Document:

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EXHIBIT 10.1

AMENDMENT NO. 1 TO

TD BANKNORTH INC.

1996 EQUITY INCENTIVE PLAN

     THIS AMENDMENT NO. 1 (this “Amendment”) to the TD Banknorth Inc. 1996 Equity Incentive Plan,
as amended as of October 22, 2002 (the “1996 Plan”) is made and entered into effective as of March
22, 2005 by TD Banknorth Inc. (the “Company”).

RECITALS:

     A. The Company is the successor to Banknorth Group, Inc. and is currently a majority-owned
subsidiary of The Toronto-Dominion Bank (“TD”).

     B. The Company desires to revise the definition of “Change in Control” contained in Section 2
of the Plan to be consistent with the definition to be used in the amended and restated 2003 Equity
Incentive Plan, which revised definition is consistent with recently-enacted Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”).

     C. The Company desires to amend the Plan to reflect the Company’s new name.

     NOW, THEREFORE, in consideration of the foregoing, the Company hereby amends the Plan as
follows:

     1. All references in the Plan to “Banknorth Group, Inc.” are hereby changed to “TD Banknorth
Inc.”

     2. The definition of “Change in Control” contained in Section 2 of the Plan is hereby amended
and restated in its entirety to read as follows:

     “Change in Control” shall mean a change in the ownership of The
Toronto-Dominion Bank (“TD”) or the Company, a change in the effective control of TD
or the Company or a change in the ownership of a substantial portion of the assets
of TD or the Company as provided under Section 409A of the Code, as amended from
time to time, and any Internal Revenue Service guidance, including Notice 2005-1,
and regulations issued in connection with Section 409A of the Code, except that (i)
any change in the ownership, effective control or ownership of a substantial portion
of the assets of the Company effected by TD and its affiliates shall be excluded,
and (2) any change in the ownership, effective control or ownership of a substantial
portion of the assets of TD shall be excluded if TD and its affiliates are not a
majority shareholder of the Company at the time of such change.

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     2. No Further Modification. Except as expressly amended hereby, the Plan remains
unmodified and in full force and effect.

     3. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Maine without regard to its conflicts of laws principles.

     4. Severability. Each provision of this Amendment is intended to be severable and the
invalidity, illegality or unenforceability of any portion of this Amendment shall not affect the
validity, legality and enforceability of the remainder.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed as of the date and
year first above written.

	 	 	 
	

	 	TD BANKNORTH INC.
	 
	 	 
	/s/ Wade D. Thomas        

	 	By: /s/  Carol L. Mitchell        
	Witness

	 	Name:  Carol L. Mitchell
	

	 	Title:    Executive Vice President,

             General Counsel and Secretary

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EXHIBIT 10.2

TD BANKNORTH INC.

NONQUALIFIED STOCK OPTION AGREEMENT

1996 EQUITY INCENTIVE PLAN

	1.  	GRANT OF OPTION:

     TD BANKNORTH INC. (the “Company”), granted to ___(the “Optionee”), effective ___
___, ___(the “Grant Date”), an option (the “Option”), to purchase an aggregate of ___shares
of the Company’s Common Stock, $0.01 par value
(“Shares” of “Stock”), at a price of $ ___per
share. The Shares subject to the Option are sometimes referred to as the “Option Shares.” The
Option was granted pursuant to the Company’s 1996 Equity Incentive Plan, as amended (the “Plan),
and is subject to the terms and conditions of this Agreement and of the Plan. Capitalized terms
not separately defined herein shall be defined as provided in the Plan. This option is not
intended to be an Incentive Stock Option as described in Section 422 of the Internal Revenue Code
of 1986 as amended (the “Code”).

	2.  	BASIC TERMS OF OPTION:

	 	(a)  	Term: This Option shall extend from the Grant Date until the date immediately
preceding the tenth anniversary of the Grant Date (the “Expiration Date”), provided
that this Option shall only be exercisable as permitted in Section 2(b) below.
	 
	 	(b)  	Schedule of Exercisability: Except as otherwise specifically provided in this
Agreement, this Option shall become exercisable pursuant to the following schedule:

	 	 	 	 	 	 
	Years of Continuous	 	 	Percentage of the Option Shares
	Employment with the Company	 	 	for which the
	or an Affiliate after the Grant Date	 	 	Option may be Exercised
	 	 	 	 
	Grant Date until the day before the first
anniversary of the Grant Date

	 	 	 	0	%
	 
	 	 	 	 	 
	First anniversary of the Grant Date until the day
before the second anniversary of the Grant Date

	 	 	 	33	%
	 
	 	 	 	 	 
	Second anniversary of the Grant Date until the
day before the third anniversary of the Grant
Date

	 	 	 	67	%
	 
	 	 	 	 	 
	Third anniversary of the Grant Date and thereafter

	 	 	 	100	%

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For all purposes of this Option, (i) “employment” shall be defined in accordance
with the provisions of Treasury Regulations Section 1.421-7(h) (or any successor
regulations); and (ii) if this Option shall be assumed or a new option substituted
therefore in a transaction to which Section 424 of the Code applies, employment by
such assuming or substituted corporation (hereinafter called the “Successor
Corporation”) shall be considered for all purposes of this Option to be employment
by the Company or an Affiliate of the Company, as the case may be. The Company and
its Affiliates are referred to collectively as the “Group.” The Option shall in all
events expire on the Expiration Date (unless sooner exercised or terminated) and may
not be exercised at any time thereafter.

	 	(c)  	Exercise Following Termination of Employment:

	 	(i)  	If the Optionee ceases to be an employee of the Group on
account of death, Disability or Early Retirement (as those terms are defined
below), then (A) the Option, to the extent it has not yet become exercisable,
shall become exercisable, and (B) the Option shall remain exercisable until the
earlier of the first anniversary of the date the Optionee’s employment
terminates or the Expiration Date, and shall then expire.

For purposes of this Agreement, “Disability” means that the Optionee: (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 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 12 months,
receiving income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the Company.
For purposes of this Agreement, “Early Retirement” means voluntary
termination of employment after (A) the Optionee has attained age 55 and (B)
either (1) has become eligible for a fully vested benefit under the
Company’s Retirement Plan, as amended (the “Retirement Plan”), or (2) if at
the time of retirement, the Optionee was employed by an Affiliate that is
not an “Employer” as defined in the Retirement Plan, would have become so
eligible if his or her Affiliate employer were an “Employer” as defined in
the Retirement Plan.

	 	(ii)  	If the Optionee ceases to be an employee of the Group on
account of Retirement (as defined below), then (A) the Option, to the extent it
has not yet become exercisable, shall become exercisable, and (B) the Option
shall remain exercisable until the earlier of the third anniversary of the date
the Optionee’s employment terminates or the Expiration Date, and shall then
expire.

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For purposes of this Agreement, “Retirement” means voluntary termination of
employment with the Group after the Optionee has (A) attained age 65 and (B)
either (1) has become eligible for a fully vested benefit under the
Retirement Plan, or (2) if at the time of retirement, the Optionee was
employed by an Affiliate that is not an “Employer” as defined in the
Retirement Plan, would have become so eligible if his or her Affiliate
employer were an “Employer” as defined in the Retirement Plan.

	 	(iii)  	If the Optionee ceases to be an employee of the Group for any
reason other than death, Disability, Early Retirement or Retirement, the
Option, to the extent not then exercisable, shall expire immediately upon such
termination, and, to the extent exercisable, shall remain exercisable for
ninety (90) days after such termination (but not beyond the Expiration Date),
and shall thereafter expire.

	 	(d)  	Change in Control:

Notwithstanding any other provision of this Agreement, following a Change in Control
(as defined in Section 2 of the Plan), all Options shall become exercisable, as
provided in Section 12 of the Plan, and notwithstanding Section 2(c) above, in the
event an Optionee’s employment terminates, the Option shall remain exercisable until
the earlier of (i) the third anniversary of the date the Optionee’s employment
terminates, or (ii) the Expiration Date.

	3.  	EXERCISE OF OPTION:

Subject to the conditions set forth in this Agreement, this Option may be exercised by the
Optionee’s delivery of written notice of exercise to the Clerk of the Company, specifying
the number of whole Option Shares to be purchased and the purchase price to be paid
therefor. The Optionee may purchase less than the number of Option Shares covered hereby,
provided that no partial exercise of this Option may be for any fractional Share. The
Company shall then schedule a closing date as soon as practicable, but no later than thirty
(30) business days following receipt of such notice. Unless otherwise agreed by the
“Committee,” as that term is defined in the Plan, payment of the purchase price for Shares
purchased upon exercise of the Option shall be made by delivery to the Company of cash or a
certified or bank check to the order of the Company in an amount equal to the purchase price
of such Shares; or by delivery of a properly executed exercise notice, together with
irrevocable instructions to a broker directing the broker to sell the Shares and then to
properly deliver to the Company the amount of sale or loan proceeds to pay the exercise
price, all in accordance with the regulations of the Federal Reserve Board. As a condition
to any exercise of the Option, the Optionee shall make arrangement, reasonably acceptable to
the Company, for withholding of any tax or other amount required to be withheld under
applicable law in connection with the exercise of the Option. The Company shall, upon
payment of the option price for the number of Shares purchased, and delivery of a
subscription agreement in form satisfactory to the

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Committee, make prompt delivery of such Shares to the Optionee, provided that if any law or
regulation requires the Company to take any action with respect to such Shares before the
issuance thereof, then the date of delivery of such Shares shall be extended for the period
necessary to complete such action. No shares shall be issued and delivered upon exercise of
any option unless and until, in the opinion of counsel for the Company, any applicable
registration requirements of the Securities Act of 1933, any applicable listing requirements
of any national securities exchange on which stock of the same class is then listed, or any
other requirements of law or of any regulatory bodies having jurisdiction over such issuance
and delivery, shall have been fully complied with.

	4.  	NONTRANSFERABILITY OF OPTION :

	 	(a)  	During the Optionee’s lifetime, the Option may be exercised only by the Optionee.
The Option shall not be sold, transferred, assigned, pledged, hypothecated, attached,
executed upon or otherwise disposed of in any way (whether by operation of law or
otherwise), in whole or in part.
	 
	 	(b)  	If the Optionee should die while in the employment of the Group, the Option may
be exercised by the person designated in the Optionee’s will or, in the absence of such
designation, by the Optionee’s estate, to the extent provided herein.
	 
	 	(c)  	If the spouse of the Optionee has or shall have acquired a community property
interest in the Option, the Optionee (or permitted successors-in-interest upon the
Optionee’s death) may exercise the Option on behalf of the spouse of the Optionee, or
such spouse’s successor-in-interest.

	5.  	NO SPECIAL RIGHTS:

The Optionee shall have no rights as a shareholder with respect to any Shares which may be
purchased by exercise of this Option unless and until a certificate representing such Shares
is duly issued and delivered to the Optionee. No adjustment shall be made for dividends or
other rights for which the record date is prior to the date such stock certificate is
issued.

	6.  	WITHHOLDING TAXES:

The Company’s obligation to deliver Shares upon the exercise of this Option shall be subject
to the Optionee’s satisfaction of all applicable federal, state and local income and
employment tax withholding requirements.

	7.  	MISCELLANEOUS:

	 	(a)  	Except as provided herein, this Option may not be amended or otherwise modified
unless evidenced in writing and signed by the Company and the Optionee. In the event
that the Committee determines, after a review of Section

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409A of the Code and all applicable Internal Revenue Service guidance, that the Plan
or any provision thereof or Award thereunder should be amended to comply with
Section 409A of the Code, the Committee may amend the Plan and this Agreement to
make any changes required to comply with Section 409A of the Code.

	 	(b)  	All rights and obligations of the Company and the Optionee are subject to the
terms and conditions of the Plan. In the event of any conflict between the terms of
the Plan and the terms of this Agreement, the terms of the Plan shall govern. The
number of Shares and the exercise price are subject to adjustment as provided in the
Plan.
	 
	 	(c)  	Neither Shares acquired on exercise of the Option, nor the Option, nor any
interest in either of them, may be sold, assigned, pledged, hypothecated, encumbered or
in any other manner transferred or disposed of, in whole or in part, except in
compliance with the terms, conditions and restrictions as set forth in the Certificate
of Incorporation of the Company, the Plan, applicable federal and state securities laws
or any other applicable laws or regulations or listing requirements and the terms and
conditions hereof.
	 
	 	(d)  	Any interpretation of the Committee of the provisions under the Plan and this
Agreement made in good faith shall be final and binding on all parties.
	 
	 	(e)  	The Optionee agrees that no member of the Committee or of the Board or the
Company or its subsidiaries or affiliates shall be personally liable for any actions
taken in good faith in connection with the Option or this Agreement.
	 
	 	(f)  	This Agreement, and the grant of Options described hereunder, shall not be
effective until this Agreement is executed by the Optionee.
	 
	 	(g)  	This Option shall be governed by and construed in accordance with the laws of
the State of Maine.

[NOTE: Section 8 below is only for inclusion in grant agreements for the 23 officers who have an
employment or retention agreement.]

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	8.  	CONSENT TO AMENDED DEFINITION:

The Company and the Optionee expressly agree that, notwithstanding any provision in any
employment or retention agreement between the Company and the Optionee to the contrary, the
term “Change in Control” shall have the meaning set forth in the Plan, and not as set forth
in any employment or retention agreement between the Company and the Optionee. Except as
expressly noted in this Section 8, this Agreement shall not by implication or otherwise
alter, modify, amend or in any way affect any of the terms of any employment or retention
agreement between the Company and the Optionee.

	 	 	 	 	 
	 	TD BANKNORTH INC. 

 
	 	By:  	 

	 	  	

	 	 	Name:  	 
	 	 	Title:  	 
	 
	

	Optionee:
	

	 	

	

	 	Name:
	 
	 	 
	
	Date:	_________________________________
	 

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