Document:

Exhibit 10.32

INDEMNIFICATION
AGREEMENT

This Indemnification
Agreement (this “Agreement”) is made as of __________, 2014, by and between Phibro Animal Health Corporation,
a Delaware corporation (the “Corporation”), in its own name and on behalf of its direct and indirect subsidiaries,
and __________, an individual (“Indemnitee”).

RECITALS:

WHEREAS,
directors, officers, employees, controlling persons, fiduciaries and other agents (“Representatives”) in service
to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to,
among other things, matters that traditionally would have been brought only against the corporation or business enterprise itself;

WHEREAS,
highly competent persons have become more reluctant to serve as Representative unless they are provided with adequate protection
through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their
service to and activities on behalf of the corporation or business enterprise;

WHEREAS,
the Board of Directors of the Corporation (the “Board”) has determined that the increased difficulty in attracting
and retaining highly competent persons is detrimental to the best interests of the Corporation and its stockholders and that the
Corporation should act to assure such persons that there will be increased certainty of protection against inordinate risks of
claims and actions against them arising out of their service to and activities on behalf of the Corporation;

WHEREAS,
(a) the Amended and Restated Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”)
requires indemnification of the officers and directors of the Corporation, (b) Indemnitee may also be entitled to indemnification
pursuant to the General Corporation Law of the State of Delaware (“DGCL”) and (c) the Certificate of Incorporation
and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate
that contracts may be entered into between the Corporation and its Representatives with respect to indemnification;

WHEREAS,
this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and the Bylaws and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder,
and

WHEREAS,
(a) Indemnitee does not regard the protection available under the Certificate of Incorporation, Bylaws and insurance as adequate
in the present circumstances, (b) Indemnitee may not be willing to serve or continue to serve as a Representative without adequate
protection, (c) the Corporation desires Indemnitee to serve in such capacity and (d) Indemnitee is willing to serve, continue to
serve and to take on additional service for or on behalf of the Corporation on the condition that [he/she] be so indemnified.

AGREEMENT:

NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree
as follows:

Section
1.                
Definitions.

(a)               
As used in this Agreement:

    	 

    	 

    

“Agreement”
shall have the meaning ascribed to such term in the Preamble hereto.

“Board”
shall have the meaning ascribed to such term in the Recitals hereto.

“Bylaws”
shall mean the Amended and Restated Bylaws of the Corporation.

“Certificate
of Incorporation” shall have the meaning ascribed to such term in the Recitals hereto.

“Corporate
Status” describes the status of an individual who is or was a Representative of an Enterprise.

“Corporation”
shall have the meaning ascribed to such term in the Preamble hereto.

“DGCL”
shall have the meaning ascribed to such term in the Recitals hereto.

“Enterprise”
shall mean the Corporation and any other Person, employee benefit plan, joint venture or other enterprise of which Indemnitee is
or was serving at the request of the Corporation as a Representative.

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

“Expenses”
shall mean all reasonable costs, expenses, fees and charges, including, without limitation, 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, being or preparing to be a witness in, or otherwise participating in,
a Proceeding. Expenses also shall include, without limitation, (i) expenses incurred in connection with any appeal resulting
from, incurred by Indemnitee in connection with, arising out of, in respect of or relating to, any Proceeding, including, without
limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its
equivalent, (ii) for purposes of Section 11(d) only, expenses incurred by Indemnitee in connection with the interpretation, enforcement
or defense of Indemnitee's rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign
taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (on a grossed up basis)
and (iv) any interest, assessments or other charges in respect of the foregoing.

“Indemnitee”
shall have the meaning ascribed to such term in the Preamble hereto.

“Indemnity
Obligations” shall mean all obligations of the Corporation to Indemnitee under this Agreement, including, without limitation,
the Corporation’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

“Independent
Counsel” shall mean 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 past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter

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material to either such party (other
than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification; provided, however,
that 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 Corporation or Indemnitee in an action to
determine Indemnitee's rights under this Agreement.

“Liabilities”
shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection
with, arising out of, in respect of or relating to or occurring as a direct or indirect consequence of any Proceeding, including,
without limitation, amounts paid in whole or partial settlement of any Proceeding, all Expenses in complying with any judgment,
order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree
entered into or issued in settlement of any Proceeding, and any consequential damages resulting from any Proceeding or the settlement,
judgment, or result thereof.

“Person”
shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency
or body or any other legal entity.

“Proceeding”
shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal
or informal hearing, inquiry or investigation, litigation, administrative hearing or any other actual, threatened or completed
judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act
of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right
of the Corporation or otherwise, and whether of a civil, criminal, administrative or investigative nature, in which Indemnitee
was, is or will be, or is threatened to be, involved as a party or witness or otherwise involved, affected or injured (i) by reason
of the fact that Indemnitee is or was a Representative of the Corporation, (ii) by reason of any actual or alleged action taken
by Indemnitee or of any action on Indemnitee’s part while acting as Representative of the Corporation or (iii) by reason
of the fact that Indemnitee is or was serving at the request of the Corporation as a Representative of another Person, whether
or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement
of Expenses can be provided under this Agreement.

“Representative”
shall have the meaning ascribed to such term in the Preamble hereto.

“Shareholder
Entities” shall mean BFI Co., LLC (“BFI”) or any other Person controlling, controlled by or under common
control with BFI; provided, however, that neither the Corporation nor any of its subsidiaries shall be considered
Shareholder Entities hereunder.

“Submission
Date” shall have the meaning ascribed to such term in Section 9(b).

(b)              
For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any
employee benefit plan; references to “serving at the request of the Corporation” shall include, without limitation,
any service as a Representative of the Corporation which imposes duties on, or involves services by, such Representative with respect
to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and

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in a manner he reasonably believed
to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in
manner “not opposed to the best interests of the Corporation” as referred to in this Agreement.

Section
2.                
Indemnity in Third-Party Proceedings. The Corporation shall indemnify and hold harmless Indemnitee, to the
fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or
on Indemnitee’s behalf in connection with or as a consequence of any Proceeding (other than any Proceeding brought by or
in the right of the Corporation to procure a judgment in its favor which shall be governed by the provisions set forth in Section
3 below) or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be
in, or not opposed to, the best interests of the Corporation and, in the case of a criminal proceeding, had no reasonable cause
to believe that his conduct was unlawful. For the avoidance of doubt, a finding, admission or stipulation that an Indemnitee has
acted with gross negligence or recklessness shall not, of itself, create a presumption that such Indemnitee has failed to meet
the standard or conduct required for indemnification in this Section 2.

Section
3.                
Indemnity in Proceedings by or in the Right of the Corporation. The Corporation shall indemnify and hold
harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered
or incurred by Indemnitee or on Indemnitee’s behalf in connection with or as a consequence of any Proceeding brought by
or in the right of the Corporation to procure a judgment in its favor, or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner he reasonably believed to be in, or not opposed, to the best interests of the Corporation. No indemnification
for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that the Delaware Court
of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of
liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.
For the avoidance of doubt, a finding, admission or stipulation that an Indemnitee has acted with gross negligence or recklessness
shall not, of itself, create a presumption that such Indemnitee has failed to meet the standard or conduct required for indemnification
in this Section 3.

Section
4.                
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions
of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, to the extent that (a) Indemnitee
is a party to (or a participant in) any Proceeding, (b) the Corporation is not permitted by applicable law to indemnify Indemnitee
with respect to any claim brought in such Proceeding if such claim is asserted successfully against Indemnitee and (c) Indemnitee
is not wholly successful in such Proceeding, but is successful, on the merits or otherwise (including, without limitation, settlement
thereof), as to one or more but less than all claims, issues or matters in such Proceeding, then the Corporation shall indemnify
Indemnitee, to the fullest extent permitted by applicable law, against all Liabilities and Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf, in connection with or as a consequence of each successfully resolved claim, issue
or matter. For purposes of this Section 4 and without limitation, the termination of any claim, issue or matter in such a Proceeding
by settlement, entry of a plea of nolo contendere or by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

Section
5.                
Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the
extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is
not a party, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Liabilities and Expenses
suffered or incurred by him or on his behalf in connection therewith.

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Section
6.                
Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4, the Corporation shall indemnify
Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to, or threatened to be made a party to,
any Proceeding (including, without limitation, a Proceeding by or in the right of the Corporation to procure a judgment in its
favor), against all Liabilities and Expenses suffered or incurred by Indemnitee in connection with such Proceeding:

(a)               
to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification
by agreement, or the corresponding provision of any amendment to, or replacement of, the DGCL, and

(b)              
to the fullest extent authorized or permitted by any amendments to, or replacements of, the DGCL adopted after the
date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

Section
7.                
Advances of Expenses. In furtherance of the requirement of Article Eight of the Bylaws and notwithstanding
any provision of this Agreement to the contrary, the Corporation shall advance, to the fullest extent permitted by law, Expenses
incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within ten (10) days after the receipt
by the Corporation of a statement or statements requesting such advances from time to time, whether prior to, or after, final
disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's
ability to repay Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions
of this Agreement. Advances shall include any and all Expenses incurred pursuing an action to enforce this right of advancement,
including, without limitation, Expenses incurred preparing and forwarding statements to the Corporation to support the advances
claimed. Indemnitee shall qualify for advances upon the execution and delivery to the Corporation of this Agreement, which shall
constitute an undertaking, providing that Indemnitee undertakes to repay the advance to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified by the Corporation.

Section
8.                
Procedure for Notification and Defense of Claim.

(a)               
Indemnitee shall notify the Corporation in writing of any Proceeding with respect to which Indemnitee intends to
seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee
of written notice thereof. The written notification to the Corporation shall include a description of the nature of the Proceeding
and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation
a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and
is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition
of such Proceeding. Any delay or failure by Indemnitee to notify the Corporation hereunder will not relieve the Corporation from
any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so
notifying the Corporation shall not constitute a waiver by Indemnitee of any rights under this Agreement.

(b)              
In the event Indemnitee is entitled to indemnification and/or advancement of Expenses with respect to any Proceeding,
Indemnitee may, at Indemnitee’s option, (i) retain legal counsel selected by Indemnitee and approved by the Corporation (which
approval shall not to be unreasonably withheld, conditioned or delayed) to defend Indemnitee in such Proceeding, at the sole expense
of the Corporation or (ii) have the Corporation assume the defense of Indemnitee in the Proceeding, in which case the Corporation
shall assume the defense of such Proceeding with

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legal counsel selected by the
Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10)
days of the Corporation’s receipt of written notice of Indemnitee’s election to cause the Corporation to do so. If
the Corporation is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and shall
be solely responsible for all Expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both
Indemnitee and the Corporation (and/or any other party or parties entitled to be indemnified by the Corporation with respect to
such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee
and the Corporation (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available
to the Corporation (or any such other party or parties). Notwithstanding either party’s assumption of responsibility for
defense of a Proceeding, each party shall have the right to engage separate legal counsel at its own expense. The party having
responsibility for defense of a Proceeding shall provide the other party and its legal counsel with all copies of pleadings and
material correspondence relating to the Proceeding. Indemnitee and the Corporation shall reasonably cooperate in the defense of
any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Corporation or Indemnitee assumes
the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Corporation
(which consent shall not be unreasonably withheld, conditioned or delayed). The Corporation may not settle or compromise any proceeding
without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed).

Section
9.                
Procedure Upon Application for Indemnification.

(a)               
Upon written request by Indemnitee for indemnification pursuant to Section 8(a), the Corporation shall advance Expenses
necessary to defend against a Claim pursuant to Section 7 hereof. If any determination by the Corporation is required by applicable
law with respect to Indemnitee's ultimate entitlement to indemnification, such determination shall be made (i) if Indemnitee
shall request such determination be made by the Independent Counsel, by the Independent Counsel and (ii) in all other circumstances
in any manner permitted by the DGCL. Indemnitee shall cooperate with the Person(s) making such determination with respect to Indemnitee's
entitlement to indemnification, including, without limitation, providing to such Person(s), upon reasonable advance request, any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Expenses incurred by Indemnitee in so cooperating with the Person(s)
making such determination shall be borne by the Corporation (irrespective of the determination as to Indemnitee's entitlement to
indemnification) and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Corporation will
not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s
entitlement to such indemnification described in this Section 9(a) has been made. The Corporation agrees to pay Expenses of the
Independent Counsel referred to above and to fully indemnify the Independent Counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

(b)              
In the event that the determination of entitlement to indemnification is to be made by the Independent Counsel pursuant
to Section 9(a) hereof, (i) the Independent Counsel shall be selected by the Corporation within ten (10) days of the Submission
Date, (ii) the Corporation shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected
and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Corporation
Indemnitee’s written objection to such

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selection. Absent a timely objection,
the Person so selected shall act as the Independent Counsel. If a timely objection is made by Indemnitee, the Person so selected
may not serve as the Independent Counsel unless and until such objection is withdrawn. If no Independent Counsel shall have been
selected (whether due to a failure of the Corporation to appoint such Independent Counsel, an un-withdrawn objection from Indemnitee
with respect to the person so appointed or otherwise) before the later of (i) thirty (30) days after the submission by Indemnitee
of a written request for indemnification pursuant to Section 9(a) hereof (the date of such submission, the “Submission
Date”) and (ii) ten (10) days after the final disposition of the Proceeding for which indemnity is sought, then (x) each
of the Corporation and Indemnitee shall select a Person meeting the qualifications to serve as the Independent Counsel and (y)
such Persons shall (collectively) select the Independent Counsel. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 11(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

Section
10.            
Presumptions and Effect of Certain Proceedings.

(a)               
In making a determination with respect to entitlement to indemnification hereunder, the Person(s) making such determination
shall, to the fullest extent permitted by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Corporation shall, to the
fullest extent permitted by law, have the burden of proof to overcome that presumption in connection with the making by any Person(s)
of any determination contrary to that presumption. Neither the failure of the Corporation (including, without limitation, by its
directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Corporation (including, without limitation, by its directors or independent legal counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not
met the applicable standard of conduct.

(b)              
Subject to Section 11(e), if the Person(s) empowered or selected under Section 9 hereof to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the
request therefore, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law,
be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of such indemnification
under applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not
to exceed an additional thirty (30) days, if (i) the determination is to be made by the Independent Counsel and Indemnitee objects
to the Corporation’s selection of the Independent Counsel and (ii) the Independent Counsel ultimately selected requires such
additional time for the obtaining or evaluating of documentation and/or information relating thereto.

(c)               
The termination of any Proceeding 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)
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he reasonably believed to be in, or not opposed to, the best interests of the Corporation or, with respect to
any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

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(d)              
 Effect of Settlement. To the fullest extent permitted by law, settlement of any Proceeding without any finding
of responsibility, wrongdoing or guilt on the part of Indemnitee with respect to claims asserted in such Proceeding shall constitute
a conclusive determination that Indemnitee is entitled to indemnification hereunder with respect to such Proceeding.

(e)               
Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise, including financial statements,
or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise, or on information or records given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. The provisions of this Section 10(e)
shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met
the applicable standard of conduct set forth in this Agreement.

(f)               
Actions of Others. The knowledge and/or actions, or failure to act, of any Representative (other than Indemnitee)
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Section
11.                
Remedies of Indemnitee.

(a)               
Subject to Section 11(e), in the event that (i) a determination is made pursuant to Section 10 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant
to Section 7 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section
9(a) of this Agreement within ninety (90) days after the Submission Date, (iv) payment of indemnification is not made pursuant
to Section 4, 5 or 9(a) of this Agreement within ten (10) days after receipt by the Corporation of a written request therefore,
(v) payment of indemnification pursuant to Section 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or (vi) in the event that the Corporation or any other person takes
or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or
Proceeding designed to deny, or to recover from, Indemnitee, the benefits provided or intended to be provided to Indemnitee hereunder,
Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification and/or advancement
of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Corporation shall not oppose
Indemnitee's right to seek any such adjudication or award in arbitration.

(b)              
In the event that a determination shall have been made pursuant to Section 9(a) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 11 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 11, the Corporation shall have
the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

(c)               
If a determination shall have been made pursuant to Section 9(a) of this Agreement that Indemnitee is entitled to
indemnification, the Corporation shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant
to this Section 11,

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absent (i) a misstatement by the
Indemnitee of a material fact, or an omission by the Indemnitee of a material fact necessary to make the Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

(d)              
The Corporation shall, to the fullest extent permitted by law, be precluded from asserting in any judicial proceeding
or arbitration commenced pursuant to this Section 11 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions
of this Agreement. It is the intent of the Corporation that Indemnitee not be required to incur legal fees or other Expenses associated
with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation or otherwise because
the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. In
addition, the Corporation shall indemnify Indemnitee against any and all such Expenses and, if requested by Indemnitee, shall (within
ten (10) days after receipt by the Corporation of a written request therefore) advance, to the fullest extent permitted by law,
such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification
or advance of Expenses from the Corporation under this Agreement or under any directors' and officers' liability insurance policies
maintained by the Corporation, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be.

(e)               
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification
under this Agreement shall be required to be made prior to the final disposition of the Proceeding; provided that,
in absence of any such determination with respect to such Proceeding, the Corporation shall pay Liabilities and advance Expenses
with respect to such Proceeding as if Indemnitee had been determined to be entitled to indemnification and advancement of Expenses
with respect to such Proceeding.

Section
12.            
Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

(a)               
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 Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation,
the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Certificate of Incorporation, the Bylaws and/or this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

(b)              
The Corporation hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses
and/or insurance provided by one or more Persons with whom or which Indemnitee may be associated (including, without limitation,
any

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Shareholder Entity). The Corporation
hereby acknowledges and agrees that (i) the Corporation shall be the indemnitor of first resort with respect to any Proceeding,
Expense, Liability or matter that is the subject of the Indemnity Obligations, (ii) the Corporation shall be primarily liable for
all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter
that is the subject of Indemnity Obligations, whether created by law, organizational or constituent documents, contract (including,
without limitation, this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be
associated (including, without limitation, any Shareholder Entity) to indemnify Indemnitee and/or advance Expenses to Indemnitee
in respect of any proceeding shall be secondary to the obligations of the Corporation hereunder, (iv) the Corporation shall be
required to indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard
to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, without
limitation, any Shareholder Entity) or insurer of any such Person and (v) the Corporation irrevocably waives, relinquishes and
releases any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity)
from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Corporation hereunder.
In the event that any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder
Entity) or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed
by the Corporation or payable under any insurance policy provided under this Agreement, the payor shall have a right of subrogation
against the Corporation or its insurer or insurers for all amounts so paid which would otherwise be payable by the Corporation
or its insurer or insurers under this Agreement. In no event will payment of an Indemnity Obligation of the Corporation under this
Agreement by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity)
or their insurers, affect the obligations of the Corporation hereunder or shift primary liability for any Indemnity Obligation
to any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity). Any
indemnification and/or insurance or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated
(including, without limitation, any Shareholder Entity), with respect to any liability arising as a result of Indemnitee’s
Corporate Status or capacity as an officer or director of any Person, is specifically in excess of any Indemnity Obligation of
the Corporation or valid and any collectible insurance (including, without limitation, any malpractice insurance or professional
errors and omissions insurance) provided by the Corporation under this Agreement, and any obligation to provide indemnification
and/or insurance or advance Expenses provided by any other Person with whom or which Indemnitee may be associated (including, without
limitation, any Shareholder Entity) shall be reduced by any amount that Indemnitee collects from the Corporation as an indemnification
payment or advancement of Expenses pursuant to this Agreement.

(c)               
To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for Representatives
of the Corporation or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the coverage available for any such Representative under such policy or policies. If, at the
time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation maintains an insurance policy or policies
providing liability insurance for Representatives of the Corporation or of any other Enterprise, the Corporation shall give prompt
notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policy
or policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

    	10

    	 

    

(d)              
 In the event of any payment under this Agreement, the Corporation shall not be subrogated to, and hereby waives
any rights to be subrogated to, any rights of recovery of Indemnitee, including, without limitation, rights of indemnification
provided to Indemnitee from any other Person or entity with whom Indemnitee may be associated (including, without limitation, any
Shareholder Entity) as well as any rights to contribution that might otherwise exist; provided, however, that the
Corporation shall be subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies
of the Corporation or any of its subsidiaries.

(e)               
The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless
of any investigation made by or on behalf of Indemnitee.

Section
13.            
Duration of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the
latest of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a Representative of the Corporation
or any other Enterprise and (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant
to Section 11 of this Agreement relating thereto. This Agreement shall be binding upon the Corporation and its successors and
assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. This Agreement
shall not be deemed an employment contract between the Corporation (or any of its subsidiaries or any Enterprise) and Indemnitee.
Indemnitee specifically acknowledges that Indemnitee's employment with the Corporation (or any of its subsidiaries or any Enterprise),
if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise
provided in any written employment contract between Indemnitee and the Corporation (or any of its subsidiaries or any Enterprise),
other applicable formal severance policies duly adopted by the Board, or, with respect to service as a Representative of the Corporation,
by the Certificate of Incorporation, Bylaws and the DGCL.

Section
14.            
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to
the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c)
to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section
15.            
Enforcement.

(a)               
The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a Representative of the Corporation, and the Corporation acknowledges
that Indemnitee is relying upon this Agreement in serving as a Representative of the Corporation.

(b)              
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the
subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate
of

    	11

    	 

    

Incorporation, the Bylaws and
applicable law, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section
16.            
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. The failure of any party
to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

Section
17.            
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other
communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business
day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom
said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation
that such transmission has been received:

(a)               
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee
shall provide to the Corporation.

(b)              
If to the Corporation to:

		
        Phibro Animal Health Corporation

        Glenpointe Centre East, 3rd Floor

        300 Frank W. Burr Boulevard, Suite 21

        Teaneck, New Jersey 07666

        Fax: (201) 329-7041

        Attention: General Counsel

		with copies to (which shall not constitute notice to the Corporation):
		
        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        United States of America

        Fax: (212) 446-6460

        Attention: Joshua N. Korff, Esq. and

        Christopher A. Kitchen, Esq.

 

or to any other address as may have been
furnished to Indemnitee by the Corporation.

Section
18.            
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for
in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or
to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of the Proceeding in order to reflect
(a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding; and/or (b) the relative fault of

    	12

    	 

    

the Corporation (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section
19.            
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict
of laws rules. The Corporation and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state
or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction
of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement,
(c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery and (d) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has
been brought in an improper or inconvenient forum.

Section
20.            
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section
21.         
Third-Party Beneficiaries. The Shareholder Entities are intended third-party beneficiaries of this Agreement.

Section
22.            
Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where
appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof.

[SIGNATURE PAGE FOLLOWS]

    	13

    	 

    

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

	 	PHIBRO ANIMAL
HEALTH CORPORATION
	 	 
	 	 
	 	 
	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	INDEMNITEE:
	 	 
	 	 
	 	 
	 	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Address:	 	 

 

 

 

 

 

    	[Signature Page to Indemnification Agreement]Exhibit 10.15

 

AGREEMENT AND PLAN OF MERGER

 

DATED AS OF MARCH 31, 2014

 

BY AND BETWEEN

 

BANKWELL FINANCIAL GROUP, INC.

 

AND

 

QUINNIPIAC BANK & TRUST COMPANY

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE I THE MERGER	- 1 -
	 	 	 
	Section 1.01	Terms of the Merger	- 1 -
	Section 1.02	Tax Consequences	- 1 -
	Section 1.03	Name of the Surviving Bank	- 1 -
	Section 1.04	Charter and Bylaws of the Surviving Bank	- 2 -
	Section 1.05	Directors and Executive Officers of BWFG and Surviving Bank	- 2 -
	Section 1.06	Advisory Board	- 2 -
	Section 1.07	Effect of the Merger	- 2 -
	Section 1.08	Effective Date and Effective Time; Closing	- 2 -
	Section 1.09	Alternative Structure	- 3 -
	Section 1.10	Additional Actions	- 3 -
	 	 	 
	ARTICLE II  CONSIDERATION; EXCHANGE PROCEDURES	- 3 -
	 	 	 
	Section 2.01	Merger Consideration	- 3 -
	Section 2.02	Stock Consideration	- 3 -
	Section 2.03	Cash Consideration	- 3 -
	Section 2.04	Rights as Shareholders; Stock Transfers	- 3 -
	Section 2.05	No Fractional Shares	- 3 -
	Section 2.06	Dissenting Shares	- 3  -
	Section 2.07	Election Procedures	- 4 -
	Section 2.08	Exchange of Certificates; Payment of the Consideration	- 6 -
	Section 2.09	Reservation of Shares	- 7 -
	Section 2.10	Listing of Additional Shares	- 7 -
	Section 2.11	Options	- 7 -
	Section 2.12	Warrants	- 8 -
	Section 2.13	Adjustment to Stock/Cash Election	- 8 -
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF QBT	- 8 -
	 	 	 
	Section 3.01	Making of Representations and Warranties	- 8 -
	Section 3.02	Organization, Standing and Authority of QBT	- 8 -
	Section 3.03	QBT Capital Stock	- 8 -
	Section 3.04	Subsidiaries	- 8  -
	Section 3.05	Corporate Power; Minute Books	- 9 -
	Section 3.06	Execution and Delivery	- 9 -
	Section 3.07	Regulatory Approvals; No Defaults	- 9 -
	Section 3.08	Financial Statements	- 9  -
	Section 3.09	Absence of Certain Changes or Events	- 10 -
	Section 3.10	Financial Controls and Procedures	- 10 -
	Section 3.11	Regulatory Matters	- 11 -
	Section 3.12	Legal Proceedings	- 11 -
	Section 3.13	Compliance with Laws	- 11 -
	Section 3.14	Material Contracts; Defaults	- 12 -
	Section 3.15	Brokers	- 12 -
	Section 3.16	Employee Benefit Plans	- 12 -
	Section 3.17	Labor Matters	- 14 -
	Section 3.18	Environmental Matters	- 14 -
	Section 3.19	Tax Matters	- 14 -
	Section 3.20	Investment Securities	- 16 -
	Section 3.21	Derivative Transactions	- 16 -
	Section 3.22	Loans; Nonperforming and Classified Assets	- 16 -
	Section 3.23	Tangible Properties and Assets	- 17 -
	Section 3.24	Intellectual Property	- 17 -
	Section 3.25	Fiduciary Accounts	- 17 -

 

    	i

    	 

    

 

	Section 3.26	Insurance	- 17 -
	Section 3.27	Antitakeover Provisions	- 18 -
	Section 3.28	Fairness Opinion	- 18 -
	Section 3.29	Proxy Statement/Prospectus	- 18 -
	Section 3.30	Disclosure	- 18 -
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BWFG	- 18 -
	 	 	 
	Section 4.01	Making of Representations and Warranties	- 18 -
	Section 4.02	Organization, Standing and Authority of BWFG	- 18 -
	Section 4.03	Organization, Standing and Authority of Bank	- 18 -
	Section 4.04	BWFG Capital Stock	- 19 -
	Section 4.05	Subsidiaries	- 19 -
	Section 4.06	Corporate Power; Minute Books	- 19 -
	Section 4.07	Execution and Delivery	- 19 -
	Section 4.08	Regulatory Approvals; No Defaults	- 19 -
	Section 4.09	Financial Statements	- 20 -
	Section 4.10	Absence of Certain Changes or Events	- 20 -
	Section 4.11	Financial Controls and Procedures	- 20 -
	Section 4.12	Regulatory Matters	- 20 -
	Section 4.13	Legal Proceedings	- 21 -
	Section 4.14	Compliance With Laws	- 21 -
	Section 4.15	Brokers	- 21 -
	Section 4.16	Employee Benefit Plans	- 21 -
	Section 4.17	Tax Matters	- 22 -
	Section 4.18	Financial Ability	- 23 -
	Section 4.19	BWFG Stock	- 23 -
	Section 4.20	Disclosure	- 23 -
	 	 	 
	ARTICLE V COVENANTS	- 23 -
	 	 	 
	Section 5.01	Covenants of QBT	- 23 -
	Section 5.02	Covenants of BWFG	- 25 -
	Section 5.03	Reasonable Best Efforts	- 26 -
	Section 5.04	QBT Shareholder Approval	- 26 -
	Section 5.05	Merger Registration Statement; Proxy Statement/Prospectus	- 26 -
	Section 5.06	Cooperation and Information Sharing	- 26 -
	Section 5.07	Supplements or Amendment	- 27 -
	Section 5.08	Regulatory Approvals	- 27 -
	Section 5.09	Press Releases	- 27 -
	Section 5.10	Access; Information	- 27 -
	Section 5.11	No Solicitation by QBT	- 28 -
	Section 5.12	Certain Policies	- 29 -
	Section 5.13	Indemnification	- 29 -
	Section 5.14	Employees; Benefit Plans	- 30 -
	Section 5.15	Notification of Certain Changes	- 31 -
	Section 5.16	Current Information	- 32 -
	Section 5.17	Board Packages	- 32 -
	Section 5.18	Transition; Informational Systems Conversion	- 32 -
	 	 	 
	ARTICLE VI CONDITIONS TO CONSUMMATION OF THE MERGER	- 32 -
	 	 	 
	Section 6.01	Conditions to Obligations of the Parties to Effect the Merger	- 32 -
	Section 6.02	Conditions to Obligations of BWFG	- 33 -
	Section 6.03	Conditions to Obligations of QBT	- 34 -
	Section 6.04	Frustration of Closing	- 34 -

 

    	ii

    	 

    

 

	ARTICLE VII TERMINATION	- 34 -
	 	 	 
	Section 7.01	Termination	- 34 -
	Section 7.02	Termination Fee	- 35 -
	Section 7.03	Effect of Termination and Abandonment	- 35 -
	 	 	 
	ARTICLE VIII MISCELLANEOUS	- 35 -
	 	 	 
	Section 8.01	Survival	- 35 -
	Section 8.02	Waiver; Amendment	- 36 -
	Section 8.03	Counterparts	- 36 -
	Section 8.04	Governing Law	- 36 -
	Section 8.05	Expenses	- 36 -
	Section 8.06	Notices	- 36 -
	Section 8.07	Entire Understanding; No Third Party Beneficiaries	- 37 -
	Section 8.08	Severability	- 37 -
	Section 8.09	Enforcement of the Agreement	- 37 -
	Section 8.10	Interpretation	- 37 -
	Section 8.11	Assignment	- 37 -
	 	 	 
	ARTICLE IX ADDITIONAL DEFINITIONS	- 37 -
	 	 	 
	Section 9.01	Additional Definitions	- 37 -

 

    	iii

    	 

    

 

This AGREEMENT AND
PLAN OF MERGER (this “Agreement”) is dated as of March 31, 2014, by and between Bankwell Financial Group, Inc.,
a Connecticut corporation (“BWFG”), and Quinnipiac Bank & Trust Company, a Connecticut chartered bank (“QBT”).

 

WITNESSETH

 

WHEREAS, the
Board of Directors of BWFG and the Board of Directors of QBT have each (i) determined that this Agreement and the business
combination and related transactions contemplated hereby are in the best interests of their respective entities and shareholders;
(ii) determined that this Agreement and the transactions contemplated hereby are consistent with and in furtherance of their
respective business strategies; and (iii) approved this Agreement;

 

WHEREAS, in
accordance with the terms of this Agreement, QBT will merge with and into Bankwell Bank (the “Bank”), a Connecticut
chartered bank and wholly owned subsidiary of BWFG (the “Merger”);

 

WHEREAS, as
a material inducement to BWFG to enter into this Agreement, each of the directors and executive officers of QBT has entered into
a voting agreement with BWFG dated as of the date hereof (a “Voting Agreement”), substantially in the form attached
hereto as Exhibit A pursuant to which each such director or executive officer has agreed, among other things, to vote all
shares of QBT Stock owned by such person in favor of the approval of this Agreement and the transactions contemplated hereby, upon
the terms and subject to the conditions set forth in such agreement;

 

WHEREAS, the
parties intend the Merger to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code
of 1986, as amended (the “Code”), and that this Agreement be and hereby is adopted as a “plan of reorganization”
within the meaning of Sections 354 and 361 of the Code; and

 

WHEREAS, the
parties desire to make certain representations, warranties and agreements in connection with the transactions described in this
Agreement and to prescribe certain conditions thereto.

 

NOW, THEREFORE,
in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

THE MERGER

 

Section
1.01      Terms of the Merger. Subject to the terms and conditions of this Agreement, at the Effective Time, QBT shall
merge with and into Bank, and Bank shall be the surviving entity (hereinafter sometimes referred to as the “Surviving Bank”)
and shall continue to be governed by the laws of Connecticut. BWFG will cause Bank to, and QBT shall, execute and deliver a Bank
Merger Agreement substantially in the form attached to this Agreement as Exhibit B. As part of the Merger, shares of QBT
Stock shall, at the Effective Time, be converted into the right to receive the Merger Consideration pursuant to the terms of Article
II.

 

Section
1.02     Tax Consequences.  It is intended that the Merger shall constitute a reorganization within the meaning of Section 368(a)
of the Code, and that this Agreement shall constitute a “plan of reorganization” as that term is used in Sections 354
and 361 of the Code. From and after the date of this Agreement and until the Closing, each party hereto shall use its reasonable
best efforts to cause the Merger to qualify, and will not knowingly take any action, cause any action to be taken, fail to take
any action or cause any action to fail to be taken, which action or failure to act would reasonably be expected to prevent the
Merger from qualifying as a reorganization under Section 368(a) of the Code. QBT and BWFG each hereby agree to deliver at
closing a certificate substantially in compliance with IRS published advance ruling guidelines, with customary exceptions and modifications
thereto, to enable its counsel to deliver the legal opinion contemplated by Section 6.01(e).

 

Section
1.03      Name of the Surviving Bank. The name of the Surviving Bank upon consummation of the Merger shall be “Bankwell
Bank.”

 

    	- 1 -

    	 

    

 

Section
1.04     Charter and Bylaws of the Surviving Bank. The charter and bylaws of the Surviving Bank upon consummation of
the Merger shall be the charter and bylaws of Bank as in effect immediately prior to consummation of the Merger.

 

Section
1.05      Directors and Executive Officers of BWFG and Surviving Bank.

 

		(a)	At the Effective Time, the directors of each of BWFG and Surviving Bank immediately prior to the
Effective Time shall continue to be the directors of BWFG and Surviving Bank, provided that at the Effective Time, the number of
persons constituting the board of directors of BWFG and Surviving Bank shall each be increased by one (1) director to be selected
by BWFG after consultation with QBT (the “New Member”), and the New Member shall be appointed to the board of directors
of both BWFG and Surviving Bank for a term to expire at BWFG’s and Surviving Bank’s next annual meeting in 2015. The
New Member shall be nominated to the board of directors of BWFG and Surviving Bank and BWFG shall recommend that its stockholders
vote in favor of the election of such nominee in 2015, subject to the New Member’s being recommended by BWFG’s Governance
Committee after review applied to all candidates for re-nomination. Notwithstanding the foregoing, neither BWFG nor Surviving Bank
shall have any obligation to appoint any New Member to serve on BWFG’s or Surviving Bank’s Board if such Person is
not a member of the QBT’s board of directors immediately prior to the Effective Time. It is intended that the New Member
will qualify as an “independent director” under applicable securities laws and NASDAQ listing standards. Each of the
directors of BWFG and Surviving Bank immediately after the Effective Time shall hold office until his or her successor is elected
and qualified or otherwise in accordance with the charter and bylaws of BWFG and Surviving Bank.

 

		(b)	The Executive Officers of BWFG and Surviving Bank shall consist of the Executive Officers of BWFG
and Surviving Bank in office immediately prior to the Effective Time. Without otherwise limiting the foregoing, Mark A. Candido
and Richard Barredo, currently Executive Officers of QBT, shall be officers of Surviving Bank pursuant to the Retention Agreements
referenced in Section —- below.

 

Section
1.06     Advisory Board.  BWFG shall establish an Advisory Board (the “Advisory Board”), which shall operate
pursuant to a written charter consistent with this Section 1.06, and which shall meet quarterly or less frequently as determined
by BWFG. At or prior to the Effective Time, all of the directors of QBT in office immediately prior to the Effective Time, excluding
the New Member appointed to the board of directors of BWFG and Surviving Bank, shall be invited to serve among the members of such
Advisory Board. An in-person attendance fee of $500 shall apply to each meeting of the Advisory Board for a minimum of one year
following the Effective Time.

 

Section
1.07     Effect of the Merger.  At the Effective Time, the effect of the Merger shall be as provided under Connecticut
law. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, the separate corporate existence
of QBT shall cease and all of the rights, privileges, powers, franchises, properties, assets, debts, liabilities, obligations,
restrictions, disabilities and duties of QBT shall be vested in and assumed by Bank.

 

Section
1.08      Effective Date and Effective Time; Closing.

 

		(a)	Subject to the terms and conditions of this Agreement, BWFG will make all such filings as may be
required to consummate the Merger by applicable laws and regulations. The Merger provided for herein shall become effective as
provided in the Bank Merger Agreement as filed with the Connecticut Secretary of the State’s Office. That date is herein
called the “Effective Date.” The “Effective Time” of the Merger shall be as specified in the Bank Merger
Agreement.

 

		(b)	A closing (the “Closing”) shall take place, unless BWFG and QBT agree otherwise, within
two weeks following receipt of all regulatory approvals and QBT shareholder approval, and in any event immediately prior to the
Effective Time at 10:00 a.m., Eastern time, at the offices of Hinckley Allen & Snyder LLP in Hartford, Connecticut, or such
other place, at such other time, or on such other date as the parties may mutually agree upon (such date, the “Closing Date”).
At the Closing, there 

 

    	- 2 -

    	 

    

 

			shall be delivered to BWFG and QBT the certificates and other documents required
to be delivered under Article VI hereof.

 

Section
1.09      Alternative Structure. BWFG may, at any time prior to the Effective Time, change the method of effecting the
combination of BWFG and QBT (including the provisions of this Article I) if and to the extent it deems such change to be necessary,
appropriate or desirable; provided, however, that no such change shall (a) alter or change the amount or type of Merger
Consideration; (b) adversely affect the tax treatment of QBT’s shareholders pursuant to this Agreement; (c) adversely
affect the tax treatment of BWFG or QBT pursuant to this Agreement or (d) materially impede or delay consummation of the transactions
contemplated by this Agreement. In the event BWFG makes such a change, QBT agrees to execute an appropriate amendment to this Agreement
in order to reflect such change.

 

Section
1.10      Additional Actions. If, at any time after the Effective Time, BWFG shall consider or be advised that any further
deeds, documents, assignments or assurances in law or any other acts are necessary or desirable to (i) vest, perfect or confirm,
or record or otherwise, in BWFG or the Bank its right, title or interest in, to or under any of the rights, properties or assets
of QBT, or (ii) otherwise carry out the purposes of this Agreement, QBT and its officers and directors shall be deemed to
have granted to BWFG or Bank an irrevocable power of attorney to execute and deliver, in such official corporate capacities, all
such deeds, assignments or assurances in law or any other acts as are necessary or desirable to (a) vest, perfect or confirm,
of record or otherwise, in BWFG or Bank its right, title or interest in, to or under any of the rights, properties or assets of
QBT or (b) otherwise carry out the purposes of this Agreement, and the officers and directors of BWFG or Bank are authorized
in the name of QBT or otherwise to take any and all such action.

 

ARTICLE II

CONSIDERATION; EXCHANGE PROCEDURES

 

Section
2.01     Merger Consideration.  Subject to the provisions of this Agreement, at the Effective Time, automatically by virtue
of the Merger and without any action on the part of any Person, all shares of QBT Stock held in the treasury of QBT and each share
of QBT Stock owned by any direct or indirect wholly owned Subsidiary of QBT immediately prior to the Effective Time (other than
shares held in a fiduciary capacity or in connection with debts previously contracted) shall cease to exist, and the Certificates
for such shares shall be canceled as promptly as practicable thereafter, and no payment or distribution shall be made in consideration
therefor. All remaining shares of QBT Stock, excluding Dissenting Shares, issued and outstanding immediately prior to the Effective
Time shall become and be converted into the right to receive the Merger Consideration, pursuant to the terms of this Article II.

 

Section
2.02      Stock Consideration.  Each outstanding share of QBT Stock that under the terms of Section 2.07 is to be
converted into the right to receive shares of BWFG Stock (the “Stock Consideration”) shall be converted into and become
the right to receive from BWFG 0.56 shares of BWFG Stock (the “Exchange Ratio”).

 

Section
2.03      Cash Consideration.  Each outstanding share of QBT Stock that under the terms of Section 2.07 is to be converted
into the right to receive cash (the “Cash Consideration”) shall be converted into the right to receive a cash payment
of $12.00.

 

Section
2.04      Rights as Shareholders; Stock Transfers.  At the Effective Time, holders of QBT Stock shall cease to be shareholders
of QBT, and shall have no rights other than the right to receive the consideration provided under this Article II. After the Effective
Time, there shall be no transfers on the stock transfer books of QBT of shares of QBT Stock.

 

Section
2.05      No Fractional Shares.  Notwithstanding any other provision of this Agreement, neither certificates nor scrip
for fractional shares of BWFG Stock shall be issued in the Merger. Each holder of a Certificate who otherwise would have been entitled
to a fraction of a share of BWFG Stock shall receive in lieu thereof cash (without interest) in an amount determined by multiplying
the fractional share interest to which such holder would otherwise be entitled (after taking into account all shares of QBT Stock
owned by such holder at the Effective Time) by $12.00. No such holder shall be entitled to dividends, voting rights or any other
rights in respect of any fractional share.

 

Section
2.06      Dissenting Shares.  Each outstanding share of QBT Stock the holder of which has perfected his or her right to
dissent from the Merger under sections 33-855 to 33-872, inclusive of the Connecticut

 

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Business Corporations Act and has not effectively
withdrawn or lost such rights as of the Effective Time (the “Dissenting Shares”) shall not be converted into the right
to receive the Merger Consideration, and the holder thereof shall be entitled only to such rights as are granted by such provisions
of the Connecticut Business Corporations Act. If any holder of Dissenting Shares shall fail to perfect or shall have effectively
withdrawn or lost the right to dissent, the Dissenting Shares held by such holder shall thereupon be treated as though such Dissenting
Shares had been converted into the right to receive the Merger Consideration to which such holder would be entitled pursuant to
Section 2.07 hereof. QBT shall give BWFG prompt notice upon receipt by QBT of any such written demands for payment of the
fair value of shares of QBT Stock and of withdrawals of such demands and any other instruments provided pursuant to sections 33-855
to 33-872, inclusive of the Connecticut Business Corporations Act. Any payments made in respect of Dissenting Shares shall be made
by BWFG.

 

Section
2.07      Election Procedures.

 

		(a)	Holders of QBT Stock may elect to receive shares of BWFG Stock, cash or a combination thereof (in
any case without interest) in exchange for their shares of QBT Stock in accordance with the following procedures, provided that,
in the aggregate, seventy-five percent (75%) of the total number of shares of QBT Stock issued and outstanding at the Effective
Time, including any Dissenting Shares (the “Stock Conversion Number”), shall be converted into the Stock Consideration
and the remaining outstanding shares of QBT Stock shall be converted into the Cash Consideration. Shares of QBT Stock as to which
a holder of QBT Stock has elected to receive the Cash Consideration (including, pursuant to a Mixed Election) are referred to herein
as “Cash Election Shares.” Shares of QBT Stock as to which a holder of QBT Stock has elected to receive the Stock Consideration
(including, pursuant to a Mixed Election) are referred to herein as “Stock Election Shares.” Shares of QBT Stock as
to which no election has been made (or as to which an Election Form is not returned properly completed) are referred to herein
as “Non-Election Shares.” The aggregate number of Stock Election Shares is referred to herein as the “Stock Election
Number.”

 

		(b)	An election form and other appropriate and customary transmittal materials (which shall specify
that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of such Certificates
to the Exchange Agent), in such form as QBT and BWFG shall mutually agree (“Election Form”), shall be mailed no more
than forty (40) Business Days and no less than twenty (20) Business Days prior to the anticipated Effective Date or on
such earlier date as QBT and BWFG shall mutually agree (the “Mailing Date”) to each holder of record of QBT Stock as
of five (5) Business Days prior to the Mailing Date (the “Election Form Record Date”). Each Election Form shall
permit such holder, subject to the allocation and election procedures set forth in this Section 2.07, (i) to elect to
receive all cash with respect to each share of QBT Stock held by such holder, (ii) to elect to receive all BWFG Stock with
respect to each share of QBT Common Stock held by such holder, (iii) to elect to receive cash with respect to a part of such
holder’s QBT Stock and BWFG Stock with respect to the remaining part of such holder’s QBT Stock (a “Mixed Election”),
or (iv) to indicate that such record holder has no preference as to the receipt of cash or BWFG Stock for such shares. A holder
of record of shares of QBT Stock who holds such shares as nominee, trustee or in another representative capacity may submit multiple
Election Forms, provided that each such Election Form covers all the shares of QBT Stock held by such nominee, trustee or held
in another representative capacity for a particular beneficial owner. Any shares of QBT Stock with respect to which the holder
thereof shall not, as of the Election Deadline, have made an election by submission to the Exchange Agent of an effective, properly
completed Election Form shall be deemed Non-Election Shares. All Dissenting Shares shall be deemed Cash Election Shares, and with
respect to such shares the holders thereof shall in no event receive consideration comprised of BWFG Stock, subject to Section 2.06;
provided, however, that for purposes of making the proration calculations provided for in this Section 2.07 only Dissenting
Shares as existing at the Effective Time shall be deemed Cash Election Shares.

  

		(c)	To be effective, a properly completed Election Form shall be submitted to the Exchange Agent on
or before 5:00 p.m., Eastern time, on the twenty-fifth (25th) day following the Mailing Date (or such other time
and date as QBT and BWFG may mutually agree) (the “Election Deadline”); provided, however, that the Election
Deadline may not occur on or after the Closing Date. QBT shall make 

 

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			available Election Forms as may be reasonably requested by
all Persons who become holders (or beneficial owners) of QBT Stock between the Election Form Record Date and the close of business
on the Business Day prior to the Election Deadline. QBT shall provide to the Exchange Agent all information reasonably necessary
for it to perform as specified herein. An election shall have been properly made only if the Exchange Agent shall have actually
received a properly completed Election Form by the Election Deadline. An Election Form shall be deemed properly completed only
if accompanied by one or more Certificates (or customary affidavits and indemnification regarding the loss or destruction of such
Certificates or the guaranteed delivery of such Certificates) representing all shares of QBT Stock covered by such Election Form,
together with duly executed transmittal materials included with the Election Form. If a QBT shareholder either (i) does not
submit a properly completed Election Form in a timely fashion or (ii) revokes its Election Form prior to the Election Deadline
(without later submitting a properly completed Election Form prior to the Election Deadline), the shares of QBT Stock held by such
shareholder shall be designated as Non-Election Shares. Any Election Form may be revoked or changed by the Person submitting such
Election Form to the Exchange Agent by written notice to the Exchange Agent only if such notice of revocation or change is actually
received by the Exchange Agent at or prior to the Election Deadline. BWFG shall cause the Certificate or Certificates relating
to any revoked Election Form to be promptly returned without charge to the Person submitting the Election Form to the Exchange
Agent. Subject to the terms of this Agreement and of the Election Form, the Exchange Agent shall have discretion to determine when
any election, modification or revocation is received and whether any such election, modification or revocation has been properly
made.

 

		(d)	If the Stock Election Number exceeds the Stock Conversion Number, then all Cash Election Shares
and all Non-Election Shares shall be converted into the right to receive the Cash Consideration, and each holder of Stock Election
Shares will be entitled to receive the Stock Consideration only with respect to that number of Stock Election Shares held by such
holder (rounded to the nearest whole share) equal to the product obtained by multiplying (x) the number of Stock Election
Shares held by such holder by (y) a fraction, the numerator of which is the Stock Conversion Number and the denominator of
which is the Stock Election Number, with the remaining number of such holder’s Stock Election Shares being converted into
the right to receive the Cash Consideration.

 

		(e)	If the Stock Election Number is less than the Stock Conversion Number (the amount by which the
Stock Conversion Number exceeds the Stock Election Number being referred to herein as the “Shortfall Number”), then
all Stock Election Shares shall be converted into the right to receive the Stock Consideration and the Non-Election Shares and
Cash Election Shares shall be treated in the following manner:

 

		(i)	if the Shortfall Number is less than or equal to the number of Non-Election Shares, then all Cash
Election Shares shall be converted into the right to receive the Cash Consideration and each holder of Non-Election Shares shall
receive the Stock Consideration in respect of that number of Non-Election Shares held by such holder (rounded to the nearest whole
share) equal to the product obtained by multiplying (x) the number of Non-Election Shares held by such holder by (y) a
fraction, the numerator of which is the Shortfall Number and the denominator of which is the total number of Non-Election Shares,
with the remaining number of such holder’s Non-Election Shares being converted into the right to receive the Cash Consideration;
or

 

		(ii)	if the Shortfall Number exceeds the number of Non-Election Shares, then all Non-Election Shares
shall be converted into the right to receive the Stock Consideration and each holder of Cash Election Shares shall receive the
Stock Consideration in respect of that number of Cash Election Shares held by such holder (rounded to the nearest whole share)
equal to the product obtained by multiplying (x) the number of Cash Election Shares held by such holder by (y) a fraction, the numerator of which is the amount by which (1) the Shortfall Number exceeds (2) the
total number of Non-Election Shares and the denominator of which is the total number of Cash Election Shares, with the remaining
number of such holder’s Cash Election Shares being converted into the right to receive the Cash Consideration.

 

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Section
2.08      Exchange of Certificates; Payment of the Consideration.

 

		(a)	Until the six (6) month anniversary of the Effective Time, BWFG shall make available on a
timely basis or cause to be made available to the Exchange Agent the following: (i) cash in an amount sufficient to allow
the Exchange Agent to make all payments that may be required pursuant to this Article II, and (ii) certificates, or at BWFG’s
option, evidence of shares in book entry form, representing the shares of BWFG Stock, sufficient to pay the aggregate Stock Consideration
required pursuant to this Article II, each to be given to the holders of QBT Stock in exchange for Certificates pursuant to this
Article II. Upon such six (6) month anniversary, any such cash or certificates remaining in the possession of the Exchange
Agent, together with any earnings in respect thereof, shall be delivered to BWFG. Any holder of Certificates who has not theretofore
exchanged his or her Certificates for the Merger Consideration pursuant to this Article II shall thereafter be entitled to look
exclusively to BWFG, and only as a general creditor thereof, for the Merger Consideration to which he or she may be entitled upon
exchange of such Certificates pursuant to this Article II. If outstanding Certificates are not surrendered or the payment for them
is not claimed prior to the date on which such payment would otherwise escheat to or become the property of any Governmental Authority,
the unclaimed items shall, to the extent permitted by abandoned property and any other applicable law, become the property of BWFG
(and to the extent not in its possession shall be delivered to it), free and clear of all liens of any Person previously entitled
to such property. Neither the Exchange Agent nor any of the parties hereto shall be liable to any holder of QBT Stock represented
by any Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat or similar
laws. BWFG and the Exchange Agent shall be entitled to rely upon the stock transfer books of QBT to establish the identity of those
Persons entitled to receive the Merger Consideration, which books shall be conclusive with respect thereto.

 

		(b)	The Exchange Agent or BWFG shall be entitled to deduct and withhold from the Merger Consideration
otherwise payable pursuant to this Agreement to any holder of Certificates such amounts as it is required to deduct and withhold
with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that
amounts are so withheld by the Exchange Agent or BWFG such withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the holder of the Certificates in respect of which such deduction and withholding was made.

 

		(c)	Promptly after the Effective Time, but in no event later than five (5) Business Days thereafter,
BWFG shall cause the Exchange Agent to mail or deliver to each Person who was, immediately prior to the Effective Time, a holder
of record of QBT Stock a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and
title to Certificates shall pass, only upon proper delivery of such Certificates to the Exchange Agent) containing instructions
for use in effecting the surrender of Certificates in exchange for the Merger Consideration. Upon surrender to the Exchange Agent
of a Certificate for cancellation together with such letter of transmittal, duly executed and completed in accordance with the
instructions thereto, the holder of such Certificate shall promptly be provided in exchange therefor, but in no event later than
ten (10) Business Days after due surrender, a check in the amount of the Cash Consideration to which such holder is entitled
pursuant to this Article II, plus any amounts due pursuant to Section 2.05 above, as well as a certificate representing the
Stock Consideration to which such holder is entitled pursuant to this Article II, and the Certificate so surrendered shall forthwith
be canceled. No interest will accrue or be paid with respect to any property to be delivered upon surrender of Certificates.

 

		(d)	If any cash payment is to be made in a name other than that in which the Certificate surrendered
in exchange therefor is registered, it shall be a condition of such exchange that the Person requesting such exchange shall pay any transfer or other taxes required by reason of the making of such payment
of the Cash Consideration in a name other than that of the registered holder of the Certificate surrendered, or required for any
other reason relating to such holder or requesting Person, or shall establish to the reasonable satisfaction of the Exchange Agent
that such tax has been paid or is not payable. If any certificate representing shares of BWFG Stock is to be issued in the name
of other than the registered holder of the Certificate surrendered in exchange therefore, it shall be a condition of the issuance
thereof that the Certificate so surrendered shall be properly endorsed (or

 

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			accompanied by an appropriate instrument of transfer)
and otherwise in proper form for transfer, and that the Person requesting such exchange shall pay to the Exchange Agent in advance
any transfer or other taxes required by reason of the issuance of a certificate representing shares of BWFG Stock in a name other
than that of the registered holder of the Certificate surrendered, or required for any other reason relating to such holder or
requesting Person, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not
payable.

 

		(e)	No dividends or other distributions with a record date after the Effective Time with respect to
BWFG Stock shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate
in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the recordholder thereof
shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become
payable with respect to shares of BWFG Stock.

 

		(f)	If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of
that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by BWFG or the Exchange Agent,
the posting by such Person of a bond in such reasonable amount as the Surviving Bank or the Exchange Agent may direct as indemnity
against any claim that may be made against it with respect to such Certificate, the Surviving Bank or the Exchange Agent shall,
in exchange for such lost, stolen or destroyed Certificate, pay or cause to be paid the Merger Consideration deliverable in respect
of the shares of QBT Stock formerly represented by such Certificate pursuant to this Article II.

 

		(g)	BWFG shall cause the aggregate Cash Consideration to be deposited with the Exchange Agent no later
than the Closing Date.

 

Section
2.09      Reservation of Shares.  Effective upon the date of this Agreement, BWFG shall reserve for issuance a sufficient
number of shares of BWFG Stock for the purpose of issuing shares of BWFG Stock to QBT shareholders in accordance with this Article
II.

 

Section
2.10      Listing of Additional Shares.  Prior to the Effective Time, BWFG shall notify NASDAQ of the additional shares
of BWFG Stock to be issued by BWFG in exchange for the shares of QBT Stock.

 

Section
2.11      Options.  QBT Disclosure Schedule 3.03(b) sets forth all of the outstanding stock options pursuant to
which persons may acquire shares of QBT (“QBT Options”), as of the date hereof.

 

At the Effective Time,
each option granted by QBT to purchase shares of QBT Common Stock under the QBT Stock Plan, whether vested or unvested, that is
outstanding and unexercised immediately prior to the Effective Time (a “QBT Stock Option”) shall cease to represent
a right to acquire shares of QBT Common Stock and shall be converted automatically into an option to purchase shares of BWFG Common
Stock for a number of shares and at an exercise price determined as provided below, with such converted option to continue to be
subject to the same terms and conditions as were applicable to the QBT Stock Option under the QBT Stock Plan and the applicable
award agreement thereunder (but taking into account any acceleration of vesting thereof provided for in the QBT Stock Plan, or
in the related award agreement, by reason of the consummation of the transactions contemplated hereby):

 

		(a)	the number of shares of BWFG Common Stock to be subject to the new option shall be equal to the
product of the number of shares of QBT Common Stock subject to the QBT Stock Option and the Exchange Ratio; provided, that any fractional shares of BWFG Common Stock resulting
from such multiplication shall be rounded down to the nearest whole share; and

  

		(b)	the exercise price per share of BWFG Common Stock under the new option shall be equal to the exercise
price per share of QBT Common Stock subject to the QBT Stock Option divided by the Exchange Ratio subject to the QBT Stock Option;
provided, that such exercise price shall be rounded up to the nearest whole cent.

 

For purposes of this Agreement, “QBT
Stock Plan” mean the QBT 2010 Stock Plan.

 

    	- 7 -

    	 

    

 

 

Section
2.12      Warrants.  QBT Disclosure Schedule 3.03(b) sets forth all of the outstanding warrants issued by QBT (“QBT
Warrants”) as of the date hereof.

 

At the Effective Time,
each warrant granted by QBT to purchase shares of QBT Common Stock, whether vested or unvested, that is outstanding and unexercised
immediately prior to the Effective Time (a “QBT Warrant”) shall cease to represent a right to acquire shares
of QBT Common Stock and shall be converted automatically into a warrant to purchase 0.56 shares of BWFG Common Stock for $17.86;
provided, that any fractional shares of BWFG Common Stock resulting from such exercise shall rounded down to the nearest
whole share.

 

Section
2.13      Adjustment to Stock/Cash Election.  The provisions of this Agreement assume that there will be no more than 510,169
shares of BWFG Stock issued as Stock Consideration at the Effective Time. If, between the date hereof and the Effective Time, QBT
Options or QBT Warrants are exercised for QBT Stock, the Stock Election Shares shall not exceed 510,169 shares of BWFG Stock and
the Cash Election Shares shall be increased accordingly. Nothing in this Section 2.13 shall be interpreted to permit an adjustment
to the total Merger Consideration payable under this Agreement.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF QBT

 

Section
3.01      Making of Representations and Warranties.  Except as set forth in the QBT Disclosure Schedule, QBT hereby represents
and warrants to BWFG that the statements contained in this Article III are correct as of the date of this Agreement and will be
correct as of the Closing Date, except as to any representation or warranty which specifically relates to an earlier date, which
only need be correct as of such earlier date.

 

Section
3.02     Organization, Standing and Authority of QBT.  QBT is a Connecticut
chartered bank duly organized, validly existing and in good standing under the laws of the State of Connecticut. QBT’s
deposits are insured by the FDIC in the manner and to the fullest extent provided by applicable law, and all premiums and
assessments required to be paid in connection therewith have been paid by QBT when due. QBT is a member in good standing of
the FHLB and owns the requisite amount of stock of the FHLB as set forth on QBT Disclosure Schedule 3.02. The
Certificate of Incorporation and Bylaws of QBT, copies of which have been made available to BWFG, are true, complete and
correct copies of such documents as in full force and effect as of the date of this Agreement.

 

Section
3.03      QBT Capital Stock.

 

		(a)	The authorized capital stock of QBT consists solely of 3,000,000 shares of common stock, par value
$.01 per share, of which 1,214,688 shares are outstanding as of the date hereof (“QBT Stock”). As of the date hereof,
there are no shares of QBT Stock held in treasury by QBT. The outstanding shares of QBT Stock have been duly authorized and validly
issued and are fully paid and non-assessable. Except for (a) the QBT Options to acquire 109,000 shares of QBT Stock, and (b) the
QBT Warrants exercisable for 122,500 shares of QBT Stock, QBT does not have any Rights issued or outstanding with respect to QBT
Stock and QBT does not have any commitment to authorize, issue or sell any QBT Stock or Rights.

 

		(b)	QBT Disclosure Schedule 3.03(b), contains a list setting forth, as of the date of this Agreement,
all outstanding QBT Options, the exercise price per share with respect to each such QBT Option, a list of all option holders with
respect to each QBT Stock Option including identification of any such optionees that are not current or former employees, directors or officers of QBT, the date
of grant and date of expiration of each QBT Option, and any vesting schedule applicable to each unvested QBT Option. Upon issuance
in accordance with the terms of the outstanding option agreements, the shares of QBT Stock issued pursuant to the QBT Options shall
be issued in compliance with all applicable laws. QBT Disclosure Schedule 3.03(b) also contains a list of all QBT Warrants,
including (i) the number of outstanding warrants, (ii) the exercise price of each warrant, and (iii) the names and
addresses of the warrant holders.

 

 

Section
3.04      Subsidiaries.  QBT does not, directly or indirectly, own or control any Affiliate. Except as disclosed on QBT
Disclosure Schedule 3.04, QBT does not have any equity interest, direct or indirect, in any other bank or corporation or in
any partnership, joint venture or other business enterprise or entity, except as acquired 

 

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through settlement of indebtedness, foreclosure,
the exercise of creditors’ remedies or in a fiduciary capacity, and the business carried on by QBT has not been conducted
through any other direct or indirect Subsidiary or Affiliate of QBT. No such equity investment identified in QBT Disclosure
Schedule 3.04 is prohibited by the State of Connecticut, the CTDOB or the FDIC.

 

Section
3.05     Corporate Power; Minute Books.  QBT has the corporate power and authority to carry on its business as it is now
being conducted and to own all its properties and assets; and QBT has the corporate power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions contemplated hereby, subject to receipt of all
necessary approvals of Governmental Authorities and the approval of QBT’s shareholders of this Agreement. QBT does not conduct
any trust business. The minute books of QBT contain true, complete and accurate records of all meetings and other corporate actions
held or taken by shareholders of QBT and the QBT Board (including committees of the QBT Board).

 

Section
3.06      Execution and Delivery.  Subject to the approval of this Agreement by the shareholders of QBT, this Agreement
and the transactions contemplated hereby have been authorized by all necessary corporate action of QBT and the QBT Board on or
prior to the date hereof. The QBT Board has directed that this Agreement be submitted to QBT’s shareholders for approval
at a meeting of such shareholders and, except for the approval and adoption of this Agreement by the requisite affirmative vote
of the holders of two-thirds of the outstanding shares of QBT Stock entitled to vote thereon, no other vote of the shareholders
of QBT is required by law, the Certificate of Incorporation of QBT, the Bylaws of QBT or otherwise to approve this Agreement and
the transactions contemplated hereby. QBT has duly executed and delivered this Agreement and, assuming due authorization, execution
and delivery by BWFG, this Agreement is a valid and legally binding obligation of QBT, enforceable in accordance with its terms
(except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer
and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles).

 

Section
3.07      Regulatory Approvals; No Defaults.

 

		(a)	No consents or approvals of, or waivers by, or filings or registrations with, any Governmental
Authority or with any third party are required to be made or obtained by QBT in connection with the execution, delivery or performance
by QBT of this Agreement or to consummate the transactions contemplated hereby, except for (i) filings of applications or
notices with, and consents, approvals or waivers by the CTDOB and FDIC, and (ii) the approval of this Agreement by the requisite
affirmative vote of the holders of two-thirds of the outstanding shares of QBT Stock. As of the date hereof, QBT is not aware of
any reason why the approvals set forth above and referred to in Section 6.01(a) will not be received in a timely manner.

 

		(b)	Subject to receipt, or the making, of the consents, approvals, waivers and filings referred to
in the preceding paragraph, and the expiration of related waiting periods, the execution, delivery and performance of this Agreement
by QBT, as applicable, and the consummation of the transactions contemplated hereby do not and will not (i) constitute a breach
or violation of, or a default under, the Certificate of Incorporation or Bylaws (or similar governing documents) of QBT, (ii) violate
any statute, code, ordinance, rule, regulation, judgment, order, writ, decree or injunction applicable to QBT, or any of its properties
or assets or (iii) violate, conflict with, result in a breach of any provision of or the loss of any benefit under, constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, result in the termination
of or a right of termination or cancellation under, accelerate the performance required by, or result in the creation
of any lien upon any of the properties or assets of QBT under, any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, deed of trust, license, lease, contract, agreement or other instrument or obligation to which QBT is a party, or by
which it or any of its properties or assets may be bound or affected.

  

Section
3.08      Financial Statements.

 

		(a)	QBT has previously made available to BWFG copies of the statements of condition of QBT as of December 31
for the fiscal years 2013 and 2012, and the related statements of income, changes in shareholders’ equity and cash flows
for the fiscal years 2013, 2012 and 2011, in each case other 

 

    	- 9 -

    	 

    

 

 

			than the 2013 statements accompanied by the audit report of McGladrey
& Pullen, LLP, the independent registered public accounting firm of QBT (the “QBT Financial Statements”). The QBT
Financial Statements (including the related notes, where applicable) fairly present the results of the operations and financial
position of QBT for the respective fiscal periods or as of the respective dates therein set forth; each of such statements (including
the related notes, where applicable) complies with applicable accounting requirements; and each of such statements (including the
related notes, where applicable) has been prepared in accordance with GAAP consistently applied during the periods involved, except
as indicated in the notes thereto. The books and records of QBT have been, and are being, maintained in accordance with GAAP and
any other applicable legal and accounting requirements and reflect only actual transactions. McGladrey & Pullen, LLP has not
resigned or been dismissed as independent public accountants of QBT as a result of or in connection with any disagreements with
QBT on a matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure. QBT will
provide BWFG with audited 2013 QBT Financial Statements when available. The audited 2013 Financial Statements shall show an amount
for total equity that is not less than total equity in the unaudited 2013 QBT Financial Statements by more than .1% (one-tenth
of one percent); no materiality qualification shall apply to a breach of this representation.

 

		(b)	QBT is not now, nor has it ever been, required to file with the Securities and Exchange Commission
(the “SEC”) any periodic or other reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

 

Section
3.09      Absence of Certain Changes or Events.

 

		(a)	Since December 31, 2013, there has been no change or development or combination of changes
or developments which, individually or in the aggregate, has had or is reasonably likely to have a Material Adverse Effect on QBT.

 

		(b)	Since December 31, 2013, QBT has carried on its business only in the ordinary and usual course
of business consistent with its past practices (except for the incurrence of expenses in connection with this Agreement).

 

		(c)	Except as set forth in QBT Disclosure Schedule 3.09, since December 31, 2013, QBT has not
(i) increased the wages, salaries, compensation, pension, or other fringe benefits or perquisites payable to any officer,
employee or director from the amount thereof in effect as of December 31, 2013, granted any severance or termination pay, entered
into any contract to make or grant any severance or termination pay, or paid any bonus, (ii) declared, set aside or paid any
dividend or other distribution (whether in cash, stock or property) with respect to any of QBT’s capital stock, (iii) effected
or authorized any split, combination or reclassification of any of QBT’s capital stock or any issuance or issued any other
securities in respect of, in lieu of or in substitution for shares of QBT’s capital stock, (iv) changed any accounting
methods (or underlying assumptions), principles or practices of QBT affecting its assets, liabilities or business, including without
limitation, any reserving, renewal or residual method, practice or policy, (v) made any tax election by QBT or any settlement
or compromise of any income tax liability by QBT, (vi) made any material change in QBT’s policies and procedures in
connection with underwriting standards, origination, purchase and sale procedures or hedging activities with respect to any Loans, (vii) suffered any strike, work stoppage, slow-down, or other labor disturbance, (viii) been
a party to a collective bargaining agreement, contract or other agreement or understanding with a labor union or organization,
(ix) had any union organizing activities or (x) made any agreement or commitment (contingent or otherwise) to do any
of the foregoing.

 

Section
3.10      Financial Controls and Procedures.  During the periods covered by the QBT Financial Statements, QBT has had in
place internal controls over financial reporting which are designed and maintained to ensure that (a) transactions are executed
in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (c) access to assets
is permitted only in accordance with management’s general or specific authorization and (d) the recorded accountability
for assets is compared with the existing assets at

 

    	- 10 -

    	 

    

  

reasonable intervals and appropriate action is taken with respect to any differences.
None of QBT’s records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly
or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized
or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of
QBT or its accountants.

 

Section
3.11      Regulatory Matters.

 

		(a)	QBT has timely filed all material reports, registrations and statements, together with any amendments
required to be made with respect thereto, that it was required to file with any Governmental Authority, and has paid all fees and
assessments due and payable in connection therewith. Except for normal examinations conducted by any Governmental Authority in
the regular course of the business of QBT, and except as set forth in QBT Disclosure Schedule 3.11, no Governmental Authority
has initiated any proceeding, or to the Knowledge of QBT, investigation into the business or operations of QBT. Other than as set
forth in QBT Disclosure Schedule 3.11, there is no unresolved violation, matter requiring attention, or exception by any
Governmental Authority with respect to any report or statement relating to any examinations of QBT. QBT is “well-capitalized”
as defined in applicable laws and regulations, and QBT has a Community Reinvestment Act of 1977, as amended (the “Community
Reinvestment Act”), rating of “satisfactory” or better.

 

		(b)	Other than as set forth in QBT Disclosure Schedule 3.11, neither QBT, nor any of its properties
is a party to or is subject to any order, decree, agreement, memorandum of understanding or similar arrangement with, or a commitment
letter or similar submission to, or extraordinary supervisory letter (each a “Regulatory Order”) from, any Governmental
Authority charged with the supervision or regulation of financial institutions or issuers of securities or engaged in the insurance
of deposits or the supervision or regulation of it. QBT has not been advised by, or has any Knowledge of facts which could give
rise to an advisory notice by, any Governmental Authority that such Governmental Authority is contemplating issuing or requesting
(or is considering the appropriateness of issuing or requesting) any Regulatory Order.

 

Section
3.12      Legal Proceedings.

 

		(a)	There are no pending or, to QBT’s Knowledge, threatened legal, administrative, arbitral or
other material proceedings, claims, actions or governmental or regulatory investigations of any nature against QBT.

 

		(b)	QBT is not a party to any, nor are there any pending or, to QBT’s Knowledge, threatened,
legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations of any nature
against QBT in which, to the Knowledge of QBT, there is a demand for any material recovery against or other Material Adverse Effect
on QBT or which challenges the validity or propriety of the transactions contemplated by this Agreement.

 

		(c)	There is no injunction, order, judgment or decree imposed upon QBT, or the assets of QBT, and QBT
has not been advised of, or is aware of, the threat of any such action.

 

Section
3.13      Compliance with Laws.

 

		(a)	Other than as set forth in QBT Disclosure Schedule 3.13(a), QBT is in compliance in all
material respects with all applicable federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders or decrees applicable thereto or to the employees conducting such businesses, including, without limitation, the Equal Credit
Opportunity Act, as amended, the Fair Housing Act, as amended, the Community Reinvestment Act, the Home Mortgage Disclosure Act,
the Bank Secrecy Act of 1970, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, and all other applicable fair lending and fair housing laws or other laws relating to discrimination;

 

    	- 11 -

    	 

    

 

		(b)	QBT has all permits, licenses, authorizations, orders and approvals of, and have made all filings,
applications and registrations with, all Governmental Authorities that are required in order to permit it to own or lease their
properties and to conduct their business as presently conducted; all such permits, licenses, certificates of authority, orders
and approvals are in full force and effect and, to QBT’s Knowledge, no suspension or cancellation of any of them is threatened;
and

 

		(c)	Other than as set forth in QBT Disclosure Schedule 3.13(c), QBT has received no notification
or communication from any Governmental Authority (i) asserting that it is not in compliance with any of the statutes, regulations
or ordinances which such Governmental Authority enforces or (ii) threatening to revoke any license, franchise, permit or governmental
authorization (nor, to QBT’s Knowledge, do any grounds for any of the foregoing exist).

 

Section
3.14      Material Contracts; Defaults.

 

		(a)	Other than as set forth in QBT Disclosure Schedule 3.14, QBT is not a party to, bound by
or subject to any agreement, contract, arrangement, commitment or understanding (whether written or oral): (i) with respect
to the employment of any directors, officers, employees or consultants; (ii) which would entitle any present or former director,
officer, employee or agent of QBT to indemnification from QBT; (iii) which is a consulting agreement (including data processing,
software programming and licensing contracts) not terminable on sixty (60) days or less notice and involving the payment of
more than $10,000 per annum; (iv) which relates to any new branch or business activity not in place or engaged in at the time
of this Agreement; or (v) materially restricts the conduct of any business by QBT. QBT has previously delivered to BWFG true, complete
and correct copies of each such document.

 

		(b)	To its Knowledge, QBT is not in default under any contract, agreement, commitment, arrangement,
lease, insurance policy or other instrument to which it is a party, by which its assets, business, or operations may be bound or
affected, or under which it or its assets, business, or operations receives benefits, and there has not occurred any event that,
with the lapse of time or the giving of notice or both, would constitute such a default. No power of attorney or similar authorization
given directly or indirectly by QBT is currently outstanding.

 

Section
3.15      Brokers.  Neither QBT nor any of its officers or directors has employed any broker or finder or incurred any
liability for any broker’s fees, commissions or finder’s fees in connection with any of the transactions contemplated
by this Agreement, except that QBT has engaged, and will pay a fee or commission to, Sterne, Agee & Leach, Inc. A true, complete
and correct copy of the engagement letter with Sterne, Agee & Leach, Inc. has been provided to BWFG.

 

Section
3.16      Employee Benefit Plans.

 

		(a)	All benefit and compensation plans, contracts, policies or arrangements covering current or former
employees of QBT (the “QBT Employees”) and current or former directors of QBT including, but not limited to, “employee
benefit plans” within the meaning of Section 3(3) of ERISA, and deferred compensation, stock option, stock purchase,
stock appreciation rights, stock based, incentive and bonus plans (the “QBT Benefit Plans”), are identified in QBT
Disclosure Schedule 3.16(a). True and complete copies of all QBT Benefit Plans including, but not limited to, any trust instruments and insurance contracts forming a part of any QBT Benefit Plans and all amendments
thereto, have been provided to BWFG.

 

		(b)	All QBT Benefit Plans covering QBT Employees, to the extent subject to ERISA, are in substantial
compliance with ERISA. Each QBT Benefit Plan which is an “employee pension benefit plan” within the meaning of Section 3(2)
of ERISA (a “QBT Pension Plan”) and which is intended to be qualified under Section 401(a) of the Code, has received
a favorable determination letter from the IRS, and to the Knowledge of QBT, there are no circumstances likely to result in revocation
of any such favorable determination letter or the loss of the qualification of such QBT Pension Plan under Section 401(a)
of the Code. There is no pending or, to QBT’s Knowledge, threatened litigation relating to the QBT Benefit Plans. QBT has
not engaged in a transaction with respect to any QBT Benefit Plan or QBT Pension Plan that, assuming the taxable period of such
transaction expired as

 

  

    	- 12 -

    	 

    

 

 

			of the date hereof, could subject QBT to a material tax or penalty imposed by either Section 4975 of
the Code or Section 502(i) of ERISA.

 

		(c)	No liability under Subtitle C or D of Title IV of ERISA has been or is expected to be incurred
by QBT with respect to any ongoing, frozen or terminated “single employer plan,” within the meaning of Section 4001(a)(15)
of ERISA, currently or formerly maintained by any of them, or the single-employer plan of any entity which is considered one employer
with QBT under Section 4001 of ERISA or Section 414 of the Code (a “QBT ERISA Affiliate”). QBT has not incurred,
and does not expect to incur, any withdrawal liability with respect to a multiemployer plan under Subtitle E of Title IV of ERISA
(regardless of whether based on contributions of a QBT ERISA Affiliate). No notice of a “reportable event,” within
the meaning of Section 4043 of ERISA for which the 30-day reporting requirement has not been waived, has been required to
be filed for any QBT Pension Plan or by any QBT ERISA Affiliate within the 12 month period ending on the date hereof or will be
required to be filed in connection with the Transactions contemplated by this Agreement.

 

		(d)	All contributions required to be made under the terms of any QBT Benefit Plan have been timely
made or have been reflected on the financial statements of QBT. No QBT Pension Plan or single-employer plan of a QBT ERISA Affiliate
has an “accumulated funding deficiency” (whether or not waived) within the meaning of Section 412 of the Code
or Section 302 of ERISA and no QBT ERISA Affiliate has an outstanding funding waiver. QBT has not provided, and is not required
to provide, security to any QBT Pension Plan or to any single-employer plan of a QBT ERISA Affiliate pursuant to Section 401(a)(29)
of the Code.

 

		(e)	QBT has no obligations for retiree health and life benefits under any QBT Benefit Plan, other than
coverage as may be required under Section 4980B of the Code or Part 6 of Title I of ERISA, or under the continuation of coverage
provisions of the laws of any state or locality. QBT may amend or terminate any such QBT Benefit Plan at any time without incurring
any liability thereunder.

 

		(f)	Other than as set forth in QBT Disclosure Schedule 3.16(f), the execution of this Agreement,
shareholder approval of this Agreement or consummation of any of the transactions contemplated by this Agreement will not (i) entitle
any QBT Employees to severance pay or any increase in severance pay upon any termination of employment after the date hereof, (ii) accelerate
the time of payment or vesting or trigger any payment or funding (through a grantor trust or otherwise) of compensation or benefits
under, increase the amount payable or trigger any other material obligation pursuant to, any of the QBT Benefit Plans, (iii) result
in any breach or violation of, or a default under, any of the QBT Benefit Plans, (iv) result in any payment that would be
a “parachute payment” to a “disqualified individual” as those terms are defined in Section 280G of
the Code, without regard to whether such payment is reasonable compensation for personal services performed or to be performed
in the future, (v) limit or restrict the right of QBT, or after the consummation of the transactions contemplated herby, BWFG
or Surviving Bank, to merge amend, or terminate any of the QBT Benefit Plans, or (vi) result in payments that would not be
deductible under Section 162(m) of the Code. QBT Disclosure Schedule 3.16(f) contains a schedule showing the present
value of the monetary amounts payable as of the date specified in such schedule, whether individually or in the aggregate (including
good faith estimates of all amounts not subject to precise quantification as of the date of this Agreement), under any employment,
change-in-control, severance or similar contract, plan or arrangement with or which covers any present or former director, officer
or employee of QBT who may be entitled to any such amount and identifying the types and estimated amounts of the in-kind benefits
due under any QBT Benefit Plans (other than a plan qualified under Section 401(a) of the Code) for each such person, specifying
the assumptions in such schedule and providing estimates of other related fees or expenses together with such detail as is needed
to ensure that no such payment or benefit would result in a parachute payment to a disqualified individual within the meaning of
Section 280G of the Code.

 

		(g)	Each QBT Benefit Plan that is a deferred compensation plan and any deferral elections thereunder
are in substantial compliance with Section 409A of the Code, to the extent applicable.

 

 

    	- 13 -

    	 

    

 

		(h)	Each QBT Option (i) was granted in compliance with all applicable laws and all of the terms
and conditions of the applicable plan pursuant to which it was issued, (ii) has an exercise price per share equal to or greater
than the fair market value of a share of QBT Stock on the date of such grant, (iii) has a grant date identical to the date
on which the QBT Board or the QBT’s compensation committee actually awarded it, (iv) is exempt from Section 409A
of the Code, and (v) qualifies for the tax and accounting treatment afforded to such award in the QBT Tax Returns and the
QBT Financial Statements, respectively.

 

Section
3.17      Labor Matters.  QBT is not a party to or bound by any collective bargaining agreement, contract or other agreement
or understanding with a labor union or labor organization, nor is QBT the subject of a proceeding asserting that it has committed
an unfair labor practice (within the meaning of the National Labor Relations Act, as amended) or seeking to compel QBT to bargain
with any labor organization as to wages or conditions of employment, nor is there any strike or other labor dispute involving it
pending or, to QBT’s Knowledge, threatened, nor is QBT aware of any activity involving its employees seeking to certify a
collective bargaining unit or engaging in other organizational activity.

 

Section
3.18      Environmental Matters.

 

		(a)	QBT and its owned or leased real properties are in material compliance with all Environmental Laws.
QBT is not aware of, nor has QBT received notice of, any past, present, or future conditions, events, activities, practices or
incidents that may interfere with or prevent the material compliance of QBT with all Environmental Laws.

 

		(b)	QBT has obtained all material permits, licenses and authorizations that are required under all
Environmental Laws.

 

		(c)	No Hazardous Substances exist within any of the owned or leased real properties, nor to QBT’s
Knowledge have any Hazardous Substance previously existed on, about or within or been used, generated, stored, transported, disposed
of, on or released from any of the Properties. The use that QBT makes and intends to make of the owned real properties shall not
result in the use, generation, storage, transportation, accumulation, disposal or release of any Hazardous Material on, in or from
any of those properties.

 

		(d)	There is no action, suit, proceeding, investigation, or inquiry before any court, administrative
agency or other governmental authority pending or to QBT’s Knowledge threatened against QBT relating in any way to any Environmental
Law. QBT has no liability for remedial action under any Environmental Law. QBT has not received any request for information by
any governmental authority with respect to the condition, use or operation of any of the owned real properties or QBT Loan Property
nor has QBT received any notice of any kind from any governmental authority or other person with respect to any violation of or
claimed or potential liability of any kind under any Environmental Law with respect to any of the owned or leased real properties
or QBT Loan Property

 

Section
3.19      Tax Matters.

 

		(a)	QBT has filed all Tax Returns that it was required to file under applicable laws and regulations,
other than Tax Returns that are not yet due or for which a request for extension was filed. All such Tax Returns were correct and
complete in all material respects and have been prepared in substantial compliance with all applicable laws and regulations. All
Taxes due and owing by QBT (whether or not shown on any Tax Return) have been paid other than Taxes that have been reserved or
accrued on the balance sheet of QBT and which QBT is contesting in good faith. QBT is not the beneficiary of any extension of time
within which to file any Tax Return, and other than as set forth on QBT Disclosure Schedule 3.19, neither QBT nor any its
Subsidiaries currently has any open tax years. No claim has ever been made by an authority in a jurisdiction where QBT does not
file Tax Returns that it is or may be subject to taxation by that jurisdiction. There are no liens for Taxes (other than Taxes
not yet due and payable) upon any of the assets of QBT.

 

    	- 14 -

    	 

    

 

		(b)	QBT has withheld and paid all Taxes required to have been withheld and paid in connection with
any amounts paid or owing to any employee, independent contractor, creditor, shareholder, or other third party.

 

		(c)	No foreign, federal, state, or local tax audits or administrative or judicial Tax proceedings are
being conducted or to the Knowledge of QBT are pending with respect to QBT. QBT has not received from any foreign, federal, state,
or local taxing authority (including jurisdictions where QBT has not filed Tax Returns) any (i) notice indicating an intent
to open an audit or other review, (ii) request for information related to Tax matters, or (iii) notice of deficiency
or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any taxing authority against QBT.

 

		(d)	QBT has provided BWFG with true and complete copies of the United States federal, state, local,
and foreign income Tax Returns filed with respect to QBT for taxable periods ended December 31, 2012, 2011 and 2010. QBT has
delivered to BWFG correct and complete copies of all examination reports, and statements of deficiencies assessed against or agreed
to by QBT filed for the years ended December 31, 2012, 2011 and 2010. QBT has timely and properly taken such actions in response
to and in compliance with notices QBT has received from the IRS in respect of information reporting and backup and nonresident
withholding as are required by law.

 

		(e)	QBT has not waived any statute of limitations in respect of Taxes or agreed to any extension of
time with respect to a Tax assessment or deficiency.

 

		(f)	QBT has not been a United States real property holding corporation within the meaning of Code Section 897(c)(2)
during the applicable period specified in Code Section 897(c)(1)(A)(ii). QBT has disclosed on its federal income Tax Returns
all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Code
Section 6662. QBT is not a party to or bound by any Tax allocation or sharing agreement. QBT (i) has not been a member
of an affiliated group filing a consolidated federal income Tax Return, and (ii) has no liability for the Taxes of any individual,
bank, corporation, partnership, association, joint stock company, business trust, limited liability company, or unincorporated
organization (other than QBT) under Reg. Section 1.1502-6 (or any similar provision of state, local, or foreign law), as a
transferee or successor, by contract, or otherwise.

 

		(g)	The unpaid Taxes of QBT (i) did not, as of the end of the most recent period covered by QBT’s
call reports filed on or prior to the date hereof, exceed the reserve for Tax liability (rather than any reserve for deferred Taxes
established to reflect timing differences between book and Tax income) set forth on the face of the financial statements included
in QBT’s call reports filed on or prior to the date hereof (rather than in any notes thereto), and (ii) do not exceed
that reserve as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of QBT
in filing its Tax Returns. Since the end of the most recent period covered by QBT’s call reports filed prior to the date
hereof, QBT has not incurred any liability for Taxes arising from extraordinary gains or losses, as that term is used in GAAP, outside the ordinary course of business
consistent with past custom and practice.

  

		(h)	QBT shall not be required to include any item of income in, or exclude any item of deduction from,
taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in
method of accounting for a taxable period ending on or prior to the Closing Date; (ii) “closing agreement” as
described in Code Section 7121 (or any corresponding or similar provision of state, local or foreign income Tax law) executed
on or prior to the Closing Date; (iii) intercompany transactions or any excess loss account described in Treasury Regulations
under Code Section 1502 (or any corresponding or similar provision of state, local or foreign income Tax law); (iv) installment
sale or open transaction disposition made on or prior to the Closing Date; or (v) prepaid amount received on or prior to the
Closing Date.

 

		(i)	QBT has not distributed stock of another Person nor had its stock distributed by another Person
in a transaction that was purported or intended to be governed in whole or in part by Section 355 or Section 361 of the
Code.

 

    	- 15 -

    	 

    

 

		(j)	QBT has not participated in a listed transaction within the meaning of Reg. Section 1.6011-4
(or any predecessor provision) and QBT has not been notified of, or to QBT’s Knowledge has participated in, a transaction
that is described as a “reportable transaction” within the meaning of Reg. Section 1.6011-4(b)(1).

 

Section
3.20      Investment Securities.  QBT Disclosure Schedule 3.20 sets forth the book and market value as of December
31, 2013 of the investment securities, mortgage backed securities and securities held for sale of QBT, as well as, with respect
to such securities, descriptions thereof, CUSIP numbers, book values, fair values and coupon rates.

 

Section
3.21      Derivative Transactions.

 

		(a)	All Derivative Transactions entered into by QBT or for the account of any of its customers were
entered into in accordance with applicable laws, rules, regulations and regulatory policies of any Governmental Authority, and
in accordance with the investment, securities, commodities, risk management and other policies, practices and procedures employed
by QBT, and were entered into with counterparties believed at the time to be financially responsible and able to understand (either
alone or in consultation with its advisers) and to bear the risks of such Derivative Transactions. QBT has duly performed all of
its obligations under the Derivative Transactions to the extent that such obligations to perform have accrued, and, to the Knowledge
of QBT, there are no breaches, violations or defaults or allegations or assertions of such by any party thereunder.

 

		(b)	Except as set forth in QBT Disclosure Schedule 3.21, no Derivative Transactions, were it
to be a Loan held by QBT, would be classified as “Special Mention,” “Substandard,” “Doubtful,”
“Loss,” “Classified,” “Criticized,” “Credit Risk Assets,” “Concerned Loans,”
“Watch List” or words of similar import. The financial position of QBT under or with respect to each such Derivative
Transactions has been reflected in the books and records of QBT in accordance with GAAP consistently applied, and no open exposure
of QBT with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists.

 

Section
3.22      Loans; Nonperforming and Classified Assets.

 

		(a)	Except as set forth in QBT Disclosure Schedule 3.22(a), as of the date hereof, QBT is not
a party to any written or oral (i) loan, loan agreement, note or borrowing arrangement (including, without limitation, leases,
credit enhancements, commitments, guarantees and interest-bearing assets) (collectively, “Loans”), under the terms
of which the obligor was, as of December 31, 2013, over sixty (60) days delinquent in payment of principal or interest or
in default of any other material provision, or (ii) Loan with any director, executive officer or five percent or greater shareholder
of QBT, or to the Knowledge of QBT, any person, corporation or enterprise controlling, controlled by or under common control with
any of the foregoing. QBT Disclosure Schedule 3.22(a) identifies (x) each Loan that as of December 31, 2013 was classified
as “Special Mention,” “Substandard,” “Doubtful,” “Loss,” “Classified,”
“Criticized,” “Credit Risk Assets,” “Concerned Loans,” “Watch List” or words of
similar import by QBT or any bank examiner, together with the principal amount of and accrued and unpaid interest on each such
Loan and the identity of the borrower thereunder, and (y) each asset of QBT that as of December 31, 2013 was classified as
other real estate owned (“OREO”) and the book value thereof.

  

		(b)	Each Loan (i) is evidenced by notes, agreements or other evidences of indebtedness that are
true, genuine and what they purport to be, (ii) to the extent secured, has been secured by valid liens which have been perfected
and (iii) to the Knowledge of QBT, is a legal, valid and binding obligation of the obligor named therein, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, fraudulent conveyance and other laws of general applicability relating to or
affecting creditors’ rights and to general equity principles.

 

		(c)	The loan documents with respect to each Loan were in compliance with applicable laws and regulations
and QBT’s lending policies at the time of origination of such Loans and are complete and correct.

 

    	- 16 -

    	 

    

 

		(d)	Except as set forth in QBT Disclosure Schedule 3.22(d), QBT is not a party to any agreement
or arrangement with (or otherwise obligated to) any Person which obligates QBT to repurchase from any such Person any Loan or other
asset of QBT.

 

Section
3.23      Tangible Properties and Assets.

 

		(a)	QBT Disclosure Schedule 3.23(a) sets forth a true, correct and complete list of all real
property owned by QBT. Except as set forth in QBT Disclosure Schedule 3.23(a), and except for properties and assets disposed
of in the ordinary course of business or as permitted by this Agreement, QBT has good title to, valid leasehold interests in or
otherwise legally enforceable rights to use all of the real property, personal property and other assets (tangible or intangible),
used, occupied and operated or held for use by it in connection with its business as presently conducted in each case, free and
clear of any lien, except for (i) statutory liens for amounts not yet delinquent and (ii) liens incurred in the ordinary
course of business or imperfections of title, easements and encumbrances, if any, that, individually and in the aggregate, are
not material in character, amount or extent, and do not materially detract from the value and do not materially interfere with
the present use, occupancy or operation of any material asset.

 

		(b)	QBT Disclosure Schedule 3.23(b) sets forth a true, correct and complete schedule of all
leases, subleases, licenses and other agreements under which QBT uses or occupies or has the right to use or occupy, now or in
the future, real property (the “Leases”). Each of the Leases is valid, binding and in full force and effect and, as
of the date hereof, QBT has not received a written notice of, and otherwise has no Knowledge of any, default or termination with
respect to any Lease. There has not occurred any event and no condition exists that would constitute a termination event or a material
breach by QBT of, or material default by QBT in, the performance of any covenant, agreement or condition contained in any Lease,
and to QBT’s Knowledge, no lessor under a Lease is in material breach or default in the performance of any material covenant,
agreement or condition contained in such Lease. Except as set forth on QBT Disclosure Schedule 3.23(b), there is no pending
or, to QBT’s Knowledge, threatened proceeding, action or governmental or regulatory investigation of any nature by any Governmental
Authority with respect to the real property that QBT uses or occupies or has the right to use or occupy, now or in the future,
including without limitation a pending or threatened taking of any of such real property by eminent domain. QBT has paid all rents
and other charges to the extent due under the Leases.

 

Section
3.24      Intellectual Property.  QBT Disclosure Schedule 3.24 sets forth a true, complete and correct list of all
QBT Intellectual Property. QBT owns or has a valid license to use all QBT Intellectual Property, free and clear of all liens, royalty
or other payment obligations (except for royalties or payments with respect to off-the-shelf Software at standard commercial rates).
QBT Intellectual Property constitutes all of the Intellectual Property necessary to carry on the business of QBT as currently conducted.
QBT Intellectual Property owned by QBT, and to the Knowledge of QBT, all other QBT Intellectual Property, is valid and enforceable
and has not been cancelled, forfeited, expired or abandoned,
and QBT has not received notice challenging the validity or enforceability of QBT Intellectual Property. To the Knowledge of QBT,
the conduct of the business of QBT does not violate, misappropriate or infringe upon the Intellectual Property rights of any third
party. The consummation of the Transactions will not result in the loss or impairment of the right of QBT to own or use any of
the QBT Intellectual Property.

  

Section
3.25      Fiduciary Accounts.  QBT has properly administered all accounts for which it is or was a fiduciary, including
but not limited to accounts for which it serves or served as a trustee, agent, custodian, personal representative, guardian, conservator
or investment advisor, in accordance with the terms of the governing documents and applicable laws and regulations. Neither QBT
nor any of its directors, officers or employees, has committed any breach of trust with respect to any fiduciary account and the
records for each such fiduciary account are true and correct and accurately reflect the assets of such fiduciary account.

 

Section
3.26      Insurance.

 

		(a)	QBT Disclosure Schedule 3.26(a) identifies all of the material insurance policies, binders,
or bonds currently maintained by QBT, other than credit-life policies (the “Insurance Policies”), including the insurer,
policy numbers, amount of coverage, effective and termination dates and any pending 

 

    	- 17 -

    	 

    

 

			claims thereunder involving more than $25,000.
QBT is insured with reputable insurers against such risks and in such amounts as the management of QBT reasonably has determined
to be prudent in accordance with industry practices. All the Insurance Policies are in full force and effect, QBT is not in material
default thereunder and all claims thereunder have been filed in due and timely fashion.

 

		(b)	QBT Disclosure Schedule 3.26(b) sets forth a true, correct and complete description of all
QBT key person life insurance as of the end of the month prior to the date hereof. The value of such insurance as of the date hereof
is fairly and accurately reflected in the QBT Financial Statements in accordance with GAAP.

 

Section
3.27      Antitakeover Provisions.  No “control share acquisition,” “business combination moratorium,”
“fair price” or other form of antitakeover statute or regulation is applicable to this Agreement and the transactions
contemplated hereby.

 

Section
3.28      Fairness Opinion.  The QBT Board has received the written opinion of Sterne, Agee & Leach, Inc. to the effect
that as of the date hereof the Merger Consideration is fair to the holders of QBT Stock from a financial point of view.

 

Section
3.29      Proxy Statement/Prospectus.  As of the date of the Proxy Statement/Prospectus and the dates of the meeting of
the shareholders of QBT to which such Proxy Statement/Prospectus relates, the Proxy Statement/Prospectus, as it relates to QBT,
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, provided that information as of a later date shall be
deemed to modify information as of an earlier date, and further provided that no representation and warranty is made with respect
to information relating to BWFG included in the Proxy Statement/Prospectus.

 

Section
3.30      Disclosure.  The representations and warranties contained in this Article III, when considered as a whole, do
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
and information contained in this Article III not misleading.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF BWFG

 

Section
4.01      Making of Representations and Warranties.  Except as set forth in the BWFG Disclosure Schedule, BWFG hereby represents
and warrants to QBT that the statements contained in this Article IV are correct as of the date of this Agreement and will be correct
as of the Closing Date, except as to any representation or warranty which specifically relates to an earlier date, which only need
be correct as of such earlier date.

 

Section
4.02     Organization, Standing and Authority of BWFG.  BWFG is a Connecticut corporation duly organized, validly existing
and in good standing under the laws of the State of Connecticut, and is duly registered as a bank holding company under the Bank
Holding Company Act of 1956, as amended. BWFG has full corporate power and authority to carry on its business as now conducted.
BWFG is duly licensed or qualified to do business in the States of the United States and foreign jurisdictions where its ownership
or leasing of property or the conduct of its business requires such qualification. The Certificate of Incorporation and Bylaws
of BWFG, copies of which have been made available to QBT, are true, complete and correct copies of such documents as in full force
and effect as of the date of this Agreement.

 

Section
4.03     Organization, Standing and Authority of Bank.  Bank is a Connecticut chartered bank duly organized, validly existing
and in good standing under the laws of the State of Connecticut. Bank’s deposits are insured by the FDIC in the manner and
to the fullest extent provided by applicable law, and all premiums and assessments required to be paid in connection therewith
have been paid by Bank when due. Bank is a member in good standing of each of the FHLB and owns the requisite amount of stock of
FHLB as set forth on BWFG Disclosure Schedule 4.03. The Certificate of Incorporation and Bylaws of Bank, copies of which
have been made available to QBT, are true, complete and correct copies of such documents as in full force and effect as of the
date of this Agreement.

 

 

    	- 18 -

    	 

    

 

Section
4.04      BWFG Capital Stock.  The authorized capital stock of BWFG consists of 10,000,000 shares of BWFG Stock, of which
3,876,393 shares are outstanding as of the date hereof, and 100,000 shares of preferred stock, of which 10,980 shares are outstanding.
The outstanding shares of BWFG Stock have been duly authorized and validly issued and are fully paid and non-assessable. Except
for (a) the BWFG Option Plans pursuant to which there are outstanding options to acquire 208,568 shares of BWFG Stock, (b)
BWFG Warrants pursuant to which there are outstanding warrants to acquire 304,640 shares of BWFG Stock; and (c) the BWFG Stock
to be issued pursuant to this Agreement, BWFG does not have any Rights issued or outstanding with respect to BWFG Stock and BWFG
does not have any commitments to authorize, issue or sell any BWFG Stock or Rights.

 

Section
4.05      Subsidiaries.  Except as set forth on BWFG Disclosure Schedule 4.05, BWFG does not, directly or indirectly,
own or control any Affiliate. Except as disclosed on BWFG Disclosure Schedule 4.05, BWFG does not have any equity interest,
direct or indirect, in any other bank or corporation or in any partnership, joint venture or other business enterprise or entity,
except as acquired through settlement of indebtedness, foreclosure, the exercise of creditors’ remedies or in a fiduciary
capacity, and the business carried on by BWFG has not been conducted through any other direct or indirect Subsidiary or Affiliate
of BWFG. No such equity investment identified in BWFG Disclosure Schedule 4.05 is prohibited by the State of Connecticut,
the FRB, the CTDOB or the FDIC.

 

Section
4.06      Corporate Power; Minute Books.  Each of BWFG and Bank has the corporate power and authority to carry on its business
as it is now being conducted and to own all its properties and assets; and each of BWFG and Bank has the corporate power and authority
to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, subject
to receipt of all necessary approvals of Governmental Authorities. The minute books of BWFG contain true, complete and accurate
records of all meetings and other corporate actions held or taken by shareholders of BWFG and the BWFG Board (including committees
of the BWFG Board).

 

Section
4.07      Execution and Delivery.  This Agreement and the transactions contemplated hereby have been authorized by all
necessary corporate action of BWFG and the BWFG Board on or prior to the date hereof. BWFG has duly executed and delivered this
Agreement and, assuming due authorization, execution and delivery by Bank, this Agreement is a valid and legally binding obligation
of BWFG, enforceable in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’
rights or by general equity principles).

 

Section
4.08      Regulatory Approvals; No Defaults.

 

		(a)	No consents or approvals of, or waivers by, or filings or registrations with, any Governmental
Authority or with any third party are required to be made or obtained by BWFG or any of its Subsidiaries in connection with the
execution, delivery or performance by BWFG or Bank of this Agreement, or to consummate the transactions contemplated hereby, except for filings of applications
or notices with, and consents, approvals or waivers by, the FRB, the FDIC and the CTDOB, as may be required. As of the date hereof,
BWFG is not aware of any reason why the approvals set forth above will not be received in a timely manner.

  

		(b)	Subject to receipt, or the making, of the consents, approvals, waivers and filings referred to
in the preceding paragraph and expiration of the related waiting periods, the execution, delivery and performance of this Agreement
by BWFG, and the consummation of the transactions contemplated hereby do not and will not (i) constitute a breach or violation
of, or a default under, the charter or bylaws (or similar governing documents) of BWFG or any of its Subsidiaries, (ii) violate
any statute, code, ordinance, rule, regulation, judgment, order, writ, decree or injunction applicable to BWFG or any of its Subsidiaries,
or any of their respective properties or assets or (iii) violate, conflict with, result in a breach of any provision of or
the loss of any benefit under, constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required
by, or result in the creation of any lien upon any of the respective properties or assets of BWFG or any of its Subsidiaries under,
any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, contract, agreement
or other instrument or obligation to which 

 

 

    	- 19 -

    	 

    

 

			BWFG or any of its Subsidiaries is a party, or by which they or any of their respective
properties or assets may be bound or affected.

 

Section
4.09     Financial Statements.  BWFG has previously made available to QBT copies of the consolidated statements of condition
of BWFG and its Subsidiaries as of December 31 for the fiscal years 2013 and 2012, and the related consolidated statements
of income, changes in shareholders’ equity and cash flows for the fiscal years 2013, 2012 and 2011, in each case accompanied
by the audit report of Whittlesey & Hadley, P.C., the independent registered public accounting firm of BWFG (the “BWFG
Financial Statements”). The BWFG Financial Statements (including the related notes, where applicable) fairly present the
results of the consolidated operations and consolidated financial position of BWFG and its Subsidiaries for the respective fiscal
periods or as of the respective dates therein set forth; each of such statements (including the related notes, where applicable)
complies with applicable accounting requirements and each of such statements (including the related notes, where applicable) has
been prepared in accordance with GAAP consistently applied during the periods involved, except as indicated in the notes thereto.
The books and records of BWFG and its Subsidiaries have been, and are being, maintained in accordance with GAAP and any other applicable
legal and accounting requirements and reflect only actual transactions. Whittlesey & Hadley, P.C. has not resigned or been
dismissed as independent public accountants of BWFG as a result of or in connection with any disagreements with BWFG on a matter
of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

 

Section
4.10      Absence of Certain Changes or Events.  Except as disclosed on BWFG Disclosure Schedule 4.10, since December 31,
2013, there has been no change or development or combination of changes or developments which, individually or in the aggregate,
has had or is reasonably likely to have a Material Adverse Effect on BWFG.

 

Section
4.11      Financial Controls and Procedures.  During the periods covered by the BWFG Financial Statements, BWFG has had
in place internal controls over financial reporting which are designed and maintained to ensure that (i) transactions are
executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access
to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. None of BWFG’s records, systems, controls, data or information are recorded, stored, maintained, operated
or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process,
whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership
and direct control of BWFG or its accountants.

 

Section
4.12      Regulatory Matters.

 

		(a)	BWFG has timely filed all reports, registrations and statements, together with any amendments required
to be made with respect thereto, that it was required to file since December 31, 2011 with any Governmental Authority, and
has paid all fees and assessments due and payable in connection therewith. Except for normal examinations conducted by any Governmental
Authority in the regular course of the business of BWFG, no Governmental Authority has initiated any proceeding, or to the Knowledge
of BWFG, investigation into the business or operations of BWFG, since December 31, 2011. There is no unresolved violation,
criticism, or exception by any Governmental Authority with respect to any report or statement relating to any examinations of Bank.
Bank is “well-capitalized” as defined in applicable laws and regulations, and Bank has a Community Reinvestment Act
rating of “satisfactory” or better.

 

		(b)	Neither BWFG, nor any of its properties is a party to or is subject to any Regulatory Order from
any Governmental Authority charged with the supervision or regulation of financial institutions or issuers of securities or engaged
in the insurance of deposits or the supervision or regulation of it. BWFG has not been advised by, or has any Knowledge of facts
which could give rise to an advisory notice by, any Governmental Authority that such Governmental Authority is contemplating issuing
or requesting (or is considering the appropriateness of issuing or requesting) any Regulatory Order.

  

    	- 20 -

    	 

    

 

Section
4.13      Legal Proceedings.

 

		(a)	Other than as set forth in BWFG Disclosure Schedule 4.13, there are no pending or, to BWFG’s
Knowledge, threatened legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations
of any nature against BWFG.

 

		(b)	BWFG is not a party to any, nor are there any pending or, to BWFG’s Knowledge, threatened,
legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations of any nature
against BWFG in which, to the Knowledge of BWFG, there is a reasonable probability of any material recovery against or other Material
Adverse Effect on BWFG or which challenges the validity or propriety of the transactions contemplated by this Agreement.

 

		(c)	There is no injunction, order, judgment or decree imposed upon BWFG, or the assets of BWFG, and
BWFG has not been advised of, or is aware of, the threat of any such action.

 

Section
4.14      Compliance With Laws.

 

		(a)	BWFG is in compliance with all applicable federal, state, local and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders or decrees applicable thereto or to the employees conducting such businesses, including, without
limitation, the Equal Credit Opportunity Act, as amended, the Fair Housing Act, as amended, the Community Reinvestment Act, the
Home Mortgage Disclosure Act, the Bank Secrecy Act of 1970, as amended, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, and all other applicable fair lending and fair housing laws or
other laws relating to discrimination;

 

		(b)	BWFG has all permits, licenses, authorizations, orders and approvals of, and have made all filings,
applications and registrations with, all Governmental Authorities that are required in order to permit it to own or lease their
properties and to conduct their business as presently conducted; all such permits, licenses, certificates of authority, orders
and approvals are in full force and effect and, to BWFG’s Knowledge, no suspension or cancellation of any of them is threatened;
and

 

		(c)	BWFG has received, since December 31, 2011, no notification or communication from any Governmental
Authority (i) asserting that it is not in compliance with any of the statutes, regulations or ordinances which such Governmental
Authority enforces, or (ii) threatening to v

  

Section
4.15      Brokers.  Neither BWFG nor any of its officers or directors has employed any broker or finder or incurred any
liability for any broker’s fees, commissions or finder’s fees in connection with any of the transactions contemplated
by this Agreement, except that BWFG has engaged, and will pay a fee or commission to, Sandler O’Neill & Partners, LP.
A true, complete and correct copy of the engagement letter with Sandler O’Neill & Partners, LP has been previously delivered
to QBT.

 

Section
4.16      Employee Benefit Plans.

 

		(a)	All benefit and compensation plans, contracts, policies or arrangements covering current or former
employees of BWFG and its Subsidiaries and current or former directors of BWFG and its Subsidiaries including, but not limited
to, “employee benefit plans” within the meaning of Section 3(3) of ERISA, and deferred compensation, stock option,
stock purchase, stock appreciation rights, stock based, incentive and bonus plans (the “BWFG Benefit Plans”), are identified
in BWFG Disclosure Schedule 4.16.

 

		(b)	To the Knowledge of BWFG, each BWFG Benefit Plan has been operated and administered in all material
respects in accordance with its terms and with applicable law, including, but not limited to, ERISA, the Code, the Securities Act,
the Exchange Act, the Age Discrimination in Employment Act, COBRA, HIPAA, and any regulations or rules promulgated thereunder,
and all material filings, disclosures and notices required by ERISA, the Code, the Securities Act, the Exchange Act, the Age Discrimination
in Employment Act, COBRA, and HIPAA and any other applicable law have been 

 

    	- 21 -

    	 

    

 

			timely made or any interest, fines, penalties or other
impositions for late filings have been paid in full. Each BWFG Benefit Plan which is intended to be qualified under Section 401(a)
of the Code has received a favorable determination letter from the IRS, and BWFG is not aware of any circumstances which are reasonably
likely to result in revocation of any such favorable determination letter. There is no material pending or, to the Knowledge of
BWFG, threatened action, suit or claim relating to any of the BWFG Benefit Plans (other than routine claims for benefits). Neither
BWFG nor any of its Subsidiaries have engaged in a transaction, or omitted to take any action, with respect to any BWFG Benefit
Plan that would reasonably be expected to subject BWFG or any Subsidiary to a material unpaid tax or penalty imposed by either
Section 4975 of the Code or Section 502 of ERISA.

 

		(c)	No liability to any Governmental Entity, other than PBGC premiums arising in the ordinary course
of business, has been or is expected by BWFG or any Subsidiary with respect to any BWFG Benefit Plan which is subject to Title
IV of ERISA (“BWFG Defined Benefit Plan”) currently or formerly maintained by BWFG or any entity which is considered
one employer with BWFG under Section 4001(b)(1) of ERISA or Section 414 of the Code (an “BWFG ERISA Affiliate”).
Neither BWFG nor any BWFG ERISA Affiliate has contributed to any “multiemployer plan,” as defined in Section 3(37)
of ERISA. No notice of a “reportable event,” within the meaning of Section 4043 of ERISA for which the 30-day
reporting requirement has not been waived, has been required to be filed for any BWFG Pension Plan or by any BWFG ERISA Affiliate
within the 12 month period ending on the date hereof or will be required to be filed in connection with the Transactions contemplated
by this Agreement.

 

		(d)	All material contributions required to be made under the terms of any BWFG Benefit Plan have been
made, and all anticipated contributions and funding obligations are accrued on BWFG’s consolidated financial statements to
the extent required by GAAP. BWFG and its Subsidiaries have expensed and accrued as a liability the present value of future benefits
under each applicable BWFG Benefit Plan for financial reporting purposes as required by GAAP.

 

Section
4.17      Tax Matters.

 

		(a)	BWFG has filed all Tax Returns that it was required to file under applicable laws and regulations,
other than Tax Returns that are not yet due or for which a request for extension was filed. All such Tax Returns were correct and
complete in all material respects and have been prepared in substantial compliance with all applicable laws and regulations.
All Taxes due and owing by BWFG (whether or not shown on any Tax Return) have been paid other than Taxes that have been
reserved or accrued on the balance sheet of BWFG and which BWFG is contesting in good faith. BWFG is not the beneficiary of
any extension of time within which to file any Tax Return, and neither BWFG nor any of its subsidiaries currently has any open
tax years. No claim has ever been made by an authority in a jurisdiction where BWFG does not file Tax Returns that it is or
may be subject to taxation by that jurisdiction. There are no liens for Taxes (other than Taxes not yet due and payable) upon
any of the assets of BWFG.

  

		(b)	BWFG has withheld and paid all Taxes required to have been withheld and paid in connection with
any amounts paid or owing to any employee, independent contractor, creditor, shareholder, or other third party.

 

		(c)	No foreign, federal, state, or local tax audits or administrative or judicial Tax proceedings are
being conducted or to the Knowledge of BWFG are pending with respect to BWFG. BWFG has not received from any foreign, federal,
state, or local taxing authority (including jurisdictions where BWFG has not filed Tax Returns) any (i) notice indicating
an intent to open an audit or other review, (ii) request for information related to Tax matters, or (iii) notice of deficiency
or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any taxing authority against BWFG.

 

    	- 22 -

    	 

    

  

Section
4.18      Financial Ability.  On the Effective Date, BWFG will have all funds necessary to consummate the Merger and pay
the aggregate Merger Consideration to holders of QBT Stock pursuant to Article II hereof and will remain a “well-capitalized”
institution as defined by the FDIC

 

Section
4.19      BWFG Stock.  The shares of BWFG Stock to be issued pursuant to this Agreement, when issued in accordance with
the terms of this Agreement, will be duly authorized, validly issued, fully paid and non-assessable and subject to no preemptive
rights except as described on Schedule 4.19.

 

Section
4.20      Disclosure.  The representations and warranties contained in this Article IV, when considered as a whole, do
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
and information contained in this Article IV not misleading.

 

ARTICLE V

COVENANTS

 

Section
5.01      Covenants of QBT.  During the period from the date of this Agreement and continuing until the Effective Time,
except as expressly contemplated or permitted by this Agreement or with the prior written consent of BWFG, QBT shall carry on its
business in the ordinary course consistent with past practice and consistent with prudent banking practice and in compliance in
all material respects with all applicable laws and regulations. QBT will use its reasonable best efforts to (i) preserve its
business organization intact, (ii) keep available to itself and BWFG the present services of the current officers and employees
of QBT and (iii) preserve for itself and BWFG the goodwill of the customers of QBT and others with whom business relationships
exist. Without limiting the generality of the foregoing, and except as set forth in the QBT Disclosure Schedule or as otherwise
expressly contemplated or permitted by this Agreement or consented to in writing by BWFG, whose consent shall not be unreasonably
withheld, QBT shall not:

 

		(a)	Capital Stock.  Other than pursuant to stock options or warrants outstanding as of the date
hereof and listed in the QBT Disclosure Schedules, (i) issue, sell or otherwise permit to become outstanding, or authorize
the creation or reservation of, any additional shares of capital stock or any Rights, (ii) permit any additional shares of
capital stock to become subject to grants of employee or director stock options, warrants or other Rights, or (iii) redeem,
retire, purchase or otherwise acquire, directly or indirectly, any QBT Stock, or obligate itself to purchase, retire or redeem,
any of its shares of QBT Stock.

 

		(b)	Dividends; Etc.  (i) Make, declare, pay or set aside for payment any dividend on or
in respect of, or declare or make any distribution on any shares of QBT Stock or (ii) directly or indirectly adjust, split,
combine, redeem, reclassify, purchase or otherwise acquire any shares of its capital stock.

 

 

		(c)	Compensation; Employment Agreements, Etc.  Enter into or amend or renew any employment, consulting,
severance or similar agreements or arrangements with any director, officer or employee of QBT or grant any salary or wage increase
or increase any employee benefit or pay any incentive or bonus payments, except (i) for normal increases in compensation to
employees in the ordinary course of business consistent with past practice, provided that no such increase shall be more than three
percent (3%) of annual base salary with respect to any individual officer, director or employee, and (ii) QBT shall be
permitted to make cash contributions to the QBT 401(k) Plan in the ordinary course of business consistent with past practice.

 

		(d)	Hiring.  Hire any person as an employee of QBT or promote any employee, except (i) to
satisfy contractual obligations existing as of the date hereof and set forth on QBT Disclosure Schedule 5.01(d) and (ii) persons
hired to fill any vacancies arising after the date hereof at an annual salary of less than $50,000 and whose employment is terminable
at the will of QBT, as applicable.

 

		(e)	Benefit Plans.  Enter into, establish, adopt, amend, modify or terminate (except (i) as
may be required by or to make consistent with applicable law or the terms of this Agreement, subject to the provision of prior
written notice and consultation with respect thereto to BWFG, or (ii) to satisfy contractual obligations existing as of the
date hereof and set forth on QBT Disclosure Schedule 5.01(e)), any pension, retirement, stock option, stock purchase, savings,
profit sharing, deferred compensation, consulting, bonus, group insurance or other employee benefit, incentive or welfare contract,
plan or 

 

    	- 23 -

    	 

    

 

			arrangement, or any trust agreement (or similar arrangement) related thereto, in respect of any current or former director,
officer or employee of QBT.

 

		(f)	Transactions with Affiliates.  Except pursuant to agreements or arrangements in effect on
the date hereof, pay, loan or advance any amount to, or sell, transfer or lease any properties or assets (real, personal or mixed,
tangible or intangible) to, or enter into any agreement or arrangement with, any of its officers or directors or any of their immediate
family members or any affiliates or associates (as such terms are defined under the Exchange Act) of any of its officers or directors
other than compensation in the ordinary course of business consistent with past practice;

 

		(g)	Dispositions.  Other than as set forth in QBT Disclosure Schedule 5.01(g), sell, transfer,
mortgage, pledge, encumber or otherwise dispose of or discontinue any of its assets, deposits, business or properties except in
the ordinary course of business consistent with past practice and in a transaction that, together with all other such transactions,
is not material to QBT taken as a whole.

 

		(h)	Acquisitions.  Acquire (other than by way of foreclosures or acquisitions of control in a
bona fide fiduciary capacity or in satisfaction of debts previously contracted in good faith, in each case in the ordinary and
usual course of business consistent with past practice) all or any portion of the assets, business, deposits or properties of any
other entity.

 

		(i)	Capital Expenditures.  Other than as set forth on QBT Disclosure Schedule 5.01(i),
make any capital expenditures other than capital expenditures in the ordinary course of business consistent with past practice
in amounts not exceeding $10,000 individually or $25,000 in the aggregate.

 

		(j)	Governing Documents.  Amend QBT’s Certificate of Incorporation or Bylaws.

 

		(k)	Accounting Methods.  Implement or adopt any change in its accounting principles, practices
or methods, other than as may be required by applicable laws or regulations or GAAP.

 

		(l)	Contracts.  Except in the ordinary course of business consistent with past practice or as
otherwise expressly permitted by this Agreement, enter into, amend, modify or terminate any Material Contract, Lease or Insurance
Policy.

 

		(m)	Claims.  Enter into any settlement or similar agreement with respect to any action, suit,
proceeding, order or investigation to which QBT is or becomes a party after the date of this Agreement, which settlement, agreement
or action involves payment by QBT of an amount which exceeds $10,000 and/or would impose any material restriction on the business
of QBT.

 

 

		(n)	Banking Operations.  Enter into any new material line of business; change its material lending,
investment, underwriting, risk and asset liability management and other material banking and operating policies, except as required
by applicable law, regulation or policies imposed by any Governmental Authority; or file any application or make any contract with
respect to branching or site location or branching or site relocation.

 

		(o)	Derivatives Transactions.  Enter into any Derivatives Transactions, except in the ordinary
course of business consistent with past practice.

 

		(p)	Indebtedness.  Incur any indebtedness for borrowed money (other than deposits, federal funds
purchased, borrowings from the FHLB and securities sold under agreements to repurchase, in each case in the ordinary course of
business consistent with past practice) or assume, guarantee, endorse or otherwise as an accommodation become responsible for the
obligations of any other Person, other than in the ordinary course of business consistent with past practice.

 

		(q)	Investment Securities.  Acquire (other than by way of foreclosures or acquisitions in a bona
fide fiduciary capacity or in satisfaction of debts previously contracted in good faith, in each case in the ordinary course of
business consistent with past practice) (i) any debt security or equity investment of a type or in an amount that is not permissible
for a Connecticut state-chartered bank or (ii) any debt security, including mortgage-backed and mortgage related securities,
other than U.S. 

 

    	- 24 -

    	 

    

 

			government and U.S. government agency securities with final maturities not greater than five years or mortgage-backed
or mortgage related securities which would not be considered “high risk” securities under applicable regulatory pronouncements,
in each case purchased in the ordinary course of business consistent with past practice; or restructure or materially change its
investment securities portfolio, through purchases, sales or otherwise, or the manner in which such portfolio or any securities
therein are classified under GAAP or reported for regulatory purposes.

 

		(r)	Loans.  Except to satisfy contractual obligations existing as of the date hereof and set
forth on QBT Disclosure Schedule 5.01(r), make, renegotiate, renew, increase, extend, modify or purchase any Loan, other
than in accordance with QBT’s loan policies and procedures in effect as of the date hereof; provided, however, that the prior
notification and approval of BWFG is required for any new origination in excess of $350,000.  For purposes of this Section 5.01(r),
consent shall be deemed given unless BWFG objects within 48 hours of written notification.

 

		(s)	Investments in Real Estate.  Make any investment or commitment to invest in real estate or
in any real estate development project (other than by way of foreclosure or acquisitions in a bona fide fiduciary capacity or in
satisfaction of a debt previously contracted in good faith, in each case in the ordinary course of business consistent with past
practice).

 

		(t)	Taxes.  Make or change any Tax election, file any amended Tax Return, enter into any closing
agreement, settle or compromise any liability with respect to Taxes, agree to any adjustment of any Tax attribute, file any claim
for a refund of Taxes, or consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment.

 

		(u)	Compliance with Agreements.  Commit any act or omission which constitutes a material breach
or default by QBT under any agreement with any Governmental Authority or under any Material Contract, Lease or other material agreement
or material license to which it is a party or by which it or its properties is bound.

 

		(v)	Environmental Assessments.  Foreclose on or take a deed or title to any commercial real estate
without first conducting a Phase I environmental assessment of the property or foreclose on any commercial real estate if such
environmental assessment indicates the presence of a Hazardous Substance in amounts which, if such foreclosure were to occur, would
be material.

 

		(w)	Insurance.  Cause or allow the loss of insurance coverage, unless replaced with coverage
which is substantially similar (in amount and insurer) to that now in effect.

 

 

		(x)	Liens.  Discharge or satisfy any lien or pay any obligation or liability, whether absolute
or contingent, due or to become due, except in the ordinary course of business consistent with normal banking practices.

 

		(y)	Adverse Actions.  Take any action or fail to take any action that is intended or is reasonably
likely to result in (i) any of its representations and warranties set forth in this Agreement being or becoming untrue in
any material respect at any time at or prior to the Effective Time, (ii) any of the conditions to the Merger set forth in
Article VI not being satisfied or (iii) a material violation of any provision of this Agreement, except, in each case, as
may be required by applicable law or regulation.

 

		(z)	Commitments.  Enter into any contract with respect to, or otherwise agree or commit to do,
any of the foregoing.

 

Section
5.02      Covenants of BWFG.  From the date hereof until the Effective Time, except as expressly contemplated or permitted
by this Agreement, without the prior written consent of QBT, BWFG will not, and will cause each of its Subsidiaries not to:

 

		(a)	Adverse Actions.  Take any action or fail to take any action that is intended or is reasonably likely to result in (i) any
of its representations and warranties set forth in this Agreement being or becoming untrue in any material respect at any time
at or prior to the Effective Time, (ii) any of the conditions to the Merger set forth in Article VI not being satisfied, (iii) a
material violation of 

 

    	- 25 -

    	 

    

 

			any provision of this Agreement except, in each case, as may be required by applicable law or regulation,
(iv) adversely affect BWFG’s ability to obtain regulatory approvals in a timely manner; or (v) adversely affect its ability
to perform its covenants and agreements under this Agreement

 

		(b)	Commitments.  Enter into any contract with respect to, or otherwise agree or commit to do, any of the foregoing.

 

Section
5.03      Reasonable Best Efforts.  Subject to the terms and conditions of this Agreement, each of the parties to the Agreement
agrees to use its reasonable best efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done,
all things necessary, proper or advisable under applicable laws, so as to permit consummation of the transactions contemplated
hereby as promptly as practicable, and otherwise to enable consummation of the Transactions, including the satisfaction of the
conditions set forth in Article VI hereof, and shall cooperate fully with the other parties hereto to that end.

 

Section
5.04      QBT Shareholder Approval.  QBT agrees to take, in accordance with applicable law, the Certificate of Incorporation
of QBT and the Bylaws of QBT, all action necessary to convene a special meeting of its shareholders to consider and vote upon the
approval of this Agreement and any other matters required to be approved by QBT’s shareholders in order to permit consummation
of the transactions contemplated by this Agreement (including any adjournment or postponement, the “QBT Meeting”) and,
subject to Section 5.07, shall take all lawful action to solicit such approval by such shareholders. QBT agrees to use its
best efforts to convene the QBT Meeting within thirty-five (35) days after the initial mailing of the Proxy Statement/Prospectus
to shareholders of QBT, and in any event shall convene the QBT Meeting within forty-five (45) days after such mailing. Except
with the prior approval of BWFG, no other matters unrelated to this Agreement shall be submitted for the approval of QBT shareholders
at the QBT Meeting. The QBT Board shall at all times prior to and during the QBT Meeting recommend adoption of this Agreement by
the shareholders of QBT and shall not withhold, withdraw, amend or modify such recommendation in any manner adverse to BWFG or
take any other action or make any other public statement inconsistent with such recommendation, except as and to the extent expressly
permitted by Section 5.11 (a “Change in Recommendation”). Notwithstanding any Change in Recommendation, this Agreement
shall be submitted to the shareholders of QBT for their approval at the QBT Meeting and nothing contained herein shall be deemed
to relieve QBT of such obligation.

 

Section
5.05      Merger Registration Statement; Proxy Statement/Prospectus.  For the purposes of (x) registering BWFG Stock
to be offered to holders of QBT Stock in connection with the Merger with the SEC under the Securities Act and applicable state
securities laws and (y) holding the QBT Meeting, BWFG shall draft and prepare, and QBT shall cooperate in
the preparation of, a registration statement on Form S-4 for the registration of the shares to be issued by BWFG in the Merger
(the “Merger Registration Statement”), including the Proxy Statement/Prospectus. BWFG shall provide QBT and its counsel
with appropriate opportunity to review and comment on the Merger Registration Statement and Proxy Statement/Prospectus prior to
the time they are initially filed with the SEC or any amendments are filed with the SEC. BWFG shall file the Merger Registration
Statement with the SEC. Each of BWFG and QBT shall use its reasonable best efforts to have the Merger Registration Statement declared
effective under the Securities Act as promptly as practicable after such filing, and QBT shall thereafter promptly mail the Proxy
Statement/Prospectus to its shareholders. BWFG shall also use its reasonable best efforts to obtain all necessary state securities
law or “Blue Sky” permits and approvals required to carry out the transactions contemplated by this Agreement, and
QBT shall furnish to BWFG all information concerning QBT and the holders of QBT Stock as may be reasonably requested in connection
with such action.

 

 

Section
5.06      Cooperation and Information Sharing.  QBT shall provide BWFG with any information concerning QBT that BWFG may
reasonably request in connection with the drafting and preparation of the Merger Registration Statement and Proxy Statement/Prospectus,
and each party shall notify the other promptly of the receipt of any comments of the SEC with respect to the Merger Registration
Statement or Proxy Statement/Prospectus and of any requests by the SEC for any amendment or supplement thereto or for additional
information and shall provide to QBT promptly copies of all correspondence between it or any of its representatives and the SEC.
BWFG shall provide QBT and its counsel with appropriate opportunity to review and comment on all amendments and supplements to
the Merger Registration Statement and Proxy Statement/Prospectus and all responses to requests for additional information and replies
to comments prior to their being filed with, or sent to, the SEC. Each of BWFG and QBT

 

    	- 26 -

    	 

    

 

agrees to use all reasonable efforts, after
consultation with the other party hereto, to respond promptly to all such comments of and requests by the SEC. QBT agrees to cause
the Proxy Statement/Prospectus and all required amendments and supplements thereto to be mailed to the holders of QBT Stock entitled
to vote at the QBT Meeting at the earliest practicable time.

 

Section
5.07      Supplements or Amendment.  QBT and BWFG shall promptly notify the other party if at any time it becomes aware
that the Proxy Statement/Prospectus or the Merger Registration Statement contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances
under which they were made, not misleading. In such event, QBT shall cooperate with BWFG in the preparation of a supplement or
amendment to such Proxy Statement/Prospectus which corrects such misstatement or omission, and BWFG shall file an amended Merger
Registration Statement with the SEC, and each of BWFG and QBT shall mail an amended Proxy Statement/Prospectus to their respective
shareholders.

 

Section
5.08      Regulatory Approvals.  Each of QBT and BWFG will cooperate with the other and use all reasonable efforts to promptly
prepare all necessary documentation, to effect all necessary filings and to obtain all necessary permits, consents, approvals and
authorizations of all third parties and Governmental Authorities necessary to consummate the transactions contemplated by this
Agreement. QBT and BWFG will furnish each other and each other’s counsel with all information concerning themselves, their
subsidiaries, directors, officers and shareholders and such other matters as may be necessary or advisable in connection with the
Proxy Statement/Prospectus and any application, petition or any other statement or application made by or on behalf of BWFG, QBT,
or QBT to any Governmental Authority in connection with the Merger and the other transactions contemplated by this Agreement. Each
party hereto shall have the right to review and approve in advance all characterizations of the information relating to such party
and any of its Subsidiaries that appear in any filing made in connection with the transactions contemplated by this Agreement with
any Governmental Authority. In addition, BWFG and QBT shall each furnish to the other for review a copy of each such filing made
in connection with the transactions contemplated by this Agreement with any Governmental Authority prior to its filing.

 

Section
5.09      Press Releases.  QBT and BWFG shall consult with each other before issuing any press release with respect to
this Agreement or the transactions contemplated hereby and shall not issue any such press release or make any such public statements
without the prior consent of the other party, which shall not be unreasonably withheld; provided, however, that a party
may, without the prior consent of the other party (but after such consultation, to the extent practicable in the circumstances),
issue such press release or make such public statements as may upon the advice of outside counsel be required by law. QBT and BWFG
shall cooperate to develop all public announcement materials and make appropriate management available at presentations related
to this Agreement as reasonably requested by the other party.

 

 

Section
5.10      Access; Information.

 

		(a)	QBT agrees that upon reasonable notice and subject to applicable laws relating to the exchange
of information, it shall afford BWFG and its officers, employees, counsel, accountants and other authorized representatives such
access during normal business hours throughout the period prior to the Effective Time to the books, records (including, without
limitation, Tax Returns and work papers of independent auditors), properties and personnel of QBT and to such other information
relating to QBT as BWFG may reasonably request and, during such period, it shall furnish promptly to BWFG all information concerning
the business, properties and personnel of QBT as BWFG may reasonably request.

 

		(b)	All information furnished to BWFG by QBT pursuant to Section 5.10(a) shall be subject to,
and BWFG shall hold all such information in confidence in accordance with, the provisions of the Mutual Agreement of Confidentiality,
dated as of _______, 2013, by and between QBT and BWFG (the “Confidentiality Agreement”).

 

		(c)	No investigation by BWFG of the business and affairs of QBT shall affect or be deemed to modify
or waive any representation, warranty, covenant or agreement in this Agreement, or the conditions to the obligations of BWFG to
consummate the transactions contemplated by this Agreement.

 

    	- 27 -

    	 

    

 

Section
5.11      No Solicitation by QBT.

 

		(a)	From the date of this Agreement through the Effective Time, QBT shall not, nor shall it authorize
or permit any of its directors, officers or employees or any investment banker, financial advisor, attorney, accountant or other
representative retained by it to, directly or indirectly through another Person, (i) solicit, initiate or encourage (including
by way of furnishing information or assistance), or take any other action designed to facilitate or that is likely to result in,
any inquiries or the making of any proposal that constitutes, or is reasonably likely to lead to, any Acquisition Proposal, (ii) enter
into any agreement with respect to an Acquisition Proposal, (iii) participate in any discussions or negotiations regarding
any Acquisition Proposal or (iv) make or authorize any statement or recommendation in support of any Acquisition Proposal,
unless, and only to the extent that, (x) the QBT Board reasonably determines in good faith, after consultation with its outside
legal counsel, that such action would be required in order for directors of QBT to comply with their respective fiduciary duties
under applicable law in response to a bona fide, written Acquisition Proposal not solicited in violation of this Section 5.11(a)
that the QBT Board believes in good faith is a Superior Proposal; provided, however, that no Acquisition Proposal shall
be considered a Superior Proposal unless, during the three (3) day period following BWFG’s notification of the Superior
Proposal, QBT and its advisors shall have negotiated in good faith with BWFG to make adjustments in the terms and conditions of
this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal, and such negotiations fail to
result in the necessary adjustments to this Agreement; and (y) QBT provides notice to BWFG of its decision to take such action
in accordance with the requirements of Section 5.11(b), QBT may (1) furnish information with respect to QBT to any Person
making such an Acquisition Proposal pursuant to a customary confidentiality agreement (as determined by QBT after consultation
with its outside legal counsel) on terms substantially similar to, and no less favorable to BWFG than, the terms contained in any
such agreement between QBT and BWFG, (2) participate in discussions or negotiations regarding such an Acquisition Proposal
and (3) authorize any statement or recommendation in support of such an Acquisition Proposal and withhold, withdraw, amend
or modify the recommendation referred to in Section 5.04.

 

		(b)	QBT shall notify BWFG promptly (but in no event later than 24 hours) after receipt of any Acquisition
Proposal, or any material modification of or material amendment to any Acquisition Proposal, or any request for nonpublic information
relating to QBT or for access to the properties, books or records of QBT by any Person that informs the QBT Board or a member of
the senior management of QBT that it is making, or has made, an Acquisition Proposal. Such notice to BWFG shall be made orally
and in writing, and shall indicate the material terms of any such Acquisition Proposal and any modification or amendment to such
Acquisition Proposal. QBT shall keep BWFG fully informed, on a current basis, of any material changes in the status and any
material changes or modifications in the terms of any such Acquisition Proposal, indication or request. QBT also shall
promptly, and in any event within twenty-four (24) hours, notify BWFG, orally and in writing, if it enters into
discussions or negotiations concerning any Acquisition Proposal in accordance with Section 5.11(a).

  

		(c)	QBT shall immediately cease and cause to be terminated any existing discussions or negotiations
with any Persons (other than BWFG) conducted heretofore with respect to any of the foregoing, and shall use reasonable best efforts
to cause all Persons other than BWFG who have been furnished confidential information regarding QBT in connection with the solicitation
of or discussions regarding an Acquisition Proposal within the twelve (12) months prior to the date hereof promptly to return
or destroy such information. QBT agrees not to release any third party from the confidentiality and standstill provisions of any
agreement to which QBT is or may become a party, and shall immediately take all steps necessary to terminate any approval that
may have been heretofore given under any such provisions authorizing any Person to make an Acquisition Proposal.

 

		(d)	QBT shall ensure that the directors, officers, employees, agents and representatives (including
any investment bankers, financial advisors, attorneys, accountants or other retained representatives) of QBT are aware of the restrictions
described in this Section 5.11 as reasonably necessary to avoid violations thereof. It is understood that any violation of
the restrictions set forth in this Section 5.11

 

    	- 28 -

    	 

    

 

			by any director, officer, employee, agent or representative (including any
investment banker, financial advisor, attorney, accountant or other retained representative) of QBT, at the direction or with the
consent of QBT, shall be deemed to be a breach of this Section 5.11 by QBT.

 

Section
5.12     Certain Policies.  Prior to the Effective Date, QBT shall, consistent with GAAP and applicable banking laws and
regulations, modify or change its loan, OREO, accrual, reserve, tax, litigation and real estate valuation policies and practices
(including loan classifications and levels of reserves) so as to be applied on a basis that is consistent with that of BWFG; provided,
however, that QBT shall not be obligated to take any action pursuant to this Section 5.12 unless and until BWFG acknowledges,
and QBT is satisfied, that all conditions to QBT’s obligation to consummate the Merger have been satisfied and that BWFG
shall consummate the Merger in accordance with the terms of this Agreement, and further provided that in any event, no accrual
or reserve made by QBT pursuant to this Section 5.12 or the consequences resulting therefrom shall constitute or be deemed
to be a breach, violation of or failure to satisfy any representation, warranty, covenant, agreement, condition or other provision
of this Agreement or otherwise be considered in determining whether any such breach, violation or failure to satisfy shall have
occurred. The recording of any such adjustments shall not be deemed to imply any misstatement of previously furnished financial
statements or information and shall not be construed as concurrence of QBT or its management with any such adjustments.

 

Section
5.13      Indemnification.

 

		(a)	From and after the Effective Time, BWFG (the “Indemnifying Party”) shall indemnify
and hold harmless each present and former director, officer and employee of QBT, as applicable, determined as of the Effective
Time (the “Indemnified Parties”) against any costs or expenses (including reasonable attorneys’ fees), judgments,
fines, losses, claims, damages or liabilities incurred in connection with any claim, action, suit, proceeding or investigation,
whether civil, criminal, administrative or investigative, arising out of matters existing or occurring at or prior to the Effective
Time, whether asserted or claimed prior to, at or after the Effective Time, arising in whole or in part out of or pertaining to
the fact that he or she was a director or officer of QBT or is or was serving at the request of QBT as a director, officer, employee
or other agent of any other organization or in any capacity with respect to any employee benefit plan of QBT, including without
limitation matters related to the negotiation, execution and performance of this Agreement or any of the Transactions contemplated
hereby, to the fullest extent which such Indemnified Parties would be entitled under the Bylaws of BWFG as in effect on the date
hereof (subject to change as required by law). BWFG’s obligations under this Section 5.13(a) shall continue in full
force and effect for a period of six years from the Effective Time; provided, however, that all rights to indemnification in respect of any claim asserted or made within such period shall continue
until the final disposition of such claim.

 

		(b)	Any Indemnified Party wishing to claim indemnification under this Section 5.13, upon learning
of any such claim, action, suit, proceeding or investigation, shall promptly notify the Indemnifying Party, but the failure to
so notify shall not relieve the Indemnifying Party of any liability it may have to such Indemnified Party except to the extent
that such failure does actually prejudice the Indemnifying Party. In the event of any such claim, action, suit, proceeding or investigation
(whether arising before or after the Effective Time), (i) the Indemnifying Party shall have the right to assume the defense
thereof and the Indemnifying Party shall not be liable to such Indemnified Parties for any legal expenses of other counsel or any
other expenses subsequently incurred by such Indemnified Parties in connection with the defense thereof, except that if the Indemnifying
Party elects not to assume such defense or counsel for the Indemnified Parties advises that there are issues which raise conflicts
of interest between the Indemnifying Party and the Indemnified Parties, the Indemnified Parties may retain counsel which is reasonably
satisfactory to the Indemnifying Party, and the Indemnifying Party shall pay, promptly as statements therefor are received, the
reasonable fees and expenses of such counsel for the Indemnified Parties (which may not exceed one firm in any jurisdiction unless
counsel for the Indemnified Parties advises that there are issues that raise conflicts of interest between the Indemnified Parties),
(ii) the Indemnified Parties will cooperate in the defense of any such matter, (iii) the Indemnifying Party shall not
be liable for any settlement effected without its prior written consent and (iv) the Indemnifying Party shall have no obligation
hereunder in the event that indemnification of an Indemnified Party in the manner contemplated 

 

    	- 29 -

    	 

    

 

 

			hereby is prohibited by applicable
laws and regulations or by an applicable federal or state banking agency or a court of competent jurisdiction.

 

		(c)	Prior to the Effective Time, BWFG shall use its reasonable best efforts to cause the persons serving
as directors and officers of QBT immediately prior to the Effective Time to be covered by the directors’ and officers’
liability insurance policy maintained by QBT (provided that BWFG may substitute therefor policies which are not materially less
advantageous than such policy or single premium tail coverage with policy limits equal to QBT’s existing coverage limits)
for a six-year period following the Effective Time with respect to acts or omissions occurring prior to the Effective Time which
were committed by such directors and officers in their capacities as such, provided that in no event shall BWFG be required to
expend in any one year more than an amount equal to 175% of the current annual amount expended by QBT to maintain such insurance
(the “Insurance Amount”), and further provided that if BWFG is unable to maintain or obtain the insurance called for
by this Section 5.13(c) as a result of the preceding provision, BWFG shall use its reasonable best efforts to obtain as much
comparable insurance as is available for the Insurance Amount.

 

		(d)	If BWFG or any of its successors or assigns shall consolidate with or merge into any other entity
and shall not be the continuing or surviving entity of such consolidation or merger or shall transfer all or substantially all
of its assets to any other entity, then and in each case, proper provision shall be made so that the successors and assigns of
BWFG shall assume the obligations set forth in this Section 5.13.

 

Section
5.14      Employees; Benefit Plans.

 

		(a)	Following the Closing Date, BWFG may choose not to maintain any or all of the QBT Benefit Plans
in its sole discretion and QBT shall cooperate with BWFG in order to effect any plan terminations to be made as of the Effective
Time. However, for any QBT Benefit Plan terminated for which there is a comparable BWFG Benefit Plan of general applicability,
BWFG shall take all reasonable action so that employees of QBT shall be entitled to participate in such BWFG Benefit Plan to the
same extent as similarly-situated employees of BWFG (it being understood that inclusion of the employees of QBT in the BWFG Benefit
Plans may occur at different times with respect to different plans, including after the Effective Time). BWFG shall cause each
BWFG Benefit Plan in which employees of QBT are eligible to participate to take into account for purposes of eligibility and vesting under the BWFG Benefit Plans but not for purposes of benefit
accrual the service of such employees with QBT to the same extent as such service was credited for such purpose by QBT; provided,
however, that such service shall not be recognized to the extent that such recognition would result in a duplication of benefits.
Nothing herein shall limit the ability of BWFG to amend or terminate any of the QBT Benefit Plans or BWFG Benefit Plans in accordance
with their terms at any time; provided, however, that BWFG shall continue to maintain the QBT Benefit Plans (other than
stock-based or incentive plans) for which there is a comparable BWFG Benefit Plan until the QBT Employees are permitted to participate
in the BWFG Benefit Plans, unless such BWFG Benefit Plan has been frozen or terminated with respect to similarly situated employees
of BWFG or any Subsidiary of BWFG.

  

		(b)	BWFG shall assume and honor, for 2014, the vacation policies of QBT, as disclosed on QBT Disclosure
Schedule 3.16,

 

		(c)	If employees of QBT become eligible to participate in a medical, dental or health plan of BWFG
in accordance with BWFG plan documents, upon termination of such plan of QBT, BWFG shall make all commercially reasonable efforts
to cause each such plan to (i) waive any preexisting condition limitations to the extent such conditions are covered under
the applicable medical, health or dental plans of BWFG, and (ii) waive any waiting period limitation or evidence of insurability
requirement which would otherwise be applicable to such employee on or after the Effective Time, in each case to the extent such
employee had satisfied any similar limitation or requirement under an analogous QBT Benefit Plan prior to the Effective Time.

 

    	- 30 -

    	 

    

 

		(d)	BWFG agrees to cause BWFG or QBT to provide severance pay, as set forth below, to any full-time, current employee of QBT (excluding
any employee of QBT who is a party to an employment agreement, change-in-control agreement or any other agreement that provides
for severance payments) whose employment is terminated by QBT prior to the Effective Time at the request of BWFG or by BWFG or
a subsidiary of BWFG within six (6) months beyond the Effective Time because such employee's position is eliminated or such employee
is not offered or retained in comparable employment (i.e., a position with no reduction in base pay, or scheduled hours, and where
the employee is not required to commute more than 35 miles farther than the employee's present commute), excluding any employee
who has accepted an offer from BWFG of noncomparable employment and also excluding any employee whose employment is terminated
for “cause” (as defined below). The severance pay to be provided by QBT or BWFG under this provision shall equal two
weeks “base pay” (as defined below) for each full year of service (including service with QBT and BWFG and any subsidiary
of each), with a minimum of four (4) weeks and a maximum of fourteen (14) weeks of base pay.  For purposes of this provision,
the term “base pay” means (A) with respect to a salaried employee, the employee's annual base salary prior to
any pre-tax deductions, but shall not include bonus payments, and (B) with respect to an hourly employee, the employee's total
scheduled hours (prorated, as appropriate) prior to any pre-tax deductions for the twelve (12) full calendar months preceding the
month in which the Effective Time occurs, including base salary and overtime pay, but excluding bonus payments. Also, for purposes
of this provision, the term “cause” means termination because of neglect of or refusal to perform, other than as a
result of sickness, accident or similar cause beyond an employee's reasonable control, any duty or responsibility as an employee
of QBT or BWFG or any subsidiary; dishonesty with respect to QBT or BWFG or the commission of any crime (other than minor traffic
violations); or any material misconduct or material neglect of duties by the employee in connection with the business or affairs
of QBT or BWFG. The foregoing definition of “cause” is in no way intended to limit or qualify the right of QBT or BWFG
to terminate any person's employment for any reason. Employees receiving severance payments will be required to execute appropriate
release documents.

 

		(e)	Concurrently with the execution of this Agreement, QBT shall obtain from each of the individuals
named in QBT Disclosure Schedule 5.14(e) an agreement (a “Settlement Agreement”) to accept in full settlement
of his or her rights under the specified programs the amounts and benefits determined under his or her Settlement Agreement (the
aggregate amount of such payment to be specified in QBT Disclosure Schedule 5.14(e)) and pay such amounts to such individuals who
are employed at the Effective Time pursuant to the terms of the Settlement Agreement. As to, and only as to, each individual who
enters into a Settlement Agreement, BWFG acknowledges and agrees that (i) the Merger constitutes a “change of control”
or “change in control” for all purposes pursuant to such employment agreements. Any officer or employee of QBT who
is a party to a Settlement Agreement shall be entitled to receive the benefits payable or to be otherwise provided pursuant to
the terms of such Settlement Agreement, and BWFG agrees to provide the non-cash benefits, if any, pursuant to the terms of the
Settlement Agreement.

 

 

		(f)	BWFG and QBT shall discuss the advisability of a retention pool in an amount to be determined for
certain employees of QBT to be designated by BWFG in consultation with QBT. Such designated employees, if any will enter into retention
agreement to be agreed upon by BWFG and QBT.

 

Section
5.15      Notification of Certain Changes.  BWFG and QBT shall promptly advise the other party of any change or event having,
or which could be reasonably expected to have, a Material Adverse Effect on it or which it believes would, or which could reasonably
be expected to, cause or constitute a material breach of any of its representations, warranties or covenants contained herein.
From time to time prior to the Effective Time (and on the date prior to the Closing Date), each party will supplement or amend
its Disclosure Schedules delivered in connection with the execution of this Agreement to reflect any matter which, if existing,
occurring or known at the date of this Agreement, would have been required to be set forth or described in such Disclosure Schedules
or which is necessary to correct any information in such Disclosure Schedules which has been rendered inaccurate thereby. No supplement
or amendment to such Disclosure Schedules shall have any effect for the purpose of determining the accuracy of the representations
and warranties of the parties contained in Article III and Article IV in order to determine the fulfillment 

 

    	- 31 -

    	 

    

 

of the conditions set
forth in Sections 6.02(a) or 6.03(a) hereof, as the case may be, or the compliance by QBT or BWFG, as the case may be, with the
respective covenants and agreements of such parties contained herein.

 

Section
5.16      Current Information.  During the period from the date of this Agreement to the Effective Time, QBT will cause
one or more of its designated representatives to confer on a regular and frequent basis with representatives of BWFG and to report
the general status of the ongoing operations of QBT. Without limiting the foregoing, QBT agrees to provide BWFG (i) a copy
of each report filed by QBT with a Governmental Authority within one (1) Business Day following the filing thereof and (ii) monthly
updates of the information required to be set forth in QBT Disclosures Schedule 3.14 and 3.22.  QBT shall permit BWFG representatives
access to QBT books and records as appropriate to support the information provided in the reports and monthly updates.

 

Section
5.17      Board Packages.  QBT shall distribute a copy of the QBT Board package, including the agenda and any draft minutes,
to BWFG at the same time and in the same manner in which it distributes a copy of such packages to the QBT Board; provided,
however, that QBT shall not be required to copy BWFG on any documents that disclose confidential discussions of this Agreement
or the transactions contemplated hereby or any third party proposal to acquire control of QBT or any other matter that the QBT
Board has been advised of by counsel that such distribution to BWFG may violate a confidentiality obligation or fiduciary duty
or any law or regulation.

 

Section
5.18     Transition; Informational Systems Conversion.  From and after the date
hereof, BWFG and QBT shall use their reasonable best efforts to facilitate the integration of QBT with the business of BWFG
following consummation of the Transactions, and shall meet on a regular basis to discuss and plan for the conversion of
QBT’s data processing and related electronic informational systems (the “Informational Systems Conversion”)
to those used by BWFG and its Subsidiaries, which planning shall include, but not be limited to: (a) discussion of
QBT’s third-party service provider arrangements; (b) non-renewal of personal property leases and software licenses
used by QBT in connection with its systems operations; (c) retention of outside consultants and additional employees to
assist with the conversion; (d) outsourcing, as appropriate, of proprietary or self-provided system services; and
(e) any other actions necessary and appropriate to facilitate the conversion, as soon as practicable following the
Effective Time. QBT shall take all action which is necessary and appropriate to facilitate the Informational Systems
Conversion; provided, however, that BWFG shall indemnify QBT for requested expenses or charges that QBT may incur as a
result of taking, at the written request of BWFG, any action to facilitate the Informational Systems Conversion. If this
Agreement is terminated by BWFG and/or QBT in accordance with Section 7.01(a), 7.01(b), 7.01(c) or 7.01(f), or by QBT
only in accordance with Section 7.01(d) or 7.01(e), BWFG shall
indemnify QBT for any reasonable fees, expenses or charges related to reversing the Informational Systems Conversion.

 

 

ARTICLE VI

CONDITIONS TO CONSUMMATION OF THE MERGER

 

Section
6.01      Conditions to Obligations of the Parties to Effect the Merger.  The respective obligations of QBT and BWFG to
consummate the Merger are subject to the fulfillment or, to the extent permitted by applicable law, written waiver by the parties
hereto prior to the Closing Date of each of the following conditions:

 

		(a)	Regulatory Approvals.  All consents and approvals of a Governmental Authority required to
consummate the transactions contemplated by this Agreement shall have been obtained and shall remain in full force and effect and
all statutory waiting periods in respect thereof shall have expired or been terminated.

 

		(b)	Merger Registration Statement Effective.  The Merger Registration Statement shall have been
declared effective by the SEC and no stop order with respect thereto shall be in effect.

 

		(c)	NASDAQ Listing.  The shares of BWFG Stock issuable pursuant to this Agreement shall have
been approved for listing on NASDAQ, subject to official notice of issuance.

 

		(d)	No Injunctions or Restraints; Illegality.  No judgment, order, injunction or decree issued
by any court or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation of any of
the transactions contemplated by this Agreement shall be in effect. No statute, rule, regulation, order, injunction or decree shall
have been enacted, entered, promulgated

 

    	- 32 -

    	 

    

 

			or enforced by any Governmental Authority that prohibits or makes illegal the consummation
of any of such transactions.

 

		(e)	Shareholder Approval.  This Agreement shall have been duly approved by the requisite vote
of the holders of outstanding shares of QBT Stock.

 

		(f)	Tax Opinions.  BWFG shall have received a letter setting forth the written opinion of Hinckley,
Allen & Snyder LLP, in and form and substance reasonably satisfactory to BWFG, dated as of the Closing Date, and QBT shall
have received a letter setting forth the written opinion of Luse Gorman Pomerenk & Schick PC, in form and substance reasonably
satisfactory to QBT, dated as of the Closing Date, in each case substantially to the effect that, on the basis of the facts, representations
and assumptions set forth in such letter, the Merger will constitute a tax free reorganization described in Section 368(a)
of the Code.

 

Section
6.02      Conditions to Obligations of BWFG.  The obligations of BWFG to consummate the Merger also are subject to the
fulfillment or written waiver by BWFG prior to the Closing Date of each of the following conditions:

 

		(a)	Representations and Warranties.  The representations and warranties of QBT set forth in this
Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such representations
and warranties speak as of an earlier date) as of the Closing Date as though made on and as of the Closing Date; provided, however,
that for purposes of this paragraph, such representations and warranties shall be deemed to be true and correct in all material
respects unless the failure or failures of such representations and warranties to be so true and correct, either individually or
in the aggregate, will have or are reasonably likely to have a Material Adverse Effect on QBT or the Surviving Bank. BWFG shall
have received a certificate, dated the Closing Date, signed on behalf of QBT by the Chief Executive Officer of QBT to such effect.

 

		(b)	Performance of Obligations of QBT.  QBT shall have performed in all material respects all
obligations required to be performed by it under this Agreement at or prior to the Closing Date, and BWFG shall have received a certificate, dated the Closing Date, signed on behalf of QBT by
the Chief Executive Officer of QBT to such effect.

 

		(c)	Adverse Regulatory Conditions.  No regulatory approval referred to in Section 6.01(a)
hereof shall contain any condition, restriction or requirement which the Board of Directors of BWFG reasonably determines in good
faith would, individually or in the aggregate, materially reduce the benefits of the Merger to such a degree that BWFG would not
have entered into this Agreement had such condition, restriction or requirement been known at the date hereof, except to the extent
such condition, restriction or requirement relates primarily to the operations and activities of BWFG.

 

		(d)	Voting Agreements.  The Voting Agreements shall have been executed and delivered by each
director and executive officer of QBT concurrently with QBT’s execution and delivery of this Agreement.

 

		(e)	Agreements with QBT Executives.  Mark A. Candido, current President and Chief Executive officer
of QBT, and Richard R. Barredo, current Executive Vice President and Chief Lending Officer, shall have entered into Employment
Agreements with the Bank satisfactory in form and substance to the Bank.

 

		(f)	Absence of any Regulatory Order.  There shall be no outstanding Regulatory Order to which
QBT is a party and which will apply to BWFG after the Effective Time.

 

		(g)	Opening of North Haven Branch.  QBT’s proposed branch at 24 Washington Avenue, North
Haven, Connecticut shall have received all regulatory approvals and shall have begun business there.

 

		(h)	Other Actions.  QBT shall have furnished BWFG with such certificates of its officers or others
and such other documents to evidence fulfillment of the conditions set forth in Sections 6.01 and 6.02 as BWFG may reasonably request.

 

    	- 33 -

    	 

    

 

Section
6.03      Conditions to Obligations of QBT.  The obligations of QBT to consummate the Merger also are subject to the fulfillment
or written waiver by QBT prior to the Closing Date of each of the following conditions:

 

		(a)	Representations and Warranties.  The representations and warranties of BWFG set forth in
this Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such
representations and warranties speak as of an earlier date) as of the Closing Date as though made on and as of the Closing Date;
provided, however, that for purposes of this paragraph, such representations and warranties shall be deemed to be true and
correct in all material respects unless the failure or failures of such representations and warranties to be so true and correct,
either individually or in the aggregate, will have or are reasonably likely to have a Material Adverse Effect on BWFG or the Surviving
Bank. QBT shall have received a certificate, dated the Closing Date, signed on behalf of BWFG by the Chief Executive Officer and
the Chief Financial Officer of BWFG to such effect.

 

		(b)	Performance of Obligations of BWFG.  BWFG shall have performed in all material respects all
obligations required to be performed by it under this Agreement at or prior to the Closing Date, and QBT shall have received a
certificate, dated the Closing Date, signed on behalf of BWFG by the Chief Executive Officer and the Chief Financial Officer of
BWFG to such effect.

 

		(c)	Other Actions.  BWFG shall have furnished QBT with such certificates of its respective officers
or others and such other documents to evidence fulfillment of the conditions set forth in Sections 6.01 and 6.03 as QBT may reasonably
request.

 

Section
6.04      Frustration of Closing.  Neither BWFG nor QBT may rely on the failure of any condition set forth in Section 6.01,
6.02 or 6.03, as the case may be, to be satisfied if such failure was caused by such party’s failure to use reasonable
best efforts to consummate any of the transactions contemplated by this Agreement.

 

 

ARTICLE VII

TERMINATION

 

Section
7.01      Termination.  This Agreement may be terminated, and the Transactions may be abandoned:

 

		(a)	Mutual Consent.  At any time prior to the Effective Time, by the mutual consent of BWFG and
QBT if the Board of Directors of each so determines by vote of a majority of the members of its entire Board.

 

		(b)	No Regulatory Approval.  By either BWFG or QBT, if its Board of Directors so determines by
a vote of a majority of the members of its entire board, in the event the approval of any Governmental Authority required for consummation
of the transactions contemplated by this Agreement shall have been denied by final, nonappealable action by such Governmental Authority
or an application therefor shall have been permanently withdrawn at the request of a Governmental Authority.

 

		(c)	No Shareholder Approval.  By either BWFG or QBT (provided, in the case of QBT, that it shall
not be in material breach of any of its obligations under Section 5.04), if the approval of the shareholders of QBT required
for the consummation of the transactions contemplated by this Agreement shall not have been obtained by reason of the failure to
obtain the required vote at a duly held meeting of such shareholders or at any adjournment or postponement thereof.

 

		(d)	Breach of Representations and Warranties.  By either BWFG or QBT (provided that the terminating
party is not then in material breach of any representation, warranty, covenant or other agreement contained herein) if there shall
have been a material breach of any of the representations or warranties set forth in this Agreement by the other party, which breach
is not cured within thirty (30) days following written notice to the party committing such breach, or which breach, by its
nature, cannot be cured prior to the Closing; provided, however, that neither party shall have the right to terminate this
Agreement pursuant to this Section 7.01(d) unless the breach of representation or warranty, together with all other such breaches,
would entitle the party receiving such 

 

 

    	- 34 -

    	 

    

 

			representation or warranty not to consummate the Merger under Section 6.02(a) (in the
case of a breach of a representation or warranty by BWFG) or Section 6.03(a) (in the case of a breach of a representation
or warranty by QBT).

 

		(e)	Breach of Covenants.  By either BWFG or QBT (provided that the terminating party is not then
in material breach of any representation, warranty, covenant or other agreement contained herein) if there shall have been a material
breach of any of the covenants or agreements set forth in this Agreement on the part of the other party, which breach shall not
have been cured within thirty (30) days following receipt by the breaching party of written notice of such breach from the
other party hereto, or which breach, by its nature, cannot be cured prior to the Closing, provided, however, that neither
party shall have the right to terminate this Agreement pursuant to this Section 7.01(e) unless the breach of covenant or agreement,
together with all other such breaches, would entitle the party receiving the benefit of such covenant or agreement not to consummate
the Merger under Section 6.02(b) (in the case of a breach of a covenant or agreement by QBT) or Section 6.03(b) in the
case of a breach of a representation or warranty by BWFG).

 

		(f)	Delay.  By either BWFG or QBT if the Merger shall not have been consummated on or before
December 31, 2014 (the “Termination Date”), unless the failure of the Closing to occur by such date shall be due
to a material breach of this Agreement by the party seeking to terminate this Agreement.

 

		(g)	Failure to Recommend; Third-Party Acquisition Transaction; Etc.  By either BWFG or QBT, if
(i) QBT shall have breached its obligations under Section 5.11, (ii) the QBT Board shall have failed to make its
recommendation referred to in Section 5.04, withdrawn such recommendation or modified or changed such recommendation in a manner adverse in any respect to the interests of
BWFG, (iii) the QBT Board shall have recommended, proposed, or publicly announced its intention to recommend or propose, to
engage in an Acquisition Transaction with any Person other than BWFG or a Subsidiary of BWFG or (iv) QBT shall have materially
breached its obligations under Section 5.04 by failing to call, give notice of, convene and hold the QBT Meeting in accordance
with Section 5.04.

  

Section
7.02      Termination Fee.  In recognition of the efforts, expenses and other opportunities foregone by BWFG while structuring
and pursuing the Merger, the parties hereto agree that QBT shall pay to BWFG a termination fee of Six Hundred Thousand Dollars
($600,000) within three (3) Business Days after written demand for payment is made by BWFG, following the occurrence of any
of the events set forth below:

 

		(a)	BWFG or QBT terminates this Agreement pursuant to Section 7.01(g); or

 

		(b)	QBT enters into a definitive agreement relating to an Acquisition Proposal or the consummation
of an Acquisition Proposal involving QBT within fifteen (15) months following the termination of this Agreement by BWFG pursuant
to Section 7.01(d) or Section 7.01(e) because of a willful breach by QBT after an Acquisition Proposal has been publicly
announced or otherwise made known to QBT.

 

Section
7.03      Effect of Termination and Abandonment.  In the event of termination of this Agreement and the abandonment of
the Merger pursuant to this Article VII, no party to this Agreement shall have any liability or further obligation to any other
party hereunder except (i) as set forth in Section 7.01 and Section 8.01 and (ii) that termination will not
relieve a breaching party from liability for money damages for any willful breach of any covenant, agreement, representation or
warranty of this Agreement giving rise to such termination. Nothing in Section 7.02 or this Section 7.03 shall be deemed
to preclude either party from seeking specific performance in equity to enforce the terms of this Agreement.

 

ARTICLE VIII

MISCELLANEOUS

 

Section
8.01      Survival.  No representations, warranties, agreements and covenants contained in this Agreement shall survive
the Effective Time (other than agreements or covenants contained herein that by their express terms are to be performed after the
Effective Time) or the termination of this Agreement if this Agreement is terminated prior to the Effective Time (other than Sections
5.10(b), 7.02 and this Article VIII, which shall survive any

 

    	- 35 -

    	 

    

 

such termination). Notwithstanding anything in the foregoing to the
contrary, no representations, warranties, agreements and covenants contained in this Agreement shall be deemed to be terminated
or extinguished so as to deprive a party hereto or any of its affiliates of any defense at law or in equity which otherwise would
be available against the claims of any Person, including without limitation any shareholder or former shareholder.

 

Section
8.02      Waiver; Amendment.  Prior to the Effective Time, any provision of this Agreement may be (a) waived by the
party benefited by the provision or (b) amended or modified at any time, by an agreement in writing among the parties hereto
executed in the same manner as this Agreement, except that after the QBT Meeting no amendment shall be made which by law requires
further approval by the shareholders of QBT without obtaining such approval.

 

Section
8.03      Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to constitute
an original. A facsimile copy or electronic transmission of a signature page shall be deemed an original signature.

 

Section
8.04      Governing Law.  This Agreement shall be governed by, and interpreted in accordance with, the laws of the State
of Connecticut, without regard for conflict of law provisions.

 

Section
8.05      Expenses.  Each party hereto will bear all expenses incurred by it in
connection with this Agreement and the Transactions, including fees and expenses of its own financial consultants, accountants
and counsel, SEC filing and registration fees shall be borne by BWFG and printing expenses shall be borne equally, provided,
however, that nothing contained herein shall limit either party’s rights to recover any liabilities or damages arising
out of the other party’s willful breach of any provision of this Agreement.

  

Section
8.06      Notices.  All notices, requests and other communications hereunder to a party shall be in writing and shall be
deemed given if personally delivered, mailed by registered or certified mail (return receipt requested) or sent by reputable courier
service to such party at its address set forth below or such other address as such party may specify by notice to the parties hereto.

 

If to BWFG:

 

Bankwell Financial Group, Inc.

220 Elm Street

New Canaan, Ct 06840

Attention: Peyton R. Patterson

President and Chief Executive Officer

 

With a copy to:

 

Hinckley, Allen & Snyder LLP

20 Church Street

Hartford, Ct. 06103

Attention: William W. Bouton III

 

If to QBT:

 

Quinnipiac Bank & Trust Company

2704 Dixwell Avenue

Hamden, CT 06518

Attention: Mark A. Candido

President and Chief Executive Officer

 

With a copy to: 

 

Luse Gorman Pomerenk & Schick, P.C.

5335 Wisconsin Avenue, NW

Suite 780

Washington, D.C. 20015

Attention: Lawrence M.F. Spacassi

 

    	- 36 -

    	 

    

 

Section
8.07      Entire Understanding; No Third Party Beneficiaries.  This Agreement, the Plan of Merger, the Voting Agreements,
and the Confidentiality Agreement represent the entire understanding of the parties hereto and thereto with reference to the transactions,
and this Agreement, the Bank Merger Agreement, the Voting Agreements, and the Confidentiality Agreement supersede any and all other
oral or written agreements heretofore made. Except for the Indemnified Parties’ right to enforce BWFG’s obligation
under Section 5.13, which are expressly intended to be for the irrevocable benefit of, and shall be enforceable by, each Indemnified
Party and his or her heirs and representatives, nothing in this Agreement, expressed or implied, is intended to confer upon any
Person, other than the parties hereto or their respective successors, any rights, remedies, obligations or liabilities under or
by reason of this Agreement.

 

Section
8.08      Severability.  In the event that any one or more provisions of this Agreement shall for any reason be held invalid,
illegal or unenforceable in any respect, by any court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement and the parties shall use their reasonable efforts to substitute a valid,
legal and enforceable provision which, insofar as practical, implements the purposes and intents of this Agreement.

 

Section
8.09      Enforcement of the Agreement.  The parties hereto agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having
jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity.

 

 

Section
8.10      Interpretation.  When a reference is made in this Agreement to sections, exhibits or schedules, such reference
shall be to a section of, or exhibit or schedule to, this Agreement unless otherwise indicated. The table of contents and headings
contained in this Agreement are for reference purposes only and are not part of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.”

 

Section
8.11      Assignment.  No party may assign either this Agreement or any of its rights, interests or obligations hereunder
without the prior written approval of the other party. Subject to the preceding sentence, this Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

ARTICLE IX

ADDITIONAL DEFINITIONS

 

Section
9.01      Additional Definitions.  In addition to any other definitions contained in this Agreement, the following words,
terms and phrases shall have the following meanings when used in this Agreement:

 

“Acquisition
Proposal” means any proposal or offer with respect to any of the following (other than the transactions contemplated hereunder)
involving QBT: (a) any merger, consolidation, share exchange, business combination or other similar transactions; (b) any
sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets and/or liabilities that constitute a substantial
portion of the net revenues, net income or assets of QBT in a single transaction or series of transactions; (c) any tender
offer or exchange offer for 10% or more of the outstanding shares of its capital stock or the filing of a registration statement
under the Securities Act in connection therewith; or (d) any public announcement by any Person (which shall include any regulatory
application or notice, whether in draft or final form) of a proposal, plan or intention to do any of the foregoing or any agreement
to engage in any of the foregoing.

 

“Acquisition
Transaction” means any of the following (other than the transactions contemplated hereunder): (a) a merger, consolidation,
share exchange, business combination or any similar transaction, involving the relevant companies; (b) a sale, lease, exchange,
mortgage, pledge, transfer or other disposition of assets and/or liabilities that constitute a substantial portion of the net revenues,
net income or assets of the relevant companies in a single

 

    	- 37 -

    	 

    

 

transaction or series of transactions; (c) a tender offer or exchange
offer for 10% or more of the outstanding shares of the capital stock of the relevant companies or the filing of a registration
statement under the Securities Act in connection therewith; or (d) an agreement or commitment by the relevant companies to
take any action referenced above.

 

“Business Day”
means Monday through Friday of each week, except a legal holiday recognized as such by the U.S. government or any day on which
banking institutions in the States of Connecticut are authorized or obligated to close.

 

“BWFG Board”
means the Board of Directors of BWFG.

 

“BWFG Disclosure
Schedule” means the disclosure schedule delivered by BWFG to QBT on or prior to the date hereof setting forth, among other
things, items the disclosure of which is necessary or appropriate either in response to an express provision of this Agreement
or as an exception to one or more of its representations and warranties in Article IV or its covenants in Article V.

 

“BWFG Option
Plans” means the following plans of BWFG: 2002 Bank Management, Director and Founder Stock Option Plan, 2006 Stock Option
Plan, 2007 Stock Option and Equity Award Plan, 2011 Stock Option and Equity Award Plan and 2012 Stock Plan, each as amended, from
time to time.

 

“BWFG Stock”
means the common stock, no par value per share, of BWFG.

 

“Certificate”
means any certificate that immediately prior to the Effective Time represents shares of QBT Stock.

 

“Connecticut
Business Corporations Act” means the Connecticut Business Corporations Act, §33-600 et seq. of the Connecticut
General Statues.

 

“CTDOB”
means the State of Connecticut Banking Department.

 

“Derivative Transaction”
means any swap transactions, option, warrant, forward purchase or sale transactions, futures transactions, cap transactions, floor
transactions or collar transactions relating to one or more currencies, commodities, bonds, equity securities, loans, interest
rates, catastrophe events, weather-related events, credit-related events or conditions or any indexes, or any other similar transactions
(including any option with respect to any of these transactions) or combination of any of these transactions, including collateralized
mortgage obligations or other similar instruments or any debt or equity instruments evidencing or embedding any such types of transactions,
and any related credit support, collateral or other similar arrangements related to such transactions.

 

“Environmental
Law” means any federal, state or local law, regulation, order, decree, permit, authorization, opinion or agency requirement
relating to: (a) the protection or restoration of the environment, health, safety, or natural resources, (b) the handling,
use, presence, disposal, release or threatened release of any Hazardous Substance or (c) wetlands, indoor air, pollution,
contamination or any injury or threat of injury to persons or property in connection with any Hazardous Substance.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Exchange Agent”
means such exchange agent as may be designated by BWFG and reasonably acceptable to QBT to act as agent for purposes of conducting
the exchange procedures described in Article II.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“FHLB”
means the Federal Home Loan Bank of Boston, or any successor thereto.

 

“FRB” means
the Board of Governors of the Federal Reserve Bank.

 

“GAAP”
means accounting principles generally accepted in the United States of America.

 

    	38

    	 

    

  

“Governmental
Authority” means any federal, state or local court, administrative agency or commission or other governmental authority or
instrumentality.

 

“Hazardous Substance”
includes but is not limited to any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as
pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning
or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human health or the environment,
including but not limited to petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls,
lead, radon, radioactive materials, flammables and explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally
occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar
properties for the purposes of cleaning or other maintenance or operations.

 

“Intellectual
Property” means (a) trademarks, service marks, trade names, Internet domain names, designs, logos, slogans, and general
intangibles of like nature, together with all goodwill, registrations and applications related to the foregoing; (b) patents
and industrial designs (including any continuations, divisionals, continuations-in-part, renewals, reissues, and applications for
any of the foregoing); (c) copyrights (including any registrations and applications for any of the foregoing); (d) Software;
and (e) technology, trade secrets and other confidential information, know-how, proprietary processes, formulae, algorithms,
models, and methodologies.

 

“IRS” means
the Internal Revenue Service.

 

“Knowledge”
as used with respect to a Person (including references to such Person being aware of a particular matter) means those facts that
are known by the executive officers and directors of such Person, and includes any facts, matters or circumstances set forth in
any written notice from any Governmental Authority or any other written notice received by that Person. Knowledge of BWFG shall
include knowledge of the Bank.

 

“Material Adverse
Effect” means with respect to QBT or BWFG , any effect that is material and adverse to the financial position, results
of operations or business of QBT or BWFG or that would materially impair the ability of QBT to perform its obligations under this
Agreement or otherwise materially impairs the ability of QBT or BWFG to consummate the transactions contemplated by this Agreement;
provided, however, that Material Adverse Effect shall not be deemed to include the impact of (i) changes in banking
and similar laws of general applicability or interpretations thereof by Governmental Authorities, (ii) changes in GAAP or
regulatory accounting requirements applicable to banks generally, (iii) changes in general economic conditions (including
interest rates) affecting banks generally, (iv) any modifications or changes to valuation policies and practices in connection
with the transactions contemplated by this Agreement or restructuring charges taken in connection with the transactions contemplated
by this Agreement, in each case in accordance with GAAP, (v) reasonable expenses incurred in connection with the transactions
contemplated by this Agreement; (vi) the effects of any action or omission taken with the prior consent of the other party
or as otherwise expressly permitted or contemplated by this Agreement; and (vii) exclusive of the performance of QBT or BWFG’s
investment portfolio.

 

“Merger Consideration”
means the cash or BWFG Stock, or combination thereof, in an aggregate per share amount to be paid by BWFG for each share of QBT
Stock, pursuant to the terms of Article II.

 

“NASDAQ”
means The Nasdaq Stock Market, LLC.  

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Person”
means any individual, bank, corporation, partnership, association, joint-stock company, business trust, limited liability company,
unincorporated organization or other organization or firm of any kind or nature.

 

“Proxy Statement/Prospectus”
means the proxy statement and prospectus, satisfying all applicable requirements of applicable state securities and banking laws,
and of the Securities Act and the Exchange Act, and the rules and regulations thereunder, together with any amendments and supplements
thereto, as prepared by BWFG and QBT and as delivered to holders of QBT Stock in connection with the solicitation of their approval
of this Agreement.

 

“QBT Board”
means the Board of Directors of QBT.

 

    	39

    	 

    

 

“QBT Disclosure
Schedule” means the disclosure schedule delivered by QBT to BWFG on or prior to the date hereof setting forth, among other
things, items the disclosure of which is necessary or appropriate either in response to an express provision of this Agreement
or as an exception to one or more of its representations and warranties in Article III or its covenants in Article V.

 

“QBT Intellectual
Property” means the Intellectual Property used in or held for use in the conduct of the business of QBT.

 

“Rights”
means, with respect to any Person, warrants, options, rights, convertible securities and other arrangements or commitments which
obligate the Person to issue or dispose of any of its capital stock or other ownership interests.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Software”
means computer programs, whether in source code or object code form (including any and all software implementation of algorithms,
models and methodologies), databases and compilations (including any and all data and collections of data), and all documentation
(including user manuals and training materials) related to the foregoing.

 

“Subsidiary”
means, with respect to any party, any corporation or other entity of which a majority of the capital stock or other ownership interest
having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at
the time directly or indirectly owned by such party.

 

“Superior Proposal”
means any bona fide written proposal made by a third party to acquire, directly or indirectly, including pursuant to a tender offer,
exchange offer, merger, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction,
for consideration consisting of cash and/or securities, more than 25% of the combined voting power of the shares of QBT Stock then
outstanding or all or substantially all of the assets of QBT and otherwise (a) on terms which the QBT Board determines in
good faith, after consultation with its financial advisor, to be more favorable from a financial point of view to QBT’s shareholders
than the transactions contemplated by this Agreement, and (b) that constitutes a transaction that, in the QBT Board’s
good faith judgment, is reasonably likely to be consummated on the terms set forth, taking into account all legal, financial, regulatory
and other aspects of such proposal.

 

“Tax” and
“Taxes” mean all federal, state, local or foreign income, gross income, gains, gross receipts, sales, use, ad valorem,
goods and services, capital, production, transfer, franchise, windfall profits, license, withholding, payroll, employment, disability,
employer health, excise, estimated, severance, stamp, occupation, property, environmental, custom duties, unemployment or other
taxes of any kind whatsoever, together with any interest, additions or penalties thereto and any interest in respect of such interest
and penalties.

 

“Tax Returns”
means any return, declaration or other report (including elections, declarations, schedules, estimates and information returns)
with respect to any Taxes.

 

(Remainder of page
intentionally left blank.) 

 

    	- 40 -

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed in counterparts by their duly authorized officers, all as of the day and year first above
written.

 

	 	BANKWELL FINANCIAL GROUP, INC.
	 	 	 
	 	By:	/s/ Peyton R. Patterson
	 	Name:	Peyton R. Patterson
	 	Title:	President and Chief Executive Officer

 

	 	Quinnipiac Bank & Trust Company
	 	 	 
	 	By:	/s/ Mark A. Candido
	 	Name:	Mark A. Candido
	 	Title:	President and Chief Executive Officer

 

[Signature Page to Agreement and Plan
of Merger] 

 

    	- 41 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}]]