subsection 4.1(a) of the Agreement shall be deleted in its entirety and
replaced by the following: 
 The Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s death,
shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator
receives notice of the Executive’s death. 
 Subsection 5.1 of the Agreement shall be deleted in its entirety and replaced by the
following: 
  

	5.1	Voluntary or Involuntary Termination of Employment Other Than for Cause. In the event the Executive’s employment with the Bank is voluntarily or involuntarily terminated
prior to Retirement Age, for any reason including a Change in Control, but excluding (i) any disability related termination which shall be covered in Section VI, (ii) the Executive’s pre-retirement death, which shall be covered in
Section IV, or (iii) termination for Cause, which shall be covered in Subsection 5.2, the Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this
Subsection 5.1 shall be made in accordance with Subsection 5.1(a) or 5.1(b) below, as applicable. 

 The third paragraph of
Subsection 5.1(a)(1) of the Agreement shall be deleted in its entirety and replaced by the following: 
 The Executive’s Accrued
Benefit Account (if applicable), measured as of the Executive’s Benefit Date, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the
Executive’s Benefit Commencement Date. In the event the Executive dies at any time after the Benefit Date, but prior to commencement or completion of all the payments due and owing hereunder, the Bank shall pay to the Executive’s
Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining the Payout Period. 
  

 3 

 The third paragraph of Subsection 5.1(a)(2) of the Agreement shall be deleted in its entirety and
replaced by the following: 
 The Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s death,
shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator
receives notice of the Executive’s death. 
 The third paragraph of Subsection 5.1(b) of the Agreement shall be deleted in its
entirety and replaced by the following: 
 The balance of the Executive’s Accrued Benefit Account (if applicable), measured as of the
date selected by the Executive in his Timely Election, shall be paid to the Executive in a lump sum on such date. In the event the Executive dies after becoming eligible for such payment (upon attainment of his benefit age), but before the actual
payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b) within thirty (30) days of this date the Administrator receives notice of the Executive’s death. 
 The following Subsections 5.3 and 5.4 shall be added to the Agreement immediately following Subsection 5.2: 
  

	5.3	Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at
Termination of Employment, the provisions of this Subsection 5.3 shall govern distributions from the Accrued Benefit Account hereunder. Distributions from the Accrued Benefit Account that are made due to a Termination of Employment occurring while
the Executive is a Specified Employee shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution from the Accrued Benefit Account which would otherwise be paid to the Executive during such
period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions from the Accrued Benefit Account shall be paid in the manner specified.

  

	5.4	Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Executive prior to receipt due to a failure
of this Agreement to meet the requirements of Code Section 409A, the Executive may petition the Administrator for a distribution of that portion of the Accrued Benefit Account that is required to be included in the Executive’s income. Upon
the grant of such a petition, which grant shall not be unreasonably withheld, the Bank shall distribute to the Executive immediately available funds in an amount equal to the portion of the Accrued Benefit Account required to be included in income
as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Executive’s petition is granted. Such a distribution shall affect and reduce the Executive’s
benefits to be paid under this Agreement. 

 Subsection 6.1 of the Agreement shall be deleted in its entirety and replaced
by the following: 
  

	6.1	(a) Disability Benefit. 

 If the Executive
experiences a Disability prior to Retirement Age, the Executive shall receive the following Disability benefit in lieu of the retirement benefit(s) available pursuant to Subsection 5.1 (which is (are) not available prior to the Executive’s
Benefit Commencement Date). 
  

 4 

 The Executive shall be entitled to the following lump sum benefit(s): (i) the balance of the
Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days of such Disability. In the event the Executive dies after becoming eligible for such
payment(s) but before the actual payment(s) is (are) made, the Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the
Executive’s death. 
 (b) Disability Benefit – Supplemental. 
 Furthermore, in the event of the Executive’s death after any benefit(s) have become payable pursuant to this Subsection 6.1, the Bank shall make a
direct, lump sum payment to the Executive’s Beneficiary in an amount equal to the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A. Such payment(s) shall be made to the Executive’s Beneficiary within
thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
 Subsection 10.2 of the Agreement
shall be deleted in its entirety and replaced by the following Subsections 10.2, 10.3 and 10.4: 
  

	10.2  	Claims and Procedure for Claims Other than Disability Benefits: 

  

	 	10.2.1  	Claims Procedure. Any individual (“Claimant”) who has not received benefits under this Agreement that he or she believes should be paid shall make a claim for such
benefits as follows: 

  

	 	10.2.1.1  	Initiation – Written Claim. The Claimant initiates a claim by submitting to the Bank a written claim for the benefits. 

  

	 	10.2.1.2  	Timing of Bank Response. The Bank shall respond to such Claimant within ninety (90) days after receiving the claim. If the Bank determines that special circumstances
require additional time for processing the claim, the Bank can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end of the initial ninety (90) day period that an additional
period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision. 

  

	 	10.2.1.3  	Notice of Decision. If the Bank denies part or the entire claim, the Bank shall notify the Claimant in writing of such denial. The Bank shall write the notification in a
manner calculated to be understood by the Claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of this Agreement on which the denial is based, 

  

	 	(c)	A description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed, 

  

	 	(d)	An explanation of this Agreement’s review procedures and the time limits applicable to such procedures, and 

  

	 	(e)	A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

  

 5 

	 	10.2.2  	Review Procedure. If the Bank denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows:

  

	 	10.2.2.1  	Initiation – Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Bank’s notice of denial, must file with the Bank
a written request for review. 

  

	 	10.2.2.2  	Additional Submissions – Information Access. The Claimant shall then have the opportunity to submit written comments, documents, records and other information relating
to the claim. The Bank shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s
claim for benefits. 

  

	 	10.2.2.3  	Considerations on Review. In considering the review, the Bank shall take into account all materials and information the Claimant submits relating to the claim, without regard
to whether such information was submitted or considered in the initial benefit determination. 

  

	 	10.2.2.4  	Timing of Bank Response. The Bank shall respond in writing to such Claimant within sixty (60) days after receiving the request for review. If the Bank determines that
special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of the initial sixty (60) day period
that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision. 

  

	 	10.2.2.5  	Notice of Decision. The Bank shall notify the Claimant in writing of its decision on review. The Bank shall write the notification in a manner calculated to be understood by
the Claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of this Agreement, on which the denial is based, 

  

	 	(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the Claimant’s claim for benefits, and 

  

	 	(d)	A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a). 

  

	10.3  	Claims and Procedure for Disability Claims: 

  

	 	10.3.1  	Claims Procedures. Any individual (“Claimant”) who has not received benefits under this Agreement that he or she believes should be paid shall make a claim for such
benefits as follows: 

  

	 	10.3.2  	Initiation – Written Claim. The Claimant initiates a claim by submitting to the Bank a written claim for the benefits. 

  

 6 

	 	10.3.2.1  	Timing of Bank Response. The Bank shall notify the Claimant in writing or electronically of any adverse determination as set out in this Section. 

  

	 	10.3.2.2  	Notice of Decision. If the Bank denies part or the entire claim, the Bank shall notify the Claimant in writing of such denial. The Bank shall write the notification in a
manner calculated to be understood by the Claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of this Agreement, on which the denial is based, 

  

	 	(c)	A description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed, 

  

	 	(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures, 

  

	 	(e)	A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review, 

  

	 	(f)	Any internal rule, guideline, protocol, or other similar criterion relied upon in making the adverse determination, or a statement that such a rule, guideline, protocol, or other
similar criterion was relied upon in making the adverse determination and that the Claimant can request and receive free of charge a copy of such rule, guideline, protocol or other criterion from the Bank, and 

  

	 	(g)	If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical
judgment for the determination, applying the terms of this Agreement to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request. 

  

	 	10.3.2.3  	Timing of Notice of Denial/Extensions. The Bank shall notify the Claimant of denial of benefits in writing or electronically not later than forty-five (45) days
after receipt of the claim by the Bank. The Bank may elect to extend notification by two thirty (30) day periods subject to the following requirements: 

  

	 	(a)	For the first thirty (30) day extension, the Bank shall notify the Claimant (1) of the necessity of the extension and the factors beyond the Bank’s control requiring
an extension; (2) prior to the end of the initial forty-five (45) day period; and (3) of the date by which the Bank expects to render a decision. 

  

	 	(b)	If the Bank determines that a second thirty (30) day extension is necessary based on factors beyond the Bank’s control, the Bank shall follow the same procedure in
(a) above, with the exception that the notification must be provided to the Claimant before the end of the first thirty (30) day extension period. 

  

	 	(c)	For any extension provided under this section, the Notice of Extension shall specifically explain the standards upon which entitlement to a benefit is based, the unresolved issues
that prevent a decision on the claim, and the additional information needed to resolve those issues. The Claimant shall be afforded forty-five (45) days within which to provide the specified information. 

  

 7 

	 	10.3.3  	Review Procedures – Denial of Benefits. If the Bank denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the
Bank of the denial, as follows: 

  

	 	10.3.3.1  	Initiation of Appeal. Within one hundred eighty (180) days following notice of denial of benefits, the Claimant shall initiate an appeal by submitting a written
notice of appeal to Bank. 

  

	 	10.3.3.2  	Submissions on Appeal – Information Access. The Claimant shall be allowed to provide written comments, documents, records, and other information relating to the
claim for benefits. The Bank shall provide to the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the
Claimant’s claim for benefits. 

  

	 	10.3.3.3  	Additional Bank Responsibilities on Appeal. On appeal, the Bank shall: 

  

	 	(a)	Take into account all materials and information the Claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination; 

  

	 	(b)	Provide for a review that does not afford deference to the initial adverse benefit determination and that is conducted by an appropriate named fiduciary of the Bank who is neither
the individual who made the adverse benefit determination that is the subject of the appeal, nor the subordinate of such individual; 

  

	 	(c)	In deciding an appeal of any adverse benefit determination that is based in whole or in part on a medical judgment, including determinations with regard to whether a particular
treatment, drug, or other item is experimental, investigational, or not medically necessary or appropriate, consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical
judgment; 

  

	 	(d)	Identify medical or vocational experts whose advise was obtained on behalf of the Bank in connection with a Claimant’s adverse benefit determination, without regard to whether
the advice was relied upon in making the benefit determination; and 

  

	 	(e)	Ensure that the health care professional engaged for purposes of a consultation under subsection (c) above shall be an individual who was neither an individual who was
consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the subordinate of any such individual. 

  

	 	10.3.3.4  	Timing of Notification of Benefit Denial – Appeal Denial. The Bank shall notify the Claimant not later than forty-five (45) days after receipt of the
Claimant’s request for review by the Bank, unless the Bank determines that special circumstances require an extension of time for processing the claim. If the Bank determines that an extension is required, written notice of such shall be
furnished to the Claimant prior to the termination of the initial forty-five (45) day period, and such extension shall not exceed forty-five (45) days. The Bank shall indicate the special circumstances requiring an extension of time and
the date by which the Bank expects to render the determination on review. 

  

 8 

	 	10.3.3.5  	Content of Notification of Benefit Denial. The Bank shall provide the Claimant with a notice calculated to be understood by the Claimant, which shall contain:

  

	 	(a)	The specific reason or reasons for the adverse determination; 

  

	 	(b)	Reference to the specific plan provisions on which the benefit determination is based; 

  

	 	(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of all documents, records, and other relevant information (as
defined in applicable ERISA regulations); 

  

	 	(d)	A statement of the Claimant’s right to bring an action under ERISA Section 502(a); 

  

	 	(e)	Any internal rule, guideline, protocol, or other similar criterion relied upon in making the adverse determination, or a statement that such a rule, guideline, protocol, or other
similar criterion was relied upon in making the adverse determination and that the Claimant can request and receive free of charge a copy of such rule, guideline, protocol or other criterion from the Bank; 

  

	 	(f)	If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical
judgment for the determination, applying the terms of this Agreement to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request; and 

  

	 	(g)	The following statement: “You and your Bank may have other voluntary alternative dispute resolution options such as mediation. One way to find out what may be available is to
contact your local U.S. Department of Labor Office and your state insurance regulatory agency.” 

  

	10.4  	Arbitration. If Claimants continue to dispute the benefit denial based upon completed performance of this Agreement or the meaning and effect of the terms and conditions
thereof, then Claimants may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is
not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof. 

 The following Subsections 12.13 and 12.14 shall be added to the Agreement immediately following Subsection
12.12: 
  

	12.13  	Trust Funding. Pursuant to requirements under the Pension Protection Act of 2006, the Bank shall not make contributions to the rabbi trust during any restricted period for
purposes of paying deferred compensation of an applicable covered employee under a nonqualified deferred compensation plan of the Bank, or its affiliates, if the contribution would be treated as property transferred in connection with the
performance of services under Internal Revenue Code Section 83, as provided in Internal Revenue Code Section 409A(b)(3). 

  

	12.14  	Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with the
requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement. 

  

 9 

 Section XIII of the Agreement shall be deleted in its entirety and replaced by the following: 

 SECTION XIII 
 AMENDMENT/PLAN TERMINATION 
  

	13.1  	Amendments. The Bank may amend this Agreement unilaterally by providing written notice to the Executive. 

  

	13.2  	Plan Termination Generally. The Bank may terminate this Agreement unilaterally by written notice to the Executive. The Executive shall be entitled to the balance, if any, of
his Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) determined as of the date the Agreement is terminated. However, any termination of the agreement which is done in anticipation of or pursuant to a Change in Control shall
be deemed to trigger Subsection 2.1(b)(2) (or 2.1(c)(2) as applicable) notwithstanding the Executive’s continued employment. Except as provided in Subsection 13.3, the termination of this Agreement shall not cause a distribution of benefits
under this Agreement. Rather, after such termination benefit distributions will be made at the earliest distribution event permitted under Sections III, IV, V or VI. 

  

	13.3  	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Subsection 13.2, if this Agreement terminates in the following circumstances:

  

	 	(a)	Within thirty (30) days before or twelve (12) months after a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the
assets of the Bank as described in Section 409A(a)(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the
Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the such terminations; 

  

	 	(b)	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income
in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution
is administratively practical; or 

  

	 	(c)	Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the
Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of
three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Bank may distribute the Retirement Income Trust Fund, including the final Contribution, if any, required by Subsections 13.2 and 2.1(b)(2) (and, if applicable, the Accrued Benefit Account, including the final Phantom Contribution, if
any, required by Subsection 13.2 and 2.1(c)(2)), determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms. 
  

 10 

 IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment dated
November         , 2008. 
  

									
	Executive:	 		 	CHICOPEE SAVINGS BANK
				
	 	 		 	By	 	 
		 		 		 	Title	 	 

  

 11

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