Document:

Exhibit 10.2

                     FIRST LITCHFIELD FINANCIAL CORPORATION
      1994 STOCK OPTION PLAN FOR OFFICERS AND OUTSIDE DIRECTORS, AS AMENDED

1. Purpose.

     The  purpose  of this 1994  Stock  Option  Plan for  Officers  and  Outside
Directors  (the  "Plan")  is to  strengthen  the  financial  soundness  of First
Litchfield  Financial  Corporation  (the  "Company")  by  focusing  management's
attention on the  long-term  success of the  business of the Company,  enhancing
shareholder  value by providing  management an opportunity to purchase shares of
the Company thus  aligning  their  interests in the business with those of other
shareholders,  attracting and retaining the continued  services of  non-employee
directors of the Company with the requisite  qualifications and encouraging such
directors to secure or increase on reasonable terms their stock ownership in the
Company.  The Board of Directors of the Company (the "Board")  believes that the
granting of options under the Plan (the  "Options")  will promote  continuity of
management  and  increased  personal  interest  in the welfare of the Company by
those who are responsible  for shaping and carrying out the long-range  plans of
the Company and securing its continued growth and financial success.

2. Effective Date of the Plan.

     The plan shall become  effective upon its approval by the  shareholders  of
the Company (the "Effective Date").

3. Stock Subject to Plan.

     Eighteen  thousand  (18,000) of the authorized  but unissued  shares of the
Company's  common  stock,  $.01 par  value per share  (the  "Shares")  have been
reserved for issuance upon the exercise of Options; provided,  however, that the
number of Shares so reserved may from time to time be reduced to the extent that
a  corresponding  number of treasury  Shares are set aside for issuance upon the
exercise of Options.  If any Options  expire or terminate for any reason without
having been exercised in full,  the  unpurchased  Shares  subject  thereto shall
again be available for the grant of Options.

4. Administration.

     The Plan shall be  administered  by the Committee  referred to in Section 5
hereof. Subject to the provisions of the Plan, the Committee shall have complete
authority in its  discretion  to interpret  the Plan,  to  prescribe,  amend and
rescind   rules  and   regulations   relating  to  it  and  to  make  all  other
determinations  necessary  or  advisable  for the  administration  of the  Plan;
provided,  however, that with respect to the operation of this Plan with respect
to non-employee  directors,  the Committee shall have no discretion to determine
the  non-employee  directors  who will  receive  Options,  the  number of Shares
subject to  Options,  the terms upon  which,  the times at which or the  periods
within  which  Shares  may be  acquired  or the  Options  may  be  acquired  and
exercised.

<PAGE>

5. Committee.

     The Committee  shall consist of at least three members of the Board each of
whom  shall be a  disinterested  person  as  defined  in Rule  16b-3  under  the
Securities Exchange Act of 1934, and as such Rule may be hereafter amended. Each
member of the Committee  shall be a person who is not an employee of the Company
or any subsidiary of the Company,  and who has not received a grant of an option
to acquire common stock of the Company under any plan  maintained by the Company
since the  beginning of the preceding  fiscal year under any plan  maintained by
the Company other than this Plan. The committee shall be appointed by the Board,
which may at any time and from time to time remove any member of the  Committee,
with or without  cause,  appoint  additional  members to the  committee and fill
vacancies,  however caused,  in the Committee.  A majority of the members of the
Committee shall constitute a quorum.  All  determinations of the Committee shall
be made by a majority  of its  members.  Any  decision or  determination  of the
Committee  shall be reduced to writing  and signed by all of the  members of the
Committee  shall be fully  effective  as if it had been made at a  meeting  duly
called and held.

6. Eligibility.

     An Option may be  granted  to (a) any  person  serving as an Officer of the
Company or any  subsidiary  of the  Company on the date of grant  whether or not
such  person(s)  is a  member  of the  Board  (the  "Officer  Participants")  in
accordance with Paragraph 7.a.  hereof;  or (b) members of the Board who are not
otherwise  employees  of the Company or any of its  subsidiaries  on the date of
grant (the"Director Participants") in accordance with Paragraph 7.b. hereof. The
Officer Participants and Director Participants shall collectively be referred to
herein as the "Participant" or "Participants."

7. Grant of Options and Option Price.

a. Officer Participants.

     (i)  The  Committee  shall from time to time  during  the five year  period
          commencing  with the Effective date of the Plan recommend to the Board
          those individual,  full-time  employees employed by either the Company
          or any  subsidiary  of the  Company  serving as an Officer of any such
          entity to whom the Committee  recommends that an Option be granted and
          the number of Shares subject to, and the terms and conditions of, such
          Option.   In  the  granting  of  options,   the  Committee  will  give
          consideration to the Company's  performance  relative to the operating
          budget and the strategic plan as well as to the  individual  Officer's
          performance.

                                      -2-
<PAGE>

b. Director Participants.

     (i)  Director  Participants on the Effective Date. Each individual who is a
          Director  Participant  on the Effective  date shall  automatically  be
          granted on the Effective Date an Option to purchase 300 Shares.

     (ii) Future Director  Participants.  Directors who are newly elected to the
          Board after the Effective Date shall receive an automatic  grant of an
          Option to  purchase  300 Shares on the date of such  election  (or, if
          elected  by the  Board,  on the  date  of the  annual  meeting  of the
          shareholders  of the Company  immediately  following  such  election);
          provided, that such automatic grant shall only be made if the director
          is a Director Participant on such date, and such automatic grant shall
          be subject  to pro rata  reduction  to the  extent  that the number of
          Shares  subject to future  grant under the Plan is not  sufficient  to
          make the full  automatic  grants  required to be made  pursuant to the
          Plan on such date.

     (iii)Additional  Grants.  Each  director  who has been  granted  an  Option
          pursuant  to clause (i) above shall  automatically  be granted on June
          1st in each of the four years  following  the year in which the Option
          pursuant to clause (i) above shall have been granted to such director,
          an  additional  Option to  purchase  50  Shares;  provided,  that such
          automatic  grant  shall  only be made if the  director  is a  Director
          Participant on such date, and such automatic grant shall be subject to
          pro rata  reduction to the intent that the number of Shares subject to
          future  grant  under  the  Plan is not  sufficient  to make  the  full
          automatic  grants  required  to be made  pursuant  to the Plan on such
          date.

          Each  director who has been granted an Option  pursuant to clause (ii)
          above  shall  automatically  be  granted  on  June  1st in each of the
          remaining  year of the Plan  following  the year in which  the  Option
          pursuant  to  clause  (ii)  above  shall  have  been  granted  to such
          director, an additional Option to purchase 50 Shares;  provided,  that
          such automatic  grant shall only be made if the director is a Director
          Participant on such date, and such automatic grant shall be subject to
          pro rata  reduction to the extent that the number of Shares subject to
          future  grant  under  the  Plan is not  sufficient  to make  the  full
          automatic  grants  required  to be made  pursuant  to the Plan on such
          date.

c.   Price.  The  initial per Share  price to be paid by  Participants  upon the
     exercise of an Option shall be equal to the fair market value of a Share on
     the date of grant.  For the  purposes  hereof,  the fair market  value of a
     Share on any date shall be equal to the last  reported  sales price for the
     Shares as reported on the NASDAQ National  Market System,  on such date, or
     if the Shares are not reported on the NASDAQ  National  Market System,  the
     average of the closing bid and asked prices for the Shares on such date (or
     if no such  quotation  occurred on that date, on the next preceding date on
     which there was such a quotation), as made available for publication by the
     National  Association of Securities Dealers Automated  Quotation System, or
     if no prices are available, the fair market value as determined by rules to
     be adopted by the Committee.

                                      -3-
<PAGE>

8. Option Period.

     Participants shall be granted Options which are exercisable for a period of
ten (10)  years  from  the date of the  granting  thereof.  Notwithstanding  the
foregoing and except as set forth in Section 10 hereof,  no Option granted under
this Plan shall be exercisable until twelve (12) months after the grant thereof.

9. Exercise of Option.

     Subject to Section 8, an Option may be exercised in whole or in part at any
time  after the date it is  granted  and only be a  written  notice of intent to
exercise the Option with  respect to  specified  number of Shares and payment to
the Company in cash or by certified check, bank draft or postal or express money
order,  of the amount of the Option exercise price for the number of Shares with
respect to which the Option is then exercised. The number of Shares which may be
purchased at any one time shall be 10 Shares, a multiple  thereof,  or the total
number at the time purchasable under the Option.

10. Change of Control.

     Upon the occurrence of a Change of Control (as  hereinafter  defined),  any
outstanding  Option held by a Participant shall immediately  become  exercisable
and shall remain exercisable for a period of thirty (30) days following the date
of such Change of Control.

     "Change  in  Control"  shall  mean an event or events  occurring  after the
Effective  Date  hereof  as a result  of which (a) any  Person  (as  hereinafter
defined), is or becomes the Beneficial Owner (as hereinafter defined),  directly
or indirectly, of 50% or more of the combined voting power of the Company's then
outstanding  securities without the prior approval of at least two-thirds of the
members of the Company's Board of Directors in office  immediately prior to such
Person  attaining such  percentage  interest or (b) more than 50% of the persons
serving as directors of the Company cease to be directors during any twenty-four
(24) month period,  except as a result of death or  resignation.  "Person" shall
have  the  meaning  of such  term as used  in  Section  13(d)  and 14 (d) of the
Securities  and  Exchange  Act of 1934,  and as such  Sections  may be hereafter
amended.  "Beneficial  Owner" shall have the definition of such terms as defined
in Rule 13d-3 under the Securities Exchange Act of 1934, and as such Rule may be
hereafter amended.

11. Transferability.

     No Option shall be assignable or transferable  except by will and/or by the
laws of descent and distribution  and, during the life of any Participant,  each
Option granted to the Participant may be exercised only by the Participant.

                                      -4-
<PAGE>

12. Ceasing to be an Officer or Director.

     (a)  Termination.  If a  Participant  terminates  service  as an officer or
          director  for any  reason  other  than  those set forth in clause  (b)
          below, any outstanding  Option held by the Participant shall terminate
          on the earlier of the date on which such Option would otherwise expire
          or sixty (60) days  after such  termination;  provided,  however,  and
          notwithstanding  anything in this Plan to the  contrary,  that if such
          Participant's  service  is  terminated  for  cause,  in such event any
          outstanding   Option   held  by  the   Participant   shall   terminate
          immediately.

     (b)  Disability, Death or Retirement. If a Participant's service as an
          officer or director is terminated by disability (which condition
          constitutes total disability under the federal Social Security Acts),
          death, or retirement upon attaining age sixty-five (65) or early
          retirement with the approval of the Board of Directors at an age of
          not less than 59 and one half (59 1/2), any outstanding Option held by
          the Participant may be exercised by the Participant or the
          representative of the Participant's estate or beneficiaries thereof to
          whom the Option has been transferred until the earlier of the date on
          which such Option would otherwise expire or twelve (12) months after
          such termination.

13. Duration of Plan.

     Unless sooner  terminated,  the Plan shall remain in effect for a period of
five years after the Effective Date and shall thereafter  terminate.  No Options
may be granted  after the  termination  of this Plan;  provided,  however,  that
termination of the Plan shall not affect any Options previously  granted,  which
Options  shall remain in effect until  exercised,  surrendered  or canceled,  or
until they have expired, all in accordance with their terms.

14. Changes in Capital Structure.

     In the event of changes in the  outstanding  common stock of the Company by
reasons  of  stock   dividends,   stock  splits,   recapitalizations,   mergers,
consolidations, combination or exchange or shares, separations, reorganizations,
or liquidations,  the number of Shares available under the Plan in the aggregate
and the number of Shares as to which  Options may be granted to any  Participant
shall be correspondingly  adjusted by the Committee.  In addition, the Committee
shall  make  appropriate  adjustments  in  the  number  of  Shares  as to  which
outstanding Options, or portions thereof then unexercised,  shall relate, to the
end that the  Participant's  appropriate  interest shall be maintained as before
the occurrence of such event;  such  adjustment  shall be made without change in
the total  price  applicable  to the  unexercised  portion of Options and with a
corresponding adjustment in the option price per Share.

                                      -5-
<PAGE>

15. Rights as Shareholder.

     A  Participant  entitled to Shares as a result of the exercise of an Option
shall not be deemed for any purpose to be, or have rights as, a  shareholder  of
the Company by virtue of such exercise, except to the extent a stock certificate
is issued  therefor and then only from the date such  certificate is issued.  No
adjustments  shall be made for  dividends or  distributions  or other rights for
which the record date is prior to the date such stock certificate is issued.

16. Expenses.

     The expense of this Plan shall be paid by the Company.

17. Compliance with Applicable Law.

     Notwithstanding  anything herein to the contrary,  the Company shall not be
obligated to cause to be issued or delivered any certificates  evidencing Shares
to be  delivered  pursuant to the  exercise  of an Option,  unless and until the
Company  is  advised by its  counsel  that the  issuance  and  delivery  of such
certificates  is in  compliance  with all  applicable  laws and  regulations  of
governmental  authority.  The Company shall in no event be obligated to register
any  securities  pursuant to the  Securities Act of 1933 (as now in effect or as
hereafter  amended) or to take any other  action in order to cause the  issuance
and delivery of such certificates to comply with any such law or regulation. The
Committee  may  require,  as a condition  of the  issuance  and delivery of such
certificates  and in order to ensure  compliance with such laws and regulations,
that the Participant make such covenants,  agreements and representations as the
Committee, in it sole discretion, deems necessary and desirable.

18. Application of Funds.

     Any cash proceeds  received by the Company from the sale of Shares pursuant
to options will be used for general corporate purposes.

19. Amendment of the Plan.

     The Board may from time to time suspend or discontinue  this Plan or revise
or amend it in any respect  whatsoever;  provided,  however,  that any amendment
requiring  approval under Rule 16b- 3, as in effect on the Effective Date and as
it may be subsequently  amended,  shall not be made without the further approval
of the holders of at least a majority of the outstanding shares of the Company's
common stock; and provided,  further, that the provisions of Sections 6 and 7.b.
of this Plan may not be amended  more than once every six (6) months,  except as
otherwise   provided  in  or  permitted  by  Rule  16b-3.  No  such  suspension,
discontinuance,  revision  or  amendment  shall in any  manner  affect any grant
theretofore made without the consent of the Participant or the transferee of the
Participant, unless necessary to comply with applicable law.

                                      -6-EXHIBIT 10.32
                                  -------------

                      EXECUTIVE CHANGE IN CONTROL AGREEMENT
                 NOT TO BE CONSTRUED AS AN EMPLOYMENT AGREEMENT

                      THE FIRST NATIONAL BANK OF LITCHFIELD
                     FIRST LITCHFIELD FINANCIAL CORPORATION
                                 13 North Street
                             Litchfield, Connecticut

         WHEREAS, The First National Bank of Litchfield (the "Bank") and its
parent bank holding company, First Litchfield Financial Corporation (the
"Holding Company"), wish to employ Joseph J. Greco ("Employee") as President and
Chief Executive Officer of the Bank. The Bank and the Holding Company expect
that Employee's contributions and knowledge will continue to be of significant
benefit to the future growth and success of the Bank;

         WHEREAS, the Boards of Directors of the Bank and the Holding Company
recognize that a change in control of the Bank and/or the Holding Company may
occur and that the threat of such change in control may create uncertainty and
may result in the distraction or departure of key personnel to the detriment of
the Bank and Holding Company and their stockholders;

         WHEREAS, the Boards have determined that appropriate steps should be
taken to reinforce and encourage the continued dedication of members of the
Bank's management, including Employee, to their assigned duties in the face of
potential circumstances involving the possibility of such a change in control;

         NOW THEREFORE, in addition to one dollar ($1.00) and other good and
valuable consideration paid by the Bank to Employee and in order to induce
Employee to be employed with the Bank and to perform Employee's duties in a
manner which is in the best interests of the Bank, the Bank and Holding Company
hereby agree to provide Employee with certain benefits in the event his
employment with the Bank terminates or is reassigned subsequent to a Change in
Control (as defined in Section 2 hereof) under the circumstances described
below.

         1. Term of Agreement; Employment Status. This Agreement shall take
effect on June 17, 2002 and shall remain in full force and effect until June 1,
2003. All employees of Bank and Holding Company, including Employee, are
employees at will. The terms of this Agreement, therefore, do not and are not
intended to create either an express and/or implied contract of employment with
the Bank and/or the Holding Company. This Agreement simply provides certain
potential benefits to Employee in the event that a Change in Control occurs
prior to June 1, 2003 as hereinafter defined.

                                       1

<PAGE>

         2. Change in Control. No benefits shall be payable hereunder unless
prior to June 1, 2003 there shall have been a Change in Control as set forth
below, and thereafter within twenty-four (24) months of such Change in Control
Employee's employment with the Bank and/or its successor terminates or Employee
is reassigned in accordance with Section 3, below. For purposes of this
Agreement, a "Change in Control" shall mean any of the following:

          (a) The acquisition of fifty percent (50%) or more of any class of
     equity securities of the Holding Company by any person (or persons working
     in concert) or entity after the date hereof;

          (b) The acquisition of fifty percent (50%) or more of any class of
     equity securities of the Bank by any person or entity other than Holding
     Company;

          (c) A merger, consolidation or reorganization to which the Bank or the
     Holding Company is a party, if, as a result thereof, individuals who were
     directors of the Bank or Holding Company, immediately before such
     transaction shall cease to constitute a majority of the Board of Directors
     of the surviving entity;

          (d) A sale of all or substantially all of the assets of the Bank or
     the Holding Company to another party;

          (e) The assumption of all or substantially all of the deposits of the
     Bank by another party other than the Federal Deposit Insurance Corporation;
     or

          (f) During any twenty-four (24) month period, individuals who at the
     beginning of such period constitute the Board of Directors of the Bank and
     the Holding Company, cease for any reason (other than death or disability)
     to constitute at least a majority thereof unless the election or the
     nomination for election by the stockholders of the Bank and the
     stockholders of Holding Company, respectively, of each new director was
     approved by a vote of at least a majority of the directors of the Bank or
     of Holding Company as applicable, then still in office who were directors
     of the Bank or the Holding Company, as applicable, at the beginning of the
     period.

         3. Termination Following Change in Control. If any of the events
described in Section 2 hereof constituting a Change in Control shall have
occurred, Employee shall be entitled to the benefits provided for in Section
4(a) hereof upon the termination or reassignment of his employment as a senior
executive officer of the Bank and/or its successor as provided in this Section
3, within twenty-four (24) months after such event, unless such employment is
terminated or reassigned: (i) by any regulatory authority (acting with proper
jurisdiction); or (ii) by the Board of Directors for cause; or (iii) because of
Employee's death, retirement or disability. Such benefits shall be reduced by
the amount of any severance paid to Employee by the Bank or its successor.

                                       2

                                     <PAGE>

               (a) Retirement; Disability.
                   ----------------------

               (i) Termination of employment by the Bank based on retirement
          shall mean the mandatory termination of employment in accordance with
          the retirement policy of the Bank, including (at Employee's sole
          election and as set forth in writing) early retirement, generally
          applicable to its salaried employees or in accordance with any
          retirement arrangement established with Employee's consent with
          respect to Employee.

               (ii) Termination of employment by the Bank based on disability
          shall mean termination because of inability, as a result of incapacity
          due to physical or mental illness, to perform the services required as
          an employee for a period aggregating six (6) months or more within any
          twelve (12) month period, or because Employee becomes or is deemed
          disabled under any applicable policy providing disability insurance.

               (b) Notice of Termination. The Bank agrees that in the event of
          termination it will promptly furnish Employee with a written Notice of
          Termination. Any purported termination of Employee shall be
          communicated by written Notice of Termination to the Bank. For
          purposes of this Agreement, a "Notice of Termination" shall mean a
          notice which shall include the specific termination provision in this
          Agreement relied upon and shall set forth in reasonable detail the
          facts and circumstances claimed to provide a basis for termination of
          Employee's employment under the provision so indicated.

               (c) Date of Termination. "Date of Termination" shall mean the
          date on which a Notice of Termination is given; provided that, if
          within five (5) days after any Notice of Termination is given, the
          party receiving such Notice of Termination notifies the other party
          that a dispute exists concerning the termination, the Date of
          Termination shall be the date on which the dispute is finally
          determined, either by mutual written agreement of the parties, by a
          binding and final arbitration award or by a final judgment, order or
          decree of a court of competent jurisdiction (the time for appeal
          therefrom having expired and no appeal having been perfected).

               (d) Reassignment. Reassignment shall mean a reduction in base
          salary or an involuntary reassignment of Employee's duties,
          responsibilities, or benefits inconsistent with those of a senior
          executive officer of a bank or the involuntary relocation of
          Employee's primary duties and responsibilities to an office or
          location greater than fifty (50) miles from Litchfield, Connecticut or
          action which results in a significant worsening of the Employee's work
          conditions (including, but not limited to, a significant change in
          employment duties, responsibilities, required hours or otherwise).

               4. Compensation Upon Termination or Reassignment.
                  ---------------------------------------------

               (a) If, within twenty-four (24) months after a Change in Control,
          as defined in Section 2 hereof, shall have occurred, Employee's
          employment with the Bank terminates or is reassigned as defined in
          Section 3 (except by an agency acting with proper jurisdiction, or by
          a board of directors for cause or as a result of death, retirement or
          disability), then the Bank and/or

                                        3

<PAGE>

          its successor shall pay Employee within five (5) days after the Date
          of Termination an amount equal to the sum of:

               (i) Two (2) years of Employee's annual compensation based upon
          the most recent aggregate base salary paid to Employee in the twelve
          (12) month period immediately preceding his termination or
          reassignment less amounts previously paid to Employee from the date of
          Change in Control; plus

               (ii) Reasonable legal fees and expenses incurred by Employee as a
          result of such termination or reassignment (including all such fees
          and expenses, if any, incurred in contesting or disputing any such
          termination or reassignment or in seeking to obtain or enforce any
          right or benefit provided for by this Agreement).

               (b) Employee shall not be required to mitigate the amount of any
          payment provided for in this Section 4 by seeking other employment or
          otherwise, nor shall the amount of any payment provided for in this
          Section 4 be reduced by any compensation earned by Employee as the
          result of employment by another employer after the Date of Termination
          or Reassignment, or otherwise.

               (c) It is the intention of the parties to this Agreement that no
          payments by the Bank to or for Employee's benefit under this Agreement
          shall be non-deductible to the Bank by reason of the operation of
          Section 280G of the Internal Revenue Code. Accordingly,
          notwithstanding any other provision hereof, if by reason of the
          operation of said Section 280G of the Internal Revenue Code, any such
          payments exceed the amount which can be deducted by the Bank, the
          amount of such payments shall be reduced to the maximum which can be
          deducted by the Bank. To the extent that payments in excess of the
          amount which can be deducted by the Bank have been made to and for
          Employee's benefit, they shall be refunded with interest at the
          applicable rate provided under Section 1274(d) of the Internal Revenue
          Code, or at such other rate as may be required in order that no such
          payment to or for Employee's benefit shall be non-deductible pursuant
          to Section 280G of the Internal Revenue Code. Any payments made
          hereunder which are not deductible by the Bank as a result of losses
          which have been carried forward by the Bank for Federal tax purposes
          shall not be deemed a non-deductible amount for purposes of this
          Section 4(c).

         5.       Continuation of Insurance Benefits.
                  ----------------------------------

                  Notwithstanding any other provision in this Agreement to the
         contrary, the Bank and/or its successor shall maintain in full force
         and effect for Employee's continued benefit, for the two (2) year
         period beginning upon a Change in Control, all life insurance, medical,
         health and accident and disability policies, plans, programs or
         arrangements which were in effect immediately prior to the Change in
         Control.

                                        4

<PAGE>

         6.       Successors; Binding Agreement.
                  -----------------------------

                  (a) The Bank and the Holding Company will require any
         successor (whether direct or indirect, by purchase, merger,
         consolidation, acquisition of assets or assumption of liabilities or
         otherwise) to all or substantially all of the business and/or assets
         and/or deposits of the Bank, by agreement, to expressly assume and
         agree to perform this Agreement in the same manner and to the same
         extent that the Bank would be required to perform it if no such
         succession had taken place. Failure of the Bank and/or Holding Company
         to obtain such agreement prior to the effectiveness of any such
         succession shall be a breach of this Agreement and shall entitle
         Employee to compensation from the Bank in the same amount and on the
         same terms as he would be entitled to hereunder if his employment had
         terminated as a result of a Termination or Reassignment, as provided in
         Section 3 hereof, after a Change in Control, except that for purposes
         of implementing the foregoing, the date on which any such succession
         becomes effective shall be deemed the Date of Termination. As used in
         this Agreement, "Bank" shall mean the Bank as hereinbefore defined and
         any successor to the business, assets and/or deposits as aforesaid
         which executes and delivers the agreement provided for in this Section
         6 or which otherwise becomes bound by all the terms and provisions of
         this Agreement by operation of law.

                  (b) This Agreement shall inure to the benefit of and be
         enforceable by Employee's personal or legal representatives, executors,
         administrators, successors, heirs, distributees, devisees and legatees.
         If Employee should die after any rights to receive the amounts
         contemplated hereby have accrued to Employee but before such amounts
         have been paid, all such amounts, unless otherwise provided herein,
         shall be paid in accordance with the terms of this Agreement to his
         devisee, legatee or other designee or, if there be no such designee, to
         his estate.

                  7. Notices. All notices and other communications provided for
         in this Agreement shall be in writing and shall be deemed to have been
         duly given when delivered or mailed by United States registered mail,
         return receipt requested, postage prepaid, addressed to the respective
         addresses set forth on the first page of this Agreement, provided that
         all notices to the Bank and the Holding Company shall be directed to
         the attention of the Board with a copy to the Chairman of the Board of
         the Bank and the Chairman of the Board of the Holding Company or to
         such other address as either party may have furnished to the other in
         writing in accordance herewith, except that notice of change of address
         shall be effective only upon receipt.

                  8. Miscellaneous. No provision of this Agreement may be
         modified, waived or discharged unless such waiver, modification or
         discharge is agreed to in writing and signed by Employee and such other
         officer as may be specifically designated by the Board. No waiver by
         either party hereto at any time of any breach by the other or failure
         to comply with any condition or provision of this Agreement to be
         performed by such other party shall be deemed a waiver of similar or
         dissimilar provisions or conditions at the same or at any prior or
         subsequent time. No agreements or representations, oral or otherwise,
         express or implied, with respect to the subject matter hereof have been
         made by either party which are not expressly set forth in this
         Agreement. The validity, interpretation, construction and performance
         of this Agreement shall be governed by the laws of the State of
         Connecticut and of the United States of America.

                                        5

<PAGE>

                  9. Validity. The invalidity or unenforceability of any
         provision of this Agreement shall not affect the validity or
         enforceability of any other provision of this Agreement, which shall
         remain in full force and effect.

                  10. Counterparts. This Agreement may be executed in several
         counterparts, each of which shall be deemed to be an original but all
         of which together will constitute one and the same instrument.

                  11. Arbitration. Any dispute or controversy arising under or
         in connection with this Agreement shall be settled exclusively by
         arbitration in Litchfield, Connecticut, in accordance with the rules of
         the American Arbitration Association then in effect. Notwithstanding
         the pendency of any such dispute or controversy, the Bank will pay
         Employee promptly an amount equal to his full scheduled compensation in
         effect when the notice giving rise to the dispute was given (including,
         but not limited to, base salary) and provide Employee with all
         scheduled compensation, benefits and insurance plans in which he was
         participating when the notice giving rise to the dispute was given,
         until the dispute is finally resolved in accordance with Section 3
         hereof. Amounts paid under this Section 11 are in addition to all other
         amounts due under this Agreement and shall not be offset against or
         reduce any other amounts due under this Agreement. Judgment may be
         entered on the arbitrator's award in any court having jurisdiction;
         provided, however, that Employee shall be entitled to seek specific
         performance of his right to be paid until the Date of Termination
         during the pendency of any dispute or controversy arising under or in
         connection with this Agreement.

                  Agreed to this 17th day of June, 2002 by and among Employee,
         The First National Bank of Litchfield, and First Litchfield Financial
         Corporation.

                                       THE FIRST NATIONAL BANK OF LITCHFIELD

                                       By:  /s/ Charles E. Orr
                                            ------------------------------------
                                                Charles E. Orr
                                       Its:     Chairman of the Board
                                                Duly Authorized

                                       EMPLOYEE

                                       Signature:  /s/  Joseph J. Greco
                                                   -----------------------------
                                         Printed Name:  Joseph J. Greco

                                       FIRST LITCHFIELD FINANCIAL CORPORATION

                                       By:  /s/ Charles E. Orr
                                            ------------------------------------
                                                Charles E. Orr
                                       Its:     Chairman of the Board
                                                Duly Authorized

                                        6

<PAGE>

STATE OF CONNECTICUT    )
                          :   ss.:  Litchfield
COUNTY OF LITCHFIELD    )

         On this the 17th day of June, 2002, before me, the undersigned,
personally appeared Charles E. Orr, who acknowledged himself to be the Chairman
of the Board of THE FIRST NATIONAL BANK OF LITCHFIELD, and that he as such
Chairman, being authorized so to do, executed the foregoing instrument for the
purposes therein contained by signing his name.

         In Witness Whereof, I hereunto set my hand.

                            /s/ Coral W. Ozerhoski
                                --------------------------------

                                Commissioner of the Superior Court/Notary Public
                                My Commission Expires:  August 31, 2003

                                STATE OF CONNECTICUT
                                ss.:  Litchfield
                                COUNTY OF LITCHFIELD

         On this the 17th day of June, 2002, before me, the undersigned,
personally appeared Charles E. Orr, who acknowledged himself to be the Chairman
of the Board of FIRST LITCHFIELD FINANCIAL CORPORATION, and that he as such
Chairman, being authorized so to do, executed the foregoing instrument for the
purposes therein contained by signing his name.

         In Witness Whereof, I hereunto set my hand.

                            /s/ Coral W. Ozerhoski
                                ---------------------------

                                Commissioner of the Superior Court/Notary Public
                                My Commission Expires:  August 31, 2003

                                        7

<PAGE>

STATE OF CONNECTICUT    )
                          :   ss.:  Litchfield
COUNTY OF LITCHFIELD    )

         On this the 17th day of June, 2002, before me, the undersigned officer,
personally appeared Joseph J. Greco, known to me or satisfactorily proven to be
the person signing the foregoing document and acknowledged that he executed the
same for the purposes therein combined as his free act and deed.

         In Witness Whereof, I hereunto set my hand.

                           /s/ Deann M. Foehrenbach
                               -------------------------------------------------

                               Commissioner of the Superior Court/Notary Public
                               My Commission Expires:  March 31, 2007

                                        8

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