Document:

EXHIBIT 10.9

 Exhibit 10.9 
  
 Exhibit 10.9: Form of Executive Supplemental Retirement Income Agreements between Chicopee Savings Bank and Alzira C. Costa, Russell J.
Omer, W. Guy Ormsby and William J. Wagner 
  
 Chicopee Savings Bank entered into
executive retirement income agreements with Messrs. Wagner, Ormsby and Omer and Ms. Costa which are substantially identical in all material respects (except as noted below) as the attached Form of Executive Supplemental Retirement Income
Agreement. 
  
 Parties to Executive
Supplemental Retirement Income Agreement: 
  
 Chicopee Savings Bank and Alzira C. Costa (1) 
 Chicopee Savings Bank and Russell J. Omer (2) 
 Chicopee Savings Bank and W. Guy Ormsby (3) 
 Chicopee Savings Bank and William J. Wager (4) 
  

	 	(1)	Ms. Costa’s Executive Supplemental Retirement Agreement is substantially identical to Exhibit 10.9 except as to the amount of the Supplemental Retirement Income Benefit,
which is $41,196.00. 

  

	 	(2)	Mr. Omer’s Executive Supplemental Retirement Agreement is substantially identical to Exhibit 10.9 except as to the amount of the Supplemental Retirement Income Benefit,
which is $56,420.00 

  

	 	(3)	Mr. Ormsby’s Executive Supplemental Retirement Agreement is substantially identical to Exhibit 10.9 except as to the amount of the Supplemental Retirement Income Benefit,
which is $62,953.00 

  

	 	(4)	Mr. Wagner’s Executive Supplemental Retirement Agreement is substantially identical to Exhibit 10.9 except as to the amount of the Supplemental Retirement Income Benefit,
which is $209,935.00 

 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT 
  
 CHICOPEE SAVINGS BANK 
 CHICOPEE, MASSACHUSETTS 
  
 The Benefit Marketing Group, Inc. 
 1100 Circle
75 Parkway, Suite 320 
 Atlanta, Georgia 30339 
 Telephone: (770) 952-1529 
 Facsimile:   (770) 952-8029 

 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT 
  
 This Executive Supplemental Retirement Income Agreement (the
“Agreement), effective as of the 28th day of September, 1999, formalizes the understanding by and between
Chicopee Savings Bank (the “Bank”), a Massachusetts Savings Bank, and                      (hereinafter referred to as
“Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, the Executive is employed by the Bank; and 
  
 WHEREAS, the Bank recognizes the valuable services heretofore
performed by the Executive and wishes to encourage his continued employment; and 
  
 WHEREAS, the Executive wishes to be assured that he will be entitled to a certain amount of additional compensation for some definite period of time from and after retirement from active service with the Bank
or other termination of employment and wishes to provide his beneficiary with benefits from and after death; and 
  
 WHEREAS, the Bank and the Executive wish to provide the terms and conditions upon which the Bank shall pay such additional compensation to the
Executive after retirement or other termination of employment and/or death benefits to his beneficiary after death; and 
  
 WHEREAS, the Bank has adopted this Executive Supplemental Retirement Income Agreement which controls all issues relating to benefits as described
herein; 
  
 NOW, THEREFORE, in consideration of the
premises and of the mutual promises herein contained, the Bank and the Executive agree as follows: 
  
 SECTION I 
  
 DEFINITIONS 
  
 When used herein, the
following words and phrases shall have the meanings below unless the context clearly indicates otherwise: 
  

	1.1	 “Accrued Benefit Account” means an account represented by the bookkeeping entries required to record the Executive’s (i) Phantom Contributions
plus (ii) accrued interest, equal to the Interest Factor, earned to-date on such amounts. However, neither the existence of such bookkeeping entries nor the Accrued Benefit Account itself shall be deemed to create either a trust of any kind, or
a 

  

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fiduciary relationship between the Bank and the Executive or any Beneficiary. 

  

	1.2	“Act” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	1.3	“Administrator” means the Bank. 

  

	1.4	“Bank” means Chicopee Savings Bank and any successor thereto. 

  

	1.5	“Beneficiary” means the person or persons (and their heirs) designated as Beneficiary in Exhibit B of this Agreement to whom the deceased Executive’s benefits are
payable. If no Beneficiary is so designated, then the Executive’s Spouse, if living, will be deemed the Beneficiary. If the Executive’s Spouse is not living, then the Children of the Executive will be deemed the Beneficiaries and will take
on a per stirpes basis. If there are no Children, then the Estate of the Executive will be deemed the Beneficiary. 

  

	1.6	“Benefit Date “ means the later of: (i) the Executive’s sixty-fifth (65th ) birthday (Retirement Age) or (ii) the actual date the Executive’s full-time service with the Bank terminates. The Board of Directors may, however, in its sole discretion, amend clause
(i) of this Subsection to accelerate the Executive’s Benefit Date in any instance in which the Executive’s employment terminates prior to Retirement Age and the Board of Directors determines that such an amendment is advisable, based
on the circumstances of such termination, or amend clause (ii) of this Subsection, upon the Executive’s request, to permit the Executive to commence receiving his Supplemental Retirement Income Benefit upon the attainment of Retirement Age
despite the fact that the Executive’s full-time service with the Bank has not terminated. 

  

	1.7	“Benefit Commencement Date” means the first day of the month following the month in which the Benefit Date occurs. 

  

	1.8	“Board of Directors” means the board of directors of the Bank. 

  

	1.9	“Cause” means personal dishonesty, willful misconduct, willful malfeasance, breach of fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), or final cease-and-desist order, material breach of any provision of this Agreement, or gross negligence in matters of material importance to
the Bank. 

  

	1.10 	“Change in Control” shall mean and include the following with respect to the Bank: 

  
 (1) a Change in Control of a nature that would be required to be reported in response to Item 1(a) of the current
report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or 
  

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 (2) a Change in Control of the Bank within the meaning of 12 C.F.R. § 225.41 of Regulation Y of the
Federal Reserve Board; or 
  
 (3) a Change in Control at such
time as: 
  
 (i) any “person” (as the term is used in
Sections 13(d) and 14(d) of the Exchange Act) or “group acting in concert” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank representing Ten
Percent (10.0%) or more of any class of equity securities of the Bank or any combination of common stock, or other securities, rights, options or warrants that are convertible into or otherwise carry the right to acquire, shares of any class of
equity security that would constitute, upon such conversion or the exercise of such right, ten percent (10%) of any class of equity security of the Bank after giving effect to such conversion or exercise; or 
  
 (ii) individuals who constitute the board of directors on the date hereof
(the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose nomination for election by the Bank’s stockholders was approved by the Bank’s nominating committee which is comprised solely of members of the Incumbent Board, shall be, for purposes of
this clause (ii), considered as though he were a member of the Incumbent Board; or 
  
 (iii) merger, consolidation, or sale of all or substantially all of the assets of the Bank occurs; or 
  
 (iv) a proxy statement is issued soliciting proxies from the stockholders of the Bank by someone other than the current management of the Bank, seeking
stockholder approval of a plan of reorganization, merger, or consolidation of the Bank with one or more corporations as a result of which the outstanding shares of the class of the Bank’s securities are exchanged for or converted into cash or
property or securities not issued by the Bank. 
  
 The term
“person” includes an individual, a group acting in concert, a corporation, a limited liability company, a partnership, an association, a joint venture, a pool, a joint stock company, a trust, an unincorporated organization or similar
company, a syndicate or any other group formed for the purpose of acquiring, holding or disposing of securities. The term “acquire” means obtaining ownership, control, power to vote or share power of disposition of stock, directly or
indirectly or through one or more transactions or subsidiaries, through purchase, assignment, transfer, exchange, succession or other means, including (1) an increase in percentage ownership resulting from a redemption, repurchase, reverse
stock split or a similar transaction involving other securities of the same class; and (2) the acquisition of stock by a group of persons and/or companies acting in concert 

  

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which shall be deemed to occur upon the formation of such group, provided than an investment advisor shall not be deemed to acquire the voting stock of its
advisee if the advisor (a) votes the stock only upon instruction from the beneficial owner and (b) does not provide the beneficial owner with advice concerning the voting of such stock. The term “security” includes
nontransferable subscription rights issued pursuant to a plan of conversion, as well as a “security”, as defined in 15 U.S.C. § 78c(2)(1); and the term “acting in concert” means (1) knowing participation in a joint
activity or interdependent conscious parallel action towards a common goal whether or not pursuant to an express agreement, or (2) a combination or pooling of voting or other interests in the securities of an issuer for a common purpose
pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written or otherwise. Further, acting in concert with any person or company shall also be deemed to be acting in concert with any person or company that
is acting in concert with such other person or company. 
  
 Notwithstanding the above definitions, the Board, in its absolute discretion, may make a finding that a Change in Control of the Bank has taken place without the occurrence of any or all of the events enumerated above. 
  

	1.11	“Children” means all natural or adopted children of the Executive, and issue of any predeceased child or children. 

  

	1.12	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	1.13	“Contribution(s)” means those annual contributions which the Bank is required to make to the Retirement Income Trust Fund on behalf of the Executive in accordance with
Subsection 2.1(a) and in the amounts set forth in Exhibit A of the Agreement. 

  

	1.14	(a) “Disability Benefit” means the benefit payable to the Executive following a determination, in accordance with Subsection 6.1(a), that he is no longer able,
properly and satisfactorily, to perform his duties at the Bank. 

  
 (b) “Disability Benefit-Supplemental” (if applicable) means the benefit payable to the Executive’s Beneficiary upon the Executive’s death in accordance with Subsection 6.1(b). 
  

	1.15	“Effective Date” of this Agreement shall be September 28, 1999. 

  

	1.16	“Estate” means the estate of the Executive. 

  

	1.17	“Interest Factor” means monthly compounding, discounting or annuitizing, as applicable, at a rate set forth in Exhibit A. 

  

	1.18	 “Payout Period” means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments

  

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commencing on the Benefit Commencement Date and continuing for a period of two hundred and forty (240) months. Should the Executive make a Timely
Election to receive a lump sum benefit payment, the Executive’s Payout Period shall be deemed to be one (1) month. 

  

	1.19	“Phantom Contributions” means those annual Contributions that the Bank shall be required to record in annual amounts set forth in Exhibit A of the Agreement in the
Executive’s Accrued Benefit Account, pursuant to Subsection 2.1. in lieu of Contributions on behalf of the Executive to the Retirement Income Trust Fund, once the Executive has exercised the withdrawal rights provided for in Subsection 2.2.

  

	1.20	Plan Year” shall mean September 28, 1999 through December 31, 1999, for the first Plan Year. Thereafter, the term shall mean the twelve (12) month period
commencing January 1, 2000 and each consecutive twelve (12) month period thereafter. 

  

	1.21	“Retirement Age” means the Executive’s sixty fifth (65th) birthday provided, however, that the Executive’s actual retirement from full-time employment may
occur at any later date mutually agreed upon by the parties. 

  

	1.22	“Retirement Income Trust Fund” means the trust fund account established by the Executive and into which annual Contributions will be made by the Bank on behalf of the
Executive pursuant to Subsection 2.1. The contractual rights of the Bank and the Executive with respect to the Retirement Income Trust Fund shall be outlined in a separate writing to be known as the [Executive] Secular Trust agreement.

  

	1.23	“Spouse” means the individual to whom the Executive is legally married at the time of the Executive’s death, provided, however, that the term “Spouse” shall
not refer to an individual to whom the Executive is legally married at the time of death if the Executive and such individual have entered into a formal separation agreement or initiated divorce proceedings. 

  

	1.24 	“Supplemental Retirement Income Benefit” means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the
Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual
Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which
Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A. 

  

	1.25	 “Timely Election” means the Executive has made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of
Election to 

  

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Change Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election shall have been made
prior to the event which triggers distribution and at least two (2) years prior to the Executive’s Benefit Commencement Date. In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time.

  
 SECTION II 
  
 PLAN CONTRIBUTIONS - GENERALLY 
  

	2.1	(a) Establishment of Retirement Income Trust Fund and Accrued Benefit Account. The Executive shall establish the [Executive] Secular Trust (Secular Trust) into
which the Bank shall be required to make annual Contributions on the Executive’s behalf, pursuant to Exhibit A and this Section II of the Agreement. A trustee shall be selected by the Executive. The trustee shall maintain an account, separate
and distinct from the Executive’s personal contributions, which account shall constitute the Retirement Income Trust Fund. The trustee shall be charged with the responsibility of investing all contributed funds. Distributions from the
Retirement Income Trust Fund of the Secular Trust may be made by the trustee to the Executive, for purposes of payment of any income or employment taxes due and owing with respect to Contributions by the Bank to the Retirement Income Trust Fund, if
any, and on any taxable earnings associated with such Contributions which the Executive shall be required to pay from year to year, under applicable law, prior to the payment of any retirement benefit from the Retirement Income Trust Fund. If the
Executive exercises his withdrawal rights pursuant to Subsection 2.2., the Bank’s obligation to make Contributions to the Retirement Income Trust Fund shall cease and the Bank’s obligation to record Phantom Contributions in the Accrued
Benefit Account shall immediately commence pursuant to Exhibit A and this Section II of the Agreement. To the extent this Agreement is inconsistent with the Secular Trust Agreement, the Secular Trust Agreement shall supersede this Agreement.

  
 The annual Contributions (or Phantom
Contributions) required to be made by the Bank to the Retirement Income Trust Fund (or recorded by the Bank in the Accrued Benefit Account) have been actuarially determined and are set forth in Exhibit A which is attached hereto and incorporated
herein by reference. Contributions shall be made by the Bank to the Retirement Income Trust Fund (i) within seventy-five (75) days of establishment of such trust, and (ii) within the first ten (10) days of the beginning of each
subsequent Plan Year, unless this Section expressly provides otherwise. Phantom Contributions, if any, shall be recorded in the Accrued Benefit Account within the first thirty (30) days of the beginning of each applicable Plan Year, unless this
Section expressly provides otherwise. Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, during the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Phantom
Contribution shall not commence until such Payout period commences. 
  

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 The Administrator shall review the schedule of annual Contributions (or Phantom Contributions) provided
for in Exhibit A (i) within thirty (30) days prior to the close of each Plan Year and (ii) if the Executive is employed by the Bank until attaining Retirement Age, on or immediately before attainment of such Retirement Age. Such
review shall consist of an evaluation of the accuracy of all assumptions used to establish the schedule of Contributions (or Phantom Contributions). Provided that (i) the Executive has not exercised his withdrawal rights pursuant to Subsection
2.2 and (ii) the investments contained in the Retirement Income Trust Fund have been deemed reasonable by the Bank, the Administrator shall prospectively amend or supplement the schedule of Contributions provided for in Exhibit A should the
Administrator determine during any such review that an increase in or supplement to the schedule of Contributions is necessary in order to adequately fund the Retirement Income Trust Fund so as to provide an annual benefit (or to
provide the lump sum equivalent of such benefit, as applicable) equal to the Supplemental Retirement Income Benefit, on an after-tax basis, commencing at Benefit Age and payable for the duration of the Payout Period. 
  
 (b) Contributions If Withdrawal Rights Not Exercised. 
  
 (1) Contributions Made Annually. 
  
 If the Executive does not exercise any withdrawal rights pursuant to
Subsection 2.2, the annual Contributions to the Retirement Income Trust Fund shall continue each year, unless this Subsection 2.1(b) specifically states otherwise, until the earlier of (i) the last Plan Year that Contributions are required
pursuant to Exhibit A, or (ii) the Plan Year of the Executive’s termination of employment. 
  
 (2) Termination Following a Change in Control. 
  
 If the Executive does not exercise his withdrawal rights pursuant to Subsection 2.2 and a Change in Control occurs at the Bank, followed within thirty-six
(36) months by either (i) the Executive’s involuntary termination of employment, or (ii) Executive’s voluntary termination of employment after: (A) a material change in the Executive’s function, duties, or
responsibilities, which change would cause the Executive’s position to become one of lesser responsibility, importance, or scope from the position the Executive held at the time of the Change in Control, (B) a relocation of the
Executive’s principal place of employment by more than thirty (30) miles from its location prior to the Change in Control, or (C) a material reduction in the benefits and perquisites to the Executive from those being provided at the
time of the Change in Control, the Contribution set forth below shall be required of the Bank. In that event, the Bank shall be required to make a final Contribution to the Retirement Income Trust Fund within ten (10) days of the
Executive’s termination of employment equal to the present value (using the Interest Factor) of all remaining Contributions which would have been required to be made on behalf of Executive if Executive had remained in the employ of the Bank
until Benefit Date; provided, however, in no event shall the Contribution be less than an amount which is sufficient to provide the executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of 

  

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Executive’s termination) beginning at his Benefit Age, equal in amount to that benefit which would have been payable to the Executive if no secular
trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. 
  
 (3) Termination for Cause. 
  
 If the Executive does not exercise his withdrawal rights pursuant to Subsection 2.2, and is terminated for Cause pursuant to Subsection 5.2, no further
Contribution(s) to the Retirement Income Trust Fund shall be required of the Bank, and if not yet made, no Contribution shall be required for the Plan Year in which such termination for Cause occurs. 
  
 (4) Involuntary Termination of Employment. 
  
 If the Executive does not exercise his withdrawal rights pursuant to
Subsection 2.2, and the Executive’s employment with the Bank is involuntarily terminated for any reason, including a termination due to disability of the Executive but excluding termination for Cause, or termination following a Change in
Control, within ten (10) days of such involuntary termination of employment, the Bank shall be required to make an immediate lump sum Contribution to the Executive’s Retirement Income Trust Fund in an amount equal to the: (i) the full
Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of the lesser of (A) the next five
(5) years Contributions to the Retirement Income Trust Fund or (B) all remaining Contributions to the Retirement Income Trust Fund; provided however, that, if necessary, an amount shall be contributed to the Retirement Income Trust Fund
which is sufficient to provide the Executive with after tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Executive’s termination) beginning at the Benefit Date, equal in amount to that benefit which
would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. 
  
 (5) Death During Employment. 
  
 If the Executive does not exercise any withdrawal rights pursuant to Subsection 2.2, and dies while employed by the Bank,
and if, following the Executive’s death, the assets of the Retirement Income Trust Fund are insufficient to provide the Supplemental Retirement Income Benefit to which the Executive is entitled, the Bank shall be required to make a Contribution
to the Retirement Income Trust Fund equal to the sum of the remaining Contributions set forth on Exhibit A, after taking into consideration any payments under any life insurance policies that may have been obtained on the Executive’s life by
the Retirement Income Trust Fund. Such final contribution shall be payable in a lump sum to the Retirement Income Trust Fund within thirty (30) days of the Executive’s death. 
  

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 (c) Contributions If Withdrawal Rights Exercised. 
  
 (1) Phantom Contributions Made Annually. 
  
 If the Executive exercises his withdrawal rights pursuant to Subsection 2.2,
no further Contributions to the Retirement Income Trust Fund shall be required of the Bank. Thereafter, Phantom Contributions shall be recorded annually in the executive’s Accrued Benefit Account within ten (10) days of the beginning of
each Plan Year, commencing with the first Plan Year following the Plan Year in which the Executive exercises his withdrawal rights. Such Phantom Contributions shall continue to be recorded annually, unless this Subsection 2.1(c) specifically states
otherwise, until the earlier of (i) the last Plan Year that Phantom Contributions are required pursuant to Exhibit A, or (ii) the Plan Year of the Executive’s termination of employment. 
  
 (2) Termination Following a Change in Control. 
  
 If the Executive exercises his withdrawal rights pursuant to Subsection 2.2,
Phantom Contributions shall commence in the Plan Year following the Plan Year in which the Executive first exercises his withdrawal rights. If a Change in Control occurs at the Bank, and within thirty-six (36) months of such Change in Control,
the Executive’s employment is either (i) involuntarily terminated, or (ii) voluntarily terminated by the Executive after: (A) a material change in the executive’s function, duties, or responsibilities, which change would
cause the Executive’s position to become one of lesser responsibility, importance, or scope from the position the Executive held at the time of the Change in Control, (B) a relocation of the Executive’s principal place of employment
by more than thirty (30) miles from its location prior to the Change in Control, or (C) a material reduction in the benefits and perquisites to the Executive from those being provided at the time of the Change in Control, the Phantom
Contribution set forth below shall be required of the Bank. In that event the Bank shall be required to record a lump sum Phantom Contribution in the Accrued Benefit Account within ten (10) days of the executive’s termination of
employment. The amount of such final Phantom Contribution shall be actuarially determined based on the Phantom Contribution required, at such time, in order to provide a benefit via this Agreement equivalent to the Supplemental Retirement Income
Benefit, on an after-tax basis, commencing on the executive’s Benefit Commencement Date and continuing for the duration of the Payout Period. (Such actuarial determination shall reflect the fact that amounts shall be payable from both the
Accrued Benefit Account as well as the Retirement Income Trust Fund and shall also reflect the amount and timing of any withdrawal(s) made by the Executive from the Retirement Income Trust Fund pursuant to Subsection 2.2.) 
  
 (3) Termination for Cause. 
  
 If the Executive is terminated for Cause pursuant to Subsection 5.2, the
entire balance of the Executive’s Accrued Benefit Account at the time of such termination, which shall include any Phantom Contributions which have been recorded plus interest accrued on such Phantom Contributions, shall be forfeited.

  
 (4) Involuntary Termination of Employment. 

 
 If the Executive exercises his withdrawal rights pursuant to Subsection
2.2., and the Executive’s employment with the Bank is involuntarily terminated for any 

  

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reason including termination due to disability of the Executive, but excluding termination for Cause or termination following a Change in Control, the Bank
shall be required to record, within ten (10) days of such involuntary termination of employment, a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary
termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of the lesser of (A) the next five (5) years Contributions to the Retirement Income Trust Fund or
(B) all remaining Phantom Contributions. 
  
 (5) Death
During Employment. 
  
 If the Executive exercises his
withdrawal rights pursuant to Subsection 2.2. and dies while employed by the Bank, Phantom Contributions included on Exhibit A shall be required of the Bank. Such Phantom Contributions shall commence in the Plan Year following the Plan Year in which
the executive exercises his withdrawal rights and shall continue through the Plan Year in which the Executive dies. The Bank shall also be required to record a final Phantom Contribution within thirty (30) days of the Executive’s death.
The amount of such final Phantom Contribution shall be actuarially determined based on the Phantom Contribution required at such time (if any), in order to provide a benefit via this Agreement equivalent to the Supplemental Retirement Income Benefit
commencing within thirty (30) days of the date the Administrator receives notice of the Executive’s death and continuing for the duration of the Payout Period. (Such actuarial determination shall reflect the fact that amounts shall be
payable from the Accrued Benefit Account as well as the Retirement Income Trust Fund and shall also reflect the amount and timing of any withdrawal(s) made by the executive pursuant to Subsection 2.2.) 
  

	2.2	Withdrawals From Retirement Income Trust Fund. 

  
 Exercise of withdrawal rights by the Executive pursuant to the Secular Trust shall terminate the Bank’s obligation to make any further Contributions
to the Retirement Income Trust Fund, and the Bank’s obligation to record Phantom Contributions pursuant to Subsection 2.1(c) shall commence. For purposes of this Subsection 2.2, “exercise of withdrawal rights” shall mean those
withdrawal rights to which the Executive is entitled under Article III of the Secular Trust and shall exclude any distributions made by the trustee of the Retirement Income Trust Fund to the Executive for purposes of payment of income taxes in
accordance with Subsection 2.1 of this Agreement and the tax reimbursement formula contained in the trust document, or other trust expenses properly payable from the Secular Trust pursuant to the provisions of the trust document. 
  

	2.3	Benefits Payable From Retirement Income Trust Fund. 

  
 Notwithstanding anything else to the contrary in this Agreement, in the event that the trustee of the Retirement Income Trust Fund holds a life insurance
policy and the Executive by written designation indicates his intent that such life insurance policy is to continue in force beyond the Payout Period for the disability or retirement benefits payable from the Retirement Income Trust Fund pursuant to

  

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this Agreement, then the Benefits Determiner (as defined in Article VII of The [ Executive ] Secular Trust Agreement) shall have discretion to
determine the portion of the cash value of such policy available for purposes of annuitizing the Retirement Income Trust Fund to provide the disability or retirement benefits payable under this Agreement, after taking into consideration the amounts
reasonably believed to be required in order to maintain the cash value of such policy to continue such policy in effect until the death of the Executive and payment of death benefits thereunder. Such annuity amount shall be determined by the
Benefits Determiner. Trustee shall not be required to determine the amount of such annuity and Trustee shall rely upon the annuity amount calculated by the Benefits Determiner without any verification of such calculation. 
  
 SECTION III 
  
 RETIREMENT BENEFIT 
  

	3.1	(a) Normal form of payment. 

  
 If (i) the Executive is employed with the Bank until reaching his Retirement Age, and (ii) the Executive has not made a Timely Election to
receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. Upon the Benefit Date, the Retirement Income Trust Fund shall become available to the Executive for any lump sum or period distributions
which the Executive may desire, provided reasonable notice of such distribution(s) is communicated by the Executive to the trustee of the Retirement Income Trust Fund. 
  
 The Executive’s Accrued Benefit Account (if applicable), measured as of the 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, (i) 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 in the Payout Period, or (ii) the Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the
Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of
Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty
(30) days of such Board of Director approval. 
  
 (b)
Alternative lump sum option. 
  
 If (i) the Executive
is employed with the Bank until reaching his Retirement Age, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, 

  

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this Subsection 3.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the Benefit
Date, shall be paid to the Executive in a lump sum on his Benefit Commencement Date. In the event the Executive dies after becoming eligible for such payment (upon the Benefit Date), 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 the date the Administrator receives notice of the Executive’s death. 
  
 The balance of the Executive’s Accrued Benefit Account (if applicable),
measured as of the Benefit Date, shall be paid to the Executive in a lump sum on his Benefit Commencement 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 (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 SECTION IV 
  
 PRE-RETIREMENT DEATH BENEFIT 
  

	4.1	(a) Normal form of payment. 

  
 If (i) the Executive dies while employed by the Bank, and (ii) the executive has not made a Timely Election to receive a lump sum benefit, this
Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. 
  
 The balance of the Executive’s Retirement Income Trust Fund, measured as of the later of (i) the Executive’s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection
2.1(b), shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 The Executive’s Accrued Benefit Account (if applicable), measured as of the later of (i) the Executive’s
death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), 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, or if later, within thirty (30) days after any
final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Executive’s Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued
Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the Balance of the Executive’s Accrued Benefit Account. Payment in such lump sum form shall be
made only if the Executive’s Beneficiary (i) obtains Board, of Director approval, and (ii) notifies the Administrator in writing of such 

  

 12 

 
election within ninety (90) days of the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be payable within
thirty (30) days of such Board of Director approval. 
  
 (b)
Alternative lump sum option. 
  
 If (i) the Executive
dies while employed by the Bank, and (ii) the Executive has made a Timely Election under Subsection 3.1(b) to receive a lump sum benefit, this Subsection 4.1(b) shall be controlling with respect to pre-retirement death benefits. 
  
 The balance of the Executive’s Retirement Income Trust Fund, measured
as of the later of (i) the Executive’s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30) days of the
date the Administrator receives notice of the Executive’s death. 
  
 The balance of the Executive’s Accrued Benefit Account (if applicable), measured as of the later of (i) the Executive’s death, or (ii) the date any final Phantom Contribution is recorded pursuant to Subsection 2.1(c),
shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 SECTION V 
  
 BENEFIT(S) IN THE EVENT OF TERMINATION OF SERVICE PRIOR TO RETIREMENT AGE 
  

	5.1	Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Executive’s service 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 for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (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. 

  
 (a) Normal form of payment. 
  

(1) Executive Lives Until Benefit Date. 
  
 If (i) after such termination, the Executive lives until the Benefit Date, and (ii) the Executive has not made a Timely Election to receive a
lump sum benefit, this Subsection 5.1(a)(1) shall be controlling with respect to retirement benefits. 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 Benefit Commencement Date. In the event the 

  

 13 

 
Executive dies at any time after the Benefit Date, but prior to commencement or completion of all the payments due and owing hereunder, (i) 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 in the Payout Period, or (ii) the Executive’s
Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the
Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within
ninety (90) days of the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval. 
  
 (2) Executive Dies Prior to Benefit Date. 
  
 If (i) after such termination, the Executive dies prior to the Benefit
Date, and (ii) the Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 5.1(a)(2) shall be controlling with respect to retirement benefits. 
  
 The Retirement Income Trust Fund, measured as of the date of the Executive’s death, shall be paid to the
Executive’s Beneficiary in a lump sum. Such benefit payment shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 The Executive’s Accrued Benefit Account (if applicable), measured as of the date of the Executive’s death, shall
be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such payments shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’s death.
The Executive’s Beneficiary may request to receive the unpaid balance of the Executive’s Accrued Benefit Account in the form of a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the
Accrued Benefit Account in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of
the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval. 
  
 (b) Alternative Lump Sum Option. 
  
 (1) Executive Lives Until Benefit Date. 
  
 If (i) after such termination, the Executive lives until the Benefit Date, and (ii) the Executive has made a
Timely Election under Subsection 3.1(b) to receive a lump sum benefit, this Subsection 5.1(b)(1) shall be controlling with respect to retirement benefits. 
  
 The balance of the Retirement Income Trust Fund, measured as of the Benefit Date, shall be paid to the Executive in a lump sum on his Benefit Commencement

  

 14 

 
Date. In the event the Executive dies after becoming eligible for such payment (upon the Benefit Date), 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)(1) within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 The balance of the Executive’s Accrued Benefit Account (if applicable),
measured as of the Benefit Date, shall be paid to the Executive in a lump sum on the Benefit Commencement Date. In the event the Executive dies after becoming eligible for such payment (upon the Benefit Date), 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)(1) within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 (2) Executive Dies Prior to Benefit Date. 
  
 If (i) after such termination, the Executive dies prior to the Benefit
Date, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(2) shall be controlling with respect to pre-retirement death benefits. 
  
 The balance of the Retirement Income Trust Fund, measured as of the date of the Executive’s death, shall be paid to the
Executive’s Beneficiary within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  
 The balance of the Executive’s Accrued Benefit Account (if applicable), measured as of the date of the Executive’s death, shall be paid to the
Executive’s Beneficiary within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 
  

	5.2	Termination For Cause. 

  
 If the Executive is terminated for Cause, all benefits under this Agreement, other than those which can be paid from previous Contributions to the
Retirement Income Trust Fund (and earnings on such Contributions), shall be forfeited. Furthermore, no further Contributions (or Phantom Contributions, as applicable) shall be required of the Bank for the year in which such termination for Cause
occurs (if not yet made). The Executive shall be entitled to receive a benefit in accordance with this Subsection 5.2. 
  
 The balance of the Executive’s Retirement Income Trust Fund shall be paid to the Executive in a lump sum on his Benefit Commencement Date. In the
event the Executive dies prior to his Benefit Commencement Date, his Beneficiary shall be entitled to receive the balance of the Executive’s Retirement Income Trust Fund in a lump sum within thirty (30) days of the date the Administrator
receives notice of the Executive’s death. 
  

 15 

 SECTION VI 
  

OTHER BENEFITS 
  

	6.1	(a) Disability Benefit. 

  
 If the Executive’s service is terminated prior to Retirement Age due to a disability which meets the criteria set forth below, the Executive may
request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Executive’s Benefit Commencement Date). 
  
 In any instance in which: (i) it is determined by a duly licensed,
independent physician selected by the Bank, that the Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the
Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1., the Executive shall be entitled to the following
lump sum benefit(s). The lump sum benefit(s) to which the Executive is entitled shall include: (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 following the date of the Executive’s request for such benefit is approved by the Board of Directors. In the event the Executive dies after becoming eligible for such payment(s) but before the actual
payment(s) is (are) made, his 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, if Board of Director approval is obtained within thirty
(30) days of the Executive’s death, 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, but not
required under Subsection 2.1(b) (or 2.1(c)) due to the Executive’s disability-related termination prior to Retirement Age. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive’s Beneficiary
within thirty (30) days of such Board of Director approval. 
  
 SECTION VII 
  
 BENEFICIARY DESIGNATION

  
 The Executive may make an initial designation of primary and secondary
Beneficiaries upon execution of this Agreement and shall have the right to change such designation, at any subsequent time, by submitting to (i) the Administrator, and (ii) the trustee of the Retirement Income Trust Fund, in substantially
the form attached as Exhibit B to this Agreement, a written designation of primary and secondary Beneficiaries. Any 

  

 16 

 
Beneficiary designation made subsequent to execution of this Agreement shall become effective only when receipt thereof is acknowledged in writing by the
Administrator 
  
 SECTION VIII 
  
 EXECUTIVE’S RIGHT TO ASSETS 
  
 The rights of the Executive, any Beneficiary, or any other person claiming through the
Executive under this Agreement, shall be solely those of an unsecured general creditor of the Bank. The Executive, the Beneficiary, or any other person claiming through the Executive, shall only have the right to receive from the Bank those payments
or amounts so specified under this Agreement. The Executive agrees that he, his Beneficiary, or any other person claiming through him shall have no rights or interests whatsoever in any asset of the Bank, including any insurance policies or
contracts which the Bank may possess or obtain to informally fund this Agreement. Any asset used or acquired by the Bank in connection with the liabilities it has assumed under this Agreement shall not be deemed to be held under any trust for the
benefit of the Executive or his Beneficiaries, unless such asset is contained in the rabbi trust described in Section XII of this Agreement. Any such asset shall be and remain, a general, unpledged asset of the Bank in the event of the Bank’s
insolvency. 
  
 SECTION IX 
  
 RESTRICTIONS UPON FUNDING 
  
 The Bank shall have no obligation to set aside, earmark or entrust any fund or money with
which to pay its obligations under this Agreement, other than those Contributions required to be made to the Retirement Income Trust Fund. The Executive, his Beneficiaries or any successor in interest to him shall be and remain simply a general
unsecured creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either purchase assets to meet its obligations
undertaken by this Agreement or to refrain from the same and to determine the extent, nature, and method of such asset purchases. Should the Bank decide to purchase assets such as life insurance, mutual funds, disability policies or annuities, the
Bank reserves the absolute right, in its sole discretion, to replace such assets from time to time or to terminate its investment in such assets at any time, in whole or in part. At no time shall the Executive be deemed to have any lien, right,
title or interest in or to any specific investment or to any assets of the Bank. If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the Executive, then the Executive shall assist the Bank by freely
submitting to a physical examination and by supplying such additional information necessary to obtain such insurance or annuities. 
  

 17 

 SECTION X 
  

ACT PROVISIONS 
  

	10.1 	Named Fiduciary and Administrator. The Bank shall be the Named Fiduciary and Administrator of this Agreement. As Administrator, the Bank shall be responsible for the
management, control and administration of the Agreement as established herein. The Administrator may delegate to others certain aspects of the management and operational responsibilities of the Agreement, including the employment of advisors and the
delegation of ministerial duties to qualified individuals. 

  

	10.2 	Claims Procedure and Arbitration. In the event that benefits under this Agreement are not paid to the Executive (or to his Beneficiary in the case of the Executive’s
death) and such claimant that he is entitled to receive such benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are refused. The Administrator shall review the written claim and, if
the claim is denied, in whole or in part, it shall provide in writing, within ninety (90) days of receipt of such claim, its specific reasons for such denial, reference to the provisions of this Agreement upon which the denial is based, and any
additional material or information necessary to perfect the claim. Such writing by the Administrator shall further indicate the additional steps which must be undertaken by claimants if an additional review of the claim denial is desired.

  
 If the claimant desires a second review, he
shall notify the Administrator in writing within sixty (60) days of the first claim denial. The claimant may review this Agreement or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In
its sole discretion, the Administrator shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim. This decision shall state the specific reasons for the decision and shall include
reference to specific provisions of this Agreement upon which the decision is based. 
  
 If the claimant continues to dispute the benefit denial based upon completed performance of this Agreement or the meaning and effect of the terms and conditions thereof, then the claimant may submit the dispute to a
Board of Arbitration for final arbitration. Said Board of Arbitration shall consist of one member selected by the claimant, one member selected by the Bank, and the third member selected by the first two members. The Board of Arbitration shall
operate under any generally recognized set of arbitration rules. The parties hereto agree that they, their heirs, personal representatives, successors and assigns shall be bound by the decision of such Board of Arbitration with respect to any
controversy properly submitted to it for determination. 
  

 18 

 SECTION XI 
  

MISCELLANEOUS 
  

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

  

	11.2 	State Law. The Agreement is established under, and will be construed according to, the laws of the Commonwealth of Massachusetts, to the extent such laws are not preempted by
the Act and valid regulations published thereunder. 

  

	11.3 	Severability. In the event that any of the provisions of this Agreement or portion thereof, are held to be inoperative or invalid by any court of competent jurisdiction,
then: (1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability of the remaining provisions will not be affected thereby.

  

	11.4 	Incapacity of Recipient. In the event the Executive is declared incompetent and a conservator or other person legally charged with the care of his person or Estate is
appointed, any benefits under the Agreement to which such Executive is entitled shall be paid to such conservator or other person legally charged with the care of his person or Estate. 

  

	11.5 	Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search
for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the
Executive’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon
expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive’s Beneficiary. If the location of the Executive’s Beneficiary is not made known to the Bank by the end of an additional
two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive’s Estate. If there is no Estate in existence at such time or if such fact cannot be
determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive’s Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

  

	11.6 	 Limitations on Liability. Notwithstanding any of the preceding provisions of the Agreement, no individual acting as an employee or agent of the Bank, or as a

  

 19 

	 	 
member of the Board of Directors shall be personally liable to the Executive or any other person for any claim, loss, liability or expense incurred in
connection with the Agreement. 

  

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

  

	11.8 	Effect on Other Corporate Benefit Agreements. Nothing contained in this Agreement shall affect the right of the Executive to participate in or be covered by any qualified or
non-qualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future compensation structure. 

  

	11.9 	Suicide. Notwithstanding anything to the contrary in this Agreement, if the Executive’s death results from suicide, whether sane or insane, within twenty-six
(26) months after execution of this Agreement, all further Contributions to the Retirement Income Trust Fund (or Phantom Contributions recorded in the Accrued Benefit Account) shall thereupon cease, and no Contribution (or Phantom Contribution)
shall be made by the Bank to the Retirement Income Trust Fund (or recorded in the Accrued Benefit Account) in the year such death resulting from suicide occurs (if not yet made). All benefits other than those available from previous Contributions to
the Retirement Income Trust Fund under this Agreement shall be forfeited, and this Agreement shall become null and void. The balance of the Retirement Income Trust Fund, measured as of the Executive’s date of death, shall be paid to the
Beneficiary within thirty (30) days of the date the Administrator receives notice of the Executive’s death. 

  

	11.10 	Inurement. This Agreement shall be binding upon and shall inure to the benefit of the Bank, its successors and assigns, and the Executive, his successors, heirs, executors,
administrators, and Beneficiaries. 

  

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

  
 SECTION XII 
  
 RABBI TRUST 
  

	12.1 	 Establishment of a Rabbi Trust. The Bank shall establish a trust called the Rabbi Trust for the Executive Supplemental Income Agreement for
             (Rabbi Trust) into which the Bank shall contribute
                     dollars and no/100ths dollars ($            ) which
shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive and/or his
Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the Rabbi 

  

 20 

	 	 
Trust shall provide the Bank with an alternative source of funds to assist it in meeting the liabilities of this Agreement. In the event that any payment
required under this Agreement is made both by the Bank and by the Rabbi Trust, then the Bank may adjust its future payments to compensate for such duplicate payment or, at its option, may recover such duplicate and erroneous payment from the Secular
Trust. 

  

	12.2 	Source of Payments. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank to the extent made from the Accrued
Benefit Account. The Bank guarantees payment and provision of all amounts and benefits due to the Executive from the Accrued Benefit Account or Contribution to the Retirement Income Trust Fund and, if such Contributions, amounts and benefits due
from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Rabbi Trust pursuant to the provisions of said Trust. 

  
 SECTION XIII 
  
 AMENDMENT/PLAN TERMINATION 
  

	13.1 	Amendment or Plan Termination. The Bank intends this Agreement to be permanent, but reserves the right to amend or terminate the Agreement when, with the mutual consent of
the Executive it is decided that such amendment or termination is advisable. However, any termination of the Agreement which is done in anticipation of or pursuant to a “Change in Control,” as defined in Subsection 1.10, shall be deemed to
trigger Subsection 2.1(b)(2) (or 2.1(c)(2), as applicable) of the Agreement notwithstanding the Executive’s continued employment, and benefit(s) shall be paid from the Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) in
accordance with Subsection 13.2 below and with Subsections 2.1(b)(2) (or 2.1(c)(2), as applicable). Any amendment or termination of the Agreement by the Bank shall be made pursuant to a resolution of the Board of Directors of the Bank and shall be
effective as of the date of such resolution. No amendment or termination of the Agreement by the Bank shall directly or indirectly deprive the Executive of all or any portion of the Executive’s Retirement Income Trust Fund (and Accrued Benefit
Account, if applicable) as of the effective date of the resolution amending or terminating the Agreement. 

  
 Notwithstanding the above, if the Executive does not exercise any withdrawal rights pursuant to Subsection 2.2, and if at any time after the final
Contribution is made to the Retirement Income Trust Fund the Executive elects to terminate the Retirement Income Trust Fund and receive a distribution of the assets of the Retirement Income Trust Fund, then upon such distribution this Agreement
shall terminate. 
  

	13.2 	 Executive’s Right to Payment Following Plan Termination. In the event of a termination of the Agreement, the Executive shall be entitled to the balance,
if 

  

 21 

	 	 
any, of his Retirement Income. Trust Fund (and Accrued Benefit Account, if applicable). However, if such termination is done in anticipation of or pursuant
to a “Change in Control,” such balance(s) shall include the final Contribution (or final Phantom Contribution) made (or recorded) pursuant to Subsection 2.1(b)(2) (or 2.1(c)(2)). Payment of the balance(s) of the Executive’s Retirement
Income Trust Fund (and Accrued Benefit Account, if applicable) shall not be dependent upon his continuation of employment with the Bank following the termination date of the Agreement. Payment of the balance(s) of the Executive’s Retirement
Income Trust Fund (and Accrued Benefit Account, if applicable) shall be made in a lump sum within thirty (30) days of the date of termination of the Agreement. 

  
 SECTION XIV 
  
 EXECUTION 
  

	14.1 	This Agreement, the Rabbi Trust for the Executive Supplemental Retirement Income Agreement and The [Executive] Secular Trust Agreement set forth the entire understanding of
the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement, the Rabbi Trust
Agreement and the Secular Trust agreement. 

  

	14.2 	This Agreement shall be executed in quadruplicate, each copy of which, when so executed and delivered, shall be an original, but all four copies shall together constitute one and
the same instrument. 

  
 IN WITNESS WHEREOF, the
Bank and the Executive have caused this Agreement to be executed on the day and date first above written. 
  

									
	 ATTEST:
	 	 	 	Chicopee Savings Bank
				
	 	 	 	 	By: 	 	 
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 (Title)

			
	 WITNESS:
	 	 	 	EXECUTIVE:
				
	 	 	 	 	 	 	 
				
	 	 	 	 	 	 	 
	 (Title)
	 	 	 	 	 	 

  

 22 

 EXHIBIT A 
  
 CONDITIONS, ASSUMPTIONS, 
 AND 
 SCHEDULE OF CONTRIBUTIONS AND PHANTOM CONTRIBUTIONS 
  

	1.	Interest Factor - for purposes of: 

  

	 	a.	the Accrued Benefit Account - shall be Eight percent (8%) per annum compounded monthly. 

  

	 	b.	the Retirement Income Trust Fund - for purposes of annuitizing the balance of the Retirement Income Trust fund over the Payout Period, the Benefits Determiner shall exercise
discretion in selecting the appropriate rate given the nature of the investment contained in the Retirement Income Trust Fund and the expected return associated with the investments. 

  

	2.	The amount of the annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) has been based on the annual incremental
accounting accruals which would be required of the Bank through the earlier of the Executive’s death or Retirement Age, (i) pursuant to APB Opinion No. 12, as amended by FAS 106 and (ii) assuming a discount rate equal to eight
percent (8%) per annum, in order to provide the unfunded, non-qualified Supplemental Retirement Income Benefit. 

  

	3.	Supplemental Retirement Income Benefit means an actuarially determined annual amount equal to
                     Dollars ($            ) at age 65.

  
 The Supplemental Retirement Income Benefit:

  

	 	•	 	the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of Actuarially establishing the amount of annual Contributions
(or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and
timing of Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Contributions (or the monthly compounding rate of Phantom Contributions).

  

 23 

	4.	Schedule of Annual Gross Contributions/Phantom Contributions 

  

			
	 Plan Year

	  	Amount

	 1999
	  	 
		
	 2000
	  	 
		
	 2001
	  	 
		
	 2002
	  	 
		
	 2003
	  	 
		
	 2004
	  	 
		
	 2005
	  	 
		
	 2006
	  	 
		
	 2007
	  	 
		
	 2008
	  	 
		
	 2009
	  	 
		
	 2010
	  	 
		
	 2011
	  	 

  

 24 

 EXHIBIT B 
  
 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT BENEFICIARY DESIGNATION 
  
 The Executive, under the terms of the Executive Supplemental Retirement Income Agreement executed by the Bank, dated the
             day of                     ,
             hereby designates the following Beneficiary(ies) to receive any guaranteed payments or death benefits under such Agreement, following his death: 
  
 PRIMARY BENEFICIARY:
                              
  
 SECONDARY BENEFICIARY:
                         
  
 This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect. 
  
 Such Beneficiary Designation is revocable. 
  

					
	 DATE:                    
	 	 	 	 
			
	  	 	 	 	  
	 WITNESS
	 	 	 	 Participant

			
	  	 	 	 	  
	 WITNESS
	 	 	 	 

  

 25 

 EXHIBIT C 
  
 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT NOTICE 
 OF ELECTION TO CHANGE FORM OF PAYMENT 
  
 Chicopee Savings Bank 
  
 I hereby give notice of my election to change
the form of payment of my Supplemental Retirement Income Benefit, as specified below. I understand that such notice, in order to be effective must be submitted in accordance with the time requirements described in my Executive Supplemental
Retirement Income Agreement. 
  
 I hereby elect to change the form of payment of
my benefits from monthly installments throughout my Payout Period to a lump sum benefit payment. 
  
 I hereby elect to change the form of payment of my benefits from a lump sum benefit payment to monthly installments throughout my Payout Period. Such election hereby revokes my previous notice of election to receive a
lump sum form of benefit payments. 
  

			
	 
	 Participant

	
	 
	 Date

	
	 Acknowledged

		
	 By:
	 	 
		
	 Title:
	 	 
		
	 Date: 
	 	 

  

 262004 Stock Option Plan

 Exhibit 10.10 
 2004 STOCK OPTION PLAN 
 OF 
 GOODMAN GLOBAL, INC. 
 Goodman Global, Inc., a Delaware corporation (the
“Company”), hereby adopts this 2004 Stock Option Plan of Goodman Global, Inc. The purposes of this Plan are as follows: 
 (1) To further the growth, development and financial success of the Company and its Subsidiaries (as defined herein), by providing additional incentives to Employees, Consultants and Independent Directors (as such terms are defined below)
of the Company and its Subsidiaries who have been or will be given responsibility for the management or administration of the Company’s (or one of its Subsidiaries’) business affairs, by assisting them to become owners of Common Stock (as
defined herein), thereby benefiting directly from the growth, development and financial success of the Company and its Subsidiaries. 
 (2)
To enable the Company (and its Subsidiaries) to obtain and retain the services of the type of professional, technical and managerial Employees, Consultants and Independent Directors considered essential to the long-range success of the Company (and
its Subsidiaries) by providing and offering them an opportunity to become owners of Common Stock under Options (as defined herein), including, in the case of certain Employees, Options that are intended to qualify as “incentive stock
options” under Section 422 of the Code (as defined herein). 
 ARTICLE I. 
 DEFINITIONS 
 Whenever the
following terms are used in this Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates. 
 Section 1.1 “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling,
controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act. 
 Section 1.2 “Board” shall mean the Board of Directors of the Company. 
 Section 1.3 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 Section 1.4
“Committee” shall mean the Committee appointed as provided in Section 6.1. 
 Section 1.5 “Common
Stock” shall mean the common stock, par value $0.01 per share, of the Company. 
 Section 1.6 “Company”
shall mean Goodman Global, Inc., a Delaware corporation. In addition, “Company” shall mean any corporation assuming, or issuing new employee stock options in substitution for, Incentive Stock Options outstanding under the Plan in a
transaction to which Section 424(a) of the Code applies. 

 Section 1.7 “Consultant” shall mean any consultant or adviser if:
(a) the consultant or adviser renders bona fide services to the Company or a Subsidiary; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Company or a Subsidiary to render such
services. 
 Section 1.8 “Corporate Event” shall mean, as determined by the Committee (or by the Board, in the
case of Options granted to Independent Directors) in its sole discretion, any transaction or event described in Section 7.1 (a) or any unusual or nonrecurring transaction or event affecting the Company, any Affiliate of the Company, or the
financial statements of the Company or any Affiliate of the Company, or any change in applicable laws, regulations, or accounting principles. 
 Section 1.9 “Director” shall mean a member of the Board. 
 Section 1.10 “Eligible
Representative” for an Optionee shall mean such Optionee’s personal representative or such other person as is empowered under the deceased Optionee’s will or the then applicable laws of descent and distribution to represent the
Optionee hereunder. 
 Section 1.11 “Employee” shall mean, with respect to any entity, any employee of such
entity (as defined in accordance with the regulations and revenue rulings then applicable under Section 3401 (c) of the Code). 
 Section 1.12 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 Section 1.13 “Fair Market Value” of a share of Common Stock as of a given date shall be: 
 (a) The closing price of a share of Common Stock on the principal exchange on which such shares are then trading, if any (or as reported on any composite index which includes such principal exchange), on the most recent trading day prior to
such determination date; or 
 (b) If Common Stock is not traded on an exchange, the mean between the closing representative
bid and asked prices for a share of Common Stock on the most recent trading day prior to such determination date as reported by Nasdaq or, if Nasdaq is not then in existence, by its successor quotation system; or 
 (c) If Common Stock is not publicly traded on an exchange and not quoted on Nasdaq or a successor quotation system, the fair market value
of a share of Common Stock as determined in good faith by the Board in its sole discretion. 
 Section 1.14 “Incentive
Stock Option” shall mean an Option that conforms to the applicable provisions of Section 422 of the Code and that is designated as an Incentive Stock Option by the Committee. 
  

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 Section 1.15 “Independent Director” shall mean a member of the Board who is
not an Employee of the Company or any of its Subsidiaries. 
 Section 1.16 “Initial Public Offering” shall mean
the first underwritten public offering of equity securities by the Company pursuant to an effective registration statement filed by the Company with the United States Securities and Exchange Commission (other than on Forms S-4 or S-8 or successors
to such forms) under the Securities Act. 
 Section 1.17 “Non-Qualified Stock Option” shall mean an Option which
is not an “incentive stock option” within the meaning of Section 422 of the Code. 
 Section 1.18
“Officer” shall mean an officer of the Company, as defined in Rule 16a-1(f) under the Exchange Act, as such Rule may be amended from time to time. 
 Section 1.19 “Option” shall mean an option granted under the Plan to purchase Common Stock. Subject to Section 3.2, an Option shall, as determined by the Committee, be either an
Incentive Stock Option or a Non-Qualified Stock Option. 
 Section 1.20 “Optionee” shall mean an Employee,
Consultant or Independent Director to whom an Option is granted under the Plan. 
 Section 1.21 “Person” shall
mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 
 Section 1.22 “Plan” shall mean this 2004 Stock Option Plan of Goodman Global, Inc., as amended from time to time.

 Section 1.23 “Rule 16b-3” shall mean that certain Rule 16b-3 promulgated under the Exchange Act, as such Rule
may be amended from time to time. 
 Section 1.24 “Securities Act” shall mean the Securities Act of 1933, as
amended.  
 Section 1.25 “Stock Option Agreement” shall have the meaning set forth in Section 4.1.

 Section 1.26 “Stockholders Agreement” shall mean an agreement by and between the Optionee and the Company
which contains certain restrictions and limitations applicable to the shares of Common Stock acquired upon Option exercise (and/or to other shares of Common Stock, if any, held by the Optionee during the term of such agreement), the terms of which
shall be determined by the Board in its discretion. 
 Section 1.27 “Subsidiary” of any entity shall mean any
corporation in an unbroken chain of corporations beginning with such entity if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain. 
 Section 1.28 “Termination of Consultancy” shall mean
the time when the engagement of an Optionee as a Consultant to the Company or a Subsidiary is terminated for any reason, with 

  

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or without cause, including, but not by way of limitation, by resignation, discharge, death or retirement, but excluding a termination where there is a
simultaneous commencement of employment with the Company or any Subsidiary. The Committee, in its sole discretion, shall determine the effect of all matters and questions relating to Termination of Consultancy. 
 Section 1.29 “Termination of Directorship” shall mean the time when an Optionee who is an Independent Director ceases to be
a Director for any reason, including but not by way of limitation, a termination by resignation, failure to be elected or appointed, death or retirement. The Board, in its sole discretion, shall determine the effect of all matters and questions
relating to Termination of Directorship. 
 Section 1.30 “Termination of Employment” shall mean the time when
the employee-employer relationship between an Optionee and the Company (or one of its Subsidiaries) is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death or
retirement, but excluding a termination where there is a simultaneous reemployment by the Company (or one of its Subsidiaries). Except as otherwise expressly provided in the terms of any applicable Stock Option Agreement, the Committee shall
determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, the question of whether a Termination of Employment resulted from a discharge for good cause, and all questions of
whether a particular leave of absence constitutes a Termination of Employment; provided, however, that, with respect to Incentive Stock Options, a leave of absence shall constitute a Termination of Employment if, and to the extent that, such
leave of absence interrupts employment for the purposes of Section 422(a)(2) of the Code and the then applicable regulations and revenue rulings under Section 422(a)(2) of the Code. 
 ARTICLE II.  
 SHARES SUBJECT TO PLAN 
 Section 2.1 Shares Subject to Plan. The shares of stock subject to Options shall be shares of Common Stock. Subject to
Section 7.1, the aggregate number of such shares which may be issued upon exercise of Options shall not exceed 473,438 shares of Common Stock. 
 Section 2.2 Unexercised Options. If any Option (or portion thereof) expires or is canceled without having been fully exercised, the number of shares of Common Stock subject to such Option (or portion thereof) but as to
which such Option was not exercised prior to its expiration or cancellation may again be optioned hereunder, subject to the limitations of Section 2.1. 
 ARTICLE III.  
 GRANTING OF OPTIONS 
 Section 3.1 Eligibility. Subject to Section 3.2, any (a) Employee of the Company or one of its Subsidiaries;
(b) Consultant; or (c) Independent Director shall be eligible to be granted Options. 
  

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 Section 3.2 Qualification of Incentive Stock Options. Notwithstanding
Section 3.1, no Incentive Stock Option shall be granted to any person who is not an Employee of the Company or one of its Subsidiaries. 
 Section 3.3 Granting of Options to Employees and Consultants 
 (a) The Committee shall from time
to time: 
 (i) Select from among the Employees and Consultants of the Company and any of its Subsidiaries (including those to
whom Options have been previously granted under the Plan) such of them as in its opinion should be granted Options; 
 (ii)
Determine the number of shares of Common Stock to be subject to such Options granted to such Employees and Consultants and, subject to Section 3.2, determine whether such Options are to be Incentive Stock Options or Non-Qualified Stock Options;
and 
 (iii) Determine the terms and conditions of such Options, consistent with the Plan. 
 (b) Upon the selection of an Employee or Consultant of the Company or any of its Subsidiaries to be granted an Option pursuant to
Section 3.3(a), the Committee shall instruct the corporate secretary or another authorized Officer of the Company to issue such Option and may impose such conditions on the grant of such Option as it deems appropriate. Without limiting the
generality of the preceding sentence, the Committee may require as a condition to the grant of an Option to such an Employee or Consultant that such Employee or Consultant surrender for cancellation some or all of the unexercised Options which have
been previously granted to him or her. An Option the grant of which is conditioned upon such surrender may have an Option price lower (or higher) than the Option price of the surrendered Option, may cover the same (or a lesser or greater) number of
shares as the surrendered Option, may contain such other terms as the Committee deems appropriate and shall be exercisable in accordance with its terms, without regard to the number of shares, price, period of exercisability or any other term or
condition of the surrendered Option. 
 Section 3.4 Granting of Option to Independent Directors 
 (a) The Board shall from time to time: 
 (i) Select from among the Independent Directors (including those to whom Options have previously been granted under the Plan) such of them as in its opinion should be granted Options; 
 (ii) Determine the number of shares of Common Stock to be subject to such Options granted to such selected Independent Directors; and

 (iii) Determine the terms and conditions of such Options, consistent with the Plan; provided, however, that all
Options granted to Independent Directors shall be Non-Qualified Stock Options. 
  

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 (b) Upon the selection of an Independent Director to be granted an Option pursuant to
Section 3.4(a), the Board shall instruct the corporate secretary or another authorized Officer of the Company to issue such Option and may impose such conditions on the grant of such Option as it deems appropriate. Without limiting the
generality of the preceding sentence, the Board may require as a condition to the grant of an Option to an Independent Director that the Independent Director surrender for cancellation some or all of the unexercised Options which have been
previously granted to him or her. An Option the grant of which is conditioned upon such surrender may have an Option price lower (or higher) than the Option price of the surrendered Option, may cover the same (or a lesser or greater) number of
shares as the surrendered Option, may contain such other terms as the Board deems appropriate and shall be exercisable in accordance with its terms, without regard to the number of shares, price, period of exercisability or any other term or
condition of the surrendered Option. 
 ARTICLE IV.  
 TERMS OF OPTIONS 
 Section 4.1 Stock Option Agreement.
Each Option shall be evidenced by a written Stock Option Agreement, which shall be executed by the Optionee and an authorized Officer of the Company and which shall contain such terms and conditions as the Committee (or the Board, in the case of
Options granted to Independent Directors) shall determine, consistent with the Plan. Stock Option Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify such Options as “incentive
stock options” within the meaning of Section 422 of the Code. 
 Section 4.2 Exercisability of Options

 (a) Each Option shall become exercisable according to the terms of the applicable Stock Option Agreement; provided,
however, that by a resolution adopted after an Option is granted the Committee (or the Board, in the case of Options granted to Independent Directors) may, on such terms and conditions as it may determine to be appropriate, accelerate the time
at which such Option or any portion thereof may be exercised. 
 (b) Except as otherwise provided in the applicable Stock
Option Agreement, no portion of an Option which is unexercisable at Termination of Employment, Termination of Consultancy or Termination of Directorship, as applicable, shall thereafter become exercisable. 
 (c) To the extent that the aggregate Fair Market Value of stock with respect to which “incentive stock options” (within the
meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by an Optionee during any calendar year (under the Plan and all other incentive stock option plans of the Company or
any Subsidiary thereof) exceeds $100,000, such options shall be treated and taxable as Non-Qualified Stock Options. The rule set forth in the preceding sentence shall be applied by taking options into account in the order in which they were granted,
and the stock issued upon exercise of options shall designate whether such stock was acquired upon exercise of an Incentive Stock Option. For purposes of these rules, the Fair Market Value of stock shall be determined as of the date of grant of the
Option granted with respect to such stock. 
  

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 Section 4.3 Option Price The price of the shares subject to each Option shall be set
by the Committee (or the Board, in the case of Options granted to Independent Directors); provided, however, that in the case of an Incentive Stock Option, the price per share shall be not less than 100% of the Fair Market Value of such
shares on the date such Option is granted; and provided, further, that in the case of an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock
of the Company, the price per share shall not be less than 110% of the Fair Market Value of such shares on the date such Incentive Stock Option is granted. 
 Section 4.4 Expiration of Options. No Option may be exercised to any extent by anyone after the first to occur of the following events: 
 (a) The expiration of ten years from the date the Option was granted; or 
 (b) With respect to an Incentive Stock Option in the case of an Optionee owning (within the meaning of Section 424(d) of the Code),
at the time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary, the expiration of five years from the date the Incentive Stock Option was granted.

 Section 4.5 At-Will Employment. Nothing in the Plan or in any Stock Option Agreement hereunder shall confer upon any
Optionee any right to continue in the employ of, or as a Consultant for, the Company or any Subsidiary, or shall interfere with or restrict in any way the rights of the Company and any Subsidiary, which are hereby expressly reserved, to discharge
any Optionee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Optionee and the Company or any Subsidiary. 
 ARTICLE V.  
 EXERCISE OF
OPTIONS 
 Section 5.1 Person Eligible to Exercise. During the lifetime of the Optionee, only he or she may
exercise an Option (or any portion thereof); provided, however, that the Optionee’s Eligible Representative may exercise such Optionee’s Option during the period of his or her disability (as defined in Section 22(e)(3) of the
Code) notwithstanding that an Option so exercised may not qualify as an Incentive Stock Option. After the death of the Optionee, any exercisable portion of an Option may, prior to the time when such portion becomes unexercisable under the Plan or
the applicable Stock Option Agreement, be exercised by his or her Eligible Representative. 
 Section 5.2 Partial
Exercise. At any time and from time to time prior to the time when the Option becomes unexercisable under the Plan or the applicable Stock Option Agreement, the exercisable portion of an Option may be exercised in whole or in part; provided,
however, that the Company shall not be required to issue fractional shares and the Committee (or the Board, in the case of Options granted to Independent Directors) may, by the terms of the Option, require any partial exercise to exceed a
specified minimum number of shares. 
  

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 Section 5.3 Manner of Exercise. An exercisable Option, or any exercisable portion
thereof, may be exercised solely by delivery to the corporate secretary of all of the following prior to the time when such Option or such portion becomes unexercisable under the Plan or the applicable Stock Option Agreement: 
 (a) Notice in writing signed by the Optionee or his or her Eligible Representative, stating that such Option or portion is exercised, and
specifically stating the number of shares with respect to which the Option is being exercised; 
 (b) If prior to the Initial
Public Offering (or as otherwise provided in any Stock Option Agreement), a copy of the Stockholders Agreement signed by the Optionee or Eligible Representative, as applicable; 
 (c) Full payment for the shares with respect to which such Option or portion is thereby exercised: 
 (i) In cash or by personal, certified, or bank cashier check; or 
 (ii) With the consent of the Committee (or the Board, in the case of Options granted to Independent Directors) which consent may be
provided in the terms of the applicable Stock Option Agreement or otherwise, (A) shares of Common Stock which have been owned by the Optionee for more than six months duly endorsed for transfer to the Company with a Fair Market Value on the
date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; (B) except with respect to Incentive Stock Options, shares of the Common Stock issuable to the Optionee upon exercise of the Option, with a Fair
Market Value on the date of Option exercise equal to the aggregate Option price of the shares with respect to which such Option or portion is thereby exercised; (C) following an Initial Public Offering, delivery of a notice that the Optionee
has placed a market sell order with a broker with respect to shares of Common Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in
satisfaction of the Option exercise price; or (D) any combination of the consideration listed in this subsection (c); provided, however, that consent of the Committee or the Board shall not be required to the extent that any such form of
payment is expressly permitted pursuant to the terms of a Stock Option Agreement without any additional consent of the Committee or the Board; or 
 (d) The payment to the Company (in cash or by personal, certified or bank cashier check or by any other means of payment approved by the Committee) of all amounts necessary to satisfy any and all federal, state and
local tax withholding requirements arising in connection with the exercise of the Option; 
 (e) Such representations and
documents as the Committee (or the Board, in the case of Options granted to Independent Directors) deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act, Exchange Act and any other federal or state
securities laws or regulations. The Committee (or the Board, in the case of Options granted to Independent Directors) may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including,
without limitation, 

  

 8 

 
placing legends on share certificates and issuing stop-transfer orders to transfer agents and registrars; and 
 (f) In the event that the Option or any portion thereof shall be exercised pursuant to Section 5.1 by any person or persons other
than the Optionee, appropriate proof of the right of such person or persons to exercise the Option or portion thereof. 
 Section 5.4 Conditions to Issuance of Stock Certificates. The shares of stock issuable and deliverable upon the exercise of an Option, or any portion thereof, may be either previously authorized but unissued shares or
issued shares which have then been reacquired by the Company. A certificate of shares will be delivered to the Optionee at the Company’s principal place of business within thirty days of receipt by the Company of the written notice and payment,
unless an earlier date is agreed upon. Notwithstanding the foregoing, the Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of any Option or portion thereof prior to
fulfillment of all of the following conditions (which the Company shall use its commercially reasonable efforts to satisfy to the extent applicable): 
 (a) The admission of such shares to listing on any and all stock exchanges on which such class of stock is then listed; 
 (b) To the extent prior to the Initial Public Offering (or as otherwise provided in any Stock Option Agreement), the execution by the Optionee and delivery to the Company of the Stockholders Agreement; 
 (c) The completion of any registration or other qualification of such shares under any state or federal law or under the rulings or
regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee (or the Board, in the case of Options granted to Independent Directors) shall, in its sole discretion, deem necessary or advisable;

 (d) The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee (or
the Board, in the case of Options granted to Independent Directors) shall, in its sole discretion, determine to be necessary or advisable; and 
 (e) The payment to the Company of all amounts which it is required to withhold under federal, state or local law in connection with the exercise of the Option. 
 Section 5.5 Rights as Stockholders. The holder of an Option shall not be, nor have any of the rights or privileges of, a stockholder
of the Company in respect of any shares purchasable upon the exercise of any part of an Option unless and until such holder has signed the Stockholders Agreement and certificates representing such shares have been issued by the Company to such
holder. 
 Section 5.6 Transfer Restrictions. Shares acquired upon exercise of an Option shall be subject to the terms and
conditions of a Stockholders Agreement, to the extent then applicable. In addition, the Committee (or the Board, in the case of Options granted to Independent Directors), in its sole discretion, may impose further restrictions on the transferability
of the 

  

 9 

 
shares purchasable upon the exercise of an Option as it deems appropriate. Any such restriction shall be set forth in the respective Stock Option Agreement
and may be referred to on the certificates evidencing such shares. The Committee may require an Employee to give the Company prompt notice of any disposition of shares of stock, acquired by exercise of an Incentive Stock Option, within two years
from the date of granting such Option or one year after the transfer of such shares to such Employee. The Committee may direct that the certificates evidencing shares acquired by exercise of an Incentive Stock Option refer to such requirement.

 ARTICLE VI. 
 ADMINISTRATION 
 Section 6.1 Committee. Prior to an Initial Public Offering, the Committee shall
be the Compensation Committee of the Board. Following an Initial Public Offering, if any, the full Board shall administer the Plan unless and until there is appointed a Compensation Committee (or another committee or a subcommittee of the Board
assuming the functions of the Committee under the Plan) that, unless otherwise determined by the Board in its discretion, shall consist solely of two or more Independent Directors appointed by and holding office at the pleasure of the Board, each of
whom is both a “non-employee director” as defined by Rule 16b-3 and an “outside director” for purposes of Section 162(m) of the Code. Appointment of Committee members shall be effective upon acceptance of appointment.
Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may be filled by the Board in its sole discretion. Any action required or permitted to be taken by the Committee hereunder or under any
Stock Option Agreement may be taken by the Board. 
 Section 6.2 Delegation of Authority. The Committee may, but need not,
from time to time delegate some or all of its authority to grant Options under the Plan to a committee or subcommittee consisting of one or more members of the Committee or of one or more Officers of the Company; provided, however, that the
Committee may not delegate its authority to grant Options to individuals (a) who are subject on the date of the grant to the reporting rules under Section 16(a) of the Exchange Act, (b) whose compensation the Committee determines is,
or may become, subject to the deduction limitations set forth in Section 162(m) of the Code or (c) who are Officers of the Company who are delegated authority by the Committee hereunder. Any delegation hereunder shall be subject to the
restrictions and limits that the Committee specifies at the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 6.2
shall serve in such capacity at the pleasure of the Committee. 
 Section 6.3 Duties and Powers of the Committee. It shall
be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Options and to adopt such rules for the administration, interpretation
and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the
Plan with respect to Options granted to Independent Directors. Any such interpretations and rules in regard to Incentive Stock Options shall be consistent with the terms and conditions applicable to “incentive stock options” within the
meaning of Section 422 of the Code. All determinations and 

  

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decisions made by the Committee under any provision of the Plan or of any Option granted thereunder shall be final, conclusive and binding on all persons.

 Section 6.4 Compensation, Professional Assistance, Good Faith Actions. The members of the Committee shall receive such
compensation, if any, for their services hereunder as may be determined by the Board. All expenses and liabilities incurred by the members of the Committee or the Board in connection with the administration of the Plan shall be borne by the Company.
The Committee or the Board may employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the Company and its Officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations and determinations made by the Committee and the Board in good faith shall be final and binding upon all Optionees, the Company and all other interested persons. No member of the Board shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Board shall be fully protected by the Company in respect to any such action, determination or
interpretation. 
 ARTICLE VII. 
 OTHER PROVISIONS 
 Section 7.1 Changes in Common Stock; Disposition of Assets and Corporate Events

 (a) Subject to Section 7.1(d) and the terms of any Stock Option Agreement, in the event that the Committee (or the
Board, in the case of Options granted to Independent Directors) reasonably and in good faith determines that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization,
reclassification, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the
assets of the Company, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event, in the
Committee’s sole discretion (or in the case of Options granted to Independent Directors, the Board’s sole discretion), affects the Common Stock such that an adjustment is determined by the Committee (or the Board, in the case of Options
granted to Independent Directors) to be appropriate in order to prevent dilution, diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Option, then the Committee (or the
Board, in the case of Options granted to Independent Directors) shall, in such manner as it may deem equitable, adjust any or all of: 
 (i) The number and kind of shares of Common Stock (or other securities or property) with respect to which Options may be granted under the Plan (including, but not limited to, adjustments of the limitations in
Section 2.1 on the maximum number and kind of shares which may be issued); 
 (ii) The number and kind of shares of
Common Stock (or other securities or property) subject to outstanding Options; 
  

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 (iii) The exercise price with respect to any Option; and 
 (iv) The financial or other “targets” specified in each Stock Option Agreement for determining the exercisability of Options.

 (b) Subject to Section 7.1 (d) and the terms of outstanding Stock Option Agreements, upon the occurrence of a
Corporate Event, the Committee (or the Board, in the case of options granted to Independent Directors), in its sole discretion, is hereby authorized to take any one or more of the following actions whenever the Committee (or the Board, in the case
of Options granted to Independent Directors) reasonably in good faith determines that such action is appropriate in order to prevent dilution, diminution or enlargement of the benefits or potential benefits intended to be made available under the
Plan or with respect to any Option under this Plan, to facilitate such Corporate Event or to give effect to such changes in laws, regulations or principles: 
 (i) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board, in the case of Options
granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or, except to the extent expressly prohibited by the terms of the applicable Stock Option Agreement, by action taken prior to the occurrence
of such Corporate Event and either automatically or upon the Optionee’s request, for either the purchase of any such Option for an amount of cash, securities, or other property equal to the amount that could have been attained upon the exercise
of the vested portion of such Option (and such additional portion of the Option as the Board or Committee may determine) immediately prior to the occurrence of such transaction or event, or the replacement of such vested (and other) portion of such
Option with other rights or property selected by the Committee (or the Board, in the case of Options granted to Independent Directors) in its sole discretion; 
 (ii) In its sole discretion, the Committee (or the Board, in the case of Options granted to Independent Directors) may provide, either by
the terms of the applicable Stock Option Agreement or, except to the extent expressly prohibited by the terms of the applicable Stock Option Agreement, by action taken prior to the occurrence of such Corporate Event, that the Option (or any portion
thereof) cannot be exercised after such event; 
 (iii) In its sole discretion, and on such terms and conditions as it deems
appropriate, the Committee (or the Board, in the case of Options granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or, except to the extent expressly prohibited by the terms of the applicable
Stock Option Agreement, by action taken prior to the occurrence of such Corporate Event, that for a specified period of time prior to such Corporate Event, such Option shall be exercisable as to all shares covered thereby or a specified portion of
such shares, notwithstanding anything to the contrary in this Plan or the applicable Stock Option Agreement; 
 (iv) In its
sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board, in the case of Options granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or, except to
the extent expressly prohibited by the terms of the applicable Stock Option Agreement, by 

  

 12 

 
action taken prior to the occurrence of such Corporate Event, that upon such event, such Option (or any portion thereof) be assumed by the successor or
survivor corporation, or a parent or subsidiary thereof (including without limitation any common parent of the Company and any other company or companies), or shall be substituted for by similar options, rights or awards covering the stock of the
successor or survivor corporation, or a parent or subsidiary thereof (including without limitation any common parent of the Company and any other company or companies), with appropriate adjustments as to the number and kind of shares and prices; and

 (v) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board, in the
case of Options granted to Independent Directors) may make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Options (or any portion thereof) and/or in the terms and conditions of
(including the exercise price), and the criteria included in, outstanding Options and Options which may be granted in the future. 
 (c) Subject to Section 7.1(d), the Committee (or the Board, in the case of Options granted to Independent Directors) may, in its sole discretion, include such further provisions and limitations in any Stock Option Agreement as it may
deem equitable and in the best interests of the Company and its Affiliates. 
 (d) With respect to Incentive Stock Options, no
adjustment or action described in this Section 7.1 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1) of the Code or any successor
provisions thereto, unless the Committee determines that the Plan and/or the Options are not to comply with Section 422(b)(1) of the Code. The number of shares of Common Stock subject to any Option shall always be rounded up to the next higher
whole number. 
 Section 7.2 Options Not Transferable. No Option or interest or right therein or part thereof shall be
liable for the debts, contracts or engagements of the Optionee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition
be voluntary or involuntary or by operation of law, by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect;
provided, however, that nothing in this Section 7.2 shall prevent transfers by will, by the applicable laws of descent and distribution or, with the prior written consent of the Committee, pursuant to Permitted Transferees as defined in
the Stockholders Agreement. 
 Section 7.3 Amendment, Suspension or Termination of the Plan. The Plan may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee. However, without stockholder approval within 12 months before or after such action no action of the Board or the
Committee may, except as provided in Section 7.1, increase any limit imposed in Section 2.1 on the maximum number of shares which may be issued on exercise of Options, reduce the minimum Option price requirements of Section 4.3(a), or
extend the limit imposed in this Section 7.3 on the period during which options may be granted. Except as provided by Section 7.1, neither the 

  

 13 

 
amendment, suspension nor termination of the Plan shall, without the consent of the holder of the Option, alter or impair any rights or obligations under any
Option theretofore granted. No Option may be granted during any period of suspension nor after termination of the Plan, and in no event may any Option be granted under this Plan after the expiration of ten years from the date the Plan is adopted by
the Board. 
 Section 7.4 Effect of Plan Upon Other Option and Compensation Plans. The adoption of this Plan shall not
affect any other compensation or incentive plans in effect for the Company or any Affiliate. Nothing in this Plan shall be construed to limit the right of the Company or any Affiliate (a) to establish any other forms of incentives or
compensation for directors or employees of the Company (or any Affiliate); or (b) to grant or assume options otherwise than under this Plan in connection with any proper corporate purpose, including, but not by way of limitation, the grant or
assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association. 
 Section 7.5 Approval of Plan by Stockholders. This Plan will be submitted for the approval of the Company’s stockholders within
12 months after the date of the Board’s initial adoption of this Plan. No Incentive Stock Option may be exercised to any extent by anyone unless and until the Plan is so approved by the stockholders, and if such approval has not been obtained
by the end of said 12-month period, the Plan and all Options theretofore granted shall thereupon be canceled and become null and void. 
 Section 7.6 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan. 
 Section 7.7 Conformity to Securities Laws. The Plan is intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder to the extent the Company or any Optionee is subject to the provisions thereof. Notwithstanding anything
herein to the contrary, the Plan shall be administered, and Options shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and Options
granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 Section 7.8
Governing Law. To the extent not preempted by federal law, the Plan shall be construed in accordance with and governed by the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof, or principles
of conflicts of law of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware. 
 Section 7.9 Severability. In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void. 
 * * * * * 
  

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 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of Goodman Global,
Inc. as of December 23, 2004. 
 Executed as of December 23, 2004. 
  

	
	
	/s/ Patricia M. Navis
	Officer

  

 15

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