Document:

Exhibit 10.11

 Exhibit 10.11 
 LOAN AGREEMENT 
 by and between 
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST 
 of 
 WESTFIELD FINANCIAL, INC. 
 and

 NEW WESTFIELD FINANCIAL, INC. 
  
 Made and Entered Into as of January 3, 2007 
  

 TABLE OF CONTENTS 
  

			
	  	  	Page
	 ARTICLE I

	
	 DEFINITIONS

		
	 Section 1.1      Business Day
	  	1
	 Section 1.2      Code
	  	1
	 Section 1.3      Default
	  	1
	 Section 1.4      ERISA
	  	2
	 Section 1.5      Event of Default
	  	2
	 Section 1.6      Fiscal Year
	  	2
	 Section 1.7      Independent Counsel
	  	2
	 Section 1.8      Loan
	  	2
	 Section 1.9      Loan Documents
	  	2
	 Section 1.10    Pledge Agreement
	  	2
	 Section 1.11    Principal Amount
	  	2
	 Section 1.12    Promissory Note
	  	2
	 Section 1.13    Register
	  	2
	
	 ARTICLE II

	
	 THE LOAN; PRINCIPAL AMOUNT; INTEREST; SECURITY; INDEMNIFICATION

		
	 Section 2.1      The Loan; Principal Amount.
	  	2
	 Section 2.2      Interest.
	  	3
	 Section 2.3      Promissory Note.
	  	4
	 Section 2.4      Payment of Trust Loan.
	  	4
	 Section 2.5      Prepayment.
	  	5
	 Section 2.6      Method of Payments.
	  	6
	 Section 2.7      Use of Proceeds of Loan.
	  	7
	 Section 2.8      Security.
	  	7
	 Section 2.9      Registration of the Promissory Note.
	  	7
	
	 ARTICLE III

	
	 REPRESENTATIONS AND WARRANTIES OF THE BORROWER

		
	 Section 3.1      Power, Authority, Consents.
	  	8
	 Section 3.2      Due Execution, Validity, Enforceability.
	  	8
	 Section 3.3      Properties, Priority of Liens.
	  	8
	 Section 3.4      No Defaults, Compliance with Laws.
	  	8
	 Section 3.5      Purchases of Common Stock.
	  	8

  

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	  	  	Page
	
	 ARTICLE IV

	
	 REPRESENTATIONS AND WARRANTIES OF THE LENDER

		
	 Section 4.1      Power, Authority, Consents.
	  	9
	 Section 4.2      Due Execution, Validity, Enforceability.
	  	9
	 Section 4.3      ESOP; Contributions.
	  	9
	 Section 4.4      Trustee; Committee.
	  	9
	 Section 4.5      Compliance with Laws; Actions.
	  	10
	
	 ARTICLE V

	
	 EVENTS OF DEFAULT

		
	 Section 5.1      Events of Default under Loan Agreement.
	  	10
	 Section 5.2      Lender’s Rights upon Event of Default.
	  	10
	
	 ARTICLE VI

	
	 MISCELLANEOUS PROVISIONS

		
	 Section 6.1      Payments Due to the Lender.
	  	11
	 Section 6.2      Payments.
	  	11
	 Section 6.3      Survival.
	  	11
	 Section 6.4      Modifications, Consents and Waivers; Entire Agreement.
	  	11
	 Section 6.5      Remedies Cumulative.
	  	12
	 Section 6.6      Further Assurances; Compliance with Covenants.
	  	12
	 Section 6.7      Notices.
	  	12
	 Section 6.8      Counterparts.
	  	13
	 Section 6.9      Construction; Governing Law .
	  	13
	 Section 6.10    Severability .
	  	13
	 Section 6.11    Binding Effect; No Assignment or Delegation .
	  	14

  

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 LOAN AGREEMENT 
 This LOAN AGREEMENT (“Loan Agreement”) is made and entered into as of the 3rd day of January, 2007, by and between the EMPLOYEE STOCK OWNERSHIP PLAN TRUST OF WESTFIELD FINANCIAL, INC. (“Borrower”), a trust forming part of the
Employee Stock Ownership Plan of Westfield Financial, Inc. (“ESOP”), acting through and by its Trustee, FIRST BANKERS TRUST SERVICES, INC. (“Trustee”), a corporation having an office at 2321 Kochs Lane, P.O. Box 4005, Quincy,
Illinois 62305-4005; and NEW WESTFIELD FINANCIAL, INC. (“Lender”), a Massachusetts-chartered corporation, having an office at 141 Elm Street, Westfield, Massachusetts 01085. 
 W I T N E S S E T H : 
 WHEREAS, the
ESOP Committee of the Lender (“Committee”) has authorized the Borrower to purchase shares of common stock of New Westfield Financial, Inc. (“Common Stock”), either directly from New Westfield Financial, Inc. or in open market
purchases in an amount not to exceed 736,000 shares of commons stock (i.e., four percent (4%) of the total number of shares of Common Stock sold in the offering in connection with the Amended and Restated Plan of Conversion and Stock Issuance
(the “Reorganization”)); 
 WHEREAS, the Committee has further authorized the Borrower to
borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock; and 
 WHEREAS, the Lender is willing to make a loan to the Borrower for such purpose; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 The following definitions
shall apply for purposes of this Loan Agreement, except to the extent that a different meaning is plainly indicated by the context: 
 Section 1.1    Business Day means any day other than a Saturday, Sunday or other day on which banks are authorized or required to close under federal law or the laws of the Commonwealth
of Massachusetts. 
 Section 1.2    Code means the Internal Revenue Code of 1986
(including the corresponding provisions of any succeeding law). 
 Section 1.3    Default
means an event or condition which would constitute an Event of Default. The determination as to whether an event or condition would constitute an Event of Default shall be determined without regard to any applicable requirement of notice
or lapse of time. 

 Section 1.4    ERISA means the Employee Retirement
Income Security Act of 1974, as amended (including the corresponding provisions of any succeeding law). 
 Section
1.5    Event of Default means an event or condition described in Article V. 
 Section 1.6    Fiscal Year means the fiscal year of New Westfield Financial, Inc. 
 Section 1.7    Independent Counsel means Thacher Proffitt & Wood LLP or other counsel mutually satisfactory to both the Lender and the Borrower. 
 Section 1.8    Loan means the loan described in section 2.1. 
 Section 1.9    Loan Documents means, collectively, this Loan Agreement, the Promissory Note and
the Pledge Agreement and all other documents now or hereafter executed and delivered in connection with such documents, including all amendments, modifications and supplements of or to all such documents. 
 Section 1.10    Pledge Agreement means the agreement described in section 2.8(a). 
 Section 1.11    Principal Amount means the face amount of the Promissory Note, determined as set
forth in section 2.1(c). 
 Section 1.12    Promissory Note means the promissory note
described in section 2.3. 
 Section 1.13    Register means the register
described in section 2.9. 
 ARTICLE II 
 THE LOAN; PRINCIPAL AMOUNT; 
 INTEREST; SECURITY; INDEMNIFICATION 
 Section 2.1    The Loan; Principal Amount. 
 (a) The Lender hereby agrees to lend to the Borrower such amounts, and at such times, as shall be determined under this section 2.1; provided, however,
that in no event shall the aggregate amount lent under this Loan Agreement from time to time exceed the aggregate amount paid by the Borrower, exclusive of commissions, fees and other charges, to purchase a number of shares of Common Stock not to
exceed 736,000 shares of Common Stock (i.e., four percent (4%) of the shares of Common Stock sold in connection with the Reorganization). 
  

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 (b) Subject to the limitations of section 2.1(a), the Borrower shall determine the amounts borrowed under
this Agreement, and the times at which such borrowings are effected. Each such determination shall be evidenced in a writing which shall set forth the amount to be borrowed and the date on which the Lender shall disburse such amount, and such
writing shall be furnished to the Lender by notice from the Borrower. The Lender shall disburse to the Borrower the amount specified in each such notice on the date specified therein or, if later, as promptly as practicable following the
Lender’s receipt of such notice; provided, however, that the Lender shall have no obligation to disburse funds pursuant to this Agreement (i) following the occurrence of a Default or an Event of Default until such time as such Default or
Event of Default shall have been cured and (ii) on and after the earliest date on which Common Stock is listed or admitted to trading on an established market (including but not limited to the American Stock Exchange), while the Borrower is in
possession of funds previously advanced under this Agreement that have not been used to purchase Common Stock. 
 (c) For all purposes of
this Loan Agreement, the Principal Amount on any date shall be equal to the excess, if any, of: 
 (i) the aggregate amount disbursed by the
Lender pursuant to section 2.1(b) on or before such date; over 
 (ii) the aggregate amount of any repayments of such amounts made before such
date. 
 The Lender shall maintain on the Register a record of, and shall record on the Promissory Note, the Principal Amount, any changes in the Principal
Amount and the effective date of any changes in the Principal Amount. 
 Section
2.2    Interest. 
 (a) The Borrower shall pay to the Lender interest on the Principal
Amount, for the period commencing on the date of this Loan Agreement and continuing until the Principal Amount shall be paid in full, at the rate of eight percent (8%) per annum. Interest payable under this Agreement shall be computed on the
basis of a year of 360 days and months consisting of 30 days each and actual days elapsed (including the first day but excluding the last) occurring in the period to which the computation relates. 
 (b) Except as otherwise provided in this section 2.2(b), accrued interest on the Principal Amount shall be payable by the Borrower annually in arrears
commencing on the last Business Day of the calendar year following the date of this Agreement and continuing on the last Business Day of each calendar year thereafter and upon the payment or prepayment of such Loan. All interest on the Principal
Amount shall be paid by the Borrower in immediately available funds. The Lender shall remit to the Borrower, at least three (3) Business Days before the end of each calendar year, a statement of the interest payment due under section 2.2(a) for
such year; provided, however, that a delay or failure by the Lender in providing the Borrower with such statement shall not alter the Borrower’s obligation to make such payment. 
 (c) Anything in this Loan Agreement or the Promissory Note to the contrary notwithstanding, the obligation of the Borrower to make payments of interest
shall be subject to 

  

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the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be
permissible under the law or laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payment referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest
interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not bear interest.

 Section 2.3    Promissory Note. 
 The Loan shall be evidenced by a Promissory Note of the Borrower in substantially the form of Exhibit A attached hereto, dated the date hereof, payable
to the order of the Lender in the Principal Amount and otherwise duly completed. 
 Section
2.4    Payment of Trust Loan. 
 (a) The Principal Amount of the Loan shall be repaid in
annual installments payable on the last Business Day of each December ending after the date of this Agreement. The amount of each such annual installment shall be that portion of the lesser of (i) that portion of the Principal Amount which will
result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a cumulative fraction of the Collateral (within the meaning of the Pledge Agreement and determined as of the last Business Day of December, 2007)
equal to the percentage set forth in Column II below and (ii) that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of Collateral (within the meaning
of the Pledge Agreement and valued as of the date of payment) having a value equal to twenty-five percent (25%) of the compensation taken into account under the ESOP for each person entitled to share in such allocation taking into account all
loans under the ESOP: 
  

			
	 Column I
 Installment Due on
 Last Business Day of
 December in
	 	 Column II
  
 Cumulative Fraction of
Collateral Released

	2007	 	1/30
	2008	 	2/30
	2009	 	3/30
	2010	 	4/30
	2011	 	5/30
	2012	 	6/30
	2013	 	7/30
	2014	 	8/30
	2015	 	9/30
	2016	 	10/30
	2017	 	11/30
	2018	 	12/30

  

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	 Column I
 Installment Due on
 Last Business Day of
 December in
	 	 Column II
  
 Cumulative Fraction of
Collateral Released

	2019	 	13/60
	2020	 	14/30
	2021	 	15/30
	2022	 	16/30
	2023	 	17/30
	2024	 	18/30
	2025	 	19/30
	2026	 	20/30
	2027	 	21/30
	2028	 	22/30
	2029	 	23/30
	2030	 	24/30
	2031	 	25/30
	2032	 	26/30
	2033	 	27/30
	2034	 	28/30
	2035	 	29/30
	2036	 	30/30

 ; provided, however, that the Borrower shall not be required to make any payment of principal due to be made in
any Fiscal Year to the extent that such payment would not be deductible from federal income tax purposes for such Fiscal Year under Section 404 of the Code. Principal payments may be deferred to the extent that such payments would be in excess
of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment not required to be made pursuant to clause (ii) of the above provision shall be deferred to and be payable on the earlier of the
thirtieth (30th) anniversary of the loan origination date or the last day of the first Plan Year in which such proviso would not apply to alleviate a requirement of payment; and payment not required to be made pursuant to the immediately
preceding sentence shall be deferred to and be payable on the last day of the first Plan Year in which such payment may be made on a tax deductible basis. 
 Section 2.5    Prepayment. 
 The Borrower shall be entitled to
prepay the Loan in whole or in part, at any time and from time to time; provided, however, that the Borrower shall give notice to the Lender of any such prepayment. Any such prepayment shall be: (a) permanent and irrevocable:
(b) accompanied by all accrued interest through the date of such prepayment; (c) made without premium or penalty; and (d) applied first to the installment of principal due and payable in the Fiscal Year in which the prepayment is made
and second in the order of the maturity of the 

  

 5 

 
remaining installments thereof unless the Lender and the Borrower agree to apply such prepayments in some other order. 
 Section 2.6    Method of Payments. 
 (a) All payments of principal, interest, other charges (including indemnities) and other amounts payable by the Borrower hereunder shall be made in
lawful money of the United States, in immediately available funds, to the Lender at the address specified in or pursuant to this Loan Agreement for notices to the Lender, not later than 3:00 P.M., Eastern Standard time, on the date on which such
payment shall become due. Any such payment made on such date but after such time shall, if the amount paid bears interest, and except as expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue
and be payable thereon until, the next succeeding Business Day. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall
include interest to the day on which such payment is in fact made. 
 (b) Notwithstanding anything to the contrary contained in this Loan
Agreement or the Promissory Note, neither the Borrower nor the Trustee shall be obligated to make any payment, repayment or prepayment on the Promissory Note or take or refrain from taking any other action hereunder or under the Promissory Note if
doing so would cause the ESOP to cease to be an employee stock ownership plan within the meaning of section 4975(e)(7) of the Code or qualified under section 401(a) of the Code or cause the Borrower to cease to be a tax exempt trust under section
501(a) of the Code or if such act or failure to act would cause the Borrower or the Trustee to engage in any “prohibited transaction” as such term is defined in section 4975(c) of the Code and the regulations promulgated thereunder which
is not exempted by section 4975(c)(2) or (d) of the Code and the regulations promulgated thereunder or in section 406 of ERISA and the regulations promulgated thereunder which is not exempted by section 408(b) of ERISA and the regulations
promulgated thereunder; provided, however, that in each case, the Borrower or the Trustee or both, as the case may be, may act or refrain from acting pursuant to this section 2.6(b) on the basis of an opinion of Independent Counsel. The Borrower and
the Trustee may consult with Independent Counsel, and any opinion of such Independent Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in
accordance with such opinion of Independent Counsel. Nothing contained in this section 2.6(b) shall be construed as imposing a duty on either the Borrower or the Trustee to consult with Independent Counsel. Any obligation of the Borrower or the
Trustee to make any payment, repayment or prepayment on the Promissory Note or to take or refrain from taking any other act hereunder or under the Promissory Note which is excused pursuant to this section 2.6(b) shall be considered a binding
obligation of the Borrower or the Trustee, or both, as the case may be, for the purposes of determining whether a Default or Event of Default has occurred hereunder or under the Promissory Note and nothing in this section 2.6(b) shall be construed
as providing a defense to any remedies otherwise available upon a Default or an Event of Default hereunder (other than the remedy of specific performance). 
  

 6 

 Section 2.7    Use of Proceeds of Loan. 
 The entire proceeds of the Loan shall be used solely for acquiring shares of Common Stock, and for no other purpose whatsoever. 
 Section 2.8    Security. 
 (a) In order to secure the due payment and performance by the Borrower of all of its obligations under this Loan Agreement, simultaneously with the execution and delivery of this Loan Agreement by the Borrower, the
Borrower shall: 
 (i) pledge to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a
first priority lien on and security interest in, the Common Stock purchased with the Principal Amount, by the execution and delivery to the Lender of a Pledge Agreement in the form attached hereto as Exhibit B; and 
 (ii) execute and deliver, or cause to be executed and delivered, such other agreements, instruments and documents as the Lender may
reasonably require in order to effect the purposes of the Pledge Agreement and this Loan Agreement. 
 (b) The Lender shall release from
encumbrance under the Pledge Agreement and transfer to the Borrower, as of the date on which any payment or prepayment of the Principal Amount is made, a number of shares of Common Stock held as Collateral pursuant to section 6.4 of the ESOP.

 Section 2.9    Registration of the Promissory Note. 
 (a) The Lender shall maintain a Register providing for the registration of the Principal Amount and any stated interest and of transfer and exchange of
the Promissory Note. Transfer of the Promissory Note may be effected only by the surrender of the old instrument and either the reissuance by the Borrower of the old instrument to the new holder or the issuance by the Borrower of a new instrument to
the new holder. The old Promissory Note so surrendered shall be canceled by the Lender and returned to the Borrower after such cancellation. 
 (b) Any new Promissory Note issued pursuant to section 2.9(a) shall carry the same rights to interest (unpaid and to accrue) carried by the Promissory Note so transferred or exchanged so that there will not be any loss or gain of interest
on the note surrendered. Such new Promissory Note shall be subject to all of the provisions and entitled to all of the benefits of this Agreement. Prior to due presentment for registration or transfer, the Borrower may deem and treat the registered
holder of any Promissory Note as the holder thereof for purposes of payment and all other purposes. A notation shall be made on each new Promissory Note of the amount of all payments of principal and interest theretofore paid. 
  

 7 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE BORROWER 
 To the actual knowledge of the Trustee, the Borrower
hereby represents and warrants to the Lender as follows: 
 Section 3.1    Power, Authority,
Consents. 
 The Borrower has the power to execute, deliver and perform this Loan Agreement, the Promissory Note and the Pledge
Agreement, all of which have been duly authorized by all necessary and proper corporate or other action. 
 Section
3.2    Due Execution, Validity, Enforceability. 
 Each of the Loan Documents, including, without
limitation, this Loan Agreement, the Promissory Note and the Pledge Agreement, have been duly executed and delivered by the Borrower; and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its
terms. 
 Section 3.3    Properties, Priority of Liens. 
 The liens which have been created and granted by the Pledge Agreement constitute valid, first liens on the properties and assets covered by the Pledge
Agreement, subject to no prior or equal lien. 
 Section 3.4    No Defaults, Compliance with Laws.

 The Borrower is not in default in any material respect under any agreement, ordinance, resolution, decree, bond, note, indenture, order or
judgment to which it is a party or by which it is bound, or any other agreement or other instrument by which any of the properties or assets owned by it is materially affected. 
 Section 3.5    Purchases of Common Stock. 
 Upon consummation of any purchase of Common Stock by the Borrower with the proceeds of the Loan, the Borrower shall acquire valid, legal and marketable
title to all of the Common Stock so purchased, free and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased pursuant to the Pledge Agreement. Neither the execution and delivery of the Loan Documents nor the
performance of any obligation thereunder violates any provision of law or conflicts with or results in a breach of or creates (with or without the giving of notice or lapse of time, or both) a default under any agreement to which the Borrower is a
party or by which it is bound or any of its properties is affected. No consent of any federal, state or local governmental authority, agency or other regulatory body, the absence of which could have a materially adverse effect on the Borrower or the
Trustee, is or was required to be obtained in connection with the execution, delivery or performance of the Loan Documents and the transactions contemplated therein or in connection therewith, including, without limitation, with 

  

 8 

 
respect to the transfer of the shares of Common Stock purchased with the proceeds of the Loan pursuant thereto. 
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF THE LENDER 
 The Lender hereby represents and warrants to the Borrower as follows: 
 Section 4.1    Power, Authority, Consents. 
 The Lender has the power to execute, deliver and perform this Loan Agreement, the Pledge Agreement and all documents executed by the Lender in connection
with the Loan, all of which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization or approval or other action by any governmental authority or regulatory body, and no notice by the Lender to, or
filing by the Lender with, any governmental authority or regulatory body is required for the due execution, delivery and performance of this Loan Agreement. 
 Section 4.2    Due Execution, Validity, Enforceability. 
 This Loan
Agreement and the Pledge Agreement have been duly executed and delivered by the Lender; and each constitutes a valid and legally binding obligation of the Lender, enforceable in accordance with its terms. 
 Section 4.3    ESOP; Contributions. 
 The ESOP and the Borrower have been duly created, organized and maintained by the Lender in compliance with all applicable laws, regulations and rulings.
The ESOP qualifies as an “employee stock ownership plan” as defined in section 4975(e)(7) the Code. The ESOP provides that the Lender may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in
accordance with the terms of the Promissory Note and this Loan Agreement, and the Lender will make such contributions; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under
section 401(a) of the Code. 
 Section 4.4    Trustee; Committee. 
 The Lender has taken such action as is required to be taken by it to duly appoint the Trustee and the members of the Committee. The Committee constitutes
the “Committee” defined in and described in the plan document for the Employee Stock Ownership Plan of Westfield Financial, Inc. and the Trust Agreement by and between the Trustee and Westfield Financial, Inc. made as of November 20,
2001. The Lender expressly acknowledges and agrees that this Loan Agreement, the Promissory Note and the Pledge Agreement are being executed by the Trustee not in its individual capacity but solely as trustee of and on behalf of the Borrower.

  

 9 

 Section 4.5    Compliance with Laws; Actions. 
 Neither the execution and delivery by the Lender of this Loan Agreement or any instruments required thereby, nor compliance with the terms and provisions
of any such documents by the Lender, constitutes a violation of any provision of any law or any regulation, order, writ, injunction or decree of any court or governmental instrumentality, or an event of default under any agreement, to which the
Lender is a party or by which the Lender is bound or to which the Lender is subject, which violation or event of default would have a material adverse effect on the Lender. There is no action or proceeding pending or threatened against either of the
ESOP or the Borrower before any court or administrative agency. 
 ARTICLE V 
 EVENTS OF DEFAULT 
 Section 5.1    Events of
Default under Loan Agreement. 
 Each of the following events shall constitute an “Event of Default” hereunder:

 (a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note, or failure to make any payment of interest on
the Promissory Note, within five (5) Business Days after the date when due. 
 (b) Failure by the Borrower to perform or observe any
term, condition or covenant of this Loan Agreement or of any of the other Loan Documents, including, without limitation, the Promissory Note and the Pledge Agreement, provided, however, that such failure is not cured by the Borrower within
five (5) Business Days after notice of such failure is provided to the Borrower by the Lender. 
 (c) Any representation or warranty made
in writing to the Lender in any of the Loan Documents or any certificate, statement or report made or delivered in compliance with this Loan Agreement, shall have been false or misleading in any material respect when made or delivered. 

Section 5.2    Lender’s Rights upon Event of Default. 
 If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower other than:
(a) contributions (other than contributions of Common Stock) that are made by the Lender to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such contributions and
(b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the due and unpaid
amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the Borrower’s assets shall be transferred to the Lender following an Event of Default
only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by 

  

 10 

 
the Pledge Agreement following an Event of Default shall be governed by the terms of the Pledge Agreement. 
 ARTICLE VI 
 MISCELLANEOUS PROVISIONS

 Section 6.1    Payments Due to the Lender. 
 If any amount is payable by the Borrower to the Lender pursuant to any indemnity obligation contained herein, then the Borrower shall pay, at the time or
times provided therefor, any such amount and shall indemnify the Lender against and hold it harmless from any loss or damage resulting from or arising out of the nonpayment or delay in payment of any such amount. If any amounts as to which the
Borrower has so indemnified the Lender hereunder shall be assessed or levied against the Lender, the Lender may notify the Borrower and make immediate payment thereof, together with interest or penalties in connection therewith, and shall thereupon
be entitled to and shall receive immediate reimbursement therefor from the Borrower, together with interest on each such amount as provided in section 2.2(c). Notwithstanding any other provision contained in this Loan Agreement, the covenants and
agreements of the Borrower contained in this section 6.1 shall survive: (a) payment of the Promissory Note and (b) termination of this Loan Agreement. 
 Section 6.2    Payments. 
 All payments hereunder and under the
Promissory Note shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Loan Agreement and the Promissory
Note, subject to any applicable tax withholding requirements. Upon payment in full of the Promissory Note, the Lender shall mark such Promissory Note “Paid” and return it to the Borrower. 
 Section 6.3    Survival. 
 All agreements, representations and warranties made herein shall survive the delivery of this Loan Agreement and the Promissory Note. 
 Section 6.4    Modifications, Consents and Waivers; Entire Agreement. 
 No modification, amendment or waiver of or with respect to any provision of this Loan Agreement, the Promissory Note, the Pledge Agreement, or any of the other Loan Documents, nor consent to any departure from any of the terms or conditions
thereof, shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement thereof is sought. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No consent to or demand on a party in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances. This Loan Agreement embodies the entire agreement and understanding between the Lender and
the Borrower and supersedes all prior agreements and understandings relating to the subject matter hereof. 
  

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 Section 6.5    Remedies Cumulative. 
 Each and every right granted to the Lender hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or
equity, shall be cumulative and may be exercised from time to time. No failure on the part of the Lender or the holder of the Promissory Note to exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall any single
or partial exercise of any right preclude any other or future exercise thereof or the exercise of any other right. The due payment and performance of the obligations under the Loan Documents shall be without regard to any counterclaim, right of
offset or any other claim whatsoever which the Borrower may have against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the Borrower, and no such counterclaim or offset shall be asserted
by the Borrower in any action, suit or proceeding instituted by the Lender for payment or performance of such obligations. 
 Section
6.6    Further Assurances; Compliance with Covenants. 
 At any time and from time to time, upon the
request of the Lender, the Borrower shall execute, deliver and acknowledge or cause to be executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the Lender may reasonably request in order to
fully effect the terms of this Loan Agreement, the Promissory Note, the Pledge Agreement, the other Loan Documents and any other agreements, instruments and documents delivered pursuant hereto or in connection with the Loan. 
 Section 6.7    Notices. 
 Except as otherwise specifically provided for herein, all notices, requests, reports and other communications pursuant to this Loan Agreement shall be in writing, either by letter (delivered by hand or commercial
messenger service or sent by registered or certified mail, return receipt requested, except for routine reports delivered in compliance with Article VI hereof which may be sent by ordinary first-class mail) or telex or facsimile, addressed as
follows: 
  

	 	(a)	If to the Borrower: 

 Employee Stock
Ownership Plan Trust 
 of Westfield Financial, Inc. 
 141 Elm Street 
 Westfield, Massachusetts 01085 
 Attention: Director of Human Resources 
  

	 	 	with copies to: 

 First Bankers Trust
Services, Inc. 
 2321 Kochs Lane, P.O. Box 4005 
 Quincy, Illinois 62305-4005 
 Thacher Proffitt & Wood LLP 
 1700 Pennsylvania Ave., NW, Suite 800 
 Washington, DC 20006 
 Attention: Richard A. Schaberg, Esq. 
  

 12 

	 	(b)	If to the Lender: 

 New Westfield
Financial, Inc. 
 141 Elm Street 
 Westfield, Massachusetts 01085 
 Attention: Chief Financial Officer 
  

	 	 	with a copy to: 

 Thacher
Proffitt & Wood LLP 
 1700 Pennsylvania Ave., NW, Suite 800 
 Washington, DC 20006 
 Attention: Richard A. Schaberg, Esq. 
 Any notice, request or communication hereunder shall be deemed to have been
given on the day on which it is delivered by hand or by commercial messenger service, or sent by telex or facsimile, to such party at its address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail,
postage prepaid, addressed as aforesaid. Any party may change the person or address to whom or which notices are to be given hereunder, by notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given only
when actually received by the party to whom it is addressed. 
 Section 6.8    Counterparts.

 This Loan Agreement may be signed in any number of counterparts which, when taken together, shall constitute one and the same document.

 Section 6.9    Construction; Governing Law. 
 The headings used in the table of contents and in this Loan Agreement are for convenience only and shall not be deemed to constitute a part hereof. All
uses herein of any gender or of singular or plural terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All references in this Loan Agreement to an Article or section shall be to an
Article or section of this Loan Agreement, unless otherwise specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and the other Loan Documents shall be governed by, and construed and interpreted in accordance with, the laws of
the Commonwealth of Massachusetts. It is intended that the transactions contemplated by this Loan Agreement constitute an “exempt loan” within the meaning of Treasury Regulation §54.4975-7(b)(1)(iii) and Department of Labor Regulation
§2550.408b-3, and the provisions hereof shall be construed and enforced in such manner as shall be necessary to give effect to such intent. 
 Section 6.10    Severability. 
 Wherever possible, each provision of this Loan Agreement
shall be interpreted in such manner as to be effective and valid under applicable law; however, the provisions of this Loan Agreement are severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole or in part in
any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction and shall not in any 

  

 13 

 
manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this Loan Agreement in any jurisdiction. Each of the
covenants, agreements and conditions contained in this Loan Agreement is independent, and compliance by a party with any of them shall not excuse non-compliance by such party with any other. The Borrower shall not take any action the effect of which
shall constitute a breach or violation of any provision of this Loan Agreement. 
 Section 6.11    Binding
Effect; No Assignment or Delegation. 
 This Loan Agreement shall be binding upon and inure to the benefit of the Borrower and
its successors and the Lender and its successors and assigns. The rights and obligations of the Borrower under this Agreement shall not be assigned or delegated without the prior written consent of the Lender, and any purported assignment or
delegation without such consent shall be void. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Loan Agreement to be duly executed as of the date first above written. 
  

			
	 Employee Stock Ownership Plan Trust
     of Westfield Financial, Inc.

		
	By:	 	 First Bankers Trust Services, Inc.
 as
Trustee

  

			
		
	By:	 	/s/ Linda Schultz

			
		
	Title:	 	Trust Officer

  
  

			
	New Westfield Financial, Inc.
		
	By:	 	/s/ Donald A. Williams

			
		
	Title:	 	Chairman and Chief Executive Officer

  

 14 

 EXHIBIT A 
  

PROMISSORY NOTE 
  

			
	 For the “Principal Amount,”
 as defined
below
	 	 Westfield, Massachusetts
 January 3, 2007

 FOR VALUE RECEIVED, the undersigned, Employee Stock Ownership Plan Trust of Westfield Financial,
Inc. (“Borrower”), acting by and through its Trustee, First bankers Trust Services, Inc. (“Trustee”), hereby promises to pay to the order of New Westfield Financial, Inc. (“Lender”) the “Principal Amount,” as
determined under the Loan Agreement made and entered into between the Borrower and the Lender (“Loan Agreement”) pursuant to which this Promissory Note is issued, payable in annual installments each of which shall be the lesser of
(i) the portion of the principal amount of the loan which will result in the release for allocation to participants in the Employee Stock Ownership Plan of Westfield Financial, Inc. (the “ESOP”) of a cumulative fraction of the
collateral (valued at December 31, 2007) equal to 1/30 as of the last business day of December, 2007 and increased by 1/30 as of each succeeding December, to 30/30 on the last business day of December, 2036 (or the last business day of December
that is the thirtieth anniversary of the first ESOP allocation under this Loan Agreement), and (ii) the portion of the principal amount of all loans to the ESOP which results in the release for allocation of ESOP participants of collateral
(valued as of the date of payment) having a value equal to 25% of compensation taken into account under the ESOP for each person entitled to share in the allocation. Principal payments may be deferred to the extent that such payments would be in
excess of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment not required to be made pursuant to clause (ii) of the above provision shall be deferred to and be payable on the earlier of
the thirtieth (30th) anniversary of the loan origination date or the last day of the first Plan Year in which such proviso would not apply to alleviate a requirement of payment; and payment not required to be made pursuant to the immediately
preceding sentence shall be deferred to and be payable on the last day of the first Plan Year in which such payment may be made on a tax-deductible basis. 
 This Promissory Note shall bear interest at the rate per annum set forth or established under the Loan Agreement, such interest to be payable annually in arrears, commencing on the December 31st following the
Reorganization and thereafter on the last Business Day of each subsequent calendar year and upon payment or prepayment of this Promissory Note. 
 Anything herein to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the
Lender’s receipt thereof would not be permissible under the law or laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payments of interest which are not made as a result of the
limitation referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be 

 
permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall
not bear interest. 
 Payments of both principal and interest on this Promissory Note are to be made at the principal office of the Lender,
c/o New Westfield Financial, Inc. at 141 Elm Street, Westfield, Massachusetts 01085 or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in immediately available funds.

 Failure to make any payment of principal on this Promissory Note, or failure to make any payment of interest on this Promissory Note, not
later than five (5) Business Days after the date when due, shall constitute a default hereunder, whereupon the principal amount of and accrued interest on this Promissory Note shall immediately become due and payable in accordance with the
terms of the Loan Agreement. 
 This Promissory Note is subject, in all respects, to the terms and provisions of the Loan Agreement, which is
incorporated herein by this reference, and is secured by a Pledge Agreement between the Borrower and the Lender of even date herewith and is entitled to the benefits thereof. 
  

			
	 Employee Stock Ownership Plan Trust
     of Westfield Financial, Inc.

		
	By:	 	 First Bankers Trust Services, Inc.,
 as Trustee and not
in any other capacity

		
	By:	 	  

 EXHIBIT B 
  

PLEDGE AGREEMENT 
 This
PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the 3rd day of January, 2007, by and between the
EMPLOYEE STOCK OWNERSHIP PLAN TRUST OF WESTFIELD FINANCIAL, INC., acting by and through its Trustee, FRIST BANKERS TRUST SERVICES, INC., a corporation having an office at 2321 Kochs Lane, P.O. Box 4005, Quincy, Illinois 62305-4005
(“Pledgor”), and NEW WESTFIELD FINANCIAL, INC., a Massachusetts-chartered corporation, having an office at 141 Elm Street, Westfield, Massachusetts 01085 (“Pledgee”). 
 W I T N E S S E T H : 
 WHEREAS, this Pledge Agreement is
being executed and delivered to the Pledgee pursuant to the terms of a Loan Agreement of even date herewith (“Loan Agreement”), by and between the Pledgor and the Pledgee; 
 NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Loan Agreement, the parties
hereto do hereby covenant and agree as follows: 
 Section 1.    Definitions. The
following definitions shall apply for purposes of this Pledge Agreement, except to the extent that a different meaning is plainly indicated by the context; all capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Loan Agreement: 
 (a) Collateral shall mean the Pledged Shares and, subject to section 5 hereof, and to the extent
permitted by applicable law, all rights with respect thereto, and all proceeds of such Pledged Shares and rights. 
 (b) Event of
Default shall mean an event so defined in the Loan Agreement. 
 (c) Liabilities shall mean all the obligations of the Pledgor to
the Pledgee, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under the Loan Agreement and the Promissory Note. 
 (d) Pledged Shares shall mean all the shares of Common Stock of Westfield Financial, Inc. purchased by the Pledgor with the proceeds of the loan
made by the Pledgee to the Pledgor pursuant to the Loan Agreement, but excluding any such shares previously released pursuant to section 4. 
 Section 2.    Pledge. To secure the payment of and performance of all the Liabilities, the Pledgor hereby pledges to the Pledgee, and grants to the Pledgee a security interest in and
lien upon, the Collateral. 
  

 Section 3.     Representations and Warranties of the
Pledgor. The Pledgor represents, warrants, and covenants to the Pledgee as follows: 
 (a) to the actual knowledge of the
Trustee, the execution, delivery and performance of this Pledge Agreement and the pledging of the Collateral hereunder do not and will not conflict with, result in a violation of, or constitute a default under any agreement binding upon the Pledgor;

 (b) the Pledged Shares are and will continue to be owned by the Pledgor free and clear of any liens or rights of any other person except
the lien hereunder and under the Loan Agreement in favor of the Pledgee, and the security interest of the Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be prior to and senior to the rights of all others; 

(c) to the actual knowledge of the Trustee, this Pledge Agreement is the legal, valid, binding and enforceable obligation of the Pledgor in accordance
with its terms; 
 (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver to the Pledgee such stock powers,
proxies, and similar documents, satisfactory in form and substance to the Pledgee, with respect to the Collateral as the Pledgee may reasonably request; and 
 (e) subject to the first sentence of section 4(b), the Pledgor shall not, so long as any Liabilities are outstanding, sell, assign, exchange, pledge or otherwise transfer or encumber any of its rights in and to any of
the Collateral. 
 Section 4.    Eligible Collateral. 
 (a) As used herein the term “Eligible Collateral” shall mean that amount of Collateral which has an aggregate fair market value equal to the
amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of Collateral as may be required pursuant to section 12 of this Pledge Agreement.

 (b) The Pledged Shares shall be released from this Pledge Agreement in a manner conforming to the requirements of Treasury Regulations
Section 54.4975-7(b)(8), as the same may be from time to time amended or supplemented, and section 6.4(a) of the ESOP. Subject to such Regulations, the Pledgee may from time to time, after any Default or Event of Default, and without prior
notice to the Pledgor, transfer all or any part of the Eligible Collateral into the name of the Pledgee or its nominee, with or without disclosing that such Eligible Collateral is subject to any rights of the Pledgor and may from time to time,
whether before or after any of the Liabilities shall become due and payable, without notice to the Pledgor, take all or any of the following actions: (i) notify the parties obligated on any of the Eligible Collateral to make payment to the
Pledgee of any amounts due or to become due thereunder, (ii) release or exchange all or any part of the Eligible Collateral, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any
nature of any party with respect thereto, and (iii) take control of any proceeds of the Eligible Collateral. 
  

 Section 5.    Delivery. 
 (a) The Pledgor shall deliver to the Pledgee upon execution of this Pledge Agreement an assignment by the Pledgor of all the Pledgor’s rights to and
interest in the Pledged Shares. 
 (b) So long as no Default or Event of Default shall have occurred and be continuing, (i) the Pledgor
shall be entitled to exercise any and all voting and other rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement, and (ii) the Pledgor shall be entitled to receive any
and all cash dividends or other distributions paid in respect of the Collateral. 
 Section
6.    Events of Default. 
 (a) If a Default or an Event of Default shall be
existing, in addition to the rights it may have under the Loan Agreement, the Promissory Note, and this Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to
time any rights and remedies available to it under the Uniform Commercial Code as in effect from time to time in the Commonwealth of Massachusetts or otherwise available to it and (ii) the Pledgee shall have the right, for and in the name,
place and stead of the Pledgor, to execute endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Eligible Collateral. Written notification of intended disposition of any of the
Eligible Collateral shall be given by the Pledgee to the Pledgor at least three (3) Business Days before such disposition. Subject to section 13 below, any proceeds of any disposition of Eligible Collateral may be applied by the Pledgee to the
payment of expenses in connection with the Eligible Collateral, including, without limitation, reasonable attorneys’ fees and legal expenses, and any balance of such proceeds may be applied by the Pledgee toward the payment of such of the
Liabilities as are in Default, and in such order of application, as the Pledgee may from time to time elect. No action of the Pledgee permitted hereunder shall impair or affect its rights in and to the Eligible Collateral. All rights and remedies of
the Pledgee expressed hereunder are in addition to all other rights and remedies possessed by it, including, without limitation, those contained in the documents referred to in the definition of Liabilities in section 1 hereof. 
 (b) In any sale of any of the Eligible Collateral after a Default or an Event of Default shall have occurred, the Pledgee is hereby authorized to comply
with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid any violation of applicable law (including, without limitation, compliance with such procedures as may restrict the number
of prospective bidders and purchasers or further restrict such prospective bidders or purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale
of such Eligible Collateral), or in order to obtain such required approval of the sale or of the purchase by any governmental regulatory authority or official, and the Pledgor further agrees that such compliance shall not result in such sale’s
being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Pledgee be liable or accountable to the Pledgor for any discount allowed by reason of the fact that such Eligible Collateral is sold in compliance
with any such limitation or restriction. 
  

 Section 7.    Payment in Full. Upon the payment in
full of all outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee shall forthwith assign, transfer and deliver to the Pledgor, against receipt and without recourse to the Pledgee, all Collateral then held by the Pledgee
pursuant to this Pledge Agreement. 
 Section 8.    No Waiver. No failure or delay on
the part of the Pledgee in exercising any right or remedy hereunder or under any other document which confers or grants any rights in the Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any single or partial
exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy of the Pledgee. 
 Section 9.    Binding Effect; No Assignment or Delegation. This Pledge Agreement shall be binding upon and inure to the benefit of the Pledgor, the Pledgee and their respective
successors and assigns, except that the Pledgor may not assign or transfer its rights hereunder without the prior written consent of the Pledgee (which consent shall not unreasonably be withheld). Each duty or obligation of the Pledgor to the
Pledgee pursuant to the provisions of this Pledge Agreement shall be performed in favor of any person or entity designated by the Pledgee, and any duty or obligation of the Pledgee to the Pledgor may be performed by any other person or entity
designated by the Pledgee. 
 Section 10.    Governing Law. This Pledge Agreement
shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts applicable to agreements to be performed within Massachusetts. 
 Section 11.    Notices. All notices, requests, instructions or documents hereunder shall be in writing and delivered by hand or commercial messenger service or
sent by United States mail, registered or certified, return receipt requested, with proper postage prepaid, or by telex or facsimile, addressed as follows: 
 (a)    If to the Pledgee: 
 New Westfield Financial, Inc. 
 141 Elm Street 
 Westfield, Massachusetts 01085 
 Attention: Chief Financial Officer 
 with a copy to: 
 Thacher Proffitt & Wood LLP 
 1700 Pennsylvania Ave., NW, Suite 800 
 Washington, DC 20006 
 Attention:        Richard A. Schaberg, Esq. 
  

 (b)    If to the Pledgor: 
 Employee Stock Ownership Plan Trust 
   of Westfield Financial, Inc. 
 141 Elm Street 
 Westfield, Massachusetts 01085 
 Attention:        Director of Human Resources 
 with copies to: 
 First Bankers Trust Services, Inc. 
 2321 Kochs Lane, P.O. Box 4005 
 Quincy, Illinois 62305-4005 
 Thacher Proffitt & Wood LLP 
 1700 Pennsylvania Ave., NW, Suite 800 
 Washington, DC 20006 
 Attention:        Richard
A. Schaberg, Esq. 
 Any notice, request or communication hereunder shall be deemed to have been given on the day on which it is delivered by hand or by
commercial messenger service, or sent by telex or facsimile, to such party at its address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may
change the person or address to whom or which notices are to be given hereunder, by notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given only when actually received by the party to whom it is
addressed. 
 Section 12.    Interpretation. Wherever possible each provision of this
Pledge Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited by or invalid under such law, such provisions shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions hereof. 
 Section
13.    Construction. All provisions hereof shall be construed so as to maintain (a) the ESOP as a qualified leveraged employee stock ownership plan under section 401(a) and 4975(e)(7) of the
Internal Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from taxation under section 501(a) of the Code and (c) the Trust Loan as an exempt loan under section 54.4975-7(b) of the Treasury Regulations and as described
in Department of Labor Regulation section 2550.408b-3. 
  

 IN WITNESS WHEREOF, this Pledge Agreement has been
duly executed by the parties hereto as of the day and year first above written. 
  

			
	 Employee Stock Ownership Plan Trust
     of Westfield Financial, Inc.

		
	By:	 	 First Bankers Trust Services, Inc.,
   as
Trustee and not in any other capacity

		
	By:	 	  
		
	Title:	 	  
	
	New Westfield Financial, Inc.
		
	By:	 	  
		
	Title:Employment Agreement between the Registrant and David L. Dunkel

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of
December 31, 2006, between Kforce Inc., a Florida corporation (the “Employer” or “the Company”), and David Dunkel (the “Executive”). 
 BACKGROUND 
 The Employer desires to continue to obtain the benefit of services by the Executive, and
the Executive desires to continue to render services to the Employer. 
 The Compensation Committee of the Board of Directors of the Employer
has determined that it is in the Employer’s best interest and that of its shareholders to recognize the substantial contribution that the Executive has made and is expected to make in the future to the Employer's business and to continue to
retain Executive’s services in the future. 
 The Employer and the Executive desire to set forth in this Agreement the terms and
conditions of the Executive's employment with the Employer. Accordingly, in consideration of the mutual covenants and representations set forth below, the sufficiency of which is hereby acknowledged, the Employer and the Executive agree as follows:

 TERMS 
 1.
EMPLOYMENT. 
 The Executive agrees to continue employment with the Employer (and one or more of the Employer’s subsidiary
corporations if and when assigned by Employer) to render the services specified in this Agreement upon the terms and conditions and for the compensation provided in this Agreement, and Employer agrees to so employ Executive. All compensation paid to
the Executive by the Employer or any subsidiary of the Employer, and all benefits and perquisites received by the Executive from the Employer or any of its subsidiaries, will be aggregated in determining whether the Executive has received the
compensation and benefits provided for in this Agreement. 
 2. TERM OF EMPLOYMENT. 
 (a) End of Term. The term of the employment of the Executive under this Agreement will be for the period commencing on the date of this Agreement
and ending on the earliest of: 
 (i) 2 years and 364 days after notice of termination of this Agreement is given by the Employer to the
Executive; 

 (ii) the date of termination of the Executive’s employment by the Executive at Executive’s
election and without “Good Reason” (as defined in Section 9 of this Agreement); 
 (iii) the date of termination of the
Executive's employment by the Employer for “Cause” (as defined in Section 8 of this Agreement) or by the Employer without Cause in accordance with Section 9 or by the Executive for Good Reason pursuant to Section 9;

 (iv) the date of the Executive’s death; or 
 (v) the Disability Effective Date (as such term is defined in Section 5 of this Agreement) following the Executive's Disability (as such term is defined in Section 5 of this Agreement). 
 It is understood that at each and every moment of time the remaining term of employment hereunder shall be 2 years and 364 days, unless this Agreement or
Executive’s employment is terminated in accordance with the provisions of this Section 2. 
 (b) Date of Termination. As
used in this Agreement the term “Date of Termination” means (i) if the Executive’s employment is terminated by the Employer pursuant to clause (i) of Section 2(a) above, the date that is 2 years and 364 days after the
date of the Executive’s receipt of the notice of termination of this Agreement or any later date specified in such notice, as the case may be, (ii) if the Executive terminates Executive’s employment at Executive’s election and
without Good Reason pursuant to clause (ii) of Section 2(a), the date of the Employer’s receipt of the notice of termination from the Executive or any later date specified in such notice, as the case may be, (iii) if the
Executive’s employment is terminated by the Employer for Cause or by the Employer without Cause pursuant to Section 9 of this Agreement, or by the Executive for Good Reason, fifteen days after the date of receipt of the notice of
termination by the Executive or the Employer, respectively, or any later date specified in such notice, as the case may be, (iv) if the Executive’s employment terminates by reason of the Executive’s voluntary retirement, the date that such
retirement becomes effective in accordance with the Employer's plans and policies; and (v) if the Executive's employment is terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date (as
that term is defined in Section 5 of this Agreement). 

 3. SERVICES TO BE RENDERED; EXCLUSIVITY. 
 (a) Service. During the term of the Executive’s employment under this Agreement, the Executive shall perform the duties of Chief Executive
Officer, or any reasonably comparable duties that may be assigned to the Executive from time to time. 
 (b) Full Time Efforts. During
the term of this Agreement and excluding any periods of vacation, family or sick leave or holidays to which the Executive is entitled, the Executive shall devote Executive’s full business time and energy to the business, affairs and interests
of the Employer and its subsidiaries, and matters related thereto, and shall use Executive’s reasonable commercial efforts and ability to promote the interests of the Employer and its subsidiaries. The Executive agrees that he/she will
diligently endeavor to promote the business, affairs and interests of the Employer and its subsidiaries and that Executive will perform services contemplated hereby in accordance with the policies established by the Employer from time to time. The
Executive shall serve without additional remuneration in such senior executive capacities for one or more direct or indirect subsidiaries of the Employer as the Employer may from time to time request, subject to appropriate authorization by the
subsidiary or subsidiaries involved and any limitations under applicable law and indemnification on the same terms as the Executive is indemnified by the Employer. The failure of the Executive to discharge an order or perform a function because the
Executive reasonably and in good faith believes such would violate a law or regulation or be dishonest shall not be deemed a breach by Executive of Executive’s obligations or duties under this Agreement and shall not entitle the Employer to
terminate this Agreement pursuant to any of its provisions. 
 (c) Certain Permissible Activities. The Executive may serve as a
director or in any other capacity of any business enterprise, including an enterprise whose activities may involve or relate to the business of the Employer or any of its subsidiaries but only if such service is expressly approved by the Employer in
writing. The Executive may (i) make and manage personal business investments of Executive’s choice, (ii) teach at educational institutions and deliver lectures, and (iii) serve in any capacity with any civic, educational or
charitable organization, or any governmental entity or trade association, in each such case without seeking or obtaining approval by the Employer so long as such activities and service do not materially interfere or conflict with the performance of
Executive’s duties under this Agreement. It is agreed that to the extent that the Employer shall have approved any service of the Executive pursuant to the first sentence of this Section 3(c) prior to a Change in Control Date (as defined in
Section 10 below), or to the extent that the Executive may have engaged in activities pursuant to the second sentence of this Section 3(c) prior to such Change in Control Date, the continued conduct of such activities or the conduct of
activities similar in nature and scope thereto during the 

 
2 years and 364 days subsequent to such Change in Control Date shall be permissible and not in violation of any provisions of this Agreement and the
previously obtained Employer approval may not be revoked or limited in any material respect during the 2 years and 364 days following such Change in Control Date. 
 4. COMPENSATION AND BENEFITS. 
 (a) Base Salary. The Employer agrees that the Executive will be
paid for Executive’s services under this Agreement a salary at the annual rate of at least $625,000, payable in periodic installments in accordance with the Employer’s normal salary payment dates for the Executive. Such salary as in effect
from time to time is referred to in this Agreement as the Executive’s “Base Salary.” 
 (b) Additional Benefits. The
Executive shall also be entitled during the term of this Agreement to all rights and benefits for which Executive is otherwise eligible under any bonus plan, stock option plan, stock purchase plan, participation or extra compensation plan,
supplemental executive retirement plan, deferred compensation plan, profit-sharing plan, life, medical and dental insurance policy, director and officer liability insurance plan or indemnification program, vacation, sick leave, family leave and
holiday program or plan, or plans that confer the use of automobiles or condominiums (and pay the related expenses thereof) or that pay for club membership fees or tax or financial counseling or other plans or benefits, in any such case, which the
Employer or any of its subsidiaries (i) may provide for the Executive or (ii) provided the Executive is eligible to participate therein, may provide generally to officers of the Employer (collectively, “Additional Benefits”). This
Agreement shall not affect adversely (from the perspective of the Executive) the provisions of any other compensation, retirement or other benefit program or plan of the Employer or any of its subsidiaries and shall not be considered to be a
guarantee that the Executive will receive any awards or other benefits under any plans, policies or arrangements which are performance-related. Moreover, Executive's participation in any such plan shall be subject to the provisions of applicable
law, including the Employee Retirement Income Security Act of 1974, as amended. 
 (c) Individual Benefits. The Employer shall
continue to provide to the Executive such individual perquisites as are in effect for Executive as of the first day of Executive’s employment under this agreement. 
 (d) Expense Reimbursement. The Employer agrees to reimburse the Executive in full for all such reasonable and necessary business, entertainment and travel expenses incurred or expended by Executive in
connection with the performance of Executive’s 

 
duties under this Agreement; provided the Executive submits to the Employer vouchers or expense statements satisfactorily evidencing such expenses as may be
reasonably required by the Employer and such expenses are in accordance with any applicable corporate policy. 
 (e) Limitations on
Reductions. The Employer shall have the right to reduce one or more Additional Benefits but only in conjunction with a corollary reduction of such benefits applicable to all of the Employer’s officers. Any increase in the Executive's Base
Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. 
 (f) Benefits Upon Retirement.
Employer shall establish an executive retirement plan (“the Kforce Executive Retirement Plan”) in which Executive shall be entitled to participate according to its terms and conditions. Employer shall also establish a health, dental and
vision plan for retired executives (“the Retirement Health Plan”) in which Executive shall be entitled to participate according to its terms and conditions. Should Executive retire while employed by Kforce, and qualify for retirement
benefits under the Kforce Executive Retirement Plan, Executive will be eligible to elect at that time, on behalf of himself and his spouse, to participate in the Retirement Health Plan. If Executive elects to participate in the Retirement Health
Plan at retirement, Employer shall maintain such plan in existence until the death (or election to cease participating) of Executive and Executive’s participating spouse. 
 5. TERMINATION UPON DISABILITY. 
 (a)
Continuation of Benefits upon Disability. If the Executive becomes totally and permanently unable to perform Executive’s duties because of any Disability (as defined below) during the term of Executive’s employment under this
Agreement, the Executive’s full-time employment under this Agreement shall terminate effective on the thirtieth day after the Executive's receipt of written notice of termination from the Employer (such thirtieth day being referred to in this
Agreement as the “Disability Effective Date”). In addition to the payments specified in Section 6 below, in the event of termination of the Executive's employment pursuant to this Section 5, the Employer shall continue to pay or
provide the Executive the following: 
 (i) until the earliest to occur of the Executive's death, the Executive’s 65th birthday, 2 years
and 364 days after the Disability Effective Date or the date of the Executive’s return to full-time employment hereunder pursuant to Section 5(f) (such earliest day being referred to herein as the “Disability Termination of Benefits
Date”) the Base Salary, medical, dental and other insurance and welfare type Additional Benefits in which the Executive was participating immediately prior to the Disability 

 
Effective Date (including, without limitation, medical, dental, life and disability insurance), each such benefit to be continued in a manner no less
favorable to the Executive than the benefit to which Executive was entitled immediately prior to the Disability Effective Date; provided, however, if the Executive’s death occurs during the 2 years and 364 days after the
Disability Effective Date, the Employer shall continue to pay the Base Salary and to pay or provide medical, dental and other insurance and welfare type benefits, on the basis described in this clause (i), to the Executive’s family members who
were covered for such benefits immediately prior to the Executive's death for the balance of such 2 years and 364 days period; 
 (ii) until
the Disability Effective Date, a continuation of vesting of all unvested stock options granted by the Employer to the Executive, such vesting to occur in accordance with the terms of each such grant as in effect on the Disability Effective Date and
upon the assumption that no termination of employment had occurred; provided, however, if the Executive’s death occurs during the 2 years and 364 days immediately after the Disability Effective Date or if a Change in Control
occurs prior to the Disability Effective Date, such vesting shall include any vesting which would occur upon the Executive’s death or a Change in Control during employment with the Employer; and provided, further, that, if and to
the extent further vesting is prohibited by the terms of any one or more of such grants or otherwise, the Executive shall be entitled to in-lieu cash payments from the Employer on each date (each a “Vesting Date”) when vesting would have
occurred absent such prohibition, but in no event beyond 2 years and 364 days following the Disability Effective Date, equal to the spread on such Vesting Date between the exercise price and fair market value of stock subject to stock options that
would have otherwise vested on such Vesting Date; and provided, further, that if, after the Disability Effective Date, it is or becomes impossible on any date to continue to calculate any future in-lieu cash payments based on such
continuation of vesting, the Executive shall thereupon be entitled immediately to the additional vesting which would normally have occurred during such 2 years and 364 days period following the Disability Effective Date with respect to the affected
type of in-lieu cash payments described above and shall be entitled immediately to receive payment of the amount specified for such type of in-lieu cash payments based on such additional vesting as of such date; and 
 (iii) until the Disability Termination of Benefits Date, if the Executive is a participant in such plans on the Executive’s Disability Effective
Date, a continuation of crediting of additional years of cumulative service (for all purposes, including for purposes of accrual and vesting of benefits and equity-based incentives) under any Executive Retirement Plan, Deferred Compensation Plan
and/or Senior Supplemental Executive Retirement Plan (collectively, the “SERP”) in accordance with the terms of the SERP and upon the assumption that no termination of employment had occurred; provided, however, that if the
Disability 

 
Termination of Benefits Date occurs due to the Executive’s death during the 2 years and 364 days immediately after the Disability Effective Date or if a
Change in Control occurs prior to the Disability Termination of Benefits Date, such continuation shall include any further accrual and vesting which would occur upon the Executive's death or a Change in Control during employment with the Employer;
and 
 (b) Offset. The obligations of the Employer to make payments under this Agreement to the Executive, pursuant to this
Section 5, following Executive’s Disability shall be reduced prospectively to the extent that the Executive receives payment of amounts under any salary continuation or similar feature contained in any disability insurance policy covering
the Executive or under any salary continuation or similar feature under Social Security or any similar federal, state or local program. In addition, any medical, dental and other insurance and welfare type Additional Benefits to be provided by the
Employer pursuant to clause (i) of Section 5(a) shall be secondary to any similar benefits provided by Social Security, Medicare, any private insurance maintained by or covering the Executive or any other similar plan or program covering
the Executive. The Executive shall provide to the Employer upon written request from time to time a certification as to the types and amounts of the benefits referred to in the first two sentences of this Section 5(b) received by the Executive
or to which Executive is entitled. 
 (c) Substitution of Benefits. If the Executive’s full-time services are terminated due to
Executive’s Disability and the Executive is entitled under the terms of this Agreement to, but is no longer eligible under the relevant plan for, Additional Benefits because of such termination, the Executive (or in the event of
Executive’s death prior to the date that is 2 years and 364 days after the Disability Effective Date, Executive’s designated Beneficiaries (as defined in Section 7 below)) shall be entitled to, and the Employer shall provide, to the
extent required by in this Agreement, benefits substantially equivalent to such Additional Benefits to which the Executive was entitled immediately prior to Executive’s Disability and shall do so for the period during which Executive remains
entitled to receive such Additional Benefits as provided in this Section 5. With respect to the continuation of such benefits, the Executive or Executive’s Beneficiaries (as such term is defined in Section 7) shall also be paid by the
Employer an amount which, after federal, state, local or other income or other taxes on such amount, shall reimburse the Executive (or Executive’s Beneficiaries) for any additional tax liabilities incurred by the Executive (or any such
Beneficiary) by reason of the receipt of such benefits after the termination of, rather than during the term of, Executive’s employment under this Agreement. 
 (d) Partial Disability. In the event of a partial Disability of the Executive, it is understood that the Executive will provide such part-time services as may be consistent with the nature and extent of such
Disability and Executive’s position, duties, 

 
responsibilities and status specified in Section 3(a) of this Agreement, the Employer shall not be entitled to terminate the Executive's employment
under this Agreement as a result of such partial Disability (provided that despite such partial disability, the Executive is able to substantially perform most of Executive’s duties), and the terms and conditions of this Agreement shall remain
in full force and effect after such partial Disability. 
 (e) Definition of Disability. As used in this Agreement, the term
“Disability” means the failure of the Executive to render for six consecutive calendar months, or for shorter periods aggregating one hundred eighty or more business days in any twelve month period, the services contemplated by this
Agreement which a physician selected by the Employer or its insurers (and reasonably acceptable to the Executive or the Executive's legal representative) determines is due to mental or physical illness or injury. 
 (g) Return from Disability. If and to the extent the Executive recovers from any such Disability, Executive will resume Executive’s duties
and responsibilities hereunder partially or fully to the extent of Executive’s recovery, and the term of the Executive's employment under this Agreement shall be reinstated as if the Executive's employment had not been terminated pursuant to
Section 5(a) of this Agreement. 
 6. DEATH OF THE EXECUTIVE. 
 (a) Vesting of Options. If the Executive dies while an employee of the Employer or while receiving any payments on account of a Disability as set
forth in Section 5 above and during the term of this Agreement, all stock options, restricted stock or other equity grants, and all other long term incentive grants or awards standing in the name of the Executive, shall immediately fully vest
and must be exercised within 90 days of the date of the Executive's death by the appropriate beneficiary. 
 (b) Continuation of Base
Salary and Benefits. If the Executive dies while an employee of the Employer and during the term of this Agreement, the Employer shall continue to pay the Base Salary and to pay or provide medical, dental and other insurance and welfare type
benefits, on the basis described in Section 5(a)(i), to the Executive’s family members who were covered for such benefits immediately prior to the Executive's death, for a period of 2 years and 364 days following Executive’s death.

 7. PAYMENTS AND BENEFITS UPON TERMINATION OF EMPLOYMENT FOR ANY REASON. 
 On the Date of Termination of the Executive’s employment under this Agreement for any reason whatsoever, the Executive's Base Salary will cease
thereafter to accrue except as specifically provided in Sections 5 or 9 and the Executive (or in the event of Executive’s death, Executive’s designated beneficiaries, Executive’s personal representative, or the executor or
administrator of Executive’s estate (Executive’s “Beneficiaries”)) will be entitled to such rights and benefits under the Employer’s compensation and benefit plans, policies and arrangements in which the Executive is then a
participant as may be provided for under such plans, policies and arrangements (which shall not be modified adversely to the Executive or Executive’s Beneficiaries after Executive’s Date of Termination). In addition, the Employer shall:

 (a) pay and deliver to the Executive (or, in the event of Executive’s death, to Executive’s Beneficiaries) not later than thirty
days after Executive’s Date of Termination or such later date as the Executive or such Beneficiaries may request in writing, all amounts of money and all stock or other property owed to Executive by the Employer as of the Date of Termination,
including but not limited to Executive’s accrued Base Salary, any amounts payable in lieu of accrued vacation, amounts payable to Executive under any expense reimbursement plans or policies for expenses incurred through the Date of Termination,
the amount of any bonus due under any incentive plan to the Executive for any bonus period or performance measurement cycle of the Employer that ended prior to the Date of Termination which remained unpaid on the Date of Termination and any
compensation previously deferred by the Executive and any accrued interest on earnings on such deferred compensation to the extent not previously paid to the Executive; 
 (b) cause the trustee of any trusteed plan of the Employer to pay and deliver, and the Employer shall pay and deliver under any similar non-trusteed plan of the Employer, to the Executive (or, in the event of
Executive’s death, to Executive’s Beneficiaries), at the earliest practicable date after payments become due under such plan, all money, stock and other property which such plans require to be paid or delivered or are otherwise payable or
deliverable to Executive after the termination of Executive’s employment; 
 (c) continue to insure the Executive (or, in the event of
Executive’s death, Executive’s Beneficiaries) with respect to Executive’s activities as a director, officer or Executive of the Employer or any of its subsidiaries, for a period of three years after such Date of Termination, under
such policies of director and officer liability insurance as Employer shall provide for its senior officers generally; provided, however, that if a Change in Control shall have occurred prior to such Date of Termination or shall
thereafter occur, such policies of insurance shall be no less favorable to the Executive than such policies as may have been in effect for the Executive at any time during the one hundred twenty day period immediately preceding the Change in Control
Date; and 

 (d) continue to honor such rights to indemnification as the Executive (or, in the event of
Executive’s death, Executive’s Beneficiaries) may be entitled pursuant to any plan of indemnification or indemnification agreement in effect at the Date of Termination. 
 (e) The Executive immediately waives any right or entitlement to the payments and benefits described in Section 7(a) – (d) above in the
event that the Executive breaches any term or provision of this Agreement or the Confidentiality Agreement and Restrictive Covenant and in the event of such breach the Executive will pay to the Employer any damages the Employer may be able to
recover, in addition to any other relief to which Employer may be entitled. 
 8. TERMINATION OF EMPLOYMENT BY EMPLOYER FOR CAUSE.

 (a) Definition of Cause. The Employer may terminate the Executive’s employment under this Agreement if the termination is for
Cause. For purposes of this Agreement, the Employer shall have “Cause” to terminate the Executive's employment under this Agreement if, and only if, any of the following shall occur: 
 (i) the Executive’s conviction by a court of competent jurisdiction or entry of a guilty plea or a plea of nolo contendere for an act on the
Executive's part constituting any felony; or 
 (ii) a willful breach by the Executive of any provisions of this Agreement if such breach
results in demonstrably material injury to the Employer. 
 (iii) the Executive’s willful dishonesty or fraud with respect to business
or affairs of the Employer if such dishonesty or fraud results in demonstrable material injury to Employer. 
 (b) Procedural
Requirements. The Executive’s employment under this Agreement shall not be subject to termination for Cause without: (i) reasonable notice to the Executive setting forth the reasons for Employer's intention to terminate and specifying
the particulars thereof in detail, and (ii) an opportunity for the Executive to cure any such breach, if possible, within thirty days after receipt of such notice. 

 9. TERMINATION OF EMPLOYMENT BY THE EXECUTIVE FOR GOOD REASON OR BY EMPLOYER WITHOUT CAUSE.

 (a) Definition of Good Reason. The Executive may terminate Executive’s employment under this Agreement and all of
Executive’s obligations under this Agreement to the Employer accruing after the date of such termination (other than Executive’s obligations under Section 11, 12, 13, 18, and 26) if the termination is for “Good Reason,” which for
purposes of this Agreement is defined as: 
 (i) failure by the Employer to perform any of its obligations hereunder (including, but not
limited to, Employer's obligations under Sections 3 and 4) other than an isolated, insubstantial and inadvertent failure not occurring in bad faith; or 
 (ii) failure to reelect or the removal of the Executive as a member of the Employer’s Board of Directors; 
 (iii) the diminution of the Executive’s salary and or a material diminution of the Executive's benefits, except in connection with the termination of the Executive’s employment for permanent disability, Cause, as a result of the
Executive's death or termination by the Executive other than for Good Reason; 
 (iv) a relocation of the Executive’s principal office
to any place outside Hillsborough County, Florida; 
 (v) any failure by the Employer to obtain the assumption of this Agreement by any
successor or assignee of the Employer; 
 (vi) any attempt by the Employer to terminate the Executive for Cause which does not result in a
valid termination for Cause. 
 Any termination by Employee for Good Reason will be effective only upon Employer’s failure to cure following thirty
days' prior written notice of the Good Reason from the Executive to the Employer. 
 (b) Employer’s Termination Without Cause.
The Employer may terminate the Executive’s employment under this Agreement without Cause (as defined above) by written notice to the Executive. Any such termination shall become effective upon fifteen days, prior written notice from the
Employer to the Executive. 

 (c) Compensation and Benefits Upon Section 9 Termination. In addition to the payments specified in
Section 7 of this Agreement, in the event of termination of the Executive’s employment pursuant to this Section 9, the Employer shall continue to pay or provide to the Executive the following: 
 (i) Salary through Date of Termination at the rate in effect immediately prior to the time a Notice of Termination is given plus any benefits and awards
(including both cash and stock components) which pursuant to the terms of any Plans have been earned and otherwise payable, but which have not been paid; 
 (ii) As severance pay, and in lieu of any further salary for any period subsequent to the Date of Termination, an amount in cash equal to 2.99 times the sum of the annual Base Salary on the Date of Termination plus
the average of the Executive’s last three years’ cash bonuses (the “Severance Payment”). As used in this section, the words “cash bonuses” shall not include any long term incentive compensation, whether paid in cash,
stock or stock options. For the purposes of the definition of “Severance Payment” the Company shall compute the average of the Executive’s last three years’ bonuses by including the greater of (A) the bonus, if any, already
earned by the Executive at the time of termination related to the calendar year of the termination or (B) the bonus, if any, earned in the third full calendar year preceding the termination of the Executive (e.g., if the Executive is terminated on
August 1, 2005 (and this Section 9 is applicable), the Company shall include in the bonus calculation the greater of (A) the bonus, if any, earned by the Executive through August 1, 2005, or (B) the bonus, if any, earned by the Executive in calendar
year 2002). 
 (iii) The Executive will have 90 days subsequent to the Date of Termination to exercise all stock options, and restricted
stock grants, or other long term incentive grants or awards that have been granted and were vested at Date of Termination; and 
 (iv) All
salary and benefits shall cease at the time of such termination, subject to the terms of any benefit or compensation plan then in force and applicable to the Executive. The Executive immediately waives any right or entitlement to the Severance
Payment in the event that the Executive breaches any term or provision of this Agreement or the Confidential Information Agreement and Restrictive Covenant and in the event of such breach the Executive will pay to the Employer an amount equal to any
portion of the Severance Payment paid to the Executive prior the Executive's breach, in addition to any damages the Employer may be able to recover. The Employer shall not have any additional liability or obligation hereunder by reason of such
termination. 
 (d) This Section 9 shall not apply to any termination of this Agreement with notice under Section 2(a)(i). 

 10. CHANGE IN CONTROL. 
 (a) Effectiveness of Section. If at any time during the term of the Executive’s employment by the Employer pursuant to this Agreement, a
Change in Control of the Employer (as defined below) shall occur, the provisions of this Section 10 shall become effective without any limitation on any other rights the Executive may have under this Agreement. Sections (c) and (d) of
this Section 10 shall become ineffective with respect to such Change in Control on the first anniversary of the date on which such Change in Control occurs (the “Change in Control Date”) unless the Executive’s employment has
theretofore been terminated for any reason; provided, however, that if another Change in Control occurs after such first anniversary, Sections 10(c) and (d) shall become effective once again with respect to such subsequent Change
in Control. If the Executive's employment so terminates prior to such first anniversary, the provisions of Sections 10(c) and (d) shall survive so long as the Executive or Executive’s Beneficiaries are entitled to any benefits under this
Agreement. 
 (b) Definition of Change in Control. For the purpose of this Agreement, a "Change in Control" shall mean: 
 (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning o Rule 13d-3 promulgated under the Exchange Act) of twenty-five percent (25%) or more of either (A) the then outstanding shares
of common stock of the Employer (the “Outstanding Employer Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Employer entitled to vote generally in the election of directors (the
“Outstanding Employer Voting Securities”); provided, however, that for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control: (u) any acquisition directly from the Employer,
(w) any acquisition by the Employer, (x) any acquisition by any executive benefit plan (or related trust) sponsored or maintained by the Employer or any corporation controlled by the Employer, (y) any acquisition by any corporation
pursuant to a transaction which complies with clauses (A), (B) and (C) of clause (iii) of this Section 10(b), or (z) any acquisition by David L. Dunkel or his family members; or 
 (ii) individuals who, as of the date of this Agreement, constitute the Board of Directors of the Employer (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board of Directors of the Employer (the “Board”); provided, however, that any individual becoming a director subsequent to the date of this Agreement whose election, or
nomination for election by the Employer’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with 

 
respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board; or 
 (iii) consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the
assets of the Employer (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the Persons who were the beneficial owners, respectively, of the Outstanding Employer Common
Stock and Outstanding Employer Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Employer or all or substantially all of the Employer’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of
the Outstanding Employer Common Stock and Outstanding Employer Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any executive benefit plan (or related trust) of the
Employer or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, twenty-five percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the
board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

 (iv) approval by the shareholders of the Employer of a complete liquidation or dissolution of the Employer. 
 (c) Certain Restrictions and Events Following Change in Control. If a Change in Control of the Employer occurs, then the following provisions
shall apply: 
 (i) the Employer shall not be entitled to reduce, terminate or adversely (from the Executive's point of view) affect,
pursuant to Section 4(b), any Additional Benefits which are described in Section 4(b) to which the Executive shall thereafter be entitled even in connection with a reduction in such benefits applicable to all of the Employer’s
officers who are of a similar class and station as those of the Executive. If the continuation of any benefit provided to the Executive violates any law or statute the Employer shall pay to the Executive the cash equivalent of any benefit lost by
the Executive; 

 (ii) the Employer shall not be entitled to reduce, terminate, or adversely (from the Executive’s
point of view) affect the Executive's individual perquisites, as described in Section 4(c) and must maintain these benefits as currently enjoyed by the Executive immediately prior to any Change in Control; and 
 (iii) all stock options, restricted stock awards, equity-based incentive plans, SERP and similar grants theretofore or thereafter made which are
unvested shall immediately fully vest effective as of the Change in Control Date. 
 (d) Provisions Applicable to Termination of
Employment. If a Change in Control shall occur and the Executive's employment is thereafter terminated at any time prior to the first anniversary of the Change in Control Date by the Employer other than for Cause or by the Executive for Good
Reason, then the Executive shall be entitled to receive the following: 
 (i) the Executive shall be entitled to all payments and benefits
provided in Section 7; 
 (ii) the payments required by the provisions of clause (i) of Section 9(c) shall be paid to the
Executive in a lump sum in cash within ten days after the Date of Termination (or such later date as the Executive may elect); 
 (iii) the
Executive shall receive as severance pay, and in lieu of any further salary subsequent to the Date of Termination and any Severance Payment referenced in Section 9(c)(ii) above, an amount in cash equal to 2.99 times the sum of the annual Base
Salary on the Date of Termination plus the average of the last 3 years’ bonuses. The Company shall compute the average of the Executive's last three years’ bonuses by including the greater of (A) the bonus, if any, already earned by
the Executive at the time of termination related to the calendar year of the termination or (B) the bonus, if any, earned for the third full calendar year preceding the termination of the Executive (e.g., if the Executive is terminated on
August 1, 2005, the Company shall include in the bonus calculation the greater of (A) the bonus, if any, earned by the Executive through August 1, 2005, or (B) the bonus, if any, earned by the Executive for calendar year 2002).
Additionally, in the event the Executive received in any relevant year a grant of stock, restricted stock or stock options (a “Grant”), then the Company shall compute the average of the Executive's last three years' bonuses by including:
(i) in the case of a Grant consisting of a stock grant, the amount reported by the Company to the Internal Revenue Service relating to such stock grant for the relevant year; (ii) in the case of a Grant consisting of a restricted stock
grant, the full grant price, computed for the purposes of this agreement by multiplying the number of granted restricted shares by the closing 

 
share price on the grant date, and; (iii) in the case of a Grant consisting of a stock option grant, the imputed present value of such options at the
time of the grant, defined for purposes of this agreement as 50% of the exercise price. The Company shall also include in the bonus calculation the value of any other long term incentive grants in any relevant year, whether equity based, cash based,
or otherwise. In addition, all benefits enjoyed by the Executive on the Date of Termination shall continue for a period of 2 years and 364 days after the Date of Termination. The severance sum shall be paid to the Executive within 30 days of the
Date of Termination. If the continuation of any benefit provided to the Executive violates any law or statute the Employer shall pay to the Executive the cash equivalent of any benefit lost by the Executive; and 
 (iv) the Employer shall, at its sole expense as incurred, provide the Executive with outplacement services the scope and provider of which shall be
selected by the Executive in Executive’s sole reasonable discretion. 
 11. EXCISE TAX. 
 In the event the amount payable to the Executive under Section 10(d) is subject to an excise tax under Section 4999 of the Internal Revenue Code
of 1986, as amended (the “Excise Tax”), or any similar tax, the Employer will pay the Executive an additional amount (the “Gross-up Payment’) sufficient to put the Executive in the same after-tax position as if no Excise Tax had
been incurred. For purposes of determining the Gross-up Payment, the Executive’s tax rate will be deemed to be the highest marginal tax rate in effect in the year of payment, without regard to the phase-out of itemized deductions. The
Gross-up Payment shall be payable within 30 days of the payment under Section 10(d), and the Employer shall provide the Executive with the calculations utilized to determine the amount of the Gross-up payment. 
 12. PROPERTY. 
 (a) All right, title
and interest in and to Intellectual Property (as defined below) shall be and remain the sole and exclusive property of the Employer. During the term of this Agreement, the Executive shall not remove from the Employer's offices or premises any
documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or containing proprietary information, or other materials or property of any kind belonging to the Employer unless necessary or appropriate in
accordance with the duties and responsibilities required by or appropriate for Executive’s position and, in the event that such materials or property are removed, all of the foregoing shall be returned to their proper files or places of
safekeeping as promptly as possible after the 

 
removal shall serve its specific purpose. The Executive shall not make, retain, remove and/or distribute any copies of any of the foregoing for any reason
whatsoever except as may be necessary in the discharge of Executive’s assigned duties and shall not divulge to any third person the nature of and/or contents of any of the foregoing or of any other oral or written information to which Executive
may have access or with which for any reason Executive may become familiar, except as disclosure shall be necessary in the performance of Executive’s duties. Upon the termination of the Executive's employment with the Employer, Executive shall
leave with or return to the Employer all originals and copies of the foregoing then in Executive’s possession, whether prepared by the Executive or by others. 
 (b) The Executive agrees that all right, title and interest in and to any innovations, designs, systems, analyses, ideas for marketing programs, and all copyrights, patents, trademarks and trade names, or similar
intangible personal property which have been or are developed or created in whole or in part by the Executive: (i) at any time and at any place while the Executive is employed by the Employer and which, in the case of any or all of the
foregoing, are related to and used in connection with the business of the Employer; (ii) as a result of tasks assigned to the Executive by the Employer; or (iii) from the use of premises or personal property (whether tangible or
intangible) owned, leased or contracted for by the Employer (collectively, the “Intellectual Property”), shall be and remain forever the sole and exclusive property of the Employer. The Executive shall promptly disclose to the Employer all
Intellectual Property, and the Executive shall have no claim for additional compensation for the Intellectual Property. 
 (c) The Executive
acknowledges that all the Intellectual Property that is copyrightable shall be considered a work made for hire under United States Copyright Law. To the extent that any copyrightable Intellectual Property may not be considered a work made for hire
under the applicable provisions of the United States Copyright Law, or to the extent that, notwithstanding the foregoing provisions, the Executive may retain an interest in any Intellectual Property that is not copyrightable, the Executive hereby
irrevocably assigns and transfers to the Employer any and all right, title, or interest that the Executive may have in the Intellectual Property under copyright, patent, trade secret and trademark law, in perpetuity or for the longest period
otherwise permitted by law, without the necessity of further consideration. The Employer shall be entitled to obtain and hold in its own name all copyrights, patents, trade secrets, and trademarks with respect thereto. 
 (d) The Executive further agrees to reveal promptly all information relating to the Intellectual Property to appropriate officers of the Employer and to
cooperate with the Employer and execute such documents as may be necessary or appropriate (i) in the event that the Employer desires to seek copyright, patent or trademark protection, or other analogous protection relating to the Intellectual
Property, and when such protection is obtained, to renew and restore the same, or (ii) to defend any opposition proceedings in respect of obtaining and maintaining such copyright, patent or trademark protection, or other analogous protection.

 (e) In the event the Employer is unable after reasonable effort to secure the Executive’s signature
on any of the documents referenced in Section 12(d) above, whether because of the Executive’s physical or mental incapacity or for any other reason whatsoever, the Executive hereby irrevocably designates and appoints the Employer and its
duly authorized officers and agents as the Executive’s agent and attorney-in-fact, to act for and in Executive’s behalf and stead to execute and file any such documents and to do all other lawfully permitted acts to further the prosecution
and issuance of any such copyright, patent or trademark protection, or other analogous protection, with the same legal force and effect as if executed by the Executive. 
 13. CONFIDENTIAL INFORMATION AGREEMENT AND RESTRICTIVE COVENANT 
 Acceptance of this Agreement
requires the Executive’s separate signature and acceptance of the Confidential Information Agreement and Restrictive Covenant attached to this Agreement as Exhibit A. 
 14. ASSUMPTION BY SUCCESSOR. 
 The
Employer will require any successor (whether direct or indirect by purchase, merger, consolation or otherwise) to all or substantially all of the business and/or assets of the Employer to (i) expressly assume and agree to perform this Agreement
in the same manner and the same extent the Employer would be required to perform it as if no such succession had taken place; and (ii) notify the Executive of the assumption of this Agreement within ten days of such assumption. Failure of the
Employer to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this agreement. As used in this Agreement, “Employer” shall mean Kforce Inc. and any successor to its business and/or
assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise. However, this agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors,
administrators, successors, heirs, and distributees, devisees and legatees. 

 15. NO SET-OFF. 
 Except as contemplated by Section 5(b), the Employer’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right, or action which the Employer may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of
the amounts payable, or benefits to be provided, to the Executive under any of the provisions of this Agreement, and, except as expressly provided in Sections 5(c), such amounts shall not be reduced whether or not the Executive obtains other
employment. 
 16. INDEMNIFICATION. 
 The Employer and the Executive acknowledge that the Executive’s service as an officer of the Employer exposes the Executive to risks of personal liability arising from, and pertaining to, the Executive's
participation in the management of the Employer. The Employer shall defend, indemnify and hold harmless the Executive from any actual cost, loss, damages, attorneys fees, or liability suffered or incurred by the Executive arising out of, or
connected to, the Executive’s service as an officer of the Employer. The Employer shall not be obligated to indemnify the Executive if the cost, loss, damage, or liability results from the Executive's violation of the Securities Exchange Act of
1934, as amended, the Executive's violation of criminal law, a transaction from which the Executive received an improper personal benefit, the Executive’s violation of Section 607.0834 of the Florida Business Corporation Act (or any
successor law), or the Executive’s willful misconduct or a conscious disregard for the best interests of the Employer. The Employer will not have any obligation to the Executive under this section for any loss suffered if the Executive
voluntarily pays, settles, compromises, confesses judgment for, or admits liability with respect to any matter without the approval of the Employer. Within thirty days after the Executive receives notice of any claim or action which may give rise to
the application of this section, the Executive shall notify the Employer in writing of the claim or action. The Executive’s failure to timely notify the Employer of the claim or action will relieve the Employer from any obligation to the
Executive under this section. 
 17. PRIOR EMPLOYMENT AGREEMENTS. 
 The Executive represents that he/she has not executed any agreement with any previous employer which may impose restrictions on Executive’s
employment with the Employer. 

 18. TRANSFERABILITY, SUCCESSORS AND ASSIGNS. 
 The rights and obligations of the Employer under this Agreement shall be transferable and all covenants and agreements hereunder shall inure to the
benefit of and be enforceable by or against its successors and assigns. No rights or obligations of the Executive hereunder shall be transferable or assignable by the Executive to any third party. 
 19. ATTORNEY’S FEES. 
 The
prevailing party in any action brought to enforce the provisions of this Agreement shall be entitled, in addition to such other relief that may be granted, to a reasonable sum for attorney’s fees and costs incurred by such party in enforcing
this Agreement (including fees incurred on any appeal). 
 20. NO ORAL MODIFICATIONS. 
 No modifications or waivers of any provision hereof will be binding or valid unless in writing and executed by both parties. 
 21. WAIVER. 
 Either party’s
failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement. The
rights granted the parties in this Agreement are cumulative and shall not constitute a waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 
 22. SEVERABILITY. 
 The invalidity or
unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 
 23. GOVERNING LAW AND BINDING EFFECT. 
 This Agreement was entered into in the State of Florida and shall be interpreted and construed in accordance with the laws of Florida. 

 24. CAPTIONS. 
 Captions and section headings used herein are for convenience only, are not of this Agreement, and shall not be used in construing this Agreement. 
 25. COUNTERPARTS 
 This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
 26. NOTICE. 
 Any notice required or permitted to be given under this Agreement shall be sufficient if
it is in writing and sent by hand delivery or by United States Express Mail service to the parties at the following addresses: 
  

			
	To the Employer:	 	 1001 E. Palm Ave
 Tampa, Florida
33605
 Attn: William L. Sanders
 Chief Financial
Officer

	 
		
	To the Executive:	 	 2913 Safe Harbor Drive
 Tampa, Florida 33618

Attn: David L. Dunkel

		
		 	 And CEO

 27. ARBITRATION. 
 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Tampa, Florida in accordance
with the rules of the American Arbitration Association then in effect. Judgment may be entered in the arbitrator's award in any court having jurisdiction. Such arbitration shall occur only after the parties have attempted to resolve the dispute or
controversy by mediation under mutually agreeable terms. 
 28. ENTIRE AGREEMENT. 
 This Agreement, and the attached Exhibit A, comprise the entire agreement between the Executive and the Employer. This Agreement supersedes all prior
agreements and understandings between the parties with respect to the subject matter hereof and may not be modified or terminated orally. No modification, termination, or attempted waiver shall be valid unless it is in writing and is executed by
each of the parties. 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first above
written. 
  

			
	KFORCE, INC.
		
	By:	 	 /s/ William L. Sanders

		 	William L. Sanders
		 	President
		
		 	 /s/ David L. Dunkel

		 	David L. Dunkel

 EXHIBIT A 
 CONFIDENTIAL INFORMATION AGREEMENT AND RESTRICTIVE COVENANT 
 THIS AGREEMENT (“Agreement”)
dated as of December 31, 2006 is entered into by and between Kforce Inc., a Florida corporation (the “Employer”) and David Dunkel (the “Executive”). 
 BACKGROUND 
 The Employer desires to employ or continue employing the Executive
and the Executive wishes to accept or continue employment upon the terms and conditions set forth in the parties’ Employment Agreement (the “Employment Agreement”) and this Agreement. The Executive recognizes and agrees that because
of Executive’s employment with the Employer he/she has been and will be afforded an opportunity to learn confidential and proprietary information and to know of and/or become known to various customers, potential customers and employees of the
Employer and to learn the Employer's business practices. The Executive recognizes that this is a valuable right, is of great personal benefit to Executive in Executive’s career and therefore provides sufficient basis for the restrictive
covenants contained in this Agreement. Also, as set forth in the Employment Agreement, the Employer agrees to pay the Executive significant severance pay under certain circumstances in consideration for the Executive's agreement not to compete with
the Employer. Accordingly, in consideration of the mutual covenants and agreements set forth below, the parties agree as follows: 
 TERMS

 1. Acknowledgement of Legitimate Business Interest of the Employer. The Executive acknowledges that as a result of
Executive’s employment with the Employer he/she has accepted and received trade secrets, valuable confidential business and professional information, substantial relationships with specific prospective or existing clients, contractors, or
customers, and goodwill associated with the ongoing business of the Employer, all of which are of particular significance to the Employer and constitute legitimate business interests that the Employer has an interest in protecting. Therefore, the
Executive agrees as follows: 
 (a) Confidential Information. Except for proper business purposes on Employer’s behalf, at all
times for the period of time commencing as of the date of this Agreement and ending on the second anniversary of the date of termination of the Executive’s employment under the Employment Agreement (the “Restriction Period”) the
Executive agrees not to disclose or use any confidential information, including without limitation, information regarding research, strategy, developments, product designs or specifications, 

 
processes, “know-how,” prices, suppliers, customers, contractors, candidates, clients, costs or any other knowledge or information with respect to
confidential information or trade secrets of the Employer. The Executive acknowledges and agrees that all notes, lists, data, records, business forms, studies, marketing materials, training materials, reports, sketches, plans, unpublished memoranda
and other documents (whether electronic or hardcopy) concerning any information relating to the Employer's business, held or created by the Executive, whether confidential or not, are the property of the Employer and will not be used or retained by
Executive except on behalf of employer in the course of Executive’s employment, and will not be retained by Executive upon termination of Executive’s employment. 
 (b) Non-Solicitation. At all times during the Restriction Period, the Executive shall not, directly or indirectly, solicit, induce, influence,
combine or conspire with, or attempt to induce, any executive, employee, vendor, client, contractor, or supplier of the Employer to terminate their employment, or other relationship with, or compete against the Employer or any present or future
affiliates of the Employer in the Employer’s industry (the “Business”). In particular, and without in any way limiting the forgoing, the Executive agrees that during the Restriction Period, whether the termination shall be voluntary
or involuntary, with or without cause, or for any other reason whatsoever, the Executive shall not, directly or indirectly: (a) attempt to hire any other executive or employee of the Employer, including persons on assignment with clients, or
otherwise encourage or attempt to encourage any other executive or employee of the Employer to leave employment or terminate an assignment with the Employer; or (b) in any manner or at any time, solicit or encourage any person, firm,
corporation, or any business entity who are customers, clients, contractors, or prospective clients or contractors of the Employer to cease or refrain from doing business with the Employer. Executive further agrees, during the Restriction Period, to
refrain from directly or indirectly soliciting business from any client of Employer with whom Executive had contact during the term of Executive’s employment with Employer. In the event the Executive breaches any term contained in this Section,
the Executive immediately waives any right or entitlement to the severance payments described in the Employment Agreement (which includes both the Severance Payment referenced in Section 9(c)(ii) of the Employment Agreement as well as any other
severance payable pursuant to Section 10(d)(iii) of the Employment Agreement) and will pay to the Employer an amount equal to any portion of the severance payments paid to the Executive prior to the Executive's breach, in addition to any
damages the Employer may be able to recover. 
 (c) Exception. Notwithstanding anything to the contrary contained in this Agreement,
in the event: (i) the Executive resigns for "Good Reason" (as such term is defined in Section 9(a) of the Employment Agreement) or is terminated without “Cause” (as such term is defined in Section 8 of the Employment
Agreement), or (ii) the Executive delivers a written statement to the Company 

 
specifically releasing the Company from paying any Severance Payment as contemplated by Section 9(c)(ii) of the Employment Agreement (in a form
reasonably acceptable to the Company), then the provisions of Section 1(b) of this Agreement shall have no force or effect. 
 2.
Severability and Specific Performance. 
 (a) If, in any judicial proceedings, a court shall refuse to enforce any of the covenants
included in Paragraph 1(a) and (b), above, then such unenforceable covenant shall be amended to relate to such lesser period or geographical area as shall be enforceable. In the event the Employer should bring any legal action or other proceeding
against the Executive for enforcement of this Agreement, the calculation of the Restriction Period, if any, shall not include the period of time commencing with the filing of legal action or other proceeding to enforce this Agreement through the
date of final judgment or final resolution including all appeals, if any, of such legal action or other proceeding unless the Employer is receiving the practical benefits of Paragraph 1(a) and/or (b), as applicable, during such time. 
 (b) The Executive hereby acknowledges that the restrictions on Executive’s activity as set forth in Paragraphs 1(a) and (b) hereof are required
for the Employer’s reasonable protection and are a material inducement for the Employer to retain or continue to retain the services of Executive. The Executive hereby agrees that in the event of the violation by Executive of any such
provisions of this Agreement, the Employer will suffer irreparable harm and will be entitled to equitable relief, including an order requiring specific performance of the terms hereof, in addition to any damages that may be recoverable. 

3. Miscellaneous Provisions. 
 (a)
Notice: All notices, requests, demands, claims, and other communications under this Agreement will be in writing. Any notice, request, demand, claim, or other communication under this Agreement shall be deemed duly given if delivered
personally, telecopied (if confirmed), or sent by registered or certified mail (return receipt requested) addressed to the intended recipient as set forth below (or at such other address for a party as shall be specified by like notice): 

If to Executive: 
 2913 Safe Harbor Drive

 Tampa, Florida 33618 
 Attn:
David L. Dunkel 

 If to the Employer: 
 Kforce Inc. 
 1001 East Palm Avenue 
 Tampa, Florida 33605 
 Attn: William L.
Sanders 
 Chief Financial Officer 
 (b) Entire Agreement, Amendments. Except for the Employment Agreement and other agreements and writings expressly provided for therein, this Agreement contains the entire agreement and understanding of the parties to this Agreement
relating to the subject matter of this Agreement, and supersedes any prior and contemporaneous understandings, agreements, or representations of every nature between the parties. This Agreement may not be changed or modified, except by an agreement
in writing signed by each of the parties to this Agreement. 
 (c) Waiver. The waiver of the breach of any term or provision of this
Agreement shall not operate as or be construed to be a waiver of any other or subsequent breach of this Agreement. 
 (d) Governing
Law. This Agreement shall be construed and enforced in accordance with the laws of Florida, without regard to the conflict-of-laws provisions thereof. 
 (e) Invalidity. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect the validity of any other provision of this Agreement, and such provision(s) shall be deemed modified to the extent necessary to make it or them enforceable. 
 (f) Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of such shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	Kforce Inc.
		
	 By:
	 	 /s/ William L. Sanders

		 	William L. Sanders
		 	President
		
		 	 /s/ David L. Dunkel

		 	David L. Dunkel

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