Document:

Change in Control Agreement with Paul J. Germano

 Exhibit 10.13 
 BEVERLY NATIONAL CORPORATION 
 240 Cabot Street 
 Beverly, MA 01915 
 February 23, 2000 
 Mr. Paul J. Germano 
 10 King George Drive 
 Londonderry, NH 03053 
 Dear Mr. Germano: 
 Beverly National Corporation, a Massachusetts corporation (“Corporation”), recognizes that during your tenure as an officer of Beverly National
Bank, a wholly-owned subsidiary of the Corporation (the “Bank”), you have contributed to the growth and success of the Bank in significant ways, and that you have developed an intimate knowledge of the business and affairs of the Bank and
of its policies, methods and personnel. The Corporation also recognizes that such contributions and knowledge are expected to be of significant benefit to the future growth and success of the Bank and the Corporation. 
 The Board of Directors of the Corporation (the “Board”) recognizes that a change in control of the Corporation may occur and that the threat of
such a change in control may result in the departure of management personnel to the detriment of the Corporation and its stockholders. The Board has determined that appropriate steps should be taken to reinforce and encourage the continued
dedication of members of the Bank’s and the Corporation’s management, including yourself, to their assigned duties in the face of the potentially disturbing circumstances arising from the possibility of such a change in control. The
continued performance of your duties as an officer of the Bank may require your strenuous opposition to such a threatened change in control which, in the judgment of the Board, may not be in the best interests of the Corporation and its
stockholders, and your opposition to such a threatened change in control of the Corporation could prevent or inhibit you from effectively continuing your duties as an officer of the Bank should such a change in control occur. 
 In order to induce you to remain in the employ of the Bank and to continue to perform your duties as an officer of the Bank in a manner which is, in your
judgment, in the best interests of the Bank, the Corporation hereby agrees to provide you with certain severance benefits in the event your employment with the Bank is terminated subsequent to a change in control (as defined in Section 1
hereof) under the circumstances described below. 
 1. Change in Control. No benefits shall be payable hereunder unless there shall
have been a change in control as set forth below, and your employment by the Bank shall thereafter have been terminated in accordance with Section 2 below. For purposes of this Agreement, a “Change in Control” of the Corporation shall
mean any of the following: 
 (a) The acquisition of “control (within the meaning of Section 2(a)(2) of the Bank
Holding Company Act of 1956, as amended, or Section 602 of the Change in Bank Control Act of 1978) of the Corporation by any person, company or other entity; 
 (b) Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 thereunder), directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then-outstanding securities. 

 (c) Any such person becomes the beneficial owner, directly or indirectly, of securities
of the Corporation representing less than 20% of the Corporation’s then-outstanding securities, but is determined by a court or regulatory agency with jurisdiction over the matter to possess or to have exercised control over the Corporation;

 (d) During any period of two consecutive years, individuals who at the beginning of such period constitute the Board cease
for any reason to constitute at least a majority thereof unless the election or the nomination for election by the Corporation’s stockholders of each new director was approved by a vote of at least three-fourths of the directors of the
Corporation then still in office who were directors at the beginning of the period; or 
 (e) The Corporation sells a majority
of its assets, or enters into any transaction in which another entity (other than an insurer of the deposit liabilities of a subsidiary of the Corporation) assumes a majority of the deposit liabilities of any subsidiary of the Corporation.

 2. Termination Following Change in Control. You shall be entitled to the benefits provided for in Section 3(b) hereof upon the
involuntary termination of your employment as an officer of the Bank within twenty-four (24) months after a Change in Control, unless your employment is terminated (a) because of your death, retirement, or disability or (b) by the
Bank for Cause (as hereinafter defined). In the event your employment with the Bank shall be terminated and you shall be entitled to the benefits provided in Section 3 hereof, you may thereafter terminate your employment with the Corporation
and continue to be entitled to the benefits provided in Section 3 hereof. 
 (a) Retirement; Disability.

 (i) Termination by the Bank or you of your employment based on retirement shall mean the mandatory termination of your
employment in accordance with the Bank’s retirement policy including (at your sole election and as set forth in writing) early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement
established with your consent with respect to you. 
 (ii) Termination by the Bank of your employment based on disability
shall mean termination because of your inability, as a result of your incapacity due to physical or mental illness, to perform the services required of you as an employee for a period aggregating six months or more within any 12- month period.

 (b) Cause. Termination by the Bank of your employment for “Cause” shall mean termination upon: 

(i) the willful and continued failure by you to substantially perform your duties (other than any such failure resulting from your
incapacity due to physical or mental illness) after a demand for substantial performance is delivered to you by the Board of Directors of the Bank which specifically identifies the manner in which such board believes that you have not substantially
performed your duties, or 
 (ii) a conviction for criminal misconduct by you which is materially injurious to the Bank
monetarily or otherwise. 
 For purposes of this paragraph (b), no act, or failure to act, on your part shall be considered “willful
unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interests of the Bank. 
 Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less
than three- quarters of the entire membership of the Board of Directors of the Bank at a meeting of such board called and held (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before such board),
for the purpose of finding that in the good faith opinion of such 

  

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board you were guilty of conduct set forth above in clauses (i) or (ii) of the first sentence of this paragraph and specifying the particulars
thereof in detail. 
 (c) Notice of Termination. The Corporation agrees that it will cause the Bank to promptly furnish
you with a written Notice of Termination. Any purported termination by you shall be communicated by written Notice of Termination to the Bank, with a copy to the Corporation. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the
provision so indicated. 
 (d) Date of Termination. “Date of Termination” shall mean: 
 (i) if your employment is terminated for disability, thirty (30) days after Notice of Termination is given, 
 (ii) if your employment is terminated by the Bank for Cause, the date specified in the Notice of Termination, and 
 (iii) if your employment is terminated for any other reason, the date on which a Notice of Termination is given; provided that if within
five (5) days after any Notice of Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is
finally determined, either by mutual written agreement of the parties, by a binding and final arbitration award or by a final judgment, order or decree of court of competent jurisdiction (the time for appeal therefrom having expired and no appeal
having been perfected). 
 3. Compensation During Disability or Upon Termination. 
 (a) During any period that you fail to perform your duties as a result of incapacity due to physical or mental illness, the Corporation
shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary at the rate then in effect until the Date of Termination. Thereafter, your benefits shall be determined in accordance with the Banks long-term disability
plan then in effect. 
 (b) If, within twenty-four (24) months after a Change in Control shall have occurred, your
employment by the Bank shall be involuntarily terminated other than for Cause, your death, disability or retirement, then the Corporation shall pay you within five days after the Date of Termination an amount equal to the sum of: 
 (i) An amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was
given, to the extent Bank does not promptly pay such amount; plus 
 (ii) A lump sum amount equal to the product of
(A) the average sum of your annual base compensation (salary plus bonus) paid to you by the Bank and includible in your taxable income for the five years preceding a Change in Control multiplied by (B) the number two (2), less one hundred
($100) dollars; plus 
 (iii) All legal fees and expenses incurred by you as a result of such termination (including all such
fees and expenses, if any, incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or benefit provided for by this Agreement). 
 (c) If your employment shall be terminated for Cause, or for any reason other than as specified in Sections 3(a) and (b) above, the
Corporation shall pay you, to the extent it is not paid by Bank, an amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was given and the Corporation shall have no further
obligations to you under this Agreement. 
  

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 (d) You shall not be required to mitigate the amount of any payment provided for in this
Section 3 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 3 be reduced by any compensation earned by you as the result of employment by another employer after the Date of
Termination, or otherwise. 
 (e) It is the intention of the parties to this Agreement that no payments by the Corporation to
you or for your benefit under this Agreement shall be non-deductible to the Corporation by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, notwithstanding any other
provision hereof, if by reason of the operation of said Section 280G. any such payments exceed the amount which can be deducted by the Corporation, the amount of such payments shall be reduced to the maximum which can be deducted by the
Corporation. To the extent that payments in excess of the amount which can be deducted by the Corporation have been made to you or for your benefit, they shall be refunded with interest at the applicable rate provided under Section 1274(d) of
the Code, or at such other rate as may be required in order that no such payment to you or for your benefit shall be non-deductible pursuant to Section 280G of the Code. Any payments made hereunder which are not deductible by the Corporation as
a result of losses which have been carried forward by the Corporation for Federal tax purposes shall not be deemed a non-deductible amount of purposes of this Section 4(c). 
 (f) Notwithstanding any provision hereof to the contrary, no payment hereunder shall be made if it would violate any applicable law, rule
or regulation, including without limitation, 12 C.F.R. Part 359, as promulgated by the Federal Deposit Insurance Corporation. 
 4.
Successors; Binding Agreement. 
 (a) The Corporation will 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 Corporation, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporation would be required to perform it if no such succession had taken place. Failure of the Corporation to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle you to compensation from the Corporation in the same amount and on the same terms as you would be entitled to hereunder if you had been involuntarily terminated other than for Cause, or disability within twenty-four
(24) months after a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Corporation”
shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 4 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. 
 (b) This Agreement shall inure to the benefit of and be enforceable by
your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If you should die while any amount would still be payable to you hereunder if you had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate. 
 5. Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this Agreement, provided that all notices to the Corporation shall be directed
to the attention of the Board with a copy to the Chairman of the Board, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
receipt. 
  

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 6. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by you and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other or failure to comply with any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the Commonwealth of Massachusetts. This Agreement is made under seal. 
 7. Validity. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument. 
 9. Arbitration. Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Notwithstanding the pendency of any such dispute or controversy, the Corporation
will pay you promptly an amount equal to your full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and provide you with all compensation, benefits and insurance plans in which
you were participating when the notice giving rise to the dispute was given, until the dispute is finally resolved in accordance with Section 2(d) hereof, to the extent Bank does not make such payments or continue such benefits. Amounts paid
under this Section 9 are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction; provided, however, that you shall be entitled to seek specific performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 10. Election of Benefits. An election by you to resign after a Change in Control will not constitute a breach by you of any
employment agreement between the Corporation (or the Bank or any subsidiary thereof) and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or
policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation (or the Bank or any subsidiary thereof), provided, however, that if you become entitled to compensation
under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to
receive both. 
 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Corporation
the enclosed copy of this letter which will then constitute our agreement on this subject. 
  

			
	BEVERLY NATIONAL CORPORATION
		
	By:	 	/s/ Lawrence M. Smith
	Its:	 	President

  

	
	Agreed:
	
	/s/ Paul J. Germano
	Paul J. Germano

  

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 FIRST AMENDMENT 
 TO 
 CHANGE IN CONTROL AGREEMENT 
 Reference is made to the Change in Control Agreement (the “Agreement”) dated as of February 23, 2000 by and between Beverly National
Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Paul J. Germano (hereinafter referred to as the “Employee”). 
 WHEREAS, the Corporation and the Employee 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; 
 NOW, THEREFORE, for valuable
consideration paid, the receipt and sufficiency of which are hereby acknowledged, the Corporation and the Employee hereby amend the Agreement, effective January 1, 2005, as follows: 
  

	 	1.	Section 3(b)(ii) is amended by deleting the semi-colon at the end of the first and only sentence of such Section and by inserting in lieu thereof the following:

 “; provided that if you are then a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (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, the lump sum
amount shall be payable to you pursuant to this Section 3(b)(ii) beginning on the first day of the seventh month following on the date of such termination;” 
  

	 	2.	Section 3(e) is amended by deleting the first sentence of such Section and by inserting in lieu thereof the following: 

 “It is the intention of the parties to this Agreement that no payments by the Corporation to you or for your benefit under this Agreement shall be
non-deductible to the Corporation by reason of the operation of Section 280G of the Code.” 
  

	 	3.	The following new Section 11 is added: 

 “11.
Interpretation. It is the intent of you and the Corporation that the provisions of this Agreement and all amounts payable to you 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, you and the Corporation
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 you hereunder meet the requirements of Section 409A; provided that no such amendments shall increase the cost to the Corporation of providing the amounts payable to you
hereunder; and provided further that any such amendment that relates to amounts deferred in one or more taxable years beginning before January 1, 2005 shall be rendered null and void to the extent the amendment constitutes 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 (i) such modifications are pursuant to guidance issued by the U.S. Treasury under
Section 885(f) of the Act, or (ii)

  

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the parties expressly agree that the amounts deferred prior to 2005 may be treated as deferred after 2004 for purposes of Section 409A due to such
amendment.” 
 IN WITNESS WHEREOF, the Employee and the Corporation have duly
executed on this 22nd day of March, 2007 and adopted this First Amendment to the Agreement, effective as of
January 1, 2005. 
  

			
	BEVERLY NATIONAL CORPORATION
		
	By:	 	/s/ Donat A. Fournier
		 	A Duly Authorized Representative

  

	
	EMPLOYEE
	
	/s/ Paul J. Germano
	Paul J. Germano

  

 7Employment Agreement by and between Beverly National Corp and James E. Rich, Jr.

 Exhibit 10.14 
 EMPLOYMENT AGREEMENT 
 AGREEMENT made and entered
into as of the 23rd day of February, 2000 by and between Beverly National Bank, a national banking association
having its principal place of business in Beverly, Massachusetts (‘Bank), and James E. Rich, Jr. (the “Employee”). 
 W I T N E
S S E T H    T H A T : 
 WHEREAS the Employee is currently employed by the Bank and has been employed by the Bank since
May 3, 1982; and 
 WHEREAS the Bank desires to employ the Employee in an executive capacity in the conduct of its business; and

 WHEREAS the Employee desires to be so employed. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Term. The Bank hereby employs the Employee and the Employee hereby accepts employment by the Bank for a period
of two (2) years beginning January 1, 2000 (the “Effective Date”), subject to the provisions of Section 7 hereof. As of each anniversary (an “Extension Date”) of the Effective Date or any previous Extension Date
hereof, this Agreement shall be deemed automatically to be extended, unless either party by written notice to the other given at least one (1) month prior to the Extension Date notifies the other party of its intention not to extend the same.
As extended the term of the Agreement shall be for a period of two (2) years beginning on the Extension Date and expiring two (2) years thereafter. In the event that notice not to extend is given by either party, this Agreement shall
terminate on the last day of the year beginning on the Extension Date. Notwithstanding the foregoing provisions of this Section 1, this Agreement shall terminate in any event upon the Employee’s attainment of age sixty-five (65).

 2. Capacity. 
 (a) At
all times during the term hereof, the Bank shall employ the Employee as its Senior Vice President and Senior Trust Officer. In such capacity, the Employee shall be assigned only such duties and tasks as are appropriate for a person in such position
and he shall be subject to the supervision of the President of the Bank. The Bank shall employ the Employee on a full-time basis, and (subject to the last sentence of this paragraph) the Employee shall devote his full time and professional efforts
to the performance of his duties. It is the intention of the Bank and the Employee that the Employee shall have full discretionary authority of a Senior Vice President and Senior Trust Officer of the Bank. The Bank encourages participation by the
Employee on community boards and committees and in activities generally considered to be in the public interest, but the Bank shall have the right to approve the Employee’s participation on such other boards and committees as may conflict with
the Bank’s own business or demands upon the Employee’s time. 
 (b) During the period of his employment by the Bank hereunder, the
Employee agrees to serve as Vice President of Beverly National Corporation (the “Company”) without additional compensation, except for reimbursement for all reasonable out-of-pocket expenses. 
 3. Compensation and Benefits. 
 (a)
Base Compensation. The Bank shall pay to the Employee in equal monthly installments a base annual salary in the amount of $107,500. The base annual salary of the Employee shall be adjusted upward from time to time in the sole discretion of
the Bank, in which case such increased amount shall 

 
thereafter constitute the Employee’s base annual salary. It is the intention of the Bank to compensate the Employee at a level at least comparable to
the compensation of persons employed in the position of Senior Vice President and Senior Trust Officer of banks engaged in New England in activities substantially similar to those of the Bank and having approximately the same assets as the Bank.

 (b) Fringe Benefits. At all times during the term of this Agreement, the Bank shall provide or cause to be provided to the Employee
the fringe benefits as set forth on Exhibit A to this Agreement. The Employee shall maintain adequate records of all reimbursable expenses necessary to satisfy reporting requirements of the Internal Revenue Code and applicable Treasury regulations.

 4. Non-Competition. At all times during which the Employee is employed by the Bank under this Agreement and for a period of one
(1) year thereafter, the Employee shall not, directly or indirectly, as an employee of any person or entity (whether or not engaged in business for profit), individual proprietor, partner, stockholder, director, officer, joint venturer,
investor, lender or in any other capacity whatever (otherwise than as holder of less than ten (10) percent of any securities publicly traded in the market) compete within (i) the City of Beverly, Massachusetts, the Town of Hamilton,
Massachusetts, the Town of Topsfield, Massachusetts, and the Town of Manchester By The Sea, Massachusetts, or (ii) municipalities contiguous to the City of Beverly, Massachusetts, the Town of Hamilton, Massachusetts, the Town of Topsfield,
Massachusetts, and the Town of Manchester By The Sea, Massachusetts, or (iii) any other Cities or Towns in which the Bank may locate during the term of this Agreement, with the business of the Company or any of its subsidiaries, as such
business are constituted at any time during the term of this Agreement. For purposes of this Section 4, the Employee’s ownership of or employment by an institution doing business in Beverly, Massachusetts, Hamilton, Massachusetts,
Topsfield, Massachusetts and Manchester By The Sea, Massachusetts, in municipalities contiguous to Beverly, Hamilton, Topsfield, or Manchester By The Sea, or in such other Cities or Towns, but having its principal place of business elsewhere, shall
not constitute competition hereunder so long as the Employee does not solicit business in Beverly, Hamilton, Topsfield, or Manchester By The Sea, in such contiguous municipalities, or in such other Cities or Towns, as the case may be. 
 5. No Solicitation of Employees. At all times during which the Employee is employed under this Agreement and for a period of one (1) year
thereafter, the Employee shall not, directly or indirectly, employ, attempt to employ, recruit or otherwise solicit, induce or influence to leave his employment any employee of the Bank. 
 6. No Disclosure of Information. The Employee shall not at any time divulge, use, furnish, disclose or make accessible to anyone other than the
Bank or any of its subsidiaries any knowledge or information with respect to confidential or secret data, procedures or techniques of the Bank, provided, however, that nothing in this Section 6 shall prevent the disclosure by the Employee of
any such information which at any time comes into the public domain other than as a result of the violation of the terms of this Section 6 by the Employee. 
 7. Termination of Employment. The employment of the Employee shall terminate on the earliest to occur of the following dates: 
 (a) The expiration of the term hereof, as from time to time extended; 
 (b) The Employee’s resignation
from the Bank or the death or disability of the Employee (the Employee being deemed to be disabled if he has been unable for one hundred eighty (180) consecutive days to render services required to be rendered by him during the term hereof);

  

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 (c) At the election of the Bank, for Cause, as hereinafter defined, after ten (10) days prior
written notice of the basis thereof to the Employee if during such period the Employee shall not have cured the basis therefor. For purposes of this Agreement, the Bank shall be deemed to have “Cause” to terminate the employment of the
Employee under this Agreement only if: 
 (i) The Employee refuses or fails to substantially perform or discharge the duties
or responsibilities reasonably assigned by the President of the Bank (other than any such refusal or failure resulting from the Employee’s incapacity due to physical or mental illness), provided the assigned responsibilities are not illegal,
unethical or inconsistent with the Employee’s responsibilities after a demand for substantial performance is delivered to Employee by the President which specifically identifies the manner in which such officer believes that Employee has not
substantially performed such duties, making reference to this provision of the Agreement; 
 (ii) The Employee is grossly
negligent in the performance of his duties; 
 (iii) The Employee breaches his fiduciary duty to the Bank or any affiliate of
the Bank, or breaches the terms of this Agreement or any other agreements with the Bank or any affiliates of the Bank; 
 (iv)
The Employee is convicted by a court of competent jurisdiction of a felony or of any criminal offense involving dishonesty or breach of trust; 
 (v) The Employee commits an act of fraud materially evidencing bad faith toward the Bank; 
 (vi) The Employee engages in misconduct which is materially injurious to the Bank. Such misconduct may include sexual harassment, domestic violence, public intoxication or being under the influence of controlled substances. Misconduct
materially injurious to the Bank shall mean misconduct which materially and adversely affects the Bank’s business, reputation, or standing in the community. Such material adverse affect may result from nonmonetary injury as well as from
monetary injury, such as from adverse publicity towards the Bank. 
 8. Payments Upon Termination of Employment. 
 (a) Payments Upon Death. If at any time while he is employed hereunder the Employee shall die, in addition to all other benefits to which he or
his personal representatives may be entitled, the Bank shall pay to his designated beneficiary or, if no such beneficiary exists, to his estate, for a period of three (3) months following the Employee’s death, such amounts of base annual
salary as the Employee would have been entitled to receive during said period (and at the times he would have been entitled to receive them) had he remained alive. 
 (b) Payments Upon Disability. If at any time during the term of this Agreement, in the opinion of a physician mutually agreeable to the Bank and the Employee, the Employee shall be determined to be unable to
render services hereunder due to physical or mental illness or accident, in addition to all other benefits to which he or his personal representatives may be entitled, the Employee shall be entitled to receive all benefits payable to him under the
Bank’s long-term disability income plan. 
 (c) Payments Upon Expiration of Term Without Renewal. In the event that the term of
this Agreement shall expire without renewal, the Employee shall be entitled to receive compensation through the date of expiration. This Agreement does not limit Employee’s right to benefits under all plans and programs of the Bank in which he
participates, including, without limitation, pension, profit sharing, 401(k), and employee stock option plans. 
 (d) Payment Upon Other
Involuntary Termination. If at any time during the term of this Agreement the employment of the Employee is terminated involuntarily for any reason without Cause, as heretofore defined, then in such case: 
 (i) Within five days after such termination, the Bank shall pay to the Employee (or to his personal representative in case of death), in
addition to all accrued and unpaid compensation through the date of such termination, a lump sum amount equal to twelve months’ base annual salary as in effect as of the date of such termination. 
  

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 (ii) The Bank shall maintain or cause to be maintained in effect for the Employee for a
period of twelve months following such termination, at the Bank’s sole expense, all group insurance (including life, health, accident and disability insurance) and all other employee benefit plans, programs or arrangements (other than the
Bank’s retirement plan, the Bank’s profit-sharing plan, the Bank’s 401K plan, and the Beverly National Corporation Employee Stock Ownership Plan), in which the Employee was participating at any time during the twelve (12) months
preceding such termination. 
 (iii) The Employee shall not be required to mitigate the amount of any payment provided for in
this Section 8(d) by seeking employment or otherwise. 
 In the event that the Employees participation in any of the foregoing group
insurance plans, programs or arrangements contemplated by Subsection (d) hereof is barred by law or otherwise, or in the event that any such insurance plan, program or arrangement is discontinued or the benefits thereunder are materially
reduced during such period, the Bank shall provide the Employee with benefits substantially similar to those to which the Employee was entitled immediately prior to the date of his termination of employment. Upon expiration of the period of coverage
provided hereunder, the Employee shall be provided with the opportunity to have assigned to him at no cost and with no apportionment of prepaid premiums any assignable insurance owned by the Bank and relating specifically to the Employee.

 9. Notices. Notices under this Agreement shall be in writing and shall be mailed by registered or certified mail, effective upon
receipt, addressed as follows: 
  

	 	(a)	To the Company: 

 Beverly National Bank 
 240 Cabot Street 
 Beverly, Massachusetts
01915 
 Attention: Lawrence M. Smith, President 
  

	 	(b)	To the Employee: 

 Mr. James E. Rich, Jr.

 1 Hickory Hill Road 
 Manchester By The Sea, MA 01944 
 Either party may by notice in writing change the address to which notices to it or him are to be
addressed hereunder. 
 10. Arbitration. Any dispute or controversy, arising under or in connection with this Agreement shall be
settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators award in any court having jurisdiction. 
 11. Miscellaneous. 
 (a)
Indemnification. During the period of his employment hereunder, the Bank agrees to indemnify, and to cause its subsidiaries to indemnify, the Employee in his capacity as an officer of the Bank and each subsidiary, all to the maximum extent
permitted under the laws of the Commonwealth of Massachusetts and applicable banking laws and regulations. The provisions of this Section 11(a) shall survive expiration or termination of the Agreement for any reason whatsoever. 
 (b) Legal Fees. The Bank shall pay to the Employee all reasonable legal fees and expenses incurred by him in contesting or disputing any
termination of this Agreement or in seeking to obtain or enforce any right or benefit provided by this Agreement, provided that the final resolution of such matter principally is in Employee’s favor. 
  

 4 

 (c) Entire Agreement. This Agreement constitutes the entire Agreement between the parties and may
not be changed except by a writing duly executed and delivered by the Bank and the Employee in the same manner as the Agreement. 
 (d)
Governing Law. This Agreement is governed by and shall be construed in accordance with the laws of the Commonwealth of Massachusetts. Employee agrees that it supersedes in all respects any prior agreement between the Bank and the Employee.

 (e) Binding Effect; Non-Assignability. This Agreement shall be binding upon the Bank and inure to the benefit of the Bank and its
successors. Neither this Agreement nor any rights arising hereunder may be assigned or pledged by the Employee during his lifetime. This Agreement shall inure to the benefit of and be enforceable by the Employees personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. 
 (f) Amendment. This Agreement may be amended or
modified only by a written instrument signed by the Employee and by a duly authorized representative of the Bank. 
 (g)
Enforceability. If any portion or provision of this Agreement shall to any extent be unenforceable as a result of either a declaration by a court of competent jurisdiction or the operation of applicable banking laws and regulations, then the
remainder of the Agreement, or the application of such portion or provisions in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement
shall be valid and enforceable to the fullest extent permitted by law. 
 IN WITNESS WHEREOF, the parties hereto have executed the within
instrument as a sealed document as of the date first above written. 
  

			
	BEVERLY NATIONAL BANK
		
	By:	 	/s/ Lawrence M. Smith
	Its:	 	President

  

	
	Agreed:
	
	/s/ James E. Rich, Jr.
	James E. Rich, Jr.

  

 5 

 Exhibit A 
 to Employment Agreement 
 By and Between Beverly National Bank 
 and James E. Rich, Jr. 
 dated February 23,
2000 
  

	1.	Vacation - The Employee shall be entitled to paid vacation in each calendar year during the term of the Agreement in accordance with the Bank’s policy. The Employee shall also
be entitled to all paid holidays recognized by the Bank. Unused accrued vacation time is paid on termination. 

  

	2.	Pension Plan - The Employee shall be entitled to participate in the Bank’s retirement plan, if and to the extent from time to time in effect. 

  

	3.	Profit Sharing Plan - The Employee shall be entitled to participate in the Bank’s profit sharing plan and its 401(k) plan, if and to the extent from time to time in effect.

  

	4.	Incentive Stock Option Plan - The Employee shall be entitled to participate in any incentive stock option plan of the Company, if and to the extent from time to time in effect.

  

	5.	Employee Stock Ownership Plan - The Employee shall be entitled to participate in the Company’s employee stock ownership plan, if and to the extent from time to time in effect.

  

	6.	Insurance - The Employee shall be entitled to participate in all insurance programs and benefits maintained by the Company or the Bank, if and to the extent from time to time in
effect, including without limitation life, health, accident, and disability. 

  

 6 

 FIRST AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 Reference is made to the Employment Agreement (the “Agreement”) dated as of February 23, 2000 by and between Beverly National Bank, a national banking association having its principal place of business
in Beverly, Massachusetts (therein and hereinafter referred to as the “Bank”) and James E. Rich, Jr. (therein and hereinafter referred to as the “Employee”). 
 WHEREAS, the Bank and the Employee 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; 
 NOW, THEREFORE, for valuable
consideration paid, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Employee hereby amend the Agreement, effective January 1, 2005, as follows: 
  

	 	1.	Section 8(d)(i) is amended by deleting the period at the end of the first and only sentence of such Section and by inserting in lieu thereof the following:

 “; provided that if the Employee is then a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (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, the lump sum
amount shall be payable to the Executive pursuant to this Section 8(d)(i) beginning on the first day of the seventh month following on the date of such termination.” 
  

	 	2.	Section 8(d)(ii) is amended by deleting such Section in its entirety and by inserting in lieu thereof the following: 

 “The Bank shall maintain or cause to be maintained in effect for the Employee for a period of twelve months following such termination, at the
Bank’s sole expense, all medical and dental group insurance in which the Employee was participating at any time during the twelve (12) months preceding such termination, to the extent that such medical and dental insurance coverage
continuation constitutes an arrangement excluded from the application of Section 409A of the Code.” 
  

	 	3.	Section 11 is amended by adding the following new subsection (h): 

 “(h) Interpretation. It is the intent of the Bank and the Employee that the provisions of this Agreement and all amounts payable to the Employee 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 Employee 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 Employee 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 Employee hereunder; and provided further that any such amendment that relates to amounts deferred in one or more taxable years beginning before January 1, 2005 shall be
rendered null and void to the extent the amendment constitutes a material modification of the Agreement within the meaning of 

  

 7 

 
Section 885(d)(2)(B) of the American Jobs Creation Act of 2004 (the “Act”), unless (i) such modifications are pursuant to guidance issued
by the U.S. Treasury under Section 885(f) of the Act, or (ii) the parties expressly agree that the amounts deferred prior to 2005 may be treated as deferred after 2004 for purposes of Section 409A due to such amendment.”

 IN WITNESS WHEREOF, the Employee and the Bank have duly executed on this
16th day of January, 2007 and adopted this First Amendment to the Agreement, effective as of January 1, 2005.

  

			
	BEVERLY NATIONAL BANK
		
	By:	 	/s/ Donat A. Fournier
		 	A Duly Authorized Representative

  

	
	EMPLOYEE
	
	/s/ James E. Rich, Jr.
	James E. Rich, Jr.

  

 8

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