Document:

SUPPLEMENTAL RETIREMENT PLAN
                              FOR SENIOR EXECUTIVES

                                   UNITED BANK
                         West Springfield, Massachusetts

                            Effective October 1, 2007

                            Approved by the Board of Directors November 15, 2007

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               SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR EXECUTIVES

     This  Supplemental  Retirement  Plan for Senior  Executives (the "Plan") is
effective  October 1, 2007.  This Plan  formalizes the agreements by and between
UNITED BANK (the "Bank"),  a federally  chartered  savings bank, and certain key
employees, hereinafter referred to as "Executive(s)", who have been selected and
approved by the Bank to participate  in this Plan and who have  evidenced  their
participation  by  execution of a  Supplemental  Retirement  Plan  Participation
Agreement ("Participation  Agreement") in a form provided by the Bank. This Plan
replaces the individual Executive Supplemental  Compensation  Agreements between
the Bank and certain  Executives who are participants  herein and is intended to
comply with Internal  Revenue Code ("Code")  Section 409A and any  regulatory or
other guidance issued under such Section.  Any reference herein to the "Company"
shall mean UNITED FINANCIAL BANCORP, INC.

                                   WITNESSETH:

     WHEREAS, Executives are employed by the Bank; and

     WHEREAS, the Bank recognizes the valuable services heretofore performed for
it by such Executives and wishes to encourage their continued  employment and to
provide them with additional incentive to achieve corporate objectives; and

     WHEREAS,  the Bank and certain of the  Executives  previously  entered into
Executive  Supplemental  Compensation  Agreements  pursuant  to  which  the Bank
offered Executive retirement benefits; and

     WHEREAS,  the Bank desires to replace the individual  agreements  with this
Plan, to include  additional  Executives in the Plan,  and to modify the benefit
formula under the Plan; and

     WHEREAS, the Bank desires to draft the Plan to comply with new Section 409A
of the Internal Revenue Code ("Code"); and

     WHEREAS,   the  Bank  intends  this  Plan  to  be  considered  an  unfunded
arrangement,  maintained primarily to provide supplemental retirement income for
its  Executives,  members of a select group of management or highly  compensated
employees  of the  Bank,  for tax  purposes  and for  purposes  of the  Employee
Retirement Income Security Act of 1974, as amended; and

     WHEREAS, the Bank has adopted this Supplemental  Retirement Plan for Senior
Executives  which  controls  all issues  relating  to  Supplemental  Benefits as
described  herein and supersedes the individual  arrangement with certain of the
Executives.

     NOW, THEREFORE, in consideration of the premises and of the mutual promises
herein contained, the Bank and Executives agree as follows:

                                    SECTION I
                                   DEFINITIONS

     When used herein,  the following  words and phrases shall have the meanings
below unless the context clearly indicates otherwise:

1.1    "Accrued Annuity Benefit" means that portion of the Annuity Benefit which
       is expensed and accrued by the Bank under generally  accepted  accounting
       principles (GAAP) at the date of measurement.

1.2    "Act" means the  Employee  Retirement  Income  Security  Act of 1974,  as
       amended from time to time.

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1.3    "Administrator" means the Bank and/or its Board.

1.4    "Annuity Benefit" means a stream of payments to an Executive payable as a
       single life  annuity  with 15 years  certain,  commencing  on the Annuity
       Commencement Date.

1.5    "Annuity Commencement Date" means, unless otherwise set forth herein, the
       Executive's Benefit Age.

1.6    "Bank" means UNITED BANK and any successor thereto.

1.7    "Beneficiary" means the person or persons (and their heirs) designated as
       Beneficiary  by Executive to whom the deceased  Executive's  benefits are
       payable. Such beneficiary  designation shall be made on the form attached
       hereto  as  Exhibit  A and  filed  with  the  Plan  Administrator.  If no
       Beneficiary is so designated, then Executive's Spouse, if living, will be
       deemed the  Beneficiary.  If Executive's  Spouse is not living,  then the
       Children of Executive will be deemed the Beneficiaries and will take on a
       per stirpes basis.  If there are no living  Children,  then the Estate of
       Executive will be deemed the Beneficiary.

1.8    "Benefit  Age" shall be the birthday on which  Executive  attains the age
       set forth in Executive's Participation Agreement.

1.9    "Board"   shall  mean  the  Board  of  Directors  of  the  Bank,   unless
       specifically noted otherwise.

1.10   "Cause" shall mean Executive's personal dishonesty, incompetence, willful
       misconduct,  any breach of  fiduciary  duty  involving  personal  profit,
       intentional  failure to perform stated duties,  willful  violation of any
       law, rule, or regulation (other than minor traffic  violations or similar
       offenses) or final cease-and-desist  order, or material breach of Section
       7.14 of this Plan.  In  determining  incompetence,  the acts or omissions
       shall be measured against standards  generally  prevailing in the savings
       institutions industry. For purposes of this paragraph,  no act or failure
       to act on the part of the Executive shall be considered  "willful" unless
       done,  or omitted to be done,  by Executive not in good faith and without
       reasonable  belief that  Executive's  action or omission  was in the best
       interest of the Bank.  Any act, or failure to act,  based upon  authority
       given  pursuant to a  resolution  duly adopted by the Board or based upon
       the advice of counsel for the Bank shall be  conclusively  presumed to be
       done,  or omitted to be done,  by Executive in good faith and in the best
       interests of the Bank. The cessation of employment of Executive shall not
       be  deemed  to be for  Cause  unless  and  until  there  shall  have been
       delivered  to  Executive  a copy  of a  resolution  duly  adopted  by the
       affirmative vote of not less than  three-fourths of the entire membership
       of the Board of the Bank at a meeting of such  Board  called and held for
       such  purpose  (after  reasonable  notice is  provided to  Executive  and
       Executive is given an  opportunity,  together with  counsel,  to be heard
       before  such  Board),  finding  that,  in the good faith  opinion of such
       Board, Executive is guilty of the conduct described above, and specifying
       the particulars thereof in detail.

1.11   A "Change in Control" of the Bank or the Company  shall mean (1) a change
       in ownership of the Bank or the Company under paragraph (i) below, or (2)
       a change in effective  control of the Bank or the Company under paragraph
       (ii) below, or (3) a change in the ownership of a substantial  portion of
       the assets of the Bank or the Company under paragraph (iii) below:

               (i) Change in the ownership of the Bank or the Company.  A change
                   in the  ownership  of the Bank or the Company  shall occur on
                   the date that any one person,  or more than one person acting
                   as  a  group  (as  defined  in  Treasury  Regulation  Section
                   1.409A-3(i)(5)(v)(B)),  acquires  ownership  of  stock of the
                   corporation that,  together with stock held by such person or
                   group,  constitutes  more than 50% of the total  fair  market
                   value or total voting power of the stock of such corporation.

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               (ii) Change in the effective  control of the Bank or the Company.
                   A change in the effective  control of the Bank or the Company
                   shall occur on the date that  either (A) any one  person,  or
                   more  than  one  person  acting  as a group  (as  defined  in
                   Treasury Regulation Section  1.409A-3(i)(5)(v)(B)),  acquires
                   (or has  acquired  during the 12-month  period  ending on the
                   date  of the  most  recent  acquisition  by  such  person  or
                   persons)  ownership  of  stock  of the  Bank  or the  Company
                   possessing 30% or more of the total voting power of the stock
                   of the Bank or the  Company;  or (B) a majority of members of
                   the Bank or the  Company's  Board of  Directors  is  replaced
                   during any 12-month period by Directors whose  appointment or
                   election is not  endorsed by a majority of the members of the
                   corporation's  Board  of  Directors  prior to the date of the
                   appointment or election,  provided that this  sub-section (B)
                   is inapplicable  where a majority  shareholder of the Bank or
                   the Company is another corporation.

               (iii) Change in the  ownership  of a  substantial  portion of the
                   Bank's or the Company's  assets. A change in the ownership of
                   a substantial  portion of the Bank's or the Company's  assets
                   shall occur on the date that any one person, or more than one
                   person  acting as a group (as defined in Treasury  Regulation
                   Section  1.409A-3(i)(5)(vii)(C)),  acquires  (or has acquired
                   during  the  12-month  period  ending on the date of the most
                   recent acquisition by such person or persons) assets from the
                   Bank or the Company that have a total gross fair market value
                   equal to more than 40% of the total gross fair  market  value
                   of all of the assets of the Bank or the  Company  immediately
                   prior to such  acquisition.  For  this  purpose,  gross  fair
                   market   value   means  the  value  of  the   assets  of  the
                   corporation,  or the value of the assets  being  disposed of,
                   determined without regard to any liabilities  associated with
                   such assets.

               (iv) For all  purposes  hereunder,  the  definition  of Change in
                   Control  shall  be  construed  to  be  consistent   with  the
                   requirements of Treasury  Regulation Section  1.409A-3(i)(5),
                   except to the extent that such  regulations are superseded by
                   subsequent  guidance. A Change in Control shall not be deemed
                   to have  occurred  upon  the  second-step  conversion  of the
                   Company to a fully converted stock company.

1.12   "Children"  means  Executive's  children,  or the  issue of any  deceased
       Children,  then living at the time  payments are due the  Children  under
       this Plan.  The term  "Children"  shall  include both natural and adopted
       Children.

1.13   "Code" means the Internal Revenue Code of 1986, as amended.

1.14   "Death Benefit" shall mean, unless an Executive's Participation Agreement
       provides otherwise,  a Lump Sum payment equal to the Present Value of the
       Accrued   Annuity   Benefit  as  of  the  date  of  death,   without  any
       pre-retirement reductions.

1.15   "Disability  Benefit"  means a Lump  Sum  payment  equal  to the  Annuity
       Benefit  payable at Benefit  Age, as if Executive  had  continued to work
       until Benefit Age and Executive's base salary increased five percent (5%)
       per  year  for  each  calendar  year  until   Executive's   Benefit  Age.
       Alternatively,  an Executive may elect in his Participation  Agreement to
       receive the benefit payment in another form.

1.16   "Effective Date" of this Plan shall be October 1, 2007.

1.17   "Estate" means the estate of Executive.

1.18   "Executive"  means  the  executive  officer  who has  been  selected  and
       approved  by the Board to  participate  in the Plan and who has agreed to
       participation by completing a Participation Agreement.

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1.19   "Final Average  Compensation" shall mean the total base salary plus bonus
       paid during a calendar  year,  including  salary  deferrals into a 401(k)
       Plan or cafeteria plan. Final Average Compensation shall be averaged over
       the highest three (3) calendar  years of the  Executive's  final five (5)
       calendar years of employment with the Bank.

1.20   "Good  Reason," shall mean (a) material  change in Executive's  function,
       duties, or responsibility,  which change would cause executive's position
       to  become  one of  lesser  responsibility,  importance,  or  scope;  (b)
       liquidation or dissolution of the Bank or Company other than liquidations
       or dissolutions that are caused by reorganization  that do not affect the
       status of Executive;  (c) reduction in executive's annual compensation or
       benefits or relocation of  Executive's  principal  place of employment by
       more than 25 miles from its location as of the date of this Agreement; or
       (d) material breach of this Plan by the Bank.

1.21   "Lump Sum" shall mean payment in a single sum equal to the Present  Value
       of the Annuity Benefit or Accrued Annuity Benefit, as applicable.

1.22   "Normal Benefit Date" shall be 180 days following Executive's  Separation
       from  Service  (other than due to death or  Disability).  In the event of
       Executive's  death,  the Normal  Benefit Date shall mean the first day of
       the second month following the month in which  Executive's  death occurs.
       In the event of the Executive's Disability, the Normal Benefit Date shall
       be the  Benefit  Age set forth in  Executive's  Participation  Agreement,
       unless the Executive has elected to have the Disability  Benefit commence
       on the first day of the  second  month  following  the  determination  of
       Disability.

1.23   "Normal  Benefit  Form"  means a Lump Sum  payment  equal to the  Present
       Value, as of the time of payment, of the Annuity Benefit.

1.24   "Participation  Agreement" means the agreement  between Executive and the
       Bank which sets forth the particulars of Executive's Supplemental Benefit
       and/or  other  benefits to which  Executive  or  Executive's  Beneficiary
       becomes entitled under the Plan.

1.25   "Plan Year" shall mean the calendar year.

1.26   "Present  Value"  shall  mean the  actuarial  present  value of a payment
       stream.  Unless  otherwise set forth  herein,  the Present Value shall be
       determined  using a six percent (6%) interest rate and 1994 Group Annuity
       Reserving Table.

1.27   "Prorate  Fraction"  shall be a fraction,  the  numerator of which is the
       Executive's  years of employment  from the  Executive's  original date of
       hire and the  denominator of which shall be set forth in the  Executive's
       Participation  Agreement,  provided,  however,  that the Prorate Fraction
       shall never exceed "one".

1.28   "Separation from Service" means  Executive's  death,  retirement or other
       termination  of  employment  with the Bank  within  the  meaning  of Code
       Section 409A. No Separation  from Service shall be deemed to occur due to
       military  leave,  sick  leave or other  bona fide leave of absence if the
       period of such leave does not exceed six months or, if longer, so long as
       Executive's right to reemployment is provided by law or contract.  If the
       leave exceeds six months and  Executive's  right to  reemployment  is not
       provided by law or by contract,  then  Executive  shall have a Separation
       from  Service  on the first date  immediately  following  such  six-month
       period.

<PAGE>

       Whether a Separation  from Service has  occurred is  determined  based on
       whether  the facts  and  circumstances  indicate  that the  employer  and
       employee  reasonably  anticipated  that  no  further  services  would  be
       performed  after a certain  date or that the level of bona fide  services
       the employee  would perform after such date (whether as an employee or as
       an independent contractor) would permanently decrease to no more than 49%
       of the average level of bona fide services performed over the immediately
       preceding  36 months (or such  lesser  period of time in which  Executive
       performed  services  for the  Bank).  The  determination  of  whether  an
       Executive has had a Separation from Service shall be made by applying the
       presumptions  set forth in the  Treasury  Regulations  under Code Section
       409A.

1.29   "Specified Employee" means, in the event the Bank or any corporate parent
       is or becomes  publicly  traded, a "Key Employee" as such term is defined
       in  Code  Section   416(i)   without   regard  to  paragraph  5  thereof.
       Notwithstanding  anything  to  the  contrary  herein,  in  the  event  an
       Executive  is a  Specified  Employee  and  becomes  entitled to a payment
       hereunder due to Separation from Service for any reason (other than death
       or  Disability),  the payments to such Executive shall not commence until
       the  first  day of the  seventh  month  following  such  Separation  from
       Service. Whether and the extent to which a person is a Specified Employee
       shall be determined on the "Specified Employee  Determination Date" which
       shall  be  December  31 of each  calendar  year and  shall be  applicable
       commencing  on the following  April 1, in  accordance  with the rules set
       forth in the Treasury Regulations under Code Section 409A.

1.30   "Spouse" means the individual to whom Executive is legally married at the
       time of  Executive's  death,  provided,  however,  that the term "Spouse"
       shall not refer to an individual to whom Executive is legally  married at
       the time of death if Executive  and such  individual  have entered into a
       formal separation agreement (provided that such separation agreement does
       not  provide  otherwise  or state that such  individual  is entitled to a
       portion of the benefit hereunder) or initiated divorce proceedings.

1.31   "Supplemental  Benefit"  means a  benefit  (before  taking  into  account
       federal and state income taxes) payable to an Executive who satisfies the
       conditions to receive a benefit as described in this Plan.

1.32   "Treasury  Regulations"  means the final  regulations  promulgated  under
       Section 409A of the Code.

1.33   "Vesting   Rate"  shall  be  the  rate  set  forth  in  the   Executive's
       Participation Agreement.

1.34   "Yearly Benefit Amount" means the annual amount  contingently  payable as
       an Annuity  Benefit.  The  Yearly  Benefit  Amount  shall be equal to the
       percentage of the Executive's Final Average Compensation set forth in the
       Executive's Participation Agreement.

                                   SECTION II
                          ESTABLISHMENT OF RABBI TRUST

     The Bank may  establish  a rabbi  trust into which the Bank may  contribute
assets  which  shall  be held  therein,  subject  to the  claims  of the  Bank's
creditors in the event of the Bank's  "Insolvency"  as defined in the  agreement
which  establishes  such rabbi trust,  until the contributed  assets are paid to
Executives and their Beneficiaries in such manner and at such times as specified
in this Plan.  Contributions  to a rabbi  trust  would  provide  the Bank with a
source of funds to assist it in meeting  the  liabilities  of this Plan.  To the
extent the  language in this Plan is modified by the language in the rabbi trust
agreement, the rabbi trust agreement shall supersede this Plan. Contributions to
the rabbi trust may be made during each Plan Year in  accordance  with the rabbi
trust agreement. It is expected that the amount of such contribution(s), if any,
would be equal to the full  present  value of all  benefit  accruals  under this
Plan, if any,  less: (i) previous  contributions  made on behalf of Executive to
the rabbi trust,  and (ii) earnings to date on all such previous  contributions.
In the event of a Change in Control,  the Bank shall transfer to the rabbi trust
within  thirty  (30) days prior to such Change in  Control,  the  present  value
(applying  the Interest  Factor  applicable to a Change in Control) of an amount
sufficient to fully fund the Supplemental  Benefit for each Executive covered by
this Plan.

<PAGE>

                                   SECTION III
                                    BENEFITS

3.1    Separation  from  Service On or After  Benefit  Age. If  Executive  has a
       Separation  from  Service on or after  Benefit  Age,  Executive  shall be
       entitled to a  Supplemental  Benefit  determined  in the manner set forth
       herein.  The  Supplemental  Benefit  shall be  determined  as an  Annuity
       Benefit  equal to the Yearly  Benefit  Amount  multiplied  by the Prorate
       Fraction.  The Supplemental  Benefit shall commence on Executive's Normal
       Benefit  Date and shall be payable in a Lump Sum,  unless  Executive  has
       elected  at the  time of  execution  of the  Participation  Agreement  to
       receive another form of benefit.

3.2    Separation  from  Service  Prior  to  Benefit  Age.  If  Executive  has a
       voluntary  or  involuntary  Separation  from  Service  (other than due to
       cause,  death or  Disability)  after the Executive  has a vested  Accrued
       Annuity  Benefit but prior to the  attainment  of his or her Benefit Age,
       Executive shall be entitled to a Supplemental Benefit,  calculated in the
       manner set forth in Section 3.1. If applicable,  the Supplemental Benefit
       shall be multiplied  by the  Executive's  Vesting  Rate. In addition,  if
       Executive is less than age 62 at time of commencement of the Supplemental
       Benefit,  the Supplemental Benefit will be further reduced by 5% per year
       for each year prior to age 62 that the  benefit  payment  commences.  The
       Supplemental  Benefit shall commence on  Executive's  Normal Benefit Date
       and shall be payable in a Lump Sum,  unless  Executive has elected at the
       time of  execution of the  Participation  Agreement to receive an Annuity
       Benefit.

3.3    Death Benefit.

       (a) If an  Executive  dies prior to  attaining  his Benefit Age but while
          employed at the Bank, Executive's Beneficiary shall be entitled to the
          Death Benefit.  The Death Benefit shall commence on the Normal Benefit
          Date and shall be payable in the Normal Benefit Form.

       (b) If an  Executive  dies  following  Separation  from Service and after
          becoming  vested  in an  Accrued  Annuity  Benefit  but  prior  to the
          commencement of benefit  payments,  Executive's  Beneficiary  shall be
          entitled to the payment of the amount  otherwise  payable to Executive
          under the applicable  Sub-section  of this Section III,  commencing on
          the Normal Benefit Date and payable in a Lump Sum.

3.4.   Benefit Payable Following a Change in Control.

       (a) If a  Change  in  Control  occurs  and,  Executive  is  involuntarily
          terminated or terminates for "good reason" (as defined in Code Section
          409A),   Executive  shall  be  entitled  to  a  Supplemental   Benefit
          calculated as if Executive had attained Executive's Benefit Age at the
          time of the  Change  in  Control,  and  Executive's  base  salary  had
          increased   five   percent   (5%)  per   year   until   Benefit   Age.
          Notwithstanding  the foregoing,  if the Supplemental  Benefit provided
          under  this  Section  3.4,  either as a  stand-alone  benefit  or when
          aggregated  with other  payments to or for the benefit of an Executive
          that are  contingent on a Change in Control,  would cause an Executive
          to have an "excess  parachute  payment"  under Code Section 280G,  the
          Supplemental  Benefit  and/or such other  payments shall be reduced to
          avoid  this  result.  In the  event  a  reduction  is  necessary,  the
          Executive  shall be entitled to determine  which  benefits or payments
          shall be reduced or eliminated so the total parachute  payments do not
          result in an excess parachute  payment.  If an Executive does not make
          this determination  within ten business days after receiving a written
          request form the Bank, the Bank may make such determination, and shall
          notify the Executive  promptly thereof.  In the event it is determined
          that  permitting  the Executive or the Bank to make the  determination
          regarding  the form or manner of reduction  would violate Code Section
          409A, such reduction shall be made pro rata.

<PAGE>

       (b) If Executive's  employment  terminates within two years following the
          Change in Control for reasons set forth in Section 3.4(a), Executive's
          Supplemental Benefit will be paid in a Lump Sum. For these purposes, a
          determination  of the Present  Value of the Annuity  Benefit  shall be
          determined by applying the applicable  federal  interest rate required
          under Code Sections 280G and 1274(d).

       (c) If Executive's  employment  terminates  more than two years following
          the Change in Control,  the Supplemental  Benefit shall be paid at the
          time and in the form  elected by  Executive  under  Section 3.1 or 3.2
          hereof,  based on whether  Separation  from Service  occurs  before or
          after Benefit Age.

       (d) If a Change in Control occurs after the Executive commences receiving
          Supplemental Benefit payments under this Plan in the form of either an
          annuity or lump sum,  and the  Executive  has made an  election in the
          Executive's   Participation   Agreement,  the  Present  Value  of  the
          remaining  payments  shall be  determined  and shall be payable to the
          Executive in a Lump Sum.

3.5    Termination for Cause. If Executive is terminated for Cause, all benefits
       under  this  Plan  shall  be  forfeited  by  Executive  and   Executive's
       participation in this Plan shall become null and void.

3.6    Disability  Benefit.  Notwithstanding  any  other  provision  hereof,  if
       Executive  becomes  Disabled  prior to his or her Benefit Age,  Executive
       shall be entitled to receive the Disability Benefit hereunder.  Executive
       shall be deemed to be "Disabled" or to have a "Disability" in any case in
       which it is determined:

       (a) by a duly licensed  physician selected by the Bank, that Executive 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 last for a  continuous  period of not
          less than 12 months;

       (b) by reason of any medically determinable physical or mental impairment
          which can be  expected  to result in death,  or last for a  continuous
          period of not less than 12 months,  that the  Executive  is  receiving
          income replacement benefits for a period of not less than three months
          under an accident and health plan  covering  employees of  Executive's
          employer; or

       (c) by the Social  Security  Administration,  that  Executive  is totally
          disabled.

       The  Disability  Benefit shall be payable at the Benefit Age set forth in
       the  Executive's  Participation  Agreement  unless the Executive makes an
       election prior to December 31, 2007 (or if later, within thirty (30) days
       of  initial  eligibility  to  participate  in  the  Plan),  to  have  the
       Disability   Benefit   paid   within   two   months  of  the   Disability
       determination.

3.7    Change in Form or Timing of Benefit.  In the event the Executive  desires
       to change  the form or time of  payment  of the  Supplemental  Retirement
       Benefit,  and such  alternate form or time is permitted by the applicable
       subsection  of this  Section  III,  such change in  election  may be made
       provided the following conditions are satisfied:

       (i) any  change in the form or timing  must be elected at least 12 months
          before the benefit would otherwise be paid or commence, and

       (ii) any  change (in form or timing)  must  result in a minimum  five (5)
          year delay in the commencement of the effected payment.

<PAGE>

                                   SECTION IV
                             BENEFICIARY DESIGNATION

     Executive  shall  make an initial  designation  of  primary  and  secondary
Beneficiaries  upon execution of his Participation  Agreement and shall have the
right to change such  designation,  at any subsequent time, by submitting to the
Administrator,  in  substantially  the form  attached  as  Exhibit  A, a written
designation of primary and secondary Beneficiaries.  Any Beneficiary designation
made  subsequent  to  execution  of the  Participation  Agreement  shall  become
effective  only  when  receipt   thereof  is  acknowledged  in  writing  by  the
Administrator.

                                    SECTION V
                          EXECUTIVE'S RIGHT TO ASSETS:
                     ALIENABILITY AND ASSIGNMENT PROHIBITION

     At no time  shall  Executive  be deemed to have any lien,  right,  title or
interest in or to any specific  investment  or asset of the Bank.  The rights of
Executive, any Beneficiary, or any other person claiming through Executive under
this Plan,  shall be solely those of an unsecured  general creditor of the Bank.
Executive,  the  Beneficiary,  or any other person claiming  through  Executive,
shall only have the right to receive  from the Bank those  payments so specified
under this Plan.  Neither  Executive nor any  Beneficiary  under this Plan shall
have any power or right to transfer, assign, anticipate,  hypothecate, mortgage,
commute,  modify or otherwise  encumber in advance any of the  benefits  payable
hereunder,  nor shall any of said benefits be subject to seizure for the payment
of any debts,  judgments,  alimony or separate  maintenance owed by Executive or
his  Beneficiary,  nor be  transferable  by  operation  of law in the  event  of
bankruptcy, insolvency or otherwise.

                           SECTION VI ACT PROVISIONS

6.1    Named Fiduciary and Administrator.  The Bank shall be the Named Fiduciary
       and  Administrator  of this  Plan.  As  Administrator,  the Bank shall be
       responsible for the management, control and administration of the Plan as
       established  herein.  The  Administrator  may delegate to others  certain
       aspects of the management and operational  responsibilities  of the Plan,
       including the  employment of advisors and the  delegation of  ministerial
       duties to qualified individuals.

6.2    Claims Procedure and  Arbitration.  In the event that benefits under this
       Plan  are not paid to  Executive  (or to his  Beneficiary  in the case of
       Executive's  death) and such  claimants feel they are entitled to receive
       such  benefits,  then a written  claim must be made to the  Administrator
       within  sixty  (60)  days  from  the  date  payments  are  refused.   The
       Administrator shall review the written claim and, if the claim is denied,
       in whole or in part,  they shall  provide in writing,  within thirty (30)
       days of receipt of such claim,  their  specific  reasons for such denial,
       reference to the provisions of this Plan or the  Participation  Agreement
       upon  which  the  denial  is  based,  and  any  additional   material  or
       information   necessary  to  perfect  the  claim.  Such  writing  by  the
       Administrator  shall further  indicate the additional steps which must be
       undertaken  by claimants if an  additional  review of the claim denial is
       desired.

       If claimants desire a second review,  they shall notify the Administrator
       in writing  within thirty (30) days of the first claim denial.  Claimants
       may review  this  Plan,  the  Participation  Agreement  or any  documents
       relating thereto and submit any issues and comments, in writing, they may
       feel appropriate.  In its sole discretion,  the Administrator  shall then
       review the second claim and provide a written decision within thirty (30)
       days of receipt of such claim.  This  decision  shall state the  specific
       reasons  for  the  decision  and  shall  include  reference  to  specific
       provisions  of this Plan or the  Participation  Agreement  upon which the
       decision is based.

       If claimants  continue to dispute the benefit denial based upon completed
       performance of this Plan and the  Participation  Agreement or the meaning
       and effect of the terms and  conditions  thereof,  it shall be settled by
       arbitration  administered by the American Arbitration Association ("AAA")
       under  its  Commercial  Arbitration  Rules,  and  judgment  on the  award
       rendered  by  the  arbitrator(s)  may be  entered  in  any  court  having
       jurisdiction thereof.

<PAGE>

                           SECTION VII MISCELLANEOUS

7.1    No Effect on Employment Rights. Nothing contained herein will confer upon
       Executive  the right to be  retained in the service of the Bank nor limit
       the right of the Bank to  discharge  or  otherwise  deal  with  Executive
       without regard to the existence of the Plan.

7.2    Governing  Law.  The Plan is  established  under,  and will be  construed
       according  to,  the laws of the  Commonwealth  of  Massachusetts,  to the
       extent  such  laws are not  preempted  by the Act or the  Code and  valid
       regulations published thereunder.

7.3    Severability and  Interpretation of Provisions.  In the event that any of
       the  provisions of this Plan or portion hereof are held to be inoperative
       or invalid by any court of competent  jurisdiction,  or in the event that
       any  provision is found to violate  Code  Section 409A and would  subject
       Executive  to  additional  taxes and  interest  on the  amounts  deferred
       hereunder,   or  in  the  event  that  any  legislation  adopted  by  any
       governmental   body   having   jurisdiction   over  the  Bank   would  be
       retroactively  applied to invalidate this Plan or any provision hereof or
       cause the  benefits  hereunder  to be  taxable,  then:  (1) insofar as is
       reasonable,  effect  will  be  given  to  the  intent  manifested  in the
       provisions  held  invalid  or  inoperative,  and  (2)  the  validity  and
       enforceability of the remaining  provisions will not be affected thereby.
       In the event that the intent of any provision  shall need to be construed
       in a manner to avoid taxability,  such construction  shall be made by the
       Administrator  in a manner  that would  manifest  to the  maximum  extent
       possible the original meaning of such provisions.

7.4    Incapacity of Recipient.  In the event Executive is declared  incompetent
       and a conservator  or other person  legally  charged with the care of his
       person or Estate is appointed,  any benefits under the Plan to which such
       Executive is entitled  shall be paid to such  conservator or other person
       legally charged with the care of his person or Estate.

7.5    Unclaimed  Benefit.  Executive shall keep the Bank informed of his or her
       current  address and the  current  address of his  Beneficiaries.  If the
       location of Executive is not made known to the Bank, the Bank shall delay
       payment of Executive's benefit payment(s) until the location of Executive
       is made known to the Bank;  however,  the Bank shall only be obligated to
       hold such benefit  payment(s) for Executive until the expiration of three
       (3) years.  Upon  expiration  of the three (3) year period,  the Bank may
       discharge its  obligation by payment to Executive's  Beneficiary.  If the
       location of Executive's  Beneficiary is not known to the Bank,  Executive
       and his  Beneficiary(ies)  shall  thereupon  forfeit  any  rights  to the
       balance,  if any, of any  benefits  provided  for such  Executive  and/or
       Beneficiary under this Plan.

7.6    Limitations on Liability. Notwithstanding any of the preceding provisions
       of the Plan, no individual acting as an employee or agent of the Bank, or
       as a member  of the  Board of the Bank  shall  be  personally  liable  to
       Executive or any other person for any claim,  loss,  liability or expense
       incurred in connection with the Plan.

7.7    Gender.  Whenever in this Plan words are used in the  masculine or neuter
       gender, they shall be read and construed as in the masculine, feminine or
       neuter gender, whenever they should so apply.

7.8    Effect on Other Corporate  Benefit Plans.  Nothing contained in this Plan
       shall affect the right of Executive  to  participate  in or be covered by
       any qualified or nonqualified  pension,  profit sharing,  group, bonus or
       other supplemental  compensation or fringe benefit agreement constituting
       a part of the Bank's existing or future compensation structure.

<PAGE>

7.9    Inurement. This Plan shall be binding upon and shall inure to the benefit
       of the Bank, its successors and assigns,  and Executive,  his successors,
       heirs, executors, administrators, and Beneficiaries.

7.10   Acceleration of Payments.  Except as specifically  permitted herein or in
       other sections of this Plan, no  acceleration  of the time or schedule of
       any  payment  may  be  made  hereunder.  Notwithstanding  the  foregoing,
       payments may be accelerated hereunder by the Bank, in accordance with the
       provisions  of  Treasury   Regulation  Section   1.409A-3(j)(4)  and  any
       subsequent  guidance  issued by the United  States  Treasury  Department.
       Accordingly, payments may be accelerated, in accordance with requirements
       and conditions of the Treasury  Regulations  (or subsequent  guidance) in
       the  following  circumstances:  (i)  as  a  result  of  certain  domestic
       relations  orders;  (ii) in compliance  with ethics  agreements  with the
       Federal Government;  (iii) in compliance with ethics laws or conflicts of
       interest laws; (iv) in limited  cash-outs (but not in excess of the limit
       under   Code   Section   402(g)(1)(B));   (v)  in  the  case  of  certain
       distributions to avoid a  non-allocation  year under Code Section 409(p);
       (vi) to apply certain  offsets in  satisfaction of a debt of Executive to
       the Bank;  (vii) in  satisfaction  of certain bona fide disputes  between
       Executive  and the Bank; or (viii) for any other purpose set forth in the
       Treasury Regulations and subsequent guidance.

7.11   Headings.  Headings  and  sub-headings  in this  Plan  are  inserted  for
       reference  and  convenience  only and  shall not be deemed a part of this
       Plan.

7.12   12 U.S.C.  ss. 1828(k).  Any payments made to Executive  pursuant to this
       Plan or otherwise are subject to and conditioned  upon compliance with 12
       U.S.C. ss. 1828(k) or any regulations promulgated thereunder.

7.13   Payment of Employment and Code Section 409A Taxes. Any distribution under
       this Plan  shall be reduced  by the  amount of any taxes  required  to be
       withheld from such distribution.  This Plan shall permit the acceleration
       of the time or schedule of a payment to pay  employment-related  taxes as
       permitted  under Treasury  Regulation  Section  1.409A-3(j) or to pay any
       taxes that may become due at any time that the arrangement  fails to meet
       the  requirements  of Code  Section  409A and the  regulations  and other
       guidance promulgated thereunder.  In the latter case, such payments shall
       not exceed the amount  required to be included in income as the result of
       the failure to comply with the requirements of Code Section 409A.

7.14   Non-Competition.  The benefits provided to Executives under this Plan are
       specifically  conditioned on each Executive's covenant that, for a period
       of two (2) years following the  Executive's  Separation from Service with
       the Bank,  that he will not,  without  the  written  consent of the Bank,
       either directly or indirectly:

       (i) solicit,  offer  employment to, or take any other action intended (or
          that a reasonable person acting in like circumstances would expect) to
          have the effect of causing  any  officer or employee of the Bank or of
          any  holding  company  of  the  Bank,  or  any  of  their   respective
          subsidiaries  or  affiliates,  to terminate his or her  employment and
          accept  employment or become  affiliated with, or provide services for
          compensation  in any capacity  whatsoever to, any business  whatsoever
          that competes with the business of the Bank or of any holding  company
          of the  Bank,  or any of their  direct  or  indirect  subsidiaries  or
          affiliates,  that has headquarters or offices within  twenty-five (25)
          miles of the locations in which the Bank of any holding company of the
          Bank  has  business   operations  or  has  filed  an  application  for
          regulatory approval to establish an office;

       (ii) become  an  officer,  employee,  consultant,  director,  independent
          contractor,  agent, joint venturer,  partner or trustee of any savings
          bank, savings and loan association,  savings and loan holding company,
          credit  union,  bank or bank  holding  company,  insurance  company or
          agency,  any mortgage or loan broker or any other entity that competes
          with the  business of the Bank or any  holding  company of the Bank or
          any of their direct or indirect  subsidiaries or affiliates,  that has
          headquarters or offices within twenty-five (25) miles of the locations
          in which  the Bank or any  holding  company  of the Bank has  business
          operations  or has filed an  application  for  regulatory  approval to
          establish an office;  provided,  however,  that this restriction shall
          not apply if Executive's  employment is terminated  following a Change
          in Control; or

<PAGE>

       (iii) solicit, provide any information,  advice or recommendation or take
          any other action intended (or that a reasonable  person acting in like
          circumstances would expect) to have the effect of causing any customer
          of  the  Bank  to  terminate  an  existing   business  or   commercial
          relationship with the Bank.

       In the event that the Executive  competes in violation of this provision,
       all  Supplemental  Benefits  payable  to  Executive  shall  cease and any
       Supplemental  Benefits  previously  paid shall be  reimbursed to the Bank
       within thirty (30) days of the Bank's notification to Executive that this
       provision has been violated.

                                  SECTION VIII
                              AMENDMENT/TERMINATION

8.1    Amendment  or  Modification.  This Plan may be amended or modified at any
       time, provided,  however,  that no such amendment may serve to reduce the
       vested Accrued  Annuity Benefit of any Executive,  and provided  further,
       that no  amendment  or  modification  shall be valid if it violates  Code
       Section 409A, as in effect at the time of such amendment or modification.

8.2    Termination of Plan. Subject to the requirements of Code Section 409A, in
       the event of complete  termination  of the Plan,  the Plan shall cease to
       operate  and the  Bank  shall  pay out to  Executive  his  benefit  as if
       Executive  had  terminated  employment  as of the  effective  date of the
       complete  termination.  Such complete termination of the Plan shall occur
       only under the following circumstances and conditions:

       (a) The  Board may  terminate  the Plan  within 12 months of a  corporate
          dissolution  taxed  under Code  Section  331,  or with  approval  of a
          bankruptcy court pursuant to 11 U.S.C. ss.503(b)(1)(A),  provided that
          the  amounts  deferred  under  the Plan  (e.g.,  the  Accrued  Annuity
          Benefit) are included in Executive's gross income in the latest of (i)
          the calendar year in which the Plan 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 payment is
          administratively practicable.

       (b) The Board may  terminate the Plan by Board action taken within the 30
          days  preceding  a Change in Control  (but not  following  a Change in
          Control),  provided  that the Plan shall only be treated as terminated
          if all substantially  similar  arrangements  sponsored by the Bank are
          terminated so that Executive and all participants under  substantially
          similar   arrangements   are   required  to  receive  all  amounts  of
          compensation  deferred  under the  terminated  arrangements  within 12
          months of the date of the termination of the  arrangements.  Following
          the  termination of the Plan, the amount payable to Executive shall be
          the amount to which Executive is entitled upon a Change in Control, as
          set forth in Executive's Participation Agreement.

<PAGE>

                                   SECTION IX
                                    EXECUTION

9.1    This Plan sets forth the entire  understanding of the parties hereto with
       respect  to  the  transactions  contemplated  hereby,  and  any  previous
       agreements or  understandings  between the parties  hereto  regarding the
       subject matter hereof are merged into and superseded by this Plan.

9.2    This Plan shall be executed  in  duplicate,  each copy of which,  when so
       executed  and  delivered,  shall be an  original,  but both copies  shall
       together constitute one and the same instrument.

                            [Signature Page Follows]

<PAGE>

     IN WITNESS  WHEREOF,  the Bank has caused  this Plan to be executed on this
27th day of November, 2007.

ATTEST:                                      UNITED BANK

/s/ Diane Wilson                             By:      /s/ Laurie Rollins
------------------------------------                  --------------------------
Secretary

                                             Title:   Vice President & Treasurer

<PAGE>

              SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

     I, Richard B. Collins,  and UNITED BANK hereby agree, for good and valuable
consideration,  the  value  of  which  is  hereby  acknowledged,  that  I  shall
participate in the Supplemental  Retirement Plan for Senior Executives  ("Plan")
established as of October 1, 2007, by UNITED BANK, as such Plan may now exist or
hereafter be modified, and do further agree to the terms and conditions thereof.
The   Supplemental   Retirement  Plan  replaces  and  supersedes  the  Executive
Supplemental Compensation Agreement in which I previously participated.

     I  understand  that  I  must  execute  this  Supplemental  Retirement  Plan
Participation  Agreement  ("Participation  Agreement")  as  well as  notify  the
Administrator  of such  execution  in  order to  participate  in the  Plan.  The
provisions of the Plan are incorporated herein by reference.  In the event of an
inconsistency  between the terms of this  Participation  Agreement and the Plan,
the terms of the Plan shall control.

     The  following  provisions  relate to a  determination  of my  Supplemental
Benefit under the Plan.

     Benefit Age. My Benefit Age is sixty-nine (69).
     -----------

     Final Average Compensation Percentage:  Forty Percent (40%).
     -------------------------------------

     Yearly Benefit Service Prorate Denominator:  Nine (9).
     -------------------------------------------

     Vesting Rate:  10% per year from original date of hire.
     ------------

     Separation  from Service on or After  Benefit  Age. I understand  that if I
retire on or after  attainment  of my Benefit  Age, I shall be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Separation  from Service  Prior to Benefit Age. If I have a vested  Accrued
Annuity  Benefit at the time of my  voluntary  or  involuntary  Separation  from
Service without Cause (as defined in the Plan) prior to attainment of my Benefit
Age  (other  than due to  death  or  Disability),  I shall  be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

<PAGE>

     Termination for Cause. I understand that if I have a termination for Cause,
my entire benefit under this Plan shall be forfeited.

     Death Benefit.  In the event of my death prior to Separation  from Service,
my  Beneficiary  shall be  entitled  to a Death  Benefit,  equal  to the  amount
calculated  in  accordance  with the terms of Sections 1.14 and 3.3 of the Plan.
Such Death Benefit shall be payable in a Lump Sum.

     Following a Change in Control.

     (a) Change in Control Occurs Before  Separation from Service.  I understand
that if there is a Change  in  Control  I will be  entitled  to my  Supplemental
Benefit  calculated  as set forth in Section 3.4 of the Plan. If I Separate from
Service within two years following a Change in Control, my Supplemental  Benefit
shall be paid in a Lump Sum. If my  Separation  from Service  occurs two or more
years following a Change in Control,  my  Supplemental  Benefit shall be paid in
accordance with the applicable election above for Separation from Service before
Benefit Age or after Benefit Age.

     (b) Change in Control Occurs After Separation from Service.  In the event a
Change in Control  occurs  following  my  Separation  from  Service,  while I am
receiving  my  Supplemental  Benefit in the form of an  annuity  or  installment
payments,  I can elect,  by checking the box below, to have the Present Value of
my remaining payments paid in the form of a lump sum payment.

     [ ] I elect to have the Present  Value of my remaining  payments  paid in a
Lump Sum.

     Disability While Employed.  I understand that in the event of my Disability
prior to my Benefit Age, I will be entitled to the Disability Benefit calculated
as set forth in Section 3.6 of the Plan. My Disability Benefit will be paid in a
Lump  Sum  unless  I elect  another  form of  benefit.  I elect  to  receive  my
Disability Benefit in the following form:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     My Disability Benefit shall be payable:

     [ ]      Upon the determination of my Disability

     [ ]      Upon the attainment of my Benefit Age

     This Participation  Agreement shall become effective upon execution (below)
by both Executive and a duly authorized officer of the Bank.

Dated this _____ day of ______________________, 2007.
UNITED BANK                                                   EXECUTIVE

--------------------------------                              ------------------
(Bank's duly authorized Officer)                              Richard B. Collins

<PAGE>

              SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

     I, Keith E.  Harvey,  and UNITED BANK hereby  agree,  for good and valuable
consideration,  the  value  of  which  is  hereby  acknowledged,  that  I  shall
participate in the Supplemental  Retirement Plan for Senior Executives  ("Plan")
established as of October 1, 2007, by UNITED BANK, as such Plan may now exist or
hereafter be modified, and do further agree to the terms and conditions thereof.
The   Supplemental   Retirement  Plan  replaces  and  supersedes  the  Executive
Supplemental Compensation Agreement in which I previously participated.

     I  understand  that  I  must  execute  this  Supplemental  Retirement  Plan
Participation  Agreement  ("Participation  Agreement")  as  well as  notify  the
Administrator  of such  execution  in  order to  participate  in the  Plan.  The
provisions of the Plan are incorporated herein by reference.  In the event of an
inconsistency  between the terms of this  Participation  Agreement and the Plan,
the terms of the Plan shall control.

     The  following  provisions  relate to a  determination  of my  Supplemental
Benefit under the Plan.

     Benefit Age.  My Benefit Age is sixty-five (65).
     -----------

     Final Average Compensation Percentage:  Twenty-three Percent (23%).
     -------------------------------------

     Yearly Benefit Service Prorate Denominator:  Twenty-five (25).
     ------------------------------------------

     Vesting Rate:  10-Year Cliff Vesting from original date of hire.
     ------------

     Separation  from Service on or After  Benefit  Age. I understand  that if I
retire on or after  attainment  of my Benefit  Age, I shall be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Separation  from Service  Prior to Benefit Age. If I have a vested  Accrued
Annuity  Benefit at the time of my  voluntary  or  involuntary  Separation  from
Service without Cause (as defined in the Plan) prior to attainment of my Benefit
Age  (other  than due to  death  or  Disability),  I shall  be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

<PAGE>

     Termination for Cause. I understand that if I have a termination for Cause,
my entire benefit under this Plan shall be forfeited.

     Death Benefit.  In the event of my death prior to Separation  from Service,
my Beneficiary  shall be entitled to a Death  Benefit,  calculated in accordance
with Sections 1.14 and 3.3 of the Plan and payable in a Lump Sum.

     Following a Change in Control.

     (a) Change in Control Occurs Before  Separation from Service.  I understand
that if there is a Change  in  Control  I will be  entitled  to my  Supplemental
Benefit  calculated  as set forth in Section 3.4 of the Plan. If I Separate from
Service within two years following a Change in Control, my Supplemental  Benefit
shall be paid in a Lump Sum. If my  Separation  from Service  occurs two or more
years following a Change in Control,  my  Supplemental  Benefit shall be paid in
accordance with the applicable election above for Separation from Service before
Benefit Age or after Benefit Age.

     (b) Change in Control Occurs After Separation from Service.  In the event a
Change in Control  occurs  following  my  Separation  from  Service,  while I am
receiving  my  Supplemental  Benefit in the form of an  annuity  or  installment
payments,  I can elect,  by checking the box below, to have the Present Value of
my remaining payments paid in the form of a lump sum payment.

     [ ] I elect to have the Present Value of my remaining  payments paid in a
         Lump Sum.

     Disability While Employed.  I understand that in the event of my Disability
prior to my Benefit Age, I will be entitled to the Disability Benefit calculated
as set forth in Section 3.6 of the Plan. My Disability Benefit will be paid in a
Lump  Sum  unless  I elect  another  form of  benefit.  I elect  to  receive  my
Disability Benefit in the following form:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     My Disability Benefit shall be payable:

     [ ]      Upon the determination of my Disability

     [ ]      Upon the attainment of my Benefit Age

     This Participation  Agreement shall become effective upon execution (below)
by both Executive and a duly authorized officer of the Bank.

Dated this _____ day of ______________________, 2007.

UNITED BANK                                                   EXECUTIVE

--------------------------------                              ------------------
(Bank's duly authorized Officer)                              Keith E. Harvey

<PAGE>

              SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

     I, J. Jeffrey Sullivan, and UNITED BANK hereby agree, for good and valuable
consideration,  the  value  of  which  is  hereby  acknowledged,  that  I  shall
participate in the Supplemental  Retirement Plan for Senior Executives  ("Plan")
established as of October 1, 2007, by UNITED BANK, as such Plan may now exist or
hereafter be modified, and do further agree to the terms and conditions thereof.

     I  understand  that  I  must  execute  this  Supplemental  Retirement  Plan
Participation  Agreement  ("Participation  Agreement")  as  well as  notify  the
Administrator  of such  execution  in  order to  participate  in the  Plan.  The
provisions of the Plan are incorporated herein by reference.  In the event of an
inconsistency  between the terms of this  Participation  Agreement and the Plan,
the terms of the Plan shall control.

     The  following  provisions  relate to a  determination  of my  Supplemental
Benefit under the Plan.

     Benefit Age.  My Benefit Age is sixty-five (65).
     -----------

     Final Average Compensation Percentage:  Thirty Percent (30%).
     -------------------------------------

     Yearly Benefit Service Prorate Denominator:  Twenty (20).
     ------------------------------------------

     Vesting Rate:  10-Year Cliff Vesting from original date of hire.
     ------------

     Separation  from Service on or After  Benefit  Age. I understand  that if I
retire on or after  attainment  of my Benefit  Age, I shall be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Separation  from Service  Prior to Benefit Age. If I have a vested  Accrued
Annuity  Benefit at the time of my  voluntary  or  involuntary  Separation  from
Service without Cause (as defined in the Plan) prior to attainment of my Benefit
Age  (other  than due to  death  or  Disability),  I shall  be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Termination for Cause. I understand that if I have a termination for Cause,
my entire benefit under this Plan shall be forfeited.

<PAGE>

     Death Benefit.  In the event of my death prior to Separation  from Service,
my Beneficiary  shall be entitled to a Death  Benefit,  calculated in accordance
with Section 1.14 and 3.3 of the Plan and payable in a Lump Sum.

     Following a Change in Control.

     (a) Change in Control Occurs Before  Separation from Service.  I understand
that if there is a Change  in  Control  I will be  entitled  to my  Supplemental
Benefit  calculated  as set forth in Section 3.4 of the Plan. If I Separate from
Service within two years following a Change in Control, my Supplemental  Benefit
shall be paid in a Lump Sum. If my  Separation  from Service  occurs two or more
years following a Change in Control,  my  Supplemental  Benefit shall be paid in
accordance with the applicable election above for Separation from Service before
Benefit Age or after Benefit Age.

     (b) Change in Control Occurs After Separation from Service.  In the event a
Change in Control  occurs  following  my  Separation  from  Service,  while I am
receiving  my  Supplemental  Benefit in the form of an  annuity  or  installment
payments,  I can elect,  by checking the box below, to have the Present Value of
my remaining payments paid in the form of a lump sum payment.

     [ ] I elect to have the Present Value of my remaining payments paid in
a Lump Sum.

     Disability While Employed.  I understand that in the event of my Disability
prior to my Benefit Age, I will be entitled to the Disability Benefit calculated
as set forth in Section 3.6 of the Plan. My Disability Benefit will be paid in a
Lump  Sum  unless  I elect  another  form of  benefit.  I elect  to  receive  my
Disability Benefit in the following form:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     My Disability Benefit shall be payable:

     [ ]      Upon the determination of my Disability

     [ ]      Upon the attainment of my Benefit Age

     This Participation  Agreement shall become effective upon execution (below)
by both Executive and a duly authorized officer of the Bank.

Dated this _____ day of ______________________, 2007.

UNITED BANK                                                 EXECUTIVE

--------------------------------                            -------------------
(Bank's duly authorized Officer)                            J. Jeffrey Sullivan

<PAGE>

              SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

     I, John J. Patterson,  and UNITED BANK hereby agree,  for good and valuable
consideration,  the  value  of  which  is  hereby  acknowledged,  that  I  shall
participate in the Supplemental  Retirement Plan for Senior Executives  ("Plan")
established as of October 1, 2007, by UNITED BANK, as such Plan may now exist or
hereafter be modified, and do further agree to the terms and conditions thereof.
The   Supplemental   Retirement  Plan  replaces  and  supersedes  the  Executive
Supplemental Compensation Agreement in which I previously participated.

     I  understand  that  I  must  execute  this  Supplemental  Retirement  Plan
Participation  Agreement  ("Participation  Agreement")  as  well as  notify  the
Administrator  of such  execution  in  order to  participate  in the  Plan.  The
provisions of the Plan are incorporated herein by reference.  In the event of an
inconsistency  between the terms of this  Participation  Agreement and the Plan,
the terms of the Plan shall control.

     The  following  provisions  relate to a  determination  of my  Supplemental
Benefit under the Plan.

     Benefit Age.  My Benefit Age is sixty-five (65).
     ----------

     Final Average Compensation Percentage:  Fourteen Percent (14%).
     -------------------------------------

     Yearly Benefit Service Prorate Denominator:  Fifteen (15).
     ------------------------------------------

     Vesting Rate:  10-Year Cliff Vesting from original date of hire.
     ------------

     Separation  from Service on or After  Benefit  Age. I understand  that if I
retire on or after  attainment  of my Benefit  Age, I shall be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Separation  from Service  Prior to Benefit Age. If I have a vested  Accrued
Annuity  Benefit at the time of my  voluntary  or  involuntary  Separation  from
Service without Cause (as defined in the Plan) prior to attainment of my Benefit
Age  (other  than due to  death  or  Disability),  I shall  be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

<PAGE>

     Termination for Cause. I understand that if I have a termination for Cause,
my entire benefit under this Plan shall be forfeited.

     Death Benefit.  In the event of my death prior to Separation  from Service,
my Beneficiary  shall be entitled to a Death  Benefit,  calculated in accordance
with Sections 1.14 and 3.3 of the Plan and payable in a Lump Sum.

     Following a Change in Control.

     (a) Change in Control Occurs Before  Separation from Service.  I understand
that if there is a Change  in  Control  I will be  entitled  to my  Supplemental
Benefit  calculated  as set forth in Section 3.4 of the Plan. If I Separate from
Service within two years following a Change in Control, my Supplemental  Benefit
shall be paid in a Lump Sum. If my  Separation  from Service  occurs two or more
years following a Change in Control,  my  Supplemental  Benefit shall be paid in
accordance with the applicable election above for Separation from Service before
Benefit Age or after Benefit Age.

     (b) Change in Control Occurs After Separation from Service.  In the event a
Change in Control  occurs  following  my  Separation  from  Service,  while I am
receiving  my  Supplemental  Benefit in the form of an  annuity  or  installment
payments,  I can elect,  by checking the box below, to have the Present Value of
my remaining payments paid in the form of a lump sum payment.

     [ ] I elect to have the Present Value of my remaining payments paid in
         a Lump Sum.

     Disability While Employed.  I understand that in the event of my Disability
prior to my Benefit Age, I will be entitled to the Disability Benefit calculated
as set forth in Section 3.6 of the Plan. My Disability Benefit will be paid in a
Lump  Sum  unless  I elect  another  form of  benefit.  I elect  to  receive  my
Disability Benefit in the following form:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     My Disability Benefit shall be payable:

     [ ]      Upon the determination of my Disability

     [ ]      Upon the attainment of my Benefit Age

     This Participation  Agreement shall become effective upon execution (below)
by both Executive and a duly authorized officer of the Bank.

Dated this _____ day of ______________________, 2007.

UNITED BANK                                                   EXECUTIVE

--------------------------------                              ------------------
(Bank's duly authorized Officer)                              John J. Patterson

<PAGE>

              SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

     I, Mark A.  Roberts,  and UNITED BANK hereby  agree,  for good and valuable
consideration,  the  value  of  which  is  hereby  acknowledged,  that  I  shall
participate in the Supplemental  Retirement Plan for Senior Executives  ("Plan")
established as of October 1, 2007, by UNITED BANK, as such Plan may now exist or
hereafter be modified, and do further agree to the terms and conditions thereof.

     I  understand  that  I  must  execute  this  Supplemental  Retirement  Plan
Participation  Agreement  ("Participation  Agreement")  as  well as  notify  the
Administrator  of such  execution  in  order to  participate  in the  Plan.  The
provisions of the Plan are incorporated herein by reference.  In the event of an
inconsistency  between the terms of this  Participation  Agreement and the Plan,
the terms of the Plan shall control.

     The  following  provisions  relate to a  determination  of my  Supplemental
Benefit under the Plan.

     Benefit Age.  My Benefit Age is sixty-five (65).
     -----------

     Final Average Compensation Percentage:  Thirty Percent (30%).
     -------------------------------------

     Yearly Benefit Service Prorate Denominator:  Twenty (20).
     ------------------------------------------

     Vesting Rate:  10-Year Cliff Vesting from original date of hire.
     ------------

     Separation  from Service on or After  Benefit  Age. I understand  that if I
retire on or after  attainment  of my Benefit  Age, I shall be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Separation  from Service  Prior to Benefit Age. If I have a vested  Accrued
Annuity  Benefit at the time of my  voluntary  or  involuntary  Separation  from
Service without Cause (as defined in the Plan) prior to attainment of my Benefit
Age  (other  than due to  death  or  Disability),  I shall  be  entitled  to the
Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant
provisions of the Plan. Unless I elect otherwise below, my Supplemental  Benefit
will  be  paid  in a  Lump  Sum.  Alternatively,  I  may  elect  to  receive  my
Supplemental Benefit in another form by checking the applicable box below:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     Termination for Cause. I understand that if I have a termination for Cause,
my entire benefit under this Plan shall be forfeited.

<PAGE>

     Death Benefit.  In the event of my death prior to Separation  from Service,
my Beneficiary  shall be entitled to a Death  Benefit,  calculated in accordance
with Sections 1.14 and 3.3 of the Plan and payable in a Lump Sum.

     Following a Change in Control.

     (a) Change in Control Occurs Before  Separation from Service.  I understand
that if there is a Change  in  Control  I will be  entitled  to my  Supplemental
Benefit  calculated  as set forth in Section 3.4 of the Plan. If I Separate from
Service within two years following a Change in Control, my Supplemental  Benefit
shall be paid in a Lump Sum. If my  Separation  from Service  occurs two or more
years following a Change in Control,  my  Supplemental  Benefit shall be paid in
accordance with the applicable election above for Separation from Service before
Benefit Age or after Benefit Age.

     (b) Change in Control Occurs After Separation from Service.  In the event a
Change in Control  occurs  following  my  Separation  from  Service,  while I am
receiving  my  Supplemental  Benefit in the form of an  annuity  or  installment
payments,  I can elect,  by checking the box below, to have the Present Value of
my remaining payments paid in the form of a lump sum payment.

     [ ]      I elect to have the Present Value of my remaining payments paid in
              a Lump Sum.

     Disability While Employed.  I understand that in the event of my Disability
prior to my Benefit Age, I will be entitled to the Disability Benefit calculated
as set forth in Section 3.6 of the Plan. My Disability Benefit will be paid in a
Lump  Sum  unless  I elect  another  form of  benefit.  I elect  to  receive  my
Disability Benefit in the following form:

     [ ]      Annuity (with 15 years certain)

     [ ]      Installments for _____ Years

     [ ]      Other ____________________________________________________________

     My Disability Benefit shall be payable:

     [ ]      Upon the determination of my Disability

     [ ]      Upon the attainment of my Benefit Age

     This Participation  Agreement shall become effective upon execution (below)
by both Executive and a duly authorized officer of the Bank.

Dated this _____ day of ______________________, 2007.

UNITED BANK                                                   EXECUTIVE

--------------------------------                              ------------------
(Bank's duly authorized Officer)                              Mark A. Roberts

<PAGE>

                                                                       Exhibit A

               SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR EXECUTIVES

                             BENEFICIARY DESIGNATION

     Executive,  under the terms of the Supplemental  Retirement Plan for Senior
Executives executed by the Bank and effective October 1, 2007, hereby designates
the following  Beneficiary to receive any guaranteed  payments or death benefits
under such Plan, following his death:

PRIMARY BENEFICIARY:

--------------------------------------------------------------------------------

In the event the  Primary  Beneficiary  set forth  above has  predeceased  me, I
designate the person set forth below as my Secondary Beneficiary.

SECONDARY  BENEFICIARY:

--------------------------------------------------------------------------------

          This  Beneficiary  Designation  hereby  revokes any prior  Beneficiary
          Designation   which  may  have  been  in  effect.   Such   Beneficiary
          Designation is revocable.

DATE:    ___________  _____, 20___.

-----------------------                                         ----------------
(WITNESS)                                                       EXECUTIVE

-----------------------
(WITNESS)STOCK OPTION AWARD AGREEMENT

 

Exhibit 10.1

Non-Qualified Stock Option Agreement

under the

lululemon athletica inc. 2007 Equity Incentive Plan

           THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made between lululemon
athletica inc. (the “Company”) and ROBERT MEERS (the “Optionee”).

           WHEREAS, the Company maintains the lululemon athletica inc. 2007 Equity Incentive Plan (the
“Plan”); and

           WHEREAS, the Plan permits the award of Options to purchase Shares, subject to the terms of the
Plan; and

           WHEREAS, on January 27, 2006 (the “Original Grant Date”) the Optionee was granted an
option to purchase 1,170,000 shares of common stock of the Company’s Canadian operating subsidiary,
lululemon athletica canada inc. (f/k/a Lululemon Athletica Inc.), under the Lululemon Athletica
Inc. 2005 Equity Incentive Plan (such option is hereinafter referred to as the “Original
Option”); and

           WHEREAS, on or about July 27, 2007 and in connection with the Company’s corporate
reorganization (the “Reorganization”), an option under the Plan (the “Substitute
Option”) was substituted for the Original Option to reflect the effects of the Reorganization;
and

           WHEREAS, the Company and the Optionee wish to amend and restate the Substitute Option to
reflect certain negotiated changes.

           NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the
parties intending to be legally bound hereby, agree as follows:

     1.  Award of Option. This Option constitutes an amendment and restatement of the
Substitute Option. This Option represents the right to purchase 2,285,422 Shares (the “Option
Shares”). In addition to the terms set forth herein, the Option is subject to the terms of the
Plan applicable to non-qualified stock options, which terms are incorporated herein by this
reference. Except as otherwise specified herein, or unless the context requires otherwise, the
terms defined in the Plan will have the same meanings herein.

     2. Nature of the Option. This Option is intended to be a nonstatutory stock option
and is not intended to be an Incentive Stock Option within the meaning of Section 422 of the Code,
or to otherwise qualify for any special tax benefits to the Optionee.

     3. Date of Grant; Term. The Option is restated pursuant to the authorization of the
Compensation Committee of the Company’s Board of Directors on
November 28, 2007 (the
“Effective Date”) and may not be exercised later than the tenth anniversary of the Original
Grant Date, subject to earlier termination as provided in the Plan.

     4. Option Exercise Price. The total cost to the Optionee to purchase, pursuant to
this Agreement, one Share is $0.60. All dollar amounts reflected in this Agreement are expressed
in U.S. dollars.

 

 

     5.  Exercise of Option.

           (a)  Right to Exercise. This Option will become exercisable as follows:

                i.  Immediately Vested Portion. The Option will be vested and exercisable with respect
to 15% of the Option Shares immediately upon the Effective Date.

                ii.  Time Vested Portion. The Option will become vested and exercisable with respect
to 15% of the Option Shares on each of the following dates: January 27, 2008, January 27, 2009 and
January 27, 2010 (such 45% of the Option Shares being herein referred to as the “Time Vested
Portion”); provided, in each case, that the Optionee remains in continuous service with
the Company through the applicable date. Notwithstanding the foregoing, the Option will become
vested and exercisable with respect to the Time Vested Portion immediately prior to (and contingent
upon) the occurrence of a Sale (as defined below in Section 17(j)), provided the Optionee remains
in continuous service with the Company through the date of that Sale. Solely for purposes of this
Agreement, service with the Company will be deemed to include service with an Affiliated Company
(as defined below in Section 17(c)) for so long as such entity remains an Affiliated
Company.

                iii.  Performance Vested Portion. The Option may become vested and exercisable with
respect to 40% of the Option Shares (the “Performance Vested Portion”), based upon the
Return Multiple (as defined below in Section 17(i)) realized by the Institutional Holders
while this Option remains outstanding, as follows:

                     (1)  Immediately prior to (and contingent upon) the occurrence of an Investor Sale (as defined
below in Section 17(g)), and provided the Optionee remains in continuous service with the
Company through the date of the Investor Sale, the Performance Vested Portion will become vested
and exercisable based on the Return Multiple realized upon completion of the Investor Sale:

	 	 	 
	 	 	Percentage of Option
	Return Multiple Achieved	 	Shares Exercisable
	x < 2.00
	 	None
	2.00
≤ x < 2.25
	 	3.08%
	2.25 ≤ x < 2.50
	 	6.15%
	2.50 ≤ x < 2.75
	 	9.23%
	2.75 ≤ x < 3.00
	 	12.31%
	3.00 ≤ x < 3.25
	 	15.38%
	3.25 ≤ x < 3.50
	 	18.46%
	3.50 ≤ x < 3.75
	 	21.54%
	3.75 ≤ x < 4.00
	 	24.62%
	4.00 ≤ x < 4.25
	 	27.69%
	4.25 ≤ x < 4.50
	 	30.77%
	4.50 ≤ x < 4.75
	 	33.84%
	4.75 ≤ x < 5.00
	 	36.92%
	5.00 ≤ x
	 	40%

-2-

 

                     (2)  If the Return Multiple increases following an Investor Sale due to a subsequent
Transfer and the Optionee remains in continuous service with the Company through the date of that
subsequent Transfer, the Option will then become vested and exercisable with respect to an
additional number of Option Shares determined (in accordance with the chart contained in Section
5(a)(iii)(1), above) based on the cumulative Return Multiple achieved, reduced by the number of
Option Shares with respect to which the Performance Vested Portion has previously become vested and
exercisable (taking into account any adjustments pursuant to Section 3(c) of the Plan). This
provisions of this Section 5(a)(iii)(2) will apply with respect to each subsequent Transfer until
the Performance Vested Portion terminates.

                     (3)  At such time as no further increases to the Return Multiple are possible (e.g., when the
Institutional Holders and their Permitted Transferees have Transferred their entire capital stock
holdings in the Company and its Affiliates), any portion of the Performance Vested Portion that has
not, by that time, become vested and exercisable will terminate immediately and automatically.

                     (4)  Notwithstanding anything to the contrary in this Section 5(a)(iii), the Performance Vested
Portion will become fully vested and exercisable if and when a Return Multiple of 5.00 or greater
is realized, regardless of whether such Return Multiple is realized in connection with an Investor
Sale, provided the Optionee remains in continuous service with the Company through the date that
such Return Multiple is realized.

                (b)  Method of Exercise. The Optionee may exercise the Option by providing written
notice to the Company and shall be delivered in person or by certified mail to the Secretary of the
Company (or such other person as may be designated by the Company). The written notice shall be
accompanied by payment of the purchase price and, if requested by the Company, an executed
counterpart to the Stockholders Agreement. The certificate(s) for the Shares as to which the
Option shall have been exercised will be registered in the name of the Optionee and, in addition to
any other legend that may be required pursuant to applicable law, the Plan, the Stockholders
Agreement or otherwise, will contain the following legend:

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE
SUBJECT TO THE TERMS AND CONDITIONS OF A NON-QUALIFIED STOCK OPTION AGREEMENT
ENTERED INTO BETWEEN ROBERT MEERS AND LULULEMON ATHLETICA INC. A COPY OF THAT
AGREEMENT IS ON FILE IN THE PRINCIPAL OFFICES OF LULULEMON ATHLETICA INC. AND WILL
BE MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO
THE SECRETARY OF LULULEMON ATHLETICA INC.

-3-

 

                (c)  Partial Exercise. The Option may be exercised in whole or in part;
provided, however, that any exercise may apply only with respect to whole numbers
of Option Shares.

                (d)  Restrictions on Exercise. The Option may not be exercised if the issuance of the
Option Shares upon such exercise would constitute a violation of any applicable law or regulation
or any exchange listing requirements.

     6.  Investment Representations. Unless the Option Shares have been registered under
the Securities Act of 1933 (the “Securities Act”), in connection with the acquisition of
this Option, the Optionee represents and warrants to the Company that:

           (a)  he or she is acquiring the Option, and upon exercise of the Option, will be acquiring the
Option Shares for investment for his or her own account, not as a nominee or agent, and not with a
view to or for resale in connection with any distribution thereof; and

           (b)  he or she has a preexisting personal or business relationship with the Company or one of
its directors, officers or controlling persons and, by reason of his or her business or financial
experience, has, and can be reasonably assumed to have, the capacity to protect his or her
interests in connection with the acquisition of the Option and the Option Shares.

     In addition, as a further condition to the exercise of the Option, the Company may require the
Optionee to make any representation or warranty to the Company as may be required by or advisable
under any applicable law, regulation or exchange listing requirement.

     7.  Withholding. The Company reserves the right to withhold from any consideration
payable or property transferable to the Optionee any taxes required to be withheld by law as a
result of the grant or exercise of this Option or the sale or other disposition of the Option
Shares. If the amount of any consideration payable to the Optionee is insufficient to pay such
taxes or if no consideration is then payable to the Optionee, upon the request of the Company and
as a condition to the grant or exercise of this Option or the sale or other disposition of the
Option Shares, the Optionee (or such other person entitled to exercise this Option pursuant to
Section 5 of the Plan) will pay to the Company an amount sufficient for the Company to satisfy any
such tax withholding requirements.

     8.  The Plan. The Optionee has received a copy of the Plan (a copy of which is
attached hereto), has read the Plan and is familiar with its terms, and hereby accepts the Option
subject to all of the terms and provisions of the Plan. Pursuant to the Plan, the Board is
authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan
as it deems appropriate. The Optionee hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Board regarding any questions arising under the Plan or this
Agreement.

     9.  Governing Law. This Option Agreement will be construed in accordance with the laws
of the State of Delaware, without regard to the application of the principles of conflicts of laws.

-4-

 

     10.  Amendment. This Agreement may only be amended by a writing signed by each of the
parties hereto.

     11.  Entire Agreement. This Agreement, together with the Plan, represents the entire
agreement between the parties hereto relating to the subject matter hereof, and merges and
supersedes all prior and contemporaneous discussions, agreements and understandings of every nature
(including, without limitation, Section 2.3 of the Employment and Restrictive Covenant Agreement
dated December 5, 2005 between the Optionee and Lululemon Athletica Inc. and Exhibit A attached
thereto). For avoidance of doubt, the Optionee further acknowledges that (i) the Original Option,
and all the Optionee’s rights thereunder, were replaced by the Substitute Option, and (ii) this
Option amends and restates the Substitute Option in its entirety.

     12.  Market Stand-Off.

           (a)  The Optionee hereby agrees that, in connection with any registration under the Securities
Act of 1933, as amended, of any Option Shares, the Optionee (and the Optionee’s permitted
transferees, if any) shall not sell or otherwise transfer (including through short-sales, hedging,
or similar transactions) any Option Shares during the period that the Board specifies (a
“Holdback”); provided, however, that such period shall not exceed one hundred eighty (180)
days (or other such period that the underwriters reasonably require) following the effective date
of the applicable registration statement filed under the Securities Act (the “Market Stand-Off
Period”). Until the end of such Market Stand-Off Period, the Company may impose, with respect
to Option Shares, stop-transfer instructions that are subject to the foregoing restrictions.

           (b)  Optionee also agrees to be bound by any restriction agreed to by holders of not less than
a majority of the then outstanding Shares (giving effect to the pro forma conversion of all
outstanding preferred shares and other convertible securities and the pro forma exercise of all
stock options, warrants and other rights, to the extent then exercisable).

           (c)  In addition, if any managing underwriter or book runner of any such offering or
registration (the “Underwriter”) requests, the Optionee will execute and deliver to the
Underwriter such documents, agreements, and instruments that the Underwriter shall reasonably
require to enable the Underwriter to obtain the benefit of the Holdback during the Market Stand-Off
Period. In connection with the foregoing, the Optionee hereby appoints the Chairman of the
Company’s Board of Directors as the Optionee’s attorney-in-fact, with full power of substitution,
to execute and deliver all documents, agreements and instruments to be executed and delivered by
the Optionee, and to take all actions to be taken by the Optionee in each case in connection with
effecting any Holdback.

     13.  Restrictions on Transfer of Option and Option Shares.

           (a)  The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or
disposed of in any manner either voluntarily or involuntarily by operation of law, other than by
will or by the laws of descent or distribution. During the Optionee’s lifetime, the Option is
exercisable only by the Optionee. Subject to the foregoing, the terms of the Option will be
binding upon the executors, administrators and heirs of the Optionee.

           (b)  The Optionee is not prohibited from transferring Option Shares to an Affiliate, provided
the Affiliate agrees to be bound by the provisions of Sections 12, 13, 14, and 
15 (with the repurchase contemplated by Section 15 being triggered by the
termination of service of the Optionee).

-5-

 

           (c)  Except as permitted under this Agreement, the Optionee may not sell, pledge, assign,
encumber, hypothecate, gift, transfer, bequeath, devise, donate or otherwise dispose of, in any way
or manner whatsoever, whether voluntary or involuntary, any legal or beneficial interest in any
Option Shares. If the Optionee, without complying with this Agreement’s terms and conditions,
attempts to transfer or alienate any legal or beneficial interest in any Option Shares, then the
transfer or alienation will not take effect and the Company will not, and will not be compelled to,
recognize or record on its books any such transfer or alienation or issue to the purported
recipient of such Option Shares any stock certificate(s) representing those Option Shares. The
Optionee agrees not to deposit any Option Shares in a voting trust or subject Option Shares to any
arrangement or agreement with respect to the voting of such Shares.

     14.  Right of First Refusal.

           (a)  If the Optionee desires, in any manner, to alienate or transfer, to any person, group of
people, or one or more entities (other than the Company or an Affiliate) (collectively, the
“Proposed Transferee”), any Option Shares, the Optionee first will deliver to the Company
written notice (the “Transfer Notice”) specifying: (i) the number of Option Shares that
the Optionee proposes to transfer to the Proposed Transferee (hereinafter the “Subject
Shares”), (ii) the name and address of the Proposed Transferee, (iii) the consideration, if
any, that the Proposed Transferee will pay to the Optionee in connection with the proposed transfer
of such Subject Shares, and (iv) all other material terms and conditions of the proposed transfer.
The Optionee will deliver to the Company the Transfer Notice at least forty-five (45) days prior to
the proposed transfer.

           (b)  The Company (including, for purposes of this section, an assignee of the Company) will
have the option to purchase, at the same price and under the same terms and conditions as set forth
in the Transfer Notice, any or all of the Subject Shares (the “Right of First Refusal
Option”). In order for the Company to exercise its Right of First Refusal Option set forth in
this Section 14(b), the Company must, by no later than fifteen (15) days after receipt by
the Company of a Transfer Notice, deliver to the Optionee written notice of the Company’s intent to
exercise its Right of First Refusal Option (a “Company Acceptance Notice”). If the Company
duly exercises the Right of First Refusal Option, then the closing of such purchase and sale will
take place at the Company’s offices on such date that is selected with the consent of the Company;
provided, however, that such purchase and sale date must not be more than ninety (90) days, nor
less than thirty (30) days, after the date of the Company Acceptance Notice. At such closing, the
Company will pay to the Optionee the required consideration, and the Company and the Optionee will
proceed with the purchase and sale, under the Transfer Notice’s specified terms and conditions, of
those of the Optionee’s Subject Shares to which the Company’s written option-exercise notice
refers. Notwithstanding the foregoing, to the extent that the consideration that the Proposed
Transferee offered to pay to the Optionee for the Subject Shares consists of property other than a
promissory note or cash, the consideration that the Company is required to pay to the Optionee may,
at the Company’s option, in whole or in part, consist of cash equal to the property’s value, as
mutually agreed-upon, reasonably and in good faith, by the Company and the Optionee.

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           (c)  At such closing, the Company and the Optionee each will execute and deliver to the other
all customary documentation that the Company and the Optionee reasonably require to effect, in
accordance with this Section 14 and the Transfer Notice’s specified terms and conditions,
the sale and purchase of the Optionee’s Subject Shares.

           (d)  If less than all of the Subject Shares are purchased by the Company in accordance with
this Section 14, then the Optionee will be permitted, free from the provisions of this
Section 14 and for a period of thirty (30) days from the date that the applicable Right of
First Refusal Option exercise period expired, to offer and sell to the Proposed Transferee the
Optionee’s remaining Subject Shares; provided, however, that any such transfer or sale must take
place at the same price and under terms and conditions no more favorable to the Proposed Transferee
than the Transfer Notice’s specified terms and conditions; and provided, further, that as a
condition of any such transfer or sale, the Proposed Transferee must execute and deliver an
agreement in form and substance requested by the Company pursuant to which Proposed Transferee will
agree to be bound by the provisions of Sections 12, 13, 14, and 15 (with the repurchase
contemplated by Section 15 being triggered by the termination of service of the Optionee),
and any stock certificate representing any transferred Option Shares will bear any restrictive
legends deemed appropriate by the Company.

           (e)  The Company’s release or failure to exercise its rights under this Section 14 will
not adversely affect the Company’s right to participate, as this Section 14 provides, in
the Optionee’s subsequent proposed transfers.

           (f)  The rights and obligations under this Section 14 shall terminate immediately upon
(and shall not apply in connection with any sale by Optionee of Option Shares as a part of) a
Qualified Public Offering. For purposes of this Agreement, “Qualified Public Offering”
means the initial sale of shares of common stock of the Company (or a successor to the Company) in
an underwritten public offering registered under the Securities Act (“IPO”) in which the
gross proceeds to the Company from the IPO are not less than $75,000,000.

     15.  Call Upon Cessation of Service.

           (a)  If the Optionee’s service with the Company ceases for any reason, the Company or its
assignee may repurchase up to all the Option Shares. The price payable by the Company or its
assignee to repurchase Option Shares pursuant to this Section 15(a) will be the Fair
Market Value (as defined in the Plan) of those shares at the time the right described in this
Section 15 is exercised. Such price may be paid (i) in cash; (ii) by offset of any
obligation of the Optionee to the Company or its Affiliates; or (iii) a promissory note of the
Company payable in four (4) equal annual installments of principal and interest, commencing one
year from the date of the repurchase of the Option Shares and bearing simple interest at the prime
rate as reported in the Wall Street Journal on the date of the repurchase of the Option Shares.
Any promissory note issued under this Section 15 will be subject to prepayment in part or
in full at any time at the Company’s option and without penalty. Payments under any promissory
note issued under this Section 15 may be deferred to the extent necessary in order to avoid
a violation by the Company of the terms of any credit, loan or other debt financing agreement or
any of the other loan documents related thereto.

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           (b)  With respect to each Option Share subject to repurchase pursuant to this Section
15, the Company (or its assignee) may exercise its repurchase right by delivery of written
notice to the holder of such share at any time during the 90-day period beginning on the later of
(i) the date the Optionee’s service to the Company ceases, or (ii) six months following the date
the Optionee acquires that Option Share. All the rights of the holder of any such shares, other
than the right to receive payment in the manner described in Section 15(a), will terminate
as of the date of delivery by the Company of the written notice described in this paragraph. The
only representation, warranty or covenant which the holder of such shares will be required to make
in connection with a sale pursuant to Section 15(a) is a representation and warranty with
respect to his or her ownership of the shares and his or her ability to convey title thereto free
and clear of liens, claims or encumbrances.

           (c)  If a holder of Option Shares becomes obligated to transfer shares to the Company or its
assignee pursuant to this Agreement, that holder will endorse in blank the certificates evidencing
the shares to be sold and deliver those certificates to the Company or its assignee within 15 days
of receipt of the notice described above in Section 15(b). If a holder of Option Shares
fails to deliver those shares in accordance with the terms of this Agreement, the Company or its
assignee may, at its option, in addition to all other remedies it may have, either (i) send to that
holder the purchase price for such shares, as herein specified, or (ii) deposit such amount with a
trustee or escrow agent for the benefit of that holder for release upon delivery of shares in
accordance with the terms of this Agreement. Thereupon, the Company or its assignee, upon written
notice to the holder, will (x) cancel on its books the certificate or certificates representing the
Option Shares required to be transferred, and (y) issue, in lieu thereof, in the name of the
Company (or its assignee) a new certificate or certificates representing such shares.

           (d)  The rights and obligations under this Section 15 shall terminate immediately upon
the consummation of a Qualified Public Offering.

     16.  [Reserved]

     17.  Definitions

           (a)  “Advent Funds” means (i) Advent International GPE V Limited Partnership, Advent
International GPE V-B Limited Partnership and Advent International GPE V-I Limited Partnership,
each a limited partnership formed under the laws of the Cayman Islands, and (ii) Advent
International GPE V-A Limited Partnership, Advent International GPE V-G Limited Partnership, Advent
Partners III Limited Partnership, Advent Partners GPE V Limited Partnership, Advent Partners GPE
V-A Limited Partnership and Advent Partners GPE V-B Limited Partnership, each a Delaware limited
partnership.

           (b)  “Affiliate” means, as to any specified person or entity, (i) any other person or
entity controlling, controlled by or under common control with such specified person or entity or
(ii) any member of the Family Group of such specified person or of any individual who is an
Affiliate of such specified person by reason of clause (i) of this definition; provided, however,
that no person shall be deemed an Affiliate of any other person or entity solely by reason of any
investment in the Company. The term “control,” with respect to any person or entity, means
possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of such person or entity, whether through the ownership of voting securities or a

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partnership interest, by contract or otherwise. With respect to each of the Institutional
Holders, the term “Affiliate” shall also include (1) any entity in which such Institutional Holder
(or one of its Affiliates) is a general partner or member and (2) each investor in such
Institutional Holder, but only in connection with the liquidation, winding up or dissolution of the
Institutional Holder, and only to the extent of such investor’s pro rata share in the Institutional
Holder. With respect to each Advent Fund, the term “Affiliate” shall also include any investment
fund managed by Advent International Corporation, a Delaware corporation. For purposes of this
Agreement, “Family Group” means, as to any holder of capital stock who is a natural person,
such holder’s spouse, ancestors, the lineal descendants of such individual’s grandparents, and
trusts for the benefit of any of the foregoing, provided that all the income beneficiaries and
remainderman of any such trust are such individual’s spouse, ancestors or lineal descendants.

           (c)  “Affiliated Company” means (i) lululemon usa inc., a Nevada corporation, (ii)
lululemon athletica canada inc., a company formed under the laws of British Columbia, (iii)
Lululemon FC USA Inc., a Nevada corporation, (iv) Lulu Canadian Holding, Inc., a company formed
under the laws of British Columbia, (v) Lululemon Athletica International SRL, a company formed
under the laws of Barbados and (vi) any Affiliate of any of the foregoing.

           (d)  “Brooke Funds” means Brooke Private Equity Advisors Fund I-A, L.P. and Brooke
Private Equity Advisors Fund I (D), L.P., each a Delaware limited partnership.

           (e)  “Highland Funds” means Highland Capital Partners VI Limited Partnership, Highland
Capital Partners VI-B Limited Partnership, and Highland Entrepreneurs’ Fund VI Limited Partnership,
each a Delaware limited partnership.

           (f)  “Institutional Holder” means, individually, each of the Advent Funds, Brooke Funds
and Highland Funds, and collectively, the “Institutional Holders.”

           (g)  “Investor Sale” means (i) a Transfer that, when added to all prior Transfers,
results in the Institutional Holders and their Permitted Transferees ceasing to hold or control at
least 20% of the voting power represented by all the capital stock of the Company held by them
collectively as of the Original Grant Date, or (ii) the sale of substantially all the assets of the
Company (other than (a) a transfer of financial assets made in the ordinary course of business for
the purpose of securitization or (b) pursuant to any recapitalization, reorganization or any
similar transaction pursuant to which control of the Company is substantially unaffected).

           (h)  “Permitted Transferee” means, with respect to a holder of shares of capital stock
of the Company (a “Holder” and collectively, the “Holders”):

                i.  an Affiliate of the Holder;

                ii.  any Person to whom the Holder may transfer its shares of capital stock to hold such shares
of capital stock as such Holder’s nominee;

                iii.  in the case of an Institutional Holder, any Person who receives securities in a
liquidating distribution by such fund or holder to its members, partners or shareholders;

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                iv.  in the case of an Institutional Holder, one or more funds which invest in equity
securities and are “qualified institutional buyers” or “accredited investors” (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act) in connection with the sale by such holder of
any material part of its portfolio investments;

                v.  in the case of an Institutional Holder, any other Institutional Holder; and

                vi.  in the event of the death or incompetence of the Holder, a legal representative of the
Holder.

           (i)  “Return Multiple” means as of any given date, the multiple achieved by dividing
(i) the aggregate gross proceeds realized by the Institutional Holders and their Permitted
Transferees in respect of their investment in capital stock of the Company and its Affiliates made
on the Original Grant Date (including, without limitation, gross proceeds from any Transfer(s) to a
third party in registered or private offerings or sales under Rule 144 of the Securities Act, but
excluding gross proceeds received in connection with any Transfer to a Permitted Transferee), over
(ii) $92,783,505.15 (i.e., the aggregate cash amount invested by the Institutional Holders to
acquire shares of capital stock of the Company and its Affiliates as of the Original Grant Date),
all as determined by the Board in good faith immediately prior to (but as of) the relevant date and
subject to the following principles:

                i.  the Board will determine the value of any illiquid consideration received in connection
with any Transfer(s) by taking into account (among other things) any restrictions on the transfer
of that property and other impairments on its value;

                ii.  the Board will determine the value of any contingent consideration potentially payable in
connection with any Transfer(s) based on its best estimate of the likelihood that such contingent
consideration will actually be received;

                iii.  dividends or other non-stock distributions paid prior to the date as of which the Return
Multiple is being determined will be included in the calculation;

                iv.  securities of the Company and its Affiliates will not be counted as gross proceeds;

                v.  if the relevant transaction giving rise to a calculation of the Return Multiple is a sale
of substantially all the assets of the Company, a liquidation of the Company will be deemed to
occur immediately following that asset sale; and

                vi.  the Return Multiple will be calculated net of any commissions, discounts, underwriters’
compensation, attorneys’, accountants’ and bankers’ fees and any similar expenses or transaction
costs that are incurred (A) by or on behalf of the Institutional Holders in connection with the
acquisition of capital stock of the Company or its Affiliates through the Original Grant Date, or
(B) by or on behalf of the Institutional Holders or any Permitted Transferees in connection with
any Transfer(s) of any such capital stock (other than a Transfer between an Institutional Holder
and a Permitted Transferee).

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           (j)  “Sale” means (i) the sale, transfer, assignment or other disposition (including by
merger, consolidation, recapitalization, reorganization or any similar transaction) by stockholders
of the Company, in one transaction or a series of related transactions, of greater than 66 2/3% of
the voting power represented by the then outstanding shares of capital stock (unless (a) such sale,
transfer, assignment or other disposition by such Holder or Holders is made to a Permitted
Transferee, (b) immediately after the completion of such transaction(s), control of the Company is
substantially unaffected or (c) such merger, consolidation, recapitalization, reorganization or any
similar transaction of the Company is with, into or among any Affiliated Company) or (ii) the sale
of substantially all the assets of the Company (other than (a) a transfer of financial assets made
in the ordinary course of business for the purpose of securitization or (b) pursuant to any
recapitalization, reorganization or any similar transaction pursuant to which control of the
Company is substantially unaffected).

           (k)  “Transfer” means a sale, transfer, assignment or other disposition of shares of
capital stock of the Company or its Affiliates by one or more of the Institutional Holders or their
Permitted Transferees.

[Signature Page Follows]

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     IN WITNESS WHEREOF, this Agreement has been executed by each of the parties on the date
indicated below, respectively.

	 	 	 	 	 
	 	lululemon athletica inc.

 	 
	 	By:  	/s/
John E. Currie
 	 
	 	 	Name:  	John E. Currie 	 
	 	 	Title:  	Chief Financial Officer 	 
	 	 	Date:	November 28, 2007 	 
	 
	 
	 	ROBERT MEERS

 	 
	 	By:  	/s/
Robert Meers
 	 
	 	 	Name:  	Robert Meers 	 
	 	 	Date:	November 28, 2007 	 
	 

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