Document:

Exhibit 10.15

 Exhibit 10.15 
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT 
 First Amendment, dated as of November 12, 2008 (the “Amendment”), to the Amended and Restated Change in Control Agreement, dated as of
February 12, 2007 (as amended, the “Agreement”), by and among Enfield Federal Savings and Loan Association (the “Association”) and Scott Nogles (the “Executive”). Capitalized terms which are not defined herein
shall have the same meaning as set forth in the Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the parties desires to amend the Agreement to comply with the final regulations issued in April 2007 by the Internal Revenue Service under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, pursuant to Section 8(a) of
the Agreement, the parties to the Agreement desire to amend the Agreement; 
 NOW, THEREFORE, in consideration of the premises, the mutual
agreements herein set forth and such other consideration the sufficiency of which is hereby acknowledged, the Association and the Executive hereby amends the Agreement as follows: 
 Section 1. References to Enfield Federal Savings and Loan Association. All references to Enfield Federal Savings and Loan Association in the
Agreement shall include any successor to the Association. 
 Section 2. Amendment to Section 2(a) of the Agreement.
Section 2(a) of the Agreement is hereby amended to add the following immediately after Section 2(a)(v): 
 “provided, however,
that prior to any termination of employment for Good Reason, the Executive must first provide written notice to the Association (or its successor in interest) within ninety (90) days following the initial existence of the condition, describing
the existence of such condition, and the Association shall thereafter have the right to remedy the condition within thirty (30) days of the date the Association received the written notice from the Executive. If the Association remedies the
condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Association does not remedy the condition within such thirty (30) day cure period, then the Executive
may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.” 
 Section 3. Amendment to Section 2(b) of the Agreement. Section 2(b) of the Agreement is hereby amended to add the following immediately after Section 2(b)(iv): 
 “Notwithstanding anything in this Agreement to the contrary, a merger or combination of the Association with or into Valley Bank or any other
affiliate of the Company or a similar 

 
merger or combination of the Association into Valley Bank or any of its affiliates, or any other type of corporate reorganization involving the Association
or any other affiliate of the Company shall not constitute a Change in Control for purposes of this Agreement.” 
 Section 4.
New Section 2(d) of the Agreement. Section 2 of the Agreement is hereby amended to add a new Section 2(d) to read in its entirety as follows: 
 “(d) For purposes of this Agreement, any termination of Executive’s employment shall be construed to require a “Separation from Service” in accordance with Code Section 409A and the
regulations promulgated thereunder, such that the Association and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination of employment would permanently decrease to a level that is less than
50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36)-month period.” 
 Section 5. Amendment to Section 3(a)(ii) of the Agreement. Section 3(a)(ii) of the Agreement is hereby amended and a new
Section 3(a)(iii) is added to read in its entirety as follows: 
  

	 	“(ii)	Continued life insurance and non-taxable health and dental insurance coverage which Executive participated in as of the date of the Change in Control (collectively, the
“Employee Benefit Plans”) for a period of twenty-four (24) months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s
termination of employment. To the extent that benefits required under this Section 3(a)(ii) cannot be provided under the terms of any Association health and welfare plans, the Association shall pay the Executive the value of such benefits in a
single cash lump distribution within ten (10) calendar days following the Executive’s termination of employment; and 

  

	 	(iii)	Notwithstanding the foregoing, in the event the Executive is a Specified Employee (as defined herein), then, solely to the extent required to avoid penalties under Code
Section 409A, the Executive’s payments shall be delayed until the first day of the seventh month following the Executive’s Separation from Service. A “Specified Employee” shall be interpreted to comply with Code
Section 409A and shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof).” 

 Section 6. Amendment to Section 3(b) of the Agreement. Section 3(b) of the Agreement is hereby amended to amend and restate the last sentence of Section 3(b) to read in its entirety as
follows: 
 “If the payments and benefits under Section 3 are required to be reduced, the cash severance shall be reduced first,
followed by a reduction in the fringe benefits.” 
  

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 Section 7. Amendment to Section 13 of the Agreement. Section 13 of the Agreement is
hereby amended to add the following sentence immediately at the end thereof: 
 “Such payment or reimbursement shall be made to
Executive as soon as practicable but not later than March 15 of the calendar year immediately following the year in which such expenses were incurred by Executive.” 
 Section 8. Effectiveness. This Amendment shall be deemed effective as of the date first above written, as if executed on such date. Except as
expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Agreement, all of which are ratified and
affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected. 
 Section 9. Governing
Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of Connecticut, except to the extent preempted by the laws of the United States of America. 
 Section 10. Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Section 409A of the
Code. 
 IN WITNESS WHEREOF, the Association has duly executed this Amendment as of the day and year first written above. 
  

			
	 ENFIELD FEDERAL SAVINGS AND
 LOAN
ASSOCIATION

		
	By:	 	/s/ David J. O’Connor
		 	David J. O’Connor
		 	President and Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Scott Nogles
	Scott Nogles

  

 3Exhibit 10.16

 Exhibit 10.16 
 FIRST AMENDMENT TO 
 DIRECTORS FEE CONTINUATION AGREEMENT 
 First Amendment, dated as of December 31, 2008 (the “Amendment”), to the Directors Fee Continuation Agreement, effective June 1, 1995
(as amended, the “Agreement”), by and among Enfield Federal Savings and Loan Association (the “Corporation”) and
                     (the “Director”). Capitalized terms which are not defined herein shall have the same meaning as set forth in
the Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the parties desire to amend the Agreement to comply with the final regulations issued in April 2007 by the Internal Revenue Service under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”);
and 
 WHEREAS, pursuant to Paragraph Seventh of the Agreement, the parties to the Agreement desire to amend the Agreement; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby
acknowledged, the Corporation and the Director hereby agree to amend the Agreement as follows: 
 Section 1. Amendment to Paragraph
Second of the Agreement. Paragraph Second of the Agreement is hereby amended and restated to read in its entirety as follows: 
 “SECOND: If the Director is alive and in the employ of the Corporation on his Retirement Date, the Corporation shall make annual payments to the Director in an amount equal to one thousand dollars ($1,000) for each full year of service
as a Director from June 1, 1995 plus two hundred fifty dollars ($250) for each full year of service as a Director prior to June 1, 1995, but in no event shall the annual payment exceed six thousand dollars ($6,000). 
 Said payments shall be made as soon as practicable after the Retirement Date (but not later than
the 60th day following the Director’s Retirement Date), and annually thereafter for a total of ten (10) payments. 
 If the Director dies after Retirement Date but before the said ten (10) payments certain have been completed, the Corporation shall pay a lump sum
payment equal to the commuted value (discounted at 7%) of the payments for the remainder of such period to the beneficiary designated by the Director under Paragraph Third hereof, within 60 days of the death of the Director.” 

 Section 2. Amendment to Paragraph Third of the Agreement. Paragraph Third of the Agreement is
hereby amended and restated to read in its entirety as follows: 
 “THIRD: If a Director dies while a Director of the Corporation and
before the Retirement Date, then, the Corporation shall pay a benefit equal to the commuted value (discounted at 7%) of the ten (10) annual benefit payments to which the Director would have been entitled had he lived to the Retirement Date
under Paragraph First hereof. Said benefit shall be paid to the Director’s primary beneficiary in a lump sum within 60 days of the death of the Director. The Director shall have the right to name and change the primary beneficiary designation
and to designate a contingent beneficiary by appropriate written notice delivered to the Corporation. If there is no beneficiary designated to receive said benefit, or if the designated beneficiary and contingent beneficiary have predeceased the
Director, then the benefit shall be payable in a lump sum to the estate of the Director within 60 days of the death of the Director.” 
 Section 3. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of Connecticut, except to the extent preempted by the laws of the
United States of America. 
 Section 4. Compliance with Section 409A of the Code. This Amendment shall be interpreted and
administered consistent with Section 409A of the Code. 
 [Signature Page to Follow] 
  

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 IN WITNESS WHEREOF, the Corporation and the Director have duly executed this Amendment, effective as of
the date first written above. 
  

			
	 ENFIELD FEDERAL SAVINGS AND
 LOAN
ASSOCIATION

		
	By:	 	 
	Name:	 	
	Title:	 	

  

	
	DIRECTOR
	
	  
	

  

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