Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT 
 THIS
SECOND AMENDMENT (the “Second Amendment”) is made and entered into as of the 23rd day of July, 2015, by and between HINES GLOBAL REIT RIVERSIDE CENTER, LLC, a
Delaware limited liability company (“Landlord”), and TECHTARGET, INC., a Delaware corporation (“Tenant”). 

RECITALS 
  

	A.	Landlord (as successor in interest to MA-Riverside Project, L.L.C.) and Tenant are parties to that certain lease dated August 4, 2009, which lease has been previously amended by a First Amendment dated
November 18, 2010 (“First Amendment”) (collectively, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 96,275 rentable square feet (the
“Original Premises”) on the first (1st), second (2nd), and third
(3rd) floors of the building commonly known as One Riverside Center, located at 275 Grove Street, Newton, Massachusetts 02466 (the “Building”). 

 

	B.	Tenant has requested that additional space containing approximately 14,203 rentable square feet on the second (2nd) floor of the Building shown on
Exhibit A, Second Amendment, attached hereto (the “Expansion Space”) be added to the Original Premises and that the Lease be appropriately amended. Landlord is willing to do the same on the following terms and
conditions. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows (capitalized terms used but not defined herein shall have the meanings given in the Lease): 

 

	I.	Expansion and Effective Date. 

  

	 	A.	Effective as of the Expansion Space Commencement Date (defined below), the Premises is increased from 96,275 rentable square feet on the first (1st), second (2nd) and third (3rd) floors to 110,478 rentable square feet on the first (1st), second
(2nd) and third (3rd) floors by the addition of the Expansion Space. From and after the Expansion Space Commencement Date, the
Original Premises and the Expansion Space, collectively, shall be deemed the Premises for all purposes of the Lease. The Term for the Expansion Space shall commence on the Expansion Space Commencement Date, and end on the Termination Date. The
Expansion Space is subject to all the terms and conditions of the Lease, except as expressly modified herein, and except that Tenant shall not be entitled to receive any allowances, abatements or other financial concessions granted with respect to
the Original Premises unless such concessions are expressly provided for herein with respect to the Expansion Space. 

  

	 	B.	 The “Expansion Space Commencement Date” shall be the date upon which the Landlord Work (as defined in the Work Letter attached as
Exhibit B, Second Amendment, attached hereto) in the Expansion Space has been substantially completed, except for any “punch list” items (which are defined as those items of work which can be completed after occupancy has been
taken without causing undue interference with Tenant’s use of the Premises for the Permitted Uses), 

  
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such that, upon the installation of Tenant’s furniture and telecommunications equipment in the Expansion Space, Landlord can obtain a certificate of occupancy for the Expansion Space.
Promptly after such installation by Tenant, Landlord shall, as part of the Landlord Work, obtain such certificate of occupancy and deliver a copy thereof to Tenant. Upon the substantial completion of the Landlord Work, Landlord shall deliver a
certificate to such effect from the general contractor performing the Landlord Work. If Landlord shall be delayed in substantially completing the Landlord Work in the Expansion Space as a result of the occurrence of a Tenant Delay (defined below),
then, for purposes of determining the Expansion Space Commencement Date, the date of substantial completion, shall be deemed to be the day that said Landlord Work would have been substantially completed absent any such Tenant Delay(s). The estimated
Expansion Space Commencement Date is January 1, 2016. A “Tenant Delay” means any act or omission of Tenant or its agents, employees, vendors or contractors that actually delays substantial completion of the Landlord Work,
including, without limitation, the following: 

  

	 	1.	Tenant’s failure to furnish information or approvals within any time period specified in the Lease or this Second Amendment, or, where no period is so specified, within five (5) Business Days after
Landlord’s request therefor; 

  

	 	2.	Tenant’s selection of equipment or materials that have long lead times after first being informed by Landlord of the number of days of lead time required by such selection and that such selection may result in a
delay; 

  

	 	3.	Changes requested or made by Tenant to previously approved plans and specifications (and the parties acknowledge that the fit plan attached hereto as Exhibit B-1 Second Amendment is approved); 

 

	 	4.	The performance of work in the Expansion Space by Tenant or Tenant’s contractor(s) during the performance of the Landlord Work; or 

 

	 	5.	If the performance of any portion of the Landlord Work depends on the prior or simultaneous performance of work by Tenant, a delay by Tenant or Tenant’s contractor(s) in the completion of such work.

 Tenant shall have the right to inspect the progress of Landlord’s Work from time to time upon reasonable notice and at
reasonable times, and Landlord shall also respond to Tenant’s reasonable written or verbal requests for updates from time to time. 
  

	C.	 Tenant shall have the right to give Landlord written notice, not later than one hundred twenty (120) days after the Expansion Space Commencement
Date (and not later than the expiration of twelve (12) months after the Expansion Space Commencement Date as to latent defects), of respects in which the Landlord Work has not been performed in accordance with the Construction Plans (defined
below). Landlord shall, as part of the Landlord Work, cause the general contractor to complete those items of the Landlord Work properly identified in any such notice. To the extent that Tenant has not timely delivered any such notices to Landlord
on or prior to the applicable foregoing deadlines, Tenant shall be deemed to have acknowledged that all Landlord Work has been 

  
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completed to Tenant’s satisfaction and that Tenant has waived any claim that Landlord has failed to perform any of the Landlord Work. From and after the expiration of such twelve
(12) month period, Tenant shall be entitled to the benefit of any applicable warranties obtained by Landlord from third parties with respect to the Landlord Work provided that Tenant shall be solely responsible for enforcing such warranties
directly against the party providing the same. Landlord shall assign, to the extent permissible and without recourse, all warranties to Tenant for the Landlord Work following said twelve (12) month period. 

 

	D.	If the Expansion Space Commencement Date does not occur on or before March 1, 2016, which date may be extended by reason of (i) any Tenant Delay and/or (ii) the failure of the existing tenant of the
Expansion Space to vacate same on or before November 30, 2015 (provided that any extension of the Outside Delivery Date (defined below) under this clause (ii) shall not exceed sixty (60) days), then Tenant shall receive a credit
against the next due installment(s) of Basic Rent in an amount equal to the product of (x) $1,692.69 multiplied by (y) the number of days that elapse after the Outside Delivery Date until the Expansion Space Commencement Date occurs. As
used herein, the “Outside Delivery Date” means March 1, 2016, as the same may be extended as provided above. 

  

	II.	Basic Rent. 

 In addition to Tenant’s obligation to pay Basic Rent for the
Original Premises, Tenant shall pay Basic Rent for the Expansion Space as follows: 
  

													
	 Lease Year*
	  	Annual Rate Per
Square Foot	 	  	Annual Basic
Rent	 	 	Monthly
Basic Rent	 
	 Lease Year 1:
	  	$	43.50	  	  	$	617,830.50	  	 	$	51,485.88	  
	 Lease Year 2:
	  	$	44.50	  	  	$	632,033.50	  	 	$	52,669.46	  
	 Lease Year 3:
	  	$	45.50	  	  	$	646,236.50	  	 	$	53,853.04	  
	 Lease Year 4:
	  	$	46.50	  	  	$	660,439.50	  	 	$	55,036.63	  
	 Lease Year-2/29/20:
	  	$	47.50	  	  	$	674,642.50	** 	 	$	56,220.21	  

  

	*	For purposes hereof, “Lease Year” shall mean a twelve-month period beginning on the Expansion Space Commencement Date or any anniversary of the Expansion Space Commencement Date, except that if the
Expansion Space Commencement Date does not fall on the first day of a calendar month, then the first Lease Year shall begin on the Expansion Space Commencement Date and end on the last day of the month containing the first anniversary of the
Expansion Space Commencement Date (and the Annual Basic Rent for such Lease Year shall be appropriately prorated), and each succeeding Lease Year shall begin on the day following the last day of the prior Lease Year. 

	**	annualized 

 All such Basic Rent shall be payable by Tenant in accordance with the terms of the
Lease. 
  

	III.	Electricity in Expansion Space. The consumption of electricity in the Expansion Space shall be measured by a separate submeter to be installed by Landlord as part of the Landlord Work. 

  
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	IV.	Tenant’s Pro Rata Share. 

 Tenant’s Pro Rata Share for the Expansion
Space is 2.80%. 
  

	V.	Expenses and Taxes with respect to the Expansion Space. 

 Tenant shall pay for
Tenant’s Pro Rata Share of Expenses and Taxes applicable to the Expansion Space in accordance with the terms of the Lease, provided, however, during such period, 
  

	 	(i)	the Base Year for the computation of Tenant’s Pro Rata Share of Expenses for the Expansion Space is calendar year 2016; and 

  

	 	(ii)	the Base Year for the computation of Tenant’s Pro Rata Share of Taxes for the Expansion Space is fiscal/tax year 2016 (i.e., July 1, 2015, through June 30, 2016). 

 

	VI.	Improvements to Expansion Space. 

  

	 	A.	Condition of Expansion Space. Tenant has inspected the Expansion Space and agrees to accept the same “as is” without any agreements, representations, understandings or obligations on the part of
Landlord to perform any alterations, repairs or improvements, except as expressly provided in this Second Amendment. 

  

	 	B.	Responsibility for Improvements to Expansion Space. Landlord shall perform improvements to the Expansion Space in accordance with the Work Letter attached hereto as Exhibit B, Second Amendment.

  

	 	C.	Tenant Access. During the performance of the Landlord Work, Landlord will cause the Contractor (as that term is defined in Exhibit B, Second Amendment) to cooperate with Tenant’s contractors to provide such
contractors access to the Premises and the Building for the installation of Tenant’s telecommunications equipment and other furniture, fixtures, and equipment. 

 

	VII.	Landlord’s Corridor Work. Landlord shall, on or before the Expansion Space Commencement Date, perform work (“Landlord’s Corridor Work”) in and around the common corridor on the
second (2nd) floor of the Building to construct a multi-tenant corridor. Landlord’s Corridor Work shall be performed in a good and workmanlike manner in accordance with applicable codes
and shall be of a quality and finish at least equivalent to other common area corridors in the Building. Tenant acknowledges that the Landlord Common Corridor Work may be performed by Landlord during Normal Business Hours. Tenant shall reimburse
Landlord, within thirty (30) days of billing therefor, Tenant’s Share (as hereinafter defined) of the costs of Landlord’s Common Corridor Work. “Tenant’s Share” shall be defined as 44.5%, calculated by dividing the
rentable square feet of the Expansion Space (14,203 square feet) by the rentable square feet on the second (2nd) floor of the Building (31,940 square feet). 

  
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	VIII.	Parking. Section 1.08 of the First Amendment is deleted and the following is substituted in its place: 

Commencing as of the Expansion Space Commencement Date, the definition of “Parking Spaces” under Section 1.2 of the Lease
shall be 332 parking spaces, subject to the terms of Section 2.2 of the Lease. Parking Spaces shall be allocated as follows: 
 332
parking spaces of which (i) 28 parking spaces shall be within the executive parking area under Building One, (ii) 234 parking spaces shall be in the exterior parking garage, and (iii) 70 parking spaces shall be located on the surface
lot, all on a non-exclusive, first-come, first-served basis, and in accordance with the provisions of Exhibit G-1 to the Lease. 
  

	IX.	Right of First Offer. The Right of First Offer to Lease set forth in Article XVI of the Lease, as amended by Section 2 of the First Amendment, shall not apply to any premises on the second (2nd) floor of the Building. 

  

	X.	Notices. 

 For all purposes of the Lease, the notice address for Landlord
is as follows: 
 Hines Global REIT Riverside Center, LLC 

c/o Hines Global REIT Inc. 
 2800
Post Oak Boulevard, Suite 4800 
 Houston, Texas 77056 

Attention: Sherri Shugart 
 With
copies of any notices to Landlord shall be sent to: 
 Hines Interests Limited Partners 

275 Grove Street 
 Newton,
Massachusetts 02466 
 Attention: Property Manager 

And 
 Goulston & Storrs,
P.C. 
 400 Atlantic Avenue 

Boston, Massachusetts 02110 

Attention: Riverside Center/Newton, Massachusetts 
  

	XI.	Liability 

 Section 14.4(e) of the Lease is hereby amended by adding to the
end thereof the following: 
 “In no event shall Tenant ever be liable to Landlord for any indirect or consequential damages suffered by
Landlord from whatever cause.” 
  

	XII.	Inapplicable Lease Provisions. 

 Article IV of the Lease (Term of Lease) shall
have no applicability to this Second Amendment, Exhibit C to the Lease (Landlord’s Work), and Section 1.07 of the First Amendment (Preparation of the Additional Space) shall have no applicability with respect to this Second Amendment. 

  
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	XIII.	Miscellaneous. 

  

	 	A.	This Second Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. Under no circumstances
shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Lease, unless
specifically set forth in this Second Amendment. 

  

	 	B.	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. 

 

	 	C.	In the case of any inconsistency between the provisions of the Lease and this Second Amendment, the provisions of this Second Amendment shall govern and control. 

 

	 	D.	Submission of this Second Amendment by Landlord is not an offer to enter into this Second Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Second Amendment until
Landlord has executed and delivered the same to Tenant. 

  

	 	E.	The capitalized terms used in this Second Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Second Amendment.

  

	 	F.	Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Second Amendment, other than Colliers International (the “Broker”). Tenant agrees to indemnify and hold
Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents (collectively, the “Landlord Related
Parties”) harmless from all claims of any brokers, other than the Broker, claiming to have represented Tenant in connection with this Second Amendment. Landlord hereby represents to Tenant that Landlord has dealt with no broker in
connection with this Second Amendment, other than the Broker. Landlord agrees to pay any commission due to the Broker by reason of this Second Amendment pursuant to a separate agreement between Landlord and the Broker. Landlord agrees to indemnify
and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents (collectively, the “Tenant Related Parties”)
harmless from all claims of any brokers claiming to have represented Landlord in connection with this Second Amendment. 

  

	 	G.	Each signatory of this Second Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting. 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Second Amendment as of the
day and year first above written. 
 LANDLORD: 

HINES GLOBAL REIT RIVERSIDE CENTER, LLC, 
 a Delaware
limited liability company 
  

			
	By:	 	 /s/ A. Blake Williams

	Name:	 	A. Blake Williams
	Title:	 	Authorized Agent
	
	TENANT:
	
	 TECHTARGET,INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Greg Strakosch

	Name:	 	Greg Strakosch
	Title:	 	CEO

  
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 EXHIBIT A, SECOND AMENDMENT 

OUTLINE AND LOCATION OF EXPANSION SPACE 
  

 
  
  

  
 Exhibit A, Second
Amendment 

 EXHIBIT B, SECOND AMENDMENT 

WORK LETTER 
 This
Exhibit is attached to and made a part of the Second Amendment by and between HINES GLOBAL REIT RIVERSIDE CENTER, LLC, a Delaware limited liability company (“Landlord”), and TECH TARGET, INC., a Delaware corporation
(“Tenant”) for space in the Building located at One Riverside Center, Newton, Massachusetts 02466. 
 As used in this Workletter, the
“Premises” shall be deemed to mean the Expansion Space, as defined in the Second Amendment to which this exhibit is attached. 
  

	A.	 Landlord shall perform improvements to the Premises substantially in accordance with the plans prepared by DBA-W Architects (the
“Architect”), dated July 1, 2015 (the “Plans”), a copy of which is attached hereto as Exhibit B-1, Second Amendment, and the project completion timeline (the “Timeline”) to be performed by the
Contractor (defined below) and project/construction plans (“Construction Plans”) to be prepared by the Architect. Landlord shall cause the Architect to prepare the Construction Plans and to submit same to Landlord and Tenant for approval,
which approval shall not be unreasonably withheld, delayed, or conditioned and which shall be deemed to have been given unless the objecting party shall give the other party written notice of disapproval, which notice shall state in reasonable
detail the objection(s) thereto and the corrective measures required. Tenant shall have no right to disapprove the Construction Plans except to the extent the same are inconsistent with the Plans or call for materials or finishes not consistent with
those in the Original Premises. Landlord shall use reasonable efforts to cause the contractor selected from among the Approved Contractors (the “Contractor”) to complete the work specified in the Plans and the Construction Plans
using substantially the same materials and finishes as those in the Original Premises. The improvements to be performed in accordance with the Plans and the Construction Plans are hereinafter referred to as the “Landlord Work.”
Notwithstanding that the Plans and Construction Plans depict workstations, Landlord and Tenant agree that the Landlord Work does not include (i) the installation of any workstations, including, without limitation, the wiring and connection
thereof to the telecommunications systems serving the Premises, (ii) modification of Tenant’s security system, or (iii) any other of Tenant’s equipment or personal property, Tenant shall be responsible, at its expense for
providing and installing any workstations in the Expansion Space and connecting same to the utility and telecommunications systems serving the Premises, and for providing and installing any other of Tenant’s equipment and personal property.
Tenant may apply any unexpended portion (after completion of the Landlord Work) of the Maximum Amount toward the cost of such installation. It is agreed that construction of the Landlord Work is intended to be “turn-key” and will be
completed at Landlord’s sole cost and expense (subject to the Maximum Amount and further subject to the terms of Paragraph D below) using substantially the same methods, materials and finishes as those in the Original Premises. Landlord
and Tenant agree that Landlord’s obligation to pay for the cost of Landlord Work (inclusive of the cost of preparing Plans, obtaining permits, a construction management fee equal to 4% of the total construction costs, and other related costs)
shall be limited to $355,075.00 (i.e., $25.00 per rentable square foot of floor area in the Expansion Space) (the “Maximum Amount”) and that Tenant shall be responsible for the cost of Landlord Work to the extent that it exceeds the
Maximum Amount. Landlord shall complete submission of bid packages for the Landlord Work to at least three (3) separate contractors, two (2) of which shall be 

  
 Exhibit B, Second
Amendment 

	 	
selected by Landlord one (1) of which shall be selected by Tenant, the initial and final selection of which shall be approved in writing by Tenant, which approval shall not be unreasonably
withheld (the “Approved Contractors”). The bids (“Bids”) prepared by the Approved Contractors, which bids shall include a Timeline from each of the Approved Contractors, shall be submitted to Tenant. Landlord shall
review the bids with Tenant. Tenant shall, within three (3) days of receipt of said Bids, select which of the Approved Contractors shall perform the Landlord Work, subject to Landlord’s written approval thereof, which approval shall not be
unreasonably withheld. Landlord’s supervision of the performance of any work for or on behalf of Tenant shall not be deemed a representation by Landlord that the improvements constructed in accordance with the Plans and Construction Plans and
any revisions thereto will be adequate for Tenant’s use, it being agreed that Tenant shall be responsible for all elements of the design of Tenant’s plans (including, without limitation, functionality of design, the configuration of the
premises and the placement of Tenant’s furniture, appliances and equipment). 

  

	B.	If Landlord’s estimate and/or the actual cost of the Landlord Work shall exceed the Maximum Amount, Landlord, prior to commencing any construction of Landlord Work, shall submit to Tenant a written estimate setting
forth the anticipated cost of the Landlord Work, including but not limited to labor and materials, contractor’s fees and permit fees. Within 3 Business Days thereafter, Tenant shall either notify Landlord in writing of its approval of the cost
estimate, or specify its objections thereto and any desired changes to the proposed Landlord Work. If Tenant notifies Landlord of such objections and desired changes, Tenant shall work with Landlord to reach a mutually acceptable alternative cost
estimate. After the expiration of such 3 Business Day period, any delay in the commencement or performance of the Landlord Work resulting from the exercise of Tenant’s rights under this Paragraph B, including, without limitation, any time
during which Landlord and Tenant discuss alternative work, pricing, and the like, the time required to prepare and approve any changes to the plans and specifications for Landlord’s Work, any time during which Landlord’s Work is halted
pending resolution of any such alternatives, and any additional time required for the performance of Landlord’s Work resulting from any agreed changes, shall constitute Tenant Delay. 

 

	C.	If Landlord’s estimate and/or the actual cost of construction shall exceed the Maximum Amount (such amounts exceeding the Maximum Amount being herein referred to as the “Excess Costs”), Tenant
shall pay to Landlord such Excess Costs as follows: 50% upon approval or deemed approval of the Construction Plans and 50% upon substantial completion thereof as certified by Landlord’s architect. The statements of costs submitted to Landlord
by Landlord’s contractors shall be conclusive for purposes of determining the actual cost of the items described therein. The amounts payable by Tenant hereunder constitute Rent payable pursuant to the Lease, and the failure to timely pay same
in accordance with the above provision constitutes an event of default under the Lease. 

  

	D.	 If Tenant shall request any revisions to the Plans or the Construction Plans after approval, Landlord shall have such revisions prepared at
Tenant’s sole cost and expense and Tenant shall reimburse Landlord for the cost of preparing any such revisions to the Plans, plus any applicable state sales or use tax thereon, upon demand. Promptly upon completion of the revisions, Landlord
shall notify Tenant in writing of the increased cost in the Landlord Work, if any, resulting from such revisions to the Plans. Tenant, within three Business Days, shall notify Landlord in writing whether it desires to

  
 Exhibit B, Second
Amendment 

	 	
proceed with such revisions. In the absence of such written authorization, Landlord shall have the option to continue work on the Premises disregarding the requested revision. Tenant shall be
responsible for any Tenant Delay in completion of the Premises resulting from any revision to the Plans. If such revisions result in an increase in the cost of Landlord Work, such increased costs, plus any applicable state sales or use tax thereon,
and permit, design and construction management fees, shall be payable by Tenant as follows: 50% upon Tenant’s authorization to proceed with such work and 50% upon substantial completion thereof as certified by Landlord’s architect.
Notwithstanding anything herein to the contrary, all revisions to the Plans shall be subject to the approval of Landlord and Tenant. 

  

	E.	Tenant shall not be responsible for any increase in the cost of the Landlord Work or any delay in the completion thereof to the extent the same results from Landlord’s failure to perform its obligations under this
Exhibit B, Second Amendment or the construction contract with the Contractor. 

  

	F.	Any portion of the Maximum Amount which exceeds the cost of the Landlord Work or is otherwise remaining after completion of the Landlord Work, shall accrue to the sole benefit of Landlord, it being agreed that Tenant
shall not be entitled to any credit, offset, abatement or payment with respect thereto. 

  

	G.	This Exhibit shall not be deemed applicable to any additional space added to the Premises at any time or from time to time, whether by any options under the Lease or otherwise, or to any portion of the Original Premises
or any additions to the Premises in the event of a renewal or extension of the original Term of the Lease, whether by any options under the Lease or otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease.

  
 Exhibit B, Second
Amendment 

 EXHIBIT B-1, SECOND AMENDMENT 

PLANS 
  

 
  
  

  
 Exhibit B-1, Second
AmendmentExhibit

Exhibit 10.12
 
HAMPDEN BANK
AMENDED AND RESTATED DIRECTOR RETIREMENT AGREEMENT
 
This AMENDED & RESTATED DIRECTOR RETIREMENT AGREEMENT (this “Agreement”) is adopted this 29th day of July, 2008 by and between HAMPDEN BANK, a state- savings bank located in Springfield, Massachusetts (the “Bank”), and Richard Suski (the “Director”). This Agreement amends and restates the prior Amended and Restated Director Supplemental Retirement Plan Agreement between the Bank and the Director dated January 1, 2008 (the “Prior Agreement”). The parties intend this amended and restated Agreement to be a material modification of the Prior Agreement such that all amounts earned and vested prior to December 31, 2004 shall be subject to the provisions of Code Section 409A.
 
The purpose of this Agreement is to provide specified benefits to the Director who contributes materially to the continued growth, development and future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.
 
Article 1
Definitions
 
Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
 
1.1        “Accrual Balance” means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation to the Director under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106 (“FAS 106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied.
 
1.2        “Beneficiary” means each designated person or entity, or the estate of the deceased Director, entitled to any benefits upon the death of the Director pursuant to Article 4.
 
1.3        “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.
 
1.4          “Board” means the Board of Directors of the Bank as from time to time constituted.
 
1.5          “Change in Control” means a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the assets of the Bank, as such change is defined in Code Section 409A and regulations thereunder.
 
1.6         “Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date.
 
1.7         “Disability” means the Director: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees or directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability insurance covering employees or directors of the Bank provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Director must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.
 
1.8         “Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six percent (6%). However, the Plan Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance.
 
1.9         “Early Termination” means Separation from Service before attainment of Normal Retirement Age for reasons other than death or Termination for Cause.
 

1.10       “Fees” means the total fees payable to the Director during for the Plan Year prior to Separation from Service.
 
1.11       “Effective Date” means January 1, 2008.
 
1.12       “Normal Retirement Age” means age 70.
 
1.13        “Plan Administrator” means the Board or such committee or person as the Board shall appoint
 
1.14        “Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year.
 
1.15        “Projected Fees” means Fees increased by three percent (3%), annually from Change in Control until Normal Retirement Age.
 
1.16        “Separation from Service” means termination of the Director’s service with the Bank for reasons other than death or Disability. Whether a Separation from Service has occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Director reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Director would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Director has been providing services to the Bank less than thirty-six (36) months).
 
1.17      “Specified Employee” means an employee who at the time of Separation from Service is a key employee of the Bank, if any stock of the Bank is publicly traded on an established securities market or otherwise. For purposes of this Agreement, a person is a key employee if the person meets the requirements of Code Section 416(i)(l)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”). If the person is a key employee during an identification period,
the person is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period.
 
1.18      “Termination for Cause” shall mean any of the following that result in an adverse effect on the Bank; (i) the Director’s gross negligence or gross neglect; (ii) the Director’s commission of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the Director’s willful violation of any law, rule, or regulation (other than a traffic violation or similar offense); (iv) the Director’s intentional failure to perform stated duties; or (v) the Director’s breach of fiduciary duty involving personal profit. If a dispute arises as to discharge “for cause,” such dispute shall be resolved by arbitration as set forth in this Agreement.
 
Article 2
Distributions During Lifetime
 
2.1                          Normal Retirement Benefit Upon Separation from Service after attaining Normal Retirement Age, the Bank shall distribute to the Director the benefit described in this Section 2.1 in lieu of any other benefit under this Article.
 
2.1.1                  Amount of Benefit. The annual benefit under this Section 2.1 is fifty percent (50%) of Fees.
 
2.1.2                  Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in twelve (12) equal monthly installments commencing thirty (30) days following Separation from Service. The annual benefit shall be distributed to the Director for ten (10)
 
2.2                               Early Termination Benefit. If Early Termination occurs, the Bank shall distribute to the Director the benefit described in this Section 2.2 in lieu of any other benefit under this Article.
 
2.2.1                 Amount of Benefit. This benefit under this Section 2.2 is the Accrual Balance as of the end of the Plan Year prior to Separation from Service subject to the vesting schedule below:
 

	
			
	Date on Which
Separation from Service Occurs
	Vesting Percentage

	Prior to 1/1/2009
	50
	%

	1/1/2009 — 12/31/2009
	60
	%

	1/1/2010 — 12/31/2010
	70
	%

	1/1/2011 — 12/31/2011
	80
	%

	1/1/2012 — 12/31/2012
	90
	%

	After 1/1/2013
	100
	%

 
2.2.2      Distribution of Benefit. The Bank shall distribute the benefit to the Director in one hundred twenty (120) equal monthly installments commencing thirty (30) days following Normal Retirement Age.
 
2.3                        Disability Benefit If the Director experiences a Disability prior to Normal Retirement Age, the Bank shall distribute to the Director the benefit described in this Section 2.3 in lieu of any other benefit under this Article.
2.3.1                  Amount of Benefit The annual benefit under this Section 2.3 is fifty percent (50%) of Fees.
 
2.3.2                  Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in twelve (12) equal monthly installments commencing thirty (30) days following Normal Retirement Age. The annual benefit shall be distributed to the Director for ten (10) years.
 
2.4                           Change in Control Benefit. Upon a Change in Control, prior to Normal Retirement Age, the Bank shall distribute to the Director the benefit described in this Section 2.4 in lieu of any other benefit under this Article.
 
2.4.1                  Amount of Benefit The annual benefit under this Section 2.4 is fifty percent (50%) of Projected Fees.
 
2.4.2                  Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in twelve (12) equal monthly installments commencing thirty (30) days following Normal Retirement Age. The annual benefit shall be distributed to the Director for ten (10) years.
 
2.5                           Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Separation from Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified,
 
2.6                           Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then die Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director’s benefits distributable under this Agreement.
 
2.7                           Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows ail permissible payment accelerations under l,409A-3(j)(4) includes but not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes and other permissible payments as permitted by statute or regulation.
 
2.8                           Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Director and the Bank may, subject to the terms of Section 8.1, amend this Agreement to delay the timing or change the form of distributions. Any such amendment;
 
(a)                               may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A;
(b)                              must, for benefits distributable under Sections 2.2, 2.3 and 2.4, be made at
least twelve (12) months prior to the first scheduled distribution;
(c)                                must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and
(d)                             must take effect not less than twelve (12) months after the amendment is made.

 
Article 3
Distribution at Death
 
3.1                        Death During Active Service. If the Director dies prior to Separation from Service, the Bank shall distribute to the Beneficiary the benefit described in this Section 3.1. This benefit shall be distributed in lieu of any benefit under Article 2.
 
3.1.1                Amount of Benefit. The benefit under this Section 3.1 is the Accrual Balance determined as of end Plan Year prior to the Director’s death.
 
3.1.2                Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump sum on the first day of the second month following the Director’s death.
 
3.2                        Death During Distribution of a Benefit. If the Director dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Director had the Director survived.
 
3.3                        Death Before Benefit Distributions Commence. If the Director is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the same benefits to which the Director was entitled prior to death, except that the benefit distributions shall commence on the first day of the second month following the Director’s death.
 
Article 4
Beneficiaries
 
4.1                        In General. The Director shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Director participates.
 
4.2                              Designation. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent If the Director names someone other than the Director’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Plan Administrator, executed by the Director’s spouse and returned to the Plan Administrator. The Directors beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficial Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Director and
accepted by the Plan Administrator prior to the Director’s death.
 
4.3                           Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.
 
4.4                           No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Director, then the Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, any benefit shall be paid to the Director’s estate.
 
4.5                           Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the Director and the Beneficiary, as the case may be, and shall completely discharge any liability under this Agreement for such distribution amount.
 
Article 5
General Limitations
 

5.1                           Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Director’s service on the Board is terminated by the Bank or an applicable regulator due to a Termination for Cause.
 
5.2                           Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Director is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.
 
5.3                           Regulatory Restrictions. Notwithstanding anything herein to the contrary, any payments made to the Director pursuant to this Agreement, or otherwise, shall be subject to and conditioned upon compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.
 
Article 6
Administration of Agreement
 
6.1                          Plan Administrator Duties. The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A.
 
6.2                      Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative, and may from time to time
consult with counsel who may be counsel to the Bank.
 
6.3                           Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement.
 
6.4                           Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator.
 
6.5                         Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the Director’s death. Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.
 
6.6                           Annual Statement. The Plan Administrator shall provide to the Director, within one hundred twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.
 
Article 7
Claims And Review Procedures
 
7.1                           Claims Procedure. A Director or Beneficiary (“claimant”) who has not received benefits under this Agreement that he or she believes should be distributed than make a claim for such benefits as follows:
 
7.1.1                 Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant.
 
7.1.2                Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.
 

7.1.3               Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant The notification shall set forth:
 
(a)                             The specific reasons for the denial;
(b)                             A reference to the specific provisions of this Agreement on which the
denial is based;
(c)                              A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; and
(d)                             An explanation of this Agreement’s review procedures and the time limits applicable to such procedures.
 
7.2                        Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:
 
7.2.1                 Initiation - Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.
 
7.2.2                 Additional Submissions - Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.
 
7.2.3                Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
 
7.2.4                Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.
 
7.2.5               Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth;
 
(a)                             The specific reasons for the denial;
(b)                             A reference to the specific provisions of this Agreement on which the denial is based; and
(c)                              A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.
 
7.3                         Arbitration. If claimants continue to dispute the benefit denial based upon completed performance of this Agreement or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an arbitrator for final arbitration. The arbitrator shall be selected by mutual agreement of the Bank and the claimants. The arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns
shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination.
 
Where a dispute arises as to the Bank’s discharge of the Director “for cause,” such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder.
 
Article 8
Amendments and Termination
 
8.1                           Amendments. This Agreement may be amended only by a written agreement signed by the Bank and the Director. However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A.

 
8.2                           Plan Termination Generally. Prior to a Change in Control, this Agreement may be terminated by the Bank with written notice to the Director. After a Change in Control, this Agreement may be terminated by a written agreement signed by the Bank and the Director. The benefit shall be the Accrual Balance as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.
 
8.3                           Plan Terminations Under Code Section 409A. Notwithstanding anything to the contrary in Section 8.2, if the Bank terminates this Agreement in the following circumstances:
 
(a)          Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of this Agreement and further provided that all the Bank’s arrangements which are substantially similar to this Agreement are terminated so the Director and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination;
(b)          Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Director’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or
(c)          Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Director participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the Accrual Balance, determined as of the date of the termination of this Agreement, to the Director in a lump sum subject to the above terms.
Article 9
Miscellaneous
 
9.1                         Binding Effect. This Agreement shall bind the Director and the Bank and their beneficiaries, survivors, executors, administrators and transferees.
 
9.2                         No Guarantee of Service. This Agreement is not a contract for service. It does not give the Director the right to remain a member of the Board, nor interfere with the Bank’s right to discharge the Director. It does not require the Director to remain a director nor interfere with the Director’s right to terminate service at any time.
 
9.3                         Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.
 
9.4                         Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement. The Director acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities. The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.
 
9.5                         Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of the Commonwealth of Massachusetts, except to the extent preempted by the laws of the United States of America.
 
9.6                         Unfunded Arrangement. The Director and the Beneficiary are general unsecured creditors of the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors. Any insurance on the Director’s life or other informal funding asset is a general asset of the Bank to which the Director and Beneficiary have no preferred or secured claim. If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the Director, then the Director shall assist the Bank by freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities.
 
9.7                         Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm or person unless such succeeding or continuing bank, firm or person agrees to assume and 

discharge the obligations of the Bank under this Agreement. Upon the occurrence of such an event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.
 
9.8                          Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein.
 
9.9                          Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.
 
9.10                   Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most
nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.
 
9.11                   Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.
 
9.12                   Validity. If any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein.
 
9.13                   Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address below:
 
Hampden Bank
19 Harrison Ave
Springfield, MA 01103
Attn: Robert A. Massey CFO
 
Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.
 
Any notice or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered or sent by mail to the last known address of the Director.
 
9.14                  Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Director (or the Beneficiary in the event of the Director’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
 
9.15                     Opportunity to Consult with Independent Advisors. The Director acknowledges that he has been afforded the opportunity to consult with independent advisors of his choosing including, without limitation, accountants or tax advisors and counsel regarding both the benefits granted to him under the terms of this Agreement and the: (i) terms and conditions which may affect the Director’s right to these benefits; and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A of the Code and guidance or regulations thereunder, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances the Director acknowledges and agrees shall be the sole responsibility of the Director notwithstanding any other term or provision of this Agreement. The Director further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities applicable to the Director and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representative, agents, successor and assign to claim or assert liability on the part of the Bank related to the matters described above in this Section 9.15. The Director further acknowledges that he has read, understands and consents to all of the terms and conditions of this Agreement, and that he enters into this Agreement with a full
understanding of its terms and conditions.
 
9.16                     Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A.
 

IN WITNESS WHEREOF, the Director and a duly authorized representative of the Bank have signed this Agreement.
 
	
				
	DIRECTOR
	 
	HAMPDEN BANK

	 
	 
	 

	 
	 
	 

	/s/ Richard Suski
	 
	By:
	/s/ Robert A. Massey

	Richard Suski
	 
	 
	Robert A. Massey

	 
	 
	Title: CFO and Treasurer

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