Document:

exv10w1

EXHIBIT 10.1

NEWALLIANCE BANCSHARES, INC.

2005 LONG-TERM COMPENSATION PLAN

     1. DEFINITIONS.

     (a) “Affiliate” means any “parent corporation” or “subsidiary corporation” of the Holding
Company, as such terms are defined in Sections 424(e) and 424(f) of the Code.

     (b) “Award” means, individually or collectively, a grant under the Plan of Non-Statutory Stock
Options, Incentive Stock Options, Stock Awards, Stock Appreciation Rights or Performance Awards.

     (c) “Award Agreement” means an agreement evidencing and setting forth the terms of an Award.

     (d) “Bank” means NewAlliance Bank, a Connecticut capital stock savings bank.

     (e) “Board of Directors” means the board of directors of the Holding Company.

     (f) “Change in Control” means the occurrence of any of the following events:

          (i) approval by the shareholders of the Holding Company of a transaction that would result and
does result in the reorganization, merger or consolidation of the Holding Company, with one or more
other persons, other than a transaction following which:

     A. at least 51% of the equity ownership interests of the entity resulting from such
transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same
relative proportions by persons who, immediately prior to such transaction, beneficially
owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of
the outstanding equity ownership interests in the Holding Company; and

     B. at least 51% of the securities entitled to vote generally in the election of
directors of the entity resulting from such transaction are beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative
proportions by persons who, immediately prior to such transaction, beneficially owned
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the
securities entitled to vote generally in the election of directors of the Holding Company;

          (ii) the acquisition of all or substantially all of the assets of the Holding Company or
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20%
or more of the outstanding securities of the Holding Company entitled to vote generally in the
election of directors by any person or by any persons acting in concert, or approval by the
shareholders of the Holding Company of any transaction which would result in such an acquisition;

 

 

          (iii) a complete liquidation or dissolution of the Holding Company or the Bank, or approval by
the shareholders of the Company of a plan for such liquidation or dissolution;

          (iv) the occurrence of any event if, immediately following such event, members of the Board of
Directors who belong to any of the following groups do not aggregate at least a majority of the
Board of Directors):

     A. individuals who were members of the Board of Directors on the Effective Date; or

     B. individuals who first became members of the Board of Directors after the Effective
Date either:

	 	(1)	 	upon election to serve as a member of the Board of Directors by
the affirmative vote of three-quarters of the members of such Board, or of a
nominating committee thereof, in office at the time of such first election; or
	 
	 	(2)	 	upon election by the shareholders of the Board of Directors to
serve as a member of the Board of Directors, but only if nominated for election
by the affirmative vote of three-quarters of the members of such Board, or of a
nominating committee thereof, in office at the time of such first nomination;
provided that such individual’s election or nomination did not result from an
actual or threatened election contest or other actual or threatened
solicitation of proxies or consents other than by or on behalf of the Board of
Directors; or

          (v) any event which would be described in Section 1(f) (i), (ii), (iii) or if the term “Bank”
were substituted for the term “Company” therein and the term “Board of Directors of the Bank” were
substituted for the term “Board of Directors” therein.

In no event, however, shall a Change in Control be deemed to have occurred as a result of any
acquisition of securities or assets of the Company, the Bank or a subsidiary of either of them, by
the Company, the Bank, any subsidiary of either of them, or by any employee benefit plan maintained
by any of them. For purposes of this Section 1(f), the term “person” shall include the meaning
assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act.

     (g) “Code” means the Internal Revenue Code of 1986, as amended.

     (h) “Committee” means the committee designated by the Board of Directors, pursuant to Section
2 of the Plan, to administer the Plan. If no Committee is designated by the Board of Directors,
the Compensation Committee of the Board of Directors shall constitute the Committee hereunder.

     (i) “Common Stock” means the common stock of the Holding Company, par value $.01 per share.

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     (j) “Date of Grant” means the effective date of an Award.

     (k) “Director Emeritus” and “Advisory Director” means a person appointed to serve in such
capacity by the board of directors of either the Holding Company or the Bank or the successors
thereto.

     (l) “Disability” means any mental or physical condition with respect to which the Participant
qualifies for and receives benefits for under a long-term disability plan of the Holding Company or
an Affiliate, or in the absence of such a long-term disability plan or coverage under such a plan,
“Disability” shall mean a physical or mental condition which, in the sole discretion of the
Committee, is reasonably expected to be of indefinite duration and to substantially prevent the
Participant from fulfilling his or her duties or responsibilities to the Holding Company or an
Affiliate. For purposes of Section 10(f) hereof with respect to Performance Awards, a Participant
shall not be considered to have been terminated on account of a Disability unless the Participant
is “disabled” within the meaning of Section 409A(a)(2)(C) of the Code and the regulations
thereunder.

     (m) “Effective Date” means the date the Plan is approved by shareholders of the Holding
Company.

     (n) “Employee” means any person employed by the Holding Company or an Affiliate.

     (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (p) “Exercise Price” means in the case of an Option, the price at which a Participant may
purchase a share of Common Stock pursuant to an Option, or in the case of a Stock Appreciation
Right, the Exercise Price established for the Stock Appreciation Right pursuant to Section 9(b).

     (q) “Fair Market Value” means the market price of Common Stock, determined as follows:

          (i) If the Common Stock was traded on the date in question on the New York Stock Exchange,
then the Fair Market Value shall be equal to the closing price reported for such date;

          (ii) If the Common Stock was not traded on the New York Stock Exchange but was traded on
another stock exchange on the date in question, then the Fair Market Value shall be equal to the
closing price reported by the applicable composite transactions report for such date; and

          (iii) If neither of the foregoing provisions are applicable, then the Fair Market Value shall
be determined by the Committee in good faith on such basis as it deems appropriate. Whenever
possible, the determination of Fair Market Value by the Committee shall be based on the prices
reported in The Wall Street Journal. The Committee’s determination of Fair Market Value shall be
conclusive and binding on all persons.

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     (r) “Holding Company” means NewAlliance Bancshares, Inc., a Delaware corporation.

     (s) “Incentive Stock Option” means a stock option granted to a Participant, pursuant to
Section 7 of the Plan that is intended to meet the requirements of Section 422 of the Code.

     (t) “Non-Statutory Stock Option” means a stock option granted to a Participant pursuant to the
terms of the Plan but which is not intended to be and is not identified as an Incentive Stock
Option or a stock option granted under the Plan which is intended to be and is identified as an
Incentive Stock Option but which does not meet the requirements of Section 422 of the Code.

     (u) “Option” means an Incentive Stock Option or Non-Statutory Stock Option.

     (v) “Outside Director” means a member of the board(s) of directors of the Holding Company or
an Affiliate who is not also an Employee of the Holding Company or an Affiliate, including any
Director Emeritus or Advisory Director.

     (w) “Participant” means any person who holds an outstanding Award.

     (x) “Performance Award” means an Award pursuant to Section 10 of the Plan.

     (y) “Plan” means this NewAlliance Bancshares, Inc. 2005 Long-Term Compensation Plan.

     (z) “Retirement” with respect to an Employee means termination of employment with the Holding
Company and all Affiliates after attaining “Normal Retirement Age” as defined in the Bank’s defined
benefit retirement plan; provided that if the Employee is not covered by such plan, the Employee
will be deemed to be covered by such plan for purposes of this determination; and provided further
that should such plan cease to exist, “Normal Retirement Age” shall mean the attainment of age
sixty-five (65) and the completion of five (5) years of service with the Holding Company or an
Affiliate. “Retirement” with respect to an Outside Director means the termination of service from
the board of directors of the Holding Company and any Affiliate pursuant to the mandatory
retirement policy then applicable to board members; provided, however, that an Outside Director
shall not be considered to be retired if he or she continues as a Director Emeritus or Advisory
Director.

     (aa) “Stock Appreciation Right” means an Award pursuant to Section 9 of the Plan.

     (bb) “Stock Award” means an Award granted to a Participant pursuant to Section 8 of the Plan.

     2. ADMINISTRATION.

     (a) The Committee shall administer the Plan. The Committee shall consist of two or more
disinterested directors of the Holding Company, who shall be appointed by the Board of Directors.
A member of the Board of Directors shall be deemed to be “disinterested” only if he or she
satisfies: (i) such requirements as the Securities and Exchange Commission may establish

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for non-employee directors administering plans intended to qualify for exemption under Rule
16b-3 (or its successor) under the Exchange Act; (ii) such requirements as the Internal Revenue
Service may establish for outside directors acting under plans intended to qualify for exemption
under Section 162(m)(4)(C) of the Code; and (iii) such requirements as may be imposed by the New
York Stock Exchange for independent directors if the Holding Company’s Common Stock is traded on
the New York Stock Exchange.

     (b) The Committee shall (i) select the Employees and Outside Directors who are to receive
Awards under the Plan, (ii) determine the type, number, vesting requirements and other features and
conditions of such Awards, (iii) interpret the Plan and Award Agreements in all respects and (iv)
make all other decisions relating to the operation of the Plan. The Committee may adopt such rules
or guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under
the Plan shall be final and binding on all persons.

     (c) Each Award shall be evidenced by an Award Agreement containing such provisions as may be
required by the Plan and otherwise approved by the Committee. The Chairman of the Committee and
such other directors and officers as shall be designated by the Committee are hereby authorized to
execute Award Agreements on behalf of the Company or an Affiliate and to cause them to be delivered
to the recipients of Awards. Each Award Agreement shall constitute a binding contract between the
Holding Company or an Affiliate and the Participant, and every Participant, upon acceptance of an
Award Agreement, shall be bound by the terms and restrictions of the Plan and the Award Agreement.
The terms of each Award Agreement shall be in accordance with the Plan, but each Award Agreement
may include any additional provisions and restrictions determined by the Committee, in its
discretion, provided that such additional provisions and restrictions are not inconsistent with the
terms of the Plan. In particular and at a minimum, the Committee shall set forth in each Award
Agreement:

          (i) the type of Award granted;

          (ii) the Exercise Price of any Option;

          (iii) the number of shares subject to the Award;

          (iv) the expiration date of the Award;

          (v) the manner, time, and rate (cumulative or otherwise) of exercise or vesting of such Award;
and

          (vi) the restrictions, if any, placed upon such Award, or upon shares which may be issued upon
exercise of such Award.

     (d) The Committee may delegate all authority for: (i) the determination of forms of payment to
be made by or received by the Plan and (ii) the execution of any Award Agreement. The Committee
may rely on the descriptions, representations, reports and estimates provided to it by the
management of the Holding Company or an Affiliate for determinations to be made pursuant to the
Plan.

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     3. TYPES OF AWARDS.

The following Awards may be granted under the Plan:

     (a) Non-Statutory Stock Options.

     (b) Incentive Stock Options.

     (c) Stock Awards.

     (d) Stock Appreciation Rights.

     (e) Performance Awards.

     4. STOCK SUBJECT TO THE PLAN.

     (a) Subject to adjustment as provided in Section 14 of the Plan, the number of shares of
Common Stock reserved for issuance in connection with Awards under the Plan is 15,982,223. Subject
to adjustment as provided in Section 14 of the Plan, no more than 11,415,874 shares of Common Stock
may be issued in connection with grants of Options or Stock Appreciation Rights; and no more than
4,566,349 shares of Common Stock may be issued in connection with grants of Stock Awards or in
connection with Performance Awards. Thus, subject to adjustment as provided in Section 14 of the
Plan, no more than 11,415,874 shares of Common Stock may be issued in connection with grants of
Incentive Stock Options. In applying the limits of this Section 4 with respect to Stock
Appreciation Rights, the number of shares of Common Stock covered by a Stock Appreciation Right
shall count against the limits, regardless of the number of shares that might be issued upon the
exercise of the Stock Appreciation Right.

     (b) Subject to adjustment as provided in Section 14 of the Plan, no more than 25% of the
number of shares of Common Stock reserved for issuance in connection with Awards under the Plan may
be issued to an Employee during any one calendar year or in the aggregate while this Plan is in
effect.

     (c) Subject to adjustment as provided in Section 14 of the Plan, no more than 5% of the number
of shares of Common Stock reserved for issuance in connection with Awards under the Plan may be
issued to an Outside Director during any one calendar year or in the aggregate while this Plan is
in effect, and no more than 30% of the number of shares of Common Stock reserved for issuance in
connection with Awards under the Plan may be issued to Outside Directors while this Plan is in
effect.

     (d) The shares of Common Stock issued under the Plan may be either authorized but unissued
shares or authorized shares previously issued and acquired or reacquired by the Holding Company.
Shares underlying outstanding awards will be unavailable for any other use, including future grants
under the Plan, except that, to the extent the awards terminate, expire or are forfeited without
vesting or having been exercised, new awards may be granted with respect to these shares subject to
the limitations set forth in this Section 4.

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     5. ELIGIBILITY.

Subject to the terms of the Plan, all Employees and Outside Directors shall be eligible to receive
Awards under the Plan. In addition, the Committee may grant eligibility to consultants and
advisors of the Holding Company or an Affiliate, as it sees fit.

     6. NON-STATUTORY STOCK OPTIONS.

The Committee may, subject to the limitations of the Plan and the availability of shares of Common
Stock reserved but not previously awarded under the Plan, grant Non-Statutory Stock Options to
eligible individuals upon such terms and conditions as it may determine to the extent such terms
and conditions are consistent with the following provisions:

     (a) Exercise Price. The Committee shall determine the Exercise Price of each
Non-Statutory Stock Option. However, the Exercise Price shall not be less than 100% of the Fair
Market Value of the Common Stock on the Date of Grant.

     (b) Terms of Non-Statutory Stock Options. The Committee shall determine the term
during which a Participant may exercise a Non-Statutory Stock Option, but in no event may a
Participant exercise a Non-Statutory Stock Option, in whole or in part, more than ten (10) years
from the Date of Grant. The Committee shall also determine the date on which each Non-Statutory
Stock Option, or any part thereof, first becomes exercisable and any terms or conditions a
Participant must satisfy in order to exercise each Non-Statutory Stock Option. The shares of
Common Stock underlying each Non-Statutory Stock Option may be purchased in whole or in part by the
Participant at any time during the term of such Non-Statutory Stock Option, or any portion thereof,
once the Non-Statutory Stock Option becomes exercisable.

     (c) Non-Transferability. Unless otherwise determined by the Committee, a Participant
may not sell, transfer, assign, pledge, or otherwise encumber or dispose of a Non-Statutory Stock
Option. Except in the event of the Participant’s death or pursuant to a domestic relations order,
a Non-Statutory Stock Option is not transferable. Upon the death of a Participant, a Non-Statutory
Stock Option is transferable by will or the laws of descent and distribution. The designation of a
beneficiary shall not constitute a transfer. Non-Statutory Stock Options are transferable pursuant
to a domestic relations order. The Committee may, however, in its sole discretion, permit
transferability or assignment of a Non-Statutory Stock Option if such transfer or assignment is, in
its sole determination, for valid estate planning purposes and such transfer or assignment is
permitted under the Code and Rule 16b-3 under the Exchange Act and would not constitute an
impermissible acceleration under Section 409A of the Code. For purposes of this Section 6(c), a
transfer for valid estate planning purposes includes, but is not limited to: (i) a transfer to a
revocable intervivos trust as to which the Participant is both the settlor and trustee; or (ii) a
transfer for no consideration to: (w) any member of the Participant’s Immediate Family, (x) any
trust solely for the benefit of members of the Participant’s Immediate Family, (y) any partnership
whose only partners are members of the Participant’s Immediate Family, and (z) any limited
liability corporation or corporate entity whose only members or equity owners are members of the
Participant’s Immediate Family. For purposes of this Section 6(c), “Immediate Family” includes,
but is not necessarily limited to, a Participant’s parents, grandparents, spouse, children,
grandchildren, siblings (including half

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brothers and sisters), and individuals who are family members by adoption. Nothing contained
in this Section 6(c) shall be construed to require the Committee to give its approval to any
transfer or assignment of any Non-Statutory Stock Option or portion thereof, and approval to
transfer or assign any Non-Statutory Stock Option or portion thereof does not mean that such
approval will be given with respect to any other Non-Statutory Stock Option or portion thereof.
The transferee or assignee of any Non-Statutory Stock Option shall be subject to all of the terms
and conditions applicable to such Non-Statutory Stock Option immediately prior to the transfer or
assignment and shall be subject to any other conditions prescribed by the Committee with respect to
such Non-Statutory Stock Option.

     (d) Termination of Employment or Service (General). Unless otherwise determined by
the Committee, upon the termination of a Participant’s employment or other service for any reason
other than Retirement, Disability or death, or a termination following a Change in Control, the
Participant may exercise only a Non-Statutory Stock Option that was vested at the date of such
termination, but only for a period of three (3) months following the date of such termination, or,
if sooner, until the expiration of the term of the Non-Statutory Option. To the extent determined
by the Committee, a Participant may be deemed not to have terminated employment to the extent that
the Participant is immediately engaged by the Holding Company or an Affiliate as a consultant or
advisor or continues to serve the Holding Company or an Affiliate as an Outside Director, including
a Director Emeritus or Advisory Director. Any Non-Statutory Stock Options held by a Participant
that are not vested as of the date of termination of the Participant’s employment or other service
shall be forfeited.

     (e) Termination of Employment or Service (Retirement). Unless otherwise determined by
the Committee, in the event of a Participant’s Retirement, each the Non-Statutory Stock Option held
by such Participant at Retirement shall become fully vested and exercisable, and shall remain
exercisable for a period of two (2) years following the date of Retirement, or, if sooner, until
the expiration of the term of the Non-Statutory Stock Option.

     (f) Termination of Employment or Service (Disability or Death). Unless otherwise
determined by the Committee, in the event of the termination of a Participant’s employment or other
service due to Disability or death, each Non-Statutory Stock Option held by such Participant at
termination shall immediately become fully vested and exercisable and shall remain exercisable for
a period of one (1) year following the date of such termination, or, if sooner, until the
expiration of the term of the Non-Statutory Stock Option.

     (g) Acceleration Upon a Change in Control. In the event of a Change in Control, all
Non-Statutory Stock Options held by a Participant as of the date of the Change in Control shall
immediately become fully vested and exercisable and shall remain exercisable until the expiration
of the term of the Non-Statutory Stock Option regardless of termination of employment or service.

     (h) Payment. Payment due to a Participant upon the exercise of a Non-Statutory Stock
Option shall be made in the form of shares of Common Stock.

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     7. INCENTIVE STOCK OPTIONS.

The Committee may, subject to the limitations of the Plan and the availability of shares of Common
Stock reserved but unawarded under this Plan, grant Incentive Stock Options to an employee of the
Holding Company or any subsidiary of the Holding Company (within the meaning of Section 422 of the
Code) upon such terms and conditions as it may determine to the extent such terms and conditions
are consistent with the following provisions:

     (a) Exercise Price. The Committee shall determine the Exercise Price of each
Incentive Stock Option. However, the Exercise Price shall not be less than 100% of the Fair Market
Value of the Common Stock on the Date of Grant; provided, however, that if at the time an Incentive
Stock Option is granted, the Employee owns or is treated as owning, for purposes of Section 422 of
the Code, stock representing more than 10% of the total combined voting securities of the Holding
Company (“10% Owner”), the Exercise Price shall not be less than 110% of the Fair Market Value of
the Common Stock on the Date of Grant.

     (b) Amounts of Incentive Stock Options. To the extent the aggregate Fair Market Value
of shares of Common Stock with respect to which Incentive Stock Options that are exercisable for
the first time by an Employee during any calendar year under the Plan and any other stock option
plan of the Holding Company or an Affiliate exceeds $100,000, or such higher value as may be
permitted under Section 422 of the Code, such Options in excess of such limit shall be treated as
Non-Statutory Stock Options. Fair Market Value shall be determined as of the Date of Grant with
respect to each such Incentive Stock Option.

     (c) Terms of Incentive Stock Options. The Committee shall determine the term during
which a Participant may exercise an Incentive Stock Option, but in no event may a Participant
exercise an Incentive Stock Option, in whole or in part, more than ten (10) years from the Date of
Grant; provided, however, that if at the time an Incentive Stock Option is granted to an Employee
who is a 10% Owner, the Incentive Stock Option granted to such Employee shall not be exercisable
after the expiration of five (5) years from the Date of Grant. The Committee shall also determine
the date on which each Incentive Stock Option, or any part thereof, first becomes exercisable and
any terms or conditions a Participant must satisfy in order to exercise each Incentive Stock
Option. The shares of Common Stock underlying each Incentive Stock Option may be purchased in
whole or in part at any time during the term of such Incentive Stock Option after such Option
becomes exercisable.

     (d) Non-Transferability. No Incentive Stock Option shall be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of except by will or the laws of descent and
distribution and is exercisable, during his or her lifetime, only by the Employee to whom the
Committee grants the Incentive Stock Option. The designation of a beneficiary does not constitute
a transfer of an Incentive Stock Option.

     (e) Termination of Employment (General). Unless otherwise determined by the
Committee, upon the termination of a Participant’s employment or other service for any reason other
than Retirement, Disability or death, or a termination following a Change in Control, the
Participant may exercise only an Incentive Stock Option that was vested at the date of such
termination and only for a period of three (3) months following the date of such termination, or,

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if sooner, until the expiration of the term of the Incentive Stock Option. To the extent
determined by the Committee, a Participant may be deemed not to have terminated employment to the
extent that the Participant is immediately engaged by the Holding Company or an Affiliate as a
consultant or advisor or continues to serve the Holding Company or an Affiliate as an Outside
Director, including a Director Emeritus or Advisory Director; however, any Option originally
designated as an Incentive Stock Option shall be treated as a Non-Statutory Stock Option to the
extent the Participant exercises such Option more than three (3) months following the Participant’s
cessation of employment (without regard to any extended period during which he serves consultant,
advisor or Outside Director). Any Incentive Stock Options in which the Participant has not become
vested as of the date of termination of the Participant’s employment or other service (including
for this purpose any extended period during which he serves consultant, advisor or Outside
Director) shall be forfeited.

     (f) Termination of Employment (Retirement). Unless otherwise determined by the
Committee, in the event of a Participant’s Retirement, each Incentive Stock Option held by such
Participant at Retirement shall become fully vested and exercisable, and shall remain exercisable
for a period of two (2) years following the date of Retirement, or, if sooner, until the expiration
of the term of the Incentive Stock Option. Any Option originally designated as an Incentive Stock
Option shall be treated as a Non-Statutory Stock Option to the extent the Participant exercises
such Option more than three (3) months following the Participant’s cessation of employment.

     (g) Termination of Employment (Disability or Death). Unless otherwise determined by
the Committee, in the event of the termination of a Participant’s employment due to Disability or
death, each Incentive Stock Option held by such Participant at termination shall immediately become
fully vested and exercisable, and shall remain exercisable for a period of one (1) year following
the date of such termination, or, if sooner, until the expiration of the term of the Incentive
Stock Option.

     (h) Acceleration Upon a Change in Control. In the event of a Change in Control all
Incentive Stock Options held by a Participant as of the date of the Change in Control shall
immediately become fully vested and exercisable and shall remain exercisable until the expiration
of the term of the Incentive Stock Option regardless of termination of employment. Any Option
originally designated as an Incentive Stock Option shall be treated as a Non-Statutory Stock Option
to the extent the Participant exercises such Stock Options more than three (3) months from the
Participant’s cessation of employment.

     (i) Payment. Payment due to a Participant upon the exercise of an Incentive Stock
Option shall be made in the form of shares of Common Stock.

     (j) Disqualifying Dispositions. Each Award Agreement with respect to an Incentive
Stock Option shall require the Participant to notify the Committee of any disposition of shares of
Common Stock issued pursuant to the exercise of such Option under the circumstances described in
Section 421(b) of the Code (relating to certain disqualifying dispositions) within ten (10) days of
such disposition.

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     8. STOCK AWARDS.

The Committee may, subject to the limitations of the Plan and the availability of shares of Common
Stock reserved but unawarded under this Plan, grant Stock Awards to eligible individuals upon such
terms and conditions as it may determine to the extent such terms and conditions are consistent
with the following provisions:

     (a) Whole Shares Only. Stock Awards may only be made in whole shares of Common Stock.

     (b) Terms of the Stock Awards. The Committee shall determine the dates on which Stock
Awards granted to a Participant shall vest and any terms or conditions which must be satisfied
prior to the vesting of any Stock Award or portion thereof. Any such terms or conditions shall be
determined by the Committee as of the Date of Grant.

     (c) Termination of Employment or Service (General). Unless otherwise determined by
the Committee, upon the termination of a Participant’s employment or service for any reason other
than Retirement, Disability or death, or termination following a Change in Control, any Stock
Awards in which the Participant has not become vested as of the date of such termination shall be
forfeited and any rights the Participant had to such unvested Stock Awards shall become null and
void. To the extent determined by the Committee, a Participant may be deemed not to have
terminated employment to the extent that the Participant is immediately engaged by the Holding
Company or an Affiliate as a consultant or advisor or continues to serve the Holding Company or an
Affiliate as an Outside Director, including a Director Emeritus or Advisory Director.

     (d) Termination of Employment or Service (Retirement). Unless otherwise determined by
the Committee, in the event of a Participant’s Retirement, all Stock Awards held by the Participant
at Retirement shall become fully vested.

     (e) Termination of Employment or Service (Disability or Death). Unless otherwise
determined by the Committee, in the event of a termination of the Participant’s service due to
Disability or death all unvested Stock Awards held by such Participant at termination shall
immediately vest as of the date of such termination.

     (f) Acceleration Upon a Change in Control. In the event of a Change in Control, all
unvested Stock Awards held by a Participant shall immediately vest.

     (g) Issuance of Certificates. Reasonably promptly after the Date of Grant with
respect to shares of Common Stock pursuant to a Stock Award, the Holding Company shall cause to be
issued a stock certificate, registered in the name of the Participant to whom such Stock Award was
granted, evidencing such shares; provided, that the Holding Company shall not cause such a stock
certificate to be issued unless it has received a stock power duly endorsed in blank with respect
to such shares. Each such stock certificate shall bear the following legend:

“The transferability of this certificate and the shares of stock
represented hereby are subject to the restrictions, terms and
conditions (including forfeiture provisions and restrictions against

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transfer) contained in the NewAlliance Bancshares, Inc. 2005
Long-Term Compensation Plan and Award Agreement entered into between
the registered owner of such shares and NewAlliance Bancshares, Inc.
or its Affiliates. A copy of the Plan and Award Agreement is on
file in the office of the Corporate Secretary of NewAlliance
Bancshares, Inc., 195 Church Street, New Haven, Connecticut 06510.”
Such legend shall not be removed until the Participant becomes
vested in such shares pursuant to the terms of the Plan and Award
Agreement. Each certificate issued pursuant to this Section 8(g),
in connection with a Stock Award, shall be held by the Holding
Company or its Affiliates, unless the Committee determines
otherwise.

     (h) Non-Transferability. Except to the extent permitted by the Code, the rules
promulgated under Section 16(b) of the Exchange Act or any successor statutes or rules:

          (i) Unless otherwise determined by the Committee, the recipient of a Stock Award shall not
sell, transfer, assign, pledge, or otherwise encumber or dispose of shares subject to the Stock
Award until full vesting of such shares has occurred. For purposes of this section, the separation
of beneficial ownership and legal title through the use of any “swap” transaction is deemed to be a
prohibited encumbrance.

          (ii) Except in the event of the Participant’s death or pursuant to a domestic relations order,
a Stock Award is not transferable and may be earned in his or her lifetime only by the Participant
to whom it is granted. Upon the death of a Participant, a Stock Award is transferable by will or
the laws of descent and distribution. The designation of a beneficiary shall not constitute a
transfer. Stock Awards are transferable pursuant to a domestic relations order.

     (i) Treatment of Dividends. Whenever shares of Common Stock underlying a Stock Award
are distributed to a Participant or beneficiary thereof under the Plan (or at such other time as
the Committee may determine with respect to a Participant), such Participant or beneficiary shall
also be entitled to receive, with respect to each such share awarded, a payment equal to any cash
dividends or other distributions and the number of shares of Common Stock equal to any stock
dividends, declared and paid with respect to a share of the Common Stock if the record date for
determining shareholders entitled to receive such dividends or other distributions falls on or
after the date a Stock Award is granted.

     (j) Voting of Stock Awards. After a Stock Award has been granted but for which the
shares covered by such Stock Award have not yet been vested, earned and distributed to the
Participant pursuant to the Plan, the Participant shall be entitled to vote such shares of Common
Stock which the Stock Award covers subject to the rules and procedures adopted by the Committee for
this purpose.

     (k) Payment. Payment due to a Participant upon the redemption of a Stock Award shall
be made in the form of shares of Common Stock.

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     9. STOCK APPRECIATION RIGHTS.

The Committee may, subject to the limitations of the Plan and the availability of shares of Common
Stock reserved but not previously awarded under the Plan, grant Stock Appreciation Rights to
eligible individuals upon such terms and conditions as it may determine to the extent such terms
and conditions are consistent with the following provisions:

     (a) Exercise. Each Stock Appreciation Right shall entitle the Participant to whom it
is granted, so long as the Stock Appreciation Right is exercisable and subject to such limitations
as the Committee may have imposed, to surrender any then exercisable portion of the Stock
Appreciation Right and to receive from the Company in exchange therefore, without the payment of
cash (except for applicable employee withholding taxes) that number of shares of Common Stock
having an aggregate Fair Market Value on the date of surrender equal to the product of (i) the
excess of the Fair Market Value on the date of surrender of one share of Common Stock over the
exercise price established by the Committee, which shall not be less than the Fair Market Value of
a share of Common Stock on the Date of Grant, and (ii) the number of shares of Common Stock covered
by the Stock Appreciation Right being surrendered.

     (b) Terms of Stock Appreciation Rights. The Committee shall determine the term during
which a Participant may exercise a Stock Appreciation Right, but in no event may a Participant
exercise a Stock Appreciation Right, in whole or in part, more than ten (10) years from the Date of
Grant. The Committee shall also determine the date on which each Stock Appreciation Right, or any
part thereof, first becomes exercisable and any terms or conditions a Participant must satisfy in
order to exercise each Stock Appreciation Right. A Stock Appreciation Right may not include any
feature for the deferral of compensation (within the meaning of Section 409A of the Code) other
than the deferral of recognition of income until exercise of the Stock Appreciation Right. Each
Award Agreement for a Stock Appreciation Right shall specify the maximum number of shares of Common
Stock that may be issued in connection with the Stock Appreciation Right and in the absence of any
such specification, the maximum number of shares of Common Stock that may be issued in connection
with the Stock Appreciation Right shall be the number of shares of Common Stock covered by the
Stock Appreciation Right.

     (c) Non-Transferability. Unless otherwise determined by the Committee, a Participant
may not sell, transfer, assign, pledge, or otherwise encumber or dispose of a Stock Appreciation
Right. Except in the event of the Participant’s death or pursuant to a domestic relations order, a
Stock Appreciation Right is not transferable. Upon the death of a Participant, a Stock
Appreciation Right is transferable by will or the laws of descent and distribution. The
designation of a beneficiary shall not constitute a transfer. Stock Appreciation Rights are
transferable pursuant to a domestic relations order.

     (d) Termination of Employment or Service (General). Unless otherwise determined by
the Committee, upon the termination of a Participant’s employment or other service for any reason
other than Retirement, Disability or death, or following a change in Control, the Participant may
exercise a Stock Appreciation Right that was vested at the date of such termination but only for a
period of three (3) months following the date of such termination, or, if sooner, until the
expiration of the term of the Stock Appreciation Right. To the extent

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determined by the Committee, a Participant may be deemed not to have terminated employment to
the extent that the Participant is immediately engaged by the Holding Company or an Affiliate as a
consultant or advisor or continues to serve the Holding Company or an Affiliate as an Outside
Director, including a Director Emeritus or Advisory Director. Any Stock Appreciation Rights in
which a Participant has not become vested as of the date of termination of a Participant’s
employment or other service shall be forfeited.

     (e) Termination of Employment or Service (Retirement). Unless otherwise determined by
the Committee, in the event of a Participant’s Retirement, each Stock Appreciation Right held by
such Participant at Retirement shall become fully vested and exercisable, and shall remain
exercisable for a period of two (2) years following the date of Retirement, or if sooner, until the
expiration of the term of the Stock Appreciation Right.

     (f) Termination of Employment or Service (Disability or Death). Unless otherwise
determined by the Committee, in the event of the termination of a Participant’s employment or other
service due to Disability or death, each Stock Appreciation Right held by such Participant at
termination shall immediately become fully vested and exercisable, and shall remain exercisable for
a period of one (1) year following the date of such termination, or, if sooner, until the
expiration of the term of the Stock Appreciation Right.

     (g) Acceleration Upon a Change in Control. In the event of a Change in Control, all
Stock Appreciation Rights held by a Participant as of the date of the Change in Control shall
immediately become fully vested and exercisable, and shall remain exercisable until the expiration
of the term of the Stock Appreciation Right regardless of termination of employment or service.

     (h) Payment. Payment due to a Participant upon the exercise of a Stock Appreciation
Right shall be made in the form of shares of Common Stock.

     10. PERFORMANCE AWARDS.

The Committee may make grants of Performance Awards to an eligible individual upon such terms and
conditions as it may determine to the extent such terms and conditions are consistent with the
following provisions:

     (a) Grants of the Performance Awards. Performance awards may be granted to
Participants at any time and from time to time as determined by the Committee. The Committee shall
have complete discretion in determining the size and composition of Performance Awards granted to a
Participant. The period over which performance is to be measured (a “performance cycle”) shall
commence on the date specified by the Committee and shall end on the last day of a fiscal year
specified by the Committee. A Performance Award shall be paid no later than the 15th day of the
third month following the completion of a performance cycle. Performance awards may include (i)
specific dollar-value target awards, (ii) performance units, the value of each such unit being
determined by the Committee at the time of issuance, and/or (iii) performance Common Stock, the
value of each such share of Common Stock being equal to the Fair Market Value of a share of Common
Stock.

     (b) Terms of the Performance Awards. The Committee shall determine the dates on

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which Performance Awards granted to a Participant shall vest and any terms or conditions which
must be satisfied prior to the vesting of any Performance Award or portion thereof. Any such terms
or conditions shall be determined by the Committee as of the Date of Grant. The value of each
Performance Award may be fixed or it may be permitted to fluctuate based on a performance factor
(e.g., return on equity) selected by the Committee. If a Performance Award may be paid in Common
Stock, the Award Agreement for a Performance Award shall specify the maximum number of shares of
Common Stock that may be paid in connection with the Performance Award.

     (c) Performance Goals. The Committee shall establish performance goals and objectives
for each performance cycle on the basis of such criteria and objectives as the Committee may select
from time to time, including, without limitation, the performance of the Participant, the Holding
Company, one or more of its Affiliates or divisions or any combination of the foregoing. During
any performance cycle, the Committee shall have the authority to adjust the performance goals and
objectives for such cycle for such reasons as it deems equitable.

     (d) Termination of Employment or Service (General). Unless otherwise determined by
the Committee, upon the termination of a Participant’s employment or service prior to the end of
the performance cycle for any reason other than Retirement, Disability or death, or following a
Change in Control, any Performance Awards in which the Participant has not become vested as of the
date of such termination shall be forfeited and any rights the Participant had to such unvested
Performance Awards shall become null and void. To the extent determined by the Committee, a
Participant may be deemed not to have terminated employment to the extent that the Participant is
immediately engaged by the Holding Company or an Affiliate as a consultant or advisor or continues
to serve the Holding Company or an Affiliate as an Outside Director, including a Director Emeritus
or Advisory Director.

     (e) Termination of Employment or Service (Retirement). Unless otherwise determined by
the Committee, in the event of a Participant’s Retirement, each Performance Award held by such
Participant at Retirement shall become fully vested and shall earn a proportionate portion of the
Performance Award based upon the elapsed portion of the performance cycle and the Holding Company’s
performance over that portion of such cycle.

     (f) Termination of Employment or Service (Disability or Death). Unless otherwise
determined by the Committee, in the event of a termination of the Participant’s service due to
Disability or death, each Performance Award held by such Participant at termination shall become
fully vested and shall earn a proportionate portion of the Performance Award based upon the elapsed
portion of the performance cycle and the Holding Company’s performance over that portion of such
cycle.

     (g) Acceleration Upon a Change in Control. In the event of a Change in Control that
also constitutes a “change in the ownership or effective control of” the Holding Company, or a
change in the ownership of a substantial portion of the Holding Company’s assets (in each case as
determined under regulations issued pursuant to Section 409A(a)(2)(A)(v) of the Code), each
Performance Award held by a Participant shall become fully vested and shall earn a proportionate
portion of the Performance Award based upon the elapsed portion of the performance cycle and the
Holding Company’s performance over that portion of such cycle

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ended immediately prior to the Change in Control; provided, however, that if an event that
constitutes a Change in Control hereunder does not constitute a “change in the ownership or
effective control of” the Holding Company, or a change in the ownership of a substantial portion of
the Holding Company’s assets (in each case as determined under regulations issued pursuant to
Section 409A(a)(2)(A)(v) of the Code), no payments with respect to the Performance Awards shall be
made under this Section 10(g) to the extent such payments would constitute an impermissible
acceleration under Section 409A of the Code.

     (h) Non-Transferability. Unless otherwise determined by the Committee, a Participant
may not sell, transfer, assign, pledge, or otherwise encumber or dispose of a Performance Award.
Except in the event of the Participant’s death or pursuant to a domestic relations order, a
Performance Award is not transferable. Upon the death of a Participant, a Performance Award is
transferable by will or the laws of descent and distribution. The designation of a beneficiary
shall not constitute a transfer. Performance Awards are transferable pursuant to a domestic
relations order.

     (i) Payment. The Committee shall determine the portion of each Performance Award that
is earned by a Participant on the basis of the Holding Company’s performance over the performance
cycle in relation to the performance goals for such cycle. The earned portion of a Performance
Award shall be paid out in Common Stock, cash or any combination thereof, as the Committee may
determine. To the extent that the earned portion of a Performance Award is paid in Common Stock,
the number of shares of Common Stock paid shall reduce the number of shares of Common Stock
reserved for Awards under Section 4. The maximum value of the earned portions of Performance
Awards that can be paid to a Participant during any calendar year may not exceed $2,000,000.
Notwithstanding anything herein to the contrary, no payment of any portion of a Performance Award
shall be paid to a “specified employee” (within the meaning of Code Section 409A(a)(2)(B)(i)) on
account of termination of employment for reasons other than death or Disability before the date
that is 6 months after the date of termination of service (within the meaning of Code Section
409A(a)(2)(B)(i)). To the extent determined by the Committee, a Participant may be deemed not to
have terminated employment to the extent that the Participant is immediately engaged by the Holding
Company or an Affiliate as a consultant or advisor or continues to serve the Holding Company or an
Affiliate as a Director Emeritus or Advisory Director. A Participant must be a director, officer
or employee of, or otherwise perform services for, the Holding Company or one or more of its
Affiliations at the end of the performance cycle in order to be entitled to payment of a
Performance Award issued in respect of such cycle.

     11. METHOD OF EXERCISE OF OPTIONS.

Subject to any applicable Award Agreement, any Option may be exercised by the Participant in whole
or in part at such time or times, and the Participant may make payment of the Exercise Price in
such form or forms permitted by the Committee, including, without limitation, payment by delivery
of cash, Common Stock or other consideration (including, where permitted by law and the Committee,
Awards) having a Fair Market Value on the day immediately preceding the exercise date equal to the
total Exercise Price, or by any combination of cash, shares of Common Stock and other
consideration, including exercise by means of a cashless exercise arrangement with a qualifying
broker-dealer.

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     12. RIGHTS OF PARTICIPANTS.

No Participant shall have any rights as a shareholder with respect to any shares of Common Stock
covered by an Option until the date of issuance of a stock certificate for such Common Stock.
Nothing contained herein or in any Award Agreement confers on any person any right to continue in
the employ or service of the Holding Company or an Affiliate or interferes in any way with the
right of the Holding Company or an Affiliate to terminate a Participant’s services.

     13. DESIGNATION OF BENEFICIARY.

A Participant may, with the consent of the Committee, designate a person or persons to receive, in
the event of death, any Award to which the Participant would then be entitled. Such designation
will be made upon forms supplied by and delivered to the Holding Company and may be revoked in
writing. If a Participant fails effectively to designate a beneficiary, then the Participant’s
estate will be deemed to be the beneficiary.

     14. DILUTION AND OTHER ADJUSTMENTS.

In the event of any change in the outstanding shares of Common Stock by reason of any stock
dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares, or other similar corporate change, or other increase or decrease in such
shares without receipt or payment of consideration by the Holding Company, or in the event an
extraordinary capital distribution is made, the Committee may make any appropriate adjustments,
including, but not limited to, such adjustments deemed necessary to prevent dilution, diminution,
or enlargement of the rights of the Participant, in the number and kind of shares with respect to
which Awards may be granted under this Plan (including the limits set forth in Section 4) and, with
respect to outstanding Awards, in the number and kind of shares covered thereby and in the
applicable Exercise Price, including any or all of the following:

     (a) adjustments in the aggregate number or kind of shares of Common Stock or other securities
that may underlie future Awards under the Plan;

     (b) adjustments in the aggregate number or kind of shares of Common Stock or other securities
underlying Awards already made under the Plan including, without limitation, substitution of
securities of any other corporation in connection with a merger or other corporate transaction; or

     (c) adjustments in the Exercise Price of outstanding Options or Stock Appreciation Rights.
All Awards under this Plan shall be binding upon any successors or assigns of the Holding Company.

     15. TAXES.

     (a) Whenever under this Plan, cash or shares of Common Stock are to be delivered upon exercise
or payment of an Award or any other event with respect to rights and benefits hereunder, the
Committee shall be entitled to require as a condition of delivery (i) that the Participant remit an
amount sufficient to satisfy all federal, state, and local withholding tax requirements related
thereto, (ii) that the withholding of such sums come from compensation

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otherwise due to the Participant or from any shares of Common Stock due to the Participant
under this Plan to the extent that withholding from the shares of Common Stock due the Participant
does not cause the Award to be deferred compensation within the meaning of Code section 409A, or
(iii) any combination of the foregoing; provided, however, that no amount shall be withheld from
any cash payment or shares of Common Stock relating to an Award which was transferred by the
Participant in accordance with this Plan.

     (b) If any disqualifying disposition described in Section 7(j) is made with respect to shares
of Common Stock acquired under an Incentive Stock Option granted pursuant to this Plan, or any
transfer described in Section 6(c) is made, or any election described in Section 16 is made, then
the person making such disqualifying disposition, transfer, or election shall remit to the Holding
Company or its Affiliates an amount sufficient to satisfy all federal, state, and local withholding
taxes thereby incurred; provided that, in lieu of or in addition to the foregoing, the Holding
Company or its Affiliates shall have the right to withhold such sums from compensation otherwise
due to the Participant, or, except in the case of any transfer pursuant to Section 6(c), from any
shares of Common Stock due to the Participant under this Plan.

     16. NOTIFICATION UNDER SECTION 83(b).

The Committee may, on the Date of Grant or any later date, prohibit a Participant from making the
election described below. If the Committee has not prohibited such Participant from making such
election, and the Participant shall, in connection with the exercise of any Option, or the grant of
any Stock Award, make the election permitted under Section 83(b) of the Code, such Participant
shall notify the Committee of such election within 10 days of filing notice of the election with
the Internal Revenue Service, in addition to any filing and notification required pursuant to
regulations issued under the authority of Section 83(b) of the Code.

     17. AMENDMENT OF THE PLAN AND AWARDS.

     (a) Except as provided in paragraph (c) of this Section 17, the Board of Directors may at any
time, and from time to time, modify or amend the Plan in any respect, prospectively or
retroactively; provided, however, that amendments shall be submitted for shareholder approval to
the extent required by law, regulation or otherwise. Failure to ratify or approve amendments or
modifications by shareholders shall be effective only as to the specific amendment or modification
requiring such ratification or approval. Other provisions of this Plan will remain in full force
and effect. No such termination, modification or amendment may adversely affect the rights of a
Participant under an outstanding Award without the written permission of such Participant.

     (b) Except as provided in paragraph (c) of this Section 17, the Committee may amend any Award
Agreement, prospectively or retroactively; provided, however, that no such amendment shall
adversely affect the rights of any Participant under an outstanding Award without the written
consent of such Participant.

     (c) In no event shall the Board of Directors amend the Plan or shall the Committee amend an
Award Agreement in any manner that has the effect of allowing any Option to be granted with an
Exercise Price below the Fair Market Value of the Common Stock on the Date of Grant.

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     (d) Except to the extent and solely for the reasons set forth in Section 14 of the Plan,
Options or Stock Appreciation Rights granted under this Plan may not, without the prior approval of
the Company’s shareholders, be repriced, replaced or regranted either through cancellation of a
previously granted Option or Stock Appreciation Right and issuance of a new Option (or Stock
Appreciation Right) or by lowering the Exercise Price of a previously granted Option or Stock
Appreciation Right.

     (e) It is intended that the grant, vesting and payment of Awards under this Plan shall not
result in a deferral of compensation under Section 409A of the Code and the Treasury guidance
promulgated thereunder. If, however, it is determined that the Plan is or may be subject to
Section 409A of the Code and any provision of the Plan could be construed in form or operation not
to comply with Section 409A and the Treasury guidance promulgated thereunder, such provision shall
be interpreted and construed (and, if necessary, reformed through formal plan amendments) to comply
with Section 409A and the Treasury guidance promulgated thereunder, and no consent of a Participant
or beneficiary shall be necessary to give effect to such interpretation, construction or amendment.

     18. EFFECTIVE DATE OF PLAN.

The Plan shall become effective immediately upon the affirmative vote of a majority of the votes
cast at the Holding Company’s 2005 annual meeting of shareholders.

     19. TERMINATION OF THE PLAN.

The right to grant Awards under the Plan will terminate upon the earlier of: (i) ten (10) years
after the Effective Date; or (ii) the issuance of a number of shares of Common Stock pursuant to
Awards is equivalent to the maximum number of shares reserved under the Plan as set forth in
Section 4 hereof. The Board of Directors has the right to suspend or terminate the Plan at any
time, provided that no such action will, without the consent of a Participant, adversely affect a
Participant’s vested rights under a previously granted Award.

     20. APPLICABLE LAW.

The Plan will be administered in accordance with the laws of the State of Delaware to the extent
not pre-empted by applicable federal law.

-19-exv10w2

Exhibit 10.2

NEWALLIANCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN

AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

PREAMBLE

     This Employee Stock Ownership Plan Amended and Restated Supplemental Executive Retirement Plan
(“Plan”) of NewAlliance Bancshares, Inc. (the “Company”) and NewAlliance Bank (the “Bank”) is
adopted effective as of September 23, 2008. The Plan was initially adopted effective as of May 1,
2004 and was previously amended and restated as of September 25, 2007 and November 27, 2007. The
Plan as amended and restated shall in all respects be subject to the provisions set forth herein.

     This Plan was previously amended and restated to comply with the requirements of Section 409A
of the Code and the regulations issued thereunder. No benefits payable under this Plan shall be
deemed to be grandfathered for purposes of Section 409A of the Code. The Plan is being further
amended and restated at this time to make certain clarifying and technical changes.

     The Plan shall at all times be characterized as a “top hat” plan of deferred compensation
maintained for a select group of management or highly compensated employees, as described under
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and any regulations relating thereto. The Plan
has been and shall continue to be operated in compliance with Section 409A of the Code. The Plan is
an unfunded plan for tax purposes. The provisions of the Plan shall be construed to effectuate such
intentions.

PURPOSE

     The Plan is established and maintained by the Company and the Bank for the purpose of
permitting one or more of its officers listed in Appendix A attached hereto who participate in the
ESOP to receive allocations representing shares of common stock of the Company pursuant to Section
3.1 of this Plan in excess of the number of shares of Company Common Stock which are allocable to
their Company Stock Account and Other Investments Account pursuant to Section 4.1(b) of the ESOP
under the limitations imposed by Sections 401(a)(17) and 415 of the Code.

     Accordingly, the Company and the Bank hereby adopt this amended and restated Plan pursuant to
the terms and provisions set forth below:

ARTICLE I

DEFINITIONS

     In addition to those terms defined above, the following terms shall have the meanings
hereinafter set forth whenever used herein:

     1.1 “Accumulation Account” means the account maintained on the books of the Bank for each
Participant with respect to the Plan. Each Participant’s Accumulation Amount shall consist of the
following sub-Accounts: (i) a Stock Units Account, a sub-account that is credited

 

 

with Stock Units; and (ii) such other sub-accounts as may be necessary to reflect allocations
under the Plan and such further sub-Accounts as the Committee may deem necessary. The Stock Units
Account (i) may not be diversified; (ii) must remain at all times credited with units that
represent Company Common Stock; and (iii) must be distributed solely in the form of Company Common
Stock, except to the extent the Stock Units Account is adjusted pursuant to Section 4.1(b) of the
Plan. A Participant’s Accumulation Account shall be utilized solely as a device for the measurement
and determination of any benefits payable to the Participant pursuant to this Plan. A Participant
shall have no interest in his Accumulation Account, nor shall it constitute or be treated as a
trust fund of any kind.

     1.2 “Board” means the Board of Directors of the Company and the Bank.

     1.3 “Change in Control” means a change in the ownership of the Company or the Bank, a change
in the effective control of the Company or the Bank or a change in the ownership of a substantial
portion of the assets of the Company or the Bank, in each case as provided under Section 409A of
the Code and the regulations thereunder.

     1.4 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
regulations relating thereto.

     1.5 “Committee” means the Compensation Committee of the Board.

     1.6 “Company Common Stock” means shares of common stock of the Company.

     1.7 “Disability” means in the case of any Participant that the Participant: (i) is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering employees of the
Company or the Bank.

     1.8 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
regulations relating thereto.

     1.9 “ESOP Allocation” means the number of shares allocable to the individual account of a
participant in the ESOP pursuant to Section 4.1(b) of the ESOP.

     1.10 “Participant” means a salaried employee of the Company and/or the Bank who is a
participant in the ESOP, who is a member of a select group of management or highly compensated
employees within the meaning of Section 201(2) of ERISA and who is selected by the Board to
participate in the Plan in accordance with Article II hereof.

     1.11 “Plan Year” means the 12-consecutive-month period ending December 31 of each year, except
that the initial Plan Year shall commence on April 1, 2004 and end on December 31, 2004.

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     1.12 “Separation from Service” means a termination of a Participant’s services (whether as an
employee or as an independent contractor) to the Company and the Bank. Whether a Separation from
Service has occurred shall be determined in accordance with the requirements of Section 409A of the
Code based on whether the facts and circumstances indicate that the Company, the Bank and the
Participant reasonably anticipated that no further services would be performed after a certain date
or that the level of bona fide services the Participant would perform after such date (whether as
an employee or as an independent contractor) would permanently decrease to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding thirty-six (36) month period.

     1.13 “Stock Unit” means a bookkeeping unit used for the purpose of crediting amounts to the
account of a Participant, with each such Stock Unit being equivalent to one share of Company Common
Stock.

     1.14 “Supplemental ESOP Allocation” shall mean the number of Stock Units allocated to a
Participant’s account pursuant to Section 3.1 of the Plan.

ARTICLE II

ELIGIBILITY

     A salaried employee of the Company and/or the Bank who is eligible to receive the benefit of
an ESOP Allocation, the total amount of which is reduced by reason of the limitation on
compensation or annual additions for the purpose of calculating allocations pursuant to Sections
401(a)(17) and 415 of the Code, shall be eligible to be selected by the Board of Directors of the
Company and the Bank to participate in the Plan.

ARTICLE III

SUPPLEMENTAL CONTRIBUTIONS

     3.1 Supplemental ESOP Allocation.

     A Participant in the Plan shall receive a Supplemental ESOP Allocation of Stock Units each
year effective as of the last day of the Plan Year. The number of Stock Units allocable to a
Participant with respect to a given Plan Year shall be calculated as set forth below:

     (a) The ESOP Allocation which would have been allocated to the Participant for the Plan
Year, as determined by Section 4.1(b) of the ESOP and the definition of “Compensation” in
Section 1.10 of the ESOP without giving effect to the limitations imposed by Sections
401(a)(17) and 415 of the Code on the maximum amount of compensation which may be taken into
consideration for the purposes of the ESOP; less

     (b) The ESOP Allocation actually allocated to the account of the Participant in the
ESOP for the Plan Year.

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Supplemental ESOP Allocations made for the benefit of a Participant for any Plan Year shall be
credited to a Stock Units account maintained under the Plan in the name of each Participant.

ARTICLE IV

ACCUMULATION ACCOUNT

     4.1 Determination of Accumulation Account. Amounts credited under this Plan will be
credited to a Stock Units Account for each Participant. The Participant’s ultimate deferred
compensation payments shall be based on the aggregate value of the Stock Units accrued in the Stock
Units Account (and any other sub-accounts) determined as hereinafter set forth:

          (a) All amounts credited to the Stock Units Account shall be applied to the crediting of Stock
Units. The number of Stock Units credited to a Participant’s Stock Units Account shall equal the
dollar amount credited to such account (as determined in Section 3.1 of the Plan) for a given Plan
Year divided by the closing sales price of the Company Common Stock as of December 31 of that Plan
Year (or if the Company Common Stock is not traded on such date, as of the nearest immediately
preceding trading date). The number of Stock Units shall be rounded to the nearest one-thousandth.
Each Stock Unit shall be deemed to pay cash dividends as if it were one share of Company Stock, and
any such deemed dividends will result in the crediting of additional Stock Units to the Stock Units
Account on a date selected by the Bank, with the number of Stock Units so credited to be calculated
by dividing the amount of the deemed dividend by the closing sales price of the Company Common
Stock on the dividend payment date set by the Company. After the crediting of Stock Units to the
Stock Units Account, subsequent fluctuations in the fair market value of the Company Stock shall
not result in any change in the number of such Stock Units then credited to the Stock Units
Account.

          (b) In the event of any change in the outstanding shares of the Company by reason of any stock
dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares or other similar corporate change, then the Stock Units Account of each
Participant shall be adjusted by the Committee in a reasonable manner to compensate for the change,
and any such adjustment by the Committee shall be conclusive and binding for all purposes of the
Plan.

ARTICLE V

INVESTMENT OF SUPPLEMENTAL ESOP ALLOCATIONS

     Amounts credited hereunder to the account of a Participant shall be converted into Stock Units
and shall be treated as if they were actually invested in the Company Common Stock. If any Company
Common Stock is held in a rabbi trust to fund the Company and the Bank’s obligations under the
Plan, the Company Common Stock (i) may not be diversified; (ii) must remain at all times invested
in the form of Company Common Stock or common stock units of the Company, as applicable; and (iii)
must be distributed solely in the form of whole shares of Common Stock, except to the extent that
the Company Common Stock is adjusted as a result of any of the events set forth in Section 4.1(b)
of the Plan. A change by a Participant in the

-4-

 

investment election applicable to amounts in his or her ESOP account shall not affect the
number of Stock Units held in the Plan.

ARTICLE VI

VESTING; DISTRIBUTIONS

     6.1 Vesting. The vested portion of a Participant’s account shall be a percentage of
the total amount credited to the account determined on the basis of the Participant’s number of
“Years of Service” (as defined in Section 1.56 (or any successor thereto) of the ESOP) according to
the following schedule:

	 	 	 	 	 
	Years of Service	 	Vested Percentage
	Less than 3 years

	 	 	0	%
	3 but less than 4 years

	 	 	20	%
	4 but less than 5 years

	 	 	40	%
	5 but less than 6 years

	 	 	60	%
	6 but less than 7 years

	 	 	80	%
	7 or more years

	 	 	100	%

     In determining Years of Service for purposes of vesting under the Plan, Years of Service with
the Bank (including its predecessor, New Haven Savings Bank) prior to the effective date of the
ESOP shall be included.

     Notwithstanding the above vesting schedule, a Participant shall be 100% vested in his account
upon (1) attainment of “Early Retirement Age” or “Normal Retirement Age” (as defined in Sections
1.13 and 1.35, respectively, (or any successors thereto) of the ESOP); (2) Disability; (3)
termination or partial termination of this Plan; or (4) a Change in Control.

     6.2 Distribution.

          (a) General. The vested portion of a Participant’s Accumulation Account may not be
distributed prior to (a) the Participant’s Disability or death, (b) the first day of the month
following the lapse of six months following the Participant’s Separation from Service for reasons
other than Disability or death, (c) the time specified in the Participant’s payment election form,
or (d) a Change in Control. The vested portion of amounts credited to a Participant’s Accumulation
Account shall be distributed to a Participant at the time and in the manner indicated on the
Participant’s payment election form (a copy of which is attached as Appendix B), except that any
distribution must be solely in the form of whole shares of Company Common Stock, except to the
extent that the Company Common Stock is adjusted as a result of any of the events set forth in
Section 4.1(b) of the Plan. Cash will not be distributed in lieu of fractional shares. The form of
benefit payment may be in a single lump sum payment or annual installment payments not in excess of
ten years, as specified on a Participant’s payment election form. If the benefits are to be paid in
annual installments, the first annual installment shall be paid on or as soon as practicable
following the payment event selected by the Participant (subject to the six-month delay required
above if the payment event is a Separation from Service), and all

-5-

 

subsequent annual payments shall be paid on the annual anniversary date of the first payment.
Any new payment elections made by a Participant on or after January 1, 2005 shall be made in
accordance with this Article VI. If a Participant elects a form of payment upon more than one
payment event, then the first payment event that occurs shall govern how the payment is made.

          (b) Amount of Each Annual Installment. The dollar amount of each annual installment
paid to a Participant or his or her beneficiaries shall be determined by multiplying the value of
the Participant’s Accumulation Account as of the close of business on the day preceding such
payment by a fraction. The numerator of the fraction shall in all cases be one, and the denominator
of the fraction shall be the number of annual installments remaining to be paid to the Participant
or his or her beneficiaries, including the annual installment for which the calculation is being
made. For example, if a Participant elected to receive 10 annual installments, the amount of the
first annual installment shall be 1/10th of the Participant’s Accumulation Account, the second
annual installment shall be 1/9th of the then remaining Accumulation Account, and so on.

          (c) Prior Elections. Any payment elections made by a Participant before January 1,
2005 shall continue in effect until such time as the Participant makes a subsequent payment
election pursuant to Section 6.2(d) or 6.2(e) below and such payment election becomes effective as
set forth below. If no payment election was previously made, then the current payment election
shall be deemed to be a single lump sum payment as of the later of (i) the first day of the month
following the lapse of six months after a Separation of Service, or (ii) January 1, 2008.

          (d) Transitional Elections Prior to 2009. On or before December 31, 2008, if a
Participant wishes to change his payment election as to either the time or form of payment or both,
the Participant may do so by completing a payment election form approved by the Committee, provided
that any such election (i) must be made prior to the Participant’s Separation from Service, (ii)
shall not take effect before the date that is 12 months after the date the election is made and
accepted by the Committee, (iii) does not cause a payment that would otherwise be made in the year
of the election to be delayed to a later year, and (iv) does not accelerate into the year in which
the election is made a payment that is otherwise scheduled to be made in a later year.

          (e) Changes in Payment Elections after 2008. On or after January 1, 2009, if a
Participant wishes to change his or her payment election as to either the time or form of payment
or both, the Participant may do so by completing a payment election form approved by the Committee,
provided that any such election (i) must be made prior to the Participant’s Separation from
Service, (ii) must be made at least 12 months before the date on which any benefit payments as of a
fixed date or pursuant to a fixed schedule are scheduled to commence, (iii) shall not take effect
until at least 12 months after the date the election is made and accepted by the Committee, and
(iv) for payments to be made other than upon death or Disability, must provide an additional
deferral period of at least five years from the date such payment would otherwise have been made
(or in the case of any installment payments treated as a single payment, five years from the date
the first amount was scheduled to be paid). For purposes of this Plan and clause (iv) above, all
installment payments under this Plan shall be treated as a single payment.

-6-

 

     6.3 Withholding; Payroll Taxes. The Bank shall withhold from payments made hereunder
any taxes required to be withheld from a Participant’s wages under applicable federal, state or
local tax laws.

     6.4 Payment to Guardian. If a Plan benefit is payable to a minor or a person declared
to be incompetent or to a person incapable of handling the disposition of his property, the
Committee may direct payment of such Plan benefit to the guardian, legal representative or person
having the care and custody of such minor or other person. The Committee may require proof of
incompetence, minority, incapacity or guardianship, as it may deem appropriate prior to
distribution of the Plan benefit. Such distribution shall completely discharge the Committee, the
Company and the Bank from all liability with respect to such benefit.

     6.5 Survivor Benefit. If a Participant should die before distribution of the vested
portion of his or her account pursuant to the Plan has been made to him or her, any remaining
vested amounts shall be distributed to his or her beneficiary in the method designated by the
Participant in writing delivered to the Bank prior to the Participant’s death. If a Participant has
not designated a beneficiary, or if no designated beneficiary is living on the date of
distribution, such vested amounts shall be distributed to those persons entitled to receive
distributions of the Participant’s account under the ESOP. If a Participant has not designated a
method of distribution, then the vested portion of the Participant’s account shall be paid in a
lump sum as soon as practicable following the date of his death. The payment to a beneficiary or a
deemed beneficiary shall completely discharge the Company and the Bank’s obligations under this
Plan.

ARTICLE VII

     7.1 Scope of Claims Procedures. This Article is based on final regulations issued by
the Department of Labor and published in the Federal Register on November 21, 2000 and codified at
29 C.F.R. Section 2560.503-1. If any provision of this Article conflicts with the requirements of
those regulations, the requirements of those regulations will prevail.

     7.2 Initial Claim. The Participant or any beneficiary who believes he or she is
entitled to any benefit under the Plan (a “Claimant”) may file a claim with the Company within one
hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.
The Company shall review the claim itself or appoint an individual or an entity to review the
claim.

          (a) Initial Decision. The Claimant shall be notified within ninety (90) days after
the claim is filed whether the claim is allowed or denied, unless the Claimant receives written
notice from the Company or appointee of the Company prior to the end of the ninety (90) day period
stating that special circumstances require an extension of the time for decision, with such
extension not to extend beyond the day which is one hundred eighty (180) days after the day the
claim is filed.

          (b) Manner and Content of Denial of Initial Claims. If the Company denies a claim, it
must provide to the Claimant, in writing or by electronic communication:

-7-

 

	 	(i)	 	The specific reasons for the denial;
	 
	 	(ii)	 	A reference to the provision of the Plan upon
which the denial is based;
	 
	 	(iii)	 	A description of any additional information or
material that the Claimant must provide in order to perfect the claim;
	 
	 	(iv)	 	An explanation of why such additional material
or information is necessary;
	 
	 	(v)	 	Notice that the Claimant has a right to request
a review of the claim denial and information on the steps to be taken
if the Claimant wishes to request a review of the claim denial; and
	 
	 	(vi)	 	A statement of the Claimant’s right to bring a
civil action under Section 502(a) of ERISA, following a denial on
review of the initial denial.

     7.3 Review Procedures.

          (a) Request For Review. A request for review of a denied claim must be made in
writing to the Company within sixty (60) days after receiving notice of denial. The decision upon
review will be made within sixty (60) days after the Company’s receipt of a request for review,
unless special circumstances require an extension of time for processing, in which case a decision
will be rendered not later than one hundred twenty (120) days after receipt of a request for
review. A notice of such an extension must be provided to the Claimant within the initial sixty
(60) day period and must explain the special circumstances and provide an expected date of
decision.

The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all
relevant documents, information and records and to submit issues and comments in writing to the
Company. The reviewer shall take into account all comments, documents, records and other
information submitted by the Claimant relating to the claim regardless of whether the information
was submitted or considered in the initial benefit determination.

          (b) Manner and Content of Notice of Decision on Review. Upon completion of its review
of an adverse claim determination, the Company will give the Claimant, in writing or by electronic
notification, a notice containing:

	 	(i)	 	its decision;
	 
	 	(ii)	 	the specific reasons for the decision;
	 
	 	(iii)	 	the relevant provisions of this Plan on which
its decision is based;
	 
	 	(iv)	 	a statement that the Claimant is entitled to
receive, upon request and without charge, reasonable access to, and
copies of, all

-8-

 

	 	 	 	documents, records and other information in the Company’s files which
is relevant (as defined in applicable ERISA regulations) to the
Claimant’s claim for benefits;
	 
	 	(v)	 	a statement describing the Claimant’s right to
bring an action for judicial review under Section 502(a) of ERISA; and
	 
	 	(vi)	 	if an internal rule, guideline, protocol or
other similar criterion was relied upon in making the adverse
determination on review, a statement that a copy of the rule,
guideline, protocol or other similar criterion will be provided without
charge to the Claimant upon request.

     7.4 Calculation of Time Periods. For purposes of the time periods specified in this
Article, the period of time during which a benefit determination is required to be made begins at
the time a claim is filed in accordance with the procedures of this Plan without regard to whether
all the information necessary to make a decision accompanies the claim. If a period of time is
extended due to a Claimant’s failure to submit all information necessary, the period for making the
determination shall be tolled from the date the notification is sent to the Claimant until the date
the Claimant responds.

     7.5 Legal Action. If the Company fails to follow the claims procedures required by
this Article, a Claimant shall be deemed to have exhausted the administrative remedies available
under the Plan and shall be entitled to pursue any available remedy under Section 502(a) of ERISA
on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a
decision on the merits of the claim. A Claimant’s compliance with the foregoing provisions of this
Article is a mandatory requisite to a Claimant’s right to commence any legal action with respect to
any claims for benefits under the Plan.

     7.6 Review by the Company. Notwithstanding anything in this Agreement to the
contrary, the Company may determine, in its sole and absolute discretion, to review any claim for
benefits submitted by a Claimant under this Agreement or to delegate its review to a third party,
committee or individual.

ARTICLE VIII

ADMINISTRATION OF THE PLAN

     8.1 Administration by the Company and the Bank. The Company and the Bank shall be
responsible for the general operation and administration of the Plan and for carrying out the
provisions thereof.

     8.2 General Powers of Administration. All provisions set forth in the ESOP with
respect to the administrative powers and duties of the Company and the Bank, expenses of
administration, and procedures for filing claims shall also be applicable with respect to the Plan.

-9-

 

ARTICLE IX

AMENDMENT OR TERMINATION

     9.1 Amendment or Termination. The Company and the Bank intend the Plan to be permanent
but reserve the right to amend or terminate the Plan when, in the sole opinion of the Company and
the Bank, such amendment or termination is advisable. Any such amendment or termination shall be
made pursuant to a resolution of the Board. In addition, in the event that the Bank determines,
after a review of Section 409A of the Code and all applicable Internal Revenue Service guidance,
that the Plan or payment election form needs to be further amended to comply with Section 409A of
the Code, the Bank may amend the Plan or the payment election form to make any changes required for
it to comply with Section 409A of the Code.

     9.2 Effect of Amendment or Termination.

          (a) General. No amendment or termination of the Plan shall directly or indirectly
reduce the vested portion of any account held hereunder as of the effective date of such amendment
or termination. A termination of the Plan will not be a distributable event, except in the three
circumstances set forth in Section 9.2(b) below. No additional credits with respect to Supplemental
ESOP Allocations shall be made to the account of a Participant and no additional Years of Service
(within the meaning of Section 6.1) shall be credited after termination of the Plan, but the
Company or the Bank shall continue to credit gains and losses pursuant to Article IV until the
vested balance of the Participant’s account has been fully distributed to the Participant or his
beneficiary.

          (b) Termination. Under no circumstances may the Plan permit the acceleration of the
time or form of any payment under the Plan prior to the payment events specified herein, except as
provided in this Section 9.2(b). The Company or the Bank may, in its discretion, elect to terminate
the Plan in any of the following three circumstances and accelerate the payment of the entire
unpaid balance of the Participant’s vested benefits as of the date of such payment in accordance
with Section 409A of the Code, provided that in each case the action taken complies with the
applicable requirements set forth in Treasury Regulation §1.409A-3(j)(4)(ix):

	(i)	 	the Plan is irrevocably terminated within the 30 days preceding a Change in Control and (1)
all arrangements sponsored by the Company and the Bank and any successors immediately
following the Change in Control that would be aggregated with the Plan under Treasury
Regulation §1.409A-1(c)(2) are terminated with respect to each participant that experienced
the Change in Control event, and (2) each Participant and all participants under the other
aggregated arrangements receive all of their benefits under the terminated arrangements within
12 months of the date that all necessary action to irrevocably terminate the Plan and the
other aggregated arrangements is taken;
	 
	(ii)	 	the Plan is irrevocably terminated at a time that is not proximate to a downturn in the
financial health of the Company or the Bank and (1) all arrangements sponsored by the Company
and the Bank that would be aggregated with the Plan under Treasury Regulation §1.409A-1(c) if
a Participant participated in such arrangements are

-10-

 

	 	 	terminated, (2) no payments are made within 12 months of the date the Company and the Bank
take all necessary action to irrevocably terminate the arrangements, other than payments
that would be payable under the terms of the arrangements if the termination had not
occurred; (3) all payments are made within 24 months of the date the Company and the Bank
take all necessary action to irrevocably terminate the arrangements; and (4) neither the
Company nor the Bank adopts a new arrangement that would be aggregated with the Plan under
Treasury Regulation §1.409A-1(c) if a Participant participated in both arrangements, at any
time within three years following the date the Company and the Bank take all necessary
action to irrevocably terminate the Plan; or
	 
	(iii)	 	the Plan is terminated within 12 months of a corporate dissolution taxed under Section 331
of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A),
provided that the amounts deferred by each Participant under the Plan are included in the
Participant’s gross income in the later of (1) the calendar year in which the termination of
the Plan occurs, or (2) the first calendar year in which the payment is administratively
practicable.

ARTICLE X

GENERAL PROVISIONS

     10.1 Participant’s Rights Unsecured. To fund its obligations under the Plan, the Bank
may elect to form a trust, or to utilize a pre-existing trust, to purchase and hold shares of
Company Common Stock, subject to compliance with all applicable tax and securities laws. If the
Bank elects to use a trust to fund its obligations under the Plan, a Participant shall have no
right to demand the transfer to him of stock or other assets from the Bank or from such trust
formed or utilized by the Bank. Any shares of Company Common Stock held in a trust may be
distributed to a Participant in payment of part or all of the Company’s and the Bank’s obligations
under the Plan. The right of a Participant or his designated beneficiary to receive a distribution
hereunder shall be an unsecured claim against the general assets of the Company and the Bank, and
neither the Participant nor a designated beneficiary shall have any rights in or against any
specific assets of the Company or the Bank.

     10.2 General Conditions. Nothing in this Plan shall operate or be construed in any
way to modify, amend or affect the terms and provisions of the ESOP.

     10.3 No Guarantee of Benefits. Nothing contained in the Plan shall constitute a
guarantee by the Company and the Bank or any other person or entity that the assets of the Company
and the Bank will be sufficient to pay any benefit hereunder.

     10.4 No Enlargement of Employee Rights. No Participant shall have any right to
receive a distribution of contributions made under the Plan except in accordance with the terms of
the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be
retained in the service of the Company and the Bank.

     10.5 Spendthrift Provision. No interest of any person or entity in, or right to
receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge,

-11-

 

attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest
or right to receive a distribution be taken, either voluntarily or involuntarily, for the
satisfaction of the debts of, or other obligations or claims against, such person or entity,
including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

     10.6 Applicable Law. The Plan shall be construed and administered under the laws of
the State of Connecticut to the extent such laws are not superseded by federal law.

     10.7 Incapacity of Recipient. If any person entitled to a distribution under the Plan
is deemed by the Company and the Bank to be incapable of personally receiving and giving a valid
receipt for such payment, then, unless and until claim therefor shall have been made by a duly
appointed guardian or other legal representative of such person, the Company and the Bank may
provide for such payment or any part thereof to be made to any other person or institution then
contributing toward or providing for the care and maintenance of such person. Any such payment
shall be a payment for the account of such person and a complete discharge of any liability of the
Company and the Bank and the Plan therefor.

     10.8 Corporate Successors. The Plan shall not be automatically terminated by a
transfer or sale of assets of the Company and the Bank or by the merger or consolidation of the
Company and the Bank into or with any other company or other entity, but the Plan shall be
continued after such sale, merger or consolidation only if and to the extent that the transferee,
purchaser or successor entity agrees to continue the Plan. In the event that the Plan is not
continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject
to the provisions of Section 9.2 of the Plan.

     10.9 Unclaimed Benefit. Each Participant shall keep the Company and the Bank informed
of his current address and the current address of his designated beneficiary. The Company and the
Bank shall not be obligated to search for the whereabouts of any person. If the location of a
Participant is not made known to the Company and the Bank within three (3) years after the date on
which payment of the Participant’s account may first be made, payment may be made as though the
Participant had died at the end of the three-year period. If, within one additional year after such
three-year period has elapsed, or, within three years after the actual death of a Participant, the
Company and the Bank is unable to locate any designated beneficiary of the Participant, then the
Company and the Bank shall have no further obligation to pay any benefit hereunder to such
Participant or designated beneficiary and such benefit shall be irrevocably forfeited.

     10.10 Limitations on Liability. Notwithstanding any of the preceding provisions of
the Plan, neither the Company and the Bank nor any individual acting as employee or agent of the
Company and the Bank shall be liable to any Participant, former Participant or other person for any
claim, loss, liability or expense incurred in connection with the Plan.

     10.11 Gender and Number. Whenever any words are used herein in the masculine,
feminine or neuter gender, they shall be construed as though they were also used in another gender
in all cases where they would so apply, and whenever any words are used herein in the singular or
plural form, they shall be construed as though they were also used in the other form in all cases
where they would so apply.

-12-

 

     IN WITNESS WHEREOF, the Company and the Bank have caused this Plan to be executed by their
duly authorized officers on this 23rd day of September 2008.

	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	NEWALLIANCE BANCSHARES, INC.
	 
	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Patricia M. Pacelli
	 	 	 	By:
	 	/s/ Peyton R. Patterson
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Patricia M. Pacelli
	 	 	 	Name:
	 	Peyton R. Patterson
	Title:

	 	Asst. Corporate
Secretary
	 	 	 	Title:
	 	Chairman, President and Chief
Executive Officer
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	NEWALLIANCE BANK
	 
	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Patricia M. Pacelli
	 	 	 	By:
	 	/s/ Peyton R. Patterson
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Patricia M. Pacelli
	 	 	 	Name:
	 	Peyton R. Patterson
	Title:

	 	Asst. Corporate
Secretary
	 	 	 	Title:
	 	Chairman, President and Chief
Executive Officer

-13-

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