Document:

Employment  Agreement between Beverly National Corp and Donat A. Fournier

 Exhibit 10.10 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 as of August 16, 2005 
  
 Donat A.
Fournier 
 President 
 240 Cabot Street 
 Beverly, MA 01915 
  
 Dear Don: 
  
 Reference is made to your Employment Agreement dated July 9, 2002, as amended January 25, 2005 (the
“Agreement”). This letter confirms our understanding that in consideration of valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the terms of Exhibit A of the Agreement are hereby amended to delete
Item 12 and replace same with new Item 12 which provides as stated below: 
  
 12. Restricted Stock Plan. The Employee shall be entitled to participate in the Company’s Restricted Stock Plan. However, the Employee is not eligible to participate in the Director’s Non-Qualified
Stock Option Plan. 
  
 All other provisions of the Agreement
remain in full force and effect. 
  
 Please sign below to indicate
your concurrence with the foregoing. 
  

									
	 	 	 	 	 Sincerely,

			
	 	 	 	 	 BEVERLY NATIONAL CORPORATION

					
	 	 	 	 	 	 	By:	 	 /s/ Paul Germano

	 	 	 	 	 	 	 	 	 Paul Germano

				
	 WITNESS:
	 	 	 	 	 	 AGREED:

				
	 /s/ Elizabeth A. Thompson
	 	 	 	 	 	 /s/ Donat A. Fournier

	 Elizabeth A. Thompson
	 	 	 	 	 	 Donat A. Fournier

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 as of January 25, 2005 
  
 Donat Fournier, President 
 Beverly National Corporation 
 240 Cabot Street 
 Beverly, MA 01915 
  
 Dear Don: 
  
 Reference is made to your Employment Agreement dated July 9, 2002 between us (the “Agreement”). This letter confirms our understanding that in consideration of valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the terms of Section 1 of the Agreement are hereby amended to provide as follows: 
  
 1. Term. The period of employment of the Employee under this Agreement shall be deemed to commence as of August 1, 2002 and shall
continue in effect through July 31, 2008. On July 31, 2008 and on each subsequent anniversary thereof, the term of this Agreement shall automatically extend for an additional year unless, not later than the proceeding
January 31st, either party notifies the other by written notice of his or its intent not to extend the same.
Notwithstanding the foregoing provisions of this Section 1, his employment shall terminate in any event upon the Employee’s attainment of age sixty-six (66) or, if earlier, the normal retirement age provided in the Bank’s
retirement plan, and the Employee may resign from, and terminate his employment by, the Company at any time upon ninety (90) days prior written notice to the Company. 
  
 All other provisions of the Agreement remain in full force and effect. 
  
 Please sign below to indicate your concurrence with the foregoing.

  

			
	 Sincerely,

	
	 BEVERLY NATIONAL CORPORATION

		
	By:	 	 /s/ Alice B. Griffin

	 	 	 Alice B. Griffin

  

	
	 Witness:

	
	 /s/ Paul J. Germano

	 Paul J. Germano

	
	 AGREED:

	
	 /s/ Donat Fournier

	 Donat Fournier

 EMPLOYMENT AGREEMENT 
  
 AGREEMENT made and entered into as of the 9th day of July, 2002 by and between Beverly National Corporation, a Massachusetts
corporation having its principal place of business at 240 Cabot Street in Beverly, Massachusetts 01915 (“Company”), and Donat Fournier with a principal residence of 17 Homestead Road in West Simsbury, Connecticut 06092-2227 (the
“Employee”). 
  
 WITNESSETH THAT: 
  
 WHEREAS the Company wishes to employ the Employee as its President and as the
President of The Beverly National Bank, a wholly-owned subsidiary of the Company (the “Bank”); and 
  
 WHEREAS the Employee desires to be so employed. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Term. The period of employment of the Employee under this Agreement shall be deemed to commence as of August 1, 2002 and shall continue in effect through July 31, 2005. On July 31, 2005 and on
each subsequent anniversary thereof, the term of this Agreement shall automatically extend for an additional year unless, not later than the proceeding January 31st either party notifies the other by written notice of his or its intent not to
extend the same. Notwithstanding the foregoing provisions of this Section 1, his employment shall terminate in any event upon the Employee’s attainment of age sixty-six (66) or, if earlier, the normal retirement age provided in the
Bank’s retirement plan, and the Employee may resign from, and terminate his employment by, the Company at any time upon ninety (90) days prior written notice to the Company. 
  
 2. Capacity. 
  
 (a) At all times during the term hereof, the Company shall employ the Employee as its President and Chief Executive Officer. In such
capacity, the Employee shall be assigned only such duties and tasks as are appropriate for a person in the position of President and Chief Executive Officer, and he shall be subject to the supervision of the Board of Directors of the Company. The
Company shall employee the Employee on full-time basis, and (subject to the last sentence of this paragraph) the Employee shall devote his full time and professional efforts to the performance of his duties as President of the Company and any office
he may hold in each of its subsidiaries. It is the intention of the Company and the Employee that the Employee shall have full discretionary authority to control the day-to-day operations of the Company and each subsidiary of the Company and to
incur such obligations on behalf of such entities as may be required in the ordinary course of their business. The Company encourages participation by the Employee on community boards and committees and in activities generally considered to be in

 
the public interest, but the Company shall have the right to approve the Employee’s participation on such other boards and committees as may conflict
with the Company’s own business or demands upon the Employee’s time. 
  
 (b) During the period of his employment by the Company the Employee agrees to serve as President and Chief Executive officer of the Bank
without additional compensation, except for reimbursement for all reasonable out-of-pocket expenses. In the event that during the term of his employment the Employee is terminated as President and Chief Executive Officer of the Bank involuntarily
without Cause, as hereinafter defined (except that for such purpose such definition shall refer to the Bank rather than the Company), the Employee shall have the right to resign as President of the Company for Good Reason, in which case he shall be
entitled to the benefits set forth in Section 8(d). 
  
 (c) The Company represents that Employee has been duly elected a director of the Company and of the Bank effective August 1, 2002. 
  
 (d) The Company agrees to propose to its shareholders at each Annual Meeting of Shareholders during the term
hereof for which he is otherwise eligible, the reelection of the Employee as a Director of the Company, to vote for the reelection of the Employee as a Director of the Bank and to cause Employee to be employed as the President and Chief Executive
officer of the Company and the Bank. 
  
 3. Compensation and
Benefits. 
  
 (a) Base Compensation.
The Company shall pay to the Employee in equal monthly installments a base annual salary in the amount of Two Hundred Thousand Dollars $200,000.00) Dollars. The base annual salary of the Employee shall be adjusted upward from time to time in the
sole discretion of the Company, in which case such increased amount shall thereafter constitute the Employee’s base annual salary. It is the intention of the Company to compensate the Employee at a level at least comparable to the compensation
of persons employed in the position of President and Chief Executive Officer of companies engaged in New England in activities substantially similar to those of the Company and having approximately the same combined gross assets as the Company and
its subsidiaries. 
  
 (b) Benefits. At all
times during the term of this Agreement, the Company shall provide or cause to be provided to the Employee the benefits set forth on Exhibit A to this Agreement, together with such other benefits as may from time to time be provided generally for
executive officers of the Company or the Bank. The Employee shall maintain adequate records of all reimbursable expenses necessary to satisfy reporting requirements of the Internal Revenue Code and applicable Treasury regulations. 
  
 4. Non-Competition. At all times during which the Employee is employed
by the Company under this Agreement and for a period of one (1) year thereafter, the Employee shall not, directly or indirectly, as an employee of any person or entity (whether or not engaged in business for profit), individual proprietor,
partner, stockholder, director, officer, joint venturer, investor, lender or in any other capacity whatever (otherwise than as holder of less than ten (10)

 
percent of any securities publicly traded in the market) compete within (i) the City of Beverly, Massachusetts, or the Towns of Hamilton or Manchester,
Massachusetts, or (ii) municipalities contiguous to the City of Beverly, Massachusetts, the Town of Hamilton, Massachusetts, or the Town of Manchester, Massachusetts or (iii) any other Cities or Towns in which the Bank may locate during
the term of this Agreement, with the business of the Company or any of its subsidiaries, as such businesses are constituted at any time during the term of this Agreement. For purposes of this Section 4, the Employee’s ownership of or
employment by an institution doing business in Beverly, Massachusetts, Hamilton, Massachusetts, Manchester, Massachusetts, in municipalities contiguous to Beverly, Hamilton or Manchester, Massachusetts or in such other Cities or Towns, but having
its principal place of business elsewhere, shall not constitute competition hereunder so long as the Employee does not solicit business in Beverly, Hamilton, or Manchester, in such contiguous municipalities, or in such other Cities or Towns, as the
case may be. 
  
 5. No Solicitation of Employees. At all
times during which the Employee is employed under this Agreement and for a period of one (1) year thereafter, the Employee shall not, directly or indirectly, employ, attempt to employ, recruit or otherwise solicit, induce or influence to leave
his employment any employee of the Company or its subsidiaries. This Section shall not apply to solicitation by a future employer of Employee who takes such actions without the assistance or consent of the Employee. 
  
 6. No Disclosure of Information. The Employee shall not at any time
divulge, use, furnish, disclose or make accessible to anyone other than the Company or any of its subsidiaries any knowledge of information with respect to confidential or secret data, procedures or techniques of the Company or any of its
subsidiaries, provided, however, that nothing in this Section 6 shall prevent the disclosure by the Employee of any such information which at any time comes in to the public domain other than as a result of the violation of the terms of this
Section 6 by the Employee or which is otherwise lawfully acquired by the Employee. 
  
 7. Termination of Employment. The employment of the Employee shall terminate on the earliest to occur of the following dates: 
  
 (a) The expiration of the term hereof as provided in Section 1 hereof or as from time to time extended;

  
 (b) The Employee’s resignation from the
Company or the death or disability of the Employee; 
  
 (c) Upon the election of the Company, for Cause, as hereinafter defined, after ten (10) business days’ prior written notice to the Employee and by an affirmative vote of not less than three fourths (3/4) of the entire Board
of the Company at a meeting held for such purpose at which the Employee shall be granted an opportunity to be heard, for Cause, as hereinafter defined. For purposes of this Agreement, the Company shall be deemed to have “Cause” to
terminate the employment of the Employee under this Agreement only if: 
  

	 	(i)	The Employee is convicted by a court of competent jurisdiction of any criminal offense involving dishonesty or breach of trust; 

	 	(ii)	The Employee shall commit an act of fraud materially evidencing bad faith toward the Company or any of its subsidiaries; 

  

	 	(iii)	The Employee fails (after demand and an opportunity to correct as set forth below) to substantially perform the duties reasonably assigned to him by the Board of Directors of the
Company which are normal and customary for an Employee in a similar position in a substantially similar company in Massachusetts (other than any such failure resulting from the Employee’s incapacity due to physical or mental illness). The Board
shall first make a written demand for substantial performance to Employee by the Board of Directors of the Company. Such demand shall specifically identify the objective and reasonable standards which such board believes that Employee has not
substantially performed such duties. Such demand shall also specify a reasonable time for Employee to demonstrate objectively to the Board of Directors of the Company that he has substantially performed the duties reasonably assigned to him.

  
 (d) At the election of the
Employee, for Good Reason, as hereinafter defined, after ten (10) business days written notice of the basis thereof to the Company if during such period the Company shall not cure the basis thereof. For the purpose of this Agreement, the
Employee shall be deemed to have “Good Reason” to terminate his employment only if the Company is in material breach of this Agreement or any other written agreement the Company may have with the Employee, or if the Employee resigns as
President of the Company as provided in Subsection 2b hereof. 
  
 (e) Upon the election of the Company, without Cause (as hereinabove defined), after ten (10) business days prior written notice to the Employee and by the affirmative vote of not less than a majority of the
entire Board of the Company at a meeting held for such purposes at which the Employee shall be granted an opportunity to be heard, for any reason other than Cause. 
  
 8. Payments Upon Termination of Employment. 
  
 (a) Payments Upon Death. If at any time while he is employed hereunder the Employee shall die, in
addition to all other benefits to which he or his personal representatives may be entitled, the Company shall pay to his designated beneficiary or, if no such beneficiary exists, to his estate, for a period of three (3) months following the
Employee’s death, such amounts of base annual salary as the Employee would have been entitled to receive during said period (and at the times he would have been entitled to receive them) had he remained alive. 
  
 (b) Payments Upon Disability. If at any time during
the term of this Agreement, in the opinion of a physician mutually agreeable to the Company and the Employee, the Employee shall be determined to be unable to render services hereunder due to physical or mental illness or 

 
accident, in addition to all other benefits to which he or his personal representatives may be entitled, the Employee shall be entitled to receive all
benefits payable to him under the Bank’s long-term disability income plan. Notwithstanding the above, the Employee will be deemed to be disabled if he has been unable for one hundred eighty (180) consecutive days to render services
required to be rendered by him during the term hereof. 
  
 (c) Payments upon Expiration of Term Without Renewal. In the event that employment pursuant to this Agreement shall expire without renewal, the Employee shall be entitled to receive compensation through the date of expiration and
shall be entitled to purchase at Bank’s book value any Bank-owned automobile then being used by him. 
  
 (d) Payments Upon Termination Without Cause or for Good Reason. If at any time during the term of this Agreement (as provided in
Section 1 hereof) the employment of the Employee is terminated (i) voluntarily for Good Reason or (ii) involuntarily for any reason except for termination for Cause under Section 7c, as heretofore defined, then in such case:

  

	 	(i)	Within five days after such termination, the Company shall pay to the Employee (or to his personal representative in case of death), the sum of all accrued and unpaid compensation
through the date of such termination, plus a lump sum amount equal to twelve months’ base annual salary as in effect as of the date of such termination. 

  

	 	(ii)	The Company shall maintain or cause to be maintained in effect for the Employee for a period of twelve months following such termination, at the Company’s sole expense, all
group insurance (including life, 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, and the Company’s
employee stock ownership plan), in which the Employee was participating at any time during the twelve (12) months preceding such termination. 

  

	 	(iii)	The Employee shall be entitled to purchase at Bank’s book value any Bank-owned automobile then being used by him. 

  

	 	(iv)	The Employee shall not be required to mitigate the amount of any payment provided for in this Section 8(d) by seeking employment or otherwise. 

  
 In the event that the Employee’s participation in any of the foregoing
plans, programs or arrangements (including those contemplated by Subsection (d) hereof) is barred by law or otherwise, or in the event that any such plan, program or arrangement is discontinued or the benefits thereunder are materially reduced
during such period, the Company shall provide the Employee with benefits substantially similar to those to which the Employee was entitled immediately prior to the date of his termination of employment. Upon expiration of the period of coverage
provided hereunder, the Employee shall be provided with the opportunity to have assigned to him at no cost and with no appointment of prepaid premiums any assignable 

 
insurance owned by the Company or any of its subsidiaries and relating specifically to the Employee. 
  
 9. Payments upon Termination for Cause. If at any time during the term
of this Agreement, Employee is terminated for Cause pursuant to Section 7(c) hereof, the Company shall pay Employee, to the extent it has not been previously paid, an amount equal to Employee’s full base salary through the date of
Employee’s termination of employment at the rate in effect at that time and the Company shall have no further obligation to Employee under this Agreement. 
  

10. Notices. Notices under this Agreement shall be in writing and shall be mailed by registered or certified mail, effective upon receipt,
addressed as follows: 
  
 (a) To the Company:
Beverly National Corporation 
 240 Cabot Street 
 Beverly, Massachusetts 01915 
 Attention: Treasurer 
  
 (b) To the Employee: Mr. Donat Fournier 
 17 Homestead Road 
 West Simsbury, CT
06092-2227 
  
 Either party may by notice in writing change the
address to which notices to it or him are to be addressed hereunder. 
  
 10. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association
then in effect. Notwithstanding the pendency of any such dispute or controversy, the Company will pay the Employee promptly an amount equal to his full compensation in effect when the notice giving rise to the dispute was given (including, but not
limited to, base salary) and shall provide or cause to be provided to the Employee all compensation, benefits and insurance plans in which he was participating when the notice giving rise to the dispute was given, until the dispute is finally
resolved. Amounts paid under this Section 10 are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction; provided, however, that the Employee shall be entitled to seek specific performance of his right to be paid as specified in this Section 10. 
  
 11. Miscellaneous. 
  
 (a) Indemnification. During the period of his employment hereunder, the Company agrees to indemnify the Employee in his capacity as
a director and officer of the Bank, the Company, and, each subsidiary of either, all to the maximum extent permitted under the laws of the Commonwealth of Massachusetts and applicable banking rules and regulations. The provisions of the
Section 11(a) shall survive expiration or termination of this Agreement for any reason whatsoever. 

 (b) Legal Fees. The Company shall pay to the Employee all reasonable legal fees
and expenses incurred by him in contesting or disputing any termination of this Agreement or in seeking to obtain or enforce any right or benefit provided by this Agreement, provided that the final resolution of such matter principally is in
Employee’s favor. 
  
 (c) Entire
Agreement. This Agreement constitutes the entire Agreement between the parties and may not be changed except by a writing duly executed and delivered by the Company and the Employee in the same manner as the Agreement. 
  
 (d) Governing Law. This Agreement is governed by and
shall be construed in accordance with the laws of the Commonwealth of Massachusetts. Employee agrees that it supersedes in all respects any prior agreement between the Company or the Bank and the Employee. 
  
 (e) Binding Effect; Non-Assignability. This Agreement
shall be binding upon the Company and inure to the benefit of the Company and its successors. Neither this Agreement nor any rights arising hereunder may be assigned or pledged by the Employee during his lifetime. This Agreement shall inure to the
benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
  
 (f) Time is of the Essence. It is expressly understood by the Obligors that time is of the essence in
performance of all terms and conditions of this Agreement. 
  
 (g) Duplicate Originals. Two or more duplicate originals of this Agreement may be signed by the parties hereto, each of which shall constitute one and the same instrument. 
  
 (h) Captions. The caption of the sections of this
Agreement are for the purpose of convenience only and are not intended to be a part of this Agreement and shall not be deemed to modify, explain, enlarge or restate any of the provisions in this Agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have executed the within instrument as
a sealed document as of the date first above written. 
  

									
	 ATTEST
	 	 	 	 BEVERLY NATIONAL CORPORATION

				
	/s/ Paul Germano	 	 	 	 By:
	 	 /s/ Alice B. Griffin

	 	 	 	 	 	 	 Its Duly Authorized Representative

				
	 	 	 	 	 	 	 /s/ Donat Fournier

	 	 	 	 	 	 	 Donat Fournier, Individually

 EXHIBIT A 
 TO 
 EMPLOYMENT AGREEMENT 
 BY AND BETWEEN 
 BEVERLY NATIONAL CORPORATION 
 AND 
 DONAT FOURNIER 
 DATED: July 9, 2002 
  

	1.	Automobile - The Employee shall be entitled to the exclusive use of an automobile the value of which shall not be unreasonable in view of the Employee’s position consistent
with Company policy. The automobile may be replaced every three (3) years or seventy thousand (70,000) miles, whichever occurs first. 

  

	2.	Vacation - The Employee shall be entitled to five (5) weeks paid vacation in each calendar year during the term of the Agreement. A vacation period should not be for more than
four weeks or less than two weeks. The Employee shall also be entitled to all paid holidays recognized by the Bank. 

  

	3.	Club Memberships - Upon concurrence of the Board of Directors of the Company the Employee shall be entitled to reimbursement for club membership fees and dues at a local country
club of his choice and consistent with Internal Revenue Service Regulations, such other club membership fees and dues as shall be determined to be in the best interests of the Company. 

  

	4.	Conventions, Seminars and Travel - The Employee shall be entitled at no expense to the Employee to attend conventions and seminars consistent with the business of the Company and
the Bank and his position therewith. 

  

	5.	General Reimbursement - The Employee shall be entitled to reimbursement for any and all expenses incurred by him reasonably related to and incurred on account of advancement of the
interests of the Bank. 

  

	6.	Pension Plan - The Employee shall be entitled to participate in the Bank’s retirement plan as amended from time to time. 

  

	7.	401(k) Profit Sharing Plan - The Employee shall be entitled to participate in the Bank’s 401(k) profit sharing plan as amended from time to time. 

  

	8.	Incentive Stock Option Plan - The Employee shall be entitled to participate in the Company’s incentive stock options plans in effect from time to time.

  

	9.	Directors’ Plan - The Employee shall be entitled to participate in the Company’s Directors’ Plans in effect from time to time. The Employee shall not be entitled to
receive fees for attendance at meetings of the Board or of any committees thereof. 

	10.	Employee Stock Ownership Plan - The Employee shall be entitled to participate in the Company’s employee stock ownership plan in effect from time to time.

  

	11.	Insurance - The Employee shall be entitled to participate in all insurance programs and benefits as outlined and subject to the limitations contained in the Summary of Employee
Benefits maintained by the Company or the Bank including life, health, accident and disability. The Company shall reimburse Employee for his COBRA health insurance cost prior to Employee’s eligibility under the Company’s health insurance
plan. The Company shall provide Employee with key man life insurance in such amounts as shall be mutually agreed upon. 

  

	12.	Moving expenses to cover the cost of the amount of all household goods and furnishings from West Simsbury, Connecticut to a community within the Company’s present service area
and for reasonable temporary lodging expenses, which in the aggregate shall not exceed $15,000. 

  

	13.	Bank’s Incentive Plan - The Employee will be entitled to participate in the Bank’s incentive plan in effect from time to time. Targets are determined annually at budget
time. Awards for President/CEO range from 0% to 40% of cash compensation of President/CEO. For employment through December 31, 2002, Employee shall receive a bonus of $35,000, payable not later than March 31, 2003.

  

	14.	Signing Bonus of Treasury Stock - The Company shall award Employee, as bonuses, 500 shares of Company’s common stock on each of August 1, 2003, August 1,
2004, August 1, 2005, August 1, 2006 and August 1, 2007, provided that Employee’s employment with the Company (or any successor) has not been previously terminated as a result of resignation, death, disability or for
Cause. A Certificate shall be issued as soon as practical after each such award and such compensation shall be included in Employee’s W-2 compensation. 

  

	15.	Supplemental Executive Retirement Plan - The plan will be set forth in a separate agreement to be agreed by Company and Employee, based upon Employee’s existing plans and
Company contributions in the future. 

  

	16.	Change in Control Protection - The protection is set forth in the separate agreement dated as of the date hereof.Change in Control Agreement with Donat A. Fournier

 Exhibit 10.11 
  
 BEVERLY NATIONAL CORPORATION 
 240 Cabot Street 
 Beverly, MA 01915 
  
 July 9, 2002 
  

Mr. Donat Fournier 
 17 Homestead Road 
 West Simsbury, CT 06092-2227 
  
 Dear Mr. Fournier: 
  
 Beverly National Corporation, a Massachusetts corporation (“Corporation”), expects that during your tenure as an officer of the Corporation and of Beverly National Bank, a wholly-owned subsidiary of the Corporation (the
“Bank”), you will contribute to the growth and success of the Bank in significant ways, and that you will develop an intimate knowledge of the business and affairs of the Bank and of its policies, methods, personnel and problems. The
Corporation also recognizes that such contributions and knowledge are expected to be of significant benefit to the future growth and success of the Bank and the Corporation. 
  
 The Board of Directors of the Corporation (the “Board”) recognizes that a change in control of the Corporation may
occur and that the threat of such a change in control may result in the departure of management personnel to the detriment of the Corporation and its stockholders. The Board has determined that appropriate steps should be taken to reinforce and
encourage the continued dedication of members of the Bank’s and the Corporation’s management, including yourself, to their assigned duties in the face of the potentially disturbing circumstances arising from the possibility of such a
change in control. The continued performance of your duties as an officer of the Bank and the Corporation may require your strenuous opposition to such a threatened change in control which, in the judgment of the Board, may not be in the best
interests 

 
of the Corporation and its stockholders, and your opposition to such a threatened change in control of the Corporation could prevent or inhibit you from
effectively continuing your duties as an officer of the Bank and the Corporation should such a change in control occur. 
  
 In order to induce you to remain in the employ of the Bank and the Corporation under such circumstances and then to continue to perform your duties as an
officer of the Bank and the Corporation in a manner which is, in your judgment, in the best interests of the Bank and the Corporation, the Corporation hereby agrees to provide you with certain severance benefits in the event your employment with the
Bank or the Corporation is terminated subsequent to a change in control (as defined in Section 1 hereof) under the circumstances described below. 
  
 1. Change in Control. No benefits shall be payable hereunder unless there shall have been a change in control as set forth below, and your
employment by the Bank or the Corporation shall thereafter have been terminated in accordance with Section 2 below. For purposes of this Agreement, a “Change in Control” of the Corporation shall mean any of the following: 

 
 (a) The acquisition of “control” (within the
meaning of Section 2(a)(2) of the Bank Holding Company Act of 1956, as amended, or Section 602 of the Change in Bank Control Act of 1978) of the Corporation by any person, company or other entity; 
  
 (b) Any “person” (as such term is used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes the “beneficial owner” (as defined in Rule 13d-3 thereunder), directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting
power of the Corporation’s then-outstanding securities. 
  
 (c) Any such person becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing less than 20% of the Corporation’s then-outstanding securities, but 

 
is determined by a court or regulatory agency with jurisdiction over the matter to possess or to have exercised control over the Corporation; or 

 
 (d) During any period of two consecutive years,
individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof unless the election or the nomination for election by the Corporation’s stockholders of each new director was
approved by a vote of at least three-fourths of the directors of the Corporation then still in office who were directors at the beginning of the period; or 
  
 (e) The Corporation sells a majority of its assets, or enters into any transaction in which another entity (other than an insurer of the
deposit liabilities of a subsidiary of the Corporation) assumes a majority of the deposit liabilities of any subsidiary of the Corporation. 
  
 2. Termination Following Change in Control. You shall be entitled to the benefits provided for in Section 3(c) hereof upon the termination of
your employment as an officer of the Bank or the Corporation (i) by reason of your resignation, as defined in Section 2(b) hereof, from employment with the Corporation or the Bank for any reason as set forth in a letter from you delivered
to the Board or to the Board of Directors of the Bank, within twenty-four (24) months after a Change in Control, or (ii) for any other reason, voluntary or involuntary, within twenty-four (24) months after a Change in Control, unless
your employment is terminated by the Bank or the Corporation for Cause (as hereinafter defined). In the event your employment with the Bank or the Corporation, but not both, shall be terminated and you shall be entitled to the benefits provided in
Section 3 hereof, you may thereafter terminate your employment with the Corporation or the Bank, respectively, and continue to be entitled to the benefits provided in Section 3 hereof. 
  
 (a) Cause. Termination by the Bank or the Corporation
of your employment for “Cause” shall mean termination upon a conviction for criminal misconduct by you which is materially injurious to the Bank or the Corporation monetarily or otherwise. 

 Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until
there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board of Directors of the Bank or the Board at a meeting of such board called and held
for the purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before such board), finding that in the good faith opinion of such board you were guilty of conduct set forth above in the first
sentence of this paragraph and specifying the particulars thereof in detail. 
  
 (b) Resignation. Your voluntary resignation from employment with the Corporation or the Bank for any reason as set forth in a letter from you delivered to the Board or to the Board of Directors of the Bank.

  
 (c) Notice of Termination. The
Corporation agrees that it will, and will cause the Bank to, promptly furnish you with a written Notice of Termination. Any purported termination by you shall be communicated by written Notice of Termination to the Bank, with a copy to the
Corporation. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of your employment under the provision so indicated. 
  
 (d) Date of Termination. “Date of Termination” shall mean: 
  
 (i) if your employment is terminated by the Bank or the Corporation for Cause, the date specified in the
Notice of Termination, and 

 (ii) if your employment is terminated for any other reason, the date on which a Notice of
Termination is given; provided that if within five (5) days after any Notice of Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of
Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding and final arbitration award or by a final judgment, order or decree of court of competent jurisdiction (the
time for appeal therefrom having expired and no appeal having been perfected). 
  
 3. Compensation During Disability or Upon Termination. 
  
 (a) During any period that you fail to perform your duties as a result of incapacity due to physical or mental illness, the Corporation
shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary at the rate then in effect until the Date of Termination. Thereafter, your benefits shall be determined in accordance with the Bank’s long-term
disability plan then in effect. 
  
 (b) If your
employment shall be terminated for Cause, the Corporation shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was given
and the Corporation shall have no further obligations to you under this Agreement. 
  
 (c) If, within twenty-four (24) months after a Change in Control shall have occurred, your employment by the Bank or the Corporation
shall be terminated other than for Cause, then the Corporation shall pay you within five days after the Date of Termination an amount equal to the sum of: 
  
 (i) An amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was
given, to the extent Bank does not promptly pay such amount; plus 

 (ii) A lump sum amount equal to the product of (A) the average sum of your annual
base compensation (salary plus bonus) paid to you by the Bank or the Corporation and includible in your taxable income for the five years (or the term of your employment, if less) preceding a Change in Control multiplied by (B) the number three
(3), less one hundred ($100) dollars; plus 
  
 (iii) All legal fees and expenses incurred by you as a result of such termination (including all such fees and expenses, if any, incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or
benefit provided for by this Agreement). 
  
 (d)
You shall not be required to mitigate the amount of any payment provided for in this Section 3 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 3 be reduced by any compensation
earned by you as the result of employment by another employer after the Date of Termination, or otherwise. 
  
 (e) Notwithstanding any provision hereof to the contrary, no payment hereunder shall be made if it would violate any applicable law, rule
or regulation, including without limitation, 12 C.F.R. Part 359, as promulgated by the Federal Deposit Insurance Corporation. 
  
 (f) It is the intention of the parties to this Agreement that no payments by the Corporation to you or for your benefit under this
Agreement shall be non-deductible to the Corporation by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, notwithstanding any other provision hereof, if by reason of
the operation 

 
of said Section 280G, any such payments exceed the amount which can be deducted by the Corporation, the amount of such payments shall be reduced to the
maximum which can be deducted by the Corporation. To the extent that payments in excess of the amount which can be deducted by the Corporation have been made to you or for your benefit, they shall be refunded with interest at the applicable rate
provided under Section 1274(d) of the Code, or at such other rate as may be required in order that no such payment to you or for your benefit shall be nondeductible pursuant to Section 280G of the Code. Any payments made hereunder which
are not deductible by the Corporation as a result of losses which have been carried forward by the Corporation for Federal tax purposes shall not be deemed a non-deductible amount for purposes of this Section 3(f). 
  
 4. Successors; Binding Agreement. 
  
 (a) The Corporation will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would be required to perform it if no such succession had taken place. Failure of the Corporation to obtain such agreement prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle you to compensation from the Corporation in the same amount and on the same terms as you would be entitled to hereunder if you resigned (as defined in Section 2(b) hereof) within twenty-four
(24) months after a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Corporation”
shall mean the Corporation as hereinbefore defined and any successor to its business and/or 

 
assets as aforesaid which executes and delivers the agreement provided for in this Section 4 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. 
  
 (b) This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If you should die while any amount would
still be payable to you hereunder if you had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such
designee, to your estate. 
  
 5. Notices. All notices and
other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective
addresses set forth on the first page of this Agreement, provided that all notices to the Corporation shall be directed to the attention of the Board with a copy to the Chairman of the Board, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  
 6. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by you and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other or failure to comply with any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof 

 
have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the Commonwealth of Massachusetts. This Agreement is made under seal. 
  
 7. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect. 
  
 8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
  
 9. Arbitration. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Notwithstanding the pendency of any such dispute or
controversy, the Corporation will pay you promptly an amount equal to your full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and provide you with all compensation, benefits
and insurance plans in which you were participating when the notice giving rise to the dispute was given, until the dispute is finally resolved in accordance with this Section, to the extent Bank does not make such payments or continue such
benefits. Amounts paid under this Section 9 are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction; provided, however, that you shall be entitled to seek specific performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in
connection with this Agreement. 

 10. Election of Benefits. An election by you to resign after a Change in Control under the
provisions of this Agreement will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Corporation (or any subsidiary thereof) and you and will not be deemed a voluntary
termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the
Corporation, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as
you may have under any such employment agreement, but may not elect to receive both. 
  
 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject.

  

									
	 ATTEST:
	 	 	 	 BEVERLY NATIONAL CORPORATION

				
	 /s/ Paul Germano
	 	 	 	 By:
	 	 /s/ Alice B. Griffin

	 	 	 	 	 	 	 Alice B. Griffin

			
	 Agreed to this 9th day
 of July, 2002
	 	 	 	 
				
	 /s/ Donat Fournier
	 	 	 	 	 	 
	 Donat Fournier

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