Document:

Form of Indemnification Agreement

 Exhibit 10.18 
 INDEMNIFICATION AGREEMENT 
 THIS AGREEMENT is made this
             day of                     , 2006, by and between KBR, Inc., a
Delaware corporation, (the “Company”) and the undersigned Director (“Director”). 
 W I T N E S S E T
H 
 WHEREAS, Director is a member of the Board of Directors of the Company and in such capacity is performing a valuable
service for the Company; and 
 WHEREAS, the Company has purchased and presently maintains a policy or policies of Directors’ and
Officers’ Liability Insurance (“D&O Insurance”) covering certain liabilities which may be incurred by the directors and officers of the Company in the performance of their services for the Company; and 
 WHEREAS, developments with respect to the provisions of D&O Insurance and with respect to the application, amendment and enforcement of
statutory, charter and bylaw indemnification provisions generally have raised questions concerning the adequacy and reliability of the protection accorded to directors thereby and may increase the difficulty of attracting and retaining qualified
persons to serve as directors of the Company; and 
 WHEREAS, the Board of Directors of the Company has determined that difficulties
relating to the attraction and retention of such persons would be detrimental to the best interests of the Company and of its stockholders and that the Company should act to assure such persons that there will be increased certainty of
indemnification protection in the future; and 
 WHEREAS, the Delaware General Corporation Law and the Bylaws of the Company (the
“Bylaws”) provide that they are not exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled, and thereby contemplate that contracts may be entered into between the Company and
members of its Board of Directors with respect to indemnification of such directors; and 
 WHEREAS, in order to lessen or alleviate
the aforementioned concerns and thereby induce Director to serve and to continue to serve as a member of the Board of Directors of the Company, the Company has determined that it is in its best interests to enter into this Agreement with Director;

 NOW, THEREFORE, in consideration of the above premises and of Director’s continued service as a member of the Company’s
Board of Directors after the date hereof, the parties hereto agree as follows: 

 1. Indemnification—General. The Company shall, to the fullest extent, and only to the extent,
permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit, indemnify and hold Director harmless from and against any and all losses, liabilities, claims, damages and
Expenses (as hereinafter defined) arising out of any event or occurrence related to the fact that Director is or was a Director of the Company or is or was serving in another Corporate Status. The rights of Director provided under the preceding
sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 
 2. Proceedings Other
than Proceedings by or in the Right of the Company. Director shall be entitled to the indemnification rights provided in this Section 2 if, by reason of Director’s Corporate Status (as hereinafter defined), Director is, or is
threatened to be made, a party to, or is or is required to prepare to be a witness to, any threatened, pending or completed Proceeding (as hereinafter defined), other than a Proceeding by or in the right of the Company. Pursuant to this
Section 2, Director shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Director or on Director’s behalf in connection with such Proceeding or any claim,
issue or matter therein, if Director acted in good faith and in a manner Director reasonably believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe
Director’s conduct was unlawful. 
 3. Proceedings by or in the Right of the Company. Director shall be entitled to the
indemnification rights provided in this Section 3, if, by reason of Director’s Corporate Status, Director is, or is threatened to be made, a party to, or is or is required to prepare to be a witness to, any threatened, pending or completed
Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Director shall be indemnified against Expenses actually and reasonably incurred by Director or on Director’s behalf in
connection with such Proceeding if Director acted in good faith and in a manner Director reasonably believed to be in, or not opposed to, the best interests of the Company. Notwithstanding the foregoing, no indemnification against such Expenses
shall be made in respect of any claim, issue or matter in such Proceeding as to which Director shall have been adjudged to be liable to the Company if applicable law prohibits such indemnification; provided, however, that, if applicable law so
permits, indemnification against Expenses shall nevertheless be made by the Company despite such adjudication of liability, if and only to the extent that the Court of Chancery of the State of Delaware, or the court in which such Proceeding shall
have been brought or is pending, shall determine. 
 4. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Director is, by reason of Director’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Director shall be indemnified against
all Expenses actually and reasonably incurred by Director or on Director’s behalf in connection therewith. If Director is not wholly successful in such Proceeding but is successful on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Director against all Expenses actually and reasonably incurred by Director or on Director’s behalf in connection with each successfully resolved claim, issue or matter.
For the purposes of this Section 4 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

  

 2 

 5. Contribution. In the event that the indemnity contained in Sections 2, 3 or 4 of this Agreement
is unavailable or insufficient to hold Director harmless in a Proceeding described therein, then in accordance with the non-exclusivity provisions of the Delaware General Corporation Law and the Bylaws, and separate from and in addition to, the
indemnity provided elsewhere herein, the Company shall contribute to Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by or on behalf of Director in connection with such Proceeding or any claim,
issue or matter therein, in such proportion as appropriately reflects the relative benefits received by, and fault of, the Company on the one hand and Director on the other in the acts, transactions or matters to which the Proceeding relates and
other equitable considerations. 
 6. Procedure for Determination of Entitlement to Indemnification. 
 (a) To obtain indemnification under this Agreement, Director shall submit to the Company a written request, including such documentation
and information as is reasonably available to Director and is reasonably necessary to determine whether and to what extent Director is entitled to indemnification. The determination of Director’s entitlement to indemnification shall be made not
later than 90 days after receipt by the Company of the written request for indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Director has
requested indemnification. 
 (b) Director’s entitlement to indemnification or contribution under any of Sections 2, 3, 4
and 5 of this Agreement shall be determined in the manner provided under this Section 6(b). 
 (i) If there has been no
Change of Control (as hereinafter defined) at the time the request for indemnification is submitted, Director’s entitlement to indemnification shall be determined (i) by the Board of Directors by a majority vote of a quorum of the Board
consisting of Disinterested Directors (as hereinafter defined); (ii) by Independent Counsel (as hereinafter defined), in a written opinion if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if
obtainable, such quorum of Disinterested Directors so directs; or (iii) by the stockholders of the Company. 
 (ii) If
there has been a Change of Control at the time the request for indemnification is submitted, Director’s entitlement to indemnification shall be determined in a written opinion by Independent Counsel. 
  

 3 

 (iii) If, with regard to Section 5 of this Agreement, such a determination is not
permitted by law or, in the case of a determination to be made pursuant to Section 6(b)(i), if a quorum of Disinterested Directors so directs, such determination shall be made by the Court of Chancery of the State of Delaware or the court in
which the Proceeding giving rise to the claim for indemnification is brought. 
 (c) In the event that the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) of this Agreement, the Independent Counsel shall be selected as provided in this Section 6(c). 
 (i) If there has been no Change of Control at the time the request for indemnification is submitted, the Independent Counsel shall be
selected by the Board of Directors, and the Company shall give written notice to Director advising Director of the identity of the Independent Counsel so selected within ten days after receipt of the request for indemnification. Director may, within
fourteen days after receipt of such written notice of selection shall have been given, deliver to the Company a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not
meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. If, within 30 days after submission by Director of a
written request for indemnification pursuant to Section 6(a) of this Agreement, no Independent Counsel shall have been selected pursuant to the terms of this Section 6(c)(i), or if selected shall have been objected to, in accordance with
this Section 6(c)(i), either the Company or Director may petition the Court of Chancery of the State of Delaware for a determination as to whether Director’s objection, if any, has been made without a reasonable basis and/or for the
appointment as Independent Counsel of a person selected by such court or by such other person as such court shall designate, and any person so appointed shall act as Independent Counsel under Section 6(b) of this Agreement. 
 (ii) If there has been a Change of Control at the time the request for indemnification is submitted, Director shall give the Company
written notice advising of the identity and address of the Independent Counsel selected by Director. The Company may, within seven days after receipt of such written notice of selection, deliver to Director a written objection to such selection.
Director may, within five days after the receipt of such objection from the Company, submit the name of another Independent Counsel and the Company may, within seven days after receipt of such written notice of selection, deliver to Director a
written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Director may petition the Court of Chancery of the State of Delaware for a determination that the Company’s objection to the first and/or second selection of
Independent Counsel is without a reasonable basis and/or for the appointment as Independent Counsel of a person selected by such court. 
  

 4 

 (iii) The Company shall pay all reasonable fees and expenses incident to the procedures
of this Section 6(c), regardless of the manner in which any Independent Counsel is selected or appointed. 
 (d) The
procedures and presumptions provided for under Article V, Section 8 of the Bylaws as in effect on the date hereof shall be applicable to any determination of entitlement to indemnification under this Section 6. 
 7. Advancement of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Director in connection with any
Proceeding within 20 days after the receipt by the Company of a statement or statements from Director requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Director shall, and hereby
undertakes to, repay any Expenses advanced if it shall ultimately be determined that Director is not entitled to be indemnified against such Expenses. 
 8. Presumptions and Effect of Certain Proceedings. The termination of any proceeding described in any of Sections 2, 3 or 4 of this Agreement, or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Director to indemnification or create a presumption
that Director did not act in good faith and in a manner which Director reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Director had reasonable cause to believe that
Director’s conduct was unlawful. 
 9. Term of Agreement. All agreements and obligations of the Company contained herein shall
commence as of the time Director commenced to serve as a director, officer, employee or agent of the Company (or commenced to serve at the request of the Company as a director, officer, employee or agent of another corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise) and shall continue for so long as Director shall so serve or shall be, or could become, subject to any possible Proceeding in respect of which Director is granted
rights of indemnification or advancement of Expenses hereunder. 
 10. Notification and Defense of Claim. Promptly after receipt by
Director of notice of the commencement of any Proceeding, Director will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof; but the omission to notify the Company
will not relieve it from any liability which it may have to Director otherwise than under this Agreement. With respect to any such Proceeding as to which Director notifies the Company of the commencement thereof: 
  

 5 

 (a) The Company will be entitled to participate therein at its own expense. 

(b) Except as otherwise provided below, to the extent that it may wish, the Company jointly with any other indemnifying party similarly
notified will be entitled to assume the defense thereof, with counsel satisfactory to Director. After notice from the Company to Director of its election so to assume the defense thereof, the Company will not be liable to Director under this
Agreement for any legal or other Expenses subsequently incurred by Director in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. Director shall have the right to employ its counsel in
such Proceeding but the fees and Expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of Director unless (i) the employment of counsel by Director has been authorized
by the Company, or (ii) Director shall have reasonably concluded that there may be a conflict of interest between the Company and Director in the conduct of the defense of such Proceeding, or (iii) the Company shall not in fact have
employed counsel to assume the defense of such Proceeding, in each of which cases the fees and Expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on
behalf of the Company or as to which Director shall have made the conclusion provided for in (ii) above. 
 (c) The
Company shall not be liable to indemnify Director under this Agreement for any amounts paid in settlement of any Proceeding or claim effected without its written consent. The Company shall not settle any Proceeding or claim in any manner which would
impose any penalty or limitation on Director without Director’s written consent. Neither the Company nor Director will unreasonably withhold their consent to any proposed settlement. 
 11. Enforcement. 
 (a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Director to continue as a director of the Company, and acknowledges that Director is relying upon
this Agreement in continuing in such capacity. 
 (b) In the event Director is required to bring any action to enforce rights
or to collect moneys due under this Agreement and is successful in such action, the Company shall reimburse Director for all of Director’s reasonable Expenses in bringing and pursuing such action. 
 12. Non-Exclusivity of Rights. The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be
deemed exclusive of any other rights to which Director may at any time be entitled under applicable law, the Certificate of Incorporation of the Company, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.

  

 6 

 13. Definitions. For purposes of this Agreement: 
 (a) “Change of Control” means a change in control of the Company after both the Trigger Date (as hereinafter defined) and
the date Director acquired Director’s Corporate Status, which shall be deemed to have occurred in any one of the following circumstances occurring after such date: (i) there shall have occurred an event required to be reported with respect
to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; (ii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) shall have become the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding voting securities without prior approval of at least
two-thirds of the members of the Board of Directors in office immediately prior to such person attaining such percentage interest; (iii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy
contest, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iv) during any period of two consecutive
years, individuals who at the beginning of such period constituted the Board of Directors (including, for this purpose, any new director whose election or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that notwithstanding the foregoing, the
distribution of the shares of the Company’s common stock in one or multiple transactions by Halliburton Company, a Delaware corporation (“Halliburton”), to its stockholders shall not be a Change of Control. 
 (b) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary
of the Company or of any other corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 
 (c) “Disinterested Director” means a director of the Company who is not and was not at any time a party to the Proceeding
in respect of which indemnification is sought by Director. 
 (d) “Expenses” shall include all reasonable
attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding. 
  

 7 

 (e) “Independent Counsel” means a law firm, or a member of a law firm,
that is experienced in matters of corporation law and neither presently is, nor in the five years previous to his selection or appointment has been, retained to represent: (i) the Company or Director in any matter material to either such party
or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Company or Director in an action to determine Director’s rights under this Agreement. 
 (f) “Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, except one initiated by Director pursuant to Article V, Section 10 of the Bylaws to enforce Director’s rights under Article V of the
Bylaws. 
 (g) “Trigger Date” means the date on which Halliburton shall first cease to beneficially own (as
such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, stock representing in the aggregate a majority of the voting power of all then outstanding shares of capital stock of the Company generally entitled to vote in the
election of directors, voting together as a single class. 
 14. Severability. Each of the provisions of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other
provisions hereof. 
 15. Governing Law; Binding Effect; Amendment and Termination. 
 (a) THIS AGREEMENT SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 (b) This Agreement shall be binding upon Director and upon the Company, its successors and assigns, and shall inure to the benefit of
Director, Director’s heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns. 
 (c) No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing by the parties. 
  

 8 

 The parties have executed this Agreement as of the day and year first above written. 
  

			
	 KBR, INC.

		
	 By:
	 	  
		 	William P. Utt
		 	President and Chief Executive Officer
		
		 	  

					
			
		 	Print name:	 	  
		 	Director	 	

  

 9Chittenden Corporation Deferred Compensation Plan

 Exhibit 10.1 
 CHITTENDEN CORPORATION 
 DEFERRED COMPENSATION PLAN 
 Effective January 1, 2007 

 CHITTENDEN CORPORATION 
 DEFERRED COMPENSATION PLAN 
 PREAMBLE 
 Chittenden Corporation (the “Employer”) previously established the Chittenden Corporation, Chittenden Trust Company and Subsidiaries Directors’ Deferred
Compensation Plan (the “Plan”) to provide a vehicle whereby members of the Board of Directors of the Employer or any duly elected member of the Board of Directors of any other Participating Employer may elect to defer all the retainers and
fees payable by the Participating Employer to such Directors for services as such. 
 The Plan is hereby amended and restated to comply with Internal Revenue
Code Section 409A, added by the American Jobs Creation Act of 2004, effective January 1, 2005 and to allow certain executive Employees to participate in the Plan and make other changes effective January 1, 2007. The Plan is also
hereby renamed the Chittenden Corporation Deferred Compensation Plan. As provided herein, Plan provisions in effect as of December 31, 2004, shall continue to apply with respect to a Participant’s Account balance attributable to amounts
deferred prior to January 1, 2005 and shall continue to apply with respect to any vested terminated Participant or Participant who is in pay status as of such date. Accordingly, such Account balances will not be subject to the requirements of
Code Section 409A. Thus, any changes hereunder which have been made in order to comply with Code Section 409A shall apply only to deferred compensation earned on and after January 1, 2005. The plan is intended to be a “plan”
which is unfunded and is maintained by an Employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of sections 201(2), 301(a)(3), and 401(a)(1) of
ERISA, and shall be interpreted and administered to the extent possible in a manner consistent with that intent. 
  

 1 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	PREAMBLE	  		  		  	
			
	ARTICLE I	  	DEFINITIONS	  	
				
		  	1.1	  	“Account”	  	4
		  	1.2	  	“Affiliated Employer	  	4
		  	1.3	  	“Beneficiary”	  	4
		  	1.4	  	“Board”	  	4
		  	1.5	  	“Code”	  	4
		  	1.6	  	“Committee”	  	4
		  	1.7	  	“Disability”	  	4
		  	1.8	  	“Election Form”	  	5
		  	1.9	  	“Eligible Director”	  	5
		  	1.10	  	“Eligible Executive”	  	5
		  	1.11	  	“Employer”	  	5
		  	1.12	  	“Participant”	  	5
		  	1.13	  	“Participating Employer”	  	5
		  	1.14	  	“Plan”	  	5
		  	1.15	  	“Plan Year”	  	5
			
	ARTICLE II	  	ELIGIBILITY AND PARTICIPATION	  	6
				
		  	2.1	  	Eligibility to Participate	  	6
		  	2.2	  	Commencement and Termination of Participation	  	6
			
	ARTICLE III	  	VOLUNTARY DEFERRALS OF COMPENSATION	  	7
				
		  	3.1	  	Voluntary Deferrals	  	7
		  	3.2	  	Election Procedures	  	7
			
	ARTICLE IV	  	PARTICIPANT ACCOUNTS AND VESTING	  	9
				
		  	4.1	  	Participant Accounts	  	9
		  	4.2	  	Vesting	  	9
			
	ARTICLE V	  	INVESTMENT ELECTIONS	  	10
				
		  	5.1	  	Cash With Interest and Chittenden Stock Equivalent Accounts	  	10
		  	5.2	  	Investment Credits for Amounts Transferred From VFSC Plan	  	12

  

 2 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	ARTICLE VI	  	DISTRIBUTION OF BENEFITS	  	13
				
		  	6.1	  	Distribution of Benefits	  	13
		  	6.2	  	Change in Election	  	14
		  	6.3	  	Certain Other Distributions	  	15
		  	6.4	  	Delay in Distributions	  	16
		  	6.5	  	Compliance with Code Section 409A	  	16
			
	ARTICLE VII	  	DEATH OR DISABILITY OF PLAN PARTICIPANT	  	17
				
		  	7.1	  	Distribution Upon Death	  	17
		  	7.2	  	Distribution Upon Disability	  	18
			
	ARTICLE VIII	  	PLAN ADMINISTRATION AND MISCELLANEOUS	  	19
				
		  	8.1	  	Plan Administration	  	19
		  	8.2	  	Distribution Upon a Change in Control Event	  	19
		  	8.3	  	Assignment	  	20
		  	8.4	  	Amendment and Termination	  	21
		  	8.5	  	No Contract	  	21
		  	8.6	  	Rights to Participation	  	21
		  	8.7	  	Payments to Minors and Incompetents	  	21
		  	8.8	  	Income Tax Withholding	  	22
		  	8.9	  	Creation of Trust	  	22
		  	8.10	  	Captions	  	22

  

 3 

 ARTICLE I 
 DEFINITIONS 
  

	1.1	“Account” shall mean a notional account of all sums allocated to a Participant under the Plan represented by his or her deferrals and interest and/or earnings credited
thereon as described in Section 4.1. 

  

	1.2	“Affiliated Employer” shall mean any corporation which is included with the Employer in a controlled group of corporations, as determined in accordance with Code
Section 414(b), any unincorporated trade or business which, as determined under regulations of the Secretary of the Treasury, is under common control of the Employer under Code Section 414(c), any organization that includes the Employer,
which is a member of an affiliated service group, as defined in Code Section 414(m), and any other entity required to be aggregated with the Employer pursuant to regulations under Code Section 414(o). 

  

	1.3	“Beneficiary” means the individual designated by the Participant on his or her Election Form in accordance with Section 7.1 who shall be entitled to benefits
hereunder attributable to the Participant’s Account in the event of the Participant’s death. 

  

	1.4	“Board” means the Board of Directors of the Employer. 

  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended from time to time and any regulations issued thereunder. Reference to any Code Section shall include any
successor provision thereto. 

  

	1.6	“Committee” means the Executive Committee appointed by the Board to administer the Plan pursuant to Section 8.1. 

  

	1.7	“Disability” means a condition that (a) renders a Participant unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of at least 12 months, or (b) entitles the Participant, by reason of such medical or physical impairment, to income replacement
benefits for a period of at least 3 months under the long term disability plan sponsored by the Participating Employer. 

  

 4 

	1.8	“Election Form” shall mean the form developed by the Committee for a Participant to elect to defer compensation, select the investment option, to designate a Beneficiary,
and to elect the timing and form of payment of his or her Account in accordance with the provisions of the Plan, such procedures as adopted by the Committee, and Code Section 409A. The Election Form shall allow for separate elections in the
event of termination of employment, death, Disability, and upon a Change in Control Event. 

  

	1.9	“Eligible Director” means a non-employee member of the Board or non-employee member of the Board of Directors of another Participating Employer. 

 

	1.10	“Eligible Executive” means an employee of the Employer or a Participating Employer who is considered an “executive officer” under Section 215.2(e) of
Federal Reserve Board Regulation O, title 12, chapter II, of the Code of Federal Regulations (12 CFR 201). 

  

	1.11	“Employer” means the Chittenden Corporation. 

  

	1.12	“Participant” means an Eligible Director or Eligible Executive who is actively participating in the Plan in accordance with Article II or who has an Account under the Plan
under Section 4.1. 

  

	1.13	“Participating Employer” means the Employer and any Affiliated Employer that is selected by the Committee which participates in the Plan with the permission of the
Employer. 

  

	1.14	“Plan” means the Chittenden Corporation Deferred Compensation Plan, as set forth herein and as may be amended from time to time. 

  

	1.15	“Plan Year” means the 12-month period beginning on January 1 and ending on the following December 31. 

  

 5 

 ARTICLE II 
 ELIGIBILITY AND PARTICIPATION 
  

	2.1	Eligibility to Participate. Each Eligible Director shall be eligible to participate in the Plan as provided in Section 2.2. Effective January 1, 2007, each Eligible
Executive shall be eligible to participate in the Plan as provided in Section 2.2. 

  

	2.2	Commencement and Termination of Participation. An Eligible Director or Eligible Executive shall commence participation in the Plan on the first date that a voluntary deferral
of compensation is made in accordance with the election procedures set forth in Article III. A Participant’s active participation in this plan will end upon the termination of his service as an Eligible Director or Eligible Executive because of
death or any other reason, or upon his transfer to or reclassification as an employee who is not eligible to participate in the plan. Upon the termination of a Participant’s active participation in this Plan in accordance with this section,
there will be no additional voluntary deferrals credited to such Participant’s Account under Section 3.1. However, the Participant’s Account will continue to be credited with investment credits as described in Section 5.1 until
his or her Account is fully distributed, and the Participant will be entitled to receive distribution of his or her Account as specified on the Participant’s Election Form and in accordance with Article VI. 

  

 6 

 ARTICLE III 
 VOLUNTARY DEFERRALS OF COMPENSATION 
  

	3.1	Voluntary Deferrals. An Eligible Director may elect to defer all of the retainer and fees to be earned for his service for a calendar year as an Eligible Director. An
Eligible Executive may make voluntary deferrals under the plan from his or her base salary in any whole percentage of his base salary from a minimum of 5% to a maximum of 100% of base salary by electing to reduce his or her base salary by such
amount. In addition, each such Eligible Executive may make voluntary deferrals under the plan from his or her cash bonus in any whole percentage of his bonus from a minimum of 5% to a maximum of 100% by electing to reduce his or her bonus by such
amount. However, in no event shall voluntary deferrals for a period exceed 100% of the individual’s “base salary” or “bonus” as reduced to reflect all other tax withholdings, salary reductions or deductions under the various
benefit plans including but not limited to contributions under Code Section 401(k), 125, or 132(f), or under the Supplemental Executive Savings Plan. Elections will be in accordance with the requirements of Section 3.2.

  

	3.2	Election Procedures. An Eligible Director or Eligible Executive who wishes to reduce his or her compensation to be earned during a particular Plan Year in order to make
voluntary deferrals under Section 3.1 must complete an Election Form specifying the amount of voluntary deferrals, agreeing to reduce his or her retainer and fees, base salary and/or bonus (as applicable) by the amount(s) desired, specifying
the form and timing of the distribution of his or her Account, and providing such other information as the Committee may require. 

 A Participant’s Election Form electing voluntary deferrals for any Plan Year must be filed with the Committee by such deadline as the Committee specifies, but in any event not later than December 31 of the preceding Plan Year.
Notwithstanding the foregoing, the following special rules shall apply: (a) in the case of an Eligible Executive who first becomes eligible to participate hereunder as of January 1, 2007 or any other Eligible Executive or Eligible Director
who first becomes eligible to participate in the Plan during a Plan Year, the individual’s initial election to defer compensation may be made within 30 days after becoming eligible hereunder, provided that such election only relates to future
earnings; (b) elections to defer “performance based” compensation (as defined 

  

 7 

 
under Code Section 409A, and regulations thereunder) such as payments under the Employer’s Performance Share Plan, must be made at least 6 months
prior to the end of the performance period (so long as such compensation has not become certain to be paid and ascertainable). Such elections shall be made in accordance with such procedures as the Committee shall adopt, provided such deferrals are
made with respect to compensation for services performed after the election. 
 A Participant must elect the amount of his or her voluntary
deferrals with respect to any subsequent Plan Year by filing a new Election Form before the start of such subsequent Plan Year, and the change will become effective as of the first day of such subsequent Plan Year. Once a Participant has elected to
defer compensation, his or her enrollment form will remain in effect for future Plan Years unless the Participant changes or terminates his or her prior elections by filing a new enrollment form in accordance with the preceding sentence. 

After a Plan Year has begun, a Participant may not change the amount of voluntary deferrals (if any) he or she had elected for such Plan Year. However,
if during a Plan Year a Participant either (i) has an unforeseeable emergency as defined under Code Section 409A(a)(2)(B)(ii) and regulations thereunder or (ii) has a financial hardship (as defined in the Chittenden Corporation
Incentive Savings and Profit Sharing Plan) and receives a financial hardship withdrawal from such plan, the Participant may elect to cancel his or her deferral election for the balance of that Plan Year. 
  

 8 

 ARTICLE IV 
 PARTICIPANT ACCOUNTS AND VESTING 
  

	4.1	Participant Accounts. An Account will be established on behalf of each Participant to which will be credited all amounts deferred by the Participant. Accounts are maintained
strictly for accounting purposes and do not represent a separate funding of the benefits under the Plan. Accounts shall be maintained as part of the general liabilities of the Employer, and Participants and beneficiaries hereunder shall have the
same rights with respect to such Accounts as a general, unsecured creditor of the Employer. 

 Amounts deferred hereunder by the
Participant and any dividends payable under the Chittenden Stock Equivalent Account (described in Article V) shall be credited to his Account at such time as they would otherwise have been payable to the Participant. Such amounts shall be credited
to the Cash With Interest Account (described in Article V) or the Chittenden Stock Equivalent Account (described in Article V) as designated by the Participant on his or her Election Form. 
 Each Participant will indicate with his or her initial Election Form the investment election he wishes to designate for this purpose. Thereafter, a
Participant may change his or her investment election as provided in Section 5.1 and in accordance with such procedures as established by the Committee. Following a Participant’s death and before the payment of any amount due to the
Participant’s Beneficiary hereunder has been completed, the Beneficiary will exercise the Participant’s investment election powers under this Section. 
  

	4.2	Vesting. A Participant shall have a fully vested interest in his or her Account at all times. 

  

 9 

 ARTICLE V 
 INVESTMENT ELECTIONS 
  

	5.1	Cash With Interest Account and Chittenden Stock Equivalent Accounts 

 Subject to the provisions of this Article, at the time a Participant elects to participate in the Plan, the Participant shall designate on his or her Election Form the notional investment of his or her deferred
amounts. A Participant must elect to invest either 100% of his or her deferrals for a Plan Year in the Chittenden Stock Equivalent Account or 50% of his or her deferrals for the calendar year in the Cash With Interest Account and 50% in the
Chittenden Stock Equivalent Account. Investment changes may only be made at the beginning of any calendar year with respect to future deferrals only, by completing an Election Form at least 30 days prior to the beginning of such year or such lesser
notice as may be permitted by the Committee in a uniform and nondiscriminatory basis. 
 A Participant shall not be permitted to change the
investment of his or her existing Account at any time. 
  

	 	(a)	Cash With Interest Account 

 In the event that a
Participant has elected to credit a portion of his or her deferrals to the Cash With Interest Account, investment credits related to all such amounts shall be credited to such Account at the end of each month based on the Employer’s average
annual yield on earning assets for the previous calendar quarter, converted to a monthly-equivalent yield. 
 Investment credits on any
portion of the Participant’s Account added during a Plan Year shall be prorated to reflect the period of time during which such added portion was credited to the Participant’s Account. 
  

	 	(b)	Chittenden Stock Equivalent Account 

  

	 	(i)	In the event that a Participant has elected to credit all or a portion of his or her deferrals to the Chittenden Stock Equivalent Account, investment credits related to all such
amounts shall be credited to such Account as earned. The Participant’s Chittenden Stock Equivalent Account shall be 

  

 10 

 credited with the number of shares (including fractional interests in shares) of Employer Stock which
could be purchased with such deferred amount at the Crediting Price (described in (iii) below as of the date of the deferral (i.e. the date such deferred compensation would have otherwise been paid)). 
  

	 	(ii)	As of each date of payment of dividends on the Employer Stock there shall be credited, with respect to the equivalent shares of Employer Stock credited pursuant to this paragraph
(b) on the record date of such dividend, the equivalent of such additional shares (including fractional interests therein) of Employer Stock as follows: 

  

	 	(A)	In the case of cash dividends, the number of shares that could be purchased at the Crediting Price as of such payment date with the dividends which would have been payable on the
credited shares as if they had been outstanding. 

  

	 	(B)	In the case of dividends payable in Employer Stock, the equivalent number of shares that would have been payable on the equivalent shares as if they had been outstanding.

  

	 	(iii)	Crediting Price. The Crediting Price at the time any credit is to be made pursuant to paragraph (b)(i) shall be the fair market value of the Employer Stock on the date the
compensation would otherwise have been paid to Eligible Executives and on the date the fees and retainer would otherwise have been paid to Eligible Directors and, pursuant to paragraph (b)(ii), shall be the fair market value of the Employer Stock on
the date of the dividend payment. 

 For purposes of this subparagraph (iii), fair market value on any day shall mean the
closing price on a national securities exchange on the date the compensation and fees would otherwise have been paid or on the date of dividend payment. If there were no sale on said dates, then the fair market value shall be the closing price on
the previous business day. 
  

 11 

	 	(iv)	The total number of equivalent shares of Employer Stock held in Treasury for purposes of this paragraph (b) shall be proportionately adjusted from time to time, as determined
by the Committee, for any increase or decrease in the number of outstanding shares of Employer Stock resulting from a subdivision or combination of shares of Employer Stock, a dividend payable in Employer Stock (to the extent that credits have not
otherwise been made with respect thereto pursuant to subparagraph (ii)(B)), a reorganization or recapitalization or similar change in the Employer Stock or for any other change in the capital structure of Employer Stock. 

  

	5.2.	Investment Credits for Amounts Transferred From VFSC Plan 

 Notwithstanding Section 5.1, with respect to an Eligible Director who had an Account which was transferred to the Plan from the Vermont National Bank Deferred Compensation Plan for Directors (the “VFSC Plan”) effective
June 1, 1999 as a result of the acquisition of Vermont Financial Services Corporation, and whose benefits were in pay status as of such date, the Participant’s Account shall be credited with interest each quarter. The rate of interest
shall be the five-year Treasury Note rate (as published by the U.S. Federal Reserve Board) as in effect as of the beginning of such quarter plus 300 basis points. However, in the event the Participant had terminated his or her service as a Director
as of June 1, 1999 prior to attainment of age 60, the rate of interest to be credited to such Participant’s account for the period following such termination until the last payment from his or her Account shall be the three-month Treasury
Bill rate (as published by the U.S. Federal Reserve Board) in effect as of the beginning of each quarter. 
  

 12 

 ARTICLE VI 
 DISTRIBUTION OF BENEFITS 
  

	6.1.	Distribution of Benefits. 

  

	 	(a)	Time of Payment. 

 Benefits hereunder shall be paid
to a Participant or his Beneficiary on one of the following dates, as specified by the Participant on his or her Election Form: 
  

	 	(i)	in the case of an Eligible Executive, the first of the month following six (6) months after his or her separation from service of the Participating Employer (or, if earlier,
the date of death of the Participant); 

  

	 	(ii)	in the case of an Eligible Director, first of the month following termination of duties as an Eligible Director; 

  

	 	(iii)	the later of the time specified in (i) or (ii) above, as applicable, and January 1 of the calendar year following the calendar year in which the time specified in
(i) or (ii) above occurred; or 

  

	 	(iv)	at his or her attainment of the age specified on his or her Election Form. 

  

	 	(v)	In addition, the Participant may elect to have distribution made upon a Change in Control Event as defined in Section 8.2. 

  

	 	(b)	Form of Payment. 

 A Participant shall designate on
his Election Form the form of payment in which his benefits hereunder shall be paid. Participants with a Cash With Interest Account shall have their Accounts paid in cash. Participants with a Stock Equivalent Account shall receive payment in shares
of Employer Stock. The Participant may elect to have his benefits payable in one of the following forms of payment: 
  

	 	(i)	a single lump sum; or 

  

	 	(ii)	annual installments over a period not to exceed eleven years. 

  

 13 

 In the event that a Participant with a Cash With Interest Account elects an installment form of payment,
the funds to be distributed on the initial annual payment date shall be a proportionate share of the total amount credited to his Account as of the initial payment date specified on his Election Form and then shall be recalculated annually. Interest
shall continue to accrue, pursuant to Section 5.1(a) on the balance of the unpaid Account. 
 In the event that a Participant with a
Stock Equivalent Account elects an installment form of payment, the number of shares of Employer Stock to be distributed on the initial annual payment date shall be a proportionate share of the total number of equivalent shares credited to his
Account as of the initial payment date specified on his Election Form and then shall be recalculated annually. Dividends shall continue to accrue, pursuant to Section 5.1(b)(ii) on any equivalent shares of Stock remaining in the
Participant’s Account. 
 Payment of benefits shall commence as soon as administratively practicable following the date elected pursuant
to paragraph (a) above. 
  

	 	(c)	Small Accounts. Notwithstanding subsection (b) above, in the event a Participant elects installments and the value of the Participant’s Account is $10,000 or less
as of the date the installments were scheduled to begin, the Participant’s Account shall be automatically payable in a single lump sum payment. 

  

	6.2.	Change in Election. Notwithstanding Sections 6.1, 7.1 or 7.2, subject to subsections (a) and (b) below, a Participant who is an Eligible Executive or Eligible
Director may change his or her distribution election by executing an amended Election Form and elect to defer the time when his or her Account would otherwise be payable (or installment payments would otherwise begin) to a subsequent date specified
by him or her, or the Participant may elect another form of payment or a different number of installments, subject in all cases to the requirements of subsections (a) and (b) below and other provisions of this Article. If such election
becomes effective as provided below, then the Participant’s Account will be payable at the time and in the form specified in his subsequent election. 

  

	 	(a)	Accounts Attributable to Deferrals on and after January 1, 2005. The Participant’s subsequent election under this Section will become effective only if the
following criteria are satisfied: (i) the election does not take effect until one year after the 

  

 14 

 date of the election and the participant remains an Eligible Executive or Eligible Director during such
one year period, (ii) except in the event of the Participant’s death or Disability, the election extends the date for payment, or the start date for installment payments, by at least five years from the previously elected date, and
(iii) in the case of an election to defer a previously elected distribution upon attainment of a certain age (under Section 6.1(a)(iv) above), the change election is made at least 12 months before the date the amount would have otherwise
been distributed. 
 No election under the preceding paragraph may operate to accelerate any payment or distribution hereunder or violate any
requirement of Code Section 409A or the regulations and rulings thereunder. Installment payments to a participant will be deemed a single payment for purposes of the anti-acceleration rule under Code Section 409A(a)(3) and the rules
governing the timing of changes in elections with respect to time and form of payment hereunder pursuant to Code Section 409A(a)(4). 
 Notwithstanding the foregoing, an Eligible Director who has previously made a distribution election may change such election without regard to these restrictions in accordance with procedures adopted by the Committee provided such election
change is made prior to December 31, 2007 or such later date as permitted under Department of Treasury regulations under Code Section 409A, and further provided that such election does not apply to amounts that the Participant would
otherwise have received in 2007 or cause a payment to be accelerated to 2007. 
  

	 	(b)	Accounts Attributable to Deferrals Prior to January 1, 2005. With respect to a Participant’s Account attributable to deferrals made by an Eligible Director prior to
January 1, 2005, the Participant may change his or her election provided such subsequent election is made at least one year prior to the payment date. In addition, the Participant may only extend the date of payment and may not select an
earlier payment date. 

  

	6.3.	Certain Other Distributions. In addition to the distributions provided for in the preceding sections of this Article, the Committee may provide for a distribution from a
Participant’s account(s) under the following circumstance: In the event that, notwithstanding the intent 

  

 15 

 that this Plan satisfy in form and operation the requirements of Code Section 409A, it is determined
that the requirements of Code Section 409A have been violated with respect to any Participant or group of Participants, distribution of the amount determined to be includable in taxable income of such Participant or Participants as a result of
such a violation of Code Section 409. 
  

	6.4.	Delay in Distributions. Notwithstanding the provisions of any of the foregoing sections in this Article VI, the Committee may delay the making of any payment to a subsequent
date, provided that the delayed payment is made not later than the end of the calendar year in which the payment was due, or within 2 1/2 months after the date the payment was due, if later, pursuant to the requirements of Code Section 409A and the regulations and rulings thereunder. 

  

	6.5.	Compliance with Code Section 409A. Notwithstanding any other provision of this Plan, distributions and elections respecting distributions of amounts deferred after 2004
are intended to be and will be administered in accordance with the provisions of Code Section 409A and the regulations and rulings thereunder (including the provisions prohibiting acceleration of payment unless specifically permitted by such
regulations and rulings). 

  

 16 

 ARTICLE VII 
 DEATH OR DISABILITY OF PLAN PARTICIPANT 
  

	7.1.	Distribution Upon Death. Subject to Section 6.1(c), in the event of the death of a Participant before commencement of payment or before the complete distribution of his
or her Account hereunder, the Participant’s Beneficiary designated pursuant to subsection (c) below will receive the total amount remaining in the Participant’s Account in accordance with this Section. 

  

	 	(a)	Death Before Complete Distribution of Payment. Each Participant may, at the time of filing his or her initial Election Form (or, if applicable, in a subsequent election in
accordance with Section 6.2), elect the form of payment to the Participant’s Beneficiary in the event the Participant dies before commencing payment of his or her benefits as follows: 

  

	 	(i)	A number of annual installment payments over a period not to exceed eleven years or 

  

	 	(ii)	A single lump sum payment. 

 The Participant may also elect
the time of payment to the Beneficiary to be either as soon as practicable following the Participant’s death or the beginning of the following calendar year. 
  

	 	(b)	Death After Commencement But Before Complete Distribution. Each Participant may at the time of filing his or her initial Election Form (or, if applicable, in a subsequent
election in accordance with Section 6.2), elect that in the event the Participant dies after commencement of installments but prior to the complete distribution of his or her benefit hereunder, the remaining unpaid installments shall
(i) continue to be paid to his or her Beneficiary, or (ii) be paid to his or her Beneficiary in a single lump sum payment. 

  

	 	(c)	Beneficiary Designation. Each Participant may designate a Beneficiary to receive a distribution payable under subsection (a) or (b) above and may revoke or change
such a designation at any time in accordance with such procedures or in such form as the Committee may prescribe or deem acceptable. 

  

 17 

	 	(d)	Death of Beneficiary. If a Participant’s designated Beneficiary is receiving installment payments and dies before receiving payment of all the annual installments, the
designated Beneficiary’s estate will receive a lump sum payment of the amount remaining to be distributed to such deceased Beneficiary. Such payment will be made on the first day of the month next following the Committee’s receipt of
satisfactory evidence of the death of the designated Beneficiary and the appointment of a personal representative. 

  

	 	(e)	No Valid Beneficiary Designation. If the Participant has not designated a Beneficiary or if the Participant’s Beneficiary has predeceased him or her, the balance of the
Participant’s Account shall be paid in a single lump sum to the Participant’s estate as soon as practicable following the Participant’s death. 

  

	7.2.	Distribution Upon Disability. Each Participant may, at the time of filing his or her initial Election Form (or, if applicable, in a subsequent election in accordance with
Section 6.2), elect the form and timing of payment of his or her Account in the event the Participant suffers a Disability. The time and form of payment available to the Participant shall be the same form and timing of payment available upon
separation from service as described in Section 6.1 except that the Participant would not be required to wait for six (6) months before the benefit is paid as set forth in Section 6.1(a)(i). 

  

 18 

 ARTICLE VIII 
 PLAN ADMINISTRATION AND MISCELLANEOUS 
  

	8.1	Plan Administration 

  

	 	(a)	This Plan shall be administered by the Committee appointed by the Board to serve at their pleasure. The Committee shall have full discretion to interpret and administer this Plan
and its decision in any matter involving the interpretation and application of this Plan shall be final and binding on all parties. 

  

	 	(b)	Unless otherwise determined by the Employer, the members of the Committee shall serve without compensation for services as such, but all expenses of the Committee shall be borne by
the Employer. Neither the Employer nor any member of the Committee shall be liable for any loss or damage or depreciation which may result in connection with the execution of his duties or the exercise of his discretion or from any other act or
omission hereunder, except when due to his negligence or willful misconduct. 

  

	 	(c)	All claims for benefits under this Plan shall be made in writing to the Committee. The Committee shall establish a procedure for resolving any dispute relating to a claim for
benefits in accordance with requirements under the Employee Retirement Income Security Act of 1974, as amended, and regulations thereunder. 

  

	 	(d)	The members of the Committee may authorize one or more of their number to execute or deliver any instrument, make any payment or perform any other act which the Plan authorizes or
requires the Committee to do. 

  

	8.2	Distribution Upon a Change in Control Event. 

 A
Participant shall be permitted to make a one-time election on the Participant’s initial Election Form (or effective as of December 31, 1999, if later) to have his or her Account distributed immediately in a form of payment permitted under
Section 6.1 upon a Change in Control Event. For purposes of this Plan, with respect to a Participant’s Account attributable to deferrals made on and after January 1, 2005, a “Change in Control Event” shall mean a
“change in the ownership”, a “change in the effective 
  

 19 

 control”, or a “change in the ownership of a substantial portion of the assets” of the
Participant’s Participating Employer as such terms are defined under Code Section 409A and regulations issued thereunder. In accordance with Section 409A, to constitute a Change in Control Event as to the Participant, the Change in
Control Event must relate to (a) the Participating Employer for whom the Participant is performing services at the time of the Change in Control Event, (b) the Participating Employer that is liable for the payment of the deferred
compensation (or all corporations liable for the payment if more than one corporation is liable), or (c) the Participating Employer that is a majority shareholder of a Participating Employer identified in (a) or (b), or any corporation in
a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in (a) or (b). With respect to a Participant’s Account attributable to deferrals made prior
to January 1, 2005 a “Change in Control Event” shall mean the sale of at least 25% of the assets and/or stock of the Employer, or a change in the majority of the membership of the Employer’s Board of Directors (as determined by
the Committee) over a two-year period, unless such change of membership is approved by the then incumbent Board of Directors. 
  

	8.3	Assignment 

 Except to the extent otherwise required
by applicable law, no credits made to the Account of a Participant of this Plan shall be subject in any way to anticipation, alienation, sale, transfer, pledge, attachment or encumbrance of any kind; and any attempts to anticipate, alienate, sell,
transfer, assign, pledge or otherwise encumber any such credit, whether presently or thereafter payable, shall be void. Nor shall any such credit be in any way liable for or subject to the debts or liabilities of any person entitled to the credit.

 Any election to defer compensation under this Plan shall not reduce benefits payable under any other benefit plan the Employer may provide
for its Eligible Directors or Eligible Executives. Such benefits will be calculated as if the election had not been made. An Eligible Director or Eligible Executive may participate in this Plan at the same time as they participate in any other
deferred compensation plan or agreement with the Participating Employer. 
  

 20 

	8.4	Amendment and Termination 

 The Plan may be amended
at any time and from time to time by the Board and may be terminated at any time by action of the Board; provided, however, that no such amendment or termination shall cause or permit any amount, or, in the case of the Stock Equivalent Account, the
number of shares of equivalent stock already credited to a Participant’s Account, to be reduced or diminished. Notwithstanding the foregoing, the Board may amend the plan as it deems appropriate in order to comply with the final regulations to
be issued under section 409A and any other subsequent similar guidance. 
 The Board may authorize the Committee to amend the plan with
respect to administrative practices and procedures provided that any such amendment shall not increase the Employer’s financial obligations hereunder with respect to any existing participant. 
  

	8.5	No Contract 

 This Plan shall not be deemed a
contract of employment with any Participant, nor a guarantee of continued service as a director, nor shall any provision hereof affect the right of the Participating Employer to terminate a Participant’s employment. 
  

	8.6	Rights to Participation 

 The Employer’s sole
obligation to Participants and their Beneficiary shall be to make payment as provided hereunder. All payments shall be made from the general assets of the Employer and no Participant shall have any vested rights hereunder nor any right hereunder to
any specific assets of the Employer. 
  

	8.7	Payments to Minors and Incompetents 

 If any
Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Committee or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, they will be paid to such person or
institution as the Committee may designate or to the duly appointed guardian. Such payment shall, to the extent made, be deemed a complete discharge of any such payment under the Plan. 
  

 21 

	8.8	Income Tax Withholding 

 The Employer may withhold
from any payments hereunder such amount as it may be required to withhold under applicable Federal, state, or other law, and transmit such withheld amounts to the appropriate taxing authority. 
  

	8.9	Creation of Trust 

 In its sole discretion, the
Committee may otherwise use creation of trust or other arrangements to meet the Employer’s obligations to deliver Employer Stock or make payments hereunder. 
  

	8.10	Captions 

 The captions contained in the Plan are
inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or intent of the Plan, nor in any way affect the construction of any provision of the plan. 
 IN WITNESS WHEREOF, the Chittenden Corporation has caused this instrument to be executed and attested on its behalf by its officer hereunto duly authorized, as of this
     day of                     , 2006. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	  

  

			
	ATTEST:	 	  

		 	Corporate Secretary

  

 22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]