Document:

EXHIBIT 4.1

 

MBT FINANCIAL CORP.

EMPLOYEE STOCK PURCHASE PLAN

 

 

This document constitutes part of a
prospectus covering securities that have been registered under the Securities Act of 1933.

 

Article I

Purpose

 

1.1The purpose of the Plan is to provide
an opportunity for Employees of MBT Financial Corp. and its subsidiaries to purchase Common Stock of the Corporation through the
ease of payroll deduction and thereby to have an additional incentive to contribute to the prosperity of the Corporation. The Plan
is not intended to be an "Employee Stock Purchase Plan" under Section 423 of the Internal Revenue Code of 1986, as amended.

 

Article II

Definitions 

 

2.1             
“Board” shall mean the Board of Directors of the Corporation.

 

2.2             
“Committee” shall mean the employee benefits Administrative Committee.

 

2.3             
“Common Stock” shall mean the Common Stock of the Corporation.

 

2.4             
“Compensation” shall mean an Employee's regular salary or wages paid by the Participating Employer for a payroll
period, including bonus payments, overtime and commissions. Compensation does not include wage or salary substitution payments
during approved paid leaves of absence, expense reimbursement, relocation allowances, long-term disability payments, tuition reimbursement,
adoption assistance benefits, earnings related to stock options or other equity incentives and post-employment payments that may
be computed from eligible compensation, such as severance benefits, salary continuation after termination of service, redundancy
pay or termination indemnities.

 

2.5             
“Corporation” shall mean MBT Financial Corp., a Michigan corporation, (or any successor corporation).

 

2.6             
“Custodian” shall mean that entity appointed by the Committee to perform the record keeping and share purchase
and sale function.

 

2.7             
“Effective Date” shall mean May 1, 2003.

 

2.8             
“Employee” shall mean an individual who (a) is classified as a regular full or part time employee by the Corporation
or a Related Corporation on their payroll records during the relevant participation period, (b) who is eligible to participate
in the employee benefit plans maintained by the Corporation or Participating Employer, and (c) who is not classified as an “insider”
for purposes of SEC reporting. No other individual will be considered as an Employee, including any temporary employee, independent
contractor, non-employee consultant, an employee of any entity other than the Corporation or a subsidiary, even if such classification
is determined to be erroneous, or is retroactively revised by a governmental agency, by court order or as a result of litigation,
or otherwise. In the event the classification of a person who was excluded from the definition of Employee under the preceding
sentence is determined to be erroneous or is retroactively revised, the person shall nonetheless continue to be excluded from treatment
as an Employee for all periods prior to the date the Employer specifically determines, for the purpose of eligibility in the Plan,
that its classification of the person should be revised.

 

 

Exhibit 4.1

Page 1

    	 

    	 

    
 

 

2.9             
“Fair Market Value” shall mean on any date the sales price, in U.S. Dollars, of the Common Stock on the NASDAQ
as of the time of any actual purchase of said stock. In lieu of the forgoing, the Committee may in good faith determine the Fair
Market Value on any other reasonable basis. Such determination shall be conclusive and binding on all persons.

 

2.10         
“Participant” shall mean a participant in the Plan as described in Article 4 of the Plan.

 

2.11         
“Participating Employer” shall mean the Corporation, a subsidiary or a business unit of the Corporation.

 

2.12         
“Payroll Period” shall mean the two week period upon which pay is determined.

 

2.13         
“Plan” shall mean the MBT Financial Corp. Employee Stock Purchase Plan.

 

2.14         
“Purchase Date” shall mean no later than the first business day following the end of the Payroll Period.

 

2.15         
 “Service” shall mean continuous regular employment with the Corporation or a subsidiary.

 

2.16         
“Shareholder” shall mean a record holder of shares entitled to vote shares of Common Stock under the Corporation's
by-laws.

 

Article III

Eligibility

 

3.1An Employee employed by the Corporation
or a Participating Employer who is 18 years of age or older (and is not classified as an “insider” for SEC purposes)
shall be eligible to participate in the Plan beginning with the first payroll period falling on or after the first day of the quarter
following 3 months of employment.

 

Article IV

Participation

 

4.1An Employee who is eligible to participate
in the Plan in accordance with the provisions of Article 3 may become a Participant by filing a completed payroll deduction authorization
and Plan enrollment form provided by the Corporation. Participation in the Plan will become effective as soon as is administratively
feasible after receipt by the Corporation or Custodian of the completed forms. An eligible Employee may authorize payroll deductions
at the rate of any whole dollar amount, which may not be less than $25.00 per Payroll Period. Contributions will be made by payroll
deductions only, unless prohibited by local law, in which case contributions will be made by any method determined by the Committee
to be permissible and administratively feasible. All contributions will be held by the Custodian and credited to individual participant
accounts. No interest shall be paid or credited to the Participant with respect to such contributions, except where required by
local law as determined by the Committee. A separate bookkeeping account for each Participant will be maintained by the Corporation
or Custodian under the Plan and the amount of each Participant's contributions shall be credited to such account. A Participant
may not make any additional payments into such account. A Participant may not make payroll deductions or any other contributions
for periods after his or her termination of Service even if he or she is then being paid salary continuation or severance benefits.

 

 

Exhibit 4.1

Page 2

    	 

    	 

    
 

 

4.2.Each Participating Employer will
be responsible for making payroll deductions pursuant to the Plan (unless prohibited by local law), causing these payroll deductions
(or other form of contributions) to be sent to the Corporation and sending the contribution detail (by Participant) to the Custodian.

 

4.3.Under procedures established by
the Committee, a Participant may suspend or discontinue participation in the Plan at any time by completing and filing with the
Corporation or Custodian the appropriate forms provided by the Corporation or by following electronic or other procedures prescribed
by the Committee. A Participant who has suspended or discontinued his/her participation shall not be allowed to resume participation
until the first Payroll period of the next calendar quarter. A Participant may resume, increase or decrease his or her rate of
contribution by completing and filing with the Corporation or Custodian the appropriate forms provided by the Corporation or by
following electronic or other procedures prescribed by the Committee. A Participant's election to suspend or discontinue participation
or to resume, increase or decrease contributions will become effective as soon as is administratively feasible after receipt by
the Corporation or Custodian of the completed forms. If a new election regarding the Participant's contributions is not filed with
the Corporation or Custodian, the rate of contribution shall continue at the originally elected rate unless the Corporation determines
to change the permissible rate.

 

4.4If a Participant suspends or discontinues
participation, his or her accumulated contributions will remain in the Plan for purchase of shares as specified in Article V on
the following Purchase Date, but the Participant will not again participate until he or she completes a new payroll deduction authorization
(or other contribution authorization as is in effect) and Plan enrollment form. The Committee may establish rules limiting the
frequency with which Participants may suspend and resume contributions under the Plan and may impose a waiting period on Participants
wishing to resume suspended contributions, such waiting period shall be no less than that provided in paragraph 4.3 above.

 

 

Exhibit 4.1

Page 3

    	 

    	 

    
 

 

Article V

Purchase of Stock

 

5.1On the Purchase Date, a Participant's
contribution and any funds in the Participant’s account shall be utilized for the purchase of that number of full shares
of Common Stock which the funds credited to the Participant's account at that time shall purchase at the applicable Fair Market
Value after pro rata deduction of costs of purchase, if any.

 

5.2To the extent practicable, all of
the Participant's contribution, along with any dividends or other cash accumulated in the Participant’s account, will be
applied to the purchase of full shares of Common Stock on the Purchase Date.  Any portion of the contribution remaining after
purchasing the largest number of full shares of Common Stock which can be purchased with the Participant’s contribution on
that Purchase Date will be held in cash and carried over to be applied to purchase shares for the Participant’s account on
the next Purchase Date.

 

Article VI

Payment and Delivery

 

6.1Upon the purchase of Common Stock
on behalf of the Participant, shares will be credited to an account held by the Custodian for the Participant. At any time after
the purchased shares are credited to the Participant's account, the Participant may elect to direct the Custodian to sell all or
some of the shares credited to the Participant's account, in which case any applicable transaction fees will be charged. If a Participant
elects to sell all or some of the shares credited to his/her account, the cash generated by said sale shall be paid over to the
Participant, without interest, at the Participant’s direction.

 

6.2If a Participant elects to direct
the Custodian to sell all or some of his/her shares, the sales price for the shares will be the price obtained by the Custodian
when it sells the shares after deduction of costs of sale, if any.

 

6.3The Custodian shall retain the amount
of Employee contributions used to purchase Common Stock as full payment for the Common Stock and the Common Stock shall then be
fully paid and non-assessable.

 

6.4A Participant shall have all voting,
dividend, and other stockholder rights with respect to shares purchased and held in his/her account in the Plan. Participants will
receive a statement reflecting the status of their Plan account on a quarterly or other periodic basis.

 

Article VII

Termination of Employment

 

7.1No purchases will be made on behalf
of a Participant if the Participant terminated his/her employment with the Corporation or its subsidiary before the Purchase Date
for the Payroll Period. A refund of payroll deductions and/or other sums held in cash (without interest unless legally prohibited)
will be made to a Participant by reason of the Participant's termination of employment during said Payroll Period.

 

 

Exhibit 4.1

Page 4

    	 

    	 

    
 

 

7.2In the event any Participant terminates
employment with the Corporation or its subsidiaries for any reason (including death or retirement), (a) the Participant's participation
in the Plan shall terminate and (b) all accumulated payroll deductions and/or other sums held in cash shall be paid without interest
(except where required by local law) to the Participant or the Participant's estate.

 

7.3After termination of employment
the Participant shall have a period of 60 days in which to direct the Custodian as to the disposition of the Participant’s
shares and/or account. The Participant may direct the Custodian to (a) sell all or some of the shares credited to his/her account,
in which any applicable transaction fees will be charged, (b) receive a stock certificate, evidencing all or some of the number
of shares of stock credited to his/her account and/or (c) electronically transfer all or some of the shares credited to his/her
account to a broker designated by the Participant. To the extent that a Participant does not give written direction to the Custodian
within the 60 day period after termination of employment, or does not give such direction as to all the shares, the Custodian shall
deliver out to the Participant all remaining shares in the form of a certificate to the last known address on record with such
Custodian. Any remaining funds in the account will be paid to the Participant in cash.

 

7.4Whether a termination of employment
has occurred shall be determined by the Committee. The Committee may also establish rules regarding when leaves of absence or change
of employment status (e.g., from full time to part time) will be considered a termination of employment, and the Committee may
establish termination of employment procedures for this Plan which are independent of similar rules established under other benefit
plans of the Corporation and its Related Corporations.

 

Article VIII

Withholding

 

8.1If a Participant is subject to withholding
taxes as a result of his/her participation in the Plan, then the Committee shall establish appropriate procedures, which may include,
but are not limited to, withholding required amounts from the Participant's regular salary or wages.

 

Article IX

Amendment
or Termination of the Plan

 

9.1The Corporation may, in its sole
discretion, insofar as permitted by law, terminate or suspend the Plan, or revise or amend it in any respect whatsoever, except
that, without approval of the Participant, no such revision or amendment shall adversely affect any outstanding Participant account
held under the Plan.

 

Article X

Administration

 

10.1The Committee will have the authority
and responsibility for the day-to-day administration of the Plan, the authority and responsibility specifically provided in this
Plan and any additional duties, responsibility and authority delegated to the Committee by the Board or any duly authorized officer
of the Corporation, which may include any of the functions assigned to the Board or any officer in this Plan. The Committee shall
have full power and authority to promulgate any rules and regulations which it deems necessary for the proper administration of
the Plan, to interpret the provisions and supervise the administration of the Plan, to take all action in connection with administration
of the Plan as it deems necessary or advisable, consistent with the delegation from the Board, and to delegate to any one or more
of its members or a third party any of its powers or responsibilities. Decisions of the Board, any duly authorized officer and
the Committee shall be final and binding upon all Participants. Any decision reduced to writing and signed by a majority of the
members of the Committee shall be fully effective as if it had been made at a meeting of the Committee duly held. No Board member,
or Committee member or any other employee shall be liable for any action or determination made in good faith with respect to the
Plan.

 

 

Exhibit 4.1

Page 5

    	 

    	 

    
 

 

10.2The Committee may prescribe rules,
regulations, requirements and fees related to the delivery, retention, transfer or administration of shares acquired pursuant to
the Plan, including, but not limited to: (1) establishing a requirement that share certificates be maintained with a financial
institution designated by the Corporation or the Committee; (2) establishing rules and procedures relating to the termination of
employment (e.g., including long-term disability, military duty, approved unpaid leaves of absence, layoffs and reductions in force);
(3) establishing procedures and fees for the sale of shares in a Participant's account; (4) establishing procedures and fees for
the transfer of shares in a Participant's account; and (5) establishing rules, procedures and fees for the delivery of share certificates
for the shares in a Participant's account.

 

Article XI

Governmental
Regulations

 

11.1This Plan and the Corporation's
obligation to sell and deliver shares of its stock under the Plan shall be subject to the approval of any governmental authority
required in connection with the Plan or the sale or delivery of stock hereunder.

 

Article XII

No Enlargement of Employee Rights

 

12.1Nothing contained in this Plan
shall be deemed or interpreted to give any Employee the right to be retained in the employment of the Corporation or any subsidiary,
or to interfere with the right of the Corporation or any subsidiary to discharge any Employee at any time.

 

12.2This Plan is entirely discretionary
in nature, and any benefit derived from it does not give rise to any contractual entitlement and neither the right to participate
in this Plan nor any term hereof shall be included for purposes of calculating severance, resignation, redundancy or similar pay,
if any.

 

Article XIII

Governing
Law

 

13.1This Plan shall be governed by
the laws of the State of Michigan.

 

 

 

Approved by the Board of Directors of MBT
Financial Corp. on May 22, 2003.

 

Amended by the Board of Directors of MBT
Financial Corp. on November 15, 2012.

 

 

 

Exhibit 4.1

Page 6Exhibit 10.3

AMENDED POST - 2004

PEOPLES BANK, A STATE SAVINGS BANK

UNQUALIFIED DEFERRED COMPENSATION PLAN

(Approved May 28, 2010)

 

ARTICLE I

 

NATURE AND PURPOSE OF PLAN

 

Section 1.1. Type of Plan. The Peoples Bank, a State Savings
Bank (the “Bank”), Unqualified Deferred Compensation Plan (“Plan”) is established by the Bank as an unfunded,
non-qualified deferred-compensation plan for a select group of the Bank’s management and highly-compensated employees. It
is the intent of all parties that the Plan meets the requirements of Section 409A of the Internal Revenue Code and the regulations
thereunder.

 

Section 1.2. Purpose of Plan. The purpose of the Plan is to
provide a means for the payment of deferred compensation to a select group of key senior management employees of the Bank, in recognition
of their substantial contributions to the operation of the Bank, and to provide those individuals with additional financial security
as an inducement to them to remain in employment with the Bank.

 

ARTICLE II

 

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section 2.1. Definitions. As used in the Plan, the following
words and phrases, when capitalized, have the following meanings except when used in a context that plainly requires a different
meaning:

 

(a) “Account” means, with respect to a Participant,
the bookkeeping account that serves as a record of the contributions and interest credited to the Participant under the terms of
this Plan.

(b) “Bank” means Peoples Bank, A State Savings Bank.

(c) “Beneficiary” means, with respect to a Participant,
the person or persons designated pursuant to the Section 6.2 to receive benefits under the Plan in the event of the Participant’s
death.

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

(e) “Code” means the Internal Revenue Code of 1986,
as amended from time to time, and interpretive rules and regulations.

(f) “Committee” means the Committee appointed by
the Bank to administer the Plan.

(g) “Effective Date” means the date the Plan is
approved by the Board of Directors.

(h) “Eligible Employee” means a key management Employee
who has the opportunity to impact significantly the annual operating success of the Bank.

(i) “Employee” means any person employed by the
Bank on a full-time salaried basis, including officers of the Bank.

(j) “Participant” means an Eligible Employee who
becomes a participant in the Plan pursuant to Section 3.1.

(k) “Plan” means the Peoples Bank, A State Savings
Bank Unqualified Deferred Compensation Plan, as amended from time to time.

(l) “Plan Year” means a calendar year commencing
on or after January 1, 1994.

 

    	 

    	 

    

 

(m) “Qualified Plan” means the Peoples Bank, A State
Savings Bank Profit Sharing Plan and Trust and the Peoples Bank, A State Savings Bank Employee Stock Ownership Plan.

(n) “Termination of Employment” means a separation
of services as defined under Section 409A of the Internal Revenue Code and the regulations thereunder.

 

Section 2.2. Rules of Construction. The following rules of construction
shall govern in interpreting the Plan:

 

(a) The provisions of this Plan shall be construed and governed
in all respects under and by the internal laws of the State of Indiana, to the extent not preempted by federal law.

(b) Words used in the masculine gender shall be construed to
include the feminine gender, where appropriate, and vice versa.

(c) Words used in the singular shall be construed to include
the plural, where appropriate, and vice versa.

(d) The headings and subheadings in the Plan are inserted for
convenience of reference only and are not to be considered in the construction of any provision of the Plan.

(e) If any provision of the Plan shall be held to be illegal
or invalid for any reason, that provision shall be deemed to be null and void, but the invalidation of that provision shall not
otherwise impair or affect the Plan.

 

ARTICLE III

 

ELIGIBILITY AND PARTICIPATION

 

Section 3.1. Eligibility. Only Eligible Employees selected by
the Committee to participate in the Plan shall become Participants.

 

Section 3.2. Date of Participation. An Eligible Employee shall
become a Participant on the date specified by the Committee.

 

Section 3.3. Cessation of Participation. Any Participant who
ceases to be an Eligible Employee, but continues to be an Employee, shall cease to be eligible to be credited with contributions
determined under Article V but shall continue to have an Account and to be credited with interest on his Account as provided in
Section 5.2 until that Account is fully distributed.

 

ARTICLE IV

 

PARTICIPANTS’ ACCOUNTS

 

Section 4.1. Establishment of Accounts. The Committee shall
create and maintain adequate records to disclose the interest in the Plan of each Participant and Beneficiary. Records shall be
in the form of individual bookkeeping accounts, which shall be credited with the contributions and interest determined pursuant
to Article V. Each Participant shall have a separate Account. The Participant’s interest in his Account shall be fully vested
at all times.

 

Section 4.2. Accounts Unfunded. Accounts shall be accounting
accruals, in the names of Participants, on the Bank’s books. Accounts shall be unfunded, so that the Bank’s obligation
to pay benefits under the Plan is merely a contractual duty to make payments when due under the Plan. The Bank’s promise
to pay benefits under the Plan shall not be secured in any way, and the Bank shall not set aside or segregate assets for the purpose
of paying contributions and interest credited to Participants’ Accounts.

 

    	 

    	 

    

 

Section 4.3. Valuation of Accounts. The value of a Participant’s
Account as of any date shall equal the contributions credited to the Account pursuant to Section 5.1, increased by interest earnings
deemed to be credited to the Account in accordance with Section 5.2.

 

Section 4.4. Annual Report. Within 120 days following the end
of each Plan Year, the Committee shall provide to each Participant a written statement of the amount standing to his credit in
his Account as of the end of that Plan Year.

 

ARTICLE V

 

CONTRIBUTIONS AND INTEREST

 

Section 5.1. Basic Contributions. For each Plan Year, there
shall be credited to the Account of each Participant an amount that is reasonably calculated to equal the amount by which:

 

(a) the Participant’s employer-funded contributions under
all Qualified Plans for the Plan Year determined without application of the limitations imposed by Code subsection 401(a)(17) or
Code section 415, exceeds

(b) the amount of the Participant’s employer-funded contributions
under all Qualified Plans for the Plan Year determined after application of the limitations imposed by Code subsection 401(a)(17)
and Code section 415.

 

Section 5.2. Interest on Accounts. Amounts credited to a Participant’s
Account during each Plan Year shall earn interest at a rate which is the lower of either (i) the interest rate paid on the Bank’s
regular six-month certificate of deposit, plus 2%, or (ii) 120% of the applicable federal long-term rate in effect during the month
in which the Committee determines the appropriate interest rate for the applicable Plan. The interest rate will be reset on the
first business day of each month.

 

ARTICLE VI

 

BENEFITS

 

Section 6.1. Termination of Employment. If the Participant incurs
a Termination of Employment, the Participant’s Account shall be distributed to the Participant (or, in the event of his death,
to his Beneficiary) in monthly installments for 60 months within 90 days after termination of employment. However, a “specified
employee” as that term is defined under Section 409A of the Internal Revenue Code and the regulations thereunder, may not
receive any benefit payments within six months of separation from service unless the employee dies in the interim. The company
has complete discretion as to how the six-month delay will be handled. The determination of “specified employees” shall
take affect on the April 1st immediately following each calendar year determination period.

 

Section 6.2. Designation of Beneficiary. A Participant’s
Beneficiary shall be the person or persons, including a trustee, designated by the Participant in writing pursuant to the practices
of, or rules prescribed by, the Committee, as the recipient of any benefits payable under the Plan following the Participant’s
death. To be effective, a Beneficiary designation must be filed with the Committee during the Participant’s life on a form
prescribed by the Committee. If no person has been designated as the Participant’s Beneficiary or if no person designated
as Beneficiary survives the Participant, the Participant’s estate shall be his Beneficiary.

 

    	 

    	 

    

 

ARTICLE VII

 

ADMINISTRATION

 

Section 7.1. Administrator. The Committee shall be the Administrator
of the Plan. All decisions of the Committee shall be by a vote of a majority of its members and shall be final and binding.

 

Section 7.2. Powers and Duties of the Committee. Subject to
the specific limitations stated in this Plan, the Committee shall have the following powers, duties, and responsibilities:

 

(a)To carry out the general administration of the Plan;

(b)To cause to be prepared all forms necessary or appropriate
for the administration of the Plan;

(c)To keep appropriate books and records;

(d)To determine amounts to be distributed to Participants and
Beneficiaries under the provisions of the Plan;

(e)To determine the appropriate interest rate credited under
the Plan with respect to each Plan Year;

(f)To determine, consistent with the provisions of this instrument
all questions of eligibility, rights, and status of Participants and Beneficiaries under the Plan;

(g)To issue, amend, and rescind rules relating to the administration
of the Plan, to the extent those rules are consistent with the provisions of this instrument;

(h)To exercise all other powers and duties specifically conferred
upon the Committee elsewhere in this instrument; and

(i)To interpret, with discretionary authority, the provisions
of this Plan and to resolve, with discretionary authority, all disputed questions of Plan interpretation and benefit eligibility.

 

ARTICLE VIII

 

AMENDMENT AND TERMINATION

 

Section 8.1. Amendment. The Bank reserves the right to amend
the Plan at any time by action of the Board of Directors, with written notice given to each Participant in the Plan. The Bank,
however, may not make any amendment that reduces a Participant’s benefits accrued as of the date of the amendment unless
the Participant consents in writing the amendment.

 

Section 8.2. Termination. The Bank reserves the right to terminate
the Plan, by action of the Board of Directors, at any time, it deems appropriate. Upon termination of the Plan, no further contribution
shall be made to the Plan. In no event will benefits be paid as a result of the termination of the plan unless permitted under
Section 409A of the Internal Revenue Code and the regulations thereunder.

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1. Relationship. Notwithstanding any other provision
of this Plan, the Plan and action taken pursuant to it shall not be deemed or construed to establish a trust or fiduciary relationship
of any kind between or among the Bank, Participants, Beneficiaries or any other persons. The Plan is intended to be unfunded for
purposes of the Code and the Employee Retirement Income Security Act of 1974, as amended. The rights of Participants and Beneficiaries
to receive payment of benefits under the Plan is strictly a contractual right of payment, and this Plan does not grant, nor shall
it be deemed to grant Participants, Beneficiaries, or any other person any interest or right to any of the funds, property, or
assets of the Bank other than as an unsecured general creditor of the Bank.

 

    	 

    	 

    

 

Section 9.2. Other Benefits and Plans. Nothing in this Plan
shall be deemed to prevent Participants from receiving, in addition to the benefits provided for under this Plan, any funds that
may be distributable to them at any time under any other present or future retirement or incentive plan maintained by the Bank.

 

Section 9.3. Anticipation of Benefits. Neither Participants
nor Beneficiaries shall have the power to transfer, assign, anticipate, pledge, alienate, or otherwise encumber in advance any
of the payments that may become due under this Plan, and any attempt to do so shall be void. Any payments that may become due under
this Plan shall not be subject to attachment, garnishment, execution, or be transferable by operation of law in the event of bankruptcy,
insolvency, or otherwise.

 

Section 9.4. No Guarantee of Continued Employment. Nothing contained
in this Plan or any action taken under the Plan shall be construed as a contract of employment or as giving any participant any
right to be retained in employment with the Bank. The Bank specifically reserves the right to terminate any Participant’s
employment at any time with or without cause, and with or without notice or assigning a reason, subject to the terms of any written
employment agreement between the Participant and the Bank.

 

Section 9.5. Waiver of Breach. The Bank’s or the Committee’s
waiver of any Plan provision shall not operate or be construed as a waiver of any subsequent breach by the Participant.

 

Section 9.6. Benefit. This Plan shall be binding upon and inure
to the benefit of the Employer and its successors and assigns.

 

Section 9.7. Responsibility for Legal Affect. Neither the Committee
nor the Bank makes any recommendations or warranties, express or implied, assumes any responsibility concerning the legal context,
or other implications or affects of this Plan.

 

Section 9.8. Tax Withholding. The Bank shall withhold from any
payment made under the Plan such amount or amounts as may be required by applicable federal, state, or local laws.

 

Peoples Bank, a State Savings Bank, has caused this Plan to
be executed by its duly authorized officers as of the 28th day of May 2010.

 

PEOPLES BANK, A STATE SAVINGS BANK

 

	 	By:	 	 
	 	 	 	 
	 	Office:	 	 

 

	ATTEST:	 
	 	 	 
	By:	 	 
	 	 	 
	Office:

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