Document:

Exhibit 10.1 White

    

    

    

    

    

    

    ROCKVILLE
      BANK

     

    Employment
      Agreement for Darlene S. White

     

    Effective
      as of April 17, 2006

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    

    ROCKVILLE
      BANK

     

    Employment
      Agreement for Darlene S. White

     

    Effective
      as of April 17, 2006 

    
 

     

     

     

     

    
      	
              1. Employment

               

              2. Term

               

              3. Offices
                and Duties

               

              (a) Generally

               

              (b) Place
                of Employment

               

              4. Salary
                and Annual Incentive Compensation

               

              (a) Base
                Salary

               

              (b) Annual
                Incentive Compensation

               

              5. Long-Term
                Compensation, Including Stock Options, Benefits, Deferred Compensation,
                and Expense Reimbursement 

               

              (a) Executive
                Compensation Plans

               

              (b) Employee
                and Executive Benefit Plans

               

              (c) Acceleration
                of Awards Upon a Change in Control

               

              (d) Deferral
                of Compensation

               

              (e) Company
                Registration Obligations

               

              (f) Reimbursement
                of Expenses

               

              (g) Limitations
                Under Code Section 409A4

               

              6. Termination
                Due to Retirement, Death, or Disability

               

              (a) Retirement

               

              (b) Death

               

              (c) Disability

               

              (d) Other
                Terms of Payment Following Retirement, Death, or Disability

               

              7. Termination
                of Employment For Reasons Other Than Retirement, Death or
                Disability

               

              (a) Termination
                by the Bank for Cause

               

              (b) Termination
                by Executive Other Than For Good Reason

               

              (c) Termination
                by the Bank Without Cause Prior to or More than Two Years After a
                Change
                in Control

               

              (d) Termination
                by Executive for Good Reason Prior to or More than Two Years After
                a
                Change in Control  

               

              (e) Termination
                by the Bank Without Cause Within Two Years After a Change in
                Control  

               

              (f) Termination
                by Executive for Good Reason Within Two Years After a Change in
                Control

               

              (g) Other
                Terms Relating to Certain Terminations of Employment

               

              8. Definitions
                Relating to Termination Events

               

              (a) “Cause

               

              (b) “Change
                in Control

               

              (c) “Compensation
                Accrued at Termination

               

              (d) “Disability

               

              (e) “Good
                Reason

               

              (f) “Potential
                Change in Control

               

              9. Rabbi
                Trust Obligation Upon Potential Change in Control; Excise Tax-Related
                Provisions  

               

              (a) Rabbi
                Trust Funded Upon Potential Change in Control

               

              (b) Gross-up
                If Excise Tax Would Apply

               

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

               

              (a) Non-Competition

               

              (b) Non-Disclosure;
                Ownership of Work

               

              (c) Cooperation
                With Regard to Litigation

               

              (d) Non-Disparagement

               

              (e) Release
                of Employment Claims

               

              (f) Forfeiture
                of Outstanding Options

               

              (g) Forfeiture
                of Certain Bonuses and Profits

               

              (h) Forfeiture
                Due to Regulatory Restrictions

               

              (i) Survival

               

              11. Governing
                Law; Disputes

               

              (a) Governing
                Law

               

              (b) Reimbursement
                of Expenses in Enforcing Rights

               

              (c) Dispute
                Resolution

               

              (d) Interest
                on Unpaid Amounts

               

              12. Miscellaneous

               

              (a) Integration

               

              (b) Successors;
                Transferability

               

              (c) Beneficiaries

               

              (d) Notices

               

              (e) Reformation

               

              (f) Headings

               

              (g) No
                General Waivers

               

              (h) No
                Obligation To Mitigate

               

              (i) Offsets;
                Withholding

               

              (j) Successors
                and Assigns

               

              (k) Counterparts

               

              13. Indemnification

               

            

    

    Attachment
      A 

    

    

    

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    ROCKVILLE
      BANK

     

    

     

    Employment
      Agreement for Darlene S. White 

     

    Effective
      as of April 17, 2006

     

     

     

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”) by and among ROCKVILLE FINANCIAL, INC., a
      Connecticut corporation (the “Company”), ROCKVILLE BANK, a Connecticut savings
      bank and a wholly-owned subsidiary of the Company (the “Bank”), and Darlene S.
      White (“Executive”) shall become effective as of April 17, 2006 (the “Effective
      Date”). 

     

    W
      I T N E
      S S E T H

     

    WHEREAS,
      the Bank wishes to assure itself of the services of the Executive for the period
      of this Agreement; and

     

    WHEREAS,
      the Executive is willing to provide services to the Bank in exchange for
      employment under this Agreement on the terms and conditions set forth herein;
      and

     

    WHEREAS,
      the Human Resources Committee of the Board of Directors of the Company has
      determined that the best interests of the Company and the Bank would be served
      by providing for the terms and conditions of Executive's employment as set
      forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, and other
      good and valuable consideration the receipt and adequacy of which the Company,
      the Bank and Executive each hereby acknowledge, the Company, the Bank and
      Executive hereby agree as follows:

     

    1. Employment.

     

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

     

    2. Term.

     

    The
      term
      of employment of Executive under this Agreement (the "Term") shall be the period
      commencing on the Effective Date and ending on December 31, 2008 and any period
      of extension thereof in accordance with this Section 2, except that the Term
      will end at a date, prior to the end of such period or extension thereof,
      specified in Section 6 or 7 in the event of termination of Executive's
      employment. The Term, if not previously ended, shall be extended automatically
      without further action by either party by one additional year (added to the
      end
      of the Term) first on December 31, 2006 (extending the Term to December 31,
      2009) and on each succeeding December 31 thereafter (a “December 31 extension
      date”), unless either party shall have served written notice in accordance with
      Section 12(d) upon the other party on or before the June 30 preceding a December
      31 extension date electing not to extend the Term further as of that December
      31
      extension date, in which case employment shall terminate on the third
      anniversary of that December 31 extension date and the Term shall end at that
      date, subject to earlier termination of employment and earlier termination
      of
      the Term in accordance with Section 6 or 7. The foregoing notwithstanding,
      in
      the event there occurs a Potential Change in Control during the period of 180
      days prior to the December 31 on which the Term will terminate as a result
      of
      notice given by the Executive or the Company hereunder, the Term shall be
      extended automatically at that December 31 by an additional period such that
      the
      Term will extend until the 180th day following such Potential Change in
      Control.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Offices
      and Duties.

     

    The
      provisions of this Section 3 will apply during the Term, except as otherwise
      provided in Section 7(c) or 7(e):

     

    (a) Generally.
      Executive shall serve as the Senior Vice President of the Bank. Executive shall
      have and perform such duties, responsibilities, and authorities as are
      prescribed by or under the Bylaws of the Bank and as are customarily associated
      with such position or, irrespective of the office, title or other designation,
      if any, a position with responsibilities and powers substantially identical
      to
      such position with the Bank. In addition, Executive shall have and perform
      such
      additional duties, responsibilities, and authorities as may be from time to
      time
      assigned by the President and Chief Executive Officer based on his assessment
      of
      the business needs of the Bank, and the Bank reserves the right to change or
      modify these assignments and any positions and titles associated therewith.
      Executive shall devote her full business time and attention, and her best
      efforts, abilities, experience, and talent, to the position of Senior Vice
      President and other assignments hereunder, and for the business of the Bank,
      without commitment to other business endeavors, except that Executive (i) may
      make personal investments which are not in conflict with her duties to the
      Bank
      and manage personal and family financial and legal affairs, (ii) may undertake
      public speaking engagements, and (iii) may serve as a director of (or similar
      position with) any other business or an educational, charitable, community,
      civic, religious, or similar type of organization with the approval of the
      President and Chief Executive Officer, so long as such activities (i.e., those
      listed in clauses (i) through (iii)) do not preclude or render unlawful
      Executive’s employment or service to the Bank or otherwise materially inhibit
      the performance of Executive’s duties under this Agreement or materially impair
      the business of the Bank or its affiliates.

     

    (b) Place
      of Employment.
      Executive’s principal place of employment shall be at the administrative offices
      of the Bank. 

     

    4. Salary
      and Annual Incentive Compensation.

     

    As
      partial compensation for the services to be rendered hereunder by Executive,
      the
      Bank agrees to pay to Executive during the Term the compensation set forth
      in
      this Section 4.

     

    (a) Base
      Salary.
      The
      Bank will pay to Executive during the Term a base salary, the annual rate of
      which shall be $105,000.00, payable in cash in substantially equal semi-monthly
      installments commencing at the beginning of the Term, and otherwise in
      accordance with the Bank’s usual payroll practices with respect to senior
      executives (except to the extent deferred under Section 5(d)). Executive’s
      annual base salary shall be reviewed by the Human Resources Committee (the
      “Committee”) of the Board of Directors of the Bank (the “Board”) at least once
      in each calendar year, and may be increased above, but may not be reduced below,
      the then-current rate of such base salary. For purposes of this Agreement,
“Base
      Salary” means Executive’s then-current base salary.

     

    (b) Annual
      Incentive Compensation.
      The
      Bank will pay to Executive during the Term annual incentive compensation which
      shall offer to Executive an opportunity to earn additional compensation based
      upon performance in amounts determined by the Committee in accordance with
      the
      applicable plan and consistent with past practices of the Bank, with the nature
      of the performance and the levels of performance triggering payments of such
      annual target incentive compensation for each year to be established and
      communicated to Executive during the first quarter of such year by the
      Committee. In addition, the Committee (or the Board) may determine, in its
      discretion, to increase Executive’s annual target incentive opportunity or
      provide an additional annual incentive opportunity, in excess of the annual
      target incentive opportunity, payable for performance in excess of or in
      addition to the performance required for payment of the annual target incentive
      amount. Any annual incentive compensation payable to Executive shall be paid
      in
      accordance with the Bank’s usual practices with respect to payment of incentive
      compensation to senior executives (except to the extent deferred under Section
      5(d)). 

     

    
      
        
        

      

      
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    5. Long-Term
      Compensation, Including Stock Options, Benefits, Deferred Compensation, and
      Expense Reimbursement.

     

    (a) Executive
      Compensation Plans.
      Executive shall be entitled during the Term to participate, without
      discrimination or duplication, in executive compensation plans and programs
      intended for general participation by senior executives of the Bank, as
      presently in effect or as they may be modified or added to by the Bank from
      time
      to time, subject to the eligibility and other requirements of such plans and
      programs, including without limitation any stock option plans, plans under
      which
      restricted stock/restricted stock units, performance-based restricted
      stock/restricted stock units or performance-accelerated restricted
      stock/restricted stock units (collectively, “stock plans”) may be awarded, other
      annual and long-term cash and/or equity incentive plans, and deferred
      compensation plans. The Bank makes no commitment under this Section 5(a) to
      provide participation opportunities to Executive in all plans and programs
      or at
      levels equal to (or otherwise comparable to) the participation opportunity
      of
      any other executive.

     

    (b) Employee
      and Executive Benefit Plans.
      Executive shall be entitled during the Term to participate, without
      discrimination or duplication, in employee and executive benefit plans and
      programs of the Bank, as presently in effect or as they may be modified or
      added
      to by the Bank from time to time, subject to the eligibility and other
      requirements of such plans and programs, including without limitation plans
      providing pensions, supplemental pensions, supplemental and other retirement
      benefits, medical insurance, life insurance, disability insurance, and
      accidental death or dismemberment insurance, as well as savings, profit-sharing,
      and stock ownership plans. The Bank makes no commitment under this Section
      5(b)
      to provide participation opportunities to Executive in all benefit plans and
      programs or at levels equal to (or otherwise comparable to) the participation
      opportunity of any other executive. 

     

    In
      furtherance of and not in limitation of the foregoing, during the
      Term:

     

    
      	
              (i)

               

            	
              Executive
                will participate as Senior Vice President in all executive and employee
                vacation and time-off programs;

               

            
	
              (ii)

               

            	
              The
                Bank will provide Executive with coverage as Senior Vice President
                with
                respect to long-term disability insurance; 

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

            	
              Executive
                will be entitled to benefits under the Supplemental Savings and Retirement
                Plan (the “SERP”) in accordance with the terms thereof, with the effective
                date of Executive's participation therein to be the Effective
                Date.

               

            

    

    (c) Acceleration
      of Awards Upon a Change in Control.
      In the
      event of a Change in Control (as defined in Section 8(b)), all outstanding
      stock
      options, restricted stock, and other equity-based awards then held by Executive
      shall become vested and exercisable.

     

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

     

    (e) Company
      Registration Obligations.
      The
      Company will use its best efforts to file with the Securities and Exchange
      Commission and thereafter maintain the effectiveness of one or more registration
      statements registering under the Securities Act of 1933, as amended (the “1933
      Act”), the offer and sale of shares by the Company to Executive pursuant to
      stock options or other equity-based awards granted to Executive under Company
      plans or otherwise or, if shares are acquired by Executive in a transaction
      not
      involving an offer or sale to Executive but resulting in the acquired shares
      being “restricted securities” for purposes of the 1933 Act, registering the
      reoffer and resale of such shares by Executive.

     

    
      
        
        

      

      
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    (f) Reimbursement
      of Expenses.
      The
      Bank will promptly reimburse Executive for all reasonable business expenses
      and
      disbursements incurred by Executive in the performance of Executive’s duties
      during the Term in accordance with the Bank’s reimbursement policies as in
      effect from time to time

     

    (g) Limitations
      Under Code Section 409A.
      In the
      event that, as a result of Section 409A of the Internal Revenue Code of 1986,
      as
      amended (the “Code”) (and any related regulations or other pronouncements), any
      of the payments or benefits that Executive is entitled to under the terms of
      this Agreement or any other plan involving deferred compensation (as defined
      under Code Section 409A) may not be made at the time contemplated by the terms
      thereof without causing Executive to be subject to an income tax penalty and
      interest and the timing of payment is the sole cause of such adverse tax
      consequences, the Bank will make such payment on the first day permissible
      under
      Code Section 409A without Executive incurring such adverse tax consequences
      and
      there shall be no payment to Executive of interest or earnings on account of
      such delay in payment. In addition, other provisions of this Agreement or any
      other such plan notwithstanding, the Bank shall have no right to accelerate
      any
      such payment or to make any such payment as the result of any specific event
      except to the extent permitted under Section 409A. Executive, the Bank and
      the
      Company agree to make such amendments to this Agreement as may be necessary
      or
      appropriate to comply with Section 409A on the date determined by the Bank
      and
      the Company, which shall not be later than the amendment deadline prescribed
      by
      applicable Treasury Regulations, as the same may be extended. The Company shall
      not be obligated to reimburse Executive for any tax penalty or interest or
      provide a gross-up in connection with any tax liability of Executive under
      Section 409A, except this provision will not limit any gross-up payable under
      Section 9(b). 

     

    6. Termination
      Due to Retirement, Death, or Disability.

     

    (a) Retirement.
      Executive may elect to terminate employment hereunder by retirement at or after
      age 60 (“Retirement”). At the time Executive’s employment terminates due to
      Retirement, the Term will terminate, all obligations of the Bank and Executive
      under Sections 1 through 5 of this Agreement will immediately cease except
      for
      obligations which expressly continue after termination of employment due to
      Retirement, and the Bank will pay Executive, and Executive will be entitled
      to
      receive, the following: 

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            

    

     

     

    
      
        
        

      

      
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              (v)

               

            	
              If
                Executive shall not be eligible upon Retirement for retiree coverage
                under
                the Bank’s health plan (the “Health Plan”) and Executive elects in
                accordance with the applicable provisions of the Consolidated Omnibus
                Budget Reconciliation Act of 1986, as amended (“COBRA”) continued coverage
                under the Health Plan in accordance with the applicable provisions
                of
                COBRA, the Bank shall pay to Executive on a monthly basis during
                such
                COBRA continuation period an amount equal on an after-tax basis to
                the
                total cost of such coverage. Prior to the expiration of the maximum
                COBRA
                continuation period available to Executive, provided that Executive
                theretofore shall have complied with the conditions set forth in
                Section
                10, the Bank shall make a good faith effort to obtain insured coverage
                for
                Executive (and her spouse and eligible dependents, if any, for whom
                coverage had been provided during the COBRA continuation period)
                that is
                substantially comparable to such COBRA continuation coverage, which
                insured coverage shall begin on the date of expiration of Executive’s
                COBRA continuation period and continue until the earliest of: (1)
                Executive’s eligibility for medical coverage under the Bank’s Health Plan,
                as a retiree or active employee, (2) Executive’s eligibility for medical
                coverage under a plan maintained by a subsequent employer or other
                entity
                to which Executive provides services, (3) Executive’s eligibility for
                Medicare, or (4) Executive’s attainment of Social Security retirement age,
                within the meaning of Section 216(l) of the Social Security Act,
                as the
                same may be amended (“Social Security Retirement Age”). In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and her spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                her
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which such lump sum is paid. Such lump sum amount shall be calculated
                by an actuary selected by the Bank and paid in cash as soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. For purposes of
                this
                Section, present value shall be calculated on the basis of the discount
                rate set forth in the Bank’s qualified retirement plan for the
                determination of lump sum payments.

               

            

    

    

    
       

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination; 

               

            
	
              (ii)

               

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

               

            

    

     

     

    
      
        
        

      

      
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              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            

    

    

     

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              (vi)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. Prior to the expiration of the maximum COBRA
                continuation period available to Executive, provided that Executive
                theretofore shall have complied with the conditions set forth in
                Section
                10, the Bank shall make a good faith effort to obtain insured coverage
                for
                Executive (and her spouse and eligible dependents, if any, for whom
                coverage had been provided during the COBRA continuation period)
                that is
                substantially comparable to such COBRA continuation coverage, which
                insured coverage shall begin on the date of expiration of Executive’s
                COBRA continuation period and continue until the earliest of: (1)
                Executive’s eligibility for medical coverage under the Bank’s Health Plan,
                as a retiree or active employee, (2) Executive’s eligibility for medical
                coverage under a plan maintained by a subsequent employer or other
                entity
                to which Executive provides services, (3) Executive’s eligibility for
                Medicare, or (4) Executive’s attainment of Social Security retirement age.
                In the event that the Bank determines, in its sole discretion, that
                it is
                unable to obtain such insured coverage for Executive (and her spouse
                and
                eligible dependents, if any, for whom coverage had been provided
                during
                the COBRA continuation period) or in the event that Executive determines,
                in her sole discretion, that any such insured coverage offered by
                the Bank
                is not substantially comparable to such COBRA continuation coverage,
                the
                Bank shall pay to Executive, provided that Executive shall not have
                become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which such lump sum is paid. Such lump sum amount shall be calculated
                by an actuary selected by the Bank and paid in cash as soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have been paid for
                coverage under the Bank’s group long-term disability policy from
                Executive’s termination of employment until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which Executive’s termination occurred; and (2) the amount that
                Executive and the Bank would have paid to continue Executive’s group life
                insurance coverage from Executive’s termination of employment until
                Executive’s attainment of Social Security retirement age, calculated on
                the assumption that the cost of such coverage would remain unchanged
                from
                that in effect for the year in which Executive’s termination occurred. For
                purposes of this Section, present value shall be calculated on the
                basis
                of the discount rate set forth in the Bank’s qualified retirement plan for
                the determination of lump sum payments.

               

            

    

    

     

    (d) Other
      Terms of Payment Following Retirement, Death, or Disability.
      Nothing
      in this Section 6 shall limit the benefits payable or provided in the event
      Executive’s employment terminates due to Retirement, death, or Disability under
      the terms of plans or programs of the Bank more favorable to Executive (or
      her
      beneficiaries) than the benefits payable or provided under this Section 6
      (except in the case of annual incentives in lieu of which amounts are paid
      hereunder), including plans and programs adopted after the date of this
      Agreement. Amounts payable under this Section 6 following Executive’s
      termination of employment, other than those expressly payable following
      determination of performance for the year of termination for purposes of annual
      incentive compensation or otherwise expressly payable on a deferred basis,
      will
      be paid as promptly as practicable after such termination of
      employment.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    7. Termination
      of Employment For Reasons Other Than Retirement, Death or
      Disability.

     

    (a) Termination
      by the Bank for Cause.
      The
      Bank may terminate the employment of Executive hereunder for Cause (as defined
      in Section 8(a)) at any time. At the time Executive’s employment is terminated
      for Cause, the Term will terminate, all obligations of the Bank and Executive
      under Sections 1 through 5 of this Agreement will immediately cease except
      for
      obligations which expressly continue after termination of employment by the
      Bank
      for Cause, and the Bank will pay Executive, and Executive will be entitled
      to
      receive, the following: 

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    (c) Termination
      by the Bank Without Cause Prior to or More than Two Years After a Change in
      Control.
      The
      Bank may terminate the employment of Executive hereunder without Cause, if
      at
      the date of termination no Change in Control has occurred or such date of
      termination is at least two years after the most recent Change in Control,
      upon
      at least 90 days’ written notice to Executive. The foregoing notwithstanding,
      the Bank may elect, by written notice to Executive, to terminate Executive’s
      positions specified in Sections 1 and 3 and all other obligations of Executive
      and the Bank under Section 3 at a date earlier than the expiration of such
      90-day period, if so specified by the Bank in the written notice, provided
      that
      Executive shall be treated as an employee of the Bank (without any assigned
      duties) for all other purposes of this Agreement, including for purposes of
      Sections 4 and 5, from such specified date until the expiration of such 90-day
      period. An election by the Bank not to extend the Term pursuant to Section
      2
      hereof shall be deemed to be a termination of Executive’s employment by the Bank
      without Cause at the date of expiration of the Term and shall be subject to
      this
      Section 7(c) if at the date of such termination no Change in Control has
      occurred or such date of termination is at least two years after the most recent
      Change in Control; provided, however, that, if Executive has attained Social
      Security retirement age at such date of termination, such termination shall
      be
      deemed a Retirement of Executive. At the time Executive’s employment is
      terminated by the Bank (i.e., at the expiration of such notice period), the
      Term
      will terminate, all remaining obligations of the Bank and Executive under
      Sections 1 through 5 of this Agreement will immediately cease (except for
      obligations which continue after termination of employment as expressly provided
      herein), and the Bank will pay Executive, and Executive will be entitled to
      receive, the following: 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(c)(ii) shall be payable in monthly installments
                over
                the 36 months following termination, without interest, except the
                Bank may
                elect to accelerate payment of the remaining balance of such amount
                and to
                pay it as a lump sum, without discount;

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

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

               

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and her spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and her spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                her
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(d)(ii) shall be payable in monthly installments
                over
                the 36 months following termination, without interest, except the
                Bank may
                elect to accelerate payment of the remaining balance of such amount
                and to
                pay it as a lump sum, without discount;

               

            

    

     

    
      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

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

               

            

    

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and her spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and her spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                her
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

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

     

    (e) Termination
      by the Bank Without Cause Within Two Years After a Change in
      Control.
      The
      Bank may terminate the employment of Executive hereunder without Cause,
      simultaneously with or within two years after a Change in Control, upon at
      least
      90 days’ written notice to Executive. The foregoing notwithstanding, the Bank
      may elect, by written notice to Executive, to terminate Executive’s positions
      specified in Sections 1 and 3 and all other obligations of Executive and the
      Bank under Section 3 at a date earlier than the expiration of such 90-day notice
      period, if so specified by the Bank in the written notice, provided that
      Executive shall be treated as an employee of the Bank (without any assigned
      duties) for all other purposes of this Agreement, including for purposes of
      Sections 4 and 5, from such specified date until the expiration of such 90-day
      period. An election by the Bank not to extend the Term pursuant to Section
      2
      hereof shall be deemed to be a termination of Executive’s employment by the Bank
      without Cause at the date of expiration of the Term and shall be subject to
      this
      Section 7(e) if the date of such termination coincides with or is within two
      years after a Change in Control; provided, however, that, if Executive has
      attained Social Security retirement age at such date of termination, such
      termination shall be deemed a Retirement of Executive. At the time Executive’s
      employment is terminated by the Bank (i.e., at the expiration of such notice
      period), the Term will terminate, all remaining obligations of the Bank and
      Executive under Sections 1 through 5 of this Agreement will immediately cease
      (except for obligations which continue after termination of employment as
      expressly provided herein), and the Bank will pay Executive, and Executive
      will
      be entitled to receive, the following: 

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            

    

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(e)(ii) shall be paid by the Bank not later than
                15
                days after Executive’s termination;

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

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

               

            

    

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and her spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and her spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                her
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(f)(ii) shall be paid by the Bank not later than
                15
                days after Executive’s termination;

               

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

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

               

            
	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and her spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and her spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                her
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and her spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

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

     

    (g) Other
      Terms Relating to Certain Terminations of Employment.
      Whether
      a termination is deemed to be at or within two years after a Change in Control
      for purposes of Sections 7(c), (d), (e), or (f) is determined at the date of
      termination, regardless of whether the Change in Control had occurred at the
      time a notice of termination was given. In the event Executive’s employment
      terminates for any reason set forth in Section 7(b) through (f), Executive
      will
      be entitled to the benefit of any terms of plans or agreements applicable to
      Executive which are more favorable than those specified in this Section 7
      (except in the case of annual incentives in lieu of which amounts are paid
      hereunder). Amounts payable under this Section 7 following Executive’s
      termination of employment, other than those expressly payable on a deferred
      basis, will be paid as promptly as practicable after such a termination of
      employment, and such amounts payable under Section 7(e) or 7(f) will be paid
      in
      no event later than 15 days after Executive’s termination of employment unless
      not determinable within such period. 

     

    8. Definitions
      Relating to Termination Events.

     

    
      	
              (a)

               

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

               

            
	
              (i)

               

            	
              Executive’s
                willful and continued failure to substantially perform her duties
                hereunder (other than any such failure resulting from incapacity
                due to
                physical or mental illness or Disability or any failure after the
                issuance
                of a notice of termination by Executive for Good Reason) which failure
                is
                demonstrably and materially damaging to the financial condition or
                reputation of the Company, the Bank and/or their affiliates, and
                which
                failure continues more than 48 hours after a written demand for
                substantial performance is delivered to Executive by the Board, which
                demand specifically identifies the manner in which the Board believes
                that
                Executive has not substantially performed her duties hereunder and
                the
                demonstrable and material damage caused thereby; or 

               

            
	
              (ii)

               

            	
              the
                willful engaging by Executive in conduct which is demonstrably and
                materially injurious to the Company, the Bank or their affiliates,
                monetarily or otherwise.

               

            

    

    No
      act,
      or failure to act, on the part of Executive shall be deemed “willful” unless
      done, or omitted to be done, by Executive not in good faith and without
      reasonable belief that her action or omission was in the best interest of the
      Bank and the Company. Notwithstanding the foregoing, Executive shall not be
      deemed to have been terminated for Cause unless and until there shall have
      been
      delivered to Executive a copy of the resolution duly adopted by the affirmative
      vote of not less than three-quarters (3/4) of the entire membership of the
      Board
      at a meeting of the Board (after reasonable notice to Executive and an
      opportunity for Executive, together with Executive’s counsel, to be heard before
      the Board) finding that, in the good faith opinion of the Board, Executive
      was
      guilty of conduct set forth above in this definition and specifying the
      particulars thereof in detail.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

     

    
      	
              (i)

               

            	
              the
                Company, or the mutual holding company parent of the Company, whether
                it
                remains a mutual holding company or converts to the stock form of
                organization (the "Mutual Holding Company"), merges into or consolidates
                with another corporation, or merges another corporation into the
                Company
                or the Mutual Holding Company, and as a result, with respect to the
                Company, less than a majority of the combined voting power of the
                resulting corporation immediately after the merger or consolidation
                is
                held by "Persons" as such term is used for purposes of Section 13(d)
                or
                14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
                Act") who were stockholders of the Company immediately before the
                merger
                or consolidation or, with respect to the Mutual Holding Company,
                less than
                a majority of the directors of the resulting corporation immediately
                after
                the merger or consolidation were directors of the Mutual Holding
                Company
                immediately before the merger or consolidation;

               

            
	
              (ii)

               

            	
              following
                a conversion of the Mutual Holding Company to the stock form of
                organization, any Person (other than any trustee or other fiduciary
                holding securities under an employee benefit plan of the Bank or
                the
                Company), becomes the "Beneficial Owner" (as defined in Rule 13d-3
                under
                the Exchange Act), directly or indirectly, of securities of the resulting
                corporation representing 25% or more of the combined voting power
                of the
                resulting corporation's then-outstanding securities;

               

            
	
              (iii)

               

            	
              during
                any period of twenty-four months (not including any period prior
                to the
                Effective Date of this Agreement), individuals who at the beginning
                of
                such period constitute the board of directors of the Company, and
                any new
                director (other than (A) a director nominated by a Person who has
                entered
                into an agreement with the Company to effect a transaction described
                in
                Sections (8)(b)(i), (ii) or (iv) hereof, (B) a director nominated
                by any
                Person (including the Company) who publicly announces an intention
                to take
                or to consider taking actions (including, but not limited to, an
                actual or
                threatened proxy contest) which if consummated would constitute a
                Change
                in Control or (C) a director nominated by any Person who is the Beneficial
                Owner, directly or indirectly, of securities of the Company representing
                25% or more of the combined voting power of the Company's securities)
                whose election by the board of directors of the Company or nomination
                for
                election by the Company's stockholders was approved in advance by
                a vote
                of at least two-thirds (2/3) of the directors then still in office
                who
                either were directors at the beginning of the period or whose election
                or
                nomination for election was previously so approved, cease for any
                reason
                to constitute at least a majority thereof;

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

            	
              the
                board of directors of the Company adopts a resolution to the effect
                that,
                for purposes of this Agreement, a Change in Control has
                occurred.

               

            

    

    

     

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

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
              (i)

               

            	
              The
                unpaid portion of annual base salary at the rate payable, in accordance
                with Section 4(a) hereof, at the date of Executive’s termination of
                employment, pro rated through such date of termination, payable in
                accordance with the Company’s regular pay schedule;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    (d) “Disability.”
      For
      purposes of this Agreement, “Disability” shall have the meaning ascribed to it
      by Section 409A of the Code and the regulations thereunder.

     

    (e) “Good
      Reason.”
      For
      purposes of this Agreement, “Good Reason” shall mean, without Executive’s
      express written consent, the occurrence of any of the following circumstances
      unless, in the case of subsections (i), (iv), (vi) or (viii) hereof, such
      circumstances are fully corrected prior to the date of termination specified
      in
      the notice of termination given in respect thereof:

     

    
      	
              (i)

               

            	
              the
                assignment to Executive of duties inconsistent with Executive’s position
                and status as Senior Vice President, or an alteration, adverse to
                Executive, in Executive’s position and status as Senior Vice President or
                in the nature of Executive’s duties, responsibilities, and authorities or
                conditions of Executive’s employment from those relating to Executive
                position and status as Senior Vice President (excluding changes in
                assignments permitted under Section 3 and excluding inadvertent actions
                which are promptly remedied); except the foregoing shall not constitute
                Good Reason if occurring in connection with the termination of Executive’s
                employment for Cause, Disability, Retirement, as a result of Executive’s
                death, or as a result of action by or with the consent of Executive;
                for
                purposes of this Section 8(e), references to the Bank or the Company
                (and
                to the Board of the Bank or the Company and to the stockholders of
                the
                Company) refer to the ultimate parent company (and its board and
                stockholders) succeeding the Company (or the Mutual Holding Company)
                following an acquisition in which the corporate existence of the
                Company
                (or the Mutual Holding Company) continues, in accordance with Section
                12(b); 

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              (iv)

               

            	
              the
                failure by the Bank to pay to Executive any portion of Executive’s
                compensation or to pay to Executive any portion of an installment
                of
                deferred compensation under any deferred compensation program of
                the Bank
                within seven days of the date such compensation is due;

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              any
                election by the Bank not to extend the Term of this Agreement at
                the next
                possible extension date under Section 2 hereof, unless Executive
                will have
                attained Social Security retirement age at or before such extension
                date;
                or

               

            
	
              (viii)

               

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

               

            

    

    provided,
      however, that a forfeiture under Section 10(f), (g), or (h) shall not constitute
      “Good Reason.” 

     

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

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    9. Rabbi
      Trust Obligation Upon Potential Change in Control; Excise Tax-Related
      Provisions.

     

    (a) Rabbi
      Trust Funded Upon Potential Change in Control.
      In the
      event of a Potential Change in Control or Change in Control, the Bank or the
      Company shall, not later than 15 days thereafter, have established one or more
      rabbi trusts and shall deposit therein cash in an amount determined by the
      actuary for the Bank’s qualified Retirement Plan on the basis of the interest
      rate and mortality assumptions set forth in said qualified Retirement Plan,
      which is sufficient to provide for full payment of all potential obligations
      of
      the Bank and the Company that would arise assuming consummation of a Change
      in
      Control, or has arisen in the case of an actual Change in Control, and a
      subsequent termination of Executive's employment under Section 7(e) or (f).
      Such
      rabbi trust(s) shall be irrevocable and shall provide that neither the Bank
      nor
      the Company may, directly or indirectly, use or recover any assets of the
      trust(s) until such time as all obligations which potentially could arise
      hereunder have been settled and paid in full, subject only to the claims of
      creditors of the Bank and the Company in the event of insolvency or bankruptcy
      of the Bank or the Company; provided, however, that if no Change in Control
      has
      occurred within two years after such Potential Change in Control, such rabbi
      trust(s) shall at the end of such two-year period become revocable and may
      thereafter be revoked by the Bank.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (b) Gross-up
      If Excise Tax Would Apply.
      In the
      event Executive becomes entitled to any amounts or benefits payable in
      connection with a Change in Control or other change in control (whether or
      not
      such amounts are payable pursuant to this Agreement) (the “Severance Payments”),
      if any of such Severance Payments are subject to the tax (the “Excise Tax”)
      imposed by Section 4999 of the Internal Revenue Code (or any similar federal,
      state or local tax that may hereafter be imposed) (the “Code”), the Bank shall
      pay to Executive at the time specified in Section 9(b)(iii) hereof an additional
      amount (the “Gross-Up Payment”) such that the net amount retained by Executive,
      after deduction of any Excise Tax on the Total Payments (as hereinafter defined)
      and any federal, state and local income tax and Excise Tax upon the payment
      provided for by Section 9(b)(i), shall be equal to the Total Payments.

     

    
      	
              (i)

               

            	
              For
                purposes of determining whether any of the Severance Payments will
                be
                subject to the Excise Tax and the amount of such Excise Tax: 

               

            
	 	
              (A) any
                other payments or benefits received or to be received by Executive
                in
                connection with a Change in Control or Executive’s termination of
                employment (whether pursuant to the terms of this Agreement or any
                other
                plan, arrangement or agreement with the Bank, any Person whose actions
                result in a Change in Control or any Person affiliated with the Bank
                or
                such Person) (which, together with the Severance Payments, constitute
                the
                “Total Payments”) shall be treated as “parachute payments” within the
                meaning of Section 280G(b)(2) of the Code, and all “excess parachute
                payments” within the meaning of Section 280G(b)(1) of the Code shall be
                treated as subject to the Excise Tax, unless in the opinion of
                nationally-recognized tax counsel selected by Executive such other
                payments or benefits (in whole or in part) do not constitute parachute
                payments, or such excess parachute payments (in whole or in part)
                represent reasonable compensation for services actually rendered
                within
                the meaning of Section 280G(b)(4) of the Code in excess of the base
                amount
                within the meaning of Section 280G(b)(3) of the Code, or are otherwise
                not
                subject to the Excise Tax; 

               

            
	 	
              (B) the
                amount of the Total Payments which shall be treated as subject to
                the
                Excise Tax shall be equal to the lesser of (x) the total amount of
                the
                Total Payments and (y) the amount of excess parachute payments within
                the
                meaning of Section 280G(b)(1) of the Code (after applying Section
                9(b)(i)(A) hereof); and 

               

            
	 	
              (C) the
                value of any non-cash benefits or any deferred payments or benefit
                shall
                be determined by a nationally-recognized accounting firm selected
                by
                Executive in accordance with the principles of Sections 280G(d)(3)
                and (4)
                of the Code. 

               

            

    

     

    
      	
              (ii)

               

            	
              For
                purposes of determining the amount of the Gross-Up Payment, Executive
                shall be deemed to pay federal income taxes at the highest marginal
                rate
                of federal income taxation in the calendar year in which the Gross-Up
                Payment is to be made and state and local income taxes at the highest
                marginal rate of taxation in the state and locality of Executive’s
                residence on the Date of Termination, net of the maximum reduction
                in
                federal income taxes which could be obtained from deduction of such
                state
                and local taxes. In the event that the Excise Tax is subsequently
                determined to be less than the amount taken into account hereunder
                at the
                time of termination of Executive’s employment, Executive shall repay to
                the Bank within ten days after the time that the amount of such reduction
                in Excise Tax is finally determined the portion of the Gross-Up Payment
                attributable to such reduction (plus the portion of the Gross-Up
                Payment
                attributable to the Excise Tax and federal and state and local income
                tax
                imposed on the Gross-Up Payment being repaid by Executive if such
                repayment results in a reduction in Excise Tax and/or federal and
                state
                and local income tax deduction) plus interest on the amount of such
                repayment at the rate provided in Section 1274(b)(2)(B) of the Code.
                In
                the event that the Excise Tax is determined to exceed the amount
                taken
                into account hereunder at the time of the termination of Executive’s
                employment (including by reason of any payment the existence or amount
                of
                which cannot be determined at the time of the Gross-Up Payment),
                the Bank
                shall make an additional gross-up payment in respect of such excess
                within
                ten days after the time that the amount of such excess is finally
                determined.

               

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

            	
              The
                payments provided for in this Section 9(b) shall be made not later
                than
                the fifteenth day following the date of Executive’s termination of
                employment; provided, however, that if the amount of such payments
                cannot
                be finally determined on or before such day, the Bank shall pay to
                Executive on such day an estimate, as determined in good faith by
                the
                Bank, of the minimum amount of such payments and shall pay the remainder
                of such payments (together with interest at the rate provided in
                Section
                1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined
                but in no event later than the thirtieth day after the date of Executive’s
                termination of employment. In the event that the amount of the estimated
                payments exceeds the amount subsequently determined to have been
                due, such
                excess shall be payable by Executive on the fifteenth day after the
                demand
                by the Bank.

               

            
	
              (iv)

               

            	
              All
                determinations under this Section 9(b) shall be made at the expense
                of the
                Bank by a nationally recognized public accounting firm selected by
                Executive, and such determination shall be binding upon Executive
                and the
                Bank.

               

            
	
              (v)

               

            	
              Executive
                hereby agrees with the Bank and the Company and any successor thereto
                to
                in good faith consider and take steps commonly used to minimize or
                eliminate any tax liability or costs that would otherwise be created
                by
                the tax indemnification provisions set forth in this Section 9(b)
                if
                requested to do so by the Company or the Bank or any successor thereto;
                provided, however, that the foregoing language shall neither require
                Executive to take or not take any specific action in furtherance
                thereof
                nor contravene, limit or remove any right or privilege provided thereto
                under this Agreement.

               

            

    

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

     

    (a) Non-Competition.
      In
      consideration for the compensation and benefits provided under this Agreement,
      including without limitation, the compensation and benefits provided under
      Sections 7(e) and (f), without the consent in writing of the Board, Executive
      will not, at any time during the Term and for a period of two years following
      termination of Executive’s employment for any reason, acting alone or in
      conjunction with others, directly or indirectly (i) engage (either as owner,
      investor, partner, stockholder, employer, employee, consultant, advisor, or
      director) in any business of any savings bank, savings and loan association,
      savings and loan holding company, bank, bank holding company, or other
      institution engaged in the business of accepting deposits or making loans,
      or
      any direct or indirect subsidiary or affiliate of any such entity, that conducts
      business in any county in which the Company or the Bank maintains an office
      as
      of Executive’s date of termination or had plans to open an office within six
      months after Executive’s date of termination ; (ii) induce any customers of the
      Bank or any of its affiliates with whom Executive has had contacts or
      relationships, directly or indirectly, during and within the scope of her
      employment with the Bank, to curtail or cancel their business with the Bank
      or
      any such affiliate; (iii) induce, or attempt to influence, any employee of
      the
      Bank or any of its affiliates to terminate employment; or (iv) solicit, hire
      or
      retain as an employee or independent contractor, or assist any third party
      in
      the solicitation, hire, or retention as an employee or independent contractor,
      any person who during the previous twelve months was an employee of the Bank
      or
      any affiliate; provided, however, that the limitation contained in clause (i)
      above shall not apply if Executive’s employment is terminated as a result of a
      termination by the Company without Cause within two years following a Change
      in
      Control or is terminated by Executive for Good Reason within two years following
      a Change in Control or is terminated by Executive other than for Good Reason
      as
      provided in Section 7(b) and, provided further, that activities engaged in
      by or
      on behalf of the Bank are not restricted by this covenant. The provisions of
      subparagraphs (i), (ii), (iii), and (iv) above are separate and distinct
      commitments independent of each of the other subparagraphs. It is agreed that
      the ownership of not more than one percent of the equity securities of any
      company having securities listed on an exchange or regularly traded in the
      over-the-counter market shall not, of itself, be deemed inconsistent with clause
      (i) of this Section 10(a).

     

    (b) Non-Disclosure;
      Ownership of Work.
      Executive shall not, at any time during the Term and thereafter (including
      following Executive’s termination of employment for any reason), disclose, use,
      transfer, or sell, except in the course of employment with or other service
      to
      the Bank or the Company, any proprietary information, secrets, organizational
      or
      employee information, or other confidential information belonging or relating
      to
      the Bank or the Company and its affiliates and customers so long as such
      information has not otherwise been disclosed or is not otherwise in the public
      domain, except as required by law or pursuant to legal process. In addition,
      upon termination of employment for any reason, Executive will return to the
      Company or its affiliates all documents and other media containing information
      belonging or relating to the Bank and the Company or its affiliates.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (c) Cooperation
      With Regard to Litigation.
      Executive agrees to cooperate with the Bank and the Company, during the Term
      and
      thereafter (including following Executive’s termination of employment for any
      reason), by making himself available to testify on behalf of the Bank or the
      Company or any subsidiary or affiliate of the Bank or the Company, in any
      action, suit, or proceeding, whether civil, criminal, administrative, or
      investigative, and to assist the Bank and the Company, or any subsidiary or
      affiliate of the Company, in any such action, suit, or proceeding, by providing
      information and meeting and consulting with the Board or its representatives
      or
      counsel, or representatives or counsel to the Bank or the Company, or any
      subsidiary or affiliate of the Company, as requested. The Bank agrees to
      reimburse the Executive, on an after tax basis, for all expenses actually
      incurred in connection with her provision of testimony or
      assistance.

     

    (d) Non-Disparagement.
      Executive shall not, at any time during the Term and thereafter, make statements
      or representations, or otherwise communicate, directly or indirectly, in
      writing, orally, or otherwise, or take any action which may, directly or
      indirectly, disparage the Bank or the Company or any of its subsidiaries or
      affiliates or their respective officers, directors, employees, advisors,
      businesses or reputations. Notwithstanding the foregoing, nothing in this
      Agreement shall preclude Executive from making truthful statements that are
      required by applicable law, regulation or legal process.

     

    (e) Release
      of Employment Claims.
      Executive agrees, as a condition to receipt of any termination payments and
      benefits provided for in Sections 6 and 7 herein (other than Compensation
      Accrued at Termination), that he will execute a general release agreement,
      in
      substantially the form set forth in Attachment A to this Agreement, releasing
      any and all claims arising out of Executive’s employment other than enforcement
      of this Agreement and rights to indemnification under any agreement, law, Bank
      or Company organizational document or policy, or otherwise.

     

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

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (g) Forfeiture
      of Certain Bonuses and Profits.
      If the
      Company is required to prepare an accounting restatement due to the material
      noncompliance of the Company, as a result of misconduct, with any financial
      reporting requirement under the securities laws, and if Executive, knowingly
      or
      through gross negligence, caused or failed to prevent such misconduct, Executive
      shall reimburse the Bank for (i) any bonus or other incentive based or
      equity-based compensation received by Executive during the 12-month period
      following the first public issuance or filing with the Securities and Exchange
      Commission (whichever first occurs) of the financial document embodying such
      financial reporting requirement; and (ii) any profits realized from the sale
      of
      securities of the Company during that 12-month period.

     

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

     

    (i) Survival.
      The
      provisions of this Section 10 shall survive the termination of the Term and
      any
      termination or expiration of this Agreement.

     

    11. Governing
      Law; Disputes.

     

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

     

    (b) Reimbursement
      of Expenses in Enforcing Rights.
      Upon
      submission of invoices, the Bank shall promptly pay or reimburse all reasonable
      costs and expenses (including fees and disbursements of counsel and pension
      experts) incurred by Executive or Executive’s surviving spouse in seeking to
      interpret this Agreement or enforce rights pursuant to this Agreement or in
      any
      proceeding in connection therewith brought by Executive or Executive’s surviving
      spouse, whether or not Executive or Executive’s surviving spouse is ultimately
      successful in enforcing such rights or in such proceeding; provided, however,
      that no reimbursement shall be owed with respect to expenses relating to any
      unsuccessful assertion of rights or proceeding if and to the extent that such
      assertion or proceeding was initiated or maintained in bad faith or was
      frivolous, as determined in accordance with Section 11(c) or a court having
      jurisdiction over the matter, in which case any amounts previously paid by
      the
      Bank shall be promptly repaid. 

     

    (c) Dispute
      Resolution.
      

     

    
      	
              (i)

               

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

               

            

    

     

    
      
        23

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    (d) Interest
      on Unpaid Amounts.
      Any
      amount which has become payable pursuant to the terms of this Agreement or
      any
      decision by arbitrators or judgment by a court of law pursuant to this Section
      11 but which has not been timely paid shall bear interest at the prime rate
      in
      effect at the time such amount first becomes payable, as quoted by the
      Bank.

     

    12. Miscellaneous.

     

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

     

    (b) Successors;
      Transferability.
      The
      Bank and the Company shall require any successor (whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise) to all or substantially all of
      the
      business and/or assets of the Bank or the Company to expressly assume and agree
      to perform this Agreement in the same manner and to the same extent that the
      Bank and the Company would be required to perform it if no such succession
      had
      taken place. 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    As
      used
      in this Agreement, “Bank “and “Company” shall mean the Bank and the Company
      respectively as hereinbefore defined and any successor to its or their business
      and/or assets as aforesaid which assumes and agrees to perform this Agreement
      by
      operation of law, or otherwise and, in the case of an acquisition of the Bank
      or
      the Company in which the corporate existence of the Bank or the Company, as
      the
      case may be, continues, the ultimate parent company following such acquisition.
      Subject to the foregoing, the Bank and the Company may transfer and assign
      this
      Agreement and the Bank’s and the Company’s rights and obligations hereunder.
      Neither this Agreement nor the rights or obligations hereunder of the parties
      hereto shall be transferable or assignable by Executive, except in accordance
      with the laws of descent and distribution or as specified in Section
      12(c).

     

    (c) Beneficiaries.
      Executive shall be entitled to designate (and change, to the extent permitted
      under applicable law) a beneficiary or beneficiaries to receive any compensation
      or benefits provided hereunder following Executive’s death.

     

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

     

    
      	
              If
                to the Bank or the Company:

               

            
	
              ROCKVILLE
                BANK

               

              1645
                Ellington Road

              South
                Windsor, CT 06074

              Att:
                Chief Executive Officer

               

               

            
	
              If
                to Executive:

               

              Ms.
                Darlene S. White

              12
                Crest Drive

              Cromwell,
                CT 06416

               

            

    

    If
      the
      parties by mutual agreement supply each other with telecopier numbers for the
      purposes of providing notice by facsimile, such notice shall also be proper
      notice under this Agreement. In the case of Federal Express or other similar
      overnight service, such notice or advice shall be effective when sent, and,
      in
      the cases of certified or registered mail, shall be effective two days after
      deposit into the mails by delivery to the U.S. Post Office.

     

    (e) Reformation.
      The
      invalidity of any portion of this Agreement shall not be deemed to render the
      remainder of this Agreement invalid.

     

    (f) Headings.
      The
      headings of this Agreement are for convenience of reference only and do not
      constitute a part hereof.

     

    (g) No
      General Waivers.
      The
      failure of any party at any time to require performance by any other party
      of
      any provision hereof or to resort to any remedy provided herein or at law or
      in
      equity shall in no way affect the right of such party to require such
      performance or to resort to such remedy at any time thereafter, nor shall the
      waiver by any party of a breach of any of the provisions hereof be deemed to
      be
      a waiver of any subsequent breach of such provisions. No such waiver shall
      be
      effective unless in writing and signed by the party against whom such waiver
      is
      sought to be enforced. 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    (h) No
      Obligation To Mitigate.
      Executive shall not be required to seek other employment or otherwise to
      mitigate Executive’s damages upon any termination of employment, and any
      compensation or benefits received from any other employment of Executive shall
      not mitigate or reduce the obligations of the Bank and the Company or the rights
      of Executive hereunder, except that, to the extent Executive receives from
      a
      subsequent employer health or other insurance benefits that are similar to
      the
      benefits referred to in Section 5(b) hereof, any such benefits to be provided
      by
      the Bank to Executive following the Term shall be correspondingly
      reduced.

     

    (i) Offsets;
      Withholding.
      The
      amounts required to be paid by the Bank to Executive pursuant to this Agreement
      shall not be subject to offset other than with respect to any amounts that
      are
      owed to the Bank by Executive due to her receipt of funds as a result of her
      fraudulent activity. The foregoing and other provisions of this Agreement
      notwithstanding, all payments to be made to Executive under this Agreement,
      including under Sections 6 and 7, or otherwise by the Bank, will be subject
      to
      withholding to satisfy required withholding taxes and other required
      deductions.

     

    (j) Successors
      and Assigns.
      This
      Agreement shall be binding upon and shall inure to the benefit of Executive,
      her
      heirs, executors, administrators and beneficiaries, and shall be binding upon
      and inure to the benefit of the Bank and the Company and their successors and
      assigns.

     

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

     

    13. Indemnification.

     

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

     

    

     

    
      
        

        26

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Executive has hereunto set her hand and the Bank and the
      Company have each caused this instrument to be duly executed as of the Effective
      Date.

     

    

     

    ROCKVILLE
      BANK

    

    

    

    
      By:
        _/
        s / William J. McGurk__________________________

      

      Name: 
        William J. McGurk

      Title:    
        CEO and President

     

    

    

    

    ROCKVILLE
      FINANCIAL, INC. 

    

    

    

    
      By:
        _/
        s / William J. McGurk__________________________

      

      Name: 
        William J. McGurk

      Title:    
        CEO and President

    

    

     

    

    

    

    _/
      s /
      Darlene S. White_______________________________ 

    Darlene
      S. White

    

    

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

    ATTACHMENT
      A

     

    RELEASE

     

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

     

    In
      consideration for the benefits provided under your Employment Agreement with
      Rockville Bank (the “Employment Agreement”), and more specifically enumerated in
      Exhibit 1 hereto, by your signature below, you, for yourself and on behalf
      of
      your heirs, executors, agents, representatives, successors and assigns, hereby
      release and forever discharge the Rockville Financial, Inc., its past and
      present parent corporations, subsidiaries, divisions, subdivisions, affiliates
      and related companies (collectively, the “Company”) and the Company’s past,
      present and future agents, directors, officers, employees, representatives,
      successors and assigns (hereinafter “those associated with the Company”) with
      respect to any and all claims, demands, actions and liabilities, whether in
      law
      or equity, which you may have against the Company or those associated with
      the
      Company of whatever kind, including but not limited to those arising out of
      your
      employment with the Company or the termination of that employment. You agree
      that this release covers, but is not limited to, claims arising under the Age
      Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et
      seq.,
      Title
      VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et
      seq.,
      the
      Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et
      seq.,
      the
      Fair Labor Standards Act, 29 U.S.C. § 201 et
      seq.,
      the
      Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et
      seq.,
      the
      Connecticut Fair Employment Practices Act, C.G.S. § 46a-51 et
      seq.,
      and any
      other local, state or federal law, regulation or order dealing with
      discrimination in employment on the basis of sex, race, color, national origin,
      veteran status, marital status, religion, disability, handicap, or age. You
      also
      agree that this release includes claims based on wrongful termination of
      employment, breach of contract (express or implied), tort, or claims otherwise
      related to your employment or termination of employment with the Company and
      any
      claim for attorneys’ fees, expenses or costs of litigation. 

     

    This
      Release covers all claims based on any facts or events, whether known or unknown
      by you, that occurred on or before the date of this Release. Except to enforce
      this Release, you agree that you will never commence, prosecute, or cause to
      be
      commenced or prosecuted any lawsuit or proceeding of any kind against the
      Company or those associated with the Company in any forum and agree to withdraw
      with prejudice all complaints or charges, if any, that you have filed against
      the Company or those associated with the Company.

     

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

     

    By
      signing this Release, you further agree as follows:

     

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

     

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

     

    iii. You
      have
      seven (7) days from the date you sign this Release to revoke it by written
      notification to the Company. After this seven (7) day period, this Release
      is
      final and binding and may not be revoked;

     

    iv. You
      have
      been advised to seek legal counsel and have had an opportunity to do
      so;

     

    

     

    v. You
      would
      not otherwise be entitled to the benefits provided under your Employment
      Agreement had you not agreed to execute this Release; and

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    vi. Your
      agreement to the terms set forth above is voluntary.

     

    
      	
              Name:

            	 
	
              Signature:

            	
              Date:

               

            
	
              Received
                By:

            	
              Date:

               

            

    

    

     

    
      
        
        

      

      
        2Exhibit 10.2 Buchholz

    

    

    

    

    ROCKVILLE
      BANK

     

    Employment
      Agreement for Christopher Buchholz

     

    

     

    Effective
      as of June 5, 2006

     

    

    

    
      
        
          
            	 	 	 

          

          

        

        
        

      

      
        
        

      

      
        
        

        
        

      

    

    

    

    ROCKVILLE
      BANK

     

    Employment
      Agreement for Christopher Buchholz 

     

    Effective
      as of June 5, 2006

     

    

     

    

     

    
      	
              1. Employment

               

              2. Term

               

              3. Offices
                and Duties

               

              (a) Generally

               

              (b) Place
                of Employment

               

              4. Salary
                and Annual Incentive Compensation

               

              (a) Base
                Salary

               

              (b) Annual
                Incentive Compensation

               

              5. Long-Term
                Compensation, Including Stock Options, Benefits, Deferred Compensation,
                and Expense Reimbursement 

               

              (a) Executive
                Compensation Plans

               

              (b) Employee
                and Executive Benefit Plans

               

              (c) Acceleration
                of Awards Upon a Change in Control

               

              (d) Deferral
                of Compensation

               

              (e) Company
                Registration Obligations

               

              (f) Reimbursement
                of Expenses

               

              (g) Limitations
                Under Code Section 409A4

               

              6. Termination
                Due to Retirement, Death, or Disability

               

              (a) Retirement

               

              (b) Death

               

              (c) Disability

               

              (d) Other
                Terms of Payment Following Retirement, Death, or Disability

               

              7. Termination
                of Employment For Reasons Other Than Retirement, Death or
                Disability

               

              (a) Termination
                by the Bank for Cause

               

              (b) Termination
                by Executive Other Than For Good Reason

               

              (c) Termination
                by the Bank Without Cause Prior to or More than Two Years After a
                Change
                in Control

               

              (d) Termination
                by Executive for Good Reason Prior to or More than Two Years After
                a
                Change in Control  

               

              (e) Termination
                by the Bank Without Cause Within Two Years After a Change in
                Control  

               

              (f) Termination
                by Executive for Good Reason Within Two Years After a Change in
                Control

               

              (g) Other
                Terms Relating to Certain Terminations of Employment

               

              8. Definitions
                Relating to Termination Events

               

              (a) “Cause

               

              (b) “Change
                in Control

               

              (c) “Compensation
                Accrued at Termination

               

              (d) “Disability

               

              (e) “Good
                Reason

               

              (f) “Potential
                Change in Control

               

              9. Rabbi
                Trust Obligation Upon Potential Change in Control; Excise Tax-Related
                Provisions  

               

              (a) Rabbi
                Trust Funded Upon Potential Change in Control

               

              (b) Gross-up
                If Excise Tax Would Apply

               

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

               

              (a) Non-Competition

               

              (b) Non-Disclosure;
                Ownership of Work

               

              (c) Cooperation
                With Regard to Litigation

               

              (d) Non-Disparagement

               

              (e) Release
                of Employment Claims

               

              (f) Forfeiture
                of Outstanding Options

               

              (g) Forfeiture
                of Certain Bonuses and Profits

               

              (h) Forfeiture
                Due to Regulatory Restrictions

               

              (i) Survival

               

              11. Governing
                Law; Disputes

               

              (a) Governing
                Law

               

              (b) Reimbursement
                of Expenses in Enforcing Rights

               

              (c) Dispute
                Resolution

               

              (d) Interest
                on Unpaid Amounts

               

              12. Miscellaneous

               

              (a) Integration

               

              (b) Successors;
                Transferability

               

              (c) Beneficiaries

               

              (d) Notices

               

              (e) Reformation

               

              (f) Headings

               

              (g) No
                General Waivers

               

              (h) No
                Obligation To Mitigate

               

              (i) Offsets;
                Withholding

               

              (j) Successors
                and Assigns

               

              (k) Counterparts

               

              13. Indemnification

               

            

    

    

    Attachment
      A 

    

    

    

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
        

      

      
        
        

        
        

      

    

    ROCKVILLE
      BANK

     

    

     

    Employment
      Agreement for Christopher Buchholz 

     

    Effective
      as of June 5, 2006

     

    

     

     

     

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”) by and among ROCKVILLE FINANCIAL, INC., a
      Connecticut corporation (the “Company”), ROCKVILLE BANK, a Connecticut savings
      bank and a wholly-owned subsidiary of the Company (the “Bank”), and Christopher
      Buchholz (“Executive”) shall become effective as of June 5, 2006 (the
“Effective Date”). 

     

    W
      I T N E
      S S E T H

     

    WHEREAS,
      the Bank wishes to assure itself of the services of the Executive for the period
      of this Agreement; and

     

    WHEREAS,
      the Executive is willing to provide services to the Bank in exchange for
      employment under this Agreement on the terms and conditions set forth herein;
      and

     

    WHEREAS,
      the Human Resources Committee of the Board of Directors of the Company has
      determined that the best interests of the Company and the Bank would be served
      by providing for the terms and conditions of Executive's employment as set
      forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, and other
      good and valuable consideration the receipt and adequacy of which the Company,
      the Bank and Executive each hereby acknowledge, the Company, the Bank and
      Executive hereby agree as follows:

     

    1. Employment.

     

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

     

    2. Term.

     

    The
      term
      of employment of Executive under this Agreement (the "Term") shall be the period
      commencing on the Effective Date and ending on December 31, 2008 and any period
      of extension thereof in accordance with this Section 2, except that the Term
      will end at a date, prior to the end of such period or extension thereof,
      specified in Section 6 or 7 in the event of termination of Executive's
      employment. The Term, if not previously ended, shall be extended automatically
      without further action by either party by one additional year (added to the
      end
      of the Term) first on December 31, 2006 (extending the Term to December 31,
      2009) and on each succeeding December 31 thereafter (a “December 31 extension
      date”), unless either party shall have served written notice in accordance with
      Section 12(d) upon the other party on or before the June 30 preceding a December
      31 extension date electing not to extend the Term further as of that December
      31
      extension date, in which case employment shall terminate on the third
      anniversary of that December 31 extension date and the Term shall end at that
      date, subject to earlier termination of employment and earlier termination
      of
      the Term in accordance with Section 6 or 7. The foregoing notwithstanding,
      in
      the event there occurs a Potential Change in Control during the period of 180
      days prior to the December 31 on which the Term will terminate as a result
      of
      notice given by the Executive or the Company hereunder, the Term shall be
      extended automatically at that December 31 by an additional period such that
      the
      Term will extend until the 180th day following such Potential Change in
      Control.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    3. Offices
      and Duties.

     

    The
      provisions of this Section 3 will apply during the Term, except as otherwise
      provided in Section 7(c) or 7(e):

     

    (a) Generally.
      Executive shall serve as the Senior Vice President of the Bank. Executive shall
      have and perform such duties, responsibilities, and authorities as are
      prescribed by or under the Bylaws of the Bank and as are customarily associated
      with such position or, irrespective of the office, title or other designation,
      if any, a position with responsibilities and powers substantially identical
      to
      such position with the Bank. In addition, Executive shall have and perform
      such
      additional duties, responsibilities, and authorities as may be from time to
      time
      assigned by the President and Chief Executive Officer based on his assessment
      of
      the business needs of the Bank, and the Bank reserves the right to change or
      modify these assignments and any positions and titles associated therewith.
      Executive shall devote his full business time and attention, and his best
      efforts, abilities, experience, and talent, to the position of Senior Vice
      President and other assignments hereunder, and for the business of the Bank,
      without commitment to other business endeavors, except that Executive (i) may
      make personal investments which are not in conflict with his duties to the
      Bank
      and manage personal and family financial and legal affairs, (ii) may undertake
      public speaking engagements, and (iii) may serve as a director of (or similar
      position with) any other business or an educational, charitable, community,
      civic, religious, or similar type of organization with the approval of the
      President and Chief Executive Officer, so long as such activities (i.e., those
      listed in clauses (i) through (iii)) do not preclude or render unlawful
      Executive’s employment or service to the Bank or otherwise materially inhibit
      the performance of Executive’s duties under this Agreement or materially impair
      the business of the Bank or its affiliates.

     

    (b) Place
      of Employment.
      Executive’s principal place of employment shall be at the administrative offices
      of the Bank. 

     

    4. Salary
      and Annual Incentive Compensation.

     

    As
      partial compensation for the services to be rendered hereunder by Executive,
      the
      Bank agrees to pay to Executive during the Term the compensation set forth
      in
      this Section 4.

     

    (a) Base
      Salary.
      The
      Bank will pay to Executive during the Term a base salary, the annual rate of
      which shall be $148,000.00, payable in cash in substantially equal semi-monthly
      installments commencing at the beginning of the Term, and otherwise in
      accordance with the Bank’s usual payroll practices with respect to senior
      executives (except to the extent deferred under Section 5(d)). Executive’s
      annual base salary shall be reviewed by the Human Resources Committee (the
      “Committee”) of the Board of Directors of the Bank (the “Board”) at least once
      in each calendar year, and may be increased above, but may not be reduced below,
      the then-current rate of such base salary. For purposes of this Agreement,
“Base
      Salary” means Executive’s then-current base salary.

     

    (b) Annual
      Incentive Compensation.
      The
      Bank will pay to Executive during the Term annual incentive compensation which
      shall offer to Executive an opportunity to earn additional compensation based
      upon performance in amounts determined by the Committee in accordance with
      the
      applicable plan and consistent with past practices of the Bank, with the nature
      of the performance and the levels of performance triggering payments of such
      annual target incentive compensation for each year to be established and
      communicated to Executive during the first quarter of such year by the
      Committee. In addition, the Committee (or the Board) may determine, in its
      discretion, to increase Executive’s annual target incentive opportunity or
      provide an additional annual incentive opportunity, in excess of the annual
      target incentive opportunity, payable for performance in excess of or in
      addition to the performance required for payment of the annual target incentive
      amount. Any annual incentive compensation payable to Executive shall be paid
      in
      accordance with the Bank’s usual practices with respect to payment of incentive
      compensation to senior executives (except to the extent deferred under Section
      5(d)). 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    5. Long-Term
      Compensation, Including Stock Options, Benefits, Deferred Compensation, and
      Expense Reimbursement.

     

    (a) Executive
      Compensation Plans.
      Executive shall be entitled during the Term to participate, without
      discrimination or duplication, in executive compensation plans and programs
      intended for general participation by senior executives of the Bank, as
      presently in effect or as they may be modified or added to by the Bank from
      time
      to time, subject to the eligibility and other requirements of such plans and
      programs, including without limitation any stock option plans, plans under
      which
      restricted stock/restricted stock units, performance-based restricted
      stock/restricted stock units or performance-accelerated restricted
      stock/restricted stock units (collectively, “stock plans”) may be awarded, other
      annual and long-term cash and/or equity incentive plans, and deferred
      compensation plans. The Bank makes no commitment under this Section 5(a) to
      provide participation opportunities to Executive in all plans and programs
      or at
      levels equal to (or otherwise comparable to) the participation opportunity
      of
      any other executive.

     

    (b) Employee
      and Executive Benefit Plans.
      Executive shall be entitled during the Term to participate, without
      discrimination or duplication, in employee and executive benefit plans and
      programs of the Bank, as presently in effect or as they may be modified or
      added
      to by the Bank from time to time, subject to the eligibility and other
      requirements of such plans and programs, including without limitation plans
      providing pensions, supplemental pensions, supplemental and other retirement
      benefits, medical insurance, life insurance, disability insurance, and
      accidental death or dismemberment insurance, as well as savings, profit-sharing,
      and stock ownership plans. The Bank makes no commitment under this Section
      5(b)
      to provide participation opportunities to Executive in all benefit plans and
      programs or at levels equal to (or otherwise comparable to) the participation
      opportunity of any other executive. 

     

    In
      furtherance of and not in limitation of the foregoing, during the
      Term:

     

    
      	
              (i)

               

            	
              Executive
                will participate as Senior Vice President in all executive and employee
                vacation and time-off programs;

               

            
	
              (ii)

               

            	
              The
                Bank will provide Executive with coverage as Senior Vice President
                with
                respect to long-term disability insurance; 

               

            
	
              (iii)

               

            	
              Executive
                will be covered by Bank-paid group term life insurance; 

               

            
	
              (iv)

               

            	
              Executive
                will be entitled to benefits under the Supplemental Savings and Retirement
                Plan (the “SERP”) in accordance with the terms thereof, with the effective
                date of Executive's participation therein to be the Effective Date;
                and

               

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              (v)

               

            	
              Following
                Executive’s completion of five years of “Credited Service” with the Bank
                (within the meaning provided in the SERP) or earlier termination
                of
                employment in accordance with Section 6(c) of this Agreement by reason
                of
                Executive’s Disability (as defined in Section 8(d)), Executive will be
                entitled to payment of a retirement benefit (the “Retirement Benefit”)
                equal to $40,000 per year (subject to reduction as provided hereinbelow)
                for a period of 20 years, commencing on the first day of the month
                coinciding with or immediately following the later of his attainment
                of
                age 60 or termination of service with the Bank. In the event that
                Executive’s service with the Bank shall be terminated prior to his
                attainment of age 60 for any reason other than death as provided
                in
                Section 6(b), Disability as provided in Section 6(c), termination
                by the
                Bank without Cause as provided in Sections 7(c) and (e), or termination
                by
                Executive for Good Reason as provided in Sections 7(d) and (f), such
                $40,000 annual Retirement Benefit shall be reduced at a rate of five
                percent per year for each 12-month period or portion thereof that
                Executive’s termination of service with the Bank precedes his attainment
                of age 65, with any pro rata reduction for periods of fewer than
                12 months
                to be determined by disregarding any partial months. Such Retirement
                Benefit shall be payable to Executive in equal monthly installments
                on the
                first day of each month following the later of his attainment of
                age 60 or
                termination of service with the Bank for a total of 240 monthly payments.
                In the event of Executive’s death prior to the commencement of payment of
                such Retirement Benefit, Executive’s beneficiary (the “Beneficiary”),
                designated on such form as the Bank may provide, shall be entitled
                to
                receive the Retirement Benefit that would otherwise have been provided
                to
                Executive pursuant to this Section 5(b)(v). In the event of the death
                of
                Executive after the commencement of payment of the Retirement Benefit,
                payment shall continue to be made to Executive’s Beneficiary in an amount
                equal to the annual benefit that Executive was receiving at the time
                of
                death until such annual Retirement Benefit shall have been paid to
                Executive and his Beneficiary for a total period of 20 years. Monthly
                installments shall cease to be paid after 240 months of installments
                have
                been paid to Executive, his Beneficiary or both. Anything in this
                Agreement to the contrary notwithstanding, if Executive’s employment is
                terminated for Cause as provided in Section 7(a) of this Agreement,
                the
                Retirement Benefit otherwise payable in accordance with this Section
                5(b)(v) shall be forfeited. If Executive or his Beneficiary has received
                any monthly installments of the Retirement Benefit and it is subsequently
                determined that Executive was terminated for Cause as provided in
                Section
                7(a), then the monthly installments previously paid shall be returned
                by
                Executive or his Beneficiary, as the case may be, to the Bank, and
                no
                further monthly installments shall be payable under this Agreement.
                In the
                event that Executive’s employment is terminated by the Bank without Cause
                within two years after a Change in Control as provided in Section
                7(e) of
                this Agreement or is terminated by Executive for Good Reason within
                two
                years after a Change in Control as provided in Section 7(f) of this
                Agreement, payment of the Retirement Benefit provided under this
                Section
                5(b)(v) shall begin on the first day of the month coinciding with
                or
                immediately following Executive’s termination, regardless of the number of
                years of Credited Service completed by Executive and regardless of
                whether
                Executive shall have attained age 60 and such Retirement Benefit
                shall not
                be reduced as otherwise provided hereinabove on account of payment
                prior
                to Executive’s attainment of age 60. The Retirement Benefit payable
                pursuant to this Section 5(b)(v) shall not be funded and shall not
                be
                subject in any manner to alienation, transfer or assignment by Executive.
                Executive shall have only the right of an unsecured general creditor
                of
                the Bank and the Company for the Retirement Benefit provided pursuant
                to
                this Section 5(b)(v), which is intended to comply with the requirements
                of
                Section 409A of the Internal Revenue Code of 1986, as amended (the
                “Code”), and shall be interpreted and administered in a manner consistent
                therewith. 

               

            

    

    (c) Acceleration
      of Awards Upon a Change in Control.
      In the
      event of a Change in Control (as defined in Section 8(b)), all outstanding
      stock
      options, restricted stock, and other equity-based awards then held by Executive
      shall become vested and exercisable.

     

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

     

    (e) Company
      Registration Obligations.
      The
      Company will use its best efforts to file with the Securities and Exchange
      Commission and thereafter maintain the effectiveness of one or more registration
      statements registering under the Securities Act of 1933, as amended (the “1933
      Act”), the offer and sale of shares by the Company to Executive pursuant to
      stock options or other equity-based awards granted to Executive under Company
      plans or otherwise or, if shares are acquired by Executive in a transaction
      not
      involving an offer or sale to Executive but resulting in the acquired shares
      being “restricted securities” for purposes of the 1933 Act, registering the
      reoffer and resale of such shares by Executive.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (f) Reimbursement
      of Expenses.
      The
      Bank will promptly reimburse Executive for all reasonable business expenses
      and
      disbursements incurred by Executive in the performance of Executive’s duties
      during the Term in accordance with the Bank’s reimbursement policies as in
      effect from time to time. 

     

    (g) Limitations
      Under Code Section 409A.
      In the
      event that, as a result of Section 409A of the Code (and any related regulations
      or other pronouncements), any of the payments or benefits that Executive is
      entitled to under the terms of this Agreement or any other plan involving
      deferred compensation (as defined under Code Section 409A) may not be made
      at
      the time contemplated by the terms thereof without causing Executive to be
      subject to an income tax penalty and interest and the timing of payment is
      the
      sole cause of such adverse tax consequences, the Bank will make such payment
      on
      the first day permissible under Code Section 409A without Executive incurring
      such adverse tax consequences and there shall be no payment to Executive of
      interest or earnings on account of such delay in payment. In addition, other
      provisions of this Agreement or any other such plan notwithstanding, the Bank
      shall have no right to accelerate any such payment or to make any such payment
      as the result of any specific event except to the extent permitted under Section
      409A. Executive, the Bank and the Company agree to make such amendments to
      this
      Agreement as may be necessary or appropriate to comply with Section 409A on
      the
      date determined by the Bank and the Company, which shall not be later than
      the
      amendment deadline prescribed by applicable Treasury Regulations, as the same
      may be extended. The Company shall not be obligated to reimburse Executive
      for
      any tax penalty or interest or provide a gross-up in connection with any tax
      liability of Executive under Section 409A, except this provision will not limit
      any gross-up payable under Section 9(b).

     

    6. Termination
      Due to Retirement, Death, or Disability.

     

    (a) Retirement.
      Executive may elect to terminate employment hereunder by retirement at or after
      age 60 (“Retirement”). At the time Executive’s employment terminates due to
      Retirement, the Term will terminate, all obligations of the Bank and Executive
      under Sections 1 through 5 of this Agreement will immediately cease except
      for
      obligations which expressly continue after termination of employment due to
      Retirement, and the Bank will pay Executive, and Executive will be entitled
      to
      receive, the following: 

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              (v)

               

            	
              If
                Executive shall not be eligible upon Retirement for retiree coverage
                under
                the Bank’s health plan (the “Health Plan”) and Executive elects in
                accordance with the applicable provisions of the Consolidated Omnibus
                Budget Reconciliation Act of 1986, as amended (“COBRA”) continued coverage
                under the Health Plan in accordance with the applicable provisions
                of
                COBRA, the Bank shall pay to Executive on a monthly basis during
                such
                COBRA continuation period an amount equal on an after-tax basis to
                the
                total cost of such coverage. Prior to the expiration of the maximum
                COBRA
                continuation period available to Executive, provided that Executive
                theretofore shall have complied with the conditions set forth in
                Section
                10, the Bank shall make a good faith effort to obtain insured coverage
                for
                Executive (and his spouse and eligible dependents, if any, for whom
                coverage had been provided during the COBRA continuation period)
                that is
                substantially comparable to such COBRA continuation coverage, which
                insured coverage shall begin on the date of expiration of Executive’s
                COBRA continuation period and continue until the earliest of: (1)
                Executive’s eligibility for medical coverage under the Bank’s Health Plan,
                as a retiree or active employee, (2) Executive’s eligibility for medical
                coverage under a plan maintained by a subsequent employer or other
                entity
                to which Executive provides services, (3) Executive’s eligibility for
                Medicare, or (4) Executive’s attainment of Social Security retirement age,
                within the meaning of Section 216(l) of the Social Security Act,
                as the
                same may be amended (“Social Security Retirement Age”). In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and his spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                his
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which such lump sum is paid. Such lump sum amount shall be calculated
                by an actuary selected by the Bank and paid in cash as soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. For purposes of
                this
                Section, present value shall be calculated on the basis of the discount
                rate set forth in the Bank’s qualified retirement plan for the
                determination of lump sum payments.

               

            

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination; 

               

            
	
              (ii)

               

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

               

            

    

     

     

    
      
        6

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

            	
              Disability
                benefits shall be payable in accordance with the Bank's plans, programs
                and policies, including the SERP, all deferral arrangements under
                Section
                5(d) will be settled in accordance with the plans and programs governing
                the deferral and all rights to the Retirement Benefit provided under
                Section 5(b)(v) of this Agreement shall be governed by Section
                5(b)(v);

               

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              (vi)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. Prior to the expiration of the maximum COBRA
                continuation period available to Executive, provided that Executive
                theretofore shall have complied with the conditions set forth in
                Section
                10, the Bank shall make a good faith effort to obtain insured coverage
                for
                Executive (and his spouse and eligible dependents, if any, for whom
                coverage had been provided during the COBRA continuation period)
                that is
                substantially comparable to such COBRA continuation coverage, which
                insured coverage shall begin on the date of expiration of Executive’s
                COBRA continuation period and continue until the earliest of: (1)
                Executive’s eligibility for medical coverage under the Bank’s Health Plan,
                as a retiree or active employee, (2) Executive’s eligibility for medical
                coverage under a plan maintained by a subsequent employer or other
                entity
                to which Executive provides services, (3) Executive’s eligibility for
                Medicare, or (4) Executive’s attainment of Social Security retirement age.
                In the event that the Bank determines, in its sole discretion, that
                it is
                unable to obtain such insured coverage for Executive (and his spouse
                and
                eligible dependents, if any, for whom coverage had been provided
                during
                the COBRA continuation period) or in the event that Executive determines,
                in his sole discretion, that any such insured coverage offered by
                the Bank
                is not substantially comparable to such COBRA continuation coverage,
                the
                Bank shall pay to Executive, provided that Executive shall not have
                become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which such lump sum is paid. Such lump sum amount shall be calculated
                by an actuary selected by the Bank and paid in cash as soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have been paid for
                coverage under the Bank’s group long-term disability policy from
                Executive’s termination of employment until Executive’s attainment of
                Social Security retirement age, calculated on the assumption that
                the cost
                of such coverage would remain unchanged from that in effect for the
                year
                in which Executive’s termination occurred; and (2) the amount that
                Executive and the Bank would have paid to continue Executive’s group life
                insurance coverage from Executive’s termination of employment until
                Executive’s attainment of Social Security retirement age, calculated on
                the assumption that the cost of such coverage would remain unchanged
                from
                that in effect for the year in which Executive’s termination occurred. For
                purposes of this Section, present value shall be calculated on the
                basis
                of the discount rate set forth in the Bank’s qualified retirement plan for
                the determination of lump sum payments.

               

            

    

    (d) Other
      Terms of Payment Following Retirement, Death, or Disability.
      Nothing
      in this Section 6 shall limit the benefits payable or provided in the event
      Executive’s employment terminates due to Retirement, death, or Disability under
      the terms of plans or programs of the Bank more favorable to Executive (or
      his
      beneficiaries) than the benefits payable or provided under this Section 6
      (except in the case of annual incentives in lieu of which amounts are paid
      hereunder), including plans and programs adopted after the date of this
      Agreement. Amounts payable under this Section 6 following Executive’s
      termination of employment, other than those expressly payable following
      determination of performance for the year of termination for purposes of annual
      incentive compensation or otherwise expressly payable on a deferred basis,
      will
      be paid as promptly as practicable after such termination of
      employment.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    7. Termination
      of Employment For Reasons Other Than Retirement, Death or
      Disability.

     

    (a) Termination
      by the Bank for Cause.
      The
      Bank may terminate the employment of Executive hereunder for Cause (as defined
      in Section 8(a)) at any time. At the time Executive’s employment is terminated
      for Cause, the Term will terminate, all obligations of the Bank and Executive
      under Sections 1 through 5 of this Agreement will immediately cease except
      for
      obligations which expressly continue after termination of employment by the
      Bank
      for Cause, and the Bank will pay Executive, and Executive will be entitled
      to
      receive, the following: 

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

            	
              All
                deferral arrangements under Section 5(d) will be settled in accordance
                with the plans and programs governing the deferral, all rights under
                the
                SERP and any other benefit plan shall be governed by such plans and
                all
                rights to the Retirement Benefit provided under Section 5(b)(v) of
                this
                Agreement shall be governed by Section 5(b)(v).

               

            

    

    (c) Termination
      by the Bank Without Cause Prior to or More than Two Years After a Change in
      Control.
      The
      Bank may terminate the employment of Executive hereunder without Cause, if
      at
      the date of termination no Change in Control has occurred or such date of
      termination is at least two years after the most recent Change in Control,
      upon
      at least 90 days’ written notice to Executive. The foregoing notwithstanding,
      the Bank may elect, by written notice to Executive, to terminate Executive’s
      positions specified in Sections 1 and 3 and all other obligations of Executive
      and the Bank under Section 3 at a date earlier than the expiration of such
      90-day period, if so specified by the Bank in the written notice, provided
      that
      Executive shall be treated as an employee of the Bank (without any assigned
      duties) for all other purposes of this Agreement, including for purposes of
      Sections 4 and 5, from such specified date until the expiration of such 90-day
      period. An election by the Bank not to extend the Term pursuant to Section
      2
      hereof shall be deemed to be a termination of Executive’s employment by the Bank
      without Cause at the date of expiration of the Term and shall be subject to
      this
      Section 7(c) if at the date of such termination no Change in Control has
      occurred or such date of termination is at least two years after the most recent
      Change in Control; provided, however, that, if Executive has attained Social
      Security retirement age at such date of termination, such termination shall
      be
      deemed a Retirement of Executive. At the time Executive’s employment is
      terminated by the Bank (i.e., at the expiration of such notice period), the
      Term
      will terminate, all remaining obligations of the Bank and Executive under
      Sections 1 through 5 of this Agreement will immediately cease (except for
      obligations which continue after termination of employment as expressly provided
      herein), and the Bank will pay Executive, and Executive will be entitled to
      receive, the following: 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(c)(ii) shall be payable in monthly installments
                over
                the 36 months following termination, without interest, except the
                Bank may
                elect to accelerate payment of the remaining balance of such amount
                and to
                pay it as a lump sum, without discount;

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              All
                rights under the SERP shall be governed by such plan and all rights
                to the
                Retirement Benefit provided under Section 5(b)(v) of this Agreement
                shall
                be governed by Section 5(b)(v); 

               

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and his spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and his spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                his
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            

    

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(d)(ii) shall be payable in monthly installments
                over
                the 36 months following termination, without interest, except the
                Bank may
                elect to accelerate payment of the remaining balance of such amount
                and to
                pay it as a lump sum, without discount;

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              All
                rights under the SERP shall be governed by such plan and all rights
                to the
                Retirement Benefit provided under Section 5(b)(v) of this Agreement
                shall
                be governed by Section 5(b)(v); and

               

            

    

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and his spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and his spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                his
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

    

     

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

     

    (e) Termination
      by the Bank Without Cause Within Two Years After a Change in
      Control.
      The
      Bank may terminate the employment of Executive hereunder without Cause,
      simultaneously with or within two years after a Change in Control, upon at
      least
      90 days’ written notice to Executive. The foregoing notwithstanding, the Bank
      may elect, by written notice to Executive, to terminate Executive’s positions
      specified in Sections 1 and 3 and all other obligations of Executive and the
      Bank under Section 3 at a date earlier than the expiration of such 90-day notice
      period, if so specified by the Bank in the written notice, provided that
      Executive shall be treated as an employee of the Bank (without any assigned
      duties) for all other purposes of this Agreement, including for purposes of
      Sections 4 and 5, from such specified date until the expiration of such 90-day
      period. An election by the Bank not to extend the Term pursuant to Section
      2
      hereof shall be deemed to be a termination of Executive’s employment by the Bank
      without Cause at the date of expiration of the Term and shall be subject to
      this
      Section 7(e) if the date of such termination coincides with or is within two
      years after a Change in Control; provided, however, that, if Executive has
      attained Social Security retirement age at such date of termination, such
      termination shall be deemed a Retirement of Executive. At the time Executive’s
      employment is terminated by the Bank (i.e., at the expiration of such notice
      period), the Term will terminate, all remaining obligations of the Bank and
      Executive under Sections 1 through 5 of this Agreement will immediately cease
      (except for obligations which continue after termination of employment as
      expressly provided herein), and the Bank will pay Executive, and Executive
      will
      be entitled to receive, the following: 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(e)(ii) shall be paid by the Bank not later than
                15
                days after Executive’s termination;

               

            
	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              All
                rights under the SERP shall be governed by such plan and all rights
                to the
                Retirement Benefit provided under Section 5(b)(v) of this Agreement
                shall
                be governed by Section 5(b)(v); and 

               

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and his spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and his spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                his
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

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

     

    
      	
              (i)

               

            	
              Executive’s
                Compensation Accrued at Termination;

               

            
	
              (ii)

               

            	
              Cash
                in an aggregate amount equal to three times the sum of (A) Executive’s
                Base Salary under Section 4(a) immediately prior to termination plus
                (B)
                an amount equal to the greater of (x) the portion of Executive’s annual
                target incentive compensation potentially payable in cash to Executive
                (i.e., excluding the portion payable in stock or in other non-cash
                awards)
                for the year of termination or (y) the portion of Executive’s annual
                incentive compensation that became payable in cash to Executive (i.e.,
                excluding the portion payable in stock or in other non-cash awards)
                for
                the latest year preceding the year of termination based on performance
                actually achieved in that latest year. The amount determined to be
                payable
                under this Section 7(f)(ii) shall be paid by the Bank not later than
                15
                days after Executive’s termination;

               

            

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

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

               

            
	
              (iv)

               

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

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              All
                rights under the SERP shall be governed by such plan and all rights
                to the
                Retirement Benefit provided under Section 5(b)(v) of this Agreement
                shall
                be governed by Section 5(b)(v); and 

               

            

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              (viii)

               

            	
              If
                Executive elects after termination of employment continued coverage
                under
                the Health Plan in accordance with the applicable provisions of COBRA,
                the
                Bank shall pay to Executive on a monthly basis during such COBRA
                continuation period an amount equal on an after-tax basis to the
                total
                cost of such coverage. If the maximum COBRA continuation period available
                to Executive shall be less than three years, prior to the expiration
                of
                the maximum COBRA continuation period available to Executive, provided
                that Executive theretofore shall have complied with the conditions
                set
                forth in Section 10, the Bank shall make a good faith effort to obtain
                insured coverage for Executive (and his spouse and eligible dependents,
                if
                any, for whom coverage had been provided during the COBRA continuation
                period) that is substantially comparable to such COBRA continuation
                coverage, which insured coverage shall begin on the date of expiration
                of
                Executive’s COBRA continuation period and continue until the third
                anniversary of Executive’s termination of employment. In the event that
                the Bank determines, in its sole discretion, that it is unable to
                obtain
                such insured coverage for Executive (and his spouse and eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) or in the event that Executive determines, in
                his
                sole discretion, that any such insured coverage offered by the Bank
                is not
                substantially comparable to such COBRA continuation coverage, the
                Bank
                shall pay to Executive, provided that Executive shall not have become
                eligible for medical coverage under (1) the Bank’s Health Plan, as a
                retiree or active employee, (2) a plan maintained by a subsequent
                employer
                or other entity to which Executive provides services, or (3) Medicare
                and,
                provided further, that Executive theretofore shall have complied
                with the
                conditions set forth in Section 10, a lump sum amount equal on an
                after-tax basis to the present value of the total cost of retiree
                medical
                coverage under the Health Plan that would have been incurred by both
                Executive and the Bank on behalf of Executive (and his spouse and
                eligible
                dependents, if any, for whom coverage had been provided during the
                COBRA
                continuation period) if Executive (and such spouse and dependents,
                if any)
                had been eligible for such retiree medical coverage from the end
                of
                Executive’s COBRA continuation period until the third anniversary of
                Executive’s termination of employment, calculated on the assumption that
                the cost of such coverage would remain unchanged from that in effect
                for
                the year in which such lump sum is paid. Such lump sum amount shall
                be
                calculated by an actuary selected by the Bank and paid in cash as
                soon as
                administratively practicable following the expiration of Executive’s COBRA
                continuation period and shall not be subject to reduction or forfeiture
                by
                reason of any coverage for which Executive may thereafter become
                eligible
                by reason of subsequent employment or otherwise. In addition, as
                soon as
                administratively practicable following Executive’s termination of
                employment, provided that Executive shall have complied with the
                conditions set forth in Section 10, the Bank shall pay to Executive
                a lump
                sum amount equal on an after-tax basis to the present value of the
                sum of
                (1) the amount that Executive and the Bank would have paid, had he
                remained employed, for coverage under the Bank’s group long-term
                disability policy from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred; and (2) the amount that Executive and the Bank
                would
                have paid to continue Executive’s group life insurance coverage, had he
                remained employed, from the date of Executive’s termination of employment
                until the third anniversary of Executive’s termination of employment,
                calculated on the assumption that the cost of such coverage would
                remain
                unchanged from that in effect for the year in which Executive’s
                termination occurred. For purposes of this Section, present value
                shall be
                calculated on the basis of the discount rate set forth in the Bank’s
                qualified retirement plan for the determination of lump sum
                payments.

               

            

    

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

     

    (g) Other
      Terms Relating to Certain Terminations of Employment.
      Whether
      a termination is deemed to be at or within two years after a Change in Control
      for purposes of Sections 7(c), (d), (e), or (f) is determined at the date of
      termination, regardless of whether the Change in Control had occurred at the
      time a notice of termination was given. In the event Executive’s employment
      terminates for any reason set forth in Section 7(b) through (f), Executive
      will
      be entitled to the benefit of any terms of plans or agreements applicable to
      Executive which are more favorable than those specified in this Section 7
      (except in the case of annual incentives in lieu of which amounts are paid
      hereunder). Amounts payable under this Section 7 following Executive’s
      termination of employment, other than those expressly payable on a deferred
      basis, will be paid as promptly as practicable after such a termination of
      employment, and such amounts payable under Section 7(e) or 7(f) will be paid
      in
      no event later than 15 days after Executive’s termination of employment unless
      not determinable within such period. 

     

    8. Definitions
      Relating to Termination Events.

     

    
      	
              (a)

               

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

               

            
	
              (i)

               

            	
              Executive’s
                willful and continued failure to substantially perform his duties
                hereunder (other than any such failure resulting from incapacity
                due to
                physical or mental illness or Disability or any failure after the
                issuance
                of a notice of termination by Executive for Good Reason) which failure
                is
                demonstrably and materially damaging to the financial condition or
                reputation of the Company, the Bank and/or their affiliates, and
                which
                failure continues more than 48 hours after a written demand for
                substantial performance is delivered to Executive by the Board, which
                demand specifically identifies the manner in which the Board believes
                that
                Executive has not substantially performed his duties hereunder and
                the
                demonstrable and material damage caused thereby; or 

               

            

    

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
              (ii)

               

            	
              the
                willful engaging by Executive in conduct which is demonstrably and
                materially injurious to the Company, the Bank or their affiliates,
                monetarily or otherwise.

               

            

    

     

    No
      act,
      or failure to act, on the part of Executive shall be deemed “willful” unless
      done, or omitted to be done, by Executive not in good faith and without
      reasonable belief that his action or omission was in the best interest of the
      Bank and the Company. Notwithstanding the foregoing, Executive shall not be
      deemed to have been terminated for Cause unless and until there shall have
      been
      delivered to Executive a copy of the resolution duly adopted by the affirmative
      vote of not less than three-quarters (3/4) of the entire membership of the
      Board
      at a meeting of the Board (after reasonable notice to Executive and an
      opportunity for Executive, together with Executive’s counsel, to be heard before
      the Board) finding that, in the good faith opinion of the Board, Executive
      was
      guilty of conduct set forth above in this definition and specifying the
      particulars thereof in detail.

     

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

     

    
      	
              (i)

               

            	
              the
                Company, or the mutual holding company parent of the Company, whether
                it
                remains a mutual holding company or converts to the stock form of
                organization (the "Mutual Holding Company"), merges into or consolidates
                with another corporation, or merges another corporation into the
                Company
                or the Mutual Holding Company, and as a result, with respect to the
                Company, less than a majority of the combined voting power of the
                resulting corporation immediately after the merger or consolidation
                is
                held by "Persons" as such term is used for purposes of Section 13(d)
                or
                14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
                Act") who were stockholders of the Company immediately before the
                merger
                or consolidation or, with respect to the Mutual Holding Company,
                less than
                a majority of the directors of the resulting corporation immediately
                after
                the merger or consolidation were directors of the Mutual Holding
                Company
                immediately before the merger or consolidation;

               

            
	
              (ii)

               

            	
              following
                a conversion of the Mutual Holding Company to the stock form of
                organization, any Person (other than any trustee or other fiduciary
                holding securities under an employee benefit plan of the Bank or
                the
                Company), becomes the "Beneficial Owner" (as defined in Rule 13d-3
                under
                the Exchange Act), directly or indirectly, of securities of the resulting
                corporation representing 25% or more of the combined voting power
                of the
                resulting corporation's then-outstanding securities;

               

            
	
              (iii)

               

            	
              during
                any period of twenty-four months (not including any period prior
                to the
                Effective Date of this Agreement), individuals who at the beginning
                of
                such period constitute the board of directors of the Company, and
                any new
                director (other than (A) a director nominated by a Person who has
                entered
                into an agreement with the Company to effect a transaction described
                in
                Sections (8)(b)(i), (ii) or (iv) hereof, (B) a director nominated
                by any
                Person (including the Company) who publicly announces an intention
                to take
                or to consider taking actions (including, but not limited to, an
                actual or
                threatened proxy contest) which if consummated would constitute a
                Change
                in Control or (C) a director nominated by any Person who is the Beneficial
                Owner, directly or indirectly, of securities of the Company representing
                25% or more of the combined voting power of the Company's securities)
                whose election by the board of directors of the Company or nomination
                for
                election by the Company's stockholders was approved in advance by
                a vote
                of at least two-thirds (2/3) of the directors then still in office
                who
                either were directors at the beginning of the period or whose election
                or
                nomination for election was previously so approved, cease for any
                reason
                to constitute at least a majority thereof;

               

            
	
              (iv)

               

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

               

            

    

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              (v)

               

            	
              the
                board of directors of the Company adopts a resolution to the effect
                that,
                for purposes of this Agreement, a Change in Control has
                occurred.

               

            

    

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

     

    
      	
              (i)

               

            	
              The
                unpaid portion of annual base salary at the rate payable, in accordance
                with Section 4(a) hereof, at the date of Executive’s termination of
                employment, pro rated through such date of termination, payable in
                accordance with the Company’s regular pay schedule;

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    (d) “Disability.”
      For
      purposes of this Agreement, “Disability” shall have the meaning ascribed to it
      by Section 409A of the Code and the regulations thereunder.

     

    (e) “Good
      Reason.”
      For
      purposes of this Agreement, “Good Reason” shall mean, without Executive’s
      express written consent, the occurrence of any of the following circumstances
      unless, in the case of subsections (i), (iv), (vi) or (viii) hereof, such
      circumstances are fully corrected prior to the date of termination specified
      in
      the notice of termination given in respect thereof:

     

    
      	
              (i)

               

            	
              the
                assignment to Executive of duties inconsistent with Executive’s position
                and status as Senior Vice President, or an alteration, adverse to
                Executive, in Executive’s position and status as Senior Vice President or
                in the nature of Executive’s duties, responsibilities, and authorities or
                conditions of Executive’s employment from those relating to Executive
                position and status as Senior Vice President (excluding changes in
                assignments permitted under Section 3 and excluding inadvertent actions
                which are promptly remedied); except the foregoing shall not constitute
                Good Reason if occurring in connection with the termination of Executive’s
                employment for Cause, Disability, Retirement, as a result of Executive’s
                death, or as a result of action by or with the consent of Executive;
                for
                purposes of this Section 8(e), references to the Bank or the Company
                (and
                to the Board of the Bank or the Company and to the stockholders of
                the
                Company) refer to the ultimate parent company (and its board and
                stockholders) succeeding the Company (or the Mutual Holding Company)
                following an acquisition in which the corporate existence of the
                Company
                (or the Mutual Holding Company) continues, in accordance with Section
                12(b); 

               

            
	
              (ii)

               

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

               

            

    

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

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

               

            
	
              (iv)

               

            	
              the
                failure by the Bank to pay to Executive any portion of Executive’s
                compensation or to pay to Executive any portion of an installment
                of
                deferred compensation under any deferred compensation program of
                the Bank
                within seven days of the date such compensation is due;

               

            
	
              (v)

               

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

               

            
	
              (vi)

               

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

               

            
	
              (vii)

               

            	
              any
                election by the Bank not to extend the Term of this Agreement at
                the next
                possible extension date under Section 2 hereof, unless Executive
                will have
                attained Social Security retirement age at or before such extension
                date;
                or

               

            
	
              (viii)

               

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

               

            

    

    provided,
      however, that a forfeiture under Section 10(f), (g), or (h) shall not constitute
      “Good Reason.” 

     

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

     

    
      	
              (i)

               

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

               

            
	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    9. Rabbi
      Trust Obligation Upon Potential Change in Control; Excise Tax-Related
      Provisions.

     

    (a) Rabbi
      Trust Funded Upon Potential Change in Control.
      In the
      event of a Potential Change in Control or Change in Control, the Bank or the
      Company shall, not later than 15 days thereafter, have established one or more
      rabbi trusts and shall deposit therein cash in an amount determined by the
      actuary for the Bank’s qualified Retirement Plan on the basis of the interest
      rate and mortality assumptions set forth in said qualified Retirement Plan,
      which is sufficient to provide for full payment of all potential obligations
      of
      the Bank and the Company that would arise assuming consummation of a Change
      in
      Control, or has arisen in the case of an actual Change in Control, and a
      subsequent termination of Executive's employment under Section 7(e) or (f).
      Such
      rabbi trust(s) shall be irrevocable and shall provide that neither the Bank
      nor
      the Company may, directly or indirectly, use or recover any assets of the
      trust(s) until such time as all obligations which potentially could arise
      hereunder have been settled and paid in full, subject only to the claims of
      creditors of the Bank and the Company in the event of insolvency or bankruptcy
      of the Bank or the Company; provided, however, that if no Change in Control
      has
      occurred within two years after such Potential Change in Control, such rabbi
      trust(s) shall at the end of such two-year period become revocable and may
      thereafter be revoked by the Bank.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    (b) Gross-up
      If Excise Tax Would Apply.
      In the
      event Executive becomes entitled to any amounts or benefits payable in
      connection with a Change in Control or other change in control (whether or
      not
      such amounts are payable pursuant to this Agreement) (the “Severance Payments”),
      if any of such Severance Payments are subject to the tax (the “Excise Tax”)
      imposed by Section 4999 of the Internal Revenue Code (or any similar federal,
      state or local tax that may hereafter be imposed) (the “Code”), the Bank shall
      pay to Executive at the time specified in Section 9(b)(iii) hereof an additional
      amount (the “Gross-Up Payment”) such that the net amount retained by Executive,
      after deduction of any Excise Tax on the Total Payments (as hereinafter defined)
      and any federal, state and local income tax and Excise Tax upon the payment
      provided for by Section 9(b)(i), shall be equal to the Total Payments.

     

    
      	
              (i)

               

            	
              For
                purposes of determining whether any of the Severance Payments will
                be
                subject to the Excise Tax and the amount of such Excise Tax: 

               

            
	 	
              (A) any
                other payments or benefits received or to be received by Executive
                in
                connection with a Change in Control or Executive’s termination of
                employment (whether pursuant to the terms of this Agreement or any
                other
                plan, arrangement or agreement with the Bank, any Person whose actions
                result in a Change in Control or any Person affiliated with the Bank
                or
                such Person) (which, together with the Severance Payments, constitute
                the
                “Total Payments”) shall be treated as “parachute payments” within the
                meaning of Section 280G(b)(2) of the Code, and all “excess parachute
                payments” within the meaning of Section 280G(b)(1) of the Code shall be
                treated as subject to the Excise Tax, unless in the opinion of
                nationally-recognized tax counsel selected by Executive such other
                payments or benefits (in whole or in part) do not constitute parachute
                payments, or such excess parachute payments (in whole or in part)
                represent reasonable compensation for services actually rendered
                within
                the meaning of Section 280G(b)(4) of the Code in excess of the base
                amount
                within the meaning of Section 280G(b)(3) of the Code, or are otherwise
                not
                subject to the Excise Tax; 

               

            
	 	
              (B) the
                amount of the Total Payments which shall be treated as subject to
                the
                Excise Tax shall be equal to the lesser of (x) the total amount of
                the
                Total Payments and (y) the amount of excess parachute payments within
                the
                meaning of Section 280G(b)(1) of the Code (after applying Section
                9(b)(i)(A) hereof); and 

               

            
	 	
              (C) the
                value of any non-cash benefits or any deferred payments or benefit
                shall
                be determined by a nationally-recognized accounting firm selected
                by
                Executive in accordance with the principles of Sections 280G(d)(3)
                and (4)
                of the Code. 

               

            
	
              (ii)

               

            	
              For
                purposes of determining the amount of the Gross-Up Payment, Executive
                shall be deemed to pay federal income taxes at the highest marginal
                rate
                of federal income taxation in the calendar year in which the Gross-Up
                Payment is to be made and state and local income taxes at the highest
                marginal rate of taxation in the state and locality of Executive’s
                residence on the Date of Termination, net of the maximum reduction
                in
                federal income taxes which could be obtained from deduction of such
                state
                and local taxes. In the event that the Excise Tax is subsequently
                determined to be less than the amount taken into account hereunder
                at the
                time of termination of Executive’s employment, Executive shall repay to
                the Bank within ten days after the time that the amount of such reduction
                in Excise Tax is finally determined the portion of the Gross-Up Payment
                attributable to such reduction (plus the portion of the Gross-Up
                Payment
                attributable to the Excise Tax and federal and state and local income
                tax
                imposed on the Gross-Up Payment being repaid by Executive if such
                repayment results in a reduction in Excise Tax and/or federal and
                state
                and local income tax deduction) plus interest on the amount of such
                repayment at the rate provided in Section 1274(b)(2)(B) of the Code.
                In
                the event that the Excise Tax is determined to exceed the amount
                taken
                into account hereunder at the time of the termination of Executive’s
                employment (including by reason of any payment the existence or amount
                of
                which cannot be determined at the time of the Gross-Up Payment),
                the Bank
                shall make an additional gross-up payment in respect of such excess
                within
                ten days after the time that the amount of such excess is finally
                determined.

               

            

    

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

               

            	
              The
                payments provided for in this Section 9(b) shall be made not later
                than
                the fifteenth day following the date of Executive’s termination of
                employment; provided, however, that if the amount of such payments
                cannot
                be finally determined on or before such day, the Bank shall pay to
                Executive on such day an estimate, as determined in good faith by
                the
                Bank, of the minimum amount of such payments and shall pay the remainder
                of such payments (together with interest at the rate provided in
                Section
                1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined
                but in no event later than the thirtieth day after the date of Executive’s
                termination of employment. In the event that the amount of the estimated
                payments exceeds the amount subsequently determined to have been
                due, such
                excess shall be payable by Executive on the fifteenth day after the
                demand
                by the Bank.

               

            
	
              (iv)

               

            	
              All
                determinations under this Section 9(b) shall be made at the expense
                of the
                Bank by a nationally recognized public accounting firm selected by
                Executive, and such determination shall be binding upon Executive
                and the
                Bank.

               

            
	
              (v)

               

            	
              Executive
                hereby agrees with the Bank and the Company and any successor thereto
                to
                in good faith consider and take steps commonly used to minimize or
                eliminate any tax liability or costs that would otherwise be created
                by
                the tax indemnification provisions set forth in this Section 9(b)
                if
                requested to do so by the Company or the Bank or any successor thereto;
                provided, however, that the foregoing language shall neither require
                Executive to take or not take any specific action in furtherance
                thereof
                nor contravene, limit or remove any right or privilege provided thereto
                under this Agreement.

               

            

    

    

     

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

     

    (a) Non-Competition.
      In
      consideration for the compensation and benefits provided under this Agreement,
      including without limitation, the compensation and benefits provided under
      Sections 7(e) and (f), without the consent in writing of the Board, Executive
      will not, at any time during the Term and for a period of two years following
      termination of Executive’s employment for any reason, acting alone or in
      conjunction with others, directly or indirectly (i) engage (either as owner,
      investor, partner, stockholder, employer, employee, consultant, advisor, or
      director) in any business of any savings bank, savings and loan association,
      savings and loan holding company, bank, bank holding company, or other
      institution engaged in the business of accepting deposits or making loans,
      or
      any direct or indirect subsidiary or affiliate of any such entity, that conducts
      business in any county in which the Company or the Bank maintains an office
      as
      of Executive’s date of termination or had plans to open an office within six
      months after Executive’s date of termination ; (ii) induce any customers of the
      Bank or any of its affiliates with whom Executive has had contacts or
      relationships, directly or indirectly, during and within the scope of his
      employment with the Bank, to curtail or cancel their business with the Bank
      or
      any such affiliate; (iii) induce, or attempt to influence, any employee of
      the
      Bank or any of its affiliates to terminate employment; or (iv) solicit, hire
      or
      retain as an employee or independent contractor, or assist any third party
      in
      the solicitation, hire, or retention as an employee or independent contractor,
      any person who during the previous twelve months was an employee of the Bank
      or
      any affiliate; provided, however, that the limitation contained in clause (i)
      above shall not apply if Executive’s employment is terminated as a result of a
      termination by the Company without Cause within two years following a Change
      in
      Control or is terminated by Executive for Good Reason within two years following
      a Change in Control or is terminated by Executive other than for Good Reason
      as
      provided in Section 7(b) and, provided further, that activities engaged in
      by or
      on behalf of the Bank are not restricted by this covenant. The provisions of
      subparagraphs (i), (ii), (iii), and (iv) above are separate and distinct
      commitments independent of each of the other subparagraphs. It is agreed that
      the ownership of not more than one percent of the equity securities of any
      company having securities listed on an exchange or regularly traded in the
      over-the-counter market shall not, of itself, be deemed inconsistent with clause
      (i) of this Section 10(a).

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (b) Non-Disclosure;
      Ownership of Work.
      Executive shall not, at any time during the Term and thereafter (including
      following Executive’s termination of employment for any reason), disclose, use,
      transfer, or sell, except in the course of employment with or other service
      to
      the Bank or the Company, any proprietary information, secrets, organizational
      or
      employee information, or other confidential information belonging or relating
      to
      the Bank or the Company and its affiliates and customers so long as such
      information has not otherwise been disclosed or is not otherwise in the public
      domain, except as required by law or pursuant to legal process. In addition,
      upon termination of employment for any reason, Executive will return to the
      Company or its affiliates all documents and other media containing information
      belonging or relating to the Bank and the Company or its affiliates.

     

    (c) Cooperation
      With Regard to Litigation.
      Executive agrees to cooperate with the Bank and the Company, during the Term
      and
      thereafter (including following Executive’s termination of employment for any
      reason), by making himself available to testify on behalf of the Bank or the
      Company or any subsidiary or affiliate of the Bank or the Company, in any
      action, suit, or proceeding, whether civil, criminal, administrative, or
      investigative, and to assist the Bank and the Company, or any subsidiary or
      affiliate of the Company, in any such action, suit, or proceeding, by providing
      information and meeting and consulting with the Board or its representatives
      or
      counsel, or representatives or counsel to the Bank or the Company, or any
      subsidiary or affiliate of the Company, as requested. The Bank agrees to
      reimburse the Executive, on an after tax basis, for all expenses actually
      incurred in connection with his provision of testimony or
      assistance.

     

    (d) Non-Disparagement.
      Executive shall not, at any time during the Term and thereafter, make statements
      or representations, or otherwise communicate, directly or indirectly, in
      writing, orally, or otherwise, or take any action which may, directly or
      indirectly, disparage the Bank or the Company or any of its subsidiaries or
      affiliates or their respective officers, directors, employees, advisors,
      businesses or reputations. Notwithstanding the foregoing, nothing in this
      Agreement shall preclude Executive from making truthful statements that are
      required by applicable law, regulation or legal process.

     

    (e) Release
      of Employment Claims.
      Executive agrees, as a condition to receipt of any termination payments and
      benefits provided for in Sections 6 and 7 herein (other than Compensation
      Accrued at Termination), that he will execute a general release agreement,
      in
      substantially the form set forth in Attachment A to this Agreement, releasing
      any and all claims arising out of Executive’s employment other than enforcement
      of this Agreement and rights to indemnification under any agreement, law, Bank
      or Company organizational document or policy, or otherwise.

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (g) Forfeiture
      of Certain Bonuses and Profits.
      If the
      Company is required to prepare an accounting restatement due to the material
      noncompliance of the Company, as a result of misconduct, with any financial
      reporting requirement under the securities laws, and if Executive, knowingly
      or
      through gross negligence, caused or failed to prevent such misconduct, Executive
      shall reimburse the Bank for (i) any bonus or other incentive based or
      equity-based compensation received by Executive during the 12-month period
      following the first public issuance or filing with the Securities and Exchange
      Commission (whichever first occurs) of the financial document embodying such
      financial reporting requirement; and (ii) any profits realized from the sale
      of
      securities of the Company during that 12-month period.

     

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

     

    (i) Survival.
      The
      provisions of this Section 10 shall survive the termination of the Term and
      any
      termination or expiration of this Agreement.

     

    11. Governing
      Law; Disputes.

     

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

     

    (b) Reimbursement
      of Expenses in Enforcing Rights.
      Upon
      submission of invoices, the Bank shall promptly pay or reimburse all reasonable
      costs and expenses (including fees and disbursements of counsel and pension
      experts) incurred by Executive or Executive’s surviving spouse in seeking to
      interpret this Agreement or enforce rights pursuant to this Agreement or in
      any
      proceeding in connection therewith brought by Executive or Executive’s surviving
      spouse, whether or not Executive or Executive’s surviving spouse is ultimately
      successful in enforcing such rights or in such proceeding; provided, however,
      that no reimbursement shall be owed with respect to expenses relating to any
      unsuccessful assertion of rights or proceeding if and to the extent that such
      assertion or proceeding was initiated or maintained in bad faith or was
      frivolous, as determined in accordance with Section 11(c) or a court having
      jurisdiction over the matter, in which case any amounts previously paid by
      the
      Bank shall be promptly repaid. 

     

    (c) Dispute
      Resolution.
      

     

    
      	
              (i)

               

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

               

            

    

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	
              (ii)

               

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

               

            
	
              (iii)

               

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

               

            

    

    (d) Interest
      on Unpaid Amounts.
      Any
      amount which has become payable pursuant to the terms of this Agreement or
      any
      decision by arbitrators or judgment by a court of law pursuant to this Section
      11 but which has not been timely paid shall bear interest at the prime rate
      in
      effect at the time such amount first becomes payable, as quoted by the
      Bank.

     

    12. Miscellaneous.

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (b) Successors;
      Transferability.
      The
      Bank and the Company shall require any successor (whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise) to all or substantially all of
      the
      business and/or assets of the Bank or the Company to expressly assume and agree
      to perform this Agreement in the same manner and to the same extent that the
      Bank and the Company would be required to perform it if no such succession
      had
      taken place. 

     

    As
      used
      in this Agreement, “Bank “and “Company” shall mean the Bank and the Company
      respectively as hereinbefore defined and any successor to its or their business
      and/or assets as aforesaid which assumes and agrees to perform this Agreement
      by
      operation of law, or otherwise and, in the case of an acquisition of the Bank
      or
      the Company in which the corporate existence of the Bank or the Company, as
      the
      case may be, continues, the ultimate parent company following such acquisition.
      Subject to the foregoing, the Bank and the Company may transfer and assign
      this
      Agreement and the Bank’s and the Company’s rights and obligations hereunder.
      Neither this Agreement nor the rights or obligations hereunder of the parties
      hereto shall be transferable or assignable by Executive, except in accordance
      with the laws of descent and distribution or as specified in Section
      12(c).

     

    (c) Beneficiaries.
      Executive shall be entitled to designate (and change, to the extent permitted
      under applicable law) a beneficiary or beneficiaries to receive any compensation
      or benefits provided hereunder following Executive’s death.

     

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

     

    
      	
              If
                to the Bank or the Company:

               

            
	
              ROCKVILLE
                BANK

               

              1645
                Ellington Road

              South
                Windsor, CT 06074

              Att:
                Chief Executive Officer

               

               

            
	
              If
                to Executive:

               

            
	
              Mr.
                Christopher Buchholz

              49
                Coach Road

              Glastonbury,
                CT 06033

            

    

    

    If
      the
      parties by mutual agreement supply each other with telecopier numbers for the
      purposes of providing notice by facsimile, such notice shall also be proper
      notice under this Agreement. In the case of Federal Express or other similar
      overnight service, such notice or advice shall be effective when sent, and,
      in
      the cases of certified or registered mail, shall be effective two days after
      deposit into the mails by delivery to the U.S. Post Office.

     

    (e) Reformation.
      The
      invalidity of any portion of this Agreement shall not be deemed to render the
      remainder of this Agreement invalid.

     

    (f) Headings.
      The
      headings of this Agreement are for convenience of reference only and do not
      constitute a part hereof.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (g) No
      General Waivers.
      The
      failure of any party at any time to require performance by any other party
      of
      any provision hereof or to resort to any remedy provided herein or at law or
      in
      equity shall in no way affect the right of such party to require such
      performance or to resort to such remedy at any time thereafter, nor shall the
      waiver by any party of a breach of any of the provisions hereof be deemed to
      be
      a waiver of any subsequent breach of such provisions. No such waiver shall
      be
      effective unless in writing and signed by the party against whom such waiver
      is
      sought to be enforced. 

     

    (h) No
      Obligation To Mitigate.
      Executive shall not be required to seek other employment or otherwise to
      mitigate Executive’s damages upon any termination of employment, and any
      compensation or benefits received from any other employment of Executive shall
      not mitigate or reduce the obligations of the Bank and the Company or the rights
      of Executive hereunder, except that, to the extent Executive receives from
      a
      subsequent employer health or other insurance benefits that are similar to
      the
      benefits referred to in Section 5(b) hereof, any such benefits to be provided
      by
      the Bank to Executive following the Term shall be correspondingly
      reduced.

     

    (i) Offsets;
      Withholding.
      The
      amounts required to be paid by the Bank to Executive pursuant to this Agreement
      shall not be subject to offset other than with respect to any amounts that
      are
      owed to the Bank by Executive due to his receipt of funds as a result of his
      fraudulent activity. The foregoing and other provisions of this Agreement
      notwithstanding, all payments to be made to Executive under this Agreement,
      including under Sections 6 and 7, or otherwise by the Bank, will be subject
      to
      withholding to satisfy required withholding taxes and other required
      deductions.

     

    (j) Successors
      and Assigns.
      This
      Agreement shall be binding upon and shall inure to the benefit of Executive,
      his
      heirs, executors, administrators and beneficiaries, and shall be binding upon
      and inure to the benefit of the Bank and the Company and their successors and
      assigns.

     

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

     

    13. Indemnification.

     

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

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Executive has hereunto set his hand and the Bank and the
      Company have each caused this instrument to be duly executed as of the Effective
      Date.

     

    

     

    ROCKVILLE
      BANK 

    

    

    

    By:
      _/
      s / William J. McGurk__________________________

    

    Name: 
      William J. McGurk

    Title:    
      CEO and President

    

    

    

    ROCKVILLE
      FINANCIAL, INC. 

    

    

    

    
      By:
        _/
        s / William J. McGurk__________________________

      

      Name: 
        William J. McGurk

      Title:    
        CEO and President

       

       

    _/
      s /
      Christopher Buchholz__________________________ 

    Christopher
      Buchholz

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    

    ATTACHMENT
      A

     

    RELEASE

     

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

     

    In
      consideration for the benefits provided under your Employment Agreement with
      Rockville Bank (the “Employment Agreement”), and more specifically enumerated in
      Exhibit 1 hereto, by your signature below, you, for yourself and on behalf
      of
      your heirs, executors, agents, representatives, successors and assigns, hereby
      release and forever discharge the Rockville Financial, Inc., its past and
      present parent corporations, subsidiaries, divisions, subdivisions, affiliates
      and related companies (collectively, the “Company”) and the Company’s past,
      present and future agents, directors, officers, employees, representatives,
      successors and assigns (hereinafter “those associated with the Company”) with
      respect to any and all claims, demands, actions and liabilities, whether in
      law
      or equity, which you may have against the Company or those associated with
      the
      Company of whatever kind, including but not limited to those arising out of
      your
      employment with the Company or the termination of that employment. You agree
      that this release covers, but is not limited to, claims arising under the Age
      Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et
      seq.,
      Title
      VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et
      seq.,
      the
      Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et
      seq.,
      the
      Fair Labor Standards Act, 29 U.S.C. § 201 et
      seq.,
      the
      Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et
      seq.,
      the
      Connecticut Fair Employment Practices Act, C.G.S. § 46a-51 et
      seq.,
      and any
      other local, state or federal law, regulation or order dealing with
      discrimination in employment on the basis of sex, race, color, national origin,
      veteran status, marital status, religion, disability, handicap, or age. You
      also
      agree that this release includes claims based on wrongful termination of
      employment, breach of contract (express or implied), tort, or claims otherwise
      related to your employment or termination of employment with the Company and
      any
      claim for attorneys’ fees, expenses or costs of litigation. 

     

    This
      Release covers all claims based on any facts or events, whether known or unknown
      by you, that occurred on or before the date of this Release. Except to enforce
      this Release, you agree that you will never commence, prosecute, or cause to
      be
      commenced or prosecuted any lawsuit or proceeding of any kind against the
      Company or those associated with the Company in any forum and agree to withdraw
      with prejudice all complaints or charges, if any, that you have filed against
      the Company or those associated with the Company.

     

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

     

    By
      signing this Release, you further agree as follows:

     

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

     

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

     

    iii. You
      have
      seven (7) days from the date you sign this Release to revoke it by written
      notification to the Company. After this seven (7) day period, this Release
      is
      final and binding and may not be revoked;

     

    iv. You
      have
      been advised to seek legal counsel and have had an opportunity to do
      so;

     

    v. You
      would
      not otherwise be entitled to the benefits provided under your Employment
      Agreement had you not agreed to execute this Release; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    vi. Your
      agreement to the terms set forth above is voluntary.

     

    

     

    
      	
              Name:

            	 
	
              Signature:

            	
              Date:

               

            
	
              Received
                By:

            	
              Date:

               

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        2

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