Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 ASSET PURCHASE AGREEMENT

 Between 
 GREENHUNTER WATER, LLC 
 and 

HELENA HUNTER WATER DISPOSAL LLC 
 as Seller 
 and 

SABLE ENVIRONMENTAL SWD 4, LLC 
 as Purchaser 
 June 10, 2013 

 
  

 

 ASSET PURCHASE AGREEMENT 

This Asset Purchase Agreement (this “Agreement”) is made and entered into as of the 10th day of June, 2013 (the
“Effective Date” or “Closing Date”) between GreenHunter Water, LLC, a Texas limited liability company and Helena Hunter Water Disposal, LLC, a Texas limited liability company; (herein called
“Seller”), and Sable Environmental SWD 4, LLC, a Texas limited liability company (“Purchaser”). This Asset Purchase Agreement amends, corrects and supersedes the asset Purchase Agreement between the
parties dates June 7, 2013. Seller and Purchaser are sometimes herein referred to collectively as the “Parties” and singly as a “Party.” Capitalized terms shall have the meaning set forth in
Article 1 unless otherwise defined herein. 
 RECITALS 

 

	 	A.	Seller owns a salt water disposal permit and salt water disposal well and operate a salt water disposal well business headquartered in Tarrant County, Texas that
provides salt water disposal services to the oil and gas industry in the following county: (the “Business”). 

 a. Helena Hunter – Karnes County, Texas 
  

	 	B.	Purchaser desires to purchase certain assets and assume certain liabilities of the Seller used in the Business, and Seller desire to sell such assets and assign such
liabilities to Purchaser, all upon the terms and conditions set forth in this Agreement. 

 NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement, the parties hereby agree as follows: 
 1. PURCHASE AND SALE
OF ASSETS. 
 1.1 Purchase and Sale. 

(a) At Closing, Purchaser shall purchase from Seller, and Seller shall sell to Purchaser, all of such Seller’s right,
title and interest in and to the assets the following assets used in the Business (collectively the “Purchased Assets”): 
 (i) Seller’s customer business, customer lists and transportation contracts, contracts and agreements, copies of books and records related to the Business of Seller; 

(ii) Computerized data and software applications used by Seller in the Business, in each case to the extent assignable by
Seller; 
 (iii) Trademarks, copyrights and other intellectual property and know-how specific to Seller, in each
case to the extent assignable by Seller; 

  
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 (iv) Texas Railroad Commission of Texas Salt Water Disposal Permits
No. 13612; (the “Permit”). The Permit is attached hereto in Exhibit 1.1(a)(iv). 
 (v) That one
(1) certain Lease dated February 1, 2012 by and between Frank Kruciak and Seller, attached as Exhibit 1.1(a)(v). 
 (vi) The following salt water disposal well and equipment owned by Seller: Helena SWD1, attached as Exhibit 1.1(a)(ix). 

(b) Notwithstanding anything in this Agreement to the contrary, the Purchased Assets shall not include the
following (the “Excluded Assets”): 
 (i) Any item not specifically identified in
Schedule 1.1(a); 
 (ii) All cash and cash equivalents, including cash on hand or in bank accounts,
certificates of deposit, commercial paper and securities, bonds, deposits and rights to refunds; 
 (iii) All of
Seller’s accounts receivables, notes receivable, negotiable instruments, chattel paper, driver receivables and prepaid expenses unless a purchase agreement covering those items is mutually agreed to and entered into between Seller and Purchaser
and attached hereto as a schedule to this Agreement; 
 (iv) All of Seller’s supplies, furniture, fixtures,
computer, telephonic and electronic equipment and inventories; 
 (v) All of Seller’s prepaid amounts,
insurance policies (including any premium refunds), insurance proceeds, deposits, advances, tax refunds, rights to payments under letters of credit and/or other prepaid expenses; 

(vi) Any and all liabilities and obligations of Seller except those specifically accepted and assumed by Purchaser under
Section 1.2 below; 
 (vii) Any customer contracts not specifically accepted and assumed by Purchaser
in Section 1.2 below or those contracts not assignable by Seller to Purchaser; 
 (viii) all rights,
demands, claims, causes of action, rights of recovery, credits, allowances, rebates, recoupment or rights of setoff or subrogation or defenses of Seller against any person and general intangibles; 

(ix) Copies of books, records and other documents that: (1) relate to employees who are not hired by Purchaser;
(2) cannot be transferred under laws relating to privacy or health; (3) Seller is not permitted to transfer pursuant to confidentiality agreements with others; or (4) relate to assets, liabilities or obligations retained by Seller;

  
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 (x) Any membership interests, partnership interests, capital stock, or other
form ownership interest in any direct or indirect subsidiary of Parent or any right to acquire such ownership interests; 
 (xi) Seller’s certificates of formation, bylaws, minute books, income tax returns, books and records; 
 (xii) All of Seller’s additional property, assets, capital stock, rights, claims, causes of action, contracts, records, goodwill and other intangibles relating to the Business other than the
Purchased Assets; and 
 (xiii) Seller’s rights under this Agreement and the other agreements, certificates
and instruments to be executed in connection with, or pursuant to, this Agreement. 
 1.2 Assumption of Liabilities.
Simultaneously with the execution of this Agreement, the Purchaser shall assume and be solely responsible for those liabilities and obligations to be performed after 11:59 p.m. Central Time on the Effective Date under the contracts, leases,
agreements and/or permits assigned to Purchaser and specifically listed on Schedule 1.2, but specifically excluding any liabilities or obligations that are a result of or caused by a breach or default of Seller or any of its affiliates prior
to 11:59 p.m. Central Time on the Effective Date (collectively, the “Assumed Liabilities”). 
 1.3
Excluded Liabilities. Except for the Assumed Liabilities, Purchaser does not assume and shall not be responsible for any liabilities or obligations of any Seller, of any kind or nature, whether or not relating to the Business or the Purchased
Assets, whether known or unknown, absolute, accrued, contingent or otherwise, or whether due or to become due, arising out of events or transactions or facts occurring on, prior to, or after the Effective Date (collectively the “Excluded
Liabilities”), including, but not limited to, the following Excluded Liabilities: 
 (a) all
liabilities and obligations of any kind existing as of the Effective Date owed or owing by Seller to any shareholder of Seller and/or any affiliate of Seller; 
 (b) all liabilities and obligations relating to current or former employees, agents, consultants or other independent contractors of Seller, whether or not such persons are employed by the Purchaser after
the Effective Date, relating to services performed, benefit accruals or claims accrued or incurred prior to the Effective Date or with respect to employee benefit plans, programs or arrangements at any time on or after the Effective Date, including
but not limited to, any “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”) and all retirement, stock, stock option, welfare
benefit, savings, deferred compensation, incentive compensation, paid time off, severance pay, salary continuation, disability, fringe benefit, compensation, accrued payroll, accrued vacation pay, sick leave, severance, worker’s compensation,
unemployment compensation, employee welfare or retirement benefits (including any liability or obligation of the Seller under any welfare plan or policy for continuing health coverage), and other employee benefit arrangements,

  
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plans, policies, or practices maintained, contributed to, or required to be contributed by the Seller or any ERISA Affiliate (defined as any person, entity, any trade or business (whether or not
incorporated) that is treated as a single employer with the Seller under Section 414 of the Code) or with respect to which the Seller or any ERISA Affiliate may have any liability (collectively the “Benefit Plans”) or
obligations under any employment agreement or arrangement, liabilities under the Worker Adjustment and Retraining Notification (“WARN”) Act and obligations or agreements to rehire or give preferential treatment to laid-off or
terminated employees; 
 (c) all liabilities and obligations, whether absolute, accrued, contingent or otherwise,
for federal, state, county, local, foreign or other employee payroll or other taxes or assessments (including interest and penalties) of any kind whatsoever relating to the Business for periods up to and including the Effective Date and any income
taxes resulting from the transactions contemplated by this Agreement; 
 (d) any and all damages, losses,
liabilities, actions, claims, costs and expenses (including, without limitation, closure costs, fines, penalties, expenses of investigation and remediation and ongoing monitoring and reasonable attorneys’ fees) directly or indirectly based
upon, arising out of, resulting from or relating to (i) any violation of any Environmental Law by the Seller or any person or entity acting on behalf of the Seller or the person from or through which the Seller acquired title on or prior to the
Effective Date (including, without limitation, any failure to obtain or comply with any permit, license or other operating authorization under provisions of any Environmental Law), (ii) any and all liabilities under any Environmental Law
arising out of or otherwise in respect of any act, omission, event, condition or circumstance occurring or existing in connection with the Business or the Purchased Assets on or prior to the Effective Date (including, without limitation, liabilities
relating to (X) removal, remediation, containment, cleanup or abatement of the presence of any Regulated Substance, whether on-site or off-site and (Y) any claim by any third party, including without limitation, tort suits for personal or
bodily injury, property damage or injunctive relief; and 
 (e) all liabilities and obligations arising out of
any lawsuit, action, proceeding, inquiry, claim, order or investigation by or before any governmental authority related to the Business arising out of events, transactions, facts, acts or omissions which occurred prior to or on the Effective Date,
including, without limitation, personal injury or property damage, product liability or strict liability. 
 1.4 Purchase
Price. The aggregate purchase price to be paid by Purchaser to Seller for the Purchased Assets (“Purchase Price”) shall be Five Million Two Hundred Fifty Thousand Dollars ($5,250,000), subject to any Post-Closing
Credits required by Section 1.6 of this Agreement. 

  
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 1.5 Payment of the Purchase Price. The Purchase Price (less any amounts withheld
pursuant to the Affidavit of Debts and Liens to be executed by Seller and to be paid directly to the listed vendors including but not limited amounts owed to Padre Tubular, Inc. Kanon Services, LLC and Sable Tanks, LLC)) (the “Cash
Closing Payment”) shall be paid by Purchaser to Seller on Closing Date by wire transfer of immediately available funds to the following bank account of Seller: 

 

					
		 	Wire To:	  	Amegy Bank
		 		  	PO Box 27459
		 		  	Houston, TX 77227
			
		 	Account Name:	  	GreenHunter Water LLC
			
		 	ABA/Routing #:	  	113011258
			
		 	Account #:	  	53746356

 1.6. Closing. Closing shall be on the date of execution of this Agreement. Closing
shall occur at 1048 Texan Trail, Grapevine, Texas 76051 on June 10, 2013. 
 1.7 Allocation of Income and Expenses.
All revenue from services related to the Business performed prior to 11:59 p.m. Central Time on the Effective Date shall belong to Seller (the “Pre-Closing Business”), and all revenue from services related to the Business
after 11:59 p.m. Central Time on the Effective Date (the “Post-Closing Business”) shall belong to Purchaser. As soon as reasonably practicable after the Effective Date, but in any event within thirty (30) days following
the Effective Date, representatives of Seller and Purchaser shall examine all relevant books and records of the Business as of the Effective Date to determine (i) the time and date of delivery and the division of revenue from services
immediately prior to and/or immediately after the Effective Date and (ii) the amount of direct expenses incurred by Seller for Post-Closing Business (the “Direct Expenses”) and the amount of direct expenses incurred by
Purchaser for Pre-Closing Business. Each party shall promptly reimburse the other party for their respective Direct Expenses within ten (10) business days after determination. If the parties are unable to agree on the amount of the
reimbursement for Direct Expenses, the dispute resolution provisions of Section 7.1 shall apply. 
 1.8
Allocation of Purchase Price. The Purchase Price shall be allocated among the Purchased Assets as set forth on Schedule 1.7 which is attached hereto and incorporated by this reference herein. Seller and Purchaser each agree to comply
with the requirements of Section 1060 of the Internal Revenue Code and to report the federal, state and local income and other tax consequences of the transactions contemplated herein in a manner consistent with the purchase price allocation
set forth on Schedule 1.7. 
 1.9 Transfer Taxes. In the event that any sales, use, transfer, license, title or
other similar taxes or charges are assessed on or after the Effective Date as a result of the transactions described in this Agreement, upon transfer and/or reissue of vehicle titles or at any time thereafter on the transfer of any of the Purchased
Assets, then in each instance such taxes or charges incurred as a result of the transactions contemplated hereby, such as filing, recordation, and transfer taxes and other governmental charges normally levied by the State of Texas in connection with
the sale of the Purchased Assets to Purchaser or the transfer of titles thereto, will be paid by Purchaser. 

  
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 1.10 Ad Valorem Taxes. All ad valorem taxes with respect to the Purchased Assets for
the calendar year 2013 shall be prorated between Seller and Purchaser as of the Effective Date. If the amount of such taxes with respect to any of the Purchased Assets for 2013 occurs has not been determined as of the Effective Date, then the ad
valorem taxes with respect to such Purchased Assets for the preceding calendar year shall be used to calculate such prorations, with known changes in valuation applied. Seller shall be responsible for paying the prorated ad valorem taxes allocable
to the number of days in 2013 through the Effective Date, and Purchaser shall be responsible for paying the remainder of the prorated Ad Valorem Taxes for such calendar year. 
 1.11“As Is, Where Is” Transaction. 
 (a) Purchaser
hereby acknowledges and agrees that, except as otherwise expressly provided in this Agreement, Seller makes no representations or warranties whatsoever, express or implied, with respect to any matter relating to the Purchased Assets or the Business,
including, without limitation: (i) income to be derived or expenses to be incurred in connection with the Purchased Assets or the Business, (ii) the physical condition, description or location of any of the Purchased Assets, (iii) the
value of the Purchased Assets (or any portion thereof), (iv) the transferability of the Purchased Assets, (v) the terms, amount, validity or enforceability of any Assumed Liabilities, (vi) the truth accuracy or completeness of any
materials, financial information or operating data or other information delivered or made available to Purchaser in connection with the transactions contemplated hereby (including, without limitation, due diligence materials provided to Purchaser),
and (vii) THE MERCHANTABILITY OR FITNESS OF THE PURCHASED ASSETS AS A WHOLE OR ANY ITEM OR PORTION OF THE PURCHASED ASSETS FOR ANY PARTICULAR PURPOSE, OR ANY OTHER MATTER OR THING RELATING TO THE PURCHASED ASSETS OR ANY PORTION THEREOF.
WITHOUT IN ANY WAY LIMITING THE FOREGOING, SELLER HEREBY DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE AS TO ANY PORTION OF THE PURCHASED ASSETS. 

(b) Purchaser further acknowledges that Purchaser has conducted an independent inspection and investigation of the
physical condition of the Purchased Assets and all such other matters relating to or affecting the Purchased Assets as Purchaser deemed necessary or appropriate and that in proceeding with its acquisition of the Purchased Assets, except for any
representations and warranties expressly set forth in this Agreement, Purchaser is doing so based solely upon such independent inspections and investigations and is not relying on any representations, warranties or agreements of Seller except those
expressly set forth in this Agreement. ACCORDINGLY, EXCEPT WITH RESPECT TO ANY REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT, PURCHASER WILL ACCEPT THE PURCHASED ASSETS ON THE EFFECTIVE DATE “AS IS,”
“WHERE IS,” AND “WITH ALL FAULTS.” Purchaser hereby irrevocably waives and releases all claims against Seller and its representatives and affiliates with respect to the Purchased Assets, other than with respect to
Seller’s obligations hereunder regarding the Post-Closing Credit, the indemnification provisions and/or claims for breach of the representations, warranties and covenants specifically set forth in this Agreement. 

  
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 (c) Notwithstanding the foregoing and subject to any manufacturer
restrictions, Seller shall use commercially reasonable efforts to assign to Purchaser any and all equipment manufacturers’ warranties applicable to the Purchased Assets if such equipment manufacturers’ warranties exist and are
transferable. 
 2. CLOSING. 
 2.1 Seller’s Deliveries. Simultaneously with the execution of this Agreement on the Effective Date, Seller has executed and delivered to Purchaser: 

(a) Bills of sale and any other instruments of assignment and assumption conveying title to the Purchased Assets to
Purchaser and pursuant to which Purchaser assumes, and agrees to duly pay and perform, the Assumed Liabilities; 

(b) Lease Assignment to Seller and from Seller; 

(c) Executed Texas RRC Permit Transfer documents prepared by Purchaser; 

(d) Original Texas RRC Permit No. 13612; 

(e) The original Lease; and 
 (f) Affidavit of Debts and Liens executed by Seller and GreenHunter Water, LLC. 

2.2 Purchaser’s Deliveries. Simultaneously with the execution of this Agreement on the Effective Date, Purchaser has executed
and delivered to Purchaser: 
 (a) Bills of sale and instruments of assignment and assumption conveying title to
the Purchased Assets to Purchaser and pursuant to which Purchaser assumes, and agrees to duly pay and perform, the Assumed Liabilities, if any; and, 
 (b) The Purchase Price. 
 3. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby
represents and warrants to Purchaser as follows: 
 3.1 Organization and Good Standing. Seller is a limited liability
company validly existing and in good standing under the laws of the State of Texas. 
 3.2 Limited Liability Company
Power. Seller has the limited liability company power, authority and legal right to execute, deliver and perform this Agreement. 

  
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 3.3 Authorization, Binding Effect. The execution, delivery and performance of this
Agreement and the other agreements, documents and instruments required to be delivered by Seller in accordance with the provisions of this Agreement (collectively the “Seller Documents”) and the underlying transactions
contemplated by this Agreement and the Seller Documents have been duly authorized by Seller. This Agreement and the Seller Documents have been duly executed and delivered by Seller. This Agreement is and the Seller Documents are the legal, valid and
binding obligations of Seller enforceable in accordance with their terms subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to
enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 

3.4 No Conflicts; Consents and Approvals. The execution and delivery of this Agreement and the Seller Documents, the consummation
of the transactions herein and therein contemplated, and the performance of, fulfillment of and compliance with the terms and conditions hereof and thereof by Seller do not and will not conflict with or result in a breach of the certificate of
formation or the company agreement of Seller. No authorization, approval, consent of, and no registration or filing with, any governmental or regulatory official body or authority is required in connection with Seller’s execution, delivery or
performance of this Agreement or the Seller Documents other than with respect to the registration of Rolling Stock and transfers of Purchased Assets the title to which is evidenced by certificates of title or registration. 

3.5 Title to Properties. On the Effective Date, Purchaser will acquire all of Seller’s right, title and interest in and to
all of the Purchased Assets, free and clear of any lien, claim or encumbrance other than Permitted Liens. Sellers shall execute an Affidavit of Debts and Liens known to be owed by Sellers with respect to the drilling and construction of the SWD well
located upon the Lease. Such identified debts shall be paid at Closing. Seller shall indemnify and hold Purchaser harmless with respect to all such claims. 
 3.6 Brokers and Finders. Seller has not engaged any person or entity to act or render services as a broker, finder or similar capacity that would be entitled to receive a fee and/or commission from
Seller in connection with the transactions contemplated herein. No person or entity has, as a result of any agreement or action by Seller, any right or valid claim against Purchaser or any of Purchaser’s affiliates for any commission, fee or
other compensation as a broker or finder, or in any similar capacity in connection with the transactions contemplated herein. 

3.7 Material Adverse Effect. To Seller’s knowledge, without investigation and subject to the impact of the transactions
contemplated by this Agreement and any other asset sale transactions Seller has and/or intends to enter into, Seller is not aware of any past, present or impending action or event, or threatened action or event, that would cause a material adverse
effect on the Business in its current condition on the Effective Date. 
 3.8 Environmental Claims. Except as set forth in
Schedule 3.8: 
 (a) The Seller is not subject to any outstanding judgment, decree, or judicial order
relating to compliance by Seller with any Environmental Law or to investigation or cleanup of hazardous substances under any Environmental Law. 

  
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 (b) There are no claims, actions, proceedings or investigations pending or,
to the Knowledge of any Seller, threatened against the Seller before any Governmental Authority under any Environmental Law, except those which could not reasonably be expected to have a Material Adverse Effect. 

(c) To the Knowledge of Seller, there have been no discharges, emissions or other releases of hazardous substances by the
Seller that are or were required to be investigated or reported under any Environmental Law, except those which could not reasonably be expected to have a Material Adverse Effect. 

3.9 Disclosure. No representation or warranty or other statement made by the Seller in this Agreement, the certificates to be
delivered pursuant to this Agreement or otherwise in connection with the transactions contemplated hereby, and any and all reports made or issued, or that may be made or issued prior to the Closing Date by the Seller contains or will contain any
untrue statement or omits or will omit a material fact necessary to make any of them, in light of the circumstances in which it was made, not materially misleading. 
 4. REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser hereby represents and warrants to Seller as follows: 
 4.1 Organization and Good Standing. Purchaser is a duly organized, validly existing and in good standing under the Laws of the State of Texas. 

4.2 Corporate Power and Authority. Purchaser has the corporate power and authority to execute, deliver and perform this Agreement.

 4.3 Binding Effect. This Agreement has been duly authorized, executed and delivered by Purchaser and is the legal,
valid and binding obligation of Purchaser, enforceable in accordance with its terms except as their enforceability may be limited by laws and/or equitable principles relating to or affecting creditors’ rights. 

4.4 Authorization, Binding Effect. The execution, delivery and performance of this Agreement and the other agreements, documents
and instruments required to be delivered by Purchaser in accordance with the provisions of this Agreement (collectively the “Purchaser Documents”) and the underlying transactions contemplated by this Agreement and the
Purchaser Documents have been duly authorized by Purchaser. This Agreement and the Purchaser Documents have been duly executed and delivered by Purchaser. This Agreement is and the Purchaser Documents are the legal, valid and binding obligations of
Purchaser enforceable in accordance with their terms subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 

4.5 No Conflicts; Consents and Approvals. The execution and delivery of this Agreement and the Purchaser Documents, the
consummation of the transactions herein and therein contemplated, and the performance of, fulfillment of and compliance with the terms and conditions hereof and thereof by Purchaser do not and will not conflict with or result in a breach 

  
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of the articles of incorporation or bylaws of Purchaser. No authorization, approval, consent of, and no registration or filing with, any governmental or regulatory official body or authority is
required in connection with Purchaser’s execution, delivery or performance of this Agreement or the Purchaser Documents other than with respect to the registration of Rolling Stock and transfers of Purchased Assets the title to which is
evidenced by certificates of title or registration. 
 4.6 Brokers and Finders. Purchaser has not engaged any Person to
act or render services as a broker, finder or similar capacity in connection with the transactions contemplated herein and no Person has, as a result of any agreement or action by Purchaser any right or valid claim against Seller, or any of its
affiliates for any commission, fee or other compensation as a broker or finder, or in any similar capacity in connection with the transactions contemplated herein. 
  

	5.	CERTAIN POST-CLOSING COVENANTS. 

  

	 	5.1	Consents and Approvals. 

 (a) Each of the parties hereto shall, and shall cause each of its affiliates to, use its reasonable efforts in good faith to obtain at the earliest practicable date any approvals, authorizations and
consents, including but not limited to the third party consents necessary to consummate the transactions contemplated by this Agreement and take such actions as the other parties may reasonably request to consummate the transactions contemplated by
this Agreement. For a period of up to thirty (30) days immediately following the Effective Date, Seller shall use commercially reasonable efforts (which shall not require Seller to incur any expense) to cooperate with Purchaser in connection
with Purchaser’s application for the transfer, renewal or issuance of any permits, licenses, plates, approvals or authorizations required to transfer the Purchased Assets from Seller to Purchaser. 

(b) Nothing in this Section 5.1 shall require a party to expend any monies to obtain any approval or consent
required hereunder, except for customary attorneys’ fees and filing fees incident to the transactions contemplated hereby or as otherwise specifically required under this Agreement. 

5.2 Employees. A list of Seller’s employees with current salaries and location is included as Schedule 5.2. 

5.3 Collection of Seller Account Receivables. 

(a) From and after the Effective Date, Purchaser shall provide Seller with commercially reasonable assistance with respect
to Seller’s collection of its existing accounts receivables associated with the Business and which are not Purchased Assets. Within five (5) days of receipt, Purchaser shall remit to Seller all payments received by Purchaser from customers
for revenue that accrued prior to the Effective Date (which, for the avoidance of doubt, shall exclude revenues relating to Post-Closing Business) without setoff, netting or recoupment. 

  
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 (b) From and after the Effective Date, Seller shall provide Purchaser with
commercially reasonable assistance with respect to Purchaser’s collection of accounts receivables associated with the Business. Within five (5) days of receipt, Seller shall remit to Purchaser all payments received by Seller from customers
for revenue that accrued after the Effective Date (which, for the avoidance of doubt, shall include revenues relating to Post-Closing Business) without setoff, netting or recoupment. 

(c) For not less than 180 days after the Effective Date, Purchaser and Seller shall keep accurate records of all payments
received in connection with the Business and allow each other reasonable access to such records for the purpose of verifying the amount and application of such payments to the period before or after the Effective Date. 

5.4 Employee Benefits. Purchaser is not assuming any liability under any Benefit Plan with respect to any employee, former
employee, dependent, beneficiary, or independent contractor and regardless of whether such liability is incurred prior to or after the Effective Date. All employees of Seller who accept employment with Purchaser on or after the Effective Date shall
be new employees of Purchaser and any prior employment by Seller of such employees shall not affect entitlement to, or the amount of, salary or other cash compensation, current or deferred, which Purchaser may make available to its employees.

 5.5 Employees. For a period of thirty (30) days immediately following the Effective Date, Seller shall use
commercially reasonable efforts to assist Purchaser in employing as new employees of Purchaser, those employees that Purchaser desires to hire. 
 5.6 Maintenance of Books and Records. Seller shall retain all material records relating to the Purchased Assets and/or the Business (the “Seller Records”) until the first
(1st) anniversary of the Effective Date. Without the
prior written consent of Seller, Purchaser and its officers, directors and representatives shall not disclose trade secrets or confidential business information of Seller contained in the Seller’s Records except (i) as such disclosure is
required by law or (ii) where such information becomes generally known or available to the public and/or to Purchaser’s competitors through sources other than Purchaser, its affiliates or its officers, directors or representatives.

 5.7 Further Assurances. From time to time after the Effective Date, Seller shall upon reasonable request from
Purchaser, execute, acknowledge and deliver to Purchaser such other instruments and take such other actions and execute and deliver such other documents, certifications and further assurances as Purchaser may reasonably require to vest more
effectively in Purchaser, or to put Purchaser more fully in possession of, any of the Purchased Assets. Each of the parties hereto shall cooperate with the other and execute and deliver to the other parties hereto such other instruments and
documents and take such other actions as may be reasonably requested from time to time by any other party hereto as necessary to carry out, evidence and confirm the intended purposes of this Agreement. 

5.8 Compliance with Railroad Commission Permit. Within five (5) business days after the Closing, Seller shall, at its sole cost and
expense, rework the Helena SWD 1 in order for such well to be in compliance with all terms and conditions contained in the Texas RRC Permit No. 13612. Seller’s proposed remedial operations shall be pre-approved by Purchaser. To assure
payment for these operations, Purchaser shall hold-back $50,000 of the purchase price until the required remediation is completed. 

  
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 6. INDEMNIFICATION. 
 6.1 Indemnification of Purchaser. Subject to the limitations set forth in Sections 6.3 and 6.4, Seller shall indemnify and hold Purchaser harmless from, against, for and in respect of
(i) any and all damages, losses, settlement payments, obligations, liabilities, claims, actions or causes of action and encumbrances suffered, sustained, incurred or required to be paid by Purchaser, net of any resulting insurance proceeds to
Purchaser and income tax benefits to Purchaser because of the breach of any written representation, warranty, agreement or covenant of Seller contained in this Agreement; and (ii) all reasonable costs and expenses (including, without
limitation, attorneys’ fees, interest and penalties) incurred by Purchaser in connection with any action, suit, proceeding, demand, assessment or judgment incident to any of the matters indemnified against in this Section 6.1.

 6.2 Indemnification of Seller. Subject to the limitations set forth in Sections 6.3 and 6.4, Purchaser
shall indemnify and hold Seller harmless from, against, for and in respect of any and all damages, losses, settlement payments, obligations, liabilities, claims, actions or causes of action and encumbrances suffered, sustained, incurred or required
to be paid by Seller, net of any resulting insurance proceeds to Seller and income tax benefits to Seller, together with all reasonable costs and expenses (including, without limitation, attorneys’ fees, interest and penalties) incurred by
Seller in connection with any action, suit, proceeding, demand, assessment or judgment incident thereto (A) because of the breach of any written representation, warranty, agreement or covenant of Purchaser contained in this Agreement or
(B) in respect of any of the Assumed Liabilities, or in respect of any liability arising out of any transaction or event relating to the Purchased Assets occurring after the Effective Date. 

6.3 Survival of Representations, Warranties and Covenants. All representations, warranties, covenants and agreements made by any
party to this Agreement or pursuant hereto shall survive the execution hereof, notwithstanding any investigation conducted at any time with respect to such representations and warranties, for twenty four (24) months immediately following the
Effective Date or until the resolution, pursuant to the dispute resolution provisions of Section 7.1, of any dispute for which written notice of such dispute was received by the Indemnifying Party (as defined below) prior to the
expiration of such 24-month period. Immediately after such 24-month period all representations, warranties, covenants and agreements made by any Party to this Agreement or in Seller’s Documents or Purchaser Documents shall expire and be of no
further effect. Notice of any claim of a breach of a representation, warranty, covenant or agreement must be given prior to the expiration of such representation, warranty, covenant or agreement; and any claim not made within such period shall be of
no force or effect. 

  
 12 

 6.4 General Rules Regarding Indemnification. The obligations and liabilities of each
indemnifying party hereunder with respect to claims resulting from the assertion of liability by the other party shall be subject to the following terms and conditions: 

(a) The indemnified party shall give prompt written notice (which in no event shall exceed 30 days from the date on which
the indemnified party first became aware of such claim or assertion) to the indemnifying party of any claim which might give rise to a claim by the indemnified party against the indemnifying party based on the indemnity agreements contained in
Sections 6.1 or 6.2 hereof, stating in reasonable detail the nature and basis of said claims and the amounts thereof, to the extent known; 
 (b) If any action, suit or proceeding is brought against the indemnified party with respect to which the indemnifying party may have liability under the indemnity agreements contained in Sections
6.1 or 6.2 hereof, the action, suit or proceeding shall, at the election of the indemnifying party, be defended (including all proceedings on appeal or for review which counsel for the indemnified party shall deem appropriate) by the
indemnifying party. The indemnified party shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the indemnified party’s own expense unless the employment of such counsel and the
payment of such fees and expenses both shall have been specifically authorized in writing by the indemnifying party in connection with the defense of such action, suit or proceeding. Notwithstanding the foregoing, (A) if there are defenses
available to the indemnified party which are inconsistent with those available to the indemnifying party to such extent as to create a conflict of interest between the indemnifying party and the indemnified party, the indemnified party shall have
the right to direct the defense of such action, suit or proceeding insofar as it relates to such inconsistent defenses, and the indemnifying party shall be responsible for the reasonable fees and expenses of the indemnified party’s counsel
insofar as they relate to such inconsistent defenses (but shall not otherwise be obligated to raise or pursue such inconsistent defenses), and (B) if such action, suit or proceeding involves or could have an effect on matters beyond the scope
of the indemnity agreements contained in Sections 6.1 and 6.2 hereof, the indemnified party shall have the right to direct (at its own expense) the defense of such action, suit or proceeding insofar as it relates to such other matters
(but shall not otherwise be obligated to raise or pursue such other matters). The indemnified party shall be kept fully informed of such action, suit or proceeding at all stages thereof whether or not it is represented by separate counsel.

 (c) The indemnified party shall make available to the indemnifying party and its attorneys and accountants all
books and records of the indemnified party relating to such proceedings or litigation and the parties hereto agree to render to each other such assistance as they may reasonably require of each other in order to ensure the proper and adequate
defense of any such action, suit or proceeding. 
 (d) The indemnified party shall not make any settlement of any
claims without the written consent of the indemnifying party. The indemnifying party shall not settle any claims without the written consent of the indemnified party if the settlement would impose any cost or admission of liability or any injunctive
relief upon the indemnified party. 

  
 13 

 (e) In no event shall the indemnifying party be liable hereunder for
consequential, exemplary, punitive or other speculative damages incurred by the indemnified party as a result of an indemnified claim, but shall be liable for such damages asserted by any third party against the indemnified party, subject to the
limitations of this Article 6. 
 (f) The provisions of this Article 6, shall be the exclusive
remedy of the Parties with respect to the occurrence of any event or condition referred to in this Article 6 and with respect to the breach of any representation, warranty, covenant or agreement of another Party hereto; provided,
however, that the provisions of Section 1.6 (and not this Article 6) shall be the exclusive remedy of Purchaser with respect to missing or damaged Purchased Assets. 

7. DISPUTE RESOLUTION. 

7.1 Arbitration. It is the intention of the parties that in the event any dispute arises under this Agreement, the parties shall
first meet and confer with one another to attempt to negotiate a resolution of such dispute without recourse to arbitration and/or litigation. If, after commercially reasonable efforts to resolve any dispute arising under this Agreement, the parties
are unable to agree, the dispute shall be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“Rules”), and further subject to the following: 

(a) There shall be one (1) independent arbitrator (“Arbitrator”) selected according to the
Rules. 
 (b) The Arbitrator shall determine what discovery shall be permitted, consistent with the goal of
limiting the cost and time which the parties must expend for discovery; provided the arbitrator shall permit such discovery as he or she deems necessary to permit an equitable resolution of the dispute. 

(c) The determination of the Arbitrator shall be binding on the parties hereto, and shall not, absent bad faith on the
part of the Arbitrator, be appealable or otherwise subject to challenge. 
 (d) Judgment on any award rendered by
the Arbitrator may be entered in any court having jurisdiction thereof. 
 (e) The right to arbitration hereunder
shall survive any termination of this Agreement. 
 (f) The Arbitrator shall select an exclusive location for
arbitration of any such dispute, controversy, or claim and such selection shall be limited to Dallas County, Texas. 
 (g) The Arbitrator shall be directed that any arbitration under this Agreement shall be completed as soon as practicable after the filing of notice of a request for such arbitration, but in any event
within ninety (90) days of the request for arbitration. 
 (h) All payments determined by the Arbitrator
shall be paid in U.S. funds by the responsible party within five (5) business days following determination thereof. A disputed performance or suspended performance pending the resolution of the arbitration shall be completed within a reasonable
time period following the final decision of the arbitrator. 

  
 14 

 (i) The arbitration proceedings and the decision shall not be made public
without the joint consent of the parties and each party shall maintain the confidentiality of such proceedings and decision unless otherwise permitted by the other party. 

(j) The fees and expenses payable to the Arbitrator in connection with such determination will be borne 50% by Seller and
50% by Purchaser pending the final decision of the Arbitrator. The final decision of the Arbitrator may, however, award costs of the Arbitrator and the arbitration costs of the parties to the arbitration in the manner provided in such final
arbitration decision. 
 8. MISCELLANEOUS. 
 8.1 Certain Definitions and Interpretive Provisions. 
 (a)
For the purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1: 
 (i) “Permitted Liens” means: 
 (A) all
rights reserved to or vested in any governmental authority to control or regulate the Purchased Assets and Business and all obligations and duties under all laws or under any permit issued by any governmental authority; 

(B) statutory liens for current Taxes not yet due and payable or the amount or validity of which is being contested in
good faith; 
 (C) statutory and contractual liens in favor of mechanics, materialmen, warehousemen, and
landlords for amounts not yet due and payable or the amount or validity of which is being contested in good faith; and 
 (D) liens arising under the terms of the Assumed Contracts or as a matter of law securing Assumed Liabilities. 
 (ii) “Business Days” means any day other than (a) a Saturday, (b) a Sunday or (c) a day on which commercial banks are authorized or required to close in Corpus
Christi, Texas. 
 (b) Unless indicated otherwise, all days referred to in this Agreement are calendar days.
Whenever any obligation hereunder is required to be performed on a day which is not a “business day,” the time required for such performance shall be extended to the next succeeding calendar day which is a business day. 

  
 15 

 (c) The words “hereof,” “herein,” and
“hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(d) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms
and to the masculine as well as to the feminine and neuter genders of such term. 
 (e) Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(f) Any reference in this Agreement to “$” shall mean United States dollars. 

(g) Any agreement, instrument, statute or regulation defined or referred to herein or in any agreement or instrument that
is referred to herein means such agreement, instrument, statute or regulation as from time-to-time amended, modified or supplemented including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes or
regulations) by succession of comparable successor statutes or regulations and references to all attachments thereto and instruments incorporated therein. 
 (h) All Article and Section references herein are to Articles and Sections of this Agreement, unless otherwise specified. 

(i) All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth in full herein. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be defined as set forth in this Agreement. 

(j) “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing
words (including electronic media) in a visible form. 
 (k) References to any Party include the successors and
permitted assigns of that Party. 
 (l) “Shall” and “will” have equal force and effect.

 (m) THE PARTIES AGREE THAT THE BOLD AND/OR CAPITALIZED LETTERS IN THIS AGREEMENT CONSTITUTE CONSPICUOUS
LEGENDS. 
 (n) Time is of the essence in the performance of this Agreement. 

8.2 Expenses. The Purchaser and Seller shall pay its own expenses incurred in connection with this Agreement and the transactions
contemplated hereby. Purchaser shall be responsible for transfer taxes, title registration fees and similar charges incurred in connection with the sale of the Purchased Assets, if any. 

  
 16 

 8.3 Entire Agreement. This Agreement, the Seller’s Documents, the Purchaser
Documents and the Exhibits and Schedules hereto contain the complete agreement among the Parties with respect to the transactions contemplated hereby and supersede all prior agreements and understandings, oral or written, among the parties with
respect to such transactions. Section and other headings are for reference purposes only and shall not affect the interpretation or construction of this Agreement. The Parties hereto make no representations or warranties except as expressly set
forth in this Agreement or in any duly executed certificate or schedule delivered pursuant hereto. 
 8.4 Public
Announcements. No party to this Agreement shall issue any press release relating to, or otherwise publicly disclose the transactions contemplated by this Agreement without the prior approval of the other party, which approval may not be
unreasonably withheld or delayed. Notwithstanding the foregoing, any party may make such disclosure as may be required by law, provided the disclosing party provides to the other party reasonable advance written notice of such required disclosure
describing the substance of the proposed disclosure (such as the content of a proposed press release). 
 8.5
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute only one original. 

8.6 Notices. All notices, demands, requests or other communications that may be or are required to be given, served or sent by any
party to any other party pursuant to this Agreement shall be in writing and shall be transmitted by a reputable overnight courier service or by hand delivery or facsimile transmission, addressed as follows: 

If to Seller: 

c/o GreenHunter Water, LLC 
 1048 Texan Trail 
 Grapevine, Texas 76051 

Attn: Morgan F. Johnston, Senior Vice President 
  General Counsel and Secretary 
 Facsimile: 972-410-1066 

If to Purchaser: 

Sable Environmental SWD 4, LLC. 
 711 N. Carancahua, Suite 1130 
 Corpus Christi, Texas 78401 

Phone: (361) 806-2121 
 E-mail: will@sableco.com 
 With a copy to: 

Robert C. Pate 

Frost Bank Plaza 

802 N. Carancahua, Suite 1350 

  
 17 

 
Corpus Christi, Texas 78401-0022 
 Phone: (361) 888-8413 

Fax: (361) 887-6207 
 Email: judgepate@robertcpatelaw.com 
 Each party may designate by notice in writing a new address
to which any notice, demand, request or communication may thereafter be so given, served, or sent. Each notice, demand, request or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent and received for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, fax confirmation sheet or the affidavit of courier or messenger being deemed conclusive evidence of
such delivery) or at such time as delivery is refused by the addressee upon presentation. 
 8.7 Assignment; Successors and
Assigns. This Agreement may be assigned by either of the parties hereto by providing the other party with prior written notice of such assignment. This Agreement and the rights, interests and obligations hereunder shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 8.8 Governing Law.
This Agreement shall be governed by and interpreted and enforced in accordance with the Laws of the State of Texas disregarding any conflicts of law principles to the contrary. This contract is fully performable within Nueces County, Texas.

 8.9 Waiver and Other Action. This Agreement may be amended, modified, or supplemented only by a written instrument
executed by the parties against which enforcement of the amendment, modification or supplement is sought. 
 8.10
Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision were never a part hereof; the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance; and in lieu of such illegal, invalid or
unenforceable provision, there shall be added automatically as part of this Agreement, a provision as similar in its terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable so as to give
effect to the intention of the parties. 
 8.11 Third-Party Beneficiaries. This Agreement and the rights, obligations,
duties and benefits hereunder are intended for the parties hereto, and no other person or entity shall have any rights, obligations, duties and benefits pursuant hereto. 
 8.12 Mutual Contribution. The parties to this Agreement and their counsel have mutually contributed to its drafting. Consequently, no provision of this Agreement shall be construed against any
party on the ground that such party drafted the provision or caused it to be drafted or the provision contains a covenant of such party. 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of
the Effective Date. 
  

			
	SELLER:
	
	GREENHUNTER WATER, LLC
		
	By:	 	/s/ Kirk Trosclair
	Name:	 	Kirk Trosclair
	Its:	 	Executive Vice President
	
	HELENA HUNTER WATER DISPOSAL, LLC
		
	By:	 	/s/ Kirk Trosclair
	Name:	 	Kirk Trosclair
	Its:	 	Executive Vice President
	
	PURCHASER:
	
	SABLE ENVIRONMENTAL SWD 4, LLC
		
	By:	 	/s/ William C. Cocke, Jr.
	Name:	 	William C. Cocke, Jr.
	Its:	 	Member

  
 19 

 LIST OF SCHEDULES 
 SCHEDULE 1.2 
 Assumed Liabilities 
 SCHEDULE 1.7 
 Allocation of Purchase Price 

SCHEDULE 3.8 
 Environmental Claims

 SCHEDULE 5.1 
 Employee Lists

  
 20 

 LIST OF EXHIBITS 
 EXHIBIT 1.1(a)(iv) – Helena SWD Permit 
 EXHIBIT 1.1(a)(v) – Helena SWD
Surface Lease 
 EXHIBIT 1.1(a)(vi) – Helena SWD Asset List 

  
 21EX-10.11.3

 Exhibit 10.11.3 
 ROCKVILLE BANK 
 Employment Agreement for William H.W. Crawford, IV 

As of January 1, 2014 

 ROCKVILLE BANK 
 Employment Agreement for William H.W. Crawford, IV 
 As of January 1, 2014

  

					
	 1.      Employment
	  	 	1	  
		
	 2.      Term
	  	 	2	  
		
	 3.      Offices and Duties
	  	 	2	  
	 (a)    Generally
	  	 	2	  
	 (b)    Place of Employment
	  	 	3	  
		
	 4.      Salary and Annual Incentive Compensation
	  	 	3	  
	 (a)    Base Salary
	  	 	3	  
	 (b)    Annual Incentive Compensation
	  	 	3	  
		
	 5.      Long-Term Compensation, Including Stock Options, Benefits, Deferred Compensation, and
Expense Reimbursement
	  	 	3	  
	 (a)    Executive Compensation Plans
	  	 	3	  
	 (b)    Employee and Executive Benefit Plans
	  	 	4	  
	 (c)    Acceleration of Awards Upon Termination Within Two Years After a Change in Control
	  	 	4	  
	 (d)    Deferral of Compensation
	  	 	5	  
	 (e)    Company Registration Obligations
	  	 	5	  
	 (f)     Reimbursement of Expenses
	  	 	5	  
	 (g)    Club Dues
	  	 	5	  
	 (h)    Car Allowance
	  	 	5	  
	 (i)     Limitations Under Code Section 409A
	  	 	6	  
		
	 6.      Termination Due to Retirement, Death, or Disability
	  	 	6	  
	 (a)    Retirement
	  	 	6	  
	 (b)    Death
	  	 	7	  
	 (c)    Disability
	  	 	8	  
	 (d)    Other Terms of Payment Following Retirement, Death, or Disability
	  	 	10	  
		
	 7.      Termination of Employment For Reasons Other Than Retirement, Death or
Disability
	  	 	10	  

  
 i 

					
	 (a)    Termination by the Bank for Cause
	  	 	10	  
	 (b)    Termination by Executive Other Than For Good Reason
	  	 	11	  
	 (c)    Termination by the Bank Without Cause Prior to or More than Two Years After a Change in
Control
	  	 	11	  
	 (d)    Termination by Executive for Good Reason Prior to or More than Two Years After a Change in
Control
	  	 	14	  
	 (e)    Termination by the Bank Without Cause Within Two Years After a Change in Control
	  	 	16	  
	 (f)     Termination by Executive for Good Reason Within Two Years After a Change in
Control
	  	 	18	  
	 (g)    Other Terms Relating to Certain Terminations of Employment; Reimbursements; Section 409A Exemptions;
Delayed Payments Under Section 409A
	  	 	21	  
		
	 8.      Definitions Relating to Termination Events
	  	 	23	  
	 (a)    Cause
	  	 	23	  
	 (b)    Change in Control
	  	 	24	  
	 (c)    Compensation Accrued at Termination
	  	 	25	  
	 (d)    Disability
	  	 	26	  
	 (e)    Good Reason
	  	 	26	  
	 (f)     Potential Change in Control
	  	 	27	  
	 (g)    Specified Employee
	  	 	27	  
		
	 9.      Limitation on Change in Control Payments
	  	 	28	  
		
	 10.    Non-Competition and Non-Disclosure; Executive Cooperation; Non-Disparagement; Certain
Forfeitures
	  	 	28	  
	 (a)    Non-Competition
	  	 	28	  
	 (b)    Non-Disclosure; Ownership of Work
	  	 	29	  
	 (c)    Cooperation With Regard to Litigation
	  	 	29	  
	 (d)    Non-Disparagement
	  	 	30	  
	 (e)    Release of Employment Claims
	  	 	30	  
	 (f)     Forfeiture of Outstanding Options
	  	 	30	  
	 (g)    Forfeiture of Certain Bonuses and Profits
	  	 	31	  
	 (h)    Forfeiture Due to Regulatory Restrictions
	  	 	31	  
	 (i)     Survival
	  	 	31	  
		
	 11.    Governing Law; Disputes
	  	 	31	  
	 (a)    Governing Law
	  	 	31	  
	 (b)    Reimbursement of Expenses in Enforcing Rights
	  	 	32	  

  
 ii 

					
	 (c)    Dispute Resolution
	  	 	32	  
	 (d)    Interest on Unpaid Amounts
	  	 	34	  
		
	 12.    Miscellaneous
	  	 	34	  
	 (a)    Integration
	  	 	34	  
	 (b)    Successors; Transferability
	  	 	34	  
	 (c)    Beneficiaries
	  	 	34	  
	 (d)    Notices
	  	 	35	  
	 (e)    Reformation
	  	 	35	  
	 (f)     Headings
	  	 	35	  
	 (g)    No General Waivers
	  	 	35	  
	 (h)    No Obligation To Mitigate
	  	 	36	  
	 (i)     Offsets; Withholding
	  	 	36	  
	 (j)     Successors and Assigns
	  	 	36	  
	 (k)    Counterparts
	  	 	36	  
		
	 13.    Indemnification
	  	 	36	  
		
	 Attachment A
	  			

  

  
 iii

 ROCKVILLE BANK 
 Employment Agreement for William H.W. Crawford, IV 
 As of January 1, 2014

 THIS EMPLOYMENT AGREEMENT (the “Agreement”) by and among ROCKVILLE FINANCIAL, INC., a Connecticut corporation (the
“Company”), ROCKVILLE BANK, a Connecticut savings bank and a wholly-owned subsidiary of the Company (the “Bank”), and William H.W. Crawford, IV (“Executive”) is effective as of January 1, 2014 (the “Effective
Date”). 
 WITNESSETH 
 WHEREAS, the Bank and the Company have previously entered into an employment agreement with Executive; and 
 WHEREAS, the parties have determined that certain modifications to the prior agreement are necessary and appropriate; and 
 WHEREAS, Executive is willing to provide services to the Company and the Bank on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration the receipt and adequacy of which the Company, the Bank and Executive
each hereby acknowledge, the Company, the Bank and Executive hereby agree as follows: 
 1. Employment. 

The Bank and Company hereby agree to employ Executive as President and Chief Executive Officer (with the principal executive duties set
forth below in Section 3), and Executive hereby agrees to accept such employment and serve in such capacities, during the Term as defined in Section 2 (subject to Section 7(c) and 7(e)) and upon the terms and conditions set forth in
this Agreement. 

 2. Term. 

The term of employment of Executive under this Agreement (the “Term”) shall be the period commencing on the
Effective Date and ending on December 31, 2016 and any period of extension thereof in accordance with this Section 2, except that the Term will end at a date, prior to the end of such period or extension thereof, specified in
Section 6 or 7 in the event of termination of Executive’s employment. The Term, if not previously ended, shall be extended by one additional year (added to the end of the Term) first on December 31, 2016 (extending the Term to
December 31, 2017) and on each succeeding December 31st thereafter (a “December 31st extension date”) but only in the event the Bank serves written notice in accordance with Section 12(d) upon Executive at least 60 days preceding December 31, 2016 extending the Term to
December 31, 2017 and thereafter at least 60 days preceding a December 31st extension date, in which case the Term shall be extended to the next succeeding December 31st, subject to earlier termination of Executive’s employment and earlier termination of the Term in accordance with
Section 6 or 7. The foregoing notwithstanding, in the event there occurs a Potential Change in Control during the Term, the Term shall be extended automatically until the day after the earlier of: (a) the second anniversary of the date the
Change in Control is consummated; or (b) the date the Change in Control contemplated by the Potential Change in Control is fully and finally abandoned. 
 3. Offices and Duties. 
 The provisions of this Section 3 will apply
during the Term, except as otherwise provided in Section 7(c) or 7(e): 
 (a) Generally. Executive
shall, as set forth in Section 1, serve as the President and Chief Executive Officer of the Bank and Company. Executive shall have and perform such duties, responsibilities, and authorities as are prescribed by or under the Bylaws of the Bank
and Company and as are customarily associated with such position or, irrespective of the office, title or other designation, if any, a position with responsibilities and powers substantially identical to such position with the Bank and Company. In
addition, Executive shall have and perform such additional duties, responsibilities, and authorities as may be from time to time assigned by the Boards of Directors of the Bank and the Company (“Boards”) based on their assessment of the
business needs of the Bank and Company, and the Bank and Company reserves their right to change or modify these assignments and any positions and titles associated therewith. Executive agrees to resign as a member of the Boards, in the event his
employment under this Agreement terminates for any reason, effective as of the date of such termination. Executive shall devote his full business time and attention, and his best efforts, abilities, experience, and talent, to the position of
President and Chief Executive Officer and other assignments hereunder, and for the business of the Bank, without commitment to other business endeavors, except that Executive (i) may make personal investments which are not in conflict with his
duties to the Bank and manage personal and family financial and legal affairs, (ii) may undertake public speaking engagements, and (iii) may, with prior written consent of the Chairman of the Boards, serve as a director of (or similar
position with) any other business or an educational, charitable, community, civic, religious, or similar type of organization, so long as such 

  
 2 

 
activities (i.e., those listed in clauses (i) through (iii)) do not preclude or render unlawful Executive’s employment or service to the Bank or otherwise materially inhibit the performance
of Executive’s duties under this Agreement or materially impair the business of the Bank or its affiliates. 

(b) Place of Employment. Executive’s principal place of employment shall be at the administrative offices of
the Bank or other location as agreed by the Executive and the Boards. 
 4. Salary and Annual Incentive Compensation. 

As partial compensation for the services to be rendered hereunder by Executive, the Bank agrees to pay to Executive during the Term the
compensation set forth in this Section 4. 
 (a) Base Salary. The Bank will pay to Executive during the Term a base
salary, the annual rate of which shall be $500,000, payable in accordance with the Bank’s usual payroll practices with respect to senior executives (except to the extent deferred under Section 5(d)). Executive’s annual base salary
shall be reviewed by the Compensation Committee or its successor (the “Committee”) of the Boards at least once in each calendar year, and may be increased above, but may not be reduced below, the then-current rate of such base salary. For
purposes of this Agreement, “Base Salary” means Executive’s then-current base salary. 
 (b) Annual Incentive
Compensation. The Bank will pay to Executive during the Term annual incentive compensation which shall offer to Executive an opportunity to earn additional compensation based upon performance in amounts determined by the Committee in accordance
with the applicable plan and consistent with past practices of the Bank, with the nature of the performance and the levels of performance triggering payments of such annual target incentive compensation for each year to be established and
communicated to Executive during the first quarter of such year by the Committee. In addition, the Committee (or the Boards) may determine, in its discretion, to increase Executive’s annual target incentive opportunity or provide an additional
annual incentive opportunity, in excess of the annual target incentive opportunity, payable for performance in excess of or in addition to the performance required for payment of the annual target incentive amount. Any annual incentive compensation
payable to Executive shall be paid in accordance with the applicable plan (except to the extent deferred under Section 5(d)). 
 5.
Long-Term Compensation, Including Stock Plan Awards, Benefits, Deferred Compensation, and Expense Reimbursement. 
 (a) Executive Compensation Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in executive compensation plans and programs intended for
general participation by senior executives of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans

  
 3 

 
and programs, including without limitation any stock option plans, plans under which restricted stock/restricted stock units, performance-based restricted stock/restricted stock units or
performance-accelerated restricted stock/restricted stock units (collectively, “stock plans”) may be awarded, other annual and long-term cash and/or equity incentive plans, and deferred compensation plans. The Bank makes no commitment
under this Section 5(a) to provide participation opportunities to Executive in all plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive. 

(b) Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without
discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such
plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance,
as well as savings, profit-sharing, and stock ownership plans. The Bank makes no commitment under this Section 5(b) to provide participation opportunities to Executive in all benefit plans and programs or at levels equal to (or otherwise
comparable to) the participation opportunity of any other executive. 
 In furtherance of and not in limitation of the
foregoing, during the Term: 
  

	 	(i)	Executive will participate as President and Chief Executive Officer in all executive and employee vacation and time-off programs; 

 

	 	(ii)	The Bank will provide Executive with coverage as President and Chief Executive Officer with respect to long-term disability insurance; 

 

	 	(iii)	Executive will be covered by Bank-paid group term life insurance; and 

  

	 	(iv)	Executive shall be entitled to participate in a supplemental executive retirement plan in accordance with such terms as the Committee shall determine based on emerging
and best practices. In addition, subject to meeting eligibility requirements, Executive shall be entitled to participate in the Supplemental Savings and Retirement Plan. 

(c) Acceleration of Awards Upon Termination Within Two Years After a Change in Control. In the event of termination
of the employment of Executive simultaneously with or within two years after a Change in Control (as defined in Section 8(b)), other than for Cause, all outstanding stock options, restricted stock, and other equity-based awards then held by
Executive shall become vested and exercisable. The time and form of payment of such equity-based awards shall be governed by the plans and programs and the agreements and other documents pursuant to which such equity-based awards were granted.

  
 4 

 (d) Deferral of Compensation. If the Bank has in effect or adopts any
deferral program or arrangement permitting executives to elect to defer any compensation, Executive will be eligible to participate in such program. Any plan or program of the Bank which provides benefits based on the level of salary, annual
incentive, or other compensation of Executive shall, in determining Executive’s benefits, take into account the amount of salary, annual incentive, or other compensation prior to any reduction for voluntary contributions made by Executive under
any deferral or similar contributory plan or program of the Bank (excluding compensation that would not be taken into account even if not deferred), but shall not treat any payout or settlement under such a deferral or similar contributory plan or
program to be additional salary, annual incentive, or other compensation for purposes of determining such benefits, unless otherwise expressly provided under such plan or program. 

(e) Company Registration Obligations. The Company will use its best efforts to file with the Securities and
Exchange Commission and thereafter maintain the effectiveness of one or more registration statements registering under the Securities Act of 1933, as amended (the “1933 Act”), the offer and sale of shares by the Company to Executive
pursuant to stock options or other equity-based awards granted to Executive under Company plans or otherwise or, if shares are acquired by Executive in a transaction not involving an offer or sale to Executive but resulting in the acquired shares
being “restricted securities” for purposes of the 1933 Act, registering the reoffer and resale of such shares by Executive. 
 (f) Reimbursement of Expenses. The Bank will promptly reimburse Executive for all reasonable business expenses and disbursements incurred by Executive in the performance of Executive’s duties
during the Term in accordance with the Bank’s reimbursement policies as in effect from time to time and the provisions of Section 7(g) of this Agreement. 

(g) Club Dues. The Bank shall reimburse Executive or pay for the cost of an individual membership at a country club
determined by the Bank in its discretion for use by Executive, including all membership bonds or surety, initiation or membership fees, annual dues, capital assessments and all business-related expenses incurred at such club. Executive shall not be
entitled to a tax gross-up for reimbursements or payments under this Section 5(g). 
 (h) Car
Allowance. The Bank shall provide Executive with a car allowance of up to a maximum amount of $750 per month during the Term. The car allowance shall be used to pay for the costs associated with the Executive’s primary automobile; including
but not limited to, lease payments, insurance, registration, and maintenance costs. Executives shall not be entitled to a tax gross-up for the allowance under this Section 5(h). 

  
 5 

 (i) Limitations Under Code Section 409A. Anything in this
Section 5 to the contrary notwithstanding, with respect to any payment otherwise required hereunder, in the event of any delay in the payment date as a result of Section 7(g) of this Agreement (relating to the six-month delay in payment of
certain benefits to Specified Employees as required by Section 409A of the Code), the Bank will adjust the payment in accordance with Section 7(g)(viii) of this Agreement. 
 6. Termination Due to Retirement, Death, or Disability. 

(a) Retirement. Executive may elect to terminate employment hereunder by retirement at or after age 65
(“Retirement”). At the time Executive’s employment terminates due to Retirement, the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease except for
obligations which expressly continue after termination of employment due to Retirement, and the Bank will pay Executive at the time specified in Section 6(d), and Executive will be entitled to receive, the following: 

 

	 	(i)	Executive’s Compensation Accrued at Termination (as defined in Section 8(c)); 

 

	 	(ii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of annual incentive compensation that would have become payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for that year if his employment had not terminated, based on performance actually
achieved in that year (determined by the Committee following completion of the performance year and paid at the time specified in the applicable plan), multiplied by a fraction the numerator of which is the number of days Executive was employed in
the year of termination and the denominator of which is the total number of days in the year of termination; 

  

	 	(iii)	The vesting and exercisability of stock options held by Executive at termination and all other terms of such options shall be governed by the plans and programs and the
agreements and other documents pursuant to which such options were granted (subject to Section 10(f) hereof); 

  

	 	(iv)	All restricted stock and deferred stock awards, including outstanding stock plan awards, all other long-term incentive awards, and all deferral arrangements under
Section 5(d), shall be governed by the plans and programs under which the awards were granted or governing the deferral, and all rights under the SERP and any other benefit plan shall be governed by such plans; and 

 

	 	(v)	 Upon Retirement, if Executive is not eligible for retiree coverage under the Bank’s health plan (the “Health Plan”) or Medicare and
provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal 

  
 6 

	 	
on an after-tax basis to the present value of the total cost of medical coverage under the Health Plan that would have been incurred by both Executive and the Bank on behalf of Executive (and his
spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to Executive’s Retirement) from the date of Executive’s Retirement until Executive’s attainment of Social Security
retirement age had Executive remained employed by the Bank during such period, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year of Executive’s Retirement. Such lump sum amount
shall be calculated by an actuary selected by the Bank and paid in cash at the time specified in Section 6(d). Such amount shall not be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become
eligible by reason of subsequent employment or otherwise. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s qualified retirement plan for the determination of lump sum
payments, or, if the Bank’s qualified retirement plan is terminated, the discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not been terminated. 

(b) Death. In the event of Executive’s death which results in the termination of Executive’s employment,
the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease except for obligations which expressly continue after death, and the Bank will pay Executive’s beneficiary or
estate at the time specified in Section 6(d), and Executive’s beneficiary or estate will be entitled to receive, the following: 
  

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s death occurred, a lump sum amount equal to the portion of
annual incentive compensation that would have become payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for that year if his employment had not terminated, based on performance actually achieved
in that year (determined by the Committee following completion of the performance year and paid at the time specified in the applicable plan), multiplied by a fraction the numerator of which is the number of days Executive was employed in the year
of his death and the denominator of which is the total number of days in the year of death; 

  

	 	(iii)	The vesting and exercisability of stock options held by Executive at death and all other terms of such options shall be governed by the plans and programs and the
agreements and other documents pursuant to which such options were granted; 

  
 7 

	 	(iv)	All restricted stock and deferred stock awards, including outstanding stock plan awards, all other long-term incentive awards, and all deferral arrangements under
Section 5(d), shall be governed by the plans and programs under which the awards were granted or governing the deferral, and all rights under the SERP and any other benefit plan shall be governed by such plans; 

 

	 	(v)	If Executive’s surviving spouse (and eligible dependents, if any) elects continued coverage under the Bank’s Health Plan in accordance with the applicable
provisions of COBRA, the Bank shall pay to Executive’s surviving spouse (and eligible dependents, if any) on a monthly basis during such COBRA continuation period and in accordance with Section 7(g) of this Agreement an amount equal on an
after-tax basis to the total cost of such coverage. No further benefits shall be paid under this Section after the expiration of the maximum COBRA continuation period available to Executive’s surviving spouse (and eligible dependents, if any).

 (c) Disability. The Bank may terminate the employment of Executive hereunder due to the
Disability (as defined in Section 8(d)) of Executive. Upon termination of employment, the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease except for obligations
which expressly continue after termination of employment due to Disability, and the Bank will pay Executive at the time specified in Section 6(d), and Executive will be entitled to receive, the following: 

 

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of annual incentive compensation that would have become payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for that year if his employment had not terminated, based on performance actually
achieved in that year (determined by the Committee following completion of the performance year and paid at the time specified in the applicable plan), multiplied by a fraction the numerator of which is the number of days Executive was employed in
the year of termination and the denominator of which is the total number of days in the year of termination; 

  

	 	(iii)	Stock options held by Executive at termination shall be governed by the plans and programs and the agreements and other documents pursuant to which such options were
granted; 

  
 8 

	 	(iv)	Any performance objectives upon which the earning of performance-based restricted stock and deferred stock awards, including outstanding stock plan awards, and other
long-term incentive awards is conditioned shall be deemed to have been met at target level at the date of termination, and restricted stock and deferred stock awards, including outstanding stock plan awards, and other long-term incentive awards (to
the extent then or previously earned, in the case of performance-based awards) shall become fully vested and non-forfeitable at the date of such termination, and, in other respects, such awards shall be governed by the plans and programs and the
agreements and other documents pursuant to which such awards were granted; 

  

	 	(v)	Disability benefits shall be payable in accordance with the Bank’s plans, programs and policies, including the SERP, and all deferral arrangements under
Section 5(d) will be settled in accordance with the plans and programs governing the deferral; 

  

	 	(vi)	 Upon termination of Executive’s employment due to Disability, if Executive is not eligible for retiree coverage under the Bank’s Health Plan
or Medicare and provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage
under the Health Plan that would have been incurred by both Executive and the Bank on behalf of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to
Executive’s termination of employment) from the date of Executive’s termination of employment until Executive’s attainment of Social Security retirement age had Executive remained employed by the Bank during such period, calculated on
the assumption that the cost of such coverage would remain unchanged from that in effect for the year of Executive’s termination of employment. Such lump sum amount shall be calculated by an actuary selected by the Bank and paid in cash at the
time specified in Section 6(d). Such amount shall not be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of subsequent employment or otherwise. In addition, provided that
Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive at the time specified in Section 6(d) a lump sum amount equal on an after-tax basis to the present value of the sum of
(A) the amount that Executive and the Bank would have paid, had he remained employed, for coverage under the Bank’s group long-term disability policy from the date of Executive’s termination of employment until Executive’s
attainment of Social Security retirement age, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred; and (B) the amount that Executive
and the Bank would have paid to continue Executive’s group life insurance coverage, had he 

  
 9 

	 	
remained employed, from the date of Executive’s termination of employment until Executive’s attainment of Social Security retirement age, calculated on the assumption that the cost of
such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s
qualified retirement plan for the determination of lump sum payments, or, if the Bank’s qualified retirement plan is terminated, the discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not
been terminated. 

 (d) Other Terms of Payment Following Retirement, Death, or Disability.
Nothing in this Section 6 shall limit the benefits payable or provided in the event Executive’s employment terminates due to Retirement, death, or Disability under the terms of plans or programs of the Bank more favorable to Executive (or
his beneficiaries) than the benefits payable or provided under this Section 6 (except in the case of annual incentives in lieu of which amounts are paid hereunder), including plans and programs adopted after the date of this Agreement. Amounts
payable under this Section 6 following Executive’s termination of employment, other than those expressly payable following determination of performance for the year of termination for purposes of annual incentive compensation or otherwise
expressly payable on a deferred basis, will be paid in the payroll period next following the payroll period in which termination of employment occurs; subject, however, to the provisions of Section 7(g) of this Agreement relating to the
six-month delay in payment of certain benefits to Specified Employees as required by Section 409A of the Code. 
 7. Termination of
Employment For Reasons Other Than Retirement, Death or Disability. 
 (a) Termination by the Bank for
Cause. The Bank may terminate the employment of Executive hereunder for Cause (as defined in Section 8(a)) at any time. At the time Executive’s employment is terminated for Cause, the Term will terminate, all obligations of the Bank
and Executive under Sections 1 through 5 of this Agreement will immediately cease except for obligations which expressly continue after termination of employment by the Bank for Cause, and the Bank will pay Executive at the time specified in
Section 7(g), and Executive will be entitled to receive, the following: 
  

	 	(i)	Executive’s Compensation Accrued at Termination (as defined in Section 8(c)); 

 

	 	(ii)	All stock options, restricted stock and deferred stock awards, including outstanding stock plan awards, and all other long-term incentive awards will be governed by the
terms of the plans and programs under which the awards were granted; and 

  
 10 

	 	(iii)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral, and all rights, if any, under the
SERP and any other benefit plan shall be governed by such plans. 

 (b) Termination by Executive
Other Than For Good Reason. Executive may terminate his employment hereunder voluntarily for reasons other than Good Reason (as defined in Section 8(e)) at any time upon 90 days’ written notice to the Bank. An election by Executive not
to extend the Term pursuant to Section 2 hereof shall be deemed to be a termination of employment by Executive for reasons other than Good Reason at the date of expiration of the Term, unless a Change in Control (as defined in
Section 8(b)) occurs prior to, and there exists Good Reason at, such date of expiration; provided, however, that, if Executive has attained age 60 at such date of termination, such termination shall be deemed a Retirement of Executive, which
shall instead be governed by Section 6(a) above. At the time Executive’s employment is terminated by Executive other than for Good Reason the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this
Agreement will immediately cease, and the Bank will pay Executive at the time specified in Section 7(g), and Executive will be entitled to receive, the following: 
  

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	All stock options, restricted stock and deferred stock awards, including outstanding stock plan awards, and all other long-term incentive awards will be governed by the
terms of the plans and programs under which the awards were granted; 

  

	 	(iii)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral, and all rights under the SERP and
any other benefit plan shall be governed by such plans. 

 (c) Termination by the Bank Without
Cause Prior to or More than Two Years After a Change in Control. The Bank may terminate the employment of Executive hereunder without Cause, if at the date of termination no Change in Control has occurred or such date of termination is at least
two years after the most recent Change in Control, upon at least 60 days’ written notice to Executive. The foregoing notwithstanding, the Bank may elect, by written notice to Executive, to terminate Executive’s positions specified in
Sections 1 and 3 and all other obligations of Executive and the Bank under Section 3 at a date earlier than the expiration of such 60-day period, if so specified by the Bank in the written notice, provided that Executive shall be treated as an
employee of the Bank (without any assigned duties) for all other purposes of this Agreement, including for purposes of Sections 4 and 5, from such specified date until the expiration of such 60-day

  
 11 

 
period. At the time Executive’s employment is terminated by the Bank (i.e., at the expiration of such notice period), the Term will terminate, all remaining obligations of the Bank and
Executive under Sections 1 through 5 of this Agreement will immediately cease (except for obligations which continue after termination of employment as expressly provided herein), and the Bank will pay Executive at the time specified in
Section 7(g), and Executive will be entitled to receive, the following: 
  

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	Cash in an aggregate amount equal to three times the sum of (A) Executive’s Base Salary under Section 4(a) immediately prior to termination plus
(B) an amount equal to the portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination. The
amount determined to be payable under this Section 7(c)(ii) shall be payable a lump sum; 

  

	 	(iii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination, multiplied by a fraction the numerator
of which is the number of days Executive was employed in the year of termination and the denominator of which is the total number of days in the year of termination; 

 

	 	(iv)	Stock options held by Executive at termination, if not then vested and exercisable, will become fully vested and exercisable at the date of such termination, and, in
other respects, such options shall be governed by the plans and programs and the agreements and other documents pursuant to which such options were granted; 

 

	 	(v)	Any performance objectives upon which the earning of performance-based restricted stock and deferred stock awards, including outstanding stock plan awards, and other
long-term incentive awards is conditioned shall be deemed to have been met at target level at the date of termination, and restricted stock and deferred stock awards, including outstanding stock plan awards, and other long-term incentive awards (to
the extent then or previously earned, in the case of performance-based awards) shall become fully vested and non-forfeitable at the date of such termination, and, in other respects, such awards shall be governed by the plans and programs and the
agreements and other documents pursuant to which such awards were granted; 

  

	 	(vi)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral; 

  
 12 

	 	(vii)	All rights under the SERP shall be governed by such plan; 

  

	 	(viii)	Upon termination of Executive’s employment hereunder, if Executive is not eligible for retiree coverage under the Bank’s Health Plan or Medicare and provided
that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage under the Health Plan
that would have been incurred by both Executive and the Bank on behalf of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to Executive’s termination of
employment) from the date of Executive’s termination of employment to the date one and one-half years following the date of Executive’s termination of employment, calculated on the assumption that the cost of such coverage would remain
unchanged from that in effect for the year of Executive’s termination of employment. Such lump sum amount shall be calculated by an actuary selected by the Bank and paid in cash at the time specified in Section 7(g). Such amount shall not
be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of subsequent employment or otherwise. In addition, provided that Executive shall be in compliance with the conditions set
forth in Section 10, the Bank shall pay to Executive at the time specified in Section 7(g) a lump sum amount equal on an after-tax basis to the present value of the sum of (A) the amount that Executive and the Bank would have paid,
had he remained employed, for coverage under the Bank’s group long-term disability policy from the date of Executive’s termination of employment until the third anniversary of Executive’s termination of employment, calculated on the
assumption that the cost of such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred; and (B) the amount that Executive and the Bank would have paid to continue Executive’s group
life insurance coverage, had he remained employed, from the date of Executive’s termination of employment until the third anniversary of Executive’s termination of employment, calculated on the assumption that the cost of such coverage
would remain unchanged from that in effect for the year in which Executive’s termination occurred. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s qualified
retirement plan for the determination of lump sum payments, or, if the Bank’s qualified retirement plan is terminated, the discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not been
terminated. 

  
 13 

 (d) Termination by Executive for Good Reason Prior to or More than Two
Years After a Change in Control. Executive may terminate his employment hereunder for Good Reason, prior to a Change in Control or after the second anniversary of the most recent Change in Control, upon 90 days’ written notice to the Bank;
provided, however, that, if the Bank has corrected the basis for such Good Reason within 30 days after receipt of such notice, Executive may not terminate his employment for Good Reason, and therefore Executive’s notice of termination will
automatically become null and void. At the time Executive’s employment is terminated by Executive for Good Reason (i.e., at the expiration of such notice period), the Term will terminate, all obligations of the Bank and Executive under Sections
1 through 5 of this Agreement will immediately cease (except for obligations which continue after termination of employment as expressly provided herein), and the Bank will pay Executive at the time specified in Section 7(g), and Executive will
be entitled to receive, the following: 
  

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	Cash in an aggregate amount equal to two and one-quarter (2.25) times the sum of (A) Executive’s Base Salary under Section 4(a) immediately prior to
termination plus (B) an amount equal to the portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of
termination. The amount determined to be payable under this Section 7(d)(ii) shall be payable in a lump sum; 

  

	 	(iii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination, multiplied by a fraction the numerator
of which is the number of days Executive was employed in the year of termination and the denominator of which is the total number of days in the year of termination; 

 

	 	(iv)	Stock options held by Executive at termination, if not then vested and exercisable, will become fully vested and exercisable at the date of such termination, and, in
other respects, such options shall be governed by the plans and programs and the agreements and other documents pursuant to which such options were granted; 

 

	 	(v)	 Any performance objectives upon which the earning of performance-based restricted stock and deferred stock awards, including outstanding stock plan
awards, and other long-term incentive awards is conditioned shall be deemed to have been met at target level at the date of termination, and restricted stock and deferred stock awards, including outstanding stock plan awards, and other long-term
incentive awards (to 

  
 14 

	 	
the extent then or previously earned, in the case of performance-based awards) shall become fully vested and non-forfeitable at the date of such termination, and, in other respects, such awards
shall be governed by the plans and programs and the agreements and other documents pursuant to which such awards were granted; 

  

	 	(vi)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral; 

 

	 	(vii)	All rights under the SERP shall be governed by such plan; and 

  

	 	(viii)	Upon termination of Executive’s employment hereunder, if Executive is not eligible for retiree coverage under the Bank’s Health Plan or Medicare and provided
that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage under the Health Plan
that would have been incurred by both Executive and the Bank on behalf of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to Executive’s termination of
employment) from the date of Executive’s termination of employment to the date one and one-half years following the date of Executive’s termination of employment, calculated on the assumption that the cost of such coverage would remain
unchanged from that in effect for the year of Executive’s termination of employment. Such lump sum amount shall be calculated by an actuary selected by the Bank and paid in cash at the time specified in Section 7(g). Such amount shall not
be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of subsequent employment or otherwise. In addition, provided that Executive shall be in compliance with the conditions set
forth in Section 10, the Bank shall pay to Executive at the time specified in Section 7(g) a lump sum amount equal on an after-tax basis to the present value of the sum of (A) the amount that Executive and the Bank would have paid,
had he remained employed, for coverage under the Bank’s group long-term disability policy from the date of Executive’s termination of employment to the date one and one-half years following the date of Executive’s termination of
employment, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred; and (B) the amount that Executive and the Bank would have paid to
continue Executive’s group life insurance coverage, had he remained employed, from the date of Executive’s termination of employment to the date one and one-half years following the date of Executive’s termination of employment,
calculated on the assumption that the cost of such coverage would remain unchanged from that in 

  
 15 

	 	
effect for the year in which Executive’s termination occurred. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s
qualified retirement plan for the determination of lump sum payments, or, if the Bank’s qualified retirement plan is terminated, the discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not
been terminated. 

 If any payment or benefit under this Section 7(d) is based on Base Salary or other level
of compensation or benefits at the time of Executive’s termination and if a reduction in such Base Salary or other level of compensation or benefit was the basis for Executive’s termination for Good Reason, then the Base Salary or other
level of compensation in effect before such reduction shall be used to calculate payments or benefits under this Section 7(d). 
 (e) Termination by the Bank Without Cause Within Two Years After a Change in Control. The Bank may terminate the employment of Executive hereunder without Cause, simultaneously with or within two
years after a Change in Control, upon at least 60 days’ written notice to Executive. The foregoing notwithstanding, the Bank may elect, by written notice to Executive, to terminate Executive’s positions specified in Sections 1 and 3 and
all other obligations of Executive and the Bank under Section 3 at a date earlier than the expiration of such 60-day notice period, if so specified by the Bank in the written notice, provided that Executive shall be treated as an employee of
the Bank (without any assigned duties) for all other purposes of this Agreement, including for purposes of Sections 4 and 5, from such specified date until the expiration of such 60-day period. At the time Executive’s employment is terminated
by the Bank (i.e., at the expiration of such notice period), the Term will terminate, all remaining obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease (except for obligations which continue
after termination of employment as expressly provided herein), and the Bank will pay Executive at the time specified in Section 7(g), and Executive will be entitled to receive, the following: 

 

	 	(i)	Executive’s Compensation Accrued at Termination; 

  

	 	(ii)	Cash in an aggregate amount equal to three times the sum of (A) Executive’s Base Salary under Section 4(a) immediately prior to termination plus
(B) an amount equal to the portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination. The
amount determined to be payable under this Section 7(e)(ii) shall be paid by the Bank in a lump sum; 

  
 16 

	 	(iii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination, multiplied by a fraction the numerator
of which is the number of days Executive was employed in the year of termination and the denominator of which is the total number of days in the year of termination; 

 

	 	(iv)	Stock options held by Executive at termination, if not then vested and exercisable, will become fully vested and exercisable at the date of such termination, and any
such options granted on or after the Effective Date shall remain outstanding and exercisable until the stated expiration date of the Option as though Executive’s employment did not terminate, and, in other respects, such options shall be
governed by the plans and programs and the agreements and other documents pursuant to which such options were granted; 

  

	 	(v)	Any performance objectives upon which the earning of performance-based restricted stock and deferred stock awards, including outstanding stock plan awards, and other
long-term incentive awards is conditioned shall be deemed to have been met at target level at the date of termination, and restricted stock and deferred stock awards, including outstanding stock plan awards, and other long-term incentive awards (to
the extent then or previously earned, in the case of performance-based awards) shall become fully vested and non-forfeitable at the date of such termination, and, in other respects, such awards shall be governed by the plans and programs and the
agreements and other documents pursuant to which such awards were granted; 

  

	 	(vi)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral; 

 

	 	(vii)	All rights under the SERP shall be governed by such plan; and 

  

	 	(viii)	 Upon termination of Executive’s employment hereunder, if Executive is not eligible for retiree coverage under the Bank’s Health Plan or
Medicare and provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage
under the Health Plan that would have been incurred by both Executive and the Bank on behalf of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to
Executive’s termination of employment) from the date of Executive’s termination of employment until the third anniversary of such date, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect
for the year of Executive’s termination of 

  
 17 

	 	
employment. Such lump sum amount shall be calculated by an actuary selected by the Bank and paid in cash at the time specified in Section 7(g). Such amount shall not be subject to reduction
or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of subsequent employment or otherwise. In addition, provided that Executive shall be in compliance with the conditions set forth in Section 10,
the Bank shall pay to Executive at the time specified in Section 7(g) a lump sum amount equal on an after-tax basis to the present value of the sum of (A) the amount that Executive and the Bank would have paid, had he remained employed,
for coverage under the Bank’s group long-term disability policy from the date of Executive’s termination of employment until the third anniversary of Executive’s termination of employment, calculated on the assumption that the cost of
such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred; and (B) the amount that Executive and the Bank would have paid to continue Executive’s group life insurance coverage, had
he remained employed, from the date of Executive’s termination of employment until the third anniversary of Executive’s termination of employment, calculated on the assumption that the cost of such coverage would remain unchanged from that
in effect for the year in which Executive’s termination occurred. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s qualified retirement plan for the determination of
lump sum payments, or, if the Bank’s qualified retirement plan is terminated, the discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not been terminated. 

(f) Termination by Executive for Good Reason Within Two Years After a Change in Control. Executive may terminate
his employment hereunder for Good Reason, simultaneously with or within two years after a Change in Control, upon 90 days’ written notice to the Bank; provided, however, that, if the Bank has corrected the basis for such Good Reason within 30
days after receipt of such notice, Executive may not terminate his employment for Good Reason, and therefore Executive’s notice of termination will automatically become null and void. At the time Executive’s employment is terminated by
Executive for Good Reason (i.e., at the expiration of such notice period), the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease (except for obligations which continue
after termination of employment as expressly provided herein), and the Bank will pay Executive at the time specified in Section 7(g), and Executive will be entitled to receive, the following: 

 

	 	(i)	Executive’s Compensation Accrued at Termination; 

  
 18 

	 	(ii)	Cash in an aggregate amount equal to three times the sum of (A) Executive’s Base Salary under Section 4(a) immediately prior to termination plus
(B) an amount equal to the portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination. The
amount determined to be payable under this Section 7(f)(ii) shall be paid by the Bank in a lump sum; 

  

	 	(iii)	In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive’s employment terminated, a lump sum amount equal to the
portion of Executive’s annual target incentive compensation potentially payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for the year of termination, multiplied by a fraction the numerator
of which is the number of days Executive was employed in the year of termination and the denominator of which is the total number of days in the year of termination; 

 

	 	(iv)	Stock options held by Executive at termination, if not then vested and exercisable, will become fully vested and exercisable at the date of such termination, and any
such options granted on or after the Effective Date shall remain outstanding and exercisable until the stated expiration date of the Option as though Executive’s employment did not terminate, and, in other respects, such options shall be
governed by the plans and programs and the agreements and other documents pursuant to which such options were granted; 

  

	 	(v)	Any performance objectives upon which the earning of performance-based restricted stock and deferred stock awards, including outstanding stock plan awards, and other
long-term incentive awards is conditioned shall be deemed to have been met at target level at the date of termination, and restricted stock and deferred stock awards, including outstanding stock plan awards, and other long-term incentive awards (to
the extent then or previously earned, in the case of performance-based awards) shall become fully vested and non-forfeitable at the date of such termination, and, in other respects, such awards shall be governed by the plans and programs and the
agreements and other documents pursuant to which such awards were granted; 

  

	 	(vi)	All deferral arrangements under Section 5(d) will be settled in accordance with the plans and programs governing the deferral; 

 

	 	(vii)	All rights under the SERP shall be governed by such plan; and 

  

	 	(viii)	 Upon termination of Executive’s employment hereunder, if Executive is not eligible for retiree coverage under the Bank’s Health Plan or
Medicare and provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a 

  
 19 

	 	
lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage under the Health Plan that would have been incurred by both Executive and the Bank on behalf
of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to Executive’s termination of employment) from the date of Executive’s termination of employment
until the third anniversary of such date, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year of Executive’s termination of employment. Such lump sum amount shall be calculated by
an actuary selected by the Bank and paid in cash at the time specified in Section 7(g). Such amount shall not be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of
subsequent employment or otherwise. In addition, provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive at the time specified in Section 7(g) a lump sum amount equal on
an after-tax basis to the present value of the sum of (A) the amount that Executive and the Bank would have paid, had he remained employed, for coverage under the Bank’s group long-term disability policy from the date of Executive’s
termination of employment until the third anniversary of Executive’s termination of employment, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year in which Executive’s
termination occurred; and (B) the amount that Executive and the Bank would have paid to continue Executive’s group life insurance coverage, had he remained employed, from the date of Executive’s termination of employment until the
third anniversary of Executive’s termination of employment, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year in which Executive’s termination occurred. For purposes of this
Section, present value shall be calculated on the basis of the discount rate set forth in the Bank’s qualified retirement plan for the determination of lump sum payments, or, if the Bank’s qualified retirement plan is terminated, the
discount rate that would apply for the determination of lump sum payments had the qualified retirement plan not been terminated. 

 If any payment or benefit under this Section 7(f) is based on Base Salary or other level of compensation or benefits at the time of Executive’s termination and if a reduction in such Base Salary
or other level of compensation or benefit was the basis for Executive’s termination for Good Reason, then the Base Salary or other level of compensation in effect before such reduction shall be used to calculate payments or benefits under this
Section 7(f). 

  
 20 

 (g) Other Terms Relating to Certain Terminations of Employment;
Reimbursements; Section 409A Exemptions; Delayed Payments Under Section 409A. 
  

	 	(i)	Whether the Executive has had a termination of employment shall be determined on the basis of all relevant facts and circumstances and with reference to Regulations
Section 1.409A-1(h). 

  

	 	(ii)	Whether a termination is deemed to be at or within two years after a Change in Control for purposes of Sections 7(c), (d), (e), or (f) is determined at the date of
termination, regardless of whether the Change in Control had occurred at the time a notice of termination was given. In the event Executive’s employment terminates for any reason set forth in Section 7(b) through (f), Executive will be
entitled to the benefit of any terms of plans or agreements applicable to Executive which are more favorable than those specified in this Section 7 (except in the case of annual incentives in lieu of which amounts are paid hereunder).

  

	 	(iii)	Amounts payable under this Section 7 following Executive’s termination of employment, other than those expressly payable on a deferred basis, will be paid in
the payroll period next following the payroll period in which termination of employment occurs except as otherwise provided in this Section 7. 

  

	 	(iv)	Any reimbursements made or in-kind benefits provided under this Agreement shall be subject to the following conditions: 

 

	 	(A)	the amount of expenses eligible for reimbursement or in-kind benefits provided in any one taxable year of Executive shall not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided in any other taxable year of Executive; 

  

	 	(B)	the reimbursement of any expense shall be made each calendar quarter not later than the last day of Executive’s taxable year following Executive’s taxable
year in which the expense was incurred (unless this Agreement specifically provides for reimbursement by an earlier date); 

  

	 	(C)	the right to reimbursement of an expense or payment of an in-kind benefit shall not be subject to liquidation or exchange for another benefit. 

  
 21 

 In addition, with respect to any reimbursement made under Section 6(b)(v) for expenses
for medical coverage purchased by Executive’s spouse, any such reimbursement made during the period of time Executive’s spouse (or eligible dependents, if any) would be entitled to continuation coverage under the Bank’s Health Plan
pursuant to COBRA if Executive’s spouse (or eligible dependents, if any) had elected such coverage and paid the applicable premiums shall be exempt from Section 409A of the Code and the six-month delay in payment described hereinbelow
pursuant to Section 1.409A-1(b)(9)(v)(B) of the Regulations. 
  

	 	(v)	Executive’s right to reimbursements under this Agreement shall be treated as a right to a series of separate payments under Section 1.409A-2(b)(2)(iii) of the
Regulations. 

  

	 	(vi)	Any tax gross-up payments made under this Agreement, within the meaning provided by Section 1.409A-3(i)(1)(v) of the Regulations, shall be made by the end of
Executive’s taxable year next following Executive’s taxable year in which he remits the related taxes (unless this Agreement specifically provides for payment by an earlier date). 

 

	 	(vii)	It is intended that payments made under this Agreement due to Executive’s termination of employment which are paid on or before the 15th day of the third month
following the end of Executive’s taxable year in which his termination of employment occurs shall be exempt from compliance with Section 409A of the Code pursuant to the exemption for short-term deferrals set forth in
Section 1.409A-1(b)(4) of the Regulations (the “Exempt Short-Term Deferral Payments”); and that payments under this Agreement, other than Exempt Short-Term Deferral Payments, that are made on or before the last day of the second
taxable year following the taxable year in which Executive terminates employment in an aggregate amount not exceeding two times the lesser of: (A) the sum of Executive’s annualized compensation based on his annual rate of pay for the
taxable year preceding the taxable year in which he terminates employment (adjusted for any increase during that year that was expected to continue indefinitely if he had not terminated employment); or (B) the maximum amount that may be taken
into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive terminates employment shall be exempt from compliance with Section 409A of the Code pursuant to the exception for payments under
a separation pay plan as set forth in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations. If, under the terms of this Agreement, it is possible for a payment that is subject to Section 409A to be made in two separate taxable years,
payment shall be made in the later taxable year. 

  
 22 

	 	(viii)	Anything in this Agreement to the contrary notwithstanding, payments to be made under this Agreement upon termination of Executive’s employment which are subject
to Section 409A of the Code shall be delayed for six months following such termination of employment if Executive is a Specified Employee as defined in Section 8(g) on the date of his termination of employment. Any payment or reimbursement
due within such six-month period shall be delayed to the end of such six-month period. The Bank will adjust the payment or reimbursement to reflect the deferred payment date by multiplying the payment or reimbursement by the product of the six-month
CMT Treasury Bill annualized yield rate as published by the U.S. Treasury for the date on which such payment or reimbursement would have been made but for the delay multiplied by a fraction, the numerator of which is the number of days by which such
payment or reimbursement was delayed and the denominator of which is 365. In the event of a reimbursement that is required by other terms of this Agreement to be made on an after-tax basis and which is subject to the six-month delay provided herein,
the reimbursement as adjusted in accordance with this Section 7(g) to reflect the deferred payment date shall be paid to Executive on an after-tax and fully grossed-up basis so that Executive is held economically harmless. The Bank will pay the
adjusted payment or reimbursement at the beginning of the seventh month following Executive’s termination of employment. Notwithstanding the foregoing, if calculation of the amounts payable by any payment date specified in this
Section 7(g) is not administratively practicable due to events beyond the control of Executive (or Executive’s beneficiary or estate) and for reasons that are commercially reasonable, payment will be made as soon as administratively
practicable in compliance with Section 409A of the Code and the Regulations thereunder. In the event of Executive’s death during such six-month period, payment will be made in the payroll period next following the payroll period in which
Executive’s death occurs. 

 8. Definitions Relating to Termination Events. 

(a) “Cause.” For purposes of this Agreement, “Cause” shall mean: 

 

	 	(i)	engaging in any act or acts of dishonesty or morally reprehensible conduct or committing any act or acts that constitute a felony, whether or not relating to the
Company, the Bank or their affiliates; 

  

	 	(ii)	attempting to obtain personal gain, profit or enrichment at the expense of the Company, the Bank or their affiliates, or from any transaction in which Executive has an
interest which is adverse to the interest of the Company, the Bank or their affiliates, unless Executive shall have obtained the prior written consent of the Chairman of the Boards; 

  
 23 

	 	(iii)	willful and continued failure to perform the reasonable duties assigned to Executive within the scope of Executive’s responsibilities hereunder, the reasonable
policies, standards or regulations of the Company, the Bank or their affiliates as the same shall from time to time exist, provided Executive shall have received at least one written notice in writing from the Company, the Bank or their affiliates
of such failure and such failure shall continue or recur 10 or more days after such notice; 

  

	 	(iv)	acting in a manner that Executive intends, believes or reasonably should foresee to be materially detrimental or damaging to the Company’s, the Bank’s or
their affiliates’ reputation, business operations or relations with their employees, suppliers or customers; or 

  

	 	(v)	committing any material breach of this Agreement or any other written agreement between Executive and either the Company, the Bank or their affiliates.

 (b) “Change in Control.” For purposes of this Agreement, a “Change in
Control” shall be deemed to have occurred if, during the term of this Agreement: 
  

	 	(i)	the Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result, with respect to the Company, less
than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by “Persons” as such term is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) who were stockholders of the Company immediately before the merger or consolidation; 

  

	 	(ii)	any Person (other than any trustee or other fiduciary holding securities under an employee benefit plan of the Bank or the Company), becomes the “Beneficial
Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the resulting corporation representing 50% or more of the combined voting power of the resulting corporation’s then-outstanding securities;

  

	 	(iii)	 during any period of twenty-four months (not including any period prior to the Effective Date of this Agreement), individuals who at the beginning of
such period constitute the Board of Directors of the Company, and any new director (other than (A) a director nominated by a Person who has entered into an agreement with the Company to effect a transaction described in Sections (8)(b)(i),
(ii) or (iv) hereof, (B) a director nominated by any Person (including the Company) who publicly announces an intention to take or to consider taking actions (including, but not limited to, an actual or threatened proxy contest)

  
 24 

	 	
which if consummated would constitute a Change in Control or (C) a director nominated by any Person who is the Beneficial Owner, directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company’s securities) whose election by the Board of Directors of the Company or nomination for election by the Company’s stockholders was approved in advance by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a
majority thereof; 

  

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets; or 

  

	 	(v)	the Board of Directors of the Company adopts a resolution to the effect that, for purposes of this Agreement, a Change in Control has occurred.

 (c) “Compensation Accrued at Termination.” For purposes of this Agreement,
“Compensation Accrued at Termination” means the following: 
  

	 	(i)	The unpaid portion of annual base salary at the rate payable, in accordance with Section 4(a) hereof, at the date of Executive’s termination of employment,
pro rated through such date of termination, payable in a lump sum at the time specified in Section 6(d) or 7(g) as the case may be; 

  

	 	(ii)	All vested, nonforfeitable amounts owing or accrued at the date of Executive’s termination of employment under any compensation and benefit plans, programs, and
arrangements set forth or referred to in Sections 4(b) and 5(a) and 5(b) hereof (including any earned and vested annual incentive compensation and long-term incentive award) in which Executive theretofore participated, payable in accordance with the
terms and conditions of the plans, programs, and arrangements (and agreements and documents thereunder) pursuant to which such compensation and benefits were granted or accrued; and 

 

	 	(iii)	Reasonable business expenses and disbursements incurred by Executive prior to Executive’s termination of employment, to be reimbursed to Executive, as authorized
under Section 5(f), in accordance the Company’s reimbursement policies as in effect at the date of such termination, and payable in a lump sum in accordance with Section 7(g). 

  
 25 

 (d) “Disability.” For purposes of this Agreement,
“Disability” shall have the meaning ascribed to it by Section 409A of the Code and the Regulations. 
 (e) “Good Reason.” For purposes of this Agreement, “Good Reason” shall mean, without Executive’s express written consent, the occurrence of any of the following
circumstances provided that Executive shall have given notice of such circumstance(s) to the Bank within a period not to exceed 90 days of the initial existence of such circumstance(s) and the Bank shall not have remedied such circumstance(s) within
30 days after receipt of such notice: 
  

	 	(i)	the assignment to Executive of duties materially inconsistent with Executive’s position and status as President and Chief Executive Officer, or an alteration,
materially adverse to Executive, in Executive’s position and status as President and Chief Executive Officer or in the nature of Executive’s duties, responsibilities, and authorities or conditions of Executive’s employment from those
relating to Executive position and status as President and Chief Executive Officer (excluding changes in assignments permitted under Section 3); except the foregoing shall not constitute Good Reason if occurring in connection with the
termination of Executive’s employment for Cause, Disability, Retirement, as a result of Executive’s death, or as a result of action by or with the consent of Executive; 

 

	 	(ii)	(A) a material reduction by the Bank in Executive’s Base Salary, (B) the setting of Executive’s annual target incentive opportunity or payment of earned
annual incentive not in material conformity with Section 4 hereof, (C) a change in compensation or benefits not in material conformity with Section 5, or (D) a material reduction, after a Change in Control, in perquisites from
the level of such perquisites as in effect immediately prior to the Change in Control or as the same may have been increased from time to time after the Change in Control, except for across-the-board perquisite reductions similarly affecting all
senior executives of the Bank and all senior executives of any Person in control of the Company; 

  

	 	(iii)	the relocation of the principal place of Executive’s employment to a site that is outside of a fifty mile radius of his principal place of employment prior to such
relocation; for this purpose, required travel on the Bank’s business will not constitute a relocation so long as the extent of such travel is substantially consistent with Executive’s customary business travel obligations in periods prior
to the Effective Date; 

  
 26 

	 	(iv)	the failure by the Bank to pay to Executive any material portion of Executive’s compensation or to pay to Executive any material portion of an installment of
deferred compensation under any deferred compensation program of the Bank within a reasonable time after the date such compensation is due; 

  

	 	(v)	the failure by the Bank to continue in effect any material compensation or benefit plan in which Executive participated immediately prior to a Change in Control, unless
an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Bank to continue Executive’s participation therein (or in such substitute or alternative plan) on a
basis not materially less favorable, both in terms of the amounts of compensation or benefits provided and the level of Executive’s participation relative to other participants, as existed at the time of the Change in Control;

  

	 	(vi)	the failure of the Bank to obtain a satisfactory agreement from any successor to the Bank or the Company to fully assume the Bank’s and the Company’s
obligations and to perform under this Agreement, as contemplated in Section 12(b) hereof, in a form reasonably acceptable to Executive; or 

  

	 	(vii)	any other failure by the Bank or the Company to perform any material obligation under, or breach by the Bank or the Company of any material provision of, this
Agreement; 

 provided, however, that a forfeiture under Section 10(f), (g), or (h) shall not constitute
“Good Reason.” 
 (f) “Potential Change in Control.” For purposes of this Agreement, a
“Potential Change in Control” shall be deemed to have occurred if, during the term of this Agreement: 
  

	 	(i)	the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

 

	 	(ii)	any Person (including the Company) publicly announces an intention to take or to consider taking actions which if consummated would constitute a Change in Control; or

  

	 	(iii)	the Boards adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

(g) “Specified Employee.” For purposes of this Agreement, a “Specified Employee” shall mean an
employee of the Bank, at a time when any stock of the Company is publicly traded on an established securities market or otherwise, who satisfies the requirements for being designated a “key employee” under Section 416(i)(1)(A)(i),
(ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code 

  
 27 

 
at any time during a calendar year, in which case such employee shall be considered a Specified Employee for the twelve-month period beginning on the first day of the fourth month immediately
following the end of such calendar year. In the event of any corporate spinoff or merger, the determination of which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to
Section 416(i)(5) of the Code for any calendar year shall be determined in accordance with Regulations Section 1.409A-1(i)(6). 
 9.
Limitation on Change in Control Payments.  
 In the event that: 

(a) the aggregate payments or benefits to be made to you pursuant to this Agreement, together with other payments and
benefits which you have a right to receive from the Company or the Bank, which are deemed to be parachute payments as defined in Section 280G of the Code (the “Termination Benefits”), would be deemed to include an “excess
parachute payment” under Section 280G of the Code; and 
 (b) if such Termination Benefits were reduced
to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three times your “base amount,” as determined in accordance with said Section 280G, and the Non-Triggering
Amount less the product of the marginal rate of any applicable state and federal income tax and the Non-Triggering Amount would be greater than the aggregate value of the Termination Benefits (without such reduction) minus (A) the amount of tax
required to be paid by you by Section 4999 of the Code and further minus (B) the product of the Termination Benefits and the marginal rate of any applicable state and federal income tax, 

then the Termination Benefits shall be reduced to the Non-Triggering Amount. The reduction required hereby among the Termination Benefits shall be
allocated to the payments and benefits set forth in Sections 7(c), 7(d), 7(e), and 7(f), as applicable, in the following order until the reduction is fully accomplished: Subsection (ii), (iii) and (viii) of Sections 7(c), 7(d), 7(e), and
7(f), as applicable. If, however, the reduction cannot be fully accomplished after using the order in the prior sentence, the reduction shall be allocated to any other remaining payments or benefits at the Bank’s discretion. 

10. Non-Competition and Non-Disclosure; Executive Cooperation; Non-Disparagement; Certain Forfeitures. 

(a) Non-Competition. In consideration for the compensation and benefits provided under this Agreement, including
without limitation, the compensation and benefits provided under Sections 7(e) and (f), without the consent in writing of the Boards, Executive will not, at any time during the Term and for a period of two years following termination of
Executive’s employment for any reason, acting alone or in conjunction with others, directly or indirectly (i) engage (either as owner, investor, partner, stockholder, employer, employee, consultant, advisor, or director) in any business of
any savings bank, savings and loan association, savings and loan holding 

  
 28 

 
company, bank, bank holding company, or other institution engaged in the business of accepting deposits or making loans, or any direct or indirect subsidiary or affiliate of any such entity, that
conducts business in any county in which the Company or the Bank maintains an office as of Executive’s date of termination or had plans to open an office within six months after Executive’s date of termination; (ii) induce any
customers of the Bank or any of its affiliates with whom Executive has had contacts or relationships, directly or indirectly, during and within the scope of his employment with the Bank, to curtail or cancel their business with the Bank or any such
affiliate; (iii) induce, or attempt to influence, any employee of the Bank or any of its affiliates to terminate employment; or (iv) solicit, hire or retain as an employee or independent contractor, or assist any third party in the
solicitation, hire, or retention as an employee or independent contractor, any person who during the previous twelve months was an employee of the Bank or any affiliate; provided, however, that activities engaged in by or on behalf of the Bank are
not restricted by this covenant. The provisions of subparagraphs (i), (ii), (iii), and (iv) above are separate and distinct commitments independent of each of the other subparagraphs. It is agreed that the ownership of not more than one percent
of the equity securities of any company having securities listed on an exchange or regularly traded in the over-the-counter market shall not, of itself, be deemed inconsistent with clause (i) of this Section 10(a). 

(b) Non-Disclosure; Ownership of Work. Executive shall not, at any time during the Term and thereafter (including
following Executive’s termination of employment for any reason), disclose, use, transfer, or sell, except in the course of employment with or other service to the Bank or the Company, any proprietary information, secrets, organizational or
employee information, or other confidential information belonging or relating to the Bank or the Company and its affiliates and customers so long as such information has not otherwise been disclosed or is not otherwise in the public domain, except
as required by law or pursuant to legal process. In addition, upon termination of employment for any reason, Executive will return to the Company or its affiliates all documents and other media containing information belonging or relating to the
Bank and the Company or its affiliates. 
 (c) Cooperation With Regard to Litigation. Executive agrees to
cooperate with the Bank and the Company, during the Term and thereafter (including following Executive’s termination of employment for any reason), by making himself available to testify on behalf of the Bank or the Company or any subsidiary or
affiliate of the Bank or the Company, in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Bank and the Company, or any subsidiary or affiliate of the Company, in any such action, suit, or
proceeding, by providing information and meeting and consulting with the Boards or their representatives or counsel, or representatives or counsel to the Bank or the Company, or any subsidiary or affiliate of the Company, as requested. The Bank
agrees to reimburse Executive, on an after tax basis each calendar quarter, for all expenses actually incurred in connection with his provision of testimony or assistance in accordance with the provisions of Section 7(g) of this Agreement but
not later than the last day of the year in which the expense was incurred. 

  
 29 

 (d) Non-Disparagement. Executive shall not, at any time during the
Term and thereafter, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Bank or the Company or any of its
subsidiaries or affiliates or their respective officers, directors, employees, advisors, businesses or reputations. Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from making truthful statements that are required
by applicable law, regulation or legal process. 
 (e) Release of Employment Claims. Executive agrees, as
a condition to receipt of any termination payments and benefits provided for in Sections 6 and 7 herein (other than Compensation Accrued at Termination), that he will execute a general release agreement, in substantially the form set forth in
Attachment A to this Agreement, releasing any and all claims arising out of Executive’s employment other than enforcement of this Agreement and rights to indemnification under any agreement, law, Bank or Company organizational document or
policy, or otherwise. The Bank will provide Executive with a copy of such release simultaneously with or as soon as administratively practicable following the delivery of the notice of termination provided in Sections 6 and 7 of this Agreement, but
not later than 21 days before (45 days before if Executive’s termination is part of an exit incentive or other employment termination program offered to a group or class of employees) Executive’s termination of employment. Executive shall
deliver the executed release to the Bank eight days before the date provided in Section 7(g) of this Agreement for the payment of the termination payments and benefits payable under Sections 6 and 7 of this Agreement. 

(f) Forfeiture of Outstanding Options. The provisions of Sections 6 and 7 notwithstanding, if Executive willfully
and materially fails to substantially comply with any restrictive covenant under this Section 10 or willfully and materially fails to substantially comply with any material obligation under this Agreement, all options to purchase common stock
granted by the Company and then held by Executive or a transferee of Executive shall be immediately forfeited and thereupon such options shall be cancelled. Notwithstanding the foregoing, Executive shall not forfeit any option unless and until there
shall have been delivered to him, within six months after the Boards (i) had knowledge of conduct or an event allegedly constituting grounds for such forfeiture and (ii) had reason to believe that such conduct or event could be grounds for
such forfeiture, a copy of a resolution duly adopted by a majority affirmative vote of the membership of the Boards (excluding Executive) at a meeting of the Boards called and held for such purpose (after giving Executive reasonable notice
specifying the nature of the grounds for such forfeiture and not less than 30 days to correct the acts or omissions complained of, if correctable, and affording Executive the opportunity, together with his counsel, to be heard before the Boards)
finding that, in the good faith opinion of the Boards, Executive has engaged and continues to engage in conduct set forth in this Section 10(f) which constitutes grounds for forfeiture of Executive’s options; provided, however, that if any
option is exercised after delivery of such notice and the Boards subsequently make the determination described in this sentence, Executive shall be required to pay to the Company an amount equal to the difference between the aggregate value of the
shares acquired upon such exercise at the date of the 

  
 30 

 
Boards’ determination and the aggregate exercise price paid by Executive. Any such forfeiture shall apply to such options notwithstanding any term or provision of any option agreement. In
addition, options granted to Executive on or after the Effective Date, and gains resulting from the exercise of such options, shall be subject to forfeiture in accordance with the Company’s standard policies relating to such forfeitures and
clawbacks, as such policies are in effect at the time of grant of such options. 
 (g) Forfeiture of Certain
Bonuses and Profits. If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, Executive shall
reimburse the Bank for (i) any bonus or other incentive based or equity-based compensation received by Executive during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever
first occurs) of the financial document embodying such financial reporting requirement; and (ii) any profits realized from the sale of securities of the Company during that 12-month period. 

(h) Forfeiture Due to Regulatory Restrictions. Anything in this Agreement or the SERP to the contrary
notwithstanding, (i) any payments made pursuant to this Agreement or the SERP shall be subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and any regulations promulgated thereunder; and (ii) payments contemplated to be
made by the Bank pursuant to this Agreement or the SERP shall not be immediately payable to the extent such payments are barred or prohibited by an action or order issued by the Connecticut Banking Commissioner or the Federal Deposit Insurance
Corporation. 
 (i) Survival. The provisions of this Section 10 shall survive the termination of the
Term and any termination or expiration of this Agreement. 
 11. Governing Law; Disputes. 

(a) Governing Law. This Agreement and the rights and obligations of the Company, the Bank and Executive are
governed by and are to be construed, administered, and enforced in accordance with the laws of the State of Connecticut, without regard to conflicts of law principles. If under the governing law, any portion of this Agreement is at any time deemed
to be in conflict with any applicable statute, rule, regulation, ordinance, or other principle of law, such portion shall be deemed to be modified or altered to the extent necessary to conform thereto or, if that is not possible, to be omitted
therefrom. The invalidity of any such portion shall not affect the force, effect, and validity of the remaining portion thereof. If any court determines that any provision of Section 10 of this Agreement is unenforceable because of the duration
or geographic scope of such provision, it is the parties’ intent that such court shall have the power to modify the duration or geographic scope of such provision, as the case may be, to the extent necessary to render the provision enforceable
and, in its modified form, such provision shall be enforced. Anything in this Agreement to the contrary notwithstanding, the terms of this Agreement shall be interpreted and applied in a manner consistent with the requirements of Section 409A
of the Code and the Regulations so 

  
 31 

 
as not to subject Executive to the payment of any tax penalty or interest which may be imposed by Section 409A of the Code and the Bank shall have no right to accelerate or make any payment
under this Agreement except to the extent such action would not subject Executive to the payment of any tax penalty or interest under Section 409A of the Code. If all or a portion of the benefits and payments provided under this Agreement
constitute taxable income to Executive for any taxable year that is prior to the taxable year in which such payments and/or benefits are to be paid to Executive as a result of the Agreement’s failure to comply with the requirements of
Section 409A of the Code and the Regulations, the applicable payment or benefit shall be paid immediately to Executive to the extent such payment or benefit is required to be included in income. If Executive becomes subject to any tax penalty
or interest under Section 409A of the Code by reason of this Agreement, the Bank shall reimburse Executive on a fully grossed-up and after-tax basis for any such tax penalty or interest (so that Executive is held economically harmless) ten
business days prior to the date such tax penalty or interest is due and payable by Executive to the government. 

(b) Reimbursement of Expenses in Enforcing Rights. Upon submission of invoices, the Bank shall promptly pay or
reimburse all reasonable costs and expenses (including fees and disbursements of counsel and pension experts) incurred by Executive or Executive’s surviving spouse in seeking to interpret this Agreement or enforce rights pursuant to this
Agreement or in any proceeding in connection therewith brought by Executive or Executive’s surviving spouse, whether or not Executive or Executive’s surviving spouse is ultimately successful in enforcing such rights or in such proceeding;
provided, however, that no reimbursement shall be owed with respect to expenses relating to any unsuccessful assertion of rights or proceeding if and to the extent that such assertion or proceeding was initiated or maintained in bad faith or was
frivolous, as determined in accordance with Section 11(c) or a court having jurisdiction over the matter. Any such payment or reimbursement shall be made on an after-tax basis each calendar quarter for all costs and expenses actually incurred
as provided in this Section 11(b) and in accordance with the provisions of Section 7(g) of this Agreement, but not later than the last day of the year in which the expense was incurred. 

(c) Dispute Resolution. 
  

	 	(i)	Negotiation. The Bank and the Company (collectively, the “Employer”) and Executive shall attempt in good faith to resolve any dispute arising out of or
relating to this Agreement promptly by negotiation between the Chairman of the Board of the Bank and Executive. Any party may give the other party written notice of any dispute in accordance with the notice procedures set forth in
Section 12(d). Within 15 days after delivery of the notice, the receiving party shall submit to the other, in accordance with the notice procedures set forth in Section 12(d), a written response. The notice and response shall include a
statement of that party’s position and summary of arguments supporting that position. Within 30 days after delivery of the initial notice, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they
reasonably deem necessary, to attempt to resolve the dispute. All negotiations pursuant to this clause (i) are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence.

  
 32 

	 	(ii)	Mediation. If the dispute has not been resolved by negotiation as provided herein within 45 days after delivery of the initial notice of negotiation, or if the parties
failed to meet within 30 days after delivery, the parties shall endeavor to settle the dispute by mediation under the CPR Mediation Procedure then currently in effect; provided, however, that if one party fails to participate in the negotiation as
provided herein, the other party can initiate mediation prior to the expiration of the 45 days. Unless otherwise agreed, the parties will select a mediator from the CPR Panels of Distinguished Neutrals. 

 

	 	(iii)	Arbitration. Any dispute arising under or in connection with this Agreement which has not been resolved by mediation as provided herein within 45 days after initiation
of the mediation procedure, shall be finally resolved by arbitration in accordance with the CPR Rules for Non-Administered Arbitration then currently in effect, by three independent and impartial arbitrators, of whom each party shall designate one;
provided, however, that if one party fails to participate in either the negotiation or mediation as agreed herein, the other party can commence arbitration prior to the expiration of the time periods set forth above. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be Hartford, Connecticut. For
purposes of entering any judgment upon an award rendered by the arbitrators, the Company, the Bank and Executive hereby consent to the jurisdiction of any or all of the following courts: (i) the United States District Court for the District of
Connecticut, (ii) any of the courts of the State of Connecticut, or (iii) any other court having jurisdiction. The Company, the Bank and Executive hereby agree that a judgment upon an award rendered by the arbitrators may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Subject to Section 11(b) of this Agreement, the Bank shall bear all costs and expenses arising in connection with any arbitration proceeding pursuant to this
Section 11(c) in accordance with the provisions of Section 7(g) of this Agreement, but not later than the last day of the year in which the expense was incurred. Notwithstanding any provision in this Section 11(c), Executive shall be
entitled to seek specific performance of Executive’s right to be paid during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

  
 33 

 (d) Interest on Unpaid Amounts. Any amount which has become payable
pursuant to the terms of this Agreement or any decision by arbitrators or judgment by a court of law pursuant to this Section 11 but which has not been timely paid shall bear interest at the prime rate in effect at the time such amount first
becomes payable, as quoted by the Bank, except as otherwise provided in Sections 5(g), 6(d) and 7(g) of this Agreement (concerning interest payable with respect to certain delayed payments that are subject to Section 409A of the Code).

 12. Miscellaneous. 
 (a) Integration. This Agreement cancels and supersedes any and all prior employment agreements and understandings between the parties hereto with respect to the employment of Executive by the Bank,
any parent or predecessor company, and the Company’s subsidiaries during the Term, except for contracts relating to compensation under executive compensation and employee benefit plans of the Bank. This Agreement constitutes the entire
agreement among the parties with respect to the matters herein provided, and no modification or waiver of any provision hereof shall be effective unless in writing and signed by the parties hereto. Executive shall not be entitled to any payment or
benefit under this Agreement which duplicates a payment or benefit received or receivable by Executive under any prior agreements and understandings or under any benefit or compensation plan of the Bank which are in effect. 

(b) Successors; Transferability. The Bank and the Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Bank or the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank and
the Company would be required to perform it if no such succession had taken place. 
 As used in this Agreement,
“Bank” and “Company” shall mean the Bank and the Company respectively as hereinbefore defined and any successor to its or their business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation
of law, or otherwise and, in the case of an acquisition of the Bank or the Company in which the corporate existence of the Bank or the Company, as the case may be, continues, the ultimate parent company following such acquisition. Subject to the
foregoing, the Bank and the Company may transfer and assign this Agreement and the Bank’s and the Company’s rights and obligations hereunder. Neither this Agreement nor the rights or obligations hereunder of the parties hereto shall be
transferable or assignable by Executive, except in accordance with the laws of descent and distribution or as specified in Section 12(c). 
 (c) Beneficiaries. Executive shall be entitled to designate (and change, to the extent permitted under applicable law) a beneficiary or beneficiaries to receive any compensation or benefits
provided hereunder following Executive’s death. 

  
 34 

 (d) Notices. Whenever under this Agreement it becomes necessary to
give notice, such notice shall be in writing, signed by the party or parties giving or making the same, and shall be served on the person or persons for whom it is intended or who should be advised or notified, by Federal Express or other similar
overnight service or by certified or registered mail, return receipt requested, postage prepaid and addressed to such party at the address set forth below or at such other address as may be designated by such party by like notice: 

 

	
	 If to the Bank or the Company:

	
	 ROCKVILLE BANK

45 Glastonbury Ave.

Glastonbury, CT 06033

Att: Chair, Compensation Committee

	
	 If to Executive:

	
	 William H. W. Crawford, IV

c/o Eric Kracov, Esq.

Kilpatrick Stockton LLP

607 14th Street, NW

Suite 900
 Washington, DC 20005-2018

 If the parties by mutual agreement supply each other with telecopier numbers for the
purposes of providing notice by facsimile, such notice shall also be proper notice under this Agreement. In the case of Federal Express or other similar overnight service, such notice or advice shall be effective when sent, and, in the cases of
certified or registered mail, shall be effective two days after deposit into the mails by delivery to the U.S. Post Office. 
 (e) Reformation. The invalidity of any portion of this Agreement shall not be deemed to render the remainder of this Agreement invalid. 

(f) Headings. The headings of this Agreement are for convenience of reference only and do not constitute a part
hereof. 
 (g) No General Waivers. The failure of any party at any time to require performance by any
other party of any provision hereof or to resort to any remedy provided herein or at law or in equity shall in no way affect the right of such party to require such performance or to resort to such remedy at any time thereafter, nor shall the waiver
by any party of a breach of any of the provisions hereof be deemed to be a waiver of any subsequent breach of such provisions. No such waiver shall be effective unless in writing and signed by the party against whom such waiver is sought to be
enforced. 

  
 35 

 (h) No Obligation To Mitigate. Executive shall not be required to
seek other employment or otherwise to mitigate Executive’s damages upon any termination of employment, and any compensation or benefits received from any other employment of Executive shall not mitigate or reduce the obligations of the Bank and
the Company or the rights of Executive hereunder. 
 (i) Offsets; Withholding. The amounts required to be
paid by the Bank to Executive pursuant to this Agreement shall not be subject to offset other than with respect to any amounts that are owed to the Bank by Executive due to his receipt of funds as a result of his fraudulent activity. The foregoing
and other provisions of this Agreement notwithstanding, all payments to be made to Executive under this Agreement, including under Sections 6 and 7, or otherwise by the Bank, will be subject to withholding to satisfy required withholding taxes and
other required deductions. 
 (j) Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of Executive, his heirs, executors, administrators and beneficiaries, and shall be binding upon and inure to the benefit of the Bank and the Company and their successors and assigns. 

(k) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument. 
 13. Indemnification. 

All rights to indemnification by the Bank or the Company now existing in favor of Executive as provided in the Bank’s and the
Company’s Certificate of Incorporation or By-laws or pursuant to other agreements in effect on or immediately prior to the Effective Date shall continue in full force and effect from the Effective Date (including all periods after the
expiration of the Term), and the Bank and the Company shall also advance expenses for which indemnification may be ultimately claimed as such expenses are incurred to the fullest extent permitted under applicable law and in accordance with
Section 7(g); provided, however, that any determination required to be made with respect to whether Executive’s conduct complies with the standards required to be met as a condition of indemnification or advancement of expenses under
applicable law and the Bank’s or the Company’s Certificate of Incorporation, By-laws, or other agreement shall be made by independent counsel mutually acceptable to Executive and the Company (except to the extent otherwise required by
law). After the date hereof, the Bank and the Company shall not amend its Certificate of Incorporation or By-laws or any agreement in any manner which adversely affects the rights of Executive to indemnification thereunder. Any provision contained
herein notwithstanding, this Agreement shall not limit or reduce any rights of Executive to indemnification pursuant to applicable law. In addition, the Company will maintain directors’ and officers’ liability insurance in effect and
covering acts and omissions of Executive during the Term and for a period of six years thereafter on terms substantially no less favorable than those in effect on the date of execution of this Agreement. 

  
 36 

 IN WITNESS WHEREOF, Executive has hereunto set his hand and the Bank
and the Company have each caused this instrument to be duly executed this10th day of June, 2013. 
  

			
	ROCKVILLE BANK
		
	By:	 	/s/ Kristen A. Johnson
		 	Name: Kristen A. Johnson
		 	Title: Compensation Committee Chairman

  

			
	ROCKVILLE FINANCIAL, INC.
		
	By:	 	/s/ Kristen A. Johnson
		 	Name: Kristen A. Johnson
		 	Title: Compensation Committee Chairman

 
	
	
	
	/s/ William H.W. Crawford, IV
	William H.W. Crawford, IV

  
 37 

 ATTACHMENT A 
 RELEASE 
 We advise you to consult an attorney before you sign this
Release. You have until the date which is seven (7) days after the Release is signed and returned to Rockville Bank to change your mind and revoke your Release. Your Release shall not become effective or enforceable until after that date.

 In consideration for the benefits provided under your Employment Agreement with Rockville Bank as of January 1, 2014 (the
“Employment Agreement”), and more specifically enumerated in Exhibit 1 hereto, by your signature below, you, for yourself and on behalf of your heirs, executors, agents, representatives, successors and assigns, hereby release and forever
discharge the Rockville Financial, Inc., its past and present parent corporations, subsidiaries, divisions, subdivisions, affiliates and related companies (collectively, the “Company”) and the Company’s past, present and future
agents, directors, officers, employees, representatives, successors and assigns (hereinafter “those associated with the Company”) with respect to any and all claims, demands, actions and liabilities, whether in law or equity, which you may
have against the Company or those associated with the Company of whatever kind, including but not limited to those arising out of your employment with the Company or the termination of that employment. You agree that this release covers, but is not
limited to, claims arising under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act of 1990, 42
U.S.C. § 12101 et seq., the Fair Labor Standards Act, 29 U.S.C. § 201 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the Connecticut Fair Employment Practices Act, C.G.S.
§ 46a-51 et seq., and any other local, state or federal law, regulation or order dealing with discrimination in employment on the basis of sex, race, color, national origin, veteran status, marital status, religion, disability, handicap,
or age. You also agree that this release includes claims based on wrongful termination of employment, breach of contract (express or implied), tort, or claims otherwise related to your employment or termination of employment with the Company and any
claim for attorneys’ fees, expenses or costs of litigation. 
 This Release covers all claims based on any facts or events, whether known
or unknown by you, that occurred on or before the date of this Release. Except to enforce this Release, you agree that you will never commence, prosecute, or cause to be commenced or prosecuted any lawsuit or proceeding of any kind against the
Company or those associated with the Company in any forum and agree to withdraw with prejudice all complaints or charges, if any, that you have filed against the Company or those associated with the Company. 

Anything in this Release to the contrary notwithstanding, this Release does not include a release of: (i) your rights under the Employment Agreement
or your right to enforce the Employment Agreement; (ii) any rights you may have to indemnification under any agreement, law, Company organizational document or policy, or otherwise; (iii) any rights you may have to benefits under the
Company’s benefit plans; or (iv) your right to enforce this Release. 

  
 38 

 By signing this Release, you further agree as follows: 

i. You have read this Release carefully and fully understand its terms; 

ii. You have had at least twenty-one (21) days to consider the terms of the Release; 

iii. You have seven (7) days from the date you sign this Release to revoke it by written notification to the Company. After this
seven (7) day period, this Release is final and binding and may not be revoked; 
 iv. You have been advised to seek legal
counsel and have had an opportunity to do so; 
 v. You would not otherwise be entitled to the benefits provided under your
Employment Agreement had you not agreed to execute this Release; and 
 vi. Your agreement to the terms set forth above is
voluntary. 
  

									
	 Name:
	 	 	  		  		  	

									
					
	 Signature:
	 	 	  		  	Date:	  	 

									
					
	 Received By:
	 	 	  		  	Date:	  	 

  
 39

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