Document:

Exhibit 10.2 -- Employment Agreement

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT originally entered into on September 20, 2004 (the
“Effective Date”), by and among SI FINANCIAL GROUP, INC., a federally chartered corporation (the “Company”), SAVINGS INSTITUTE BANK AND TRUST COMPANY, a federally-chartered savings bank (the “Bank”) and
BRIAN J. HULL (“Executive”) is amended and restated in its entirety as of December 17, 2008 (the “Agreement”). 
 W
I T N E S S E T H 
 WHEREAS, Executive continues to serve in a position of substantial responsibility; 
 WHEREAS, the Company and the Bank wish to continue to assure the services of Executive for the period provided in this Agreement; 
 WHEREAS, Executive is willing to continue to serve in the employ of the Bank on a full-time basis for said period; and 
 WHEREAS, the parties to this Agreement desire to amend and restate the Agreement in order to bring it into compliance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and the rules and regulations issued thereunder. 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
 1. Employment. Executive is employed as the Executive Vice President, Chief Financial Officer and Treasurer of the Company and the Bank.
Executive shall perform all duties and shall have all powers which are commonly incident to the offices of Executive Vice President, Chief Financial Officer and Treasurer or which, consistent with those offices, are delegated to him by the Board of
Directors. During the term of this Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary of the Company and the Bank and in such capacity will carry out such duties and responsibilities reasonably
appropriate to that office. 
 2. Location and Facilities. The Executive will be furnished with the working facilities and
staff customary for executive officers with the title and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the
Company and the Bank, or at such other site or sites customary for such offices. 
 3. Term. 
  

	 	a.	The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the Effective Date and ending on the third anniversary of the Effective Date,
plus (ii) any and all extensions of the initial term made pursuant to this Section 3 of this Agreement. 

	 	b.	Commencing on the first year anniversary of the Effective Date, and continuing on each anniversary thereafter, the disinterested members of the boards of directors of the Bank and
the Company may extend the Agreement an additional year such that the remaining term of the Agreement shall be thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with
Section 19 of this Agreement. The Board of Directors of the Bank and the Company (the “Boards”) will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement and the
rationale and results thereof shall be included in the minutes of the Board’s meeting. The Executive shall receive notice as soon as possible after such review as to whether the Agreement is to be extended. 

 4. Base Compensation. 
  

	 	a.	The Company and the Bank agree to pay the Executive during the term of this Agreement a base salary at the rate of $150,000 per year, payable in accordance with customary
payroll practices. 

  

	 	b.	The Board of the Bank shall review annually the rate of the Executive’s base salary based upon factors they deem relevant, and may maintain or increase his salary, provided
that no such action shall reduce the rate of salary below the rate in effect on the Effective Date. 

  

	 	c.	In the absence of action by the Board, the Executive shall continue to receive salary at the annual rate specified on the Effective Date or, if another rate has been established
under the provisions of this Section 4, the rate last properly established by action of the Board under the provisions of this Section 4. 

 5. Bonuses. The Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Company and the Bank may award from time to time to senior management
employees pursuant to bonus plans or otherwise. 
 6. Benefit Plans. The Executive shall be entitled to participate in such
life insurance, medical, dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time by the Company and the Bank for the benefit of their employees.

 7. Vacation and Leave. 
  

	 	a.	The Executive shall be entitled to vacations and other leave in accordance with policy for senior executives, or otherwise as approved by the Board. 

	 	b.	In addition to paid vacations and other leave, the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment for such
additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine. Further, the Board may grant to the Executive a leave or leaves of absence, with or without pay, at such time or times and upon such
terms and conditions as the Board in its discretion may determine. 

 8. Expense Payments and Reimbursements. The
Executive shall be reimbursed for all reasonable out-of-pocket business expenses that he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Company and
the Bank. 
 9. Automobile Allowance. During the term of this Agreement, the Executive shall be entitled to an automobile
allowance on terms no less favorable that those in effect immediately prior to the execution of this Agreement. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile as may be established by the
Company or the Bank from time to time, and the Company or the Bank shall annually include on Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile. 
 10. Loyalty and Confidentiality. 
  

	 	a.	During the term of this Agreement Executive: i. shall devote all his time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, that
from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Company and the Bank or any of their subsidiaries
or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation and ii. shall not engage in any business or activity contrary to the business affairs or
interests of the Company and the Bank. 

  

	 	b.	Nothing contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the
Company and the Bank, or, solely as a passive, minority investor, in any business. 

  

	 	c.	 Executive agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Company and the Bank; the names or
addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Company and the Bank to which he may be exposed during the course of his
employment. The Executive further agrees that, unless required by law or specifically permitted by the Board in writing, he will not disclose 

	 	 
to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally known to the public,
nor shall he employ such information in any way other than for the benefit of the Company and the Bank. 

 11.
Termination and Termination Pay. Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances: 
  

	 	a.	Death. Executive’s employment under this Agreement shall terminate upon his death during the term of this Agreement, in which event Executive’s estate shall be
entitled to receive the compensation due to the Executive through the last day of the calendar month in which his death occurred. 

  

	 	b.	Retirement. This Agreement shall be terminated upon Executive’s retirement under the retirement benefit plan or plans in which he participates pursuant to Section 6
of this Agreement or otherwise. 

  

	 	c.	Disability. 

  

	 	i.	The Board or Executive may terminate Executive’s employment after having determined Executive has a Disability. For purposes of this Agreement, “Disability” means a
physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and that results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the
Company and the Bank (or, if there are no such plans in effect, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board shall determine
whether or not Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that they reasonably believe to be relevant. As a condition to any benefits, the
Board may require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate. 

  

	 	ii.	 In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate. The Bank will pay Executive, as Disability
pay, an amount equal to one hundred percent (100%) of Executive’s bi-weekly rate of base salary in effect as of the date of his termination of employment due to Disability. Disability payments will be made on a monthly basis and will
commence on the first day of the month following the effective date of Executive’s termination of employment for Disability and end on the earlier of: (A) the date he returns to full-time employment at the Bank in the same capacity as he
was employed prior to his termination for Disability; (B) his death; or (C) upon attainment of age 

	 	 
65. Such payments shall be reduced by the amount of any short- or long-term disability benefits payable to the Executive under any other disability programs
sponsored by the Company and the Bank. In addition, during any period of Executive’s Disability, Executive and his dependents shall, to the greatest extent possible, continue to be covered under all benefit plans (including, without limitation,
retirement plans and medical, dental and life insurance plans) of the Company and the Bank, in which Executive participated prior to his Disability on the same terms as if Executive were actively employed by the Company and the Bank.

  

	 	d.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to the Executive in the form and manner specified in this paragraph, immediately terminate his employment at any time, for “Cause”. The
Executive shall have no right to receive compensation or other benefits for any period after termination for Cause. Termination for “Cause” shall mean termination because of, in the good faith determination of the Board, Executive’s:

  

	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence; 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties under this Agreement; 

  

	 	(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or a final cease-and-desist order; or 

  

	 	(7)	Material breach by Executive of any provision of this Agreement. 

  

	 	ii.	Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause by the Company and the Bank unless there shall have been delivered to Executive a copy
of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of such Board called and held for the purpose (after reasonable notice to Executive and an opportunity for Executive to be heard
before the Board with counsel), of finding that in the good faith opinion of the Board, Executive was guilty of the conduct described above and specifying the particulars thereof. 

	 	e.	Voluntary Termination by Executive. In addition to his other rights to terminate under this Agreement, Executive may voluntarily terminate employment during the term of this
Agreement upon at least sixty (60) days prior written notice to the Boards, in which case Executive shall receive only his compensation, vested rights and employee benefits up to the date of his termination. 

  

	 	f.	Without Cause or With Good Reason. 

  

	 	i.	In addition to termination pursuant to Sections 11a. through 11e. the Boards, may, by written notice to Executive, immediately terminate his employment at any time for a reason
other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as
defined below (a termination “With Good Reason”). 

  

	 	ii.	Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive his base salary for the remaining term
of the Agreement paid in one lump sum within ten (10) calendar days of such termination. Also, in such event, Executive shall, for the remaining term of the Agreement, receive the benefits he would have received during the remaining term of the
Agreement under any retirement programs (whether tax-qualified or non-qualified) in which Executive participated prior to his termination (with the amount of the benefits determined by reference to the benefits received by the Executive or accrued
on his behalf under such programs during the twelve (12) months preceding his termination) and continue to participate in any benefit plans of the Company or the Bank that provide health (including medical and dental), life or disability
insurance, or similar coverage upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. In the event that the Company and the Bank are unable to provide such coverage by
reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. 

  

	 	iii.	“Good Reason” shall exist if, without Executive’s express written consent, the Company and the Bank materially breach any of their respective obligations under this
Agreement. Without limitation, such a material breach shall be deemed to occur upon any of the following: 

  

	 	(1)	A material reduction in Executive’s responsibilities or authority in connection with his employment with the Company or the Bank; 

	 	(2)	Assignment to Executive of duties of a non-executive nature or duties for which he is not reasonably equipped by his skills and experience; 

  

	 	(3)	Failure of the Executive to be nominated or renominated to the Board of Directors of the Bank or the Company; 

  

	 	(4)	A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in Section 12 of this Agreement, any reduction in salary
or material reduction in benefits below the amounts to which he was entitled prior to the Change in Control; 

  

	 	(5)	Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s participation to such an extent as to materially reduce their aggregate value
below their aggregate value as of the Effective Date; 

  

	 	(6)	A requirement that Executive relocate his principal business office or his principal place of residence outside of the area consisting of a twenty-five (25) mile radius from
the current main office and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

  

	 	(7)	liquidation or dissolution of the Company or the Bank. 

  

	 	iv.	Notwithstanding the foregoing, a reduction or elimination of the Executive’s benefits under one or more benefit plans maintained by the Company or the Bank as part of a good
faith, overall reduction or elimination of such plans or plans or benefits thereunder applicably to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law) shall
not constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the type or to the general extent as those offered under such plans prior to such reduction or elimination are not available to other officers
of the Company and the Bank or any company that controls either of them under a plan or plans in or under which Executive is not entitled to participate. 

  

	 	g.	Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the contrary, following a termination by the Company and the Bank or
Executive pursuant to Section 11f. of this Agreement: 

  

	 	i.	Executive’s obligations under Section 10c. of this Agreement will continue in effect; and 

	 	ii.	During the period ending on the first anniversary of such termination, the Executive shall not serve as an officer, director or employee of any bank holding company, bank, savings
bank, savings and loan holding company, or mortgage company (any of which, a “Financial Institution”) which Financial Institution offers products or services competing with those offered by the Bank from any office within fifty
(50) miles from the main office or any branch of the Bank and shall not interfere with the relationship of the Company and the Bank and any of its employees, agents, or representatives. 

 12. Termination in Connection with a Change in Control. 
  

	 	a.	For purposes of this Agreement, a Change in Control means any of the following events: 

  

	 	i.	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 

  

	 	ii.	Acquisition of Significant Share Ownership: There is filed or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting
securities. 

  

	 	iii.	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause iii., each director who is first elected by the board (or first nominated by the board for
election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

	 	iv.	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

 Notwithstanding anything in this Agreement to the contrary, in no event shall reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Agreement. 
  

	 	b.	Termination. If within the period ending two (2) years after a Change in Control, (i) the Company and the Bank shall terminate the Executive’s employment
Without Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Company and the Bank shall, within ten calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to
2.99 times the Executive’s average Annual Compensation over the five (5) most recently completed calendar years ending with the year immediately preceding the effective date of the Change in Control. In determining Executive’s average
Annual Compensation, Annual Compensation shall include base salary and any other taxable income, including but not limited to amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses
(whether paid or accrued for the applicable period), as well as, retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s benefit during any such year, profit sharing, employee
stock ownership plan and other retirement contributions or benefits, including to any tax-qualified plan or arrangement (whether or not taxable) made or accrued on behalf of Executive of such year. The cash payment made under this Section 12b.
shall be made in lieu of any payment also required under Section 11f. of this Agreement because of a termination in such period. Executive’s rights under Section 11f. of this Agreement are not otherwise affected by this
Section 12. Also, in such event, the Executive shall, for a thirty-six (36) month period following his termination of employment, receive the benefits he would have received over such period under any retirement programs (whether
tax-qualified or nonqualified) in which the Executive participated prior to his termination (with the amount of the benefits determined by reference to the benefits received by the Executive or accrued on his behalf under such programs during the
twelve (12) months preceding the Change in Control) and continue to participate in any benefit plans of the Company and the Bank that provide health (including medical and dental), life or disability insurance, or similar coverage upon terms no
less favorable than the most favorable terms provided to senior executives of during such period. In the event that the Company and the Bank are unable to provide such coverage by reason of the Executive no longer being an employee, the Company and
the Bank shall provide the Executive with comparable coverage on an individual policy. 

  

	 	c.	 Notwithstanding Section 12a. of this Agreement, in the event Executive elects to terminate his employment for Good Reason (as defined in Section 11f. iii
of this 

	 	 
Agreement) Executive must notify the Bank or the Company within ninety (90) days after the initial existence of an event that qualifies as Good Reason
and the Bank or the Company must be given and opportunity, not less than thirty (30) days, to effectuate a cure for such asserted Good Reason by Executive. 

  

	 	d.	The provisions of Section 12 and Sections 14 through 27, including the defined terms used is such sections, shall continue in effect until the later of the expiration of this
Agreement or two (2) years following a Change in Control. 

 13. Indemnification and Liability Insurance. 

  

	 	a.	Indemnification. The Company and the Bank agree to indemnify the Executive (and his heirs, executors, and administrators), and to advance expenses related thereto, to the
fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his
having been a director or Executive of the Company, the Bank or any of their subsidiaries (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities) such expenses and liabilities to include,
but not be limited to, judgments, court costs, and attorney’s fees and the cost of reasonable settlements, such settlements to be approved by the Board, if such action is brought against the Executive in his capacity as an Executive or director
of the Company and the Bank or any of their subsidiaries. Indemnification for expense shall not extend to matters for which the Executive has been terminated for Cause. Nothing contained herein shall be deemed to provide indemnification prohibited
by applicable law or regulation. Notwithstanding anything herein to the contrary, the obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years. 

  

	 	b.	Insurance. During the period in which indemnification of the Executive is required under this Section, the Company and the Bank shall provide the Executive (and his heirs,
executors, and administrators) with coverage under a directors’ and Executives’ liability policy at the expense of the Company and the Bank, at least equivalent to such coverage provided to directors and senior Executives of the Company
and the Bank. 

 14. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Company and the
Bank shall reimburse the Executive for all out-of-pocket expenses, including, without limitation, reasonable attorney’s fees, incurred by the Executive in connection with successful enforcement by the Executive of the obligations of the Company
and the Bank to the Executive under this Agreement. Successful enforcement shall mean the grant of an award of money or the requirement that the Company and the Bank take some action specified by this Agreement: i. as a result of court order; or ii.
otherwise by the Company and the Bank following an initial failure of the Company and the Bank to pay such money or take such action promptly after written demand therefor from the Executive stating the reason that such money or action was due under
this Agreement at or prior to the time of such demand. 
  

 15. Limitation of Benefits under Certain Circumstances. If the payments and benefits
pursuant to Section 12 of this Agreement, either alone or together with other payments and benefits which the Executive has the right to receive from the Company and the Bank, would constitute a “parachute payment” under
Section 280G of the Code, the payments and benefits pursuant to Section 12 shall be reduced or revised, in the manner determined by the Executive, by the amount, if any, which is the minimum necessary to result in no portion of the
payments and benefits under Section 12 being non-deductible to the Company and the Bank pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The determination of any reduction in
the payments and benefits to be made pursuant to Section 12 shall be based upon the opinion of the Company and the Bank’s independent public accountants and paid for by the Company and the Bank. In the event that the Company, the Bank
and/or the Executive do not agree with the opinion of such counsel, i. the Company and the Bank shall pay to the Executive the maximum amount of payments and benefits pursuant to Section 12, as selected by the Executive, which such opinion
indicates there is a high probability of such payments and benefits being deductible to the Company and the Bank and not subject to the imposition of the excise tax imposed under Section 4999 of the Code and ii. the Company and the Bank may
request, and the Executive shall have the right to demand that they request, a ruling from the IRS as to whether the disputed payments and benefits pursuant to Section 12 have such consequences. Any such request for a ruling from the IRS shall
be promptly prepared and filed by the Company and the Bank, but in no event later than thirty (30) days from the date of the opinion of counsel referred to above, and shall be subject to the Executive’s approval prior to filing, which
shall not be unreasonably withheld. The Company, the Bank and the Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any such rulings, together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code. Nothing contained herein shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination of employment other than pursuant to
Section 12 hereof, or a reduction in the payments and benefits specified in Section 12 below zero. 
 16. Injunctive
Relief. If there is a breach or threatened breach of Section 11g. of this Agreement or the prohibitions upon disclosure contained in Section 10c. of this Agreement, the parties agree that there is no adequate remedy at law for such
breach, and that the Company and the Bank shall be entitled to injunctive relief restraining the Executive from such breach or threatened breach, but such relief shall not be the exclusive remedy hereunder for such breach. The parties hereto
likewise agree that the Executive, without limitation, shall be entitled to injunctive relief to enforce the obligations of the Company and the Bank under this Agreement. 
 17. Successors and Assigns. 
  

	 	a.	This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company and the Bank which shall acquire, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company and the Bank. 

	 	b.	Since the Company and the Bank are contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating his rights or duties
hereunder without first obtaining the written consent of the Company and the Bank. 

 18. No Mitigation.
Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided
to Executive in any subsequent employment. 
 19. Notices. All notices, requests, demands and other communications in
connection with this Agreement shall be made in writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid,
addressed to the Company and/or the Bank at their principal business offices and to Executive at his home address as maintained in the records of the Company and the Bank. 
 20. No Plan Created by this Agreement. Executive, the Company and the Bank expressly declare and agree that this Agreement was negotiated
among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income Security Act or any other law or regulation, and each party expressly waives any
right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that such a plan was so created by this Agreement shall be deemed a material breach of this Agreement by the party making such an assertion.

 21. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of
the parties, except as herein otherwise specifically provided. 
 22. Applicable Law. Except to the extent preempted by Federal
law, the laws of the State of Connecticut shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 23. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. 
 24. Headings. Headings contained herein are for convenience of reference only. 
 25. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties,
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than written agreements with respect to specific plans, programs or arrangements described in Sections 5 and 6. 
  

 26. Required Provisions. In the event any of the foregoing provisions of this
Section 26 are in conflict with the terms of this Agreement, this Section 26 shall prevail. 
  

	 	a.	The Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice
Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 11(d) hereinabove.

  

	 	b.	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion: i. pay Executive all or part of the compensation withheld while their contract obligations were suspended; and ii. reinstate (in whole or in part) any of the obligations which were suspended.

  

	 	c.	If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

	 	d.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	e.	All obligations under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank:
(i) by the Director of the OTS (or his designee), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12
U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the
Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

	 	f.	Any payments made to employees pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12
C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

 27. Section 409A of the Code. 

 

	 	a.	This Agreement is intended to comply with the requirements of Section 409A of the Code, and specifically, with the “short-term deferral exception” under Treasury
Regulation Section 1.409A-1(b)(4) and the “separation pay exception” under Treasury Regulation Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any
payment or benefit hereunder cannot be provided or made at the time specified herein without incurring sanctions on Executive under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time thereafter
when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of
such term under Section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated as a right to a series of
separate payments, and if a payment is not made by the designated payment date under this Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment provided for
hereunder would be subject to additional tax under Section 409A of the Code, or would cause the administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void
to the extent permitted by applicable law, and any such amount shall be payable in accordance with b. below. In no event shall Executive, directly or indirectly, designate the calendar year of payment. 

  

	 	b.	If when separation from service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if the cash severance payment under
Section 11f. ii of this Agreement or 12b. of this Agreement would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of
the Code is not available (i.e., the “short-term deferral exception” under Treasury Regulations Section 1.409A-1(b)(4) or the “separation pay exception” under Treasury Section 1.409A-1(b)(9)(iii)), the Bank or the
Company will make the maximum severance payment possible in order to comply with an exception from the six month requirement and make any remaining severance payment under Section 11f. ii. or 12b. of this Agreement to Executive in a single lump
sum without interest on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service. 

	 	c.	If (x) under the terms of the applicable policy or policies for the insurance or other benefits specified in Section 11f.ii. or 12b. of this Agreement it is not possible
to continue coverage for Executive and his dependents, or (y) when a separation from service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if any of the continued insurance
coverage or other benefits specified in Section 11f.ii. or 12b. of this Agreement would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of
Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance or other benefit, the Bank or the Company shall pay to Executive in a single lump sum an amount in cash equal to the present value of the Bank’s projected
cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had Executive’s employment not terminated, assuming continued coverage for 36 months. The lump-sum payment shall be made thirty
(30) days after employment termination or, if Section 27b. of this Agreement applies, on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service.

  

	 	d.	References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal
Revenue Section 409A of the Code. 

 IN WITNESS WHEREOF, the parties hereto have executed this amended and restated Agreement on
December 17, 2008. 
  

							
	Attest:	 		 	SI FINANCIAL GROUP, INC.
				
	 /s/ Laurie Gervais
	 		 	By:	 	 /s/ Henry P. Hinckley

		 		 		 	Chairman of the Board of Directors
			
	Attest:	 		 	SAVINGS INSTITUTE BANK AND TRUST COMPANY
				
	 /s/ Laurie Gervais
	 		 	By:	 	 /s/ Henry P. Hinckley

		 		 		 	Chairman of the Board of Directors
			
	Witness:	 		 	EXECUTIVE
			
	 /s/ Laurie Gervais
	 		 	 /s/ Brian J. Hull

		 		 	Brian J. HullExhibit 10.3 -- Employee Severance Compensation Plan

 Exhibit 10.3 
 AMENDED AND RESTATED 
 SAVINGS INSTITUTE BANK AND TRUST COMPANY 
 EMPLOYEE SEVERANCE COMPENSATION PLAN 
 PLAN PURPOSE 
 The purpose of the Savings Institute Bank and Trust Company Employee Severance Compensation Plan (the
“Plan”) is to assure the services of employees of the Bank (and affiliates of the Bank that adopt the Plan) in the event of a Change in Control of the Company (capitalized terms are defined in Section 2.1). The benefits contemplated
by the Plan recognize the value to the Bank of the services and contributions of the employees of the Bank and the effect upon the Bank resulting from the uncertainties of continued employment, reduced employee benefits, management changes and
relocations that may arise in the event of a Change in Control. The Board of Directors of the Bank believes that the Plan will also aid the Bank in attracting and retaining highly qualified individuals who are essential to its success and the
Plan’s assurance of fair treatment of the Bank’s employees will reduce the distractions and other adverse effects on employees’ performance in the event of a Change in Control. 
 ARTICLE I 
 ESTABLISHMENT OF PLAN 
 1.1 Establishment of Plan 
 As of the
Effective Date of the Plan, the Bank hereby establishes an employee severance compensation plan to be known as the “Savings Institute Bank and Trust Company Employee Severance Compensation Plan.” The Bank has amended and restated this Plan
on December 17, 2008 to conform with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) 
 1.2 Applicability of Plan 
 The benefits provided by this Plan shall be available to all employees of the Bank, who, at or
after the Effective Date, meet the eligibility requirements of Article III. 
 1.3 Contractual Right to Benefits 
 This Plan establishes and vests in each Participant a contractual right to the benefits to which each Participant is entitled hereunder, enforceable by
the Participant against the Employer. 
  

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 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 
 2.1 Definitions 
 Whenever used in the Plan, the following terms shall have the meanings set forth below. 
 (a) “Annual Compensation” of a Participant means and includes all cash compensation paid or accrued by the Employer with respect to the
Participant’s service during the 12-consecutive month period ending on the last business day of the month preceding the date the Participant’s employment terminates. 
 (b) “Bank” means Savings Institute Bank and Trust Company or any successor as provided for in Article VII hereof. 
 (c) “Change in Control” means any one of the following events occur: 
 (i) Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less
than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 
 (ii) Acquisition of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule
(other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class
of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of
its outstanding voting securities. 
 (iii) Change in Board Composition: During
any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided,
however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

 2 

 (iv) Sale of Assets: The Company sells to a third party all or substantially all of its assets.

 Notwithstanding anything in this Plan to the contrary, in no event shall the conversion of the Bank from mutual to stock form (including
without limitation, through the formation of a stock holding company) or the reorganization of the Bank into the mutual holding company form of organization constitute a “Change in Control” for purposes of this Plan. 
 (d) “Company” means SI Financial Group, Inc., a federally chartered corporation. 
 (e) “Disability” means the permanent and total inability by reason of mental or physical infirmity, or both, of an employee to perform the work
customarily assigned to him. Additionally, a medical doctor selected or approved by the Board of Directors must advise the Board that it is either not possible to determine if or when such Disability will terminate or that it appears probable that
such Disability will be permanent during the remainder of said employees lifetime. 
 (f) “Effective Date” means August 18,
2004. 
 (g) “Employer” means (i) the Bank, (ii) the Company, or (iii) any subsidiary of the Bank or the Company that
adopts the Plan. 
 (h) “ERISA” means Employee Retirement Income Security Act of 1974, as amended. 
 (i) “Participant” means an employee of an employer who meets the eligibility requirements of Article III. 
 (j) “Termination for Cause” shall include termination because of a Participant’s personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or violation of any final cease-and desist order,
or material breach of any provision of the plan. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the savings institutions industry. 
 (k) “Leave of Absence” and “LOA” mean (i) the taking of an authorized or approved leave of absence under the provisions of the
federal Family and Medical Leave Act (“FMLA”), (ii) any state law providing qualitatively similar benefits as the FMLA, or (iii) a leave of absence authorized under the policies of the Bank. “Leave of Absence” and
“LOA” are defined in this paragraph for the exclusive purposes of this Plan. 
 (l) “Plan” means this Savings Institute
Bank and Trust Company Employee Severance Compensation Plan, as amended and restated. 
  

 3 

 (m) “Year of Service” means each consecutive 12 month period, beginning with an employee’s
date of hire and running without a termination of employment in which an employee is credited with at least one hour of service in each of the 12 calendar months in such period. The taking of an LOA shall not eliminate a period of time from being a
Year of Service if such period of time otherwise qualifies as such. Further if a particular 12 month period of time would not otherwise qualify under the Plan as a Year of Service because one hour of service is not credited during each month of such
period due to the taking of a LOA, then such period of time shall be deemed to be a Year of Service for all other sections of this Plan. 
 2.2 Applicable Law 
 The laws of the State of Connecticut shall be the controlling law in all matters relating to the Plan to
the extent not preempted by Federal law. 
 2.3 Severability 
 If a provision of this Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan
shall be construed and enforced as if the illegal or invalid provision had not been included. 
 ARTICLE III 
 ELIGIBILITY 
 3.1 Participation

 All employees of the Employer who have completed at least one (1) Year of Service with the Employer at the time of any termination
pursuant to Section 4.2 of this Plan are eligible to participate in the Plan. Notwithstanding the foregoing, persons who have entered into and continue to be covered by an employment agreement with the Employer shall not be entitled to
participate in this Plan. 
 3.2 Duration of Participation 
 A Participant shall cease to be a Participant in the Plan when the Participant ceases to be an employee of an Employer, unless such Participant is
entitled to benefits under the Plan. A Participant entitled to benefits under the Plan shall remain a Participant in this Plan until he has received full payment of his Plan benefits. 
  

 4 

 ARTICLE IV 
 BENEFITS 
 4.1 Right to Benefits 
 A Participant shall be entitled to receive from his respective Employer a severance benefit in the amount provided in Section 4.3 of the Plan if
there has been a Change in Control of the Bank or the Company and if, within twenty-four (24) months thereafter, the Participant’s employment by an Employer shall terminate for any reason specified in Section 4.2 of the Plan, whether
the termination of employment is voluntary or involuntary. A Participant shall not be entitled to a benefit if termination occurs by reason of death, voluntary retirement, voluntary termination other than for reasons specified in Section 4.2 of
the Plan, Disability, or as a result of Termination for Cause. 
 4.2 Reasons for Termination 
 Following a Change in Control, a Participant shall be entitled to a benefit if employment by an Employer is terminated, voluntarily or involuntarily, for
any one or more of the following reasons: 
 (a) The Employer reduces the Participant’s base salary or rate of compensation as in effect
immediately prior to the Change in Control. 
 (b) The Employer materially changes the Participant’s function, duties or responsibilities
which would cause the Participant’s position to be one of lesser responsibility, importance or scope with the Employer than immediately prior to the change in control. 
 (c) The Employer requires the Participant to change the location of the Participant’s job or office, so that such Participant will be based at a
location more than twenty-five (25) miles from the location of the Participant’s job or office immediately prior to the Change in Control provided that such new location is not closer to the Participant’s home. 
 (d) The Employer materially reduces the benefits and perquisites available to the Participant immediately prior to the Change in Control, provided,
however, that a material reduction in benefits and perquisites generally provided to all Employees of the Employer on a nondiscriminatory basis would not trigger a payment pursuant to this Plan. 
 (e) A successor to the Bank fails or refuses to assume the Employer’s obligations under this Plan, as required by Article VII. 
 (f) The Bank or any successor to the Bank breaches any other provisions of this Plan. 
 (g) The Employer terminates the employment of a Participant at or after a Change in Control other than for Termination for Cause. 
  

 5 

 4.3 Amount of Benefit 
 (a) Each Participant entitled to a benefit under this Plan shall receive from the Bank, a lump sum cash payment equal to one-twelfth of his Annual
Compensation for each Year of Service up to a maximum of twenty-four (24) months of service. 
 (b) Notwithstanding the provisions of
paragraph (a) above, if a benefit to a Participant who is a “Disqualified Individual” shall be in an amount which includes an “Excess Parachute Payment,” the benefit hereunder to that Participant shall be reduced to the
maximum amount which does not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute Payment” shall have the same meanings as under Section 280G of the Internal Revenue Code of 1986,
as amended, or any successor provision thereto. 
 Participants shall not be required to mitigate damages on the amount of the
benefit by seeking other employment or otherwise, nor shall the amount of such benefit be reduced by any compensation earned by a Participant as a result of employment after termination of employment hereunder. 
 4.4 Time of Payment of Benefit 
 The benefit to which a Participant is entitled shall be paid to the Participant by the Employer or the successor to the Employer, in cash and in full, not later than twenty (20) business days after the
termination of the Participant’s employment. If any Participant should die after termination of the employment but before all amounts have been paid, such unpaid amounts shall be paid to the Participant’s named beneficiary, if living,
otherwise to the personal representative on behalf of or for the benefit of the Participant’s estate. 
 ARTICLE V 
 OTHER RIGHTS AND BENEFITS NOT AFFECTED 
 5.1 Other Benefits 
 Neither the provisions of this Plan nor the benefits provided for hereunder shall reduce
any amounts otherwise payable, or in any way diminish the Participant’s rights as an Employee of an Employer, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus, stock ownership or any
employment agreement or other plan or arrangement. 
 5.2 Employment Status 
 This Plan does not constitute a contract of employment or impose on the Participant or the Participant’s Employer any obligation to
retain the Participant as an Employee, to change the status of the Participant’s employment, or to change the Employer’s policies regarding termination of employment. 
  

 6 

 ARTICLE VI 
 PARTICIPATING EMPLOYERS 
 6.1 Upon approval by the Board of Directors of the Bank, this Plan may be
adopted by any “Subsidiary” or “Parent” of the Bank. Upon such adoption, the Subsidiary or Parent shall become an Employer hereunder and the provisions of the Plan shall be fully applicable to the Employees of that Subsidiary or
Parent. The term “Subsidiary” means any corporation in which the Bank, directly or indirectly, holds a majority of the voting power of its outstanding shares of capital stock. The term “Parent” means any corporation which holds a
majority of the voting power of the Bank’s outstanding shares of capital stock. 
 ARTICLE VII 
 SUCCESSOR TO THE BANK 
 7.1 The
Employer shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Employer, expressly and unconditionally to assume and agree to
perform the Employer’s obligations under this plan, in the same manner and to the same extent that the Employer would be required to perform if no such succession or assignment had taken place. 
 ARTICLE VIII 
 DURATION, AMENDMENT
AND TERMINATION 
 8.1 Duration 
 If a Change in Control has not occurred, this Plan shall expire ten (10) years from the Effective Date, unless sooner terminated as provided in Section 8.2 of the Plan, or unless extended for an additional
period or periods by resolution adopted by the Board of Directors of the Bank. 
 Notwithstanding the foregoing, if a Change
in Control occurs this Plan shall continue in full force and effect, and shall not terminate or expire until such date as all Participants who become entitled to benefits hereunder shall have received such benefits in full. 
 8.2 Amendment and Termination 
 The Plan may be terminated or amended in any respect by resolution adopted by a majority of the Board of Directors of the Bank, unless a Change in Control has previously occurred. If a Change in Control occurs, the Plan no longer shall be
subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. 
  

 7 

 8.3 Form of Amendment 
 The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers
of the Bank, certifying that the amendment or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights hereunder. A proper
termination of the Plan automatically shall effect a termination of all Participants’ rights and benefits hereunder. 
 8.4 No
Attachment 
 (a) Except as required by law, no right to receive payments under this Plan shall be subject to
anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect
such action shall be null, void, and of no effect. 
 (b) This Plan shall be binding upon, and inure to the benefit of,
Employee and the Bank and their respective successors and assigns. 
 ARTICLE IX 
 LEGAL FEES AND EXPENSES 
 9.1 All
reasonable legal fees and other expenses paid or incurred by a party hereto pursuant to any dispute or question of interpretation relating to this Plan shall be paid or reimbursed by the non-prevailing party in any legal judgment, arbitration or
settlement. 
 ARTICLE X 
 REQUIRED PROVISIONS 
 10.1 The Employer may terminate an Employee’s employment at any time, but any termination by the
Employer, other than Termination for Cause, shall not prejudice the Employee’s right to compensation or other benefits under this Plan. Employee shall not have the right to receive compensation or other benefits for any period after Termination
for Cause as otherwise provided hereunder. 
 10.2 If the Employee is suspended and/or temporarily prohibited from participating in the
conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1), the Bank’s obligations under this contract shall be suspended as of the date
of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Employee all or part of the compensation withheld while their contract obligations were suspended and
(ii) reinstate (in whole or in part) any of the obligations which were suspended. 
  

 8 

 10.3 If the Employee is removed and/or permanently prohibited from participating in the conduct of the
Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the
order, but vested rights of the contracting parties shall not be affected. 
 10.4 If the Bank is in default as defined in
Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the
contracting parties. 
 10.5 All obligations under the Plan shall be terminated, except to the extent determined that continuation of the Plan
is necessary for the continued operation of the Bank: 
 (a) by the Director or his designee, at the time the Federal Deposit
Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in section 13(c) of the Federal Deposit Insurance Act; or 
 (b) by the Director or his designee, at the time the Director or his designee approves a supervisory merger to resolve problems related to
operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. 
 Any rights of the parties
that have already vested, however, shall not be affected by such action. 
 10.6 Any payments made to a Participant pursuant to this Plan, or
otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and any regulations promulgated thereunder. 
 ARTICLE XI 
 ADMINISTRATIVE PROVISIONS 
 11.1 Plan Administrator The administrator of the Plan shall be under the supervision of the Board of Directors of the Bank or a Committee appointed by the Board of Directors of the Bank (the “Board”).
It shall be a principal duty of the Board to see that the Plan is carried out in accordance with its terms, for the exclusive benefit of persons entitled to participate in the Plan without discrimination among them. The Board will have full power to
administer the Plan in all of its details subject, however, to the requirements of ERISA if the Plan is subject to such requirements. For this purpose, the Board’s powers will include, but will not be limited to, the following authority, in
addition to all other powers provided by this Plan: (a) to make and enforce such rules and regulations as it 

  

 9 

 
deems necessary or proper for the efficient administration of the Plan; (b) to interpret the Plan, its interpretation thereof in good faith to be final
and conclusive on all persons claiming benefits under the Plan; (c) to decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; (d) to compute the amount of benefits that will be payable to any
Participant or other person in accordance with the provisions of the Plan, and to determine the person or persons to whom such benefits will be paid; (e) to authorize the payment of benefits; (f) to appoint such agents, counsel,
accountants, consultants and actuaries as may be required to assist in administering the Plan; and (g) to allocate and delegate its responsibilities under the Plan and to designate other persons to carry out any of its responsibilities under
the Plan, any such allocation, delegation or designation to be by written instrument and in accordance with Section 405 of ERISA if applicable. 
 11.2 Named fiduciary The Board will be a “named fiduciary” for purposes of Section 402(a)(1) of ERISA with authority to control and manage the operation and administration of the Plan, and will be responsible for
complying with all, if any, of the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA. 
 11.3 Claims and
review procedures 
 (a) Claims procedure If any person believes he is being denied any rights or benefits under
the Plan, such person may file a claim in writing with the Board. If any such claim is wholly or partially denied, the Board will notify such person of its decision in writing. Such notification will be written in a manner calculated to be
understood by such person and will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect
such claim and an explanation of why such material or information is necessary and (iv) information as to the steps to be taken if the person wishes to submit a request for review. Such notification will be given within 90 days after the claim
is received by the Board (or within 180 days, if special circumstances require an extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90 day period). If
such notification is not given within such period, the claim will be considered denied as of the last day of such period and such person may request a review of his claim. 
 (b) Review procedure Within 60 days after the date on which a person receives a written notice of a denied claim (or, if
applicable, within 60 days after the date on which such denial is considered to have occurred) such person (or his duly authorized representative) may (i) file a written request with the Board for a review of his denied claim and of pertinent
documents and (ii) submit written issues and comments to the Board. The Board will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific
reasons for the decision as well as specific references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Board (or within 120 days, if special circumstances require an

  

 10 

 
extension of time for processing the requests such as an election by the Board to hold a hearing, and if written notice of such extension and circumstances
is given to such person within the initial 60 day period). If the decision on review is not made within such period, the claim will be considered denied. 
 11.4 Nondiscriminatory exercise of authority Whenever, in the administration of the Plan, any discretionary action by the Board is required, the Board shall exercise its authority in a nondiscriminatory manner
so that all persons similarly situated will receive substantially the same treatment. 
 11.5 Indemnification of Board The Bank will
indemnify and defend to the fullest extent permitted by law any person serving on the Board or as a member of a committee designated as Board (including any person who formerly served as a Board member or as a member of such committee) against all
liabilities, damages, costs and expenses (including attorneys fees and amounts paid in settlement of any claims approved by the Bank) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith.

 11.6 Benefits solely from general assets The benefits provided hereunder will be paid solely from the general assets of the
Employer. Nothing herein will be construed to require the Employer or the Board to maintain any fund or segregate any amount for the benefit of any Participant, and no Participant or other person shall have any claim against, right to, or security
or other interest in, any fund, account or asset of the Employer from which any payment of benefits under the Plan may be made. 
 ARTICLE
XII 
 SECTION 409A OF THE INTERNAL REVENUE CODE 
 12.1 Section 409A of the Internal Revenue Code 
 If when termination of
employment occurs an employee is a “specified employee” (within the meaning of Section 409A of the Code), and if the cash severance payment under Article IV of this Plan would be considered deferred compensation under
Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, the employee’s severance benefit shall be paid to the employee in a single lump
sum, without interest, on the first payroll date of the seventh month after the month in which the employee’s employment terminates, provided the termination of employment constitutes a “separation from service” under
Section 409A of the Code. References in this Plan to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 
  

 11 

 This Plan was originally adopted by the Board of Directors of the Bank on August 18, 2004, and is
hereby amended and restated in its entirety as of December 17, 2008. 
  

					
	Attest	 		 	SAVINGS INSTITUTE BANK AND
		 		 	TRUST COMPANY
			
	 /s/ Laurie Gervais
	 		 	 /s/ Rheo A. Brouillard

		 		 	Rheo A. Brouillard
		 		 	President and Chief Executive Officer
			
	 /s/ Laurie Gervais
	 		 	 /s/ Henry P. Hinckley

		 		 	Henry P. Hinckley
		 		 	Chairman of the Board of Directors

  

 12

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