Document:

<PAGE>   1
[LAWRENCE SAVINGS BANK LETTERHEAD]

May 25, 2000

Mr. Robert P. Perreault
30 Riverview Avenue
Methuen, MA  01844

Dear Bob:

Your special termination agreement dated May 9, 1986 is hereby amended as
follows:

     Section 2 Change in Control, line 15 - "twenty-five percent (25%)" is
     hereby stricken and fifteen percent (15%) is inserted in its place.

                                   Execution
Upon execution below by all parties, this Agreement will enter in full force
and effect on the effective date below:

LAWRENCE SAVINGS BANK

/s/ THOMAS J. BURKE                     /s/ ROBERT P. PERREAULT
---------------------------------       -----------------------------------
Thomas J. Burke, Chairman               Robert P. Perreault

/s/ EUGENE A. BELIVEAU                       5-25-00
---------------------------------       -----------------------------------
Eugene A. Beliveau                      Effective Date

/s/ KATHLEEN I. BOSHAR
---------------------------------
Kathleen I. Boshar

/s/ MALCOLM W. BRAWN
---------------------------------
Malcolm W. Brawn

/s/ BYRON R. CLEVELAND, JR.
---------------------------------
Byron R. Cleveland, Jr.

/s/ NEIL H. CULLEN
---------------------------------
Neil H. Cullen

/s/ RICHARD HART HARRINGTON
---------------------------------
Richard Hart Harrington

/s/ ROBERT F. HATEM
---------------------------------
Robert F. Hatem

/s/ MARSHA A. MCDONOUGH
---------------------------------
Marsha A. McDonough

/s/ PAUL A. MILLER
---------------------------------
Paul A. Miller<PAGE>   1
                                                                    Exhibit 10.4

                       SUPPLEMENTAL RETIREMENT AGREEMENT

     This Agreement (the "Agreement") made and entered into as of this 4/21/89,
1989, by among and between Paul A. Miller (The "Employee"), Intrex Financial
Services, Inc. ("Intrex") and Lawrence Savings Bank (the "Bank").

     WHEREAS, the Intrex, the Bank and the Employee are, concurrently with the
execution of this Agreement, entering into an Employment Agreement providing
for the employment of the Employee with Intrex and the Bank; and

     WHEREAS, In recognition of the services to be provided by the Employee to
Intrex and the Bank, Intrex and the Bank wish to provide the Employee with
supplemental retirement benefits in addition to any retirement benefits to
which the Employee may be entitled under any tax qualified plan maintained by
Intrex or the Bank.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereby agree as follows:

     1.    Retirement Benefits.

     1.01  Retirement Benefits. Subject to Section 1.03, Intrex and/or the Bank
shall pay the Employee, commencing on the appropriate date specified in Section
1.02, $5,000 per month for 180 months.

     1.02  Payment Date. The retirement benefits described in Section 1.01 shall
begin on the earlier of:

           (a)  the date that the Employee attains age 65 or, if later, the date
     that he terminates employment with Intrex and the Bank;

           (b)  the date of the Employee's death; or

           (c)  the date that the Employee is determined to be totally disabled
     (within the meaning of Section 72(m)(7) of the Internal Revenue Code of
     1986, as amended (the "Code")).

     1.03. Vesting.

          (a)  Until the Employee is vested in the retirement benefits described
     in Section 1.01, neither he nor his beneficiary shall be entitled to such
     retirement benefits.

          (b)  The Employee shall vest in 20% of the retirement benefits
     described in Section 1.01 for each full year that the Employee is employed
     by Intrex or the Bank. Notwithstanding the foregoing, the Employee shall be
     fully and immediately vested in the such retirement benefits on the date of
     his death or the date that he is determined to
<PAGE>   2
     be totally disabled (within the meaning of Section 72(m)(7) of the Code),
     provided that he is employed by Intrex or the Bank on such date.

     1.04 Beneficiaries.

          (a)  In the event that the Employee should die prior to receipt of any
     or all of the retirement benefits to which he is entitled hereunder, any
     retirement benefits remaining unpaid shall be paid to such beneficiary or
     beneficiaries as the Employee may designate by filing with Intrex or the
     Bank a notice in writing; but in the absence of any such designation, such
     unpaid amounts shall be so paid to his surviving spouse, if any, in the
     same manner that such benefits were paid or made payable to the Employee.
     If a beneficiary or the Employee's surviving spouse becomes entitled to
     receive retirement benefits under this Section and dies before all
     retirement benefits are paid to him or her, the balance of any such
     payments shall be made to the estate of the beneficiary or the Employee's
     surviving spouse in a single, lump sum. If there is no surviving
     beneficiary or spouse on the date of his death, then the current value of
     the balance remaining unpaid shall be paid in a single, lump sum to the
     Employee's estate.

          (b)  The Board of Directors of the Bank, upon the request of a
     beneficiary or the Employee's surviving spouse may direct that the
     retirement benefits payable to that beneficiary or the surviving spouse be
     paid to such individual in a single, lump sum.

     2.   General.

     2.01 Non-Assignable Rights. Except as otherwise provided by this
Agreement, neither the Employee nor his spouse, nor any other beneficiary,
shall have any right to sell, assign, transfer or otherwise convey the right to
receive any payment hereunder, which payments and the right thereto are
expressly declared to be non-assignable and non-transferable.

     2.02 Independence of Agreement. The benefits payable under this Agreement
shall be independent of, and in addition to, any other employment agreement that
may exist from time to time between the parties hereto, including without
limitation the Employment Agreement entered into as of the date hereof by and
among, Intrex, the Bank and the Employee, or any other compensation payable by
Intrex or the Bank to the Employee, whether as salary, bonus or otherwise. This
Agreement shall not be deemed to constitute a contract of employment between the
parties hereto, nor shall any provision hereof restrict the right of Intrex or
the Bank to discharge the Employee, or restrict the right of the Employee to
terminate his employment.

                                      -2-

<PAGE>   3
     2.03 Non-Secured Promise. The rights of the Employee under this Agreement
and of any beneficiary or the spouse of the Employee shall be solely those of an
unsecured creditor of Intrex and the Bank. Any insurance policy or any other
asset that may be acquired or held by Intrex or the Bank in connection with the
liabilities assumed hereunder shall not be deemed to be held under any trust for
the benefit of the Employee, his spouse or his beneficiaries or to be security
for the performance of the obligations of Intrex or the bank, but shall be, and
remain, a general, unpledged, unrestricted asset of Intrex and/or the Bank.

     2.04 Governing Law. This Agreement shall be construed in accordance with
and governed for all purposes by the laws of The Commonwealth of Massachusetts.

     2.05 Amendment and Waiver. This Agreement may not be amended, supplemented
or waived except by a writing signed by the party against which such amendment
or waiver  is to be enforced. The waiver by any party of a breach of any
provision of this Agreement shall not operate to, or be construed as a waiver
of, any other breach of that provision nor as a waiver of any breach of another
provision.

     2.06 Binding Effect. Subject to the provisions of Section 2.01, this
Agreement shall be binding on the successors and assigns of the parties hereto.

     2.07 Counterparts. This Agreement may be executed in three counterparts,
each of which is an original but which shall together constitute one and the
same instrument.

                                   Execution

     Upon execution below by all parties, this Agreement will be of full force
and effect.

LAWRENCE SAVINGS BANK                  PAUL A. MILLER

By /s/ ARCHIBALD MACLAREN              /s/ PAUL A. MILLER
   ---------------------------------   ----------------------------------------
   ARCHIBALD MACLAREN
   VICE CHAIRMAN

                                       WITNESS:  /s/ FRED S. TARBOX
                                                 ------------------------------

INTREX FINANCIAL SERVICES, INC.

By /s/ WALLACE L. BOLTON
   ---------------------------------
   WALLACE L. BOLTON
   VICE CHAIRMAN

                                      -3-<PAGE>   1
                                                                    Exhibit 10.9

                                    Lawrence

                                  Savings Bank

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

<PAGE>   2
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                              BASIC PLAN DOCUMENT

                               TABLE OF CONTENTS

                                   ARTICLE I

                                  DEFINITIONS

<TABLE>
<S>       <C>                                                  <C>
1.1       Actuarial Equivalent                                   1
1.2       Average Compensation                                   1
1.3       Beneficiary                                            1
1.4       Board                                                  1
1.5       Compensation                                           1
1.6       Construction of Contract                               1
1.7       Disability                                             1
1.8       Early Retirement Age                                   1
1.9       Election                                               1
1.10      Employee                                               1
1.11      Employer                                               2
1.12      Entry Date                                             2
1.13      IRC                                                    2
1.14      Normal Form of Benefit                                 2
1.15      Normal Retirement Age                                  2
1.16      Normal Retirement Benefit                              2
1.17      Participant                                            2
1.18      Plan                                                   2
1.19      Plan Administrator                                     2
1.20      Plan Year                                              2
1.21      Retirement Date                                        2
1.22      Social Security Benefit                                2
1.23      Termination Date                                       2
1.24      Vested Benefit                                         3
1.25      Years of Service                                       3
</TABLE>

                                   ARTICLE II

                                    BENEFITS

<TABLE>
<S>       <C>                                                  <C>
2.1       Accrued Benefit                                        4
2.2       Automatic Pension                                      4
2.3       Optional Forms of Payment                              4
2.4       Payment of the Accrued Benefit                         4
2.5       Early Retirement Benefit                               4
2.6       Late Retirement Benefit                                4
2.7       Termination of Employment Benefit                      4
2.8       Denial of Benefits                                     4
</TABLE>
<PAGE>   3
                                  ARTICLE III

                                 DEATH BENEFITS

<TABLE>
<S>       <C>                                                  <C>
3.1       Death Benefit                                          5
3.2       Designation of Beneficiary                             5
3.3       Death of Participant After Retirement or
            Termination of Employment                            5
</TABLE>

                                   ARTICLE IV

                              DISABILITY BENEFITS

<TABLE>
<S>       <C>                                                  <C>
4.1       Disability Benefits                                    6
4.2       Return to Work                                         6
</TABLE>

                                   ARTICLE V

                                    FUNDING

<TABLE>
<S>       <C>                                                  <C>
5.1       Investment                                             7
</TABLE>

                                   ARTICLE VI

                                 MISCELLANEOUS

<TABLE>
<S>       <C>                                                  <C>
6.1       Alienability                                           8
6.2       Amendment by Employer                                  8
6.3       Expenses                                               8
6.4       Limitation                                             8
6.5       Change of Control                                      9
6.6       Violation of Agreement                                 9
6.7       For Cause Clause                                       9
6.8       Non-Compete Clause                                     10
</TABLE>

ADOPTION AGREEMENT

APPENDIX A  Supplemental Executive Retirement Plan Agreement
APPENDIX B  Change of Beneficiary Form
APPENDIX C  Application for Plan Benefits
APPENDIX D  Sample ERISA Department of Labor Statement
APPENDIX E  Sample Votes of Board

<PAGE>   4
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                              BASIC PLAN DOCUMENT

                                   ARTICLE I

                                  DEFINITIONS

1.1   Actuarial Equivalent means any benefit under this Plan which, at any time,
      has the same present value as a straight life annuity commencing at Normal
      Retirement Age based on 6 percent interest and the 1971 Individual Annuity
      Mortality Table for males set back 3 years, discounted to the payment
      commencement date by 7 percent, or by interest rates and mortality
      specified in Section 2.3 of Article II, if applicable.

1.2   Average Compensation means the average of the Participant's highest 3
      consecutive Plan Years Compensation prior to his Retirement Date unless
      otherwise elected in Section A3 of the Adoption Agreement.

1.3   Beneficiary shall mean the person or persons designated by the Participant
      to receive benefits under the Plan after the death of the Participant.

1.4   Board shall mean the Board of Directors of the Employer.

1.5   Compensation means the definition elected in Section A3 of the Adoption
      Agreement.

1.6   Construction of Contract shall be made without regard to the gender or
      whether words are used in the singular or plural unless the context
      requires such interpretation.

1.7   Disability means the Participant's entitlement to Social Security
      disability income benefits.

1.8   Early Retirement Age is the earliest of the ages elected in Section A4(b)
      of the Adoption Agreement.

1.9   Election means a written instrument executed by a Participant and filed
      with the Plan Administrator on or before its effective date, exercising
      one or more rights under this Plan.

1.10  Employee shall mean each current or future Employee of the Employer who is
      a member of a selected group of management or otherwise highly compensated
      personnel as determined by the Board.

                                       1

<PAGE>   5
1.11  Employer means the Lawrence Savings Bank, its successors and assigns, any
      subsidiary or affiliated organizations authorized by the Board to
      participate in this Plan with respect to their Employees, and any
      organization into which the Employer may be merged or consolidated or to
      which all or substantially all of its assets may be transferred.

1.12  Entry Date means the date that an Employee satisfies the eligibility
      requirements set in Section A5 of the Adoption Agreement.

1.13  IRC means the Internal Revenue Code of 1986 and the appropriate section
      thereof is designated by the numbers following IRC.

1.14  Normal Form of Benefit means an annuity payable for the life of the
      Participant ceasing at his death.

1.15  Normal Retirement Age means the age elected in Section A4(a) of the
      Adoption Agreement.

1.16  Normal Retirement Benefit means the Accrued Benefit payable to the
      Participant upon separation from service at Normal Retirement Age under
      the Plan.

1.17  Participant means an Employee who has satisfied the eligibility
      requirements contained in Section A5 of the Adoption Agreement.
      Participation will commence on the Employee's Entry Date. A terminated
      Employee who has a Vested Benefit or a Beneficiary entitled to benefits
      hereunder is an Inactive Participant.

1.18  Plan means the Employer's Supplemental Executive Retirement Plan.

1.19  Plan Administrator shall mean the individual designated by the Board to
      administer the Plan.

1.20  Plan Year means the period specified in Section A2 of the Adoption
      Agreement.

1.21  Retirement Date means the date that payment of a Participant's Accrued
      Benefit commences which shall be the first day of the month following
      Normal Retirement Age unless the Participant elects a different Retirement
      Date with the consent of the Employer.

1.22  Social Security Benefit means the monthly old age insurance benefit the
      Participant is first entitled to receive at his Social Security Retirement
      Agent. Prior to his Social Security Retirement Age it will be assumed that
      the Participant will continue to earn the same annual Compensation which
      is in effect for him and that the Social Security law will not change
      thereafter, and by using his actual salary history, if available, or by
      estimating his prior Compensation using a 5% salary scale projected
      backwards.

1.23  Termination Date means the date a Participant ceases to be an Employee.

                                       2

<PAGE>   6
1.24   Vested Benefit means an Accrued Benefit which is non-forfeitable. An
       Accrued Benefit derived from Employer Contributions is 100% vested at the
       earliest of the Participant's Early Retirement Age, or at an earlier
       mandatory Retirement Age enforced by the Employer, or at his Disability
       or his death and prior thereto as set in Section A7 of the Adoption
       Agreement.

1.25   Years of Service shall be defined as elected in Section A6 of the
       Adoption Agreement.

                                       3
<PAGE>   7
                                   ARTICLE II

                                    BENEFITS

2.1    Accrued Benefit means the benefit derived from Employer contributions
       that a Participant will begin to receive at Normal Retirement Age, as
       elected in A8 of the Adoption Agreement. For purposes of determining the
       amount of benefits payable under any qualified plan of the Employer,
       benefits attributable to Employee contributions, shall not be considered.

2.2    Automatic Pension means a straight life annuity for a Participant who
       is not married on the Retirement Date and an actuarially equivalent joint
       & survivor annuity for a Participant who is married on the Retirement
       Date.

2.3    Optional Forms of Payment.  In lieu of the Automatic Pension, the
       Participant may elect, any time prior to the date specified in Section
       2.5 below, Actuarial Equivalent Optional Forms of Payment as provided in
       Sections A9, A11 and A12 of the Adoption Agreement.

       Lump sum payments of the defined benefit portion of the Accrued Benefit
       shall be based on the mortality table and interest rates in Section 1.1.

2.4    Payment of the Accrued Benefit shall begin effective with the first day
       of the month next following termination of employment and, unless the
       Participant elects otherwise and with the written approval of the Board,
       no later than 60 days after the later of the last day of the Plan Year in
       which the Participant:

       a) attains Normal Retirement Age; or
       b) terminates his service with the Employer.

2.5    Early Retirement Benefit.  The amount payable to a Participant who
       terminates employment after attaining Early Retirement Age but before
       Normal Retirement Age is the Actuarial Equivalent of the Participant's
       Accrued Benefit payable at Normal Retirement Age. The Early Retirement
       Benefit is payable as provided in Sections 2.2 and 2.3 of the Plan.

2.6    Late Retirement Benefit.  The amount payable to a Participant who
       continues working after Normal Retirement Age is the Participant's
       Accrued Benefit upon retirement. The Late Retirement Benefit is payable
       as provided in Sections 2.2 and 2.3 of this Plan.

2.7    Termination of Employment Benefit.  The amount payable at the Termination
       Date to a Participant who terminates employment prior to Early Retirement
       Age and satisfies the Vesting requirement in A7 of the Adoption Agreement
       is the Actuarial Equivalent of the Accrued Benefit payable at Normal
       Retirement Age. The Termination of Employment Benefit is payable as
       provided in Sections 2.2 and 2.3 of this Plan.

2.8    Denial of Benefits.  The Plan Administrator shall give a written
       explanation to the Participant, setting forth the specific reasons for
       the denial of any benefit.

                                       4
<PAGE>   8
                                  ARTICLE III

                                 DEATH BENEFITS

3.1  Death Benefit. If a Participant dies prior to his Retirement Date, his
     designated Beneficiary will be paid, commencing on the first day of the
     month next following the Participant's death, (i) the Actuarial Equivalent
     value of his Accrued Benefit on the day he died, payable under any Optional
     Form of Payment provided in Section A9 of the Adoption Agreement.

     If a Beneficiary dies prior to receiving all benefits available under the
     Optional Form of Payment, the remaining benefits shall be made to the
     person or persons named by the Beneficiary to receive the benefits payable
     under such Optional Form of Payment or to the Beneficiary's estate if no
     such person is named. If the Participant is not survived by a named
     Beneficiary, or if the Board is in doubt as to the effective status of a
     Beneficiary designation, then the Death Benefit provided by this Section
     3.1 shall be paid to the Participant's estate in one lump sum.

3.2  Designation of Beneficiary. The Participant shall have the right to
     designate a Beneficiary, including a contingent beneficiary, entitled to
     receive the benefits payable under Section 3.1 in the event of his death.
     Such designation shall be made in writing and delivered to the Board. The
     Participant may change such designation from time to time and may revoke
     such designation.

3.3  Death of Participant After Retirement or Termination of Employment. Upon
     the death of the Participant after retirement or other termination of
     employment, no benefits will be payable to the Participant's Beneficiary or
     any other person so designated by the Participant unless the Automatic
     Pension or Optional Form of Payment in effect or elected under Section 2.3
     or 2.4 of this Plan provides a death benefit.

                                       5
<PAGE>   9
                                   ARTICLE IV

                              DISABILITY BENEFITS

4.1  Disability Benefits.  If the Participant is unable to continue in the
     employ of the Employer by reason of Disability, the Participant shall be
     entitled to receive a Disability Benefit, in lieu of all other benefits
     under the Plan, commencing on the first day of the month next following
     such determination of Disability, payable in monthly installments, in an
     amount equal to the amount elected in A10 of the Adoption Agreement.
     Distribution may be in any form provided in A11 of the Adoption Agreement.

4.2  Return to Work.  In the event the Participant returns to work after
     receiving Disability Benefits, Disability Benefits shall cease and the
     Participant shall continue in this Plan as though such disability had not
     occurred. Accrued benefits payable under the Plan thereafter shall be
     determined on the basis of the Participant's total Years of Service and
     shall be adjusted to take into account the Actuarial Equivalent of the
     Disability Benefits, if any, previously paid to the Participant.

                                       6

<PAGE>   10
                                   ARTICLE V

                                    FUNDING

5.1  Investment.  All payments of amounts under the Plan shall be paid from the
     general funds of the Employer and no special or separate fund shall
     necessarily be established and no other segregation of assets shall
     necessarily be made to assure the payment of such amounts. Neither
     Participants nor their beneficiaries or estates shall have any right,
     title, or interest whatever in or to any investments, including any
     "Applicable Policy", which the Employer may make to aid it in meeting its
     obligation hereunder. To the extent that any person acquires any right to
     receive payments from the Employer under the Plan, such right shall be no
     greater than the right of an unsecured general creditor of the Employer.
     Notwithstanding the foregoing, nothing in the Plan document shall preclude
     the Employer from contributing to or making Plan payments from a Rabbi
     Trust, as elected in the Adoption Agreement.

                                       7

<PAGE>   11
                                   ARTICLE VI

                                 MISCELLANEOUS

6.1  Alienability. The right of a Participant to receive any amount credited to
     the Participant under the Plan shall not be transferable or assignable by
     the Participant. No person shall be entitled to anticipate any payment by
     assignment, alienation, sale, pledge, encumbrance or transfer in any form
     or manner prior to actual or constructive receipt thereof.

6.2  Amendment by Employer. The Employer may amend the Adoption Agreement by
     selecting any of its elective provisions. The amendment may not reduce the
     Accrued Benefit as elected in A8 of the Adoption Agreement. Any such
     amendment shall be delivered to the Participants and Beneficiaries and to
     the Plan Administrator.

6.3  Expenses. The Employer will pay all Expenses of the Plan.

6.4  Limitation. The establishment of this Plan, or the payment of benefits,
     shall not give any Participant or Employee any legal or equitable right
     against the Employer. This Plan shall not give any Participant or Employee
     the right to be retained in the service of the Employer.

     This Plan shall be governed by, and shall be construed and interpreted in
     accordance with, applicable federal law and with the laws of the
     Commonwealth of Massachusetts.

     The Accrued Benefit of any individual under the Plan shall be reduced by
     the amount, if any, by which the cash value or the death proceeds under any
     Applicable Policy maintained by the Employer with respect to such
     individual's benefits is reduced as a result of any misstatement or other
     action or omission by the Participant to which such Applicable Policy
     relates or by any such other individual.

     In the event that any one or more of the provisions of this Plan shall be
     held to be invalid, illegal or unenforceable, the validity, legality and
     enforceability of the remaining provisions shall not in any way be affected
     or impaired thereby and the invalidated provision shall be automatically
     amended to the extent necessary to make it valid consistent with the intent
     of the Employer hereunder.

                                       8
<PAGE>   12
6.5  Change of Control. A Participant shall be immediately vested in the total
     amount credited to his Accrued Benefit in the event of a change of control
     of the Employer, and such amount will be immediately distributable to the
     Participant. A change of control for this purpose shall be deemed to occur
     upon the purchase or other acquisition by any person, entity, or group of
     persons, within the meaning of section 13(d) or 14(d) of the Securities
     Exchange Act of 1934 ("Act"), or any comparable successor provisions, of
     beneficial ownership (within the meaning of Rule 13d-3 promulgated under
     the Act) of 50 percent or more of either the outstanding shares of common
     stock or the combined voting power of the Employer's then outstanding
     voting securities entitled to vote generally, or the approval by the
     stockholders of the Employer of a reorganization, merger, or consolidation,
     in each case, with respect to which persons who were stockholders of the
     Employer immediately prior to such reorganization, merger, or
     consolidation, do not immediately thereafter, own more than 50 percent of
     the combined voting power entitled to vote generally in the election of
     directors of the reorganized, merged, or consolidated Employer's then
     outstanding securities, or a liquidation or dissolution of the Employer of
     the sale of all or substantially all of the Employer's assets.

6.6  Violation of Agreement. In the event that the Participant violates any of
     the terms of this Plan, the Employer, in addition to any other rights which
     it may have, shall be relieved of the liability to make any further
     payments under the Plan to, or on behalf of, the Participant and shall have
     the right to specifically enforce this Plan by proceedings in equity.

6.7  For Cause Clause. As elected in Section A13(a) of the Adoption Agreement,
     all of a Participant's benefits under this Plan will be forfeited if the
     Participant's employment is terminated for cause. The Corporation shall
     have "cause" to terminate the Participant's employment hereunder because of
     the Participant's personal dishonesty, incompetence, willful misconduct,
     breach of fiduciary duty involving personal profit, intentional failure to
     perform stated duties, willful violation of any law, rule or regulation
     involving moral turpitude or final cease and desist order, or material
     breach of any provision of this Agreement. For purposes of this Section, no
     act or failure to act on the Participant's part will be considered
     "willful" unless done, or admitted to be done, by him in bad faith and
     without reasonable belief that his action or omission was in the best
     interests of the Employer; provided that any act or omission to act by the
     Participant in reliance upon an opinion of counsel to the Employer shall
     not be deemed to be willful. Notwithstanding the foregoing, the Participant
     shall not be deemed to have been terminated for cause unless and until
     there shall have been delivered to him a copy of a certification by the
     Clerk of the Corporation that three-fourths (3/4) of the entire Board of
     Directors of the Employer found in good faith that the Participant was
     guilty of conduct which is deemed to be Cause as defined above and
     specifying the particulars thereof, after reasonable notice to the
     Participant and an opportunity for him together with his counsel, to be
     heard before such majority.

                                       9

<PAGE>   13
6.8  Non-Compete Clause. If the Non-Compete Clause is elected in Section A 13(b)
     of the Adoption Agreement, the Participant must not violate the terms of
     this Section 6.8.

     After becoming a Participant in this Plan, and for the period after
     termination of employment with the Employer as elected in Section A13(b) of
     the Adoption Agreement, the Participant may not be an employee or
     consultant of, or hold any other position with, or directly or indirectly
     assist, any bank in connection with any banking activities by said bank in
     the same county where the Participant's Employer has a branch; nor will the
     Participant attempt to hire any employee of the Employer, assist in such
     hiring by any other person or entity, encourage any such employee to
     terminate his or her relationship with the Employer, or solicit or
     encourage any customer of the Employer to terminate its relationship with
     the Employer or to conduct with any other person or entity any business or
     activity which such customer conducts or could conduct with the Employer;
     provided, however, that nothing herein shall prohibit the Participant
     from owning up to 2% of the shares of common stock of any bank whose shares
     are publicly traded on a national securities exchange or in the
     over-the-counter market.

                                       10

<PAGE>   14

                             LAWRENCE SAVINGS BANK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                               ADOPTION AGREEMENT

The undersigned Employer adopts this Plan for the exclusive benefit of its
eligible employees and beneficiaries to provide retirement and pre-retirement
benefits.

The Plan shall operate in accordance with the Basic Plan Document and the
Adoption Agreement provisions as elected.

                                    Lawrence Savings Bank
PLAN NAME:                          Supplemental Executive Retirement Plan
EMPLOYER NAME:                      Lawrence Savings Bank
FEDERAL IDENTIFICATION NUMBER:       04-1528790
PLAN ADMINISTRATOR:                 Thomas Forese, Jr., 7 Millstone Road
                                                        Windham, NH 03087
A1.  EFFECTIVE DATE OF PLAN:       01-01-96

A2.  PLAN YEAR:

     -------a) The Plan Year is the calendar year.
        x
     -------b) The Plan Year is a 12 month period beginning on 01-01___.

A3.  COMPENSATION AND AVERAGE COMPENSATION:

     a)   COMPENSATION

        x
     -------1) Reported W-2 earnings.

     -------2) As defined in IRC 415(c)(3).
               (elect 1) or 2))

     -------3) Compensation as defined in 1) or 2) shall exclude bonuses.

     -------4) Including ----- not including ----- amounts contributed pursuant
               to a Salary Reduction Agreement and which is not included in the
               participant's gross income under IRC 125, 402(a)(8), 402(h) or
               403(b).

               Compensation as elected means Compensation which is actually
               paid to a Participant during the Plan Year and earned from the
               Participant's Entry Date.

     b)   AVERAGE COMPENSATION is ------------------------------------
          (If left blank, the definition of Average Compensation in Plan
          Section 1.2 shall apply.)

                                      AA1

<PAGE>   15
A4.  DATES:
     ------

     a) NORMAL RETIREMENT AGE is 65.
                                 --
     b) EARLY RETIREMENT AGE IS 62.
                                --

A5.  ELIGIBILITY
     -----------

               a) Class of employees (i.e., Exec. V.P. and above/employees
     -----        earning over $150,000 or IRC 401(a)(17)). (please define)

                  -------------------------------------------------------------

                  -------------------------------------------------------------

       x       b) Individuals by name. (please define)
     -----
                  Paul A. Miller
                  -------------------------------------------------------------

                  -------------------------------------------------------------

                  -------------------------------------------------------------

               c) Other. (please define)
     -----
                  -------------------------------------------------------------

                  -------------------------------------------------------------

                  -------------------------------------------------------------

A6.  YEARS OF SERVICE
     ----------------

       x       a) Same as SBERA Pension Plan.
     -----

               b) Same as SBERA Defined Contribution Plan.
     -----

               c) Other:
     -----
                  -------------------------------------------------------------

                  -------------------------------------------------------------

A7.  VESTING
     -------

     a) Minimum Age of  60 .
                       ----

     b) Minimum years of service of  3 .
                                    ---

                                      AA2
<PAGE>   16
A8.  BENEFITS:

          Annual benefits at retirement shall be in accordance with the
          following:

          70% of the average of the participant's three highest consecutive
          year's gross compensation reduced by:

          - The amount of the participant's annual benefits payable under the
            SBERA defined benefit pension plan,

          - The amount of the participant's annual benefits payable under the
            Shawmut Bank Supplemental Executive Retirement Plan, and

          - The amount of the participants annual benefits payable under the
            Supplemental Retirement Agreement dated April 21, 1989 between
            Lawrence Savings Bank and the participant.

A9.  DISTRIBUTION OPTIONS AT DEATH AND AT EARLY, NORMAL AND LATE RETIREMENT
(select desired options)

     _______ a) Lump Sum.

     _______ b) Annual Installments over _________ (specify options) years.

     _______ c) Life Annuity.

     ___X___ d) Joint and ____100____% (specify options) Survivor Annuity.

A10. DISABILITY RETIREMENT BENEFIT

     ___X___ a) Accrued Benefit (unreduced for early commencement).

     _______ b) Actuarially Equivalent Accrued Benefit (reduced for early
                commencement).

     _______ c) Accrued Benefit with payment deferred to ______________________.

     _______ d) None.

     _______ e) Other:

                _______________________________________________________________

                _______________________________________________________________

                                      AA3
<PAGE>   17
A11. DISTRIBUTION OPTIONS AT DISABILITY RETIREMENT (select desired options)

     _____ a) Lump Sum.
     _____ b) Annual Installments over __________ (specify options) years.
     _____ c) Life Annuity.
     __X__ d) Joint and ___100___% (specify options) Survivor Annuity.
     _____ e) No Distribution.

A12. DISTRIBUTION OPTIONS DUE TO TERMINATION OF EMPLOYMENT, IF VESTED
     (select desired options)

     _____ a) Lump Sum.
     _____ b) Annual Installments over __________ (specify options) years.
     _____ c) Life Annuity.
     __X__ d) Joint and ___100___% (specify options) Survivor Annuity.

A13. FORFEITURE CLAUSE

     __X__ a) For cause.
     _____ b) Non-complete clause within the Commonwealth of Massachusetts
              which shall be applicable for __________ years after the
              Participant terminates employment with the Employer.

A14. CONTROLLING STATE LAW
     The laws of The Commonwealth of Massachusetts shall control this Plan.

                                        Employer:

                                             Lawrence Savings Bank
                                        _______________________________
                                        FID# 04-1528790
                                            ___________________________
_______________________, 1996           BY: /s/ A.D. Maclaren
                                            ___________________________

PM4AA-LAWR                            AA4
<PAGE>   18
                SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

I hereby acknowledge that, as an Employee, I have been offered an opportunity
to participate in the Supplemental Executive Retirement Plan (the "Plan")
providing the Supplemental Benefits specified in Section A8 of the Adoption
Agreement (which Plan and Adoption Agreement are attached hereto and made a
part hereof), and that I hereby elect to participate in the Plan.

I further acknowledge that neither the Employer nor any of its subsidiaries,
affiliated companies, employees or agents has any responsibility or liability
whatsoever for any changes which I may make in personal plans or programs as a
result of my decision to participate in the Plan and I recognize that the
Employer has the right to terminate, amend or modify the Plan at any time.

I hereby designate as Primary Beneficiary under the Plan:

     Carol A. Miller - Wife, Social Security Number ###-##-####

I hereby designate as Secondary Beneficiary under the Plan:

          I understand that Beneficiary means the Primary Beneficiary if the
          Primary Beneficiary survives me, and the Secondary Beneficiary if the
          Primary Beneficiary does not survive me and means my estate if neither
          the Primary Beneficiary nor the Secondary Beneficiary survives me. I
          reserve the right to change the Primary and/or Secondary Beneficiary
          from time to time in the manner as required by the Plan, and I agree
          that no change in Beneficiary shall be effective unless received by
          the Employer while I am living and until acknowledged in writing by
          the Employer.

Notices to me (Participant) shall be sent as follows:

          Name                     Paul A. Miller
          Street Address or        43 Covey Hill Road
          Post Office Box No.
          City and State           Reading, MA
          Zip Code                 01867

                                       1
<PAGE>   19
IN WITNESS WHEREOF, the Employer and I have executed this acceptance as of the
____ day of ____________, 1996.

                                        EMPLOYEE:

                                        /s/ Paul A. Miller
                                        -----------------------------------
                                                    (Signature)

                                               Paul A. Miller
                                        ------------------------------------
                                        (Type or Print Name Under Signature)

ACCEPTED

Lawrence Savings Bank

By: /s/ A. D. Maclaren
   ---------------------------
       Authorized Signature

                                       2

<PAGE>   20
                         CHANGE OF BENEFICIARY FORM FOR

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

As a Participant of the Supplemental Executive Retirement Plan (the "Plan") of
the Employer, I hereby designate as Primary Beneficiary and Secondary
Beneficiary under the Plan and my Plan Agreement the following:

Primary Beneficiary:   Carol A. Miller (wife)
                    ----------------------------------------------------------

Secondary Beneficiary:  (4 Illegible names)
                      --------------------------------------------------------
                        CHILDREN - EQUALLY

All previous beneficiary designations made by me in my Plan Agreement are
revoked and any benefits due to be paid by the Employer shall be paid to the
above designated beneficiary(ies) in accordance with the terms of the Plan and
my Plan Agreement as though the above designated beneficiary(ies) have been
originally named in my Plan Agreement.

I acknowledge that this beneficiary designation will not be effective unless
received by the Employer while I am living and acknowledged in writing by the
Employer in the space provided below.

     Signed and sealed this   29th  day of  April  1996

                                           PARTICIPANT:

                                             /s/ Paul A. Miller
                                           ------------------------------
                                                    (Signature)

Beneficiary designated herein acknowledged
this      day of            19    .
     ----        ----------   ----

By:
   -------------------------------
         Plan Administrator

                                       1
<PAGE>   21
                  SAMPLE ERISA DEPARTMENT OF LABOR STATEMENT*

TO: The Secretary of Labor:

     In order to comply with the requirements of the alternative reporting and
     disclosure method under ERISA, Title 1, Part 1, as provided for an unfunded
     deferred compensation plan for a select group of management or highly
     compensated employees in D.O.L. Reg. 2520.104,23, the following information
     is provided by the undersigned Plan Administrator:

(1)  The name of the Employer is: Lawrence Savings Bank
                                  ---------------------

(2)  The mailing address of the Employer is:  P.O. Box 988, Lawrence, MA 01842

(3)  The Employer's Federal Identification Number (FIN) is:  04-1528790

(4)  The number of plans and the number of participants in each plan is:

     One plan covering  one  Employees.
                       -----

     The above named Employer maintains (this) plan primarily for the purpose of
     providing deferred compensation in the form of salary continuation benefits
     to a select group of management or highly compensated employees. The
     Employer will provide a copy of the agreement to the Secretary of Labor
     upon request.

                                             LAWRENCE SAVINGS BANK
                                             ---------------------
                                               (Name of Employer)

                                             By:
                                                ------------------------------
                                                      Plan Administrator

Dated:
      -----------------------------

*NOTE:   This statement must be filed within 120 days after the plan is adopted
         (D.O.L. Reg 2520.104.23(b)(2)). If the employer fails to comply with
         this requirement, the plan must distribute and file a Summary Plan
         Description and meet other applicable reporting and disclosure
         requirements. This Statement should be mailed to: Office of Employee
         Benefits Security, Labor Management Services Administration, U.S.
         Department of Labor, Washington, D.C. 20216.

                                       1
<PAGE>   22
                             SAMPLE VOTES OF BOARD

1.   Voted: That the Lawrence Savings Bank's Supplemental Executive Retirement
     Plan in the form attached hereto and made a part of hereof is hereby
     adopted effective                     and the                  of the
     Employer is authorized and directed to take such action as may be necessary
     or desirable to effectuate this vote.

2.   Voted: That                     is hereby designated as Plan Administrator.

3.   Voted: That        shall be entitled to Participate in the Employer's
     Supplemental Executive Retirement Plan and that benefits for such Employee
     shall be as provided in the Supplemental Executive Retirement Plan
     Agreement and copy of which is attached hereto and made a part hereof.

                                       1

<PAGE>   23
                             LAWRENCE SAVINGS BANK

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                         APPLICATION FOR PLAN BENEFITS

TO: Plan Administrator:

The undersigned hereby makes application for payment of benefits for
____________________ a Participant under the Plan. The Participant terminated
employment as a result of:

                    __________________ Retirement

                    __________________ Total Disability

                    __________________ Death

Subject to approval of the Board, the claimant requests distribution of the
Participant's benefit in the manner provided in the Plan Agreement.

                                                   _____________________________
                                                             Claimant*

*In the Event the Participant is deceased, the Claimant shall be the
Participant's Beneficiary, and in all other cases, the Claimant is the
Participant.

                           NOTICE OF ACTION ON CLAIM

The Board received the above application for payment of benefits on behalf of
the Participant on ____________________, 19___.

The following number(s) which are checked explain the disposition of the
application.

___ 1. The Board approved the following method of
       distribution of the Participant's Benefit:

_________________________________________________

_________________________________________________

                                       1
<PAGE>   24

___ 2. The claim has been denied in full or in part
       for the following reason(s):

_________________________________________________

_________________________________________________

___ 3. Additional material or information necessary
       for the Claimant to perfect the claim and the
       reason why such material or information is
       necessary as follows:

_________________________________________________

_________________________________________________

_________________________________________________

                                                   _____________________________
                                                         Plan Administrator

                                       2

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