Document:

Amended Director Elective Income Deferral Agreement

 EXHIBIT 10.09 
 CAPE FEAR BANK 
 DIRECTOR
ELECTIVE INCOME DEFERRAL AGREEMENT 
 This DIRECTOR
ELECTIVE INCOME DEFERRAL AGREEMENT (this “Agreement”) is entered into as of this 22nd day of November, 2006, by and among Cape Fear Bank, formerly known
as Bank of Wilmington, a bank chartered under North Carolina law (the “Bank”), and J. Davie Waggett, a non-employee director of the Bank (the “Director”). 
 WHEREAS, to encourage the Director to remain a member of the Bank’s board of directors, the Bank is providing a
deferred compensation opportunity to the Director, with benefits payable from the Bank’s general assets, 
 WHEREAS, the Bank and each of its non-employee directors entered into a Director Elective Income Deferral Agreement dated as of December 16, 2004 allowing elective deferral of the director’s
compensation, and 
 WHEREAS, the Bank desires to amend the December 16, 2004 Director Elective
Income Deferral Agreement to ensure that the agreement complies in form and in operation with Internal Revenue Code section 409A. 
 NOW THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Director and the Bank hereby
agree as follows. 
 ARTICLE 1 
 DEFINITIONS 
 Whenever used in this Agreement, the following words and phrases shall
have the meanings specified. 
 1.1 “Beneficiary” means each designated person, or the estate of the deceased
Director, entitled to benefits, if any, at the Director’s death, determined according to Article 5. 
 1.2 “Beneficiary
Designation Form” means the form established from time to time by the Plan Administrator that the Director completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 
 1.3 “Change in Control” shall mean a change in control as defined in Internal Revenue Code section 409A and rules, regulations,
and guidance of general application thereunder issued by the Department of the Treasury, including – 
 (a) Change in
ownership: a change in ownership of Cape Fear Bank Corporation, formerly known as Bank of Wilmington Corporation, a North Carolina corporation of which the Bank is a wholly owned subsidiary, occurs on the date any one person or group accumulates
ownership of Cape Fear Bank Corporation’s stock constituting more than 50% of the total fair market value or total voting power of Cape Fear Bank Corporation’s stock, 

 (b) Change in effective control: (x) any one person or more than one
person acting as a group acquires within a 12-month period ownership of stock of Cape Fear Bank Corporation possessing 35% or more of the total voting power of Cape Fear Bank Corporation’s stock, or (y) a majority of Cape Fear Bank
Corporation’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of Cape Fear Bank Corporation’s board of directors, or 
 (c) Change in ownership of a substantial portion of assets: a change in the ownership of a substantial portion of Cape Fear Bank
Corporation’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires assets from Cape Fear Bank Corporation having a total gross fair market value equal to or exceeding 40% of the total gross
fair market value of all of the assets of Cape Fear Bank Corporation immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of Cape Fear Bank Corporation’s assets, or the value of the
assets being disposed of, determined without regard to any liabilities associated with the assets. 
 1.4 “Code”
means the Internal Revenue Code of 1986, as amended. 
 1.5 “Compensation” means the total director’s cash
compensation payable to the Director during a Plan Year. 
 1.6 “Deferral Account” means the Bank’s accounting
of the Director’s accumulated Deferrals, plus accrued interest. 
 1.7 “Deferrals” means the amount of the
Director’s Compensation that the Director elects to defer according to this Agreement. 
 1.8 “Disability”
means, in the judgment of the Plan Administrator, that the Director is unable to engage in any substantial gainful activity because of a medically determinable physical or mental impairment that can be expected to result in death or that can be
expected to last for a continuous period of at least 12 months, or is, because of a medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering directors of the Bank. At the Bank’s request, the Director must submit to the Bank proof of the
carrier’s determination. 
 1.9 “Effective Date” means January 1, 2005 if the Director has a Deferral
Account balance as of the date this Agreement is entered into, or the date this Agreement is entered into if the Director does not have a Deferral Account balance on that date. 
  

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 1.10 “Election Form” means the form attached as Exhibit 1. 
 1.11 “Normal Retirement Age” means the Director’s 65th birthday. 
 1.12 “Plan
Administrator” means the plan administrator described in Article 7. 
 1.13 “Plan Year” means the calendar
year. 
 1.14 “Separation from Service” means the Director’s service as a director, executive, or independent
contractor to the Bank and any member of a controlled group, as defined in Code section 414, terminates for any reason, other than because of a leave of absence approved by the Bank and other than because of the Director’s death. For purposes
of this Agreement, if there is a dispute about the Director’s status or the date of the Director’s Separation from Service, the Bank shall have the sole and absolute right to decide the dispute unless a Change in Control shall have
occurred. 
 1.15 “Termination for Cause” means the Bank’s board of directors or a duly authorized committee of
the board of directors determines at any time that the Director will not be nominated by the board or committee for reelection as a Director after the expiration of his current term, or the Director is removed as a director of the Bank, in either
case because of the Director’s – 
 (a) gross negligence or gross neglect of duties, 
 (b) commission of a felony or commission of a misdemeanor involving moral turpitude, 
 (c) fraud, disloyalty, or willful violation of any law or significant Bank policy, or 
 (d) removal from service or permanent prohibition from participation in the Bank’s affairs by an order issued under section 8(e)(4)
or (g)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1818(e)(4) or (g)(1)]. 
 1.16 “Unforeseeable Emergency”
means a severe financial hardship to the Director resulting from illness or accident of the Director, the Director’s spouse, or a dependent of the Director, loss of the Director’s property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the Director’s control, as determined by the Plan Administrator. 
  

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 ARTICLE 2 
 ELECTION TO DEFER COMPENSATION 
 2.1 Election to Defer Compensation. (a) Amount and duration of deferrals. The Director shall make a deferral election under this Agreement by filing with the Bank a signed Election Form within 30
days after the Effective Date of this Agreement. The Election Form shall state the percentage or dollar amount of Compensation to be deferred. The Election Form also shall state the period for which the Director desires to defer Compensation, which
may be (w) for one year only, or (x) until Normal Retirement Age (or Separation from Service, if earlier), or (y) until Separation from Service, or (z) until a specified date (or Separation from
Service, if earlier). If the Director fails to state the amount or percentage of Compensation to be deferred, the Director will be deemed to have elected not to defer any Compensation for the applicable Plan Year. If the Director fails to specify
the duration of deferrals, the Director shall be deemed to have elected to defer Compensation for one year only. 
 (b) Changes in the
amount or duration of deferrals. With the Bank’s approval, the Director may change the amount of Compensation to be deferred and the duration of deferrals by filing a new Election Form with the Bank before the beginning of the Plan Year for
which the Compensation is to be deferred. The changed deferral election shall not be effective until the Plan Year after the year in which the new Election Form is received and approved by the Bank, but a Director may immediately reduce the amount
of Compensation deferred if an Unforeseeable Emergency occurs. 
 2.2 Election of Form of Payment. The Director shall also specify on
the Election Form whether payment of the Deferral Account shall be a single lump sum or installments. If installment payments are elected, the Deferral Account balance shall be paid to the Director in 120 equal monthly installments. Failure to
specify on the Election Form a form of payment shall constitute an election for a single lump-sum payment. 
 2.3 Election of Payment
Date. Finally, the Director shall specify a choice on the Election Form for the date when payment of benefits under Article 3 shall be made or shall commence, which shall be (x) the first day of a month and year specified by the
Director, or (y) the first day of the month immediately after the month in which the Director attains Normal Retirement Age, or (z) the first day of the month immediately after the month in which Separation from Service
occurs. Failure to specify a choice on the Election Form when payment of benefits shall be made or shall commence shall constitute an election for payment of benefits to be made or to commence on the first day of the month after the month in which
Separation from Service occurs. If a Director elects a payment date that is earlier than the date when Compensation deferrals shall cease according to the Director’s election under section 2.1, the Director’s deferrals shall cease in the
month immediately preceding the payment date elected under this section 2.3. 
 2.4 Change in Election of Time or Form of Payment.
With the Bank’s approval, the Director may change the form of payment under section 2.2 or delay the date of payment under section 2.3 by filing a new Election Form with the Bank. An election to change the form of payment under section 2.2 or
an election to delay the date of payment under section 2.3 shall not 
  

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 take effect until at least 12 months elapse after the date the new Election Form is received by the Bank. If the Director
changes his or her election under section 2.2 or section 2.3 in reliance on this section 2.4, the installment benefit payments or the lump-sum benefit payment shall be deferred for at least five years beyond the date when the benefit payment or
payments would have been made to the Director had the Director not changed the election in reliance on this section 2.4. A Director may not elect to accelerate the date of payment elected under section 2.3. A Director may not change the form of
payment under section 2.2 or delay the date of payment under section 2.3 if 12 or fewer months remain before the payment date elected by the Director under section 2.3. 
 ARTICLE 3 
 BENEFITS DURING LIFETIME

 3.1 Payment of Benefits. Unless distributions occur (x) under section 3.2 for Separation from Service because of
Disability before Normal Retirement Age, (y) under section 3.3 after a Change in Control, or (z) under section 3.5 because of Termination for Cause, the Bank shall pay the Deferral Account balance to the Director under this
section 3.1 at the time and in the form elected by the Director on the Election Form. 
 3.2 Disability Benefit. If the
Director’s Separation from Service occurs because of Disability, beginning on the first day of the month after the month in which Separation from Service occurs the Bank shall pay the Deferral Account balance to the Director in the form elected
by the Director. 
 3.3 Change in Control. If a Change in Control occurs, the Director’s Deferral Account balance shall be paid
to the Director in a single lump sum within five days after the Change in Control. Substantial damages would be suffered by the Director if the Bank fails to perform according to this Agreement. If a Change in Control occurs but the Bank thereafter
fails to pay the Deferral Account balance to the Director within 30 days after the Change in Control, the benefit payable under this section 3.3 shall be increased by 50%. However, the benefit shall not be increased if nonpayment is the result of
prohibition of such payment by law, regulation, or order of a bank regulatory agency. This Agreement shall terminate automatically when payment of the Deferral Account to the Director occurs under this section 3.3. 
 3.4 Hardship Distribution. If the Director suffers an Unforeseeable Emergency and petitions for a hardship distribution, the Bank shall distribute
to the Director all or a portion of the Deferral Account balance as necessary to satisfy the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but solely to the extent the emergency is not relieved
through reimbursement or compensated for by insurance or liquidation of the Director’s assets (provided that liquidation of the Director’s assets would not itself cause a severe financial hardship). 
 3.5 Termination for Cause. Despite any contrary provision of this Agreement, the Bank shall not pay any benefit exceeding the Director’s
cumulative Deferrals if Separation from Service is due to the Director’s actions resulting in Termination for Cause. If Separation from 
  

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 Service is a Termination for Cause, the Director shall forfeit all interest previously credited and the Director’s
Deferrals shall be refunded to the Director in a single lump sum by the earlier of (x) 120 days after the Director’s Separation from Service or (y) the 15th day of the third month after the year in which the Director’s Separation from Service occurs, in either case without interest. 
 3.6 No Distribution Sooner Than Is Allowed Under Section 409A. A Director’s Deferral Account shall be distributed as provided in this
Article 3. Despite anything in this Agreement or in an Election Form to the contrary, however, no portion of the Director’s Deferral Account shall be distributed sooner than is allowed under Code section 409A. All references in this Agreement
to Code section 409A shall include applicable rules and regulations and other guidance of general applicability issued under section 409A. 
 3.7 Contradiction Between the Agreement and the Election Form. If there is a contradiction between this Agreement and the Election Form concerning the time or form of payment, the time and form of payment shall be determined by this
Agreement. 
 ARTICLE 4 
 DEFERRAL ACCOUNT 
 4.1 Establishing and Crediting. The Bank
shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts – 
 (a) Deferrals. The portion of the Compensation deferred by the Director on or after the Effective Date as of the time the Compensation would have otherwise been paid to the Director, and 
 (b) Interest. Until the Deferral Account is paid in full to the Director, interest shall be credited on the Deferral Account
balance at the end of each Plan Year at an annual rate of 50 basis points over the prime interest rate as published in The Wall Street Journal as of the last business day of each Plan Year. During any installment payment period, interest
shall be compounded monthly. 
 4.2 Statement of Account. Within 120 days after the end of each Plan Year, the Bank shall provide to
the Director a statement of the Director’s Deferral Account balance at the end of the Plan Year. 
 4.3 Accounting Device Only.
The Deferral Account is solely a device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund. The Director is a general unsecured creditor of the Bank for the payment of benefits. The benefits represent the
mere promise by the Bank to pay benefits. The Director’s rights are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s creditors. 
  

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 4.4 Vesting. A Directory’s interest in the value of his or her Deferral Account shall at all
times be 100% vested. However, a Director’s right to be paid by the Bank remains subject to the claims of the Bank’s general creditors. 
 ARTICLE 5 
 DEATH BENEFIT 
 5.1 Payment of Death Benefit. Within 60 days after the Director’s death, the Bank shall pay to the Director’s Beneficiary in a single
lump sum the Director’s Deferral Account as of the time of death. The Bank shall have no further obligations under this Agreement after payment of the Deferral Account balance to the Beneficiary. 
 5.2 Beneficiary Designations. The Director shall have the right to designate at any time a Beneficiary to receive any benefits payable under this
Agreement upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Bank in which the Director participates. 
 5.3 Beneficiary Designation: Change. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and
delivering it to the Plan Administrator or its designated agent. The Director’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the
marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures,
as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last
Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator before the Director’s death. 
 5.4
Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted, and acknowledged in writing by the Plan Administrator or its designated agent. 
 5.5 No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the
Director, the Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be made to the personal representative of the Director’s estate. 
 5.6 Facility of Payment. If a benefit is payable to a minor, to a person declared incapacitated, or to a person incapable of handling the
disposition of his or her property, the Bank may pay such benefit to the guardian, legal representative, or person having the care or custody of the minor, incapacitated person, or incapable person. The Bank may require proof of incapacity,
minority, or guardianship as it may deem appropriate before distribution of the benefit. Distribution shall completely discharge the Bank from all liability for the benefit. 
  

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 ARTICLE 6 
 CLAIMS AND REVIEW PROCEDURES 
 6.1 Claims Procedure. Within 90 days after receiving a written application for benefits under this Agreement the Bank shall notify in writing the person or entity making a claim for benefits (the
“Claimant”) of his or her eligibility or ineligibility for benefits. If the Bank determines that the Claimant is not eligible for benefits or full benefits, the notice shall state (a) the specific reasons for denial, (b) a
specific reference to the provisions of the Agreement on which the denial is based, (c) a description of any additional information or material necessary for the Claimant to perfect his or her claim and a description of why it is needed, and
(d) an explanation of the Agreement’s claims review procedure and other appropriate information concerning the steps to be taken if the Claimant wishes to have the claim reviewed. If the Bank determines that there are special circumstances
requiring additional time to make a decision, the Bank shall notify the Claimant of the special circumstances and the date by which a decision is expected to be made, and the Bank may extend the time for up to an additional 90 days. 
 6.2 Review Procedure. If the Claimant is determined by the Bank to be ineligible for benefits, or if the Claimant believes that he or she is
entitled to greater or different benefits, the Claimant shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review with the Bank within 60 days after receipt of the notice issued by the Bank. The petition
shall state the specific reasons the Claimant believes entitle him or her to benefits or to greater or different benefits. Within 60 days after receipt by the Bank of the petition, the Bank shall give the Claimant (and counsel, if any) the
opportunity to present his or her position to the Bank verbally or in writing, and the Claimant (or counsel) shall have the right to review the pertinent documents. The Bank shall notify the Claimant of the Bank’s decision in writing within the
60-day period, stating specifically the basis of its decision, written in a manner to be understood by the Claimant and identifying the specific provisions of the Agreement on which the decision is based. If because of the need for a hearing the
60-day period is not sufficient, the decision may be deferred for up to another 60 days at the election of the Bank, but notice of this deferral shall be given to the Claimant. 
 ARTICLE 7 
 PLAN ADMINISTRATION

 7.1 Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator consisting of the board or such
committee or persons as the board shall appoint. The Director may be a member of the Plan Administrator. The Plan Administrator shall also have the discretion and authority to (x) make, amend, interpret, and enforce all appropriate rules
and regulations for the administration of this Agreement and (y) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with the Agreement. 
  

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 7.2 Agents. In the administration of this Agreement, the Plan Administrator may employ agents and
delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Bank. 
 7.3 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation, and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Director or Beneficiary
shall be deemed to have any right, vested or nonvested, regarding the continuing effect of any decision or action of the Plan Administrator. 
 7.4 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act
with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 
 7.5 Bank
Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or
Separation from Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require. 
 ARTICLE 8 
 MISCELLANEOUS 
 8.1 Amendment and Termination. This Agreement may be amended solely by a written agreement signed by the Bank and by the Director. No amendment
shall reduce the amount credited to the Director’s Deferral Account as of the date the amendment is adopted. However, the Bank may amend or terminate this Agreement at any time if, because of legislative, judicial or regulatory action,
continuation of the Agreement would (x) cause benefits to be taxable to the Director before actual receipt, or (y) in the Bank’s judgment, result in significant financial penalties or other significantly detrimental
consequences for the Bank (other than the financial impact of paying benefits). The Bank specifically reserves the right to amend the Agreement as necessary to comply with section 409A. Except as provided in section 3.5, this Agreement shall not be
terminated unless the Deferral Account balance attributable to the Director’s Deferrals and interest credited on Deferrals is first paid to the Director or Beneficiary. 
 8.2 Payment of Legal Fees. The Bank is aware that after a Change in Control management of the Bank could cause or attempt to cause the Bank to
refuse to comply with its obligations under this Agreement, or could institute or cause or attempt to cause the Bank to institute litigation seeking to have this Agreement declared unenforceable, or could take or attempt to take other action to deny
Director the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement would be frustrated. It is the intention of the Bank that the Director not be required to incur the expenses associated with the enforcement
this 
  

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 Agreement, whether by litigation or other legal action, because the cost and expense thereof would substantially detract
from the benefits intended to be granted to the Director hereunder. It is the intention of the Bank that the Director not be forced to negotiate settlement of the Director’s rights under this Agreement under threat of incurring expenses.
Accordingly, if after a Change in Control occurs it appears to the Director that (x) the Bank has failed to comply with any of its obligations under this Agreement, or (y) the Bank or any other person has taken any action to
declare this Agreement void or unenforceable, or instituted any litigation or other legal action designed to deny, diminish, or to recover from the Director the benefits intended to be provided to the Director hereunder, the Bank irrevocably
authorizes the Director from time to time to retain counsel of the Director’s choice, at the expense of the Bank as provided in this section 8.2, to represent the Director in connection with the initiation or defense of any litigation or other
legal action, whether by or against the Bank or any director, officer, stockholder, or other person affiliated with the Bank, in any jurisdiction. Despite any existing or previous attorney-client relationship between the Bank and any counsel chosen
by the Director under this section 8.2, the Bank irrevocably consents to the Director entering into an attorney-client relationship with that counsel, and the Bank and the Director agree that a confidential relationship shall exist between the
Director and that counsel. The fees and expenses of counsel selected from time to time by the Director as provided in this section shall be paid or reimbursed to the Director by the Bank on a regular, periodic basis upon presentation by the Director
of a statement or statements prepared by such counsel in accordance with such counsel’s customary practices, up to a maximum aggregate amount of $100,000, whether suit be brought or not, and whether or not incurred in trial, bankruptcy, or
appellate proceedings. The Bank’s obligation to pay the Director’s legal fees provided by this section 8.2 operates separately from and in addition to any legal fee reimbursement obligation the Bank may have with the Director under any
separate employment, severance, or other agreement between the Director and the Bank. 
 8.3 Binding Effect. This Agreement shall bind
the Director and the Bank and their beneficiaries, successors and assigns, survivors, executors, administrators, and transferees. 
 8.4
No Guarantee of Service. This Agreement is not a contract for services. This Agreement does not give the Director the right to remain a director of the Bank nor does this Agreement interfere with the shareholders’ rights to replace the
Director. This Agreement also does not require the Director to remain a director or interfere with the Director’s right to terminate services at any time. 
 8.5 Non-Transferability. Benefits under this Agreement may not be sold, transferred, assigned, pledged, attached, or encumbered. 
 8.6 Taxes. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. The Bank shall report amounts deferred under the terms of the Agreement to the
Internal Revenue Service in accordance with the requirements of section 409A. The Bank does not insure or guarantee the tax consequences of payments provided hereunder for matters beyond its control, and the Director certifies that his decision to
reduce and defer receipt of compensation is not made in reliance on financial, tax, or legal advice given by the Bank or its employees, agents, accountants, or legal advisors. 
  

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 8.7 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of North
Carolina except to the extent preempted by the laws of the United States of America. 
 8.8 Unfunded Arrangement. The Director and
beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset of the Bank to which the Director and beneficiary have no preferred or secured claim.

 8.9 Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter
hereof. No rights are granted to the Director under this Agreement other than those specifically set forth herein. This Agreement amends and restates the December 16, 2004 Director Elective Income Deferral Agreement, if any, between the Bank
and the Director in its entirety. 
 8.10 Severability. If any provision of this Agreement, as applied to either party or to any
circumstance, is judged by a court to be void or unenforceable in whole or in part, the same shall not affect any other provision of this Agreement, the application of such provision in any other circumstances, or the validity or enforceability of
this Agreement. 
 8.11 Waiver. A waiver by either party of any of the terms or conditions of this Agreement in any one instance shall
not be considered a waiver of such terms or conditions for the future, or of any subsequent breach thereof. All remedies, rights, undertakings, obligations, and agreements contained in this Agreement shall be cumulative, and none of them shall be in
limitation of any other remedy, right, undertaking, obligation or agreement of either party. 
 8.12 Headings. The heading in this
Agreement are for convenience only and shall not affect the interpretation or construction of the Agreement or any of its provisions. 
 8.13 Notice. Any notice or other communication to be given under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if personally served, or if mailed, upon deposit in the United
States mail, first class postage prepaid, express or certified, return receipt requested, and properly addressed to the parties as follows: if to Director at his last address shown in the Bank’s records; and if to Bank, to Cape Fear Bank, 1117
Military Cutoff Road, Wilmington, North Carolina 28405, Attention: Chairman. Either party may designate a new address for purposes of this section 8.13 by giving the other notice of the new address as provided herein. 
  

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 8.14 Compliance with Section 409A. At all times during each Plan Year this Agreement shall be
administered in accordance with the requirements of Code section 409A. Any action that may be taken (and, to the extent possible, any action actually taken) by the Plan Administrator or the Bank shall not be taken (or shall be void and without
effect) if that action is contrary to the requirements of section 409A. Any provision in this Agreement that is contrary to the requirements of section 409A shall be void and without effect. In addition, any provision that is required by section
409A to appear in this Agreement that is not expressly set forth shall be deemed to be set forth herein, and this Agreement shall be administered in all respects as if such provision were expressly set forth herein. Despite any provision of this
Agreement to the contrary, if any payments under this Agreement will result in additional tax or interest to the Director because of section 409A, the Director will not be entitled to the payments until the earlier of (x) the date of the
Director’s death or (y) any earlier date that does not result in additional tax or interest to the Director under section 409A. If any provision of this Agreement would subject the Director to additional tax or interest under
section 409A, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Director to additional tax or interest, and the Bank shall
not be required to incur any additional compensation expense as a result of the reformed provision. 
 IN
WITNESS WHEREOF, the Director and a duly authorized Bank officer have signed this Director Elective Income Deferral Agreement as of the date first written above. 
  

					
	DIRECTOR	 	BANK
		 	Cape Fear Bank
			
	 /s/ J. Davie Waggett
	 		 	
	J. Davie Waggett	 		 	
			
		 	By:	 	 /s/Cameron Coburn

		 	Its:	 	President and Chief Executive Officer

  

 12EXHIBIT 10.1

 Exhibit 10.1 
 NEW ENGLAND BANCSHARES, INC. 
 EMPLOYMENT AGREEMENT 
 (Messier) 
 THIS
AGREEMENT (the “Agreement”) is hereby entered into as of November 21, 2006 by and between NEW ENGLAND BANCSHARES, INC., a Maryland corporation (the “Company”) with its principal place of business at 855 Enfield Street,
Enfield, Connecticut 06082, and ROBERT L. MESSIER, JR. (“Executive”). This Agreement will be effective as of the consummation of the transaction contemplated in the Agreement and Plan of Merger by and between New England Bancshares,
Inc., New England Bancshares Acquisition, Inc. and First Valley Bancorp, Inc. dated November 21, 2006 (the “Merger”). References to the “Bank” herein shall mean VALLEY BANK. 
 W I T N E S S E T H 
 WHEREAS,
Executive serves in a position of substantial responsibility; 
 WHEREAS, the Company wishes to assure the services of Executive for
the period provided in this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Company on a full-time basis
for said period. 
 WHEREAS, Executive acknowledges upon execution of this Agreement and consummation of the Merger, he will not be
entitled to any benefits provided for under the Change in Control Agreement by and between Valley Bank and Executive dated October 1, 2004 and the Employment Agreement by and between Valley Bank and Executive dated July 1, 2004 and
subsequently amended on November 1, 2004. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon
the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
 1. Employment. Executive is
employed as the President of the Company. Executive shall perform all duties and shall have all powers which are commonly incident to the office of the President of the Company or which, consistent with the office, are delegated to him by the Board
of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company. During the term of this Agreement, Executive also agrees to serve as Chief Executive Officer of the Bank and carry out such duties and
responsibilities reasonably appropriate to that office. 
 2. Location and Facilities. The Executive will be furnished with the
working facilities and staff customary for executive officers with the title and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the executive offices of
Valley Bank, or at such other site or sites customary for such offices. 

 3. Term. This Agreement shall terminate on October 1, 2008, unless terminated sooner
under Section 12 of this Agreement. 
 4. Base Compensation. 
  

	 	a.	The Company agrees to pay the Executive during the term of this Agreement a base salary at the rate of $180,000 per year, payable in accordance with customary payroll practices.

  

	 	b.	The Board shall review annually the rate of the Executive’s base salary based upon factors they deem relevant, and may maintain or increase his salary, provided that no such
action shall reduce the rate of salary below the rate in effect on the Effective Date. 

  

	 	c.	In the absence of action by the Board, the Executive shall continue to receive salary at the annual rate specified on the Effective Date or, if another rate has been established
under the provisions of this Section 4, the rate last properly established by action of the Board under the provisions of this Section 4. 

 5. Bonuses. The Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Company may award from time to time to senior management employees
pursuant to bonus plans of the Company and its subsidiaries or otherwise. 
 6. Benefit Plans. The Executive shall be entitled
to participate in such life insurance, medical, dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time by the Company and the Bank for the benefit of
their employees. 
 7. Vacation and Leave. 
  

	 	a.	The Executive shall be entitled to five (5) weeks vacation and other leave in accordance with the Bank policy for senior executives, or otherwise as approved by the Board of
Directors of the Company. 

  

	 	b.	In addition to paid vacation and other leave, the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment for such
additional periods of time and for such valid and legitimate reasons as the Board of Directors of the Company may in its discretion determine. Further, the Board or the Board of Directors of the Company may grant to the Executive a leave or leaves
of absence, with or without pay, at such time or times and upon such terms and conditions as the boards in their discretion may determine. 

  

 2 

 8. Expense Payments and Reimbursements. The Executive shall be reimbursed for all
reasonable out-of-pocket business expenses that he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Company or the Bank (as applicable). 

9. Automobile. During the term of this Agreement, the Executive shall be entitled to use of a Bank-owned automobile. Executive shall
comply with reasonable reporting and expense limitations on the use of such automobile as may be established by the Company or the Bank from time to time, and the Company or the Bank shall annually include on Executive’s Form W-2 any amount of
income attributable to Executive’s personal use of such automobile. 
 10. Other Fringe Benefits. 
  

	 	a.	The Bank shall provide Executive with a supplemental executive retirement agreement which will provide the Executive, or in the event of his death, Executive’s spouse, an
annual retirement benefit. The terms and conditions of Executive’s supplemental retirement benefit are set forth in a separate agreement approved by the Board of Directors on October 23, 2006. 

  

	 	b.	The Bank shall pay Executive’s annual dues for Chippanee Golf Club. 

  

	 	c.	The Bank shall continue to maintain key man life insurance coverage of $400,000 on Executive. 

 11. Loyalty and Confidentiality. 
  

	 	a.	During the term of this Agreement, Executive shall: (i) devote all his time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided,
however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Company or any of its subsidiaries or
affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation and (ii) not engage in any business or activity contrary to the business affairs or interests
of the Company, the Bank or Enfield Federal Savings and Loan Association. 

  

	 	b.	Nothing contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the
Company, or, solely as a passive, minority investor, in any business. 

  

	 	c.	Executive agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Company and its subsidiaries, the names or addresses
of any of its borrowers, depositors and other customers; 

  

 3 

 any information concerning or obtained from such customers; and any other information concerning the
Company and its subsidiaries to which he may be exposed during the course of his employment with the Company and the Bank. The Executive further agrees that, unless required by law or specifically permitted by the Board in writing, he will not
disclose to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally known to the public, nor shall he employ such information in any way other than for the benefit of the
Company and its subsidiaries. 
 12. Termination and Termination Pay. Executive’s employment under this Agreement may be
terminated in the following circumstances: 
  

	 	a.	Death or Disability. Executive’s employment under this Agreement shall terminate upon his death or termination of employment due to Disability during the term of this
Agreement. Upon Executive’s death, his estate shall be entitled to receive the compensation due to the Executive through the last day of the calendar month in which his death occurred plus, the supplemental retirement benefit provided under
Section 10(a) of this Agreement. Executive’s employment under this Agreement shall also terminate if the Board determines Executive has a Disability as (defined herein). Upon termination of his employment due to Disability, Executive will
be entitled to receive his base salary and benefits provided for in Section 6 of this Agreement through the end of the month in which his employment was terminated, plus the supplemental retirement benefit set forth in Section 10 of this
Agreement. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and that results in Executive becoming eligible for
long-term disability benefits under any long-term disability plans of the Bank (or, if there are no such plans in effect, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred
eighty (180) consecutive days). The Board shall determine whether or not Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that they
reasonably believe to be relevant. As a condition to any benefits, the Board may require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate. 

  

	 	b.	Retirement. This Agreement shall be terminated upon Executive’s retirement under the retirement benefit plan or plans in which he participates pursuant to Section 6
of this Agreement or otherwise. Upon his retirement, he shall be entitled to the retirement benefit set forth in Section 10(a) of this Agreement. 

  

 4 

	 	c.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to the Executive in the form and manner specified in this paragraph, immediately terminate his employment at any time, for “Cause”. The
Executive shall have no right to receive compensation or other benefits for any period after termination for Cause. Termination for “Cause” shall mean termination because of, in the good faith determination of the Board, Executive’s:

  

	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence; 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties under this Agreement; 

  

	 	(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflects adversely on the reputation of the Company and its subsidiaries
any felony conviction, any violation of law involving moral turpitude or any violation of a final cease-and-desist order; or 

  

	 	(7)	Material breach by Executive of any provision of this Agreement. 

  

	 	ii.	Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause by the Company unless there shall have been delivered to Executive a copy of a
resolution duly adopted at a meeting of such board where in the good faith opinion of the Board, Executive was guilty of the conduct described above and specifying the particulars thereof. 

  

	 	d.	Voluntary Termination by Executive. In addition to his other rights to terminate under this Agreement, Executive may voluntarily terminate employment during the term of this
Agreement upon at least sixty (60) days prior written notice to the Boards, in which case Executive shall receive only his compensation, vested rights and employee benefits up to the date of his termination. 

  

 5 

	 	e.	Without Cause. 

  

	 	i.	In addition to termination pursuant to Sections 12(a) through 12(d) the Board, may, by written notice to Executive, immediately terminate his employment at any time for a reason
other than Cause (a termination “Without Cause”). 

  

	 	ii.	In the event of termination under this Section 12(e), Executive shall be entitled to receive his base salary for the remaining term of the Agreement paid in one lump sum within
ten (10) calendar days of such termination. In addition, Executive shall be entitled to receive health insurance coverage similar to the health insurance coverage he received prior to his termination date for a period equal to the earlier of:
his death or the remaining term of the Agreement. To the extent the Company cannot provide Executive with health insurance coverage under its health insurance plan or a plan of its subsidiaries, the Company will enter into an alternative arrangement
to provide the Executive with comparable health care coverage. 

  

	 	f.	Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the contrary, following a termination by the Company, the Bank or
Executive pursuant to Sections 12(d) or (e): 

  

	 	i.	Executive’s obligations under Section 11(c) of this Agreement will continue in effect; and 

  

	 	ii.	During the period ending on the first anniversary of such termination, the Executive shall not serve as an officer, director or employee of any bank holding company, bank, savings
bank, commercial bank, savings and loan holding company, or mortgage company (any of which, a “Financial Institution”) which Financial Institution offers products or services competing with those offered by the Bank or Enfield Federal
Savings and Loan Association from any office within twenty (20) miles from the main office or any branch of the Bank and shall not interfere with the relationship of the Company, Enfield Federal Savings and Loan Association and the Bank and any
of its employees, agents, or representatives. 

 13. Effective Time Payment/Representation. 
  

	 	a.	As of the effective time of the Merger (“Effective Time”), subject to paragraph (b) of this Section 13, the Company shall pay Executive (or direct the Bank to
pay the Executive) a lump sum payment in cash in the amount set forth on Exhibit A (the “Effective Time Payment”). Said amount shall be in consideration for the 

  

 6 

 termination of Executive’s Employment Agreement with the Bank dated July 1, 2004 and
subsequently amended on November 1, 2004 and for the termination of Executive’s Change in Control Agreement with the Bank dated October 1, 2004. For the avoidance of doubt, and notwithstanding anything herein to the contrary, the
Effective Time Payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Company or any of its affiliates or subsidiaries. 
  

	 	b.	The Company and/or the Bank will withhold and deposit all federal, state and local income and employment taxes that are owed with respect to all amounts paid or benefits provided to
or for Executive by the Company, the Bank or any affiliate pursuant to this Agreement. Executive, the Company and the Bank agree that none of the payments and benefits payable or provided to Executive or for Executive’s benefit in connection
with the Merger, or otherwise, will constitute “excess parachute payment” within the meaning of Section 280G of the Code. In the event that any amounts payable or benefits provided hereunder become subject to the excise tax under
Section 4999 of the Internal Revenue Code of 1986, as amended, such amounts and benefits shall be treated in the manner set forth under Section 16 of this Agreement. Executive hereby agrees to report any amounts paid or benefits provided
under this Agreement for purposes of Federal, state and local income, employment and excise taxes and that Executive shall cooperate with the Bank and the Company in good faith in connection with any valuation of the restrictions and obligations
under this Agreement. 

 14. Indemnification and Liability Insurance. Subject to, and limited by Section 27
of this Agreement, the Company shall provide the following: 
  

	 	a.	Indemnification. The Company agrees to indemnify the Executive (and his heirs, executors, and administrators), and to advance expenses related thereto, to the fullest extent
permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his having been a
director or Executive of the Company, the Bank or any of their subsidiaries (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities) such expenses and liabilities to include, but not be
limited to, judgments, court costs, and attorney’s fees and the cost of reasonable settlements, such settlements to be approved by the Board, if such action is brought against the Executive in his capacity as an Executive or director of the
Company or any of its subsidiaries. Indemnification for expense shall not extend to matters for which the Executive has been terminated for Cause. Nothing contained herein shall be deemed to provide indemnification prohibited by applicable law or
regulation. Notwithstanding anything herein to the contrary, the obligations of this Section 14 shall survive the term of this Agreement by a period of six (6) years. 

  

 7 

	 	b.	Insurance. During the period in which indemnification of the Executive is required under this Section, the Company shall provide the Executive (and his heirs, executors, and
administrators) with coverage under a directors’ and Executives’ liability policy at the expense of the Company, at least equivalent to such coverage provided to directors and senior Executives of the Company. 

 15. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Company shall reimburse the Executive for all reasonable
out-of-pocket expenses, including, without limitation, reasonable attorney’s fees, incurred by the Executive in connection with successful enforcement by the Executive of the obligations of the Company to the Executive under this Agreement.
Successful enforcement shall mean the grant of an award of money or the requirement that the Company take some action specified by this Agreement: (i) as a result of court order; or (ii) otherwise by the Company following an initial
failure of the Company to pay such money or take such action promptly after written demand therefor from the Executive stating the reason that such money or action was due under this Agreement at or prior to the time of such demand. 
 16. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 13 of this Agreement, either
alone or together with other payments and benefits which the Executive has the right to receive from the Company, would constitute a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to
Section 13 shall be reduced or revised, in the manner determined by the Executive, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Section 13 being non-deductible to the
Company pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The determination of any reduction in the payments and benefits to be made pursuant to Section 13 shall be based upon
the opinion of the Company’s independent public accountants and paid for by the Company. In the event that the Company and/or the Executive do not agree with the opinion of such counsel, (i) the Company shall pay to the Executive the
maximum amount of payments and benefits pursuant to Section 13, as selected by the Executive, which such opinion indicates there is a high probability of such payments and benefits being deductible to the Company and not subject to the
imposition of the excise tax imposed under Section 4999 of the Code and (ii) the Company may request, and the Executive shall have the right to demand that they request, a ruling from the IRS as to whether the disputed payments and
benefits pursuant to Section 13 have such consequences. Any such request for a ruling from the IRS shall be promptly prepared and filed by the Company, but in no event later than thirty (30) days from the date of the opinion of counsel
referred to above, and shall be subject to the Executive’s approval prior to filing, which shall not be unreasonably withheld. The Company and the Executive agree to be bound by any ruling received from the IRS and to make appropriate payments
to each other to reflect any such rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. 
  

 8 

 17. Injunctive Relief. If there is a breach or threatened breach of Section 12(f) of
this Agreement or the prohibitions upon disclosure contained in Section 11(c) of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and that the Company shall be entitled to injunctive relief restraining
the Executive from such breach or threatened breach, but such relief shall not be the exclusive remedy hereunder for such breach. The parties hereto likewise agree that the Executive, without limitation, shall be entitled to injunctive relief to
enforce the obligations of the Company under this Agreement. 
 18. Successors and Assigns. 
  

	 	a.	This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. 

  

	 	b.	Since the Company is contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating his rights or duties hereunder without
first obtaining the written consent of the Company. 

 19. No Mitigation. Executive shall not be required to
mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent
employment. 
 20. Notices. All notices, requests, demands and other communications in connection with this Agreement shall be
made in writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Association at their
principal business offices and to Executive at his home address as maintained in the records of the Company. 
 21. No Plan Created by
this Agreement. Executive and the Company expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of
the Employee Retirement Income Security Act or any other law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that such a plan was so created
by this Agreement shall be deemed a material breach of this Agreement by the party making such an assertion. 
 22. Amendments.
No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
  

 9 

 23. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of
Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 24.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 25. Headings. Headings contained herein are for convenience of reference only. 
 26. Termination of Prior Agreements; Agreement to Remain Employed Through Effective Time. This Agreement, together with any understanding
or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than written agreements with respect to specific plans, programs or
arrangements described in Sections 5, 6 and 7 and supersedes and replaces in its entirety the change in control agreement entered into between the Bank and Executive on October 1, 2004 and the employment agreement entered into between the Bank
and Executive dated July 1, 2004 and subsequently amended on November 1, 2004. Further, in consideration of the benefits conferred upon Executive pursuant to this Agreement, Executive hereby agrees not to terminate his employment with
Valley Bank or any of its affiliates prior to the Effective Time.  
 27. Required Provisions. In the event any of the
foregoing provisions of this Section 27 are in conflict with the terms of this Agreement, this Section 27 shall prevail. 
  

	 	a.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	b.	Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12
C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

  

	 	c.	Notwithstanding anything in this Agreement to the contrary, if the Company or the Bank in good faith determines that amounts that, as of the effective date of the Executive’s
termination of employment are or may become payable to the Executive upon termination of his employment hereunder are required to be suspended or delayed for six (6) months in order to satisfy the requirements of Section 409A of the
Internal Revenue Code, then the Company or the Bank will so advise the Executive, and any such payments shall be suspended and accrued for six months, whereupon they shall be paid to the Executive in a lump sum (together with interest thereon at the
then-prevailing prime rate). 

  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first set forth
above. 
  

							
	Attest:	 		 	NEW ENGLAND BANCSHARES, INC.
				
	  
	 		 	By:	 	  

		 		 		 	On behalf of the Board of Directors
			
	Witness:	 		 	EXECUTIVE
			
	  
	 		 	  

		 		 	Robert L. Messier

  

 11 

 Exhibit A 
 Executive shall be entitled to cash payment equal to the lesser of: (i) three (3) times the Executive’s “base amount” as defined under Section 280G (b)(3) of the Internal Revenue Code, less one (1) dollar,
or (ii) $440,000. Seven calendar days prior to the Effective Time of the Merger, the Bank shall provide the Company with all necessary documentation to determine the exact payment amount for purposes of this Exhibit A.

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