Document:

Exhibit 10.21

 Exhibit 10.21 
 Execution Copy 
 AMENDED AND
RESTATED EMPLOYMENT AGREEMENT 
 BETWEEN NEW
HAMPSHIRE THRIFT BANCSHARES, INC. 
 AND
STEPHEN R. THEROUX 
 This AMENDED AND
RESTATED EMPLOYMENT AGREEMENT is made effective as of June 1, 2012 (the “Effective Date”), by and between NEW HAMPSHIRE
THRIFT BANCSHARES, INC. (the “Company”) and STEPHEN R. THEROUX (the “Executive”). Any reference to the “Bank” herein
shall mean Lake Sunapee Bank, FSB, a wholly-owned subsidiary of the Company, or any successor thereto. 

WHEREAS, the Company, the Bank and the Executive entered into an Employment Agreement dated as of
August 2, 1994 pursuant to which the Executive has served the Company and the Bank; 

WHEREAS, the Employment Agreement was amended and restated as of July 18, 2000 (the “Prior
Employment Agreement”); 
 WHEREAS, the parties desire to amend and restate the Prior
Employment Agreement for the purpose, among others, of compliance with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); 

WHEREAS, the Company desires to continue to assure for itself and for the Bank the continued
availability of the Executive’s services and the ability of the Executive to perform such services with a minimum of personal distractions in the event of a pending or threatened Change of Control (as herein defined); 

WHEREAS, the Executive is willing to continue to serve in the employ of the Company and the Bank on
such basis; and 
 WHEREAS, the Company and the Executive each hereby agree that in order
to achieve the foregoing objectives it is necessary to amend and restate the terms and conditions of the Prior Employment Agreement, as set forth herein, and for the Bank and the Executive to enter into a separate amended and restated employment
agreement; 
 NOW, THEREFORE, in consideration of the
mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the Company and the Executive hereby agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

(a) During the period of his employment hereunder, Executive agrees to serve as President and Chief Executive Officer of
the Company. During said period, Executive also agrees to serve, if elected, as a director of the Company, the Bank and/or as an officer and director of any subsidiary or affiliate of the Company. 

(b) Executive also agrees that, during the period of his employment hereunder, except for periods of absence occasioned by
illness, reasonable vacation periods, and reasonable leaves of absence, he shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including activities and services related
to the organization, operation and management of the Company; provided, however, that, with the approval of the Board of Directors of the Company (“Board”), as evidenced by a resolution of such Board, from time to time, Executive may
serve, or continue 

 
to serve, on the boards of directors of, and hold any other offices or positions in, companies or organizations which, in the Board’s judgment, will not present any conflict of interest with
the Company, or materially affect the performance of Executive’s duties pursuant to this Agreement. 
  

	2.	EMPLOYMENT TERMS AND EXTENSIONS. 

(a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established
under this Section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the Effective Date and ending on the third (3rd) anniversary date of the Effective Date, plus
such extensions, if any, as are provided pursuant to Section 2(b). 
 (b) Except as
provided in Section 2(c), the Employment Period shall automatically be extended for one additional year as of each June 1st (each, a “Renewal Date”) unless, not later than 30 days prior to said Renewal Date, either the Company or
Executive elects not to extend the Agreement further by giving written notice to the other party. Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period”
as of any date shall mean the period beginning on such date and ending on the day of the third (3rd) anniversary of the last Renewal Date as of which the Employment Period was extended pursuant to this section 2(b). 

(c) Nothing in this Agreement shall be deemed to prohibit the Company at any time from terminating Executive’s
employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company and Executive in the event of any such termination shall be determined under this Agreement.

  

	3.	COMPENSATION AND REIMBURSEMENT. 

 (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 1. The Company shall pay Executive as compensation an initial
base salary of $300,400 per year (“Base Salary”) commencing as of the Effective Date. Such Base Salary shall be payable bi-weekly. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually; the
first such review will be made no later than one year from the date of this Agreement. Such review shall be conducted by a Committee designated by the Board, and the Board may increase Executive’s Base Salary. In addition to the Base Salary
provided in this Section 3(a), the Company shall provide Executive, at no cost to him, with all such other benefits as are provided uniformly to permanent full-time employees of the Company and its affiliates. 

(b) The Company will provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent
to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Company will not, without Executive’s prior written consent, make any changes in such
plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder. Without limiting the generality of the foregoing provisions of this subsection (b), Executive will be entitled to participate in or
receive benefits under any employee benefit plans including, but not limited to, retirement plans, 

  
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supplemental retirement plans, pension plans, profit-sharing plans, health and accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Company or
the Bank in the future to its senior executives and key management employees, subject to, and on a basis consistent with, the terms, conditions and overall administration of such plans and arrangements. Executive will be entitled to incentive
compensation and bonuses as provided in any plan, or pursuant to any arrangement of the Company or the Bank, in which Executive is eligible to participate. Nothing paid to the Executive under any such plan or arrangement will be deemed to be in lieu
of other compensation to which the Executive is entitled under this Agreement. 
 (c) In addition to the Base
Salary provided for by paragraph (a) of this Section 3, the Company shall pay or reimburse Executive for all reasonable travel and other obligations under this Agreement and may provide such additional compensation in such form and such
amounts as the Board may from time to time determine. 
 (d) During the term of this Agreement, the Company shall
make annual contributions to the separate trust established for the New Hampshire Thrift Bancshares, Inc. Supplemental Executive Retirement Plan (“SERP”) for purposes of accumulating the assets necessary to fund the benefits payable to the
Executive under the terms of such Plan. 
  

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF
TERMINATION. 

 (a) Upon the occurrence of an Event of Termination (as herein
defined) during the Executive’s term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following:

 (i) the termination by the Company of Executive’s full-time employment hereunder for any reason other
than for “Disability” as defined in Section 7(a) hereof; death; or “Termination for Cause” as defined in Section 9 hereof; or 
 (ii) Executive’s resignation from the Company’s employ upon (A) unless consented to by the Executive, a material change in Executive’s function, duties, or responsibilities, which
change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1, above (any such material change shall be deemed a continuing breach of
this Agreement), (B) a relocation of Executive’s principal place of employment by more than 30 miles from its location at the effective date of this Agreement, or a material reduction in the benefits and perquisites to the Executive from
those being provided as of the effective date of this Agreement, or (C) any breach of this Agreement by the Company. Upon the occurrence of any event described in clauses (A), (B), or (C), above, Executive shall have the right to elect to
terminate his employment under this Agreement by resignation upon not less than thirty (30) days prior written notice, including a description of the event giving rise to the asserted grounds under clauses (A), (B), or (C), given within a
reasonable period of time not to exceed, except in case of a continuing breach, ninety (90) days after the event giving rise to said right to elect if the asserted grounds under clauses (A), (B), or (C) above have not been cured during
said thirty (30) day period. 

  
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 (b) Upon the termination of Executive’s employment with the Company
under circumstances described in Section 4(a) of this Agreement, the Company shall pay and provide to Executive (or, in the event of his death, to his estate): 

(i) his earned but unpaid salary (including, without limitation, all items which constitute wages under applicable law and
the payment of which is not otherwise provided for in this Section 4(b)) as of the date of the termination of his employment with the Company and the Bank, such payment to be made at the time and in the manner prescribed by law applicable to
the payment of wages but in no event later than thirty (30) days after termination of employment as defined in Treasury Regulation Section 1.409A-1(h)(1)(ii); 

(ii) the benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs and
compensation plans and programs maintained by the Company and the Bank for their officers and employees; 
 (iii)
continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits, in addition to that provided pursuant to Section 4(b)(ii), and after taking into account the
coverage provided by any subsequent employer, if and to the extent necessary to provide for Executive, for the Remaining Unexpired Employment Period, coverage equivalent to the coverage to which he would have been entitled under such plans (as in
effect on the date of his termination of employment, or, if his termination of employment occurs after a Change of Control, on the date of such Change of Control, whichever benefits are greater), if he had continued working for the Company during
the Remaining Unexpired Employment Period at the highest annual rate of compensation achieved during that portion of the Employment Period which is prior to Executive’s termination of employment with the Company; provided, however, that, to the
extent that the promise or provision of any continued group health benefit pursuant to this Section 4(b)(iii) would cause a group health plan maintained for the officers or employees of the Company or the Bank to fail to comply with section
2716 of the Public Health Service Act, the Executive shall be provided with distributions of cash in lieu of such benefit, at the same times and in the same forms as the premium payments which would have been made to provide such benefit, in amounts
adequate for the Executive to purchase a comparable health benefit; 
 (iv) a lump sum payment, in an amount
equal to the value of the salary that Executive would have earned if he had continued working for the Company during the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during that portion of the Employment Period
which is prior to Executive’s termination of employment with the Company, such lump sum to be paid in lieu of all other payments of salary provided for under this Agreement in respect of the period following any such termination without
discount for early payment with payment to be made on the sixtieth (60) day following termination of employment; 
 (v) a lump sum payment in an amount equal to the value of the payments that would have been made to Executive under any cash bonus or long-term or short-term cash incentive compensation plan maintained
by, or covering employees of, the Company or the Bank if he had continued working for the Company during the Remaining Unexpired Employment Period and had earned the maximum bonus or incentive award in each calendar year that ends during the
Remaining Unexpired Employment Period without discount for early payment with payment to be made on the sixtieth (60) day following termination of employment, such payments to be equal to the product of: 

(A) the maximum percentage rate at which an award was available to Executive under such incentive compensation plan during
the period of three (3) years ending immediately prior to the date of termination; multiplied by 

  
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 (B) the salary that would have been paid to Executive during each such
calendar year at the highest annual rate of salary achieved during the period of three (3) years ending immediately prior to the date of termination; 
 (vi) at the election of the Company made within thirty (30) days following the Executive’s termination of employment with the Company, upon the surrender of options or appreciation rights issued
to Executive under any stock option and appreciation rights plan or program maintained by, or covering employees of, the Company or the Bank, a lump sum payment in an amount equal to the product of: 

(A) the excess of (I) the fair market value of a share of stock of the same class as the stock subject to the option
or appreciation right, determined as of the date of termination of employment, over (II) the exercise price per share for such option or appreciation right, as specified in or under the relevant plan or program; multiplied by 

(B) the number of shares with respect to which options or appreciation rights are being surrendered; and 

(vii) at the election of the Company made within thirty (30) days following Executive’s termination of
employment with the Company, upon the surrender of any shares awarded to Executive under any restricted stock plan maintained by, or covering employees of, the Company or the Bank, a lump sum payment in an amount equal to the product of: 

(A) the fair market value of a share of stock of the same class of stock granted under such plan, determined as of the
date of Executive’s termination of employment; multiplied by 
 (B) the number of shares which are being
surrendered. 
 The Company and Executive hereby stipulate that the damages which may be incurred by Executive following any such termination of
employment are not capable of accurate measurement as of the date first above written and that the payments and benefits contemplated by this Section 4(b) constitute reasonable damages under the circumstances and shall be payable without any
requirement of proof of actual damage and without regard to Executive’s efforts, if any, to mitigate damages. 
 (c) Notwithstanding anything in this Agreement to the contrary, it will be a condition to the Executive’s right to receive any severance benefits under Sections 4(b)(iii), (iv) and (v) that
he execute and deliver to the Company no later than 53 days following the date of termination and not revoke a release of claims in favor of the Company and the Bank and all affiliates in the form as may be reasonably prescribed by the Company.
Severance payments and benefits will commence following the expiration of the 60 day period following termination of employment, provided that the Executive has executed and delivered and not 

  
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revoked the release no later than 53 days following the date of termination and such release is effective upon the 60th day following termination of employment. The Company and Executive further agree that the Company may condition the
payments and benefits (if any) due under Sections 4(b)(iii), (iv) and (v) on the receipt of Executive’s resignation from any and all positions which he holds as an officer, director or committee member with respect to the Company, the
Bank or any subsidiary or affiliate of either of them. 
  

	5.	CHANGE OF CONTROL. 

(a) No benefit shall be payable under this Section 5 unless there shall have occurred a Change of Control of the
Company, as set forth below. For purposes of this Agreement, a “Change of Control” of the Company shall be deemed to have occurred upon the happening of any of the following events: 

(i) the consummation of a reorganization, merger or consolidation of the Company, respectively, with one (1) or more
other persons, other than a transaction following which: 
 (A) at least 51% of the equity ownership interests of
the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in substantially the same relative proportions by
persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 

(B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from
such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of the
outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv)
the occurrence of any event if, immediately following such event, at least 50% of the members of the Board of the Company do not belong to any of the following groups; 

(A) individuals who were members of the Board of the Company on the date of this Agreement; or 

(B) individuals who first became members of the Board of the Company after the date of this Agreement either: 

(I) upon election to serve as a member of the Board of the Company by affirmative vote of three-quarters of the members
of such Board, or of a nominating committee thereof, in office at the time of such first election; or 

  
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 (II) upon election by the stockholders of the Company to serve as a member
of the Board of the Company, but only if nominated for election by affirmative vote of three-quarters of the members of the Board of the Company, or of a nominating committee thereof, in office at the time of such first nomination; 

provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest
or other actual or threatened solicitation of proxies or consents other than by or on behalf of the Board of the Company; or 
 (v) any event which would be described in Section 5(a)(i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 

In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the
Company, the Bank, or a subsidiary of either of them, by the Company, the Bank, or a subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this Section 5(a), the term “person” shall
have the meaning assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange Act. 
 (b) If any of the
events described in Section 5(a) hereof constituting a Change of Control have occurred or the Board has determined that a Change of Control has occurred, Executive shall be entitled to the benefits provided in Section 4(b) upon the
Executive’s subsequent termination of employment with the Company, whether voluntary or otherwise, for any reason following the effective date of the Change of Control, unless the Executive’s termination of employment is the result of his
“Disability” as defined in Section 7(a) hereof; death; or “Termination for Cause” as defined in Section 9 hereof. Notwithstanding anything in this Agreement to the contrary, for purposes of computing the benefits
described in Section 4(b) due upon a termination of employment that occurs, or is deemed to have occurred, after a Change of Control, the Remaining Unexpired Employment Period shall be deemed to be three (3) full years. 

 

	6.	CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY. 

(a) This Section 6 shall apply if Executive’s employment is terminated upon or following: 

(i) a Change of Control (as defined in Section 5(a) of this Agreement); or (ii) a change “in the ownership
or effective control” of the Company or the Bank or “in the ownership of a substantial portion of the assets” of the Company or the Bank within the meaning of section 280G of the Code. If this Section 6 applies, then, if for any
taxable year, Executive shall be liable for the payment of an excise tax under section 4999 of the Code with respect to any payment in the nature of compensation made by the Company, the Bank or any direct or indirect subsidiary or affiliate of the
Company or the Bank to (or for the benefit of) Executive, it shall be the sole obligation and responsibility of the Company to pay to Executive an amount equal to X, determined under the following formula: 

 

					
		 	X=	  	 E x P

		 		  	1 - [(FI x (1 - SLI)) + SLI + E + M]
			
		 	where	  	
			
		 	E =	  	the rate at which the excise tax is assessed under section 4999 of the Code;
		 	P	  	the amount with respect to which such excise tax is assessed, determined without regard to this Section 6;
		 	FI =	  	the highest marginal rate of income tax applicable to Executive under the Code for the taxable year in question;
		 	SLI =	  	the sum of the highest marginal rates of income tax applicable to Executive under all applicable state and local laws for the taxable year in question; and
		 	M =	  	the highest marginal rate of Medicare tax applicable to Executive under the Code for the taxable year in question

  
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 With respect to any payment in the nature of compensation that is made to (or for the benefit of) Executive
under the terms of this Agreement, or otherwise, and on which an excise tax under section 4999 of the Code will be assessed, the payment determined under this Section 6(a) shall be made to Executive on the earlier of (i) the date the
Company, the Bank or any direct or indirect subsidiary or affiliate of the Company or the Bank is required to withhold such tax, or (ii) the date the tax is required to be paid by Executive. 

(b) Notwithstanding anything in this Section 6 to the contrary, in the event that Executive’s liability for the
excise tax under section 4999 of the Code for a taxable year is subsequently determined to be different than the amount determined by the formula (X + P) x E, where X, P and E have the meanings provided in Section 6(a), Executive or the
Company, as the case may be, shall pay to the other party at the time that the amount of such excise tax is finally determined, an appropriate amount, plus interest, such that the payment made under Section 6(a), when increased by the amount of
the payment made to Executive under this Section 6(b) by the Company, or when reduced by the amount of the payment made to the Company under this Section 6(b) by Executive, equals the amount that should have properly been paid to Executive
under Section 6(a). The interest paid under this Section 6(b) shall be determined at the rate provided under section 1274(b)(2)(B) of the Code. To confirm that the proper amount, if any, was paid to Executive under this Section 6,
Executive shall furnish to the Company a copy of each tax return which reflects a liability for an excise tax payment made by the Company, at least 20 days before the date on which such return is required to be filed with the Internal Revenue
Service. Any payment pursuant to this Section 6(b) shall in any case be made no later than the last day of the calendar year following the calendar year in which any additional taxes for which the payment contemplated by 6(a) is to be made are
remitted to the Internal Revenue Service. 
  

	7.	TERMINATION FOR DISABILITY. 

(a) If, as a result of Executive’s incapacity due to physical or mental illness, he shall have been absent from his
duties with the Company on a full-time basis for three (3)

  
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consecutive months, and within thirty (30) days after written notice of potential termination is given, he shall not have returned to the full-time performance of his duties, the Company may
terminate Executive’s employment for “Disability.” 
 (b) If the Executive’s employment is
terminated by reason of the Executive’s Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of amounts and provision of benefits under Sections 4(b)(i) and
(ii). 
  

	8.	DEATH OF THE EXECUTIVE. 

If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, this Agreement
shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for payment of amounts and provision of benefits under Sections 4(b)(i) and (ii). 

 

	9.	TERMINATION FOR CAUSE. 

 The term “Termination for Cause” shall mean termination upon intentional failure to perform stated duties, personal dishonesty which results in loss to the Company or one of its affiliates,
willful violation of any law, rule, regulation (other than traffic violations or similar offenses), or final cease and desist order concerning conduct which results in substantial loss to the Company or one of its affiliates, or any material breach
of this Agreement. For purposes of this Section, no act, or the failure to act, on Executive’s part shall be “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was
in the best interest of the Company or its affiliates. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the
affirmative vote of not less than three-fourths of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the
Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and specifying the reasons thereof. The Executive shall not have the right to receive compensation or other benefits for
any period after Termination for Cause. Any unvested stock options granted to Executive under any stock option plan or any unvested awards granted under any other stock benefit plan of the Company or any subsidiary or affiliate thereof, shall become
null and void effective upon Executive’s receipt of Notice of Termination for Cause pursuant to Section 11 hereof, and shall not be exercisable by Executive at any time subsequent to such Termination for Cause. 

 

	10.	REQUIRED REGULATORY PROVISIONS. 

(a) The Company may terminate the Executive’s employment at any time, but any termination, other than Termination for
Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in
Section 9 herein. 
 (b) Any payments made to the Executive pursuant to this Agreement, or otherwise, are
subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and any regulations promulgated thereunder. 

  
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	11.	NOTICE OF TERMINATION. 

(a) Any purported termination by the Company or by Executive shall be communicated by Notice of Termination to the other
party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written 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 Executive’s employment under the provision so indicated. 
 (b) “Date of Termination” shall mean (A) if Executive’s employment is terminated for Disability, thirty (30) days after a Notice of Termination is given (provided that he shall
not have returned to the performance of his duties on a full-time basis during such thirty (30) days period), and (B) if his employment is terminated for any other reason, the date specified in the Notice of Termination (which, in the case
of a Termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 (c) If, within thirty (30) 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,
except upon the occurrence of a Change of Control and voluntary termination by the Executive in which case the Date of Termination shall be the date specified in the Notice, 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 arbitration award, or by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been
perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, the Company will continue to pay Executive his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, Base Salary) and continue him as a
participant in all compensation, benefit and insurance plans in which he was participating when the notice of dispute was given, until the dispute is finally resolved in accordance with this Agreement. Amounts paid under this Section 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. 
  

	12.	NOTICES. 

Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent,
instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt
requested, addressed to such party at the address listed below or at such other address as one such party may by written notice specify to the other party: 
 If to the Executive: 
 Mr. Stephen R. Theroux 

69 Pressey Court 
 New London, New Hampshire 03257 

  
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 If to the Company: 
 New Hampshire Thrift Bancshares, Inc. 
 9 Main Street, P.O. Box 9 

Newport, New Hampshire 03773 
 Attention: Chairman of the Board 
 with a copy to: 

Hogan Lovells US LLP 
 555 Thirteenth Street, NW 
 Washington, D.C. 20004 

Attention: Richard A. Schaberg, Esq. 
  

	13.	NON-COMPETITION. 

 (a) Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Company and affiliates thereof, as it may exist from time to time, is a
valuable, special and unique asset of the business of the Company. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities of the Company or affiliates
thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not
solely and exclusively derived from the business plans and activities of the Company. In the event of a breach or threatened breach by the Executive of the provisions of this Section, the Company will be entitled to an injunction restraining
Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Bank or affiliates thereof, or from rendering any services to any person, firm, corporation, other entity to whom
such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Company from pursuing any other remedies available to the Company for such breach or threatened breach,
including the recovery of damages from Executive. 
 (b) The Executive shall have no right to terminate his
employment under this Agreement except as provided in this Agreement. In the event that Executive violates this provision, the Company shall be entitled to enjoin the employment of Executive with any significant competitor, which shall mean any
bank, savings bank, co-operative bank or savings and loan association or holding company affiliate thereof having one or more deposit offices in any county where the Lake Sunapee Bank, fsb has a main or branch office for a period of two years from
the date of Executive’s termination of his employment hereunder. 
  

	14.	SOURCE OF PAYMENTS. 

 Subject to the provisions of Section 10 hereof, all payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company. 

  
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	15.	GUARANTEE. 

The Company hereby agrees to guarantee the payment by the Bank of any benefits and compensation to which the Executive is or may be
entitled to under the terms and conditions of the amended and restated employment agreement dated as of the even date between the Bank and the Executive, a copy of which is attached hereto as Exhibit A (“Bank Agreement”).

  

	16.	NON-DUPLICATION. 

 In the event that the Executive shall perform services for the Bank or any other direct or indirect subsidiary of the Company, any compensation or benefits provided to the Executive by such other employer
or pursuant to such employer’s employee benefit plans shall be applied to offset the obligations of the Company hereunder, it being intended that the provisions of this Agreement shall set forth the aggregate compensation and benefits payable
to the Executive for all services rendered to the Company, the Bank and any other direct or indirect subsidiaries. 
  

	17.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT
PLANS. 

 This Agreement contains the entire understanding between the parties hereto and
supersedes any prior employment agreement between the Company, or any predecessor of the Company and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Executive of a kind elsewhere
provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 

 

	18.	NO ATTACHMENT. 

 (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation,
or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect. 

(b) This Agreement shall be binding upon, and inure to the benefit of, the Executive, the Company and their respective
successors and assigns. 
  

	19.	MODIFICATION AND WAIVER. 

(a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.
Notwithstanding the preceding sentence, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with Section 409A of the Code (“Section 409A”) and shall be subject to amendment in
the future, in such manner as the Company and the Bank may deem necessary or appropriate to effect such compliance; provided that any such amendment shall preserve for the Executive the benefit originally afforded pursuant to this Agreement.

 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there by any
estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and
each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 

  
 -Page 12 of
15- 

	20.	SEVERABILITY. 

 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not
held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
  

	21.	HEADINGS FOR REFERENCE ONLY. 

The headings of Sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 
  

	22.	GOVERNING LAW. 

 This Agreement shall be governed by the laws of the State of New Hampshire, unless otherwise specified herein. 
  

	23.	PAYMENT OF LEGAL FEES. 

All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement
shall be paid or reimbursed by the Company, if Executive is successful pursuant to a legal judgment, arbitration or settlement. 
  

	24.	INDEMNIFICATION. 

 The
Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, or in lieu thereof, shall indemnify Executive (and his
heirs, executors and administrators) to the fullest extent permitted under law against 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 officer of the Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgment, court
costs and attorneys’ fees and the cost of reasonable settlements. 
  

	25.	SUCCESSORS TO THE COMPANY. 

The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all
or substantially all the business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be
required to perform if no such succession or assignment had taken place. Failure of the Company to obtain from any successor its express written assumption of the Company’s obligations hereunder at least sixty (60) days in advance of the
scheduled effective date of any such succession shall be deemed a material breach of this Agreement. 

  
 -Page 13 of
15- 

	26.	COMPLIANCE WITH SECTION 409A OF THE CODE.

 The Executive and the Company acknowledge that each of the payments and benefits promised to the Executive
under this Agreement must either comply with the requirements of Section 409A and the regulations thereunder or qualify for an exception from compliance. To that end, the Executive and the Company agree that: 

(a) The expense reimbursements described in Section 3(c) and legal fee reimbursements described in Section 23
are intended to satisfy the requirements for a “reimbursement plan” described in Treasury Regulation section 1.409A-3(i)(1)(iv)(A) and shall be administered to satisfy such requirements; 

(b) the payment described in Section 4(b)(i) is intended to be excepted from compliance with Section 409A
pursuant to Treasury Regulation section 1.409A-1(b)(3) as payment made pursuant to the Company’s customary payment timing arrangement; 
 (c) the benefits and payments described in Section 4(b)(ii) are expected to comply with or be excepted from compliance with Section 409A on their own terms; 

(d) the welfare benefits provided in kind under Section 4(b)(iii) are intended to be excepted from compliance with
Section 409A as welfare benefits pursuant to Treasury Regulation Section 1.409A-1(a)(5) and/or as benefits not includible in gross income; 
 (e) the tax indemnity payment provided under Section 6 is intended to satisfy the requirements for a “tax gross-up payment” described in Treasury Regulation section 1.409A-3(i)(1)(v); and

 (f) the termination benefits described in Section 24 are intended to be exempt from Section 409A as
certain indemnification and liability insurance plans pursuant to Treasury Regulation Section 1.409A-1(b)(10). 
 With respect to payments
under this Agreement, for purposes of Section 409A, each severance payment (if there is more than one payment) will be considered one of a series of separate payments. The Executive and the Company further agree that, to the extent not
otherwise exempt, the termination benefits described in this agreement are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals or as payments pursuant to a separation pay
plan pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii). In the case of a payment that is not excepted from compliance with Section 409A, and that is not otherwise designated to be paid immediately upon a permissible payment event
within the meaning of Treasury Regulation Section 1.409A-3(a), the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of the date sixty (60) days after the Executive’s earliest separation
from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and, if the Executive is a specified employee (within the meaning of Treasury Regulation Section 1.409A-1(i)) on the date of his separation from service, the
first day of the seventh month following the Executive’s separation from service. Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with Section 409A. 

  
 -Page 14 of
15- 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed and their seal to be affixed hereunto by its duly authorized officers and directors, and Executive has signed this Agreement. 

 

					
	 ATTEST:
	 	NEW HAMPSHIRE THRIFT BANCSHARES, INC.
			
	/s/ Laura Jacobi	 	BY:	 	/s/ Peter R. Lovely
			
	Secretary	 		 	Board Director
			
	WITNESS:	 		 	
		
	/s/ Jodi Hoyt	 	/s/ Stephen R. Theroux
		
		 	STEPHEN R. THEROUX

  
 -Page 15 of
15-Exhibit 10.22

 Exhibit 10.22 
 FORM OF ONE-YEAR CHANGE OF CONTROL AGREEMENT 

This CHANGE OF CONTROL AGREEMENT (the
“Agreement”) is made and entered into as of                     ,      2012 by and among LAKE
SUNAPEE BANK, FSB (the “Bank”), NEW HAMPSHIRE THRIFT BANCSHARES, INC. (the
“Company”) and [                    ] (the “Officer”). 
 INTRODUCTORY STATEMENT 
 The Board of
Directors has concluded that it is in the best interests of the Bank, the Company and their prospective shareholders to establish a working environment for the Officer which minimizes the personal distractions that might result from possible
business combinations in which the Company or the Bank might be involved. To this end, the Bank has decided to provide the Officer with assurance that his compensation will be continued for a minimum period of one (1) year following termination
of employment as defined in Treasury Regulation Section 1.409A-1(h)(1)(ii) (the “Assurance Period”) if his employment terminates under specified circumstances related to a business combination. The Board of Directors of the Bank has
decided to formalize this assurance by entering into this Change of Control Agreement with the Officer. The Board of Directors of the Company has authorized the Company to guarantee the Bank’s obligations under this Agreement. 

The terms and conditions which the Bank, the Company and the Officer have agreed to are as follows. 

AGREEMENT 
  

	 	Section 1.	Effective Date; Term; Change of Control and Pending Change of Control Defined. 

(a) This Agreement shall take effect as of the date written above (the “Effective Date”) and shall be in effect during the
period (the “Term”) beginning on the Effective Date and ending on the first anniversary of the date on which the Bank notifies the Officer of its intent to discontinue the Agreement (the “Initial Expiration Date”) or, if later,
the first anniversary of the latest Change of Control or Pending Change of Control, as defined below, that occurs after the Effective Date and before the initial Expiration Date. 

(b) For all purposes of this Agreement, a “Change of Control” shall be deemed to have occurred upon the happening of any of the
following events: 
 (i) the consummation of a reorganization, merger or consolidation of the Company with one
(1) or more other persons, other than a transaction following which: 
 (A) at least 51% of the equity
ownership interests of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same
relative proportions by persons who, immediately prior to such transaction, 

 
beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 

(B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from
such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of the
outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv)
the occurrence of any event if immediately following such event, at least 50% of the members of the Board of Directors of the Company do not belong to any of the following groups: 

(A) individuals who were members of the Board of Directors of the Company on the date of this Agreement; or 

(B) individuals who first became members of the Board of Directors of the Company after the date of this Agreement
either: 
 (1) upon election to serve as a member of the Board of Directors of the Company by affirmative vote
of three-quarters of the members of such board, or of a nominating committee thereof, in office at the time of such first election; or 
 (2) upon election by the shareholders of the Board of Directors of the Company to serve as a member of such board, but only if nominated for election by affirmative vote of three-quarters or the members
of the Board of Directors of the Company, or of a nominating committee thereof, in office at the time of such first nomination; 

provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest
or other actual or threatened solicitation of proxies or consents other than by or on behalf of the Board of Directors of the Company; or 

  
 2 

 (v) any event which would be described in section 1(b)(i), (ii),
(iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 
 In no event, however, shall a
Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank, or any subsidiary of either of them, or by any employee
benefit plan maintained by any of them. For purposes of this section 1(b), the term “person” shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act. 

(c) For purposes of this Agreement, a “Pending Change of Control” shall mean: (i) the signing of a definitive agreement
for a transaction which, if consummated, would result in a Change of Control; (ii) the commencement of a tender offer which, if successful, would result in a Change of Control; or (iii) the circulation of a proxy statement seeking proxies
in opposition to management in an election contest which, if successful, would result in a Change of Control; provided, however, that the Change of Control contemplated does, in fact, occur. 

 

	 	Section 2.	Discharge Prior to a Pending Change of Control 

 The Bank may discharge the Officer at any time prior to the occurrence of a Pending Change of Control for any reason or for no reason. In such event: 

(a) The Bank shall pay to the Officer (or, in the event of his death, his estate) his earned but unpaid compensation (including, without
limitation, salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in
no event later than thirty (30) days after the date of the Officer’s termination of employment. 

(b) The Bank shall provide the benefits, if any, due to the Officer (or, in the event of his death, his estate,
surviving dependents or his designated beneficiaries) under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the officers and employees of the Bank. The time and manner of payment or other
delivery of these benefits and the recipients of such benefits shall be determined according to the terms and conditions of the applicable plans and programs; provided, however, that such benefits shall, if and to the extent necessary to except such
benefits from section 409A (“Section 409A”) of the Internal Revenue Code of 1986 (the “Code”), be paid within
2 1/2 months following the end of the taxable year
of the Officer, Bank or the Company, whichever is longer, in which the termination event occurs. 
 The payments and benefits described
in sections 2(a) and (b) shall be referred to in this Agreement as the “Standard Termination Entitlements.” In addition, the Officer, the Company and the Bank agree that the termination benefits described in this sections 2(a) and
(b) are intended to be exempt from Section 409A (“Section 409A”) of the Internal Revenue Code of 1986 (the “Code”) pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals. 

  
 3 

	 	Section 3.	Termination of Employment Due to Death 

 The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such
event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements. 
  

	 	Section 4.	Termination Due to Disability after Change of Control or Pending Change of Control. 

The Bank may terminate the Officer’s employment during the Term and after the occurrence of a Change of Control or a Pending Change
of Control upon a determination, by a majority vote of the members of the Board of Directors of the Bank, acting in reliance on the written advice of a medical professional acceptable to it, that the Officer is suffering from a physical or mental
impairment which, at the date of the determination, has prevented the Officer from performing his assigned duties on a substantially full-time basis for a period of at least ninety (90) days during the period of one (1) year ending with
the date of the determination or is likely to result in death or prevent the Officer from performing his assigned duties on a substantially full-time basis for a period of at least ninety (90) days during the period of one (1) year
beginning with the date of the determination. In such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the
event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the Standard Termination Entitlements, the Bank shall continue to pay the Officer his base salary, at the annual rate in effect for him immediately prior to the termination of his
employment, during a period ending on the earliest of (i) the expiration of ninety (90) days after the date of termination of his employment; (ii) the date on which long-term disability insurance benefits are first payable to him
under any long-term disability insurance plan covering employees of the Bank (the “LTD Eligibility Date”); (iii) the date of his death; (iv) the expiration of the Assurance Period (the “Initial Continuation Period”);
and (v) within 2 months following the end of the taxable year of the Officer, Bank or the Company, whichever is longer, in which the termination event occurs. If the end of the Initial Continuation Period is neither the LTD Eligibility Date nor
the date of his death, the Bank shall continue to pay the Officer his base salary, at an annual rate equal to sixty percent (60%) of the annual rate in effect for him immediately prior to the termination of his employment, during an additional
period ending on the earliest of the LTD Eligibility Date, the date of his death and the expiration of the Assurance Period. 

A termination of employment due to disability under this section 4 shall be effected by a notice of termination given to the Officer by
the Bank and shall take effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer. 

  
 4 

 The Officer, the Company and the Bank agree that the termination benefits described in
section 4(b) are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(a)(5) as disability pay. 
  

	 	Section 5.	Discharge with Cause after Change of Control or Pending Change of Control 

(a) The Bank may terminate the Officer’s employment with “Cause” during the Term and after the occurrence of a Change of
Control or Pending Change of Control, but a termination shall be deemed to have occurred with “Cause” only if: 
 (i) the Board of Directors of the Bank and the Board of Directors of the Company, by separate majority votes of their entire membership, determine that the Officer should be discharged because of personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or
final cease and desist order, or any material breach of this Agreement; and 
 (ii) at least forty-five
(45) days prior to the vote contemplated by section 1(b)(i), the Bank has provided the Officer with notice of its intent to discharge the Officer for Cause, detailing with particularity the facts and circumstances which are alleged to
constitute Cause (the “Notice of Intent to Discharge”); and 
 (iii) after the giving of the Notice of
Intent to Discharge and before the taking of the vote contemplated by section 5(a)(i), the Officer (together with his legal counsel, if he so desires) is afforded a reasonable opportunity to make both written and oral presentations before the
Board of Directors of the Bank for the purpose of refuting the alleged grounds for Cause for his discharge; and 

(iv) after the vote contemplated by section 5(a)(i), the Bank has furnished to the Officer a notice of termination which
shall specify the effective date of his termination of employment (which shall in no event be earlier than the date on which such notice is deemed given) and include a copy of a resolution or resolutions adopted by the Board of Directors of the
Bank, certified by its corporate secretary and signed by each member of the Board of Directors voting in favor of adoption of the resolution(s), authorizing the termination of the Officer’s employment with Cause and stating with particularity
the facts and circumstances found to constitute Cause for his discharge (the “Final Discharge Notice”). 
 (b) If the
Officer is discharged with Cause during the Term and after a Change of Control or Pending Change of Control, the Bank shall pay and provide to him (or, in the event of his death, to his estate and surviving beneficiaries and dependents, as
applicable) the Standard Termination Entitlements only. Following the giving of a Notice of Intent to Discharge, the Bank may temporarily suspend the Officer’s duties and authority and, in such

  
 5 

 
event, may also suspend the payment of salary and other cash compensation, but not the Officer’s participation in retirement, insurance and other employee benefit plans. If the Officer is
not discharged, or is discharged without Cause, within forty-five (45) days after the giving of a Notice of Intent to Discharge, payments of salary and cash compensation shall resume, and all payments withheld during the period of suspension
shall be promptly restored. If the Officer is discharged with Cause not later than forty-five (45) days after the giving of the Notice of Intent to Discharge, all payments withheld during the period of suspension shall be deemed forfeited and
shall not be included in the Standard Termination Entitlements. If a Final Discharge Notice is given later than forty-five (45) days, but sooner than ninety (90) days, after the giving of the Notice of Intent to Discharge, all payments
made to the Officer during the period beginning with the giving of the Notice of intent to Discharge and ending with the Officer’s discharge with Cause shall be retained by the Officer and shall not be applied to offset the Standard Termination
Entitlements. If the Bank does not give a Final Discharge Notice to the Officer within ninety (90) days after giving a Notice of intent to Discharge, the Notice of Intent to Discharge shall be deemed withdrawn and any future action to discharge
the Officer with Cause shall require the giving of a new Notice of Intent to Discharge. 
  

	 	Section 6.	Discharge without Cause after Change of Control or Pending Change of Control 

The Bank may discharge the Officer without Cause at any time after the occurrence of a Change of Control or Pending Change of Control, and
in such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the event of his death before payment, to his estate
and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the
Standard Termination Entitlements, the Bank shall make a lump sum payment to the Officer (or, in the event of his death before payment, to his estate) within sixty (60) days following the Officer’s termination of employment with the Bank,
in an amount equal to the salary that Officer would have earned if he had continued working for the Bank during the Assurance Period at the highest annual rate of salary achieved during that portion of the employment period which is prior to
Officer’s termination of employment with the Bank without discounting for early payment. Such lump sum shall he paid in lieu of all other payments of salary provided for under this Agreement in respect of the period following any such
termination. The payments and benefits described in section 6(b) are referred to in this Agreement as the “Additional Change of Control Entitlements.” In addition, the Officer, the Company and the Bank agree that the termination benefits
described in sections 6(b) are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-l(b)(4) as short-term deferrals. 
  

	 	Section 7.	Resignation. 

(a) The Officer may resign from his employment with the Bank at any time. A resignation under this section 7 shall be effected by notice
of resignation given by the Officer to the Bank and shall take effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer. The

  
 6 

 
Officer’s resignation of any of the positions within the Bank or the Company to which he has been assigned shall be deemed a resignation from all such positions. 

(b) The Officer’s resignation shall be deemed to be for “Good Reason” if the effective date of resignation occurs during
the Term, but on or after the effective date of a Change of Control, and is on account of: 
 (i) the failure of
the Bank (whether by act or omission of the Board of Directors, or otherwise) to appoint or re-appoint or elect or re-elect the Officer to the position with Bank that he held immediately prior to the Change of Control (the “Assigned
Office”) or to a more senior office; 
 (ii) a material failure by the Bank, whether by amendment of the
certificate of incorporation or organization, by-laws, action of the Board of Directors of the Bank or otherwise, to vest in the Officer the functions, duties, or responsibilities customarily associated with the Assigned Office; provided that the
Officer shall have given notice of such failure to the Bank, and the Bank has not fully cured such failure within thirty (30) days after such notice is deemed given; 

(iii) any reduction of the Officer’s rate of base salary in effect from time to time or any failure (other than due
to reasonable administrative error that is cured promptly upon notice) to pay any portion of the Officer’s compensation as and when due; 
 (iv) any change in the terms and conditions of any compensation or benefit program in which the Officer participates which, either individually or together with other changes, has a material adverse
effect on the aggregate value of his total compensation package; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty
(30) days after such notice is deemed given; 
 (v) any material breach by the Bank of any material term,
condition or covenant contained in this Agreement; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after such
notice is deemed given; or 
 (vi) a change in the Officer’s principal place of employment to a place that
is not the principal executive office of the Bank, or a relocation of the Bank’s principal executive office to a location that is both more than twenty-five (25) miles away from the Officer’s principal residence and more than
twenty-five (25) miles away from the location of the Bank’s principal executive office on the day before the occurrence of the Change of Control. 
 In all other cases, a resignation by the Officer shall be deemed to be without Good Reason. In the event of resignation, the Officer shall state in his notice of resignation whether he considers his
resignation to be a resignation with Good Reason, and if he does, he shall state in such notice 

  
 7 

 
the grounds which constitute Good Reason. The Officer’s determination of the existence of Good Reason shall be conclusive in the absence of fraud, had faith or manifest error. 

(c) In the event of the Officer’s resignation for any reason, the Bank shall pay and deliver the Standard Termination Entitlements.
In the event of the Officer’s resignation with Good Reason, the Bank shall also pay and deliver the Additional Termination Entitlements. 
  

	 	Section 8.	Terms and Conditions of the Additional Termination Entitlements. 

(a) The Bank and the Officer hereby stipulate that the damages which may be incurred by the Officer following any termination of
employment are not capable of accurate measurement as of the date first above written and that the Additional Termination Entitlements constitute reasonable damages under the circumstances and shall he payable without any requirement of proof of
actual damage and without regard to the Officer’s efforts, if any, to mitigate damages. 
 (b) The Bank
and the Officer further agree that the Bank may condition the payment and delivery of the Additional Termination Entitlements on the receipt of: (a) the Officer’s resignation from any and all positions which he holds as an officer,
director or committee member with respect to the Bank or the Company or any subsidiary or affiliate of either of them; and (b) a release of the Bank and its officers, directors, shareholders, subsidiaries and affiliates, in form and substance
satisfactory to the Bank, of any liability to the Officer, whether for compensation or damages, in connection with his employment with the Bank and the termination of such employment except for the Standard Termination Entitlements and the
Additional Termination Entitlements. This release must be executed and delivered to the Bank no later than 53 days following the date of termination and not revoke a release of claims in favor of the Company and the Bank and all affiliates in the
form as may be reasonably prescribed by the Bank. Severance payments will commence following the expiration of the 60 day period following termination of employment, provided that the Officer has executed and delivered and not revoked the release no
later than 53 days following the date of termination and such release is effective upon the 60th day following termination of employment. 
 (c) Notwithstanding anything herein
contained to the contrary, in no event shall the aggregate amount of compensation payable to the Officer under this Agreement constitute an “excess parachute payment” with the meaning of Section 280G of the Code and any regulations
thereunder. In the event that the Bank shall determine that any payments to be made hereunder (together with any other payments) constitute and “excess parachute payment” within the meaning of Section 280G of the Code and the
regulations thereunder, then the Additional Termination Entitlements shall be reduced by the Bank in its sole discretion to the point that such compensation shall not qualify as an “excess parachute payment” within the meaning of
Section 280G of the Code and the regulations thereunder. 
  

	 	Section 9.	No Effect on Employee Benefit Plans or Programs. 

 The termination of the Officer’s employment during the Assurance Period or thereafter, whether by the Bank or by the Officer, shall have no effect on the rights and

  
 8 

 
obligations of the parties hereto under the Bank’s qualified or non-qualified retirement, pension, savings, thrill, profit-sharing or stock bonus plans, group life, health (including
hospitalization, medical and major medical), dental, accident and long term disability insurance plans or such other employee benefit plans or programs, or compensation plans or programs, as may be maintained by, or cover employees of the Bank from
time to time; provided, however, that nothing in this Agreement shall he deemed to duplicate any compensation or benefits provided under any agreement, plan or program covering the Officer to which the Bank or Company is a party and any duplicative
amount payable under any such agreement, plan or program shall be applied as an offset to reduce the amounts otherwise payable hereunder. 
  

	 	Section 10.	Successors and Assigns. 

 This Agreement will inure to the benefit of and be binding upon the Officer, his legal representatives and testate or intestate distributees, and the Company and the Bank and their respective successors
and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Company or the Bank may be sold or otherwise
transferred. Failure of the Bank to obtain from any successor its express written assumption of the Company’s or Bank’s obligations hereunder at least sixty (60) days in advance of the scheduled effective date of any such succession
shall, if such succession constitutes a Change of Control, constitute Good Reason for the Officer’s resignation on or at any time during the Term following the occurrence of such succession. 

 

	 	Section 11.	Notices. 

Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent,
instruction, objection or waiver, shall he in writing and shall he deemed to have been given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt
requested, addressed to such party at the address listed below or at such other address as one (1) such party may by written notice specify to the other party: 
 If to the Officer: 

[                    ] 

[                    ] 

[                    ] 

If to the Company or the Bank: 
 New Hampshire Thrift Bancshares, Inc. 
 9 Main Street, P.O. Box 9 

Newport, NH 03773 
 Attention: Chairman, Compensation Committee of the Board of Directors 

  
 9 

	 	Section 12.	Indemnification for Attorneys’ Fees. 

 The Bank shall indemnify, hold harmless and defend the Officer against reasonable costs, including legal fees, incurred by him in connection with or arising out of any action, suit or proceeding in which
he may be involved, as a result of his efforts, in good faith, to defend or enforce the terms of this Agreement; provided, however, that the Officer shall have substantially prevailed on the merits pursuant to a judgment, decree or order of a court
of competent jurisdiction or of an arbitrator in an arbitration proceeding. The determination whether the Officer shall have substantially prevailed on the merits and is therefore entitled to such indemnification, be made by the court or arbitrator,
as applicable. In the event of a settlement pursuant to a settlement agreement, any indemnification payment under this section 12 shall be made only after a determination by the members of the Board (other than the Officer and any other member of
the Board to which the Officer is related by blood or marriage) that the Officer has acted in good faith and that such indemnification payment is in the best interests of the Bank. Any payment or reimbursement to effect such indemnification shall be
made no later than the last day of the calendar year following the calendar year in which the Officer incurs the expense or, if later, within sixty (60) days after the settlement or resolution that gives rise to the Officer’s right to
reimbursement; provided, however, that the Officer shall have submitted to the Bank documentation supporting such expenses at such time and in such manner as the Bank may reasonably require. 

 

	 	Section 13.	Severability. 

 A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 

 

	 	Section 14.	Waiver. 

Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term,
covenant, or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any
one (1) or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
  

	 	Section 15.	Counterparts. 

 This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 

 

	 	Section 16.	Governing Law. 

 This Agreement shall be governed by and construed and enforced in accordance with the federal laws of the United States and, to the extent that federal law is inapplicable, in accordance with the laws of
the State of New Hampshire applicable to contracts entered into and to be performed entirely within the State of New Hampshire. 

  
 10 

	 	Section 17.	Headings and Construction. 

 The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any section. Any reference to a section number shall refer to a section of
this Agreement, unless otherwise stated. 
  

	 	Section 18.	Entire Agreement; Modifications. 

 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating
to the subject matter hereof. No modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto. Notwithstanding the preceding sentence, this Agreement shall be construed and administered in such manner as
shall be necessary to effect compliance with Section 409A and shall be subject to amendment in the future, in such manner as the Company and the Bank may deem necessary or appropriate to effect such compliance; provided that any such amendment
shall preserve for the Officer the benefit originally afforded pursuant to this Agreement. 
  

	 	Section 19.	Required Regulatory Provisions. 

 The following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank: 

(a) Notwithstanding anything herein contained to the contrary, in no event shall the aggregate amount of compensation payable to the
Officer hereunder exceed three (3) times the Officer’s average annual compensation for the last live (5) consecutive calendar years to end prior to his termination of employment with the Bank (or for his entire period of employment
with the Bank if less than five (5) calendar years). 
 (b) Notwithstanding anything herein contained to the contrary, any
payments to the Officer by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (“FDI Act”), 12 U.S.C. §1828(k),
and any regulations promulgated thereunder. 
 (c) Notwithstanding anything herein contained to the contrary, if the Officer is
suspended from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under Section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or 1818(g)(1), the
Bank’s obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the
Officer all or part of the compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended. 

(d) Notwithstanding anything herein contained to the contrary, if the Officer is removed and/or permanently prohibited from participating
in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the

  
 11 

 
effective date of the order, but vested rights and obligations of the Bank and the Officer shall not be affected. 
 (e) Notwithstanding anything herein contained to the contrary, if the Bank is in default (within the meaning of Section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all prospective obligations
of the Bank under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and the Officer shall not be affected. 
 (f) Notwithstanding anything herein contained to the contrary, all prospective obligations of the Bank hereunder shall he terminated, except to the extent that a continuation of this Agreement is
necessary for the continued operation of the Bank: (1) by the Director of the OCC or his designee or the Federal Deposit Insurance Corporation (“FDIC”), at the time the FDIC enters into an agreement to provide assistance to or on
behalf of the Bank under the authority contained in Section 13(c) of the FDI Act, 12 U.S.C. §1823(c); (ii) by the Director of the OCC or his designee at the time such Director or designee approves a supervisory merger to resolve
problems related to the operation of the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition. The vested rights and obligations of the parties shall not be affected. 

If and to the extent that any of the foregoing provisions shall cease to be required or by applicable law, rule or regulation, the same
shall become inoperative as though eliminated by formal amendment of this Agreement. 
  

	 	Section 20.	Guaranty. 

The Company hereby irrevocably and unconditionally guarantees to the Officer the payment of all amounts, and the performance of all other
obligations, due from the Bank in accordance with the terms of this Agreement as and when due without any requirement of presentment, demand of payment, protest or notice of dishonor or nonpayment. 

 

	 	Section 21.	Payments to Key Employees 

 Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made
sooner than the first day of the seventh (7th) month
after such termination of employment; provided, however, that to the extent such delay is imposed by Section 409A as a result of a Change of Control as defined in section 1(b), the payment shall be paid into a rabbi trust for the benefit of the
Officer as if the required delay was not imposed with such amounts then being distributed to the Officer as soon as permissible under Section 409A. 
  

	 	Section 22.	Involuntary Termination Payments to Employees (Safe Harbor). 

 In the event a payment is made to an employee only upon an involuntary termination of employment, as deemed pursuant to this Agreement, such payment will not be subject to Section 409A provided that
such payment does not exceed two (2) times the lesser of (i) the sum of the Officer’s annualized compensation based on the taxable year immediately preceding the year in which termination of employment occurs or (ii) the maximum
amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for 

  
 12 

 
the year in which the Officer terminates service (the “Safe Harbor Amount”). However, if such payment exceeds the Safe Harbor Amount, only the amount in excess of the Safe Harbor Amount
will be subject to Section 409A. In addition, if such Officer is considered a key employee, such payment in excess of the Safe Harbor Amount will be subject to the provisions of Section 21 of this Agreement. The Officer, the Company and
the Bank agree that the termination benefits described in this section 22 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) as the safe harbor for separation pay due to involuntary
separation from service. 

  
 13 

 IN WITNESS WHEREOF, the
Bank and the Company have caused this Agreement to be executed and the Officer has hereunto set his hand, all as of the day and year first above written. 
  

									
		 		 	  

		 		 	[OFFICER]
			
		 		 	LAKE SUNAPEE BANK, FSB
			
	Attest:	 		 	
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
		 		 	NEW HAMPSHIRE THRIFT BANCSHARES, INC.
			
	Attest:	 		 	
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

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