Document:

Supplemental Executive Retirement Plan with Donat A. Fournier

 Exhibit 10.17 
 THE BEVERLY NATIONAL BANK 
 SALARY CONTINUATION AGREEMENT 
 THIS AGREEMENT is adopted this 11th day of August, 2003, by and between THE BEVERLY NATIONAL BANK, a national bank located in Beverly, Massachusetts (the
“Bank”), and DONAT A. FOURNIER (the “Executive”). 
 INTRODUCTION 
 To encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. The Bank will
pay the benefits from its general assets. 
 AGREEMENT 
 The Bank and the Executive agree as follows: 
 Article 1 
 Definitions 
 Whenever used in this
Agreement, the following words and phrases shall have the meanings specified: 
 1.1 “Change of Control” means the transfer
of shares of the Bank’s voting common stock such that one entity or one person acquires (or is deemed to acquire when applying Section 318 of the Code) more than 50 percent of the Bank’s outstanding voting common stock followed within
twelve (12) months by the Executive’s Termination of Employment for reasons other than death, Disability or retirement. 
 1.2
“Code” means the Internal Revenue Code of 1986, as amended. 
 1.3 “Disability” means the Executive’s
suffering a sickness, accident or injury which has been determined by the carrier of any individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive
totally and permanently disabled. The Executive must submit proof to the Bank of the carrier’s or Social Security Administration’s determination upon the request of the Bank. 
 1.4 “Early Termination” means the Termination of Employment before Normal Retirement Age for reasons other than Death, Disability,
Termination for Cause or following a Change of Control. 
 1.5 “Early Termination Date” means the month, day and year in
which Early Termination occurs. 
 1.6 “Effective Date” means July 1, 2003. 
 1.7 “Normal Retirement Age” means the Executive attaining age 65. 
 1.8 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Employment. 
 1.9 “Plan Year” means a twelve-month period commencing on July 1 and ending on June 30. The initial Plan Year shall commence
on the effective date of this Agreement. 
 1.10 “Termination for Cause” shall be defined as set forth in Article 5.

 1.11 “Termination of Employment” means that the Executive ceases to be employed by the Bank for any reason, voluntary or
involuntary, other than by reason of a leave of absence approved by the Bank. 

 Article 2 
 Lifetime Benefits 
 2.1 Normal Retirement Benefit. Upon Termination of Employment on or after
the Normal Retirement Age for reasons other than death, the Bank shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 
 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is $100,000 (One Hundred Thousand Dollars). The Bank’s Board of
Directors, in its sole discretion, may increase the annual benefit under this Section 2.1.1; however, any increase shall require the recalculation of Schedule A. 
 2.1.2 Payment of Benefit. The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the
annual benefit to the Executive for a period of 20 years. 
 2.2 Early Termination Benefit. Upon Early Termination, the Bank shall pay
to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Agreement. 
 2.2.1 Amount of
Benefit. The benefit under this Section 2.2 is the Early Termination annual Installment set forth on Schedule A for the Plan Year ending immediately prior to the Early Termination Date, determined by vesting the Executive in 100 percent of
the Accrual Balance as set forth on Schedule A. Any increase in the annual benefit under Section 2.1.1 shall require the recalculation of this benefit on Schedule A. This benefit is determined by calculating a 20-year fixed annuity from said
Accrual Balance, crediting interest on the unpaid balance at an annual rate of 7 percent, compounded monthly. 
 2.2.2 Payment of
Benefit. The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment, paying the annual benefit to the Executive for a period of 20 years. However, in lieu
of any other benefit under this Agreement the Executive may petition the Bank in writing to request a lump sum payable within 60 days from Termination of Employment. The Bank in its sole and absolute discretion may accept or reject such written
request. 
 2.3 Disability Benefit. If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Bank
shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement. 
 2.3.1
Amount of Benefit. The benefit under this Section 2.3 is the Disability annual Installment set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment (except during the first Plan Year, the benefit is
the amount set forth for Plan Year 1), determined by vesting the Executive in the Normal Retirement Benefit described in Section 2.1.1. 
 2.3.2 Payment of Benefit. The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Age, paying the annual benefit to the
Executive for a period of 20 years. However, in lieu of any other benefit under this Agreement the Executive may petition the Bank in writing to request a lump sum payable within 60 days from Termination of Employment. The Bank in its sole and
absolute discretion may accept or reject such written request. 
 2.4 Change of Control Benefit. Upon a Change of Control, the Bank
shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement. 
 2.4.1
Amount of Benefit. The benefit under this Section 2.4 is the Change of Control annual Installment set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment occurs (except during the first Plan Year,
the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in the Normal Retirement Benefit described in Section 2.1.1. 
  

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 2.4.2 Payment of Benefit. The Bank shall pay the annual benefit to the Executive in
12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Age, paying the annual benefit to the Executive for a period of 20 years. However, in lieu of any other benefit under this Agreement the
Executive may petition the Bank in writing to request a lump sum payable within 60 days from the Executive’s Normal Retirement Date. The Bank in its sole and absolute discretion may accept or reject such written request. 
 2.4.3 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Bank will reduce any benefit under this
Agreement by an amount necessary to avoid an excise tax under the excess parachute rules of Section 280G of the Code. 
 Article 3

 Death Benefits 
 3.1
Death During Active Service. If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive’s beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the
benefits under Article 2. 
 3.1.1 Amount of Benefit. The annual benefit under this Section 3.1 is the Normal Retirement Benefit
amount described in Section 2.1.1. 
 3.1.2 Payment of Benefit. The Bank shall pay the annual benefit to the Executive’s
beneficiary in 12 equal monthly installments commencing with the month following the Executive’s death, paying the annual benefit to the Executive’s beneficiary for a period of 20 years. However, the Executive’s beneficiary may
petition the Bank in writing to request a lump sum payable within 60 days from Termination of Employment. The Bank in its sole and absolute discretion may accept or reject such written request. 
 3.2 Death During Payment of a Benefit. If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but
before receiving all such payments, the Bank shall pay the remaining benefits to the Executive’s beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 
 3.3 Death After Termination of Employment But Before Payment of a Benefit Commences. If the Executive is entitled to a benefit under
Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Bank shall pay the same benefit payments to the Executive’s beneficiary that the Executive was entitled to prior to death except that the benefit
payments shall commence on the first day of the month following the date of the Executive’s death. 
 Article 4 
 Beneficiaries 
 4.1 Beneficiary
Designations. The Executive shall designate a beneficiary by filing a written designation with the Bank. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if
signed by the Executive and received by the Bank during the Executive’s lifetime. The Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a
spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s estate. 
 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the
disposition of his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority
or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 
  

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 Article 5 
 General Limitations 
 5.1 Termination for Cause. Notwithstanding any provision of this
Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the Bank terminates the Executive’s employment for: 
 (a) Gross negligence or gross neglect of duties; 
 (b) Commission of a felony or of a gross
misdemeanor involving moral turpitude; or 
 (c) Fraud, dishonesty or willful violation of any law or significant Bank policy
committed in connection with the Executive’s employment and resulting in an adverse effect on the Bank. 
 5.2 Suicide or
Misstatement. The Bank shall not pay any benefit under this Agreement if the Executive commits suicide within three years after the date of this Agreement. In addition, the Bank shall not pay any benefit under this Agreement if the Executive has
made any material misstatement of fact on an employment application or resume provided to the Bank, or on any application for any benefits provided by the Bank to the Executive. 
 Article 6 
 Claims and Review Procedure 
 6.1 Claims Procedure. Any individual (“claimant”) who has not received benefits under the Agreement that he or she believes should be
paid shall make a claim for such benefits as follows: 
 6.1.1 Initiation – Written Claim. The claimant initiates a claim by
submitting to the Bank a written claim for the benefits. 
 6.1.2 Timing of Bank Response. The Bank shall respond to such claimant
within 90 days after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 90 days by notifying the claimant in writing,
prior to the end of the initial 90-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision. 
 6.1.3 Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of such denial. The Bank
shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a)
The specific reasons for the denial; 
 (b) A reference to the specific provisions of this Agreement on which the denial is
based; 
 (c) A description of any additional information or material necessary for the claimant to perfect the claim and an
explanation of why it is needed; 
 (d) An explanation of this Agreement’s review procedures and the time limits
applicable to such procedures; and 
 (e) A statement of the claimant’s right to bring a civil action under ERISA
Section 502(a) following an adverse benefit determination on review. 
 6.2 Review Procedure. If the Bank denies part or all of
the claim, the claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows: 
 6.2.1 Initiation
– Written Request. To initiate the review, the claimant, within 60 days after receiving the Bank’s notice of denial, must file with the Bank a written request for review. 
 6.2.2 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents,
records and other information relating to the claim. The Bank shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable
ERISA regulations) to the claimant’s claim for benefits. 
  

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 6.2.3 Considerations on Review. In considering the review, the Bank shall take into account all
materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 6.2.4 Timing of Bank Response. The Bank shall respond in writing to such claimant within 60 days after receiving the request for review. If the
Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period that an
additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision. 
 6.2.5 Notice of Decision. The Bank shall notify the claimant in writing of its decision on review. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth: 
 (a) The specific reasons for the denial; 
 (b) A reference to the specific provisions of this Agreement on which the denial is based; 
 (c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 
 (d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 7 
 Amendments and Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Bank and the Executive. 
 Article 8 
 Miscellaneous 
 8.1 Binding Effect. This Agreement shall bind the Executive and the Bank, and their beneficiaries, survivors, executors, successors, administrators and transferees. 
 8.2 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an
employee of the Bank, nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time.

 8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in
any manner. 
 8.4 Reorganization. The Bank shall not merge or consolidate into or with another company, or reorganize, or sell
substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event, the
term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 8.5 Tax Withholding.
The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 8.6 Applicable
Law. The Agreement and all rights hereunder shall be governed by the laws of the Commonwealth of Massachusetts, except to the extent preempted by the laws of the United States of America. 
 8.7 Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Bank for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, 

  

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pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Bank to which the
Executive and beneficiary have no preferred or secured claim. 
 8.8 Entire Agreement. This Agreement constitutes the entire agreement
between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 
 8.9 Administration. The Bank shall have powers which are necessary to administer this Agreement, including but not limited to: 
 (a) Establishing and revising the method of accounting for the Agreement; 
 (b) Maintaining a record of benefit payments; 
 (c) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement; and 
 (d) Interpreting the provisions of the Agreement. 
 8.10 Named Fiduciary. The Bank shall be the named fiduciary and plan administrator under this Agreement. It may delegate to others certain aspects of the management and operational responsibilities including
the employment of advisors and the delegation of ministerial duties to qualified individuals. 
 IN WITNESS WHEREOF, the Executive and the
Bank have signed this Agreement. 
  

							
	EXECUTIVE:	 		 	BANK:
		 		 	The Beverly National Bank
				
	/s/ Donat A. Fournier	 		 	By:	 	/s/ Alice B. Griffin
	Donat A. Fournier	 		 	Title:	 	Director & Chair of Compensation Committee

  

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 BENEFICIARY DESIGNATION 
 THE BEVERLY NATIONAL BANK 
 SALARY CONTINUATION AGREEMENT 
 Donat A. Fournier 
 I designate the following as
beneficiary of any death benefits under this Agreement: 
 Primary: Rosemary Fournier 
 Relationship and Social Security Number: Wife; ###-##-#### 
 Contingent (if the Primary is
deceased):                                      
   
 Relationship and Social Security
Number:                                       
  
 Note: 
  

	•	 	 Include instructions regarding how you want benefits divided if you are naming more than one Primary or Contingent beneficiary and their share is not equal.

  

	•	 	 To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement and the tax identification
number. 

 I understand that I may change these beneficiary designations by filing a new written designation with the Bank. I further
understand that the designations will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

			
		
	Signature	 	/s/ Donat A. Fournier
		 	Donat A. Fournier
	
	Date August 11, 2003

  

			
	Received by the Bank this 11th day of August,
2003.
		
	By	 	/s/ Alice B. Griffin
	Title	 	Director & Chair of Compensation Committee

  

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 FIRST AMENDMENT 
 TO 
 SALARY CONTINUATION AGREEMENT 
 Reference is made to the Salary Continuation Agreement (the “Agreement”) dated as of August 11, 2003 by and between The Beverly National
Bank, a national bank located in Beverly, Massachusetts (therein and hereinafter referred to as the “Bank”) and Donat A. Fournier (therein and hereinafter referred to as the “Executive”). 
 WHEREAS, pursuant to Article 7 of the Agreement, the Agreement may be amended or terminated only by a written agreement signed by the Bank and the
Executive; and 
 WHEREAS, the Bank and the Executive now desire to amend the Agreement, effective January 1, 2005, with respect to any
provisions, features or arrangements of the Agreement that provide for the deferral of compensation that would otherwise be subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to conform each such
provision, feature and arrangement to the requirements of paragraphs (2), (3), and (4) of Code Section 409A(a); 
 NOW, THEREFORE,
for valuable consideration paid, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Executive hereby amend the Agreement, effective January 1, 2005, as follows: 
  

	 	1.	Section 2.1.2 of Article 2 is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s
Normal Retirement Date, paying the annual benefit to the Executive for a period of 20 years; provided that if the Executive is then a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the payment is
treated as being made on account of separation from service pursuant to Section 409(a)(2)(A)(i) of the Code rather than due to attainment of Normal Retirement Age pursuant to Section 409(a)(2)(A)(iv) of the Code, the aggregate amount of
the first seven months of the Normal Retirement Benefit shall be paid to the Executive pursuant to this Section 2.1.2 commencing on the first day of the seventh month following his Termination of Employment.” 
  

	 	2.	Section 2.2.2 of Article 2 is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following Termination of
Employment, paying the annual benefit to the Executive for a period of 20 years; provided that if the Executive is then a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, the aggregate amount of the
first seven months of the Early Termination Benefit shall be paid to the Executive pursuant to this Section 2.2.2 commencing on the first day of the seventh month following his Termination of Employment. Notwithstanding the foregoing, to the
extent that the entitlement to an installment form of distribution provided under this Section 2.2.2 is treated as an entitlement to a single payment for purposes of Section 409A of the Code, then in lieu of the installment form of
distribution provided under the preceding sentence, the Executive may elect, subject to the Bank’s consent, to receive the benefit provided under this Section 2.2.2 in the form of a lump sum payment provided such election satisfies the
requirements of Section 409A(a)(4)(C) of the Code including, without limitation, that such election may not take effect until at least 12 months after the date on which the election is made, and the lump sum may not be paid earlier than 5 years
from the date the installment form of distribution would have commenced in the absence of the lump sum election.” 
  

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	 	3.	Section 2.3.2 of Article 2 is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s
Normal Retirement Age, paying the annual benefit to the Executive for a period of 20 years; provided that if the Executive is then a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the payment is
treated as being made on account of separation from service pursuant to Section 409A(a)(2)(A)(i) of the Code rather than due to disability pursuant to Section 409A(a)(2)(A)(ii) of the Code, the aggregate amount of the first seven months of
the Disability Benefit shall be paid to the Executive pursuant to this Section 2.3.2 commencing on the first day of the seventh month following the Executive’s Termination of Employment. Notwithstanding the foregoing, to the extent that
the entitlement to an installment form of distribution provided under this Section 2.3.2 is treated as an entitlement to a single payment for purposes of Section 409A of the Code, then in lieu of the installment form of distribution
provided under the preceding sentence, the Executive may elect, subject to the Bank’s consent, to receive the benefit provided under this Section 2.3.2 in the form of a lump sum payment provided such election satisfies the requirements of
Section 409A(a)(4)(C) of the Code including, without limitation, that such election may not take effect until at least twelve months after the date on which the election is made.” 
  

	 	4.	Section 2.4.2 of Article 2 is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s
Normal Retirement Age, paying the annual benefit to the Executive for a period of 20 years; provided that if the Executive is then a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the payment is
treated as being made on account of separation from service pursuant to Section 409A(a)(2)(A)(i) of the Code rather than due to a change in ownership or control pursuant to Section 409A(a)(2)(A)(v) of the Code, the aggregate amount of the
first seven months of the Change of Control Benefit shall be paid to the Executive pursuant to this Section 2.4.2 commencing on the first day of the seventh month following the Executive’s Termination of Employment. Notwithstanding the
foregoing, to the extent that the entitlement to an installment form of distribution provided under this Section 2.4.2 is treated as an entitlement to a single payment for purposes of Section 409A of the Code, then in lieu of the
installment form of distribution provided under the preceding sentence, the Executive may elect, subject to the Bank’s consent, to receive the benefit provided under this Section 2.4.2 in the form of a lump sum payment provided such
election satisfies the requirements of Section 409A(a)(4)(C) of the Code including, without limitation, that such election may not take effect until at least 12 months after the date on which the election is made, and the lump sum may not be
paid earlier than 5 years from the date the installment form of distribution would have commenced in the absence of the lump sum election.” 
  

	 	5.	Section 3.1.2 of Article 3 is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall pay the annual benefit to the Executive’s beneficiary in 12 equal monthly installments commencing with the month following the
Executive’s death, paying the annual benefit to the Executive’s beneficiary for a period of 20 years. Notwithstanding the foregoing, to the extent that the entitlement to an installment form of distribution provided under this
Section 3.1.2 is treated as an entitlement to a single payment for purposes of Section 409A of the Code, then in lieu of the installment form of distribution provided under the preceding sentence, the Executive’s beneficiary may
elect, subject to the Bank’s consent, to receive the benefit provided under this Section 3.1.2 in the form of a lump sum payment provided such election satisfies the requirements of Section 409A(a)(4)(C) of the Code including, without
limitation, that such election may not take effect until at least 12 months after the date on which the election is made.” 
  

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	 	6.	Article 8 is amended by adding the following new Section 8.11: 

 “8.13 Interpretation. It is the intent of the Bank and the Executive that the provisions of this Agreement and all amounts payable to the Executive hereunder meet the requirements of Section 409A of the
Code, to the extent applicable to this Agreement and such payments, and the Agreement shall be interpreted and construed in a manner consistent with such intent. Recognizing such intent and the limited guidance currently available regarding the
application of Section 409A, the Bank and the Executive agree to cooperate in good faith in preparing and executing, at such time as sufficient guidance is available under Section 409A and from time to time thereafter, one or more
amendments to this Agreement as may reasonably be necessary solely for the purpose of assuring that this Agreement and all amounts payable to the Executive hereunder meet the requirements of Section 409A; provided that no such amendments shall
increase the cost to the Bank of providing the amounts payable to the Executive hereunder; and provided further that such amendments shall be rendered null and void to the extent the amendments constitute a material modification of the Agreement
within the meaning of Section 885(d)(2)(B) of the American Jobs Creation Act of 2004 (the “Act”), unless such modifications are pursuant to guidance issued by the U.S. Treasury under Section 885(f) of the Act.” 

IN WITNESS WHEREOF, the Executive and the Bank have duly executed on this 19th day of December, 2006 and adopted this First Amendment to the
Agreement, effective as of January 1, 2005. 
  

			
	THE BEVERLY NATIONAL BANK
		
	By:	 	/s/ Michael O. Gilles
		 	A Duly Authorized Representative

  

	
	EXECUTIVE
	
	/s/ Donat A. Fournier
	Donat A. Fournier

  

 9Fourth Amendment Agreement dated as of March 28, 2007

 EXHIBIT 10.1 
 FOURTH AMENDMENT AGREEMENT 
 FOURTH AMENDMENT AGREEMENT (this
“Agreement”) dated as of March 28, 2007 by and between Memry Corporation (the “Borrower”), a Delaware corporation, and Webster Bank, National Association as assignee and successor in interest to Webster
Business Credit Corporation (the “Lender”), amending a certain Credit and Security Agreement dated as of November 9, 2004 by and between the Borrower and the Webster Business Credit Corporation, as amended by that certain First
Amendment Agreement dated as of November 9, 2005 and by a Second Amendment Agreement dated as of December 21, 2005 and by a Third Amendment Agreement dated December 5, 2006 (as amended and in effect from time to time, the
“Credit Agreement”). 
 W I T N E S S E T H 
 WHEREAS, pursuant to the terms of the Credit Agreement, Webster Business Credit Corporation has assigned all of its rights, title and interest in
and to the Credit Agreement, the Notes (as defined in the Credit Agreement) and the Other Documents (as defined in the Credit Agreement) to Webster Bank, National Association; and 
 WHEREAS, pursuant to the terms of the Credit Agreement, the Lender has made and continues to make revolving loans to the Borrower; and 

WHEREAS, the Borrower has requested, among other things, that the Lender amend certain terms of the Credit Agreement; and 
 WHEREAS, the Lender is willing to, among other things, amend certain terms and conditions of the Credit Agreement, all on the terms and conditions
set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 (1) Acknowledgment of Preamble. All facts of the above-recited preamble
are hereby acknowledged as complete and accurate and shall be incorporated into this Modification as if fully restated herein and the Borrower represents that no Event of Default or event which with the giving of a notice or the passage of time
would constitute an Event of Default has occurred under the Credit Agreement and/or the Other Documents (as defined in the Credit Agreement). All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the
Original Loan Documents. 
 (2) Substitution of Lender. All references to “Webster Business Credit Corporation” or to
“WBCC” or to the “Lender” in all Original Loan Documents and in all instruments, documents and agreements evidencing, securing or governing the Original 

 
Loan Documents shall be deemed to be references to “Webster Bank, National Association, a national association”. 
 (3) Definitions. Capitalized terms used herein without definition that are defined in the Credit Agreement (as amended hereby) shall have
the same meanings herein as therein. 
 (4) Ratification of Existing Agreements. All of the Borrower’s obligations
and liabilities to the Lender as evidenced by or otherwise arising under the Credit Agreement, the Notes and the Other Documents, except as otherwise expressly modified in this Agreement upon the terms set forth herein, are, by the Borrower’s
execution of this Agreement, ratified and confirmed in all respects. In addition, by the Borrower’s execution of this Agreement, the Borrower represents and warrants that no counterclaim, right of set-off or defense of any kind exists or is
outstanding with respect to such obligations and liabilities. 
 (5) Representations and Warranties. All of the representations
and warranties made by the Borrower in the Credit Agreement, the Notes and the Other Documents are true and correct on the date hereof as if made on and as of the date hereof, except (i) to the extent that any of such representations and
warranties relate by their terms to a prior date, (ii) for matters previously disclosed to the Lender in writing or in form 10-k, 10-Q or 8-k filed with the Securities and Exchange Commission, and (iii) for deviations not, in the
aggregate, having or reasonably likely to have a material adverse effect on the Borrower and its assets. 
 (6) Conditions
Precedent. Except as set forth below, the effectiveness of the amendments contemplated hereby shall be subject to the satisfaction on or before the date hereof of each of the following conditions precedent (which conditions the Lender
acknowledges have been satisfied on the date hereof): 
 (a) Representations and Warranties. All of the representations
and warranties made by the Borrower herein, whether directly or incorporated by reference, shall be true and correct on the date hereof, except as provided in §3 hereof. 
 (b) Performance; No Event of Default. The Borrower shall have performed and complied in all material respects with all terms and
conditions herein required to be performed or complied with by it prior to or at the time hereof, and there shall exist no Event of Default or condition which, with either or both the giving of notice or the lapse of time, would result in an Event
of Default upon the execution and delivery of this Agreement. 
 (c) Corporate Action. All requisite corporate action
necessary for the valid execution, delivery and performance by the Borrower of this Agreement and all other instruments and documents delivered by the Borrower in connection therewith shall have been duly and effectively taken. 
 (d) Delivery. Except as set forth below, the parties hereto shall have executed and delivered (i) this Agreement and
(iii) such further instruments and taken 

  

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such further action as the Lender may have reasonably requested, in each case further to effect the purposes of this Agreement, the Credit Agreement and the
Other Documents. 
 (e) Proceedings and Documents. All proceedings in connection with the transactions contemplated by
this Agreement shall be satisfactory in substance and form to the Lender, and the Lender shall have received all information and such counterpart originals or certified or other copies of such documents as it may request. 
 (f) Fees and Expenses. The Borrower shall have paid to the Lender all fees and expenses incurred by the Lender (including
attorney’s fees and expenses) in connection with this Amendment, the Credit Agreement and the Other Documents on or prior to the date hereof. 
 (7) Amendments, Consents with respect to the Credit Agreement. 
 (7)(a). Amendments –
Definitions. The following definitions set forth on Annex I attached to the Credit Agreement are hereby amended to read in full as set forth below: 
 “Payment Office” shall mean 145 Bank Street, Waterbury, CT 06702.” 
 (7)(b). Acknowledgment. Notwithstanding anything to the contrary contained in the Credit Agreement, as amended, the parties hereto hereby acknowledge that the Second Capital Expenditure Loan is no longer available and there
are no outstanding advances made thereunder and that the Second Capital Expenditure Loan Period has expired. 
 (7)(c).
Amendment – Section 8.1 of the Credit Agreement. shall be amended to read in full as follows: 
 “Fixed Charge Coverage Ratio shall mean and include: (i) for the quarters ending 3/31/2007 and 6/30/2007 of Borrowers, the ratio of (a) EBITDA for such period, minus any Unfinanced Capital Expenditures less
Cash, to (b) Fixed Charges for such period, provided, however, that the amount of Cash deducted from (a) cannot exceed EBITDA; and (ii) with respect to any applicable fiscal period thereafter of Borrowers, the ratio of
(a) EBITDA for such period, minus any Unfinanced Capital Expenditures made during such period, to (b) Fixed Charges for such period. 
 (7)(d). Amendment – Section 16.1 of the Credit Agreement. Section 16.1 of the Credit Agreement shall be modified to read in full as follows: 
 “16.1 Governing Law; Waivers; Set off Rights. 
 a. Governing Law. This Agreement, the Notes, the Related Agreements and any other agreement or documents relating thereto and the
rights 

  

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and obligations of the parties hereunder and thereunder shall be construed and interpreted in accordance with the law of the State of Connecticut. Each
Borrower and each Guarantor hereby acknowledge that the underlying transactions to which this Agreement and the Other Agreements relate concerns the making, now or in the future of loans and advances to the Borrower and that said obligations of the
Borrower and each Guarantor are primarily to be performed in the State of Connecticut. The Borrower and each Guarantor agrees that the execution of this Agreement and the Other Agreements and the rights and obligations of the parties hereunder and
thereunder shall be deemed to have a Connecticut situs and the Borrower and each Guarantor shall be subject to the personal jurisdiction of the courts of the State of Connecticut with respect to any action the Bank, its successors or assigns, may
commence hereunder. Accordingly, the Borrower and each Guarantor hereby specifically and irrevocably consents to the jurisdiction of the courts of the State of Connecticut with respect to all matters concerning this Agreement, the Other Agreements,
the Notes or the enforcement of any of the foregoing. 
 b. Prejudgment Remedy Waiver. THE BORROWER AND EACH GUARANTOR
HEREBY ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS AGREEMENT IS A PART IS A COMMERCIAL TRANSACTION, AND HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY ANY STATE OR
FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH BANK OR ITS SUCCESSORS OR ASSIGNS MAY DESIRE TO USE. 
 c.
Set-off. Borrower and each Guarantor hereby give Bank a lien and right of setoff for all Borrower’s obligations to the Bank or any affiliate of the Bank or Webster Financial Corporation upon and against all the deposits, credits,
collateral and property of Borrower and Guarantor, now or hereafter in the possession, custody, safekeeping or control of Bank or any affiliate of the Bank or Webster Financial Corporation or in transit to any of them. Bank may, after the occurrence
and during the continuance of an Event of Default hereunder apply or set-off the same, or any part thereof, to any obligation of Borrower or any Guarantor to the Bank or any affiliate of the Bank or Webster Financial Corporation, even though
unmatured.” 
 (7)(e). Amendment - Notices. Section 16.6 (A) is hereby amended as follows:

  

					
	“(A) If to Lender at:	  	Webster Bank, National Association	  	
		  	145 Bank Street	  	
		  	Waterbury, CT 06702	  	
		  	Attention: Manager, Commercial Waterbury	  	
		  	Telecopier: 203-578-2579	  	
			
	with a copy to:	  	Webster Bank, National Association	  	
		  	145 Bank Street	  	
		  	Waterbury, CT 06702	  	
		  	Attention: Ellen S. Levine, Esq.	  	
		  	Telecopier: 860-947-1873”	  	

  

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 (8) Additional Covenants. Without any prejudice or impairment whatsoever to any of
the Lender’s rights and remedies contained in the Credit Agreement and the covenants contained therein, the Notes or in any of the Other Documents, the Borrower additionally covenants and agrees with the Lender as follows: 
 (a) The Borrower shall comply and continue to comply with all of the terms, covenants and provisions contained in the Credit Agreement,
the Notes and the Other Documents, except as such terms, covenants and provisions are expressly modified by this Agreement upon the terms set forth herein, including, without limitation, the delivery and procurement of the mortgage modification
agreements and title insurance endorsements within the time periods set forth herein. 
 (b) The Borrower shall at any time or
from time to time execute and deliver such further instruments, and take such further action as the Lender may reasonably request, in each case further to effect the purposes of this Agreement, the Credit Agreement, the Notes and the Other
Documents. 
 (c) The Borrower expressly acknowledges and agrees that any failure by the Borrower to comply with the terms and
conditions of this Section 6 or any other provisions contained in this Agreement shall constitute an Event of Default under the Credit Agreement. 
 (9) Expenses. The Borrower agrees to pay to the Lender upon demand an amount equal to any and all out-of-pocket costs or expenses (including reasonable legal fees and disbursements) incurred or sustained
by the Lender in connection with the preparation of this Agreement. 
 (10) Miscellaneous. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut (excluding the laws
applicable to conflicts or choice of law). 
 (b) The indebtedness evidenced by said Original Loan Documents continues
outstanding, and the execution and delivery to the Bank of this Modification Agreement does not constitute the creation of a new debt or the extinguishment of the debt evidenced by the Original Loan Documents but constitutes only an amendment of
certain of the terms with respect thereto. Except as otherwise expressly provided by this Agreement, all of the respective terms, conditions and provisions of the Credit Agreement shall remain the same. It is declared and agreed by each of the
parties hereto that the Credit Agreement, as amended hereby, shall continue in full force and effect, and that this Agreement and the Credit Agreement be read and construed as one 

  

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instrument, and all references in the Loan Documents to the Credit Agreement shall hereafter refer to the Credit Agreement, as amended by this Agreement.

 (c) Nothing contained herein shall operate to release the Borrower or any other obligor from its liability to pay the Note
and to keep and perform the terms, conditions, obligations and agreements contained in the Loan Agreement and in all other documents relating to and securing repayment of the Note as amended hereby. 
 (d) The Borrower hereby acknowledges and agrees that it has no defense, offset, recoupment or counterclaim with respect to the
indebtedness evidenced by the Note (as amended hereby) or any of the Original Loan Documents and the Borrower hereby releases the Bank from any and all liability arising directly or indirectly with respect to the Note as amended hereby, the Original
Loan Documents, the debt evidenced or governed by any of the Original Loan Documents and any and all actions taken by the Bank with respect to the transactions contemplated therein. 
 IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement to be executed in its name and behalf by its duly authorized officer as
of the date first written above. 
  

			
	WEBSTER BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Peter L. Hargraves
		 	Peter L. Hargraves
		 	Its: Vice President
	
	MEMRY CORPORATION
		
	By:	 	/s/ Richard F. Sowerby
		 	Name: Richard F. Sowerby
		 	Title: Chief Financial Officer & Treasurer

 The undersigned Guarantor consents to the terms contained herein and further acknowledge and affirm that its
Guarantee remains unmodified and in full force and effect: 
  

			
	PUTNAM PLASTICS COMPANY LLC
		
	By:	 	/s/ Robert P. Belcher
	Name:	 	Robert P. Belcher
	Title:	 	 VP & CFO

  

			
	STATE OF CONNECTICUT	 	)
		 	) ss. Bethel, CT
	COUNTY OF FAIRFIELD	 	)

  

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 On March 28, 2007, before me personally came Robert P. Belcher, to me known, who, being by me duly sworn,
did depose and say that he is the VP & CFO of each entity described in and which executed the foregoing instrument as “Borrower”; and that he signed his name thereto by order of the board of directors (or other governing body) of said
entity. 
  

	
	
	/s/ Kathleen Ferris
	NOTARY PUBLIC
	
	 Kathleen Ferris

	 Notary Public, State of Connecticut

	 No. 65478. Qualified in Fairfield County

	 Commission Expires December 31, 2007

  

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