Document:

EXHIBIT 10.22

 EXHIBIT 10.22 
 The Norwich Savings Society Non-Qualified Deferred Compensation Trust Agreement, 
 dated June 27, 1995
between 
 The Norwich Savings Society and Sachem Trust National Association 

 THE NORWICH SAVINGS SOCIETY 
 NON-QUALIFIED DEFERRED COMPENSATION 
 TRUST AGREEMENT 
 THIS AGREEMENT, made and entered into this 27th day of June, 1995 by and between The Norwich Savings Society and Sachem Trust National Association
(herein referred to as “Trustee”). 
 WHEREAS, Norwich Financial Corp. and The Norwich Savings Society (herein referred to either
separately or collectively as the context requires, as “Bank”) have adopted The Norwich Savings Society Non-Qualified Deferred Compensation Plan and, in the case of The Norwich Savings Society, The Norwich Savings Society Executive
Non-Qualified Pension Restoration Plan (herein referred to both individually and collectively, as the context requires, as the “Plan” or “Plans”); and 
 WHEREAS, Bank has incurred or expects to incur liability under the terms of such Plan with respect to the individuals participating in such Plans; and 
 WHEREAS, Bank wishes to establish a trust (herein referred to as the “Trust”) and to contribute to the Trust assets that shall be held therein,
subject to the claims of creditors in the event of Bank’s Insolvency, as herein defined, until paid to the Plan’s participants and their beneficiaries in such manner and at such times as specified in the Plan; and 
 WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an
unfunded Plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974; 
 WHEREAS, it is the intention of Bank to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its
liabilities under the Plan; 
 NOW THEREFORE, the parties do hereby establish the Trust, and agree that the Trust shall be comprised, held
and disposed of as follows: 
 Section 1: Establishment of Trust 
 (a) Bank hereby deposits with Trustee in trust $ N/A which shall become the principal of the Trust to be held, administered and disposed of by Trustee as
provided in this Trust Agreement. 
  

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 (b) The Trust hereby established shall be irrevocable. 
 (c) The Trust is intended to be a grantor trust, of which Bank is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle
A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
 (d) The principal of the Trust, and any earnings
thereon, shall be held separate and apart from other funds of Bank and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth. Plan Participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Bank.
Any assets held by the Trust will be subject to the claims of Bank’s general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein. 
 (e) Bank, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property in Trust with Trustee to
augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits. 
 Section 2: Payments to Participants and Beneficiaries 
 (a) Bank shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amounts payable in respect to each Plan Participant (and his or her beneficiaries) that provides a formula or other
instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise
provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be
required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Bank.

 (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Bank or such party
as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 
 (c) Bank may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Bank shall notify Trustee of its decision to make payment of benefits directly prior to the time
amounts are payable to 

  

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participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in
accordance with the terms of the Plan, Bank shall make the balance of each such payment as it falls due. Trustee shall notify Bank where principal and earnings are not sufficient. 
 Section 3: Trustee Responsibility Regarding Payments to Trust Beneficiary when Bank is Insolvent 
 (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if Bank is Insolvent. Bank shall be considered
“Insolvent” for purposes of this Trust Agreement if either Bank (i) is unable to pay its debts as they become due, or (ii) is subject to a pending liquidation proceeding under relevant state or federal laws. 
 (b) At all times during the continuance of the Trust, as provided in Section l(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Bank under federal and state law as set forth below: 
 (1) The Board of Directors or the Chief Executive
Officer of Bank shall have the duty to inform Trustee in writing of Bank’s Insolvency. If a person claiming to be a creditor of Bank alleges in writing to Trustee that Bank has become Insolvent, Trustee shall determine whether Bank is Insolvent
and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. In determining whether or not Bank is Insolvent, Trustee shall be fully protected and entitled to rely on the determination
of an independent certified public accountant retained by Trustee for purposes of such determination. 
 (2) Unless Trustee has actual
knowledge of Bank’s Insolvency, or has received notice from Bank or a person claiming to be a creditor alleging that Bank is Insolvent, Trustee shall have no duty to inquire whether Bank is Insolvent. Trustee may in all events rely on such
evidence concerning Bank’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Bank’s solvency. 
 (3) If at any time Trustee has determined that Bank is Insolvent, Trustee shall discontinue payment to Plan Participants or their beneficiaries and shall
hold the assets of the Trust for the benefit of Bank’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Bank with
respect to benefits due under the Plan or otherwise. 
 (4) Trustee shall resume the payment of benefits to Plan participants or their
beneficiaries in accordance with Section 2 of this Trust Agreement only after Trustee has determined that Bank is not Insolvent (or is no longer Insolvent). 
  

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 (c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the
Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of
the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Bank in lieu of the payments provided for hereunder during any such period of discontinuance. 

Section 4: Payments to Bank 
 Except as provided in Section 3 hereof, after the Trust has become irrevocable, Bank shall have no right or power to direct Trustee to return to Bank or to divert to others any of the Trust assets before all payments of benefits have
been made to Plan participants and their beneficiaries pursuant to the terms of the Plan. 
 Section 5: Investment Authority

 All rights associated with assets of the Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be
exercisable by or rest with Plan participants, provided that if the Plan so provides, the Trustee may take into consideration participant investment direction in accordance with rules established by Bank. 
 Section 6: Disposition of Income 
 During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested. 
 Section 7: Trustee Accounting 
 Trustee shall keep accurate and detailed records of all investments, receipts,
disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bank and Trustee. Within 30 days following the close of each calendar year and within 30 days after the removal
or resignation of Trustee, Trustee shall deliver to Bank a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth
all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or
receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 
  

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 Section 8: Responsibility of Trustee 
 (a) Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that Trustee shall incur no liability of any person for any action taken pursuant to a direction, request or approval
given by Bank which is contemplated by, and in conformity to, the terms of the Plan or this Trust and is given in writing by Bank. In the event of a dispute between Bank and a party, Trustee may apply to a court of competent jurisdiction to resolve
the dispute. 
 (b) If Trustee undertakes or defends any litigation arising in connection with this Trust, Bank agrees to indemnify Trustee
against Trustee’s costs, expenses and liabilities (including, without limitation, attorneys’ fees and expenses) relating thereto and to be primarily liable for such payments. If Bank does not pay such costs, expenses and liabilities in a
reasonably timely manner, Trustee may obtain payment from the Trust. 
 (c) Trustee may consult with legal counsel (who may also be counsel
for Bank generally) with respect to any of its duties or obligations hereunder. 
 (d) Trustee may hire agents, accountants, actuaries,
investment advisors, financial consultants or other professionals to assist in the performance of any of its duties or obligations hereunder. 
 (e) Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have
no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against
such policy. 
 (f) Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not
have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal
Revenue Code. 
 Section 9: Compensation and Expenses of Trustee 
 Bank shall pay all administrative and Trustee’s fees and expenses. If not so paid, the fees and expenses shall be paid from the Trust. 
  

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 Section 10: Resignation and Removal of Trustee 
 (a) Trustee may resign at any time by written notice to Bank, which shall be effective 30 days after receipt of such notice unless Bank and Trustee agree
otherwise. 
 (b) Trustee may be removed by Bank on 30 days notice or upon shorter notice accepted by Trustee. 
 (c) Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee.
The transfer shall be completed within 30 days after receipt of notice of resignation, removal or transfer, unless Bank extends the time limit. 
 (d) If Trustee resigns or is removed, a successor shall be appointed in accordance with Section 11 hereof, by the effective date of resignation or removal under paragraphs (a) or (b) of this Section. If no such appointment
has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. 

Section 11: Appointment of Successor 
 If Trustee resigns or is removed in accordance with Section 10(a) or (b) hereof, Bank may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a
successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust
assets. The former Trustee shall execute any instrument necessary or reasonably requested by Bank or the successor Trustee to evidence the transfer. 
 Section 12: Amendment or Termination 
 (a) This Trust Agreement may be amended by a written
instrument executed by Trustee and Bank. 
 (b) The Trust shall not terminate until the date on which Plan participants and their
beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan. Upon termination of the Trust any assets remaining in the Trust shall be returned to Bank. 
 (c) Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan or shall make the Trust revocable after it has become
irrevocable in accordance with Section l(b) hereof. 
  

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 Section 13: Miscellaneous 
 (a) Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining
provisions hereof. 
 (b) Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated,
assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. 
 (c) This Trust Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut. 
 Section 14: Effective Date 
 The effective date of this Trust Agreement shall be the 1st day of
July, 1995 or, if later, the date of adoption hereof. 
 IN WITNESS WHEREOF, the parties hereto have executed this Trust Agreement this 27
day of June, 1995. 
  

					
	WITNESSES	 	THE NORWICH SAVINGS SOCIETY
			
	 

	 	By:	 	 

	 

	 	Its:	 	Senior Vice President & Corporate Secretary
		
	WITNESSES	 	NORWICH FINANCIAL CORP.
			
	 

	 		 	
	 

	 	By:	 	 

		 	Its:	 	Vice President & Corporate Secretary
		
		 	SACHEM TRUST NATIONAL ASSOCIATION
		 		 	
	 

	 	By:	 	 

	 

	 	Its:	 	President

  

 Page 7 of 7EXHIBIT 10.23

 EXHIBIT 10.23 
 Amendment and Restatement of Deferred Compensation Agreements (undated) between 
 The Norwich Savings Society
and Jeremiah J. Lowney, Jr. 

 AMENDMENT AND RESTATEMENT OF DEFERRED COMPENSATION AGREEMENTS 
 THIS AMENDMENT AND RESTATEMENT OF DEFERRED COMPENSATION AGREEMENTS (hereinafter the “Agreement”) is made this     
day of             , 1998, by and between The Norwich Savings Society, a Connecticut stock savings bank (hereinafter the “Bank”) and Jeremiah J. Lowney, of the Town of
Lebanon, County of New London and State of Connecticut (hereinafter the “Director”). 
 W I T N E S S E T H: 
 WHEREAS, the Bank and the Director entered into a Deferred Compensation Agreement dated December 11, 1987 and amended effective April 18, 1989
(hereinafter the “1987 Deferred Compensation Agreement”) pursuant to which the Director deferred the receipt of certain compensation payable to him by the Bank from 1987 through 1990 and another Deferred Compensation Agreement dated
December 27, 1990 (hereinafter the “1990 Deferred Compensation Agreement”) pursuant to which the Director deferred the receipt of certain compensation payable to him by the Bank from 1991 through June 30, 1995; and 
 WHEREAS, under the terms of the 1987 Deferred Compensation Agreement, the amounts deferred thereunder were credited to a bookkeeping account maintained
by the Bank on behalf of the Director and invested in a life insurance policy with respect to which the Bank is the owner and beneficiary; and 

 WHEREAS, under the terms of the 1990 Deferred Compensation Agreement, the amounts deferred thereunder
were credited to a bookkeeping account maintained by the Bank on behalf of the Director and deemed to earn interest at an annual rate of eleven percent; and 
 WHEREAS, in contemplation of the merger of the Bank and its parent, Norwich Financial Corp., a Delaware corporation, with and into People’s Bank, a Connecticut stock savings bank, the Bank authorized by
resolution adopted on September 3, 1997 the amendment and restatement of the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement in the form of a consolidated Deferred Compensation Agreement pursuant to which:
(i) the amounts payable under each of the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement would be stated on an aggregate basis; (ii) the date of payment of such aggregate amounts in installments over a
ten-year term would be stated; and (iii) the determination of the amounts payable with respect to the 1990 Deferred Compensation Agreement would be made by crediting interest to the account maintained thereunder at a rate of eleven percent
through September 3, 1997 and at a rate of eight and one-half percent thereafter; and 
 WHEREAS, the Director and the Bank desire to so
amend and restate the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement. 
 NOW THEREFORE, in consideration
of the premises and the covenants set forth herein, the parties hereto agree to amend and restate the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement effective September 3, 1997 in the form of the following
Agreement. 
  

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 1. PAYMENT OF DEFERRED COMPENSATION. The Bank shall pay the following amounts on the following
dates to the Director or, in the event of his death, to his beneficiary: 
  

				
	 Date of Payment
	  	Amount of Payment
	 July 1, 2001
	  	$	20,334
	 July 1, 2002
	  	$	36,834
	 July 1, 2003
	  	$	36,834
	 July 1, 2004
	  	$	36,834
	 July 1, 2005
	  	$	36,834
	 July 1, 2006
	  	$	36,834
	 July 1, 2007
	  	$	36,834
	 July 1, 2008
	  	$	36,834
	 July 1, 2009
	  	$	36,834
	 July 1, 2010
	  	$	36,834
	 July 1, 2011
	  	$	16,500

 2. BENEFICIARY DESIGNATION. The Director has notified the Bank by means of Exhibit A hereto
of the person or persons entitled to receive payment of the amounts provided 

  

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in Section 1 of this Agreement in the event of the Director’s death. Such beneficiary designation may be changed by the Director at any time, by
notice in writing to the Bank, without the consent of any other person. A beneficiary designation hereunder shall have no effect on the amount or form of payments under this Agreement and shall affect only the identity of the person to whom payments
are made. 
 3. FUNDING. Amounts payable under this Agreement shall be “unfunded,” as that term is used in Sections 201(2),
30l(a)(3), 401(a)(1) and 4021(b)(6) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with respect to unfunded plans maintained primarily for the purpose of providing deferred compensation to a select group of
management or highly compensated employees. Accordingly, the Bank shall not be required to segregate or earmark any of its assets for the benefit of the Director or his beneficiary(ies), and each such person shall have only a contractual right
against the Bank for amounts payable hereunder. The rights and interests of the Director or his beneficiary(ies) shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance by the Director or any
person claiming under or through the Director, nor shall they be subject to the debts, contracts, liabilities or torts of the Director or anyone else prior to payment other than the claims of the creditors of the Bank to the assets of the Bank.

 4. MISCELLANEOUS. 
 (a)
The Bank and the Director acknowledge that this Agreement supersedes the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement, which are 

  

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amended and restated in their entirety as this Agreement. Except for the 1987 Deferred Compensation Agreement and the 1990 Deferred Compensation Agreement,
this Agreement shall not supersede any other contract, whether oral or written, between the Bank and the Director, nor shall it affect or impair the rights and obligations of the Bank and the Director, respectively, thereunder. Nothing contained
herein shall impose any obligation on the Bank to continue the employment or service of the Director. 
 (b) This Agreement shall be binding
upon and inure to the benefit of the Director, his designees, heirs and legal representatives and upon the Bank and any successor to the Bank, including any successor arising in the event of the merger or consolidation of the Bank with or into any
other entity, or the disposition of all or substantially all of the assets of the Bank. 
 (c) This Agreement shall be executed in duplicate,
and each executed copy of this Agreement shall be deemed an original. 
 (d) This Agreement shall be governed by and construed in accordance
with the laws of the State of Connecticut, without reference to principles of conflict of laws. 
 (e) This Agreement may not be amended or
modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
  

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 (f) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written. 
  

					
		 	The Norwich Savings Society
			
	 

	 	By	 	 

	Witness	 	Its	 	President and Chief Executive Officer
			
	 

	 		 	 

	Witness	 		 	Jeremiah J. Lowney

  

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 EXHIBIT A 
 BENEFICIARY DESIGNATION 
 In accordance with the provisions of Section 2 of the Agreement to
which this Exhibit A is attached, I hereby designate the person(s) named below, if living at the time of my death, to receive the undistributed amounts payable to me under the Agreement: 
  

			
	 Primary
 Beneficiary(ies)
	 	VIRGINIA W. LOWNEY
		 	  

 If more than one person is designated as Primary Beneficiary, the undistributed amount payable to
me under the Agreement shall be paid in equal shares to those so designated. If no Primary Beneficiary survives me, the following persons, if living at the time of my death, shall receive in equal shares the undistributed amounts payable to me under
the Agreement: 
  

			
	 Contingent
 Beneficiary(ies)
	 	Lowney Irrevocable Trust
		 	7 Robert Las xxx, CPA xxx

 Dated at Norwich, Conn, this 18 day of Feb, 1998. 
  

			
	 

	 	 

	(Witness)	 	Jeremiah J. Lowney

  

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