Document:

Exhibit
10.49

AMENDMENT NO. 1

TO

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

Dated as of October 17, 2006

Reference is made
to that certain Amended and Restated Employment Agreement dated as of January
1, 2004 (the “Agreement”) by and among Enterprise Bancorp, Inc. (the “Company”)
and Enterprise Bank and Trust Company (the “Bank” and together with the
Company, the “Employers”) and George L. Duncan (the “Executive”).

WHEREAS, the
Employers desire to continue to employ the Executive with a change in the
titles and responsibilities held and exercised by the Executive;

AND WHEREAS, the
Executive is willing to continue to be employed with a change in the titles and
responsibilities held and exercised by the Executive and, in connection
therewith, has delivered on the date hereof a written consent to such change in
titles and responsibilities for purposes of Section 1.7 of the Agreement;

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Employers and the Executive hereby agree as follows:

Effective
as of January 1, 2007 (the “Effective Date”), the Agreement shall be amended,
such that Sections 1.7, 2, 4.1 and 6.2(b) shall be amended as set forth below.

Amendment to Section 1.7.  In Section 1.7, clause (a)(i) contained in
the second and third lines thereof shall be amended and restated in its
entirety to read as follows:

(a) without the written
consent of the Executive, (i) the Board fails to appoint or reappoint the
Executive as Chairman of the Board of Directors of the Company and the Bank,

Amendment to Section 2.  In Section 2, the first sentence thereof
shall be amended and restated in its entirety to read as follows:

Subject to the terms and
provisions set forth in this Agreement, the Employers, during the Term of
Employment, agree to employ the Executive as an active employee and as Chairman
of the Board of Directors of the Company and the Bank and the Executive hereby
accepts such employment.

Amendment to Section 4.1.  Section 4.1 shall be amended and restated in
its entirety to read as follows:

4.1           Positions and Duties.  During the Term of Employment, the Executive
shall be employed as an active employee and shall serve as Chairman of the
Board of Directors of the Company and the Bank and shall exercise and assume
such duties, 

 

responsibilities and authorities as are provided in
the bylaws of the Employers with respect to holding such office.  Notwithstanding the above, the Executive
shall not be required to perform any duties and responsibilities which would
result in the Employers’ or the Executive’s noncompliance with, or any other
violation of, any applicable law, regulation, regulatory policy or other
regulatory requirement.

Amendment to Section 6.2(b).  In Section 6.2(b), clause (i) of the fourth
sentence thereof shall be amended and restated in its entirety to read as
follows:

(i) assume the Chairman
of the Board of Directors positions of the Company and the Bank or, if another
individual is then holding either of such positions and the Executive is not
reappointed to both such positions, assume such other position(s) as may be
available with the Employers at the same Base Salary as was in effect at the
time the Suspension for Disability had commenced and otherwise continue in the
employ of the Employers in accordance with the terms of this Agreement or

The
Agreement, as amended by this Amendment No. 1 as of the Effective Date, is and
shall continue to be in full force and effect and shall not be affected by this
Amendment No. 1, except and only to the extent specified above.

IN WITNESS WHEREOF, the undersigned Executive has hereunto set his hand
and each of the Employers has caused this Amendment No. 1 to be executed in its
name and on its behalf by a duly authorized officer, in each case as an
instrument under seal and as of the date set forth above.

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard
  W. Main

  
	
   

  	
   

  	
  Richard W. Main

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENTERPRISE BANK
  AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard W. Main

  
	
   

  	
   

  	
  Richard W. Main

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   /s/ George L. Duncan

  
	
   

  	
   

  	
  George L. Duncan

  
				

 

 2Exhibit
10.50

AMENDMENT NO. 2

TO

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

Dated as of October 17, 2006

Reference is made
to that certain Amended and Restated Employment Agreement dated as of January
1, 2004, as amended by Amendment No. 1 thereto dated as of December 31, 2004
(the “Agreement”), by and among Enterprise Bancorp, Inc. (the “Company”) and
Enterprise Bank and Trust Company (the “Bank” and together with the Company,
the “Employers”) and Richard W. Main. (the “Executive”).

WHEREAS, the
Employers and the Executive have a mutual desire to clarify certain
administrative matters pertaining to the continuing employment of the
Executive;

AND WHEREAS, the
Executive is willing to continue to be employed with such clarification of
administrative matters and any changes in the Executive’s function, duties or
responsibilities that may result therefrom, and, in connection therewith, has
delivered on the date hereof a written consent to any such changes for purposes
of Section 1.7 of the Agreement;

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Employers and the Executive hereby agree as follows:

Effective
as of January 1, 2007 (the “Effective Date”), the Agreement shall be amended,
such that Sections 4.1 and 6.2(b) shall be amended as set forth below.

Amendment to Section 4.1.  Section 4.1 shall be amended and restated in
its entirety to read as follows:

4.1           Positions and Duties.  During the Term of Employment, the Executive
shall be employed and shall serve as President of the Company and President and
Chief Lending Officer of the Bank and shall exercise and assume such duties,
responsibilities and authorities as are provided in the bylaws of the Employers
with respect to holding such offices. 
Notwithstanding the above, the Executive shall not be required to
perform any duties and responsibilities which would result in the Employers’ or
the Executive’s noncompliance with, or any other violation of, any applicable
law, regulation, regulatory policy or other regulatory requirement.

Amendment to Section 6.2(b).  In Section 6.2(b), clause (i) of the fourth
sentence thereof shall be amended and restated in its entirety to read as
follows:

(i) assume the President
position of the Company and the President and Chief Lending Officer positions
of the Bank or, if another individual is then holding either of such positions
and the Executive is not reappointed to both such positions, assume such other
position(s) as may be available with the Employers 

at the same Base Salary
as was in effect at the time the Suspension for Disability had commenced and
otherwise continue in the employ of the Employers in accordance with the terms
of this Agreement or

The
Agreement, as amended by this Amendment No. 2 as of the Effective Date, is and
shall continue to be in full force and effect and shall not be affected by this
Amendment No. 2, except and only to the extent specified above.

IN WITNESS WHEREOF, the undersigned Executive has hereunto set his hand
and each of the Employers has caused this Amendment No. 2 to be executed in its
name and on its behalf by a duly authorized officer, in each case as an
instrument under seal and as of the date set forth above.

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ George L. Duncan

  
	
   

  	
   

  	
  George L. Duncan

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENTERPRISE BANK
  AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ George L.
  Duncan

  
	
   

  	
   

  	
  George L. Duncan

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard W.
  Main

  
	
   

  	
   

  	
  Richard W. Main

  
					

 

 2Exhibit 10.51

AMENDMENT NO. 2 TO EMPLOYMENT
AGREEMENT

Dated as of October 17, 2006

Reference is made
to that certain Employment Agreement dated as of April 1, 2004, as amended by
Amendment No. 1 thereto dated as of December 31, 2004 (the “Agreement”), by and
among Enterprise Bancorp, Inc. (the “Company”) and Enterprise Bank and Trust
Company (the “Bank” and together with the Company, the “Employers”) and John P.
Clancy, Jr. (the “Executive”).

WHEREAS, the
Employers desire to continue to employ the Executive with a change in the
Executive’s titles and responsibilities;

AND WHEREAS, the
Executive is willing to continue to be employed with a change in his titles and
responsibilities, and in connection with such change in titles has delivered on
the date hereof a written consent for purposes of Section 1.7 of the Agreement;

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Employers and the Executive hereby agree as follows:

Effective
as of January 1, 2007 (the “Effective Date”), the Agreement shall be amended,
such that Sections 1.7, 2, 4.1 and 6.2(b) shall be amended as set forth below.

Amendment to Section 1.7.  In Section 1.7, clause (a)(i) contained in
the second and third lines thereof shall be amended and restated in its
entirety to read as follows:

(a) without the written consent of the Executive, (i)
the Employers fail to appoint or reappoint the Executive as Chief Executive
Officer of the Company and of the Bank,

Amendment to Section 2.  In Section 2, the first sentence thereof
shall be amended and restated in its entirety to read as follows:

Subject to the terms and
provisions set forth in this Agreement, the Employers, during the Term of
Employment, agree to employ the Executive as Chief Executive Officer of the
Company and of the Bank and the Executive hereby accepts such employment.

Amendment to Section 4.1.  Section 4.1 shall be amended and restated in
its entirety to read as follows:

4.1           Positions and Duties.  During the Term of Employment, the Executive
shall be employed and shall serve as Chief Executive Officer of the Company and
the Bank and shall exercise and assume such duties, responsibilities and authorities
as are provided in the bylaws of the Employers with respect to holding such
office.  Notwithstanding the above, the
Executive shall not be required to perform any duties and responsibilities
which would result in the Employers’ or the Executive’s noncompliance

 

 

with, or any other violation of, any applicable law,
regulation, regulatory policy or other regulatory requirement.

Amendment to Section 6.2(b).  In Section 6.2(b), clause (i) of the fourth
sentence thereof shall be amended and restated in its entirety to read as
follows:

(i) assume the Chief Executive Officer positions of
the Company and the Bank or, if another individual is then holding either of
such positions and the Executive is not reappointed to both such positions,
assume such other position(s) as may be available with the Employers at the
same Base Salary as was in effect at the time the Suspension for Disability had
commenced and otherwise continue in the employ of the Employers in accordance
with the terms of this Agreement or

The
Agreement, as amended by this Amendment No. 2 as of the Effective Date, is and
shall continue to be in full force and effect and shall not be affected by this
Amendment No. 2, except and only to the extent specified above.

IN WITNESS WHEREOF, the undersigned Executive has hereunto set his hand
and each of the Employers has caused this Amendment No. 2 to be executed in its
name and on its behalf by a duly authorized officer, in each case as an
instrument under seal and as of the date set forth above.

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George L.
  Duncan

  	
   

  
	
   

  	
   

  	
  George L. Duncan

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENTERPRISE BANK
  AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George L.
  Duncan

  	
   

  
	
   

  	
   

  	
  George L. Duncan

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ John P.
  Clancy, Jr.

  	
   

  
	
   

  	
  John P. Clancy,
  Jr.

  
						

 

 2

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