Document:

Change in Control Agreement with Michael O. Gilles

 Exhibit 10.7 
 BEVERLY NATIONAL CORPORATION 
 240 Cabot Street 
 Beverly, MA 01915 
 CHANGE IN CONTROL AGREEMENT WITH 
 MICHAEL O. GILLES DATED AUGUST 29, 2005 
 August 29, 2005

 Mr. Michael O. Gilles 
 74 Oak Trail 
 Bolton, MA 01740 
 Dear Mr. Gilles: 
 Beverly National Corporation, a Massachusetts corporation (“Corporation”), expects that during your tenure as an officer of Beverly National
Bank, a wholly-owned subsidiary of the Corporation (the “Bank”), you will contribute to the growth and success of the Bank in significant ways, and that you will develop an intimate knowledge of the business and affairs of the Bank and of
its policies, methods, personnel and problems. 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 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 under such
circumstances and then 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 and the Corporation, 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 during the term of your Employment Agreement with Beverly National Corporation, of even date, or an extension thereof 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, as amended) is or becomes the “beneficial owner” (as defined in Rule 1 3d-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. 
 (a) You shall
be entitled to the benefits provided for in Section 3(b) hereof upon: 
  

	 	(i)	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
(x) because of your death or (y) by the Bank for Cause (as hereinafter defined), or 

  

	 	(ii)	your termination of your employment as an officer of the Bank for Good Reason (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. 

 (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 or the Corporation 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 or the Corporation. 
 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 for such purposes (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before such board), finding
that in the good faith opinion of such 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. 
  

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 (c) Good Reason. Termination by you for “Good Reason” shall mean you terminate your employment
due to: 
  

	 	(i)	a reduction of your salary, 

  

	 	(ii)	a significant change in your responsibilities and/or duties which constitutes, when compared to your responsibilities and/or duties before the Change In Control, a demotion,

  

	 	(iii)	a material loss of title or office, or 

  

	 	(iv)	the relocation of the offices at which you are principally employed as of the Change In Control to a location more than twenty-five (25) miles from such offices, which
relocation is not approved by you. 

 You shall provide the Corporation with a Notice of Termination and an opportunity to cure
any of the events listed in this Section 2(c) and shall not be entitled to compensation pursuant to Section 3 unless the Bank fails to cure within a reasonable period. 
 (d) 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. 
 (e) 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 the 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 Bank’s long- term disability plan then in effect. 
 (b) If, within twenty-four (24) months after a Change in Control shall have occurred, you shall terminate your employment for Good Reason or your
employment by the Bank shall be involuntarily terminated other than for Cause, your death or disability, 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 the Bank does not promptly
pay such amount; plus 

  

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	 	(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 for the five years (or the term of
your employment, if less) 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 the 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. 
 (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, 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. 
  

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 (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. 
 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 the 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 pursuant to the terms of
Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank 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, 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. 
  

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 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
	
	/s/ Donat A. Fournier
	By:	 	Donat A. Fournier
	Its:	 	President

  

	
	Agreed:
	
	/s/ Michael O. Gilles
	Michael O. Gilles

  

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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 August 29, 2005 by and between Beverly National
Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Michael O. Gilles (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) 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.” 
  

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 IN WITNESS WHEREOF, the Employee and the
Corporation have duly executed on this 9th day of January, 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/ Michael O. Gilles
	Michael O. Gilles

  

 8Employment Agreement by and between Beverly National Corporation and John Putney

 Exhibit 10.8 
 EMPLOYMENT AGREEMENT 
 AGREEMENT made and entered
into as of the 6th day of October, 2003 by and between Beverly National Bank, a national banking association having
its principal place of business at 240 Cabot Street in Beverly, Massachusetts 01915 (the “Bank”), and John Putney with a principal residence of 29 Berrywood Lane, Beverly, Massachusetts 01915 (the “Employee”). 
 W I T N E S S E T H    T H A T: 
 WHEREAS the Bank wishes to employ the Employee as the Senior Vice President and Senior Loan Officer of the Bank; 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 period of employment of the Employee under this Agreement shall be deemed to commence as of October 6, 2003 and shall continue in effect through October 5, 2005. On October 6, 2004 and on each subsequent anniversary thereof,
the term of this Agreement shall automatically extend for an additional year unless, not later than 30 days prior thereto, either party notifies the other by written notice of his or its intent not to extend the same. Notwithstanding the foregoing
provisions of this Section 1, his employment shall terminate in any event upon the Employee’s attainment of age sixty-six (66), at which time the Employee may, with the consent of the Bank, remain an employee-at-will, and the Employee may
resign from, and terminate his employment by, the Bank at any time upon sixty (60) days prior written notice to the Bank. 
 2. Title.
At all times during the term hereof, the Bank shall employ the Employee as its Senior Vice President and Senior Loan Officer. In such capacity, the Employee shall be assigned only such duties and tasks as are appropriate for a person in the position
of Senior Vice President and Senior Loan Officer, and he shall be subject to the supervision of the President of the Bank. The Bank shall employ the Employee on 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 as Senior Vice President and Senior Loan Officer of the Bank. It is the intention of the Bank and the Employee that the Employee shall have full discretionary authority
to control the day-to-day loan operations of the Bank and to incur such obligations on behalf of the Bank as may be required in the ordinary course of its loan operations. 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. 
 3. Compensation and Benefits. 
 (a) Base Compensation. The Bank shall pay to the Employee a base annual salary in the amount of One Hundred Thirty-five Thousand Dollars ($135,000.00),
in accordance with the normal pay practices of the Bank for officers. 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 Loan Officer of
companies engaged in New England in activities substantially similar to those of the Bank and having approximately the same combined gross assets as the Bank. 
 (b) Benefits. At all times during the term of this Agreement, the Bank shall provide or cause to be provided to the Employee the benefits set forth on Exhibit A to this Agreement, together with such other benefits as
may from time to time be provided generally for executive officers of the Bank. 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 Cities of Beverly and Danvers,
Massachusetts, or the Towns of Hamilton, Manchester and Topsfield, Massachusetts, or (ii) municipalities contiguous to the Cities of Beverly and Danvers, Massachusetts, the Town of Hamilton, Massachusetts, the Town of Manchester, Massachusetts,
and the Town of Topsfield, 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 Bank, as such businesses 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, Danvers, Massachusetts, Hamilton, Massachusetts, Manchester, Massachusetts or Topsfield,
Massachusetts, in municipalities contiguous to Beverly, Danvers, Hamilton, Manchester or Topsfield, Massachusetts 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, Danvers, Hamilton, Manchester or Topsfield, Massachusetts, 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 or its subsidiaries. This Section shall not apply to
solicitation by a future employer of Employee who takes such actions without the assistance or consent of the Employee. 
 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 any knowledge of 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 in to the public domain other than as a result of the violation of the terms of this Section 6
by the Employee or which is otherwise lawfully acquired 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 provided in Section 1
hereof or as from time to time extended; 
 (b) The Employee’s resignation from the Bank or the death or disability of the Employee;

 (c) Upon the election of the Bank, for Cause, as hereinafter defined, after ten (10) business days’ prior written notice to the
Employee. 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 is convicted by a court of competent jurisdiction of any criminal offense involving dishonesty or breach of trust; 

  

	 	(ii)	The Employee shall commit an act of fraud materially evidencing bad faith toward the Bank, its parent, any of its subsidiaries or any affiliates; 

  

	 	(iii)	 The Employee fails (after demand and an opportunity to correct as set forth below) to substantially perform the duties reasonably assigned to him by the President
of the Bank which are normal and customary for an Employee in a similar position in a substantially similar company in Massachusetts (other than any such failure resulting from the Employee’s incapacity due to physical or mental illness). The
President shall first make a written demand for substantial performance to Employee. Such demand shall specifically identify the objective and reasonable 

  

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standards which the President believes that Employee has not substantially performed such duties. Such demand shall also specify a reasonable time for
Employee to demonstrate objectively to the President of the Bank that he has substantially performed the duties reasonably assigned to him. 

 (d) At the election of the Employee, for Good Reason, as hereinafter defined, after ten (10) business days written notice of the basis thereof to the Bank if during such period the Bank shall not cure the basis
thereof. For the purpose of this Agreement, the Employee shall be deemed to have “Good Reason” to terminate his employment only if the Bank is in material breach of this Agreement or any other written agreement the Bank may have with the
Employee. 
 (e) Upon the election of the Bank, without Cause (as hereinabove defined), after ten (10) business days prior written
notice to the Employee. 
 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. Notwithstanding the above, the Employee will be 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. 
 (c) Payments upon Expiration of Term Without Renewal. In the event that employment pursuant to this Agreement shall expire
without renewal, the Employee shall be entitled to receive compensation through the date of expiration of this Agreement. 
 (d) Payments
Upon Termination Without Cause or Termination for Good Reason. If at any time during the term of this Agreement (as provided in Section 1 hereof) the employment of the Employee is terminated (i) voluntarily for Good Reason or
(ii) involuntarily for any reason except for termination for Cause under Section 7(c), 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), the sum of all accrued and unpaid compensation
through the date of such termination, plus a lump sum amount equal to one-twelfth of Employee’s base annual salary as in effect as of the date of such termination times the number of months remaining until the expiration of the term of this
Agreement (as provided in Section 1 hereof). 

  

	 	(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, and the Bank’s 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. 

  

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 In the event that the Employee’s participation in any of the foregoing plans, programs or
arrangements (including those contemplated by Subsection (d) hereof) is barred by law or otherwise, or in the event that any such 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 appointment of prepaid premiums any assignable insurance owned by the Bank or any of its subsidiaries and relating specifically to the Employee.

 9. Payments upon Termination for Cause. If at any time during the term of this Agreement, Employee is terminated for Cause pursuant to
Section 7(c) hereof, the Bank shall pay Employee, to the extent it has not been previously paid, an amount equal to Employee’s full base salary through the date of Employee’s termination of employment at the rate in effect at that
time and the Bank shall have no further obligation to Employee under this Agreement. 
 10. 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 Bank:
	  	Beverly National Bank
		  	240 Cabot Street
		  	Beverly, Massachusetts 01915
		  	Attention: President
		
	 (b)    To the Employee:
	  	Mr. John Putney
		  	29 Berrywood Lane
		  	Beverly, Massachusetts 01915

 Either party may by notice in writing change the address to which notices to it or him are to be
addressed hereunder. 
 11. 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 Bank will pay the Employee promptly an
amount equal to his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and shall provide or cause to be provided to the Employee all compensation, benefits and insurance
plans in which he was participating when the notice giving rise to the dispute was given, until the dispute is finally resolved. Amounts paid under this Section 11 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 the Employee shall be entitled to seek specific performance of his
right to be paid as specified in this Section 11. 
 12. Miscellaneous. 
 (a) Indemnification. During the period of his employment hereunder, the Bank agrees to indemnify the Employee in his capacity as an officer of the Bank
to the maximum extent permitted under the laws of the Commonwealth of Massachusetts and applicable banking rules and regulations. The provisions of this Section 12(a) shall survive expiration or termination of this 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. 
 (c) Entire Agreement. This Agreement and the Change in Control Agreement of even date herewith constitute all the Agreements between the parties and this
Agreement may not be changed except by a writing duly executed and delivered by the Bank and the Employee in the same manner as this Agreement. 
  

 4 

 (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 employment 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 Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 (f) Time is of the Essence. It is expressly understood by the Obligors that time is of the essence in performance of all terms and
conditions of this Agreement. 
 (g) Duplicate Originals. Two or more duplicate originals of this Agreement may be signed by the parties
hereto, each of which shall constitute one and the same instrument. 
 (h) Captions. The caption of the sections of this Agreement are for
the purpose of convenience only and are not intended to be a part of this Agreement and shall not be deemed to modify, explain, enlarge or restate any of the provisions in this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed the within instrument as a sealed document as of the date first above written. 
  

							
	ATTEST	 		 	BEVERLY NATIONAL BANK
				
	/s/ Donald Lonnberg	 		 	By:	 	/s/ Donat A. Fournier
		 		 		 	Donat A. Fournier
		 		 		 	President and Chief Executive Officer

							
			
		 		 	JOHN PUTNEY
			
		 		 	/s/ John Putney
		 		 	John Putney

  

 5 

 EXHIBIT A 
 TO 
 EMPLOYMENT AGREEMENT 
 BY AND BETWEEN 
 BEVERLY NATIONAL BANK 
 AND 
 JOHN PUTNEY 
 DATED: OCTOBER 6, 2003 
  

	1.	Automobile - The Employee shall be entitled an automobile allowance in an amount to be mutually agreed upon. 

  

	2.	Vacation - The Employee shall be entitled to twenty-five (25) days paid vacation in each calendar year during the term of the Agreement, earned at a rate of 2.083 days per
month. A vacation period should not be for more than four weeks or less than two weeks. The Employee shall also be entitled to all paid holidays recognized by the Bank. 

  

	3.	Conventions, Seminars and Travel - The Employee shall be entitled at no expense to the Employee to attend conventions and seminars consistent with the business of the Bank and his
position therewith. 

  

	4.	General Reimbursement - The Employee shall be entitled to reimbursement for any and all expenses incurred by him reasonably related to and incurred on account of advancement of the
interests of the Bank. 

  

	5.	Retirement Plan - The Employee shall be entitled to participate in the Bank’s retirement plan as amended from time to time, commencing on January 1st following one
(1) year of employment. 

  

	6.	401(k) Profit Sharing Plan - The Employee shall be entitled to participate in the Bank’s 401(k) profit sharing plan as amended from time to time, beginning after ninety
(90) days of employment, except that there shall be no matching by the Bank until completion of one (1) year of employment. 

  

	7.	Incentive Stock Option Plan - The Employee shall be entitled to participate in the Bank’s parent’s incentive stock options plans in effect from time to time.

  

	8.	Employee Stock Ownership Plan - The Employee shall be entitled to participate in the Bank’s parent’s employee stock ownership plan in effect from time to time, commencing
on January 1st following one (1) year of employment. 

  

	9.	Insurance - The Employee shall be entitled to participate in all insurance programs and benefits as outlined and subject to the limitations contained in the Summary of Employee
Benefits maintained by the Bank or the Bank including life, health, accident and disability. The Bank shall reimburse Employee for his COBRA health insurance cost prior to Employee’s eligibility under the Bank’s health insurance plan. The
Bank shall provide Employee with group term life insurance equal to Employee’s annual salary amount. Employee may purchase, at his cost, additional group term life insurance up to an aggregate of $300,000. 

  

	10.	Sick Days - Employee will be entitled to 0.75 paid sick days per each month of employment. 

  

	11.	Bank’s Incentive Plan - The Employee will be entitled to participate in the Bank’s incentive plan in effect from time to time. Targets are determined annually at budget
time. Awards for Senior Vice Presidents range from 0% to 40% of cash compensation of Senior Vice Presidents. 

  

	12.	Incentive Bonus - The Bank shall award Employee, as a one time bonus of Ten Thousand Dollars ($10,000.00) on January 9, 2004, provided that Employee’s employment with the
Bank (or any successor) has not been previously terminated as a result of resignation, death, disability or for Cause. 

  

	13.	Change in Control Protection - The protection is set forth in the separate agreement dated as of the date hereof. 

  

 6 

 FIRST AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 Reference is made to the Employment Agreement (the “Agreement”) dated as of October 6, 2003 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 John Putney (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 12 is amended by adding the following new subsection (j): 

 “(j) 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 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 

  

 7 

 
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.” 
  

	 	4.	Section 11 of Exhibit A is amended by adding the following sentence after the second and final sentence of such Section: 

 “Awards under the Bank’s incentive plan, if applicable, shall be payable within the first
2 1/2 months of the first taxable year following the end of the relevant calendar year in which the amount is no
longer subject to a substantial risk of forfeiture under Section 409A of the Code.” 
 IN WITNESS WHEREOF, the Employee and the Bank have duly executed on this 10th 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/ John Putney
	John Putney

  

 8

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