Document:

RESIGNATION & CONSULTING AGREEMENT

 Exhibit 10.1 
  
 RESIGNATION AND CONSULTING AGREEMENT 
 BY AND BETWEEN 
 BEVERLY NATIONAL CORPORATION AND PETER E. SIMONSEN 
  
 THIS AGREEMENT is made and concluded this 29th day of April, 2005, by
and between Beverly National Corporation, organized and existing under the laws of the Commonwealth of Massachusetts with its main office located in the City of Beverly, Commonwealth of Massachusetts, and Peter E. Simonsen, an individual currently
residing in the City of Beverly in the Commonwealth of Massachusetts. 
  
 WITNESSETH: 
  
 WHEREAS, Mr. Simonsen is
currently serving as an Officer of Beverly National Corporation and its subsidiaries including, but not limited to, Beverly National Bank (collectively referred to as the “Corporation”); 
  
 WHEREAS, Mr. Simonsen has notified the Board of his intention to
resign from the Corporation; 
  
 WHEREAS, in light of Mr.
Simonsen’s years of valuable service to the Corporation, the Corporation, acting through its Board of Directors, is willing to enter into this Resignation and Consulting Agreement (the “Agreement”) on the terms and conditions
hereinafter set forth; 
  
 NOW THEREFORE, in consideration
of the premises, the mutual understandings and undertakings and especially for other good and valuable consideration received to each party’s full satisfaction, the parties do hereby agree as follows: 
  

	1.	Effective April 29, 2005, Mr. Simonsen resigns from any and all titles and positions that he may hold with the Corporation and any subsidiaries and/or affiliates of the Corporation.
The Corporation will pay Mr. Simonsen all accrued and unpaid compensation through the end of the pay period ending May 6, 2005. 

  

	2.	Upon execution of this Agreement, Mr. Simonsen will sign a General Release substantially in the form attached hereto as Exhibit A. 

  

	3.	Mr. Simonsen agrees that through April 30, 2006, he will make himself reasonably available at times mutually agreeable to Mr. Simonsen and the Corporation to provide consulting
services to the Corporation as may be reasonably requested by the Corporation in order to facilitate the smooth transition of management for the Corporation and assist the Corporation in the resolution of certain priority matters. Mr. Simonsen shall
generally not be required to devote more than twenty (20) hours per month to his duties hereunder and shall be free to conduct a job search or pursue other employment opportunities during such period but shall not directly or indirectly solicit any
customers or employees of the Corporation. The Corporation will pay Mr. Simonsen through the term of this Agreement. Payments shall be made as provided for in Exhibit B. 

	4.	As provided in paragraphs 1 and 2 of Exhibit B, the Corporation shall pay to Mr. Simonsen all amounts that would have been due to Mr. Simonsen under Section 8(d) of the
Employment Agreement dated February 23, 2000 and Change in Control Agreement dated February 23, 2000, which are replaced and superceded by this Agreement and the additional amounts provided for in paragraph 3 of Exhibit B attached hereto.

  

	5.	Mr. Simonsen shall return all documents, records, materials, software, equipment, and other physical property, and all copies of any of the foregoing, whether or not pertaining to
Confidential Information, that have come into his possession or have been produced by him in connection with his employment. 

  

	6.	Mr. Simonsen shall not, reveal or disclose to any person outside the Corporation or use to his own benefit, without the Corporation’s specific written authorization in each
instance, whether by private communication or by public address, publication or otherwise, any confidential information not already lawfully available to the public of the Corporation or any of its customers, or any marketing technique or cost
method of the Corporation, or any customer, mailing or supplier list, whether or not maintained by the Corporation, and whether or not made, developed and/or conceived by Mr. Simonsen or by others in the employ of the Corporation. All originals and
copies of any of the foregoing, relating to the business of the Corporation, however and whenever produced, shall be the sole property of the Corporation, not to be removed from the premises or custody of the Corporation without in each instance
first obtaining written consent or authorization of the Corporation. Upon the termination of Mr. Simonsen’s engagement hereunder and upon the written request of any officer of the Corporation for any reason, Mr. Simonsen shall promptly
surrender to the Corporation all copies of any of the foregoing, together with any other documents, materials, data, information and equipment belonging to or relating to the Corporation’s business (but not relating to Mr. Simonsen) and in his
possession, custody or control, and Mr. Simonsen shall not thereafter retain or deliver to any other person, copies of any of the foregoing or any summary or memorandum thereof. Nothing contained in the section 6 shall be deemed to prevent Mr.
Simonsen (a) from disclosing generally matters relating to his resignation from the Corporation and the circumstances surrounding such resignation, or (b) subject to his obligations not to disclose confidential information of the Corporation, from
competing with the business of the Corporation. 

  

	7.	Mr. Simonsen shall not be subject to the direct supervision or control of any employee of the Corporation, but rather shall be given direction in accordance with the terms of this
Agreement with the direction to carry out such direction as an independent contractor. No employment or agency is intended hereby. Mr. Simonsen shall not be authorized to represent the Corporation except as expressly set forth herein and shall have
no authority whatsoever to legally bind the Corporation to any contract or agreement of any kind or nature. 

  

	8.	All notices required or permitted to be given under this Agreement shall be in writing and sent by certified mail, return receipt requested, as follows: 

  

			
	If to the Corporation:	  	Beverly National Corporation
	 	  	240 Cabot Street
	 	  	Beverly, MA 01915

			
	If to Mr. Simonsen:	  	Mr. Peter E. Simonsen
	 	  	24 Dartmouth Street
	 	  	Beverly, MA 01915

  
 Either party may
change the address to which a notice shall be sent by giving the other party notice of such change in accordance with this Section. All notices shall be deemed given when deposited in the mail in accordance with this Section. 
  

	9.	In the event that the Corporation shall be merged with, consolidated into, or acquired by any other corporation or entity, or in the event that it shall sell and transfer
substantially all of its assets to another corporation or entity, the terms of this Agreement will inure to the benefit of, and be assumed by, the corporation or other entity resulting from such merger or consolidation, or to which the
Corporation’s assets shall be sold and transferred. This Agreement shall not be assignable by Mr. Simonsen. 

  

	10.	This Agreement replaces and supercedes the Employment Agreement of February 23, 2000 and Change in Control Agreement dated February 23, 2000 and contains the entire agreement
between the Corporation and Mr. Simonsen with respect to the subject matter hereof and there have been no oral or other agreements of any kind whatsoever as a condition precedent or inducement to the signing of this Agreement or otherwise concerning
this Agreement or the subject matter hereof. 

  

	11.	Mr. Simonsen recognizes and agrees that the Corporation’s remedy at law for any breach of the provisions of this Agreement would be inadequate, and he agrees that for breach of
such provisions, the Corporation shall, in addition to such other remedies as may be available to it at law or in equity or as provided in this Agreement, be entitled to injunctive relief and to enforce its rights by an action for specific
performance to the extent permitted by law. Nothing in this Agreement shall improve any rights or remedies of the Corporation, its successors or assists to initiate any action against Mr. Simonsen. 

  

	12.	Any waiver of any terms or conditions of this Agreement shall not operate as a waiver of any other breach of such terms or conditions or any other term or condition, nor shall any
failure to enforce any provision hereof operate as a waiver of such provision or of any other provisions hereof; provided, however, that no such written waiver, unless it, by its own terms, explicitly provides to the contrary, shall be
construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waivers claimed in
all other instances or for all other purposes to require full compliance with such provision. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as the other party may
reasonably request in order to effectuate the terms and purposes of this Agreement. 

	13.	This Agreement may not be amended, nor shall any waiver, change, modification, consent or discharge be effected except by an instrument in writing executed by or on behalf of the
party against whom enforcement of any waiver, change, modification, consent or discharge is sought. 

  

	14.	If any provision of this Agreement shall be held or deemed to be, or shall in fact be, invalid, inoperative or unenforceable as applied to any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions or in all cases, because of the conflict of any provision with any constitution or statute or rule of public policy or for any other reason, such circumstance shall have the effect of rendering the provision or
provisions in question, invalid, inoperative or unenforceable in any other jurisdiction or in any other case or circumstance or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to the extent that
such other provisions are not themselves actually in conflict with such constitution, statute or rule of public policy, but this Agreement shall be reformed and construed in any such jurisdiction or case as if such invalid, inoperative or
unenforceable provision had never been contained herein and such provision reformed so that it would be valid, operative and enforceable to the maximum extent permitted in such jurisdiction or in such case. 

  

	15.	This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and in
pleading or proving any provision of this Agreement, it shall not be necessary to produce more than one of such counterparts. 

  

	16.	Whenever used herein, the singular number shall include the plural, the plural shall include the singular, and the use of any gender shall include all genders.

  

	17.	This Agreement shall be governed by and construed and enforced in accordance with the law (other than the law governing conflict of law questions) of the Commonwealth of
Massachusetts. 

  

	18.	Any action to enforce, arising out of, or relating in any way to, any of the provisions of this Agreement may be brought and prosecuted in such court or courts located in
Massachusetts as is provided by law; and the parties consent to the jurisdiction of said court or courts located in Massachusetts and to service of process by registered mail, return receipt requested, or by any other manner provided by law.

	19.	The Corporation and its officers will not issue disparaging statements concerning Mr. Simonsen and Mr. Simonsen will not issue disparage statements concerning the Corporation. The
Corporation will provide a copy of the reference letter attached as Exhibit C upon request. 

  

	Agreed	this 29th day of April, 2005. 

  

					
	WITNESSES	 	BEVERLY NATIONAL CORPORATION
			
	  

	 	By:	 	  

	 	 	 	 	Donat A. Fournier
	 	 	Its:	 	President and Chief Executive Officer
	  

	 	 	 	 
			
	WITNESSES	 	 	 	 
		
	  

	 	  

	 	 	Peter E. Simonsen
		
	  

	 	 

  

			
	COMMONWEALTH OF MASSACHUSETTS	 	)
	 	 	) ss. at                     
	COUNTY OF ESSEX	 	)

  
 On this
         day of April, 2005, before me personally appeared Peter E. Simonsen, to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he executed the
same as his free act and deed. 
  
 In Witness Whereof I hereunto
set my hand. 
  

	
	  

	Notary Public
	My Commission Expires:

			
	COMMONWEALTH OF MASSACHUSETTS	 	)
	 	 	) ss. at                     
	COUNTY OF ESSEX	 	)

  
 On this
         day of April, 2005, before me appeared Donat A. Fournier to me personally known, who, being by me duly sworn, did say that he is the President of Beverly National Corporation and that the seal
affixed to the foregoing instrument is the corporate seal of Beverly National Corporation and that said instrument was signed and sealed on behalf of Beverly National Corporation by authority of its Board of Directors and said Donat A. Fournier
acknowledged said instrument to be the free act and deed of Beverly National Corporation. 
  
 In Witness Whereof I hereunto set my hand. 
  

	
	  

	Notary Public
	My Commission Expires:

 EXHIBIT A 
  
 GENERAL RELEASE 
  
 In consideration of the benefits provided to me pursuant to the Resignation and Consulting Agreement of even date (the “Consulting Agreement”)
between Beverly National Corporation and all of its subsidiary and affiliates (the “Corporation”) and me, I, Peter E. Simonsen (“Releasor”), make the following agreements and acknowledgments: 
  

	1.	Except as provided in the accompanying the Consulting Agreement and this General Release, no promise or inducement has been offered to me in consideration for my acceptance of the
benefits to be provided to me pursuant thereto. I acknowledge that I have not relied on any representation or statement, written or oral, not set forth in this General Release or the Consulting Agreement. 

  

	2.	I acknowledge that I have made the decision to accept the Consulting Agreement and General Release freely, voluntarily, knowingly and with the benefit of legal counsel. I recognize
that in agreeing to accept the separation benefits, I am waiving any claims I may have against the Corporation, including, but not limited to, any rights which I may have pursuant to my Employment Agreement or Change in Control Agreement dated
February 23, 2000 with the Corporation. 

  

	3.	General Release and Waiver. In consideration for the special benefits provided under the Agreement, I release and discharge the Corporation and its successors, subsidiaries,
employees, officers, agents and directors, and the trustees and administrators of any plan or benefit listed in the Consulting Agreement (collectively referred to as the “Releasee”) from any and all charges, causes of action, suits, debts,
liabilities and any and all other claims of every kind (including without limitation, any and all rights, claims and entitlement which I have or may have under any employment agreement or benefit plan or contract made by and between the Releasee and
the undersigned other than the Consulting Agreement and including, without limitation, any claims, demands and causes of action for compensatory damages for financial harm suffered by the Releasor, punitive damages, demands and causes of action
under federal or state law, regulation or decision, or any actions or claims arising under any and all laws of the Commonwealth of Massachusetts, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §2000e, et seq.; or based
upon physical or mental disability, The Americans With Disabilities Act, 42 U.S.C. §12101, et seq.; the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621, et seq., and regulations issued thereunder; the
Civil Rights Act of 1866, 42 U.S.C. §1981; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. §201, et seq.; State and Federal Insurance Continuation Laws; including any claims, demands, or causes of action to recover
attorney fees, or costs permitted under any statute, regulation or State or Federal law), known or unknown, arising or which may have existed prior to the date I sign this document. 

  
 NOTICE: THIS AGREEMENT INVOLVES THE RELEASE OF LEGAL RIGHTS YOU MAY
HAVE AGAINST THE CORPORATION. IT IS A BINDING LEGAL DOCUMENT. YOU ARE ENCOURAGED TO DISCUSS THIS DOCUMENT WITH YOUR 

 
ATTORNEY PRIOR TO SIGNING BELOW. IN ANY EVENT, YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE EFFECT OF THIS AGREEMENT BEFORE ACTING ON IT. THEREFORE,
PLEASE TAKE THIS AGREEMENT HOME AND CONSIDER IT BEFORE YOU DECIDE TO SIGN IT. IF YOU HAVE ANY QUESTIONS, PLEASE HAVE THEM ANSWERED BEFORE SIGNING BELOW. 
  

	

					
	  

	  	  

	Date	  	Peter E. Simonsen
		
	  

	  	  

	Witness	  	Date	 	 
		
	  

	  	  

	Witness	  	Date	 	 
		
	 	  	BEVERLY NATIONAL CORPORATION
			
	  

	  	By:	 	  

	Date	  	 	 	Donat A. Fournier
	 	  	Its:	 	President and Chief Executive Officer
		
	  

	  	  

	Witness	  	Date	 	 
		
	  

	  	  

	Witness	  	Date	 	 

 EXHIBIT B 
  
 SCHEDULE OF PAYMENTS 
  
 1. Within five (5) business days of execution of this Agreement and the effectiveness of the General Release attached as Exhibit A, Mr. Simonsen
shall be paid a lump sum amount equal to twelve months’ base annual salary as in effect as of the date of such termination, payable within five (5) business days, ($127,300.16) plus the value of accrued vacation ($3,060.10); 
  
 2. During the period through April 30, 2006, Mr. Simonsen shall be entitled
to all group insurance (including life (death benefit at two (2) times annual salary), health, accident and disability insurance) and all other employee benefit plans, programs or arrangements (other than the Bank’s retirement plan, the
Bank’s profit-sharing plan, the Bank’s 401(K) plan, and the Beverly National Corporation Employee Stock Ownership Plan), in which Mr. Simonsen participated at any time during the twelve months preceding such termination, at the Bank’s
sole expense; and 
  
 3. Payment of an aggregate of $32,820.90 to
be paid in arrears in twelve (12) monthly installments of $2,735.08 each.Form of BLM Assignment

 EXHIBIT 10.1 
  

					
	 UNITED STATES
	  	 	  	 FORM APPROVED

	 DEPARTMENT OF THE INTERIOR
	  	 	  	 OMB NO. 1004-0034

	 BUREAU OF LAND MANAGEMENT
	  	 	  	 Expires: December 31, 2001

	 ASSIGNMENT OF RECORD TITLE INTEREST
	  	 	  	 Lease Serial No.:
                   

	 IN A LEASE FOR OIL AND GAS OR
	  	 	  	 Lease Effective Date:             

	 GEOTHERMAL RESOURCES
	  	 	  	 (anniversary date)

	 	  	 	  	 New Serial No.
                      

  
 Mineral Leasing Act of 1920 (30 U.S.C. 181 et seq.) 
 Act for Acquired Lands of 1947 (30 U.S.C. 351-359)

 Geothermal Steam Act of 1970 (30 U.S.C. 1001-1025) 
 Department of the Interior Appropriations Act, Fiscal Year 1981 (42 U.S.C. 6508) 
  
 Type or print plainly in ink and sign in ink. 
  
 PART A: ASSIGNMENT 
  
 Assignee* 
 Street 
 City, State, ZIP Code 

	*	If more than one assignee, check here  ̈ and list the name(s) and address(es)
of all additional assignees on the reverse of this form or on a separate attached sheet of paper. 

  
 This record title assignment is for: (Check one)  ̈ Oil and Gas
Lease, or  ̈ Geothermal Lease 
  
 Interest conveyed: (Check on or both, as appropriate)  ̈ Record
Title, 
  ̈ Overriding Royalty, payment out of
production or other similar interests or payments 
  
 2. This assignment conveys
the following interest: 
  

											
	 Land Description

	  	Percent of Interest

	  	 Percent of
 Overriding Royalty
Similar Interests

	Additional space on reverse, if needed. Do not submit documents or agreements other than this form;
such
documents or agreements shall only be referenced herein.	  	Owned

	  	Conveyed

	  	Retained

	  	Reserved

	  	Previously
reserved or
Conveyed

	a	  	b	  	c	  	d	  	e	  	f

  
  
  

 FOR BLM USE ONLY – DO NOT WRITE BELOW THIS LINE 
 UNITED STATES OF AMERICA 
  
 This assignment is approved solely for administrative purposes. Approval does not warrant that either party to this assignment holds legal or equitable title to this
lease. 
  

			
	 ̈ Assignment approved for above described lands; attached land	 	 ̈ Assignment approved for description
		
	 Assignment approved effective
                                 description
	 	 ̈ Assignment approved for land indicated on reverse of this form.

  

							
	 By
	  	  

	  	

	 	  	 (Authorized Officer)
	  	 (Title)
	  	(Date)            

  
 ADDITIONAL SPACE for Names and
addresses of additional assignees in Item No. 1, fi needed, or for Land Description in Item No. 2, if needed. 
  
 Acknowledgement 
  
 State of Colorado 
 County of 
  
 The foregoing instrument was acknowledged before me by Dennis L. Rosengarten this      day of
                    , 2002. 
  

			
	 Witness my hand and seal
	 	  

	 	 	 Notary Public

	 	 	 My Commission Expires:

  
 Part B –
CERTIFICATION AND REQUEST FOR APPROVAL 
  

	1.	The Assignor certifies as owner if an interest in the above designated lease that he/she hereby assigns to the above assignee(s) the rights specified above.

  

	2.	 Assignee certifies as follows: (a) Assignee is a citizen of the United States; an association of such citizens; a municipality; or a corporation organized under the
laws of the United States or of any State or territory thereof. For the assignment of NPR-A leases, assignee is a citizen, national, or resident alien of the United States or association of such citizens, nationals, resident aliens or private,
public or municipal corporations, (b) Assignee is not considered a minor under the laws of the State in which the lands covered by this assignment are located; (c) Assignee’s chargeable interests, direct and indirect, in each public domain and
acquired lands separately in the same State, do not exceed 246,080 acres in oil and gas leases (of which up to 200,000 acres may be in oil and gas options), or 300,000 acres in leases in each leasing District in Alaska of which up to 200,000 acres
may be in options, if this is an oil and gas lease issued in accordance with the Mineral Leasing Act of 1920, or 51,200 acres in any one State if this is a geothermal 

  

 2 

	 	 
lease; (d) All parties holding an interest in the assignment are otherwise in compliance with the regulations (43 CFR Group 3100 or 3200) and the authorizing
Acts; (e) Assignee is in compliance with reclamation requirements for all Federal oil and gas lease holdings as required by sec. 17(g) of the Mineral Leasing Act; and (f) Assignee is not in violation of sec. 41 of the Mineral Leasing Act.

  

	3.	Assignee’s signature to this assignment constitutes acceptance of all applicable terms, conditions, stipulations and restrictions pertaining to the lease described herein.

  

 3 

 For geothermal assignments, an overriding royalty may not be less than one-fourth (1/4) of one percent of the value of
output, nor greater than 50 percent of the rate of royalty due to the United States when this assignment is added to all previously created overriding royalties (43 CFR 3241). 
  
 _______________________________________________________________________________________________________ 
 I certify that the statements made herein by me are true, complete, and correct to the best of my knowledge and belief and are made in good faith. 
  
 Executed this      day of
                    , 2002             Executed this
     day of                     , 2002 
  

					
	 Name of Assignor as shown on current lease
	  	  

	  	 
	 	  	(Please type or print)	  	 

  

							
	 Assignor
	 	  

	    	Assignee	  	  

	 	 	(Signature)	    	 	  	(Signature)
	 	 	 or
	    	 	  	 or

  

							
	 Attorney-in-fact
	 	  

	    	 Attorney-in-fact
	  	

	 	 	(Signature)	    	 	  	(Signature)

  

	
	  

	(Assignor’s Address)

  

					
	  

	  	
	  	

	 (City)
	  	 (State)
	  	 (Zip Code)

  
 Public reporting burden for this form
is estimated to average 30 minutes per response including the time for reviewing instructions, gathering and maintaining data, and completing and reviewing the form. Direct comments regarding the burden estimate or any other aspect of this form to
U.S. Department of the Interior, Bureau of Land Management (1004-0034), Bureau Clearance Officer, (WO-630), Mail Stop 401 LS, 1849 C Street, N.W., Washington, D.C. 20240. 
  
 Title 18 U.S.C. Sec. 1001 makes it a crime for any person knowingly and willfully to make to any Department or agency of the United States
any false, fictitious or fraudulent statements or representations as to any matter within its jurisdiction. 
  
 (Form 3000-3 (1/99)

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