Document:

Prepared by R.R. Donnelley Financial -- Exhibit 10.34

  EXHIBIT 10.34
 EXECUTION COPY
 SECOND AMENDMENT
                               SECOND AMENDMENT, dated as of August 5, 2002
(this “Amendment”), to the CREDIT AGREEMENT, dated as of June 15, 2001 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SBA COMMUNICATIONS CORPORATION, a Florida
corporation (“Holdings”), SBA TELECOMMUNICATIONS, INC., a Florida corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the
“Lenders”), LEHMAN BROTHERS INC. and BARCLAYS CAPITAL, as joint advisors and joint lead arrangers and bookrunners, BARCLAYS BANK PLC, as syndication agent and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such capacity,
the “Administrative Agent”).
 W I T N E S S E T H:
                               WHEREAS, Holdings and the Borrower have
requested that certain provisions of the Credit Agreement be amended upon the terms and subject to the conditions set forth herein; and
                               WHEREAS, the Lenders have agreed to such
amendments upon the terms and subject to the conditions set forth herein;
                               NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein and in the Credit Agreement, the parties hereto hereby agree as follows:
                               1.      
   Defined Terms. Unless otherwise defined herein, terms used herein and defined in the Credit Agreement are used herein as therein defined.
                               2.      
   Amendment to Section 7.1 (Financial Condition Covenants).  Paragraphs (a), (b), (d), (e) and (f) of Section 7.1 are hereby amended to read in their entirety as follows:

	                 (a)         Consolidated Total
Debt to Annualized Adjusted EBITDA Ratio.  Permit the ratio of (i) Consolidated Total Debt on any date during any period set forth below to (ii) Annualized Adjusted EBITDA of the Borrower and its Subsidiaries for the fiscal quarter
most recently ended on or prior to such date to exceed the ratio set forth below opposite such period:
 
	  
 

  

	  
 	 Fiscal Quarter
 	  
 	 Consolidated 
 Leverage Ratio
 	  
 
	  
 	 
 	  
 	 
 	  
 
	  
 	 Closing Date to June 30, 2002
 	  
 	 5.50x
 	  
 
	  
 	 July 1, 2002 to June 30, 2003
 	  
 	 3.50x
 	  
 
	  
 	 July 1, 2003 to December 31, 2003
 	  
 	 3.25x
 	  
 
	  
 	 January 1, 2004 and thereafter
 	  
 	 3.00x
 	  
 

  

	                 (b)         Consolidated EBITDA
to Consolidated Interest Expense Ratio.  Permit the ratio of (i) Consolidated EBITDA for any fiscal quarter of the Borrower ending during 
 

  

   

	 any period set forth below to (ii) Consolidated Interest Expense accrued by Holdings and its Subsidiaries during such quarter to be less than the ratio set forth below opposite
such quarter:
 

  

	  
 	 Fiscal Quarter
 	  
 	 Consolidated
 Interest 
 Coverage Ratio
 	  
 
	  
 	 
 	  
 	 
 	  
 
	  
 	 July 1, 2001 to December 31, 2002
 	  
 	 1.25x
 	  
 
	  
 	 January 1, 2003 to March 31, 2003
 	  
 	 1.20x
 	  
 
	  
 	 April 1, 2003 to June 30, 2003
 	  
 	 1.10x
 	  
 
	  
 	 July 1, 2003 to September 30, 2003
 	  
 	 1.15x
 	  
 
	  
 	 October 1, 2003 to December 31, 2003
 	  
 	 1.20x
 	  
 
	  
 	 January 1, 2004 to December 31, 2004
 	  
 	 1.25x
 	  
 
	  
 	 January 1, 2005 to December 31, 2005
 	  
 	 1.50x
 	  
 
	  
 	 January 1, 2006 and thereafter
 	  
 	 1.75x
 	  
 

  

	                 (d)         Annualized Adjusted
EBITDA to Consolidated Debt Service Ratio.  Permit the ratio of (i) Annualized Adjusted EBITDA for any fiscal quarter of the Borrower ending during any period set forth below to (ii) Consolidated Debt Service for such fiscal
quarter to be less than the ratio set forth below opposite such quarter:
 

  

	  
 	 Fiscal Quarter
 	  
 	 Ratio
 	  
 
	  
 	 
 	  
 	 
 	  
 
	  
 	 July 1, 2001 to March 31, 2003
 	  
 	 1.10x
 	  
 
	  
 	 April 1, 2003 to December 31, 2003
 	  
 	 1.00x
 	  
 
	  
 	 January 1, 2004 to December 31, 2004
 	  
 	 1.05x
 	  
 
	  
 	 January 1, 2005 and thereafter
 	  
 	 1.10x
 	  
 

  

	                 (e)         Consolidated Fixed
Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio for any fiscal quarter of the Borrower ending during any period set forth below to be less than the ratio set forth below opposite such quarter:
 

  

	  
 	 Fiscal Quarter
 	  
 	 Consolidated
 Fixed Charge
 Coverage Ratio
 	  
 
	  
 	 
 	  
 	 
 	  
 
	  
 	 Closing Date to December 31, 2002
 	  
 	 1.25x
 	  
 
	  
 	 January 1, 2003 to March 31, 2003
 	  
 	 1.10x
 	  
 
	  
 	 April 1, 2003 to September 30, 2003
 	  
 	 1.00x
 	  
 
	  
 	 October 1, 2003 to December 31, 2004
 	  
 	 1.05x
 	  
 
	  
 	 January 1, 2005 to December 31, 2005
 	  
 	 1.15x
 	  
 
	  
 	 January 1, 2006 and thereafter
 	  
 	 1.25x
 	  
 

  

	                 (f)         Consolidated Total
Debt per Tower.  Permit on any date the quotient of (i) Consolidated Total Debt on such date divided by (ii) the number of Towers owned by
 

  

     

	 the Borrower and its Subsidiaries on such date, to exceed (a) for any date on or prior to September 30, 2002, $125,000 and (b) thereafter, $90,000.
 

                          3.         Amendment to
Section 7.4 (Limitation on Fundamental Changes).  Section 7.4 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (b) thereof, (ii) deleting the period at the end of clause (c) thereof and
replacing such period with a semicolon followed by the word “and”, and (iii) adding the following new clause (d) at the end of clause (c) thereof:

	                 (d)         any Subsidiary of the
Borrower (other than any SPC, if such disposition would cause the Borrower to be in violation of Section 6.10) may be dissolved upon transfer of all of such Subsidiary’s assets to (i) in the case of assets consisting of Towers or Tower sites
owned or leased by such Subsidiary, either a SPC or a Subsidiary Guarantor, provided that, after giving effect to any transfer to a Subsidiary Guarantor, such Towers and Tower sites are subject to a Mortgage pursuant to Section 6.10(b) or
(ii) in the case of any assets other than Towers or Tower sites, to a Subsidiary Guarantor.”
 

                          4.         Amendment to
Section 7.5 (Limitation on Disposition of Property).  Section 7.5 of the Credit Agreement is hereby amended by (i) deleting the “and” at the end of clause (f) thereof, (ii) deleting the period at the end of clause (g) thereof and
replacing such period with “; and” and (ii) adding the following new clause (h) after clause (g) thereof:

	                 (h)         the Disposition of
Towers or Tower sites by the Borrower or any of its Subsidiaries to a SPC or a Subsidiary Guarantor; provided that, after giving effect to any Disposition to a Subsidiary Guarantor, such Towers and Tower sites are subject to a Mortgage
pursuant to Section 6.10(b).”
 

                          5.         Amendment to
Pricing Grid.  The Pricing Grid is hereby amended to increase each of the interest rate margins set forth therein by 0.25%.
                       (a)          Conditions to
Effectiveness.  This Amendment shall become effective on the date the Administrative Agent shall have received: (a) an executed counterpart of this Amendment duly executed and delivered by Holdings and the Borrower, (b) executed Consent
Letters in the form attached hereto from the Required Lenders consenting to the execution of this Amendment by the Administrative Agent, (c) an Acknowledgement and Consent in the form attached hereto as Exhibit A duly executed and delivered by each
Guarantor and (d) for the account of each Lender that executes and delivers to the Administrative Agent a Consent Letter at or prior to 5:00 p.m., New York City time, on August 5, 2002, a consent fee equal to 0.375% of the Aggregate Exposure of such
Lender.
                          6.         Representations
and Warranties.  As of the date hereof and after giving effect to the amendments contained herein, Holdings and the Borrower hereby jointly and severally confirm, reaffirm and restate the representations and warranties made by them in
Section 4 of the Credit Agreement, except to the extent any of such representations and warranties relate to a specific earlier date, in which case such representations and warranties shall be deemed true and correct on and as of such earlier date;
provided, that each reference 
 

  therein to the Credit Agreement shall be deemed to be a reference to the Credit Agreement after giving effect to this Amendment.
                          7.         Payment of
Expenses.  Holdings and the Borrower jointly and severally agree to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
                         8.         Continuing
Effect.  Except as expressly provided hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect.  The amendments and acknowledgement contained herein
shall not be construed to as an amendment or waiver of any other provision of the Credit Agreement or the other Loan Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of
Holdings or the Borrower that would require the waiver or consent of the Administrative Agent or the Lenders.
                          9.        
 Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
Any executed counterpart delivered by facsimile transmission shall be effective as for all purposes hereof.
                          10.       GOVERNING LAW. 
THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
 

                                IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

	  
 	  
 
	  
 	 SBA COMMUNICATIONS CORPORATION
 
	  
 	  
 
	  
 	  
 
	 By:
 	  
 
	  
 	 
 	  
 
	  
 	 Name:
 
	  
 	 Title:
 
	  
 	  
 
	  
 	  
 
	  
 	 SBA TELECOMMUNICATIONS, INC.
 
	  
 	  
 
	  
 	  
 
	 By:
 	  
 
	  
 	 
 	  
 
	  
 	 Name:
 
	  
 	 Title:
 
	  
 
	  
 
	  
 	 LEHMAN COMMERCIAL PAPER INC., 
          as Administrative Agent
 
	  
 
	  
 
	 By:
 	  
 
	  
 	 
 	  
 
	  
 	 Name:
 
	  
 	 Title:Prepared by R.R. Donnelley Financial -- Retirement Plan - Cornelius D. Mahoney

 EXHIBIT 10.1 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT 
  
 THIS SUPPLEMENTAL EXECUTIVE
RETIREMENT AGREEMENT (the “Agreement”), is made and entered into as of June 19, 2002 by and between WORONOCO SAVINGS BANK (the “Bank”), a Massachusetts-chartered savings bank, and CORNELIUS D. MAHONEY (the
“Executive”), a senior management employee of the Bank. 
  
 RECITALS 
  
 The Executive is a senior management employee of the Bank, and as such has rendered and is expected to continue to render valuable
services to the Bank. The Board of Directors of the Bank desires for the Bank to provide the Executive with supplemental retirement benefits in recognition of such services. 
  
 NOW, THEREFORE, the Bank and the Executive hereby mutually agree as follows: 
  
 Section 1.    Definitions. 
  
 When used herein, the words and
phrases below shall have the meanings set forth, unless a different meaning is clearly required by the context. Masculine pronouns include feminine pronouns wherever used and vice versa. 
  
  “Beneficiary” means the person, persons or entity designated by the Executive or, as provided in the Plan, to receive any benefits payable under
the Section 4 of the Agreement. 
  
  “Board of Directors” means the Board of Directors of the
Bank. 
  
  “Change in Control” means an event of a nature that: (i) would be required to be
reported in response to Item 1(a) of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of
the Bank or the Company within the meaning of the Change in Bank Control Act and the Rules and Regulations promulgated by the Federal Deposit Insurance Corporation (“FDIC”) at 12 C.F.R. § 303.4(a) with respect to the Bank and the
Board of Governors of the Federal Reserve System (“FRB”) at 12 C.F.R. § 225.41(b) with respect to the Company, as in effect on the date hereof; or (iii) results in a transaction requiring prior FRB approval under the Bank Holding
Company Act of 1956 and the regulations promulgated thereunder by the FRB at 12 C.F.R. § 225.11, as in effect on the date hereof except for the Company’s acquisition of the Bank; or (iv) without limitation such a Change in Control shall be
deemed to have occurred at such time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Bank or the Company representing 20% or more of the Bank’s or the Company’s outstanding securities except for any securities of the Bank purchased by the Company in connection with the conversion of the
Bank to the stock form and any securities purchased by any tax qualified employee benefit plan of the Bank; or (B) individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination
for election by the Company’s stockholders was approved by the same 
 

 Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (B), considered as though he were a member of the
Incumbent Board; or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction occurs in which the Bank or Company is not the resulting entity; or (D)
solicitations of shareholders of the Company, by someone other than the current management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or Bank or similar transaction with one or
more corporations as a result of which the outstanding shares of the class of securities then subject to the plan or transaction are exchanged for or converted into cash or property or securities not issued by the Bank or the Company shall be
distributed; or (E) a tender offer is made for 20% or more of the voting securities of the Bank or the Company. 
  
  “Code” means the Internal Revenue Code of 1986, as amended. 
  
 
“Company” means Woronoco Bancorp, Inc., a Delaware corporation. 
  
 
“Disability” means any physical or mental injury or disease of a permanent nature which renders the Executive incapable of meeting the requirements of the employment or service performed by the Executive immediately prior to the
commencement of such disability. The determination of whether a Participant is disabled shall be made by the Board of Directors in its sole and absolute discretion. 
  
  “Final Average Compensation” means the average of the annual base salary of the Executive for the three (3) full calendar years within the final
five (5) full calendar years of his employment which will produce the highest average. For purposes of this definition, the Executive’s base salary shall include any salary reduction amounts which the Executive elects to have contributed with
respect to him to a qualified cash or deferred arrangement under Section 401(k) of the Code, to a cafeteria plan under Section 125 of the Code, or to any similar plan or arrangement and such amounts shall be deemed received at the time the Executive
would have received them but for the deferral of such amounts. 
  
  “Good Reason” means, the
Executive’s voluntary termination of employment after the occurrence of one or more of the following (without the Executive’s prior written consent): 
  
 (a)  Failure to reappoint the Executive as President and Chief Executive Officer, 
  
 (b)  A material change in the Executive’s function, duties, or responsibilities with the Bank or the Company that would cause the
Executive’s position(s) to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1 of this Agreement, 
  
 (c)  A relocation of the Executive’s principal place of employment by more than 25 miles from its location at the effective date of this
Agreement, or 
  
 (d)  A material reduction in the benefits and perquisites provided to the
Executive from those being provided as of the effective date of this Agreement. 
  
  “Just
Cause” means termination of employment because of the Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or material breach of any provision of any employment agreement between the Executive and the Bank, the Company or any affiliate of the
Company. 
 

  
  “Retirement Date” means the effective date of the
Executive’s termination of employment (other than for Just Cause) as an employee of the Bank, the Company or an affiliate of the Company at or after attaining age sixty-five (65). 
  
  “Other Retirement Benefits” means (i) the annual annuity equivalent of the non-discretionary contribution made by the Bank to the Woronoco 401(k)
Plan beginning in 2001, which contribution shall equal 3% of the Executive’s compensation (as determined under the 401(k) Plan); (ii) the annual pension benefit earned from SBERA through the date of termination, (iii) fifty percent (50%) of the
Executive’s Primary Social Security Benefit; and (iv) the annual annuity equivalent of the split-dollar life insurance agreement entered into by the Executive and the Bank in 1995. For purpose of clause (i) the term “annuity
equivalent” shall mean the hypothetical account balance the Executive would have accrued at his Retirement Date had the non-discretionary 3% contribution made by the Bank to the 401(k) plan earned a 6% fixed rate of return. For purposes of
clause (ii), the annual pension benefit shall be determined in accordance with the Schedule A, as attached to this Agreement. Factors consistent with the requirements of Section 417(e) of the Code shall be used in converting the Executive’s
Other Retirement Benefits from a lump sum value to an annuity for purposes of determining the benefit under Section 2(a) of this Agreement. 
  
  “Supplemental Benefit” means the benefit payable to the Executive under this Agreement. 
  
  “Year of Service” means each twelve (12) month period of the Executive’s employment with the Bank, the Company or any affiliate of the Company, beginning on the
Executive’s hire date and determined without regard to hours of service during such period. 
  
 Section 2.  Termination of
Employment on a Retirement Date. 
  
 (a)  Upon the Executive’s termination of employment on a
Retirement Date, the Executive shall receive an annual Supplemental Benefit equal to the difference between (i) and (ii), multiplied by (iii), where: 
  
 (i)  equals seventy-five percent (75%) of the Executive’s Final Average Compensation; 
  

(ii)  equals the amounts payable annually from the Executive’s Other Retirement Benefits; and 
  
 (iii)  equals the Executive’s Years of Service (up to a maximum of 20 years) divided by twenty (20).

  
 (b)  Subject to Section 6 of this Agreement, payment of the Supplemental Benefit shall commence on the
first day of the month next following the Executive’s Retirement Date and continue annually from such date for 20 years. 
  
 Section
3.  Termination of Employment Prior to a Retirement Date 
  
 (a)  Except as provided in this
Section 3, in the event of the Executive’s termination of employment prior to a Retirement Date, other than by reason of his death, Disability, Good Reason, or on or after the effective date of a Change in Control, no Supplemental Benefit shall
be payable to the Executive. 
  
 (b)  In the event of the Executive’s voluntary termination of
employment prior to a Retirement Date other than by reason of his death, Disability, Good Reason or on or after the effective date of a Change in Control, if the Executive has attained age 55 as of the effective date of his termination of
employment, 
 

 
then the Executive shall receive a Supplemental Benefit determined in accordance with and payable under Section 2 of this Agreement, except that the Supplemental Benefit described in Section 2(a)
shall be reduced by six percent (6%) for each full year by which the Executive’s date of termination precedes the Executive’s 62nd birthday. 
  
 (c)  In the event of the Executive’s termination
of employment prior to a Retirement Date by reason of his death or Disability, the Executive or the Executive’s Beneficiary, as the case may be, shall receive a Supplemental Benefit determined in accordance with and payable under Section 2 of
this Agreement, as if his date of termination of employment were his Retirement Date. 
  
 (d)  In the event
of the Executive’s termination of employment prior to a Retirement Date on or after the effective date of a Change in Control or for Good Reason, the Executive shall receive a Supplemental Benefit determined in accordance with and payable under
Section 2 of this Agreement; provided, however, that the Executive’s Years of Service shall equal the years of service the Executive would have earned at age 65 and the Executive’s Final Average Compensation shall be determined by
projecting the Executive’s compensation through age 65, assuming an annual increase in compensation of five percent (5%). At the election of the Executive submitted in writing to the Board of Directors not later than ninety (90) days prior to
the effective date of the Change in Control, the Executive’s Supplemental Benefit shall be payable (i) as provided in Section 2 of this Agreement, (ii) commencing on a date specified by the Executive, or (iii) in the form of a lump sum
distribution as provided in Section 5 of this Agreement. 
  
 Section 4.    Death Benefits. 

 
 4.1  Beneficiary Designation.    The Executive shall have the right, at any time, to
designate any person or persons as his Beneficiary or Beneficiaries (both principal as well as contingent) to whom payment under this Agreement shall be paid in the event of his death prior to complete distribution of the Supplemental Benefit due
him under the Agreement. Any designation of a Beneficiary shall be made in a written instrument filed with the Company and shall be effective only when received in writing by the Company. 
  
 4.2  Change of Beneficiary.    Any Beneficiary designation may be changed by the Executive by the written filing of such change on a
form prescribed by the Company. The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously filed. 
  
 4.3  No Beneficiary Designation.    If the Executive fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the
Executive, then the Executive’s designated Beneficiary shall be deemed to be the person or persons surviving him in the first of the following classes in which there is a survivor, share and share alike: 
  
 (a)  The surviving spouse; 
  
 (b)  The Executive’s children, except that if any of the children predecease the Executive but leave issue surviving, then such issue shall
take by right of representation the share their parent would have taken if living; 
  
 (c)  The Executive’s estate. 
  
 4.4  Payments Upon
Death.    Upon the death of the Executive, the Bank shall pay to the Executive’s 
 

 Beneficiary an amount determined as follows: 
  
 (a)  If the Executive dies after benefit payments have commenced to him under the Agreement, then the Executive’s Beneficiary shall receive
the same payments that would have been made to the Executive had he survived until the last payment due to him was paid. If the Executive dies leaving more than one Beneficiary, the total payments made to the Beneficiaries shall equal, but not
exceed, in the aggregate, the payments that would have been made to the Executive had he not died. 
  
 (b)  If the Executive dies prior the commencement of benefit payments under this Agreement and the Beneficiary becomes entitled to a benefit under Section 3(c) of this Agreement, then the Executive’s Beneficiary shall
receive the payments that would have been made to the Executive had his date of death been his Retirement Date and had he survived until the last payment due to him was paid. If the Executive dies leaving more than one Beneficiary, the total
payments made to the Beneficiaries shall equal, but not exceed, in the aggregate, the payments that would have been made to the Executive had he not died. 
  
 Section 5.    Optional Forms of Payment. 
  
 Notwithstanding any
provision of this Agreement to the contrary, the present value of the sum of the Supplemental Benefit and the benefit to a Beneficiary (if any) may, at the request of the Executive and only with the consent of the Board of Directors, or at the
request of the surviving Beneficiary and only with the consent of the Board of Directors, be payable in cash in a lump sum within ninety (90) days following the date the benefits otherwise become payable under this Agreement. Such present value
shall be the actuarial equivalent of the Supplemental Benefit (if any) determined by reference to reasonable actuarial factors consistent with the requirements of Section 417(e) of the Code. The request for a lump sum distribution must be filed by
the Executive with the Board of Directors at least thirty (30) days prior to the scheduled date of a benefit payment. Such consent shall be in writing on a form provided by the Board of Directors. 
  
 Section 6.    Termination for Cause. 
  
 Notwithstanding any provision of this Agreement to the contrary, no Supplemental Benefit shall be payable hereunder in the event of the Executive’s termination for Just Cause. 

 
 Section 7.  Miscellaneous. 
  
 (a)  The Supplemental Benefit shall cease to be paid to the Executive (and rights to any benefit to a Beneficiary shall terminate) if the Executive discloses material confidential information
or trade secrets concerning the Bank, the Company or any of their subsidiaries without the consent of the Bank or the Company, or if the Executive engages in any activity that is materially damaging to the Bank or the Company. The Board of Directors
shall have authority to cease payments under this paragraph (a), and the determination of the Board of Directors shall be final and conclusive. Upon the request of the Executive, the Board of Directors may grant an advance opinion as to whether a
proposed activity would violate the provisions of this paragraph (a). 
  
 (b)  Nothing in this Agreement
shall be construed as giving the Executive the right to be retained in the employ of the Bank or any subsidiary of the Bank at all or for any specified period in any particular position, or any right to any payment whatsoever except to the extent
provided for by this Agreement. 
 

 (c)  Notwithstanding any other provisions hereof, if any person entitled to receive payments hereunder (the
“recipient”) shall be physically or mentally or legally incapable of receiving or acknowledging receipt of such payment, the Bank, upon the receipt of satisfactory evidence that another person or institution is maintaining the recipient
and that no guardian or committee has been appointed for the recipient, may cause such payment to be made to such person or institution so maintaining the recipient. 
  
 (d)  Nothing in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or shall be construed as creating a trust of any
kind, or a fiduciary relationship between the Bank and the Executive or any other person. Any amounts which are or may be set aside hereunder shall continue for all purposes to be a part of the general funds of the Bank, and no person other than the
Bank shall, by virtue of the provisions of this Agreement, have any interest in such funds. To the extent that any person acquires a right to receive payments from the Bank hereunder, such right shall be no greater than the right of any unsecured
general creditor of the Bank. 
  
 (e)  The benefits payable under this Agreement may not be assigned by the
Executive or any other person nor anticipated in any way. 
  
 (f)  This Agreement may not be amended,
altered or modified, except by a written instrument signed by the parties hereto, or their respective successors or assigns. 
  
 (g)  This Agreement shall be governed by and construed in accordance with the laws of Massachusetts, to the extent not preempted by applicable federal law. 
  
 (h)  All notices hereunder shall be in writing and deemed properly given if delivered by hand and receipted or if mailed by registered mail, return receipt
requested. Notices to the Bank shall be directed to the Secretary of the Bank. Notices to the Executive shall be directed to his last known address. Notice may not be provided by e-mail. 
  
 (i)  This Agreement shall be binding upon the Executive, the Bank and their successors and assigns. 
  

Section 8.    Administration. 
  
 (a)  This Agreement shall be administered by the Board of Directors. The Board of Directors shall interpret this Agreement, establish regulations to further the purposes of this Agreement and take any other action necessary
to the proper operation of this Agreement. Prior to paying any benefit under this Agreement, the Board of Directors may require the Executive or his Beneficiary to provide such information or material as the Bank, in its sole discretion, shall deem
necessary for it to make any determination it may be required to make under this Agreement. 
  
 (b)  If for
any reason a benefit payable under this Agreement is not paid when due, the Executive or his Beneficiary may file a written claim with the Board of Directors. If the claim is denied or no response is received within forty-five (45) days after the
date on which the claim was filed with the Board of Directors (in which case the claim will be deemed to have been denied), the Executive or his Beneficiary may appeal the denial to the Board of Directors within sixty (60) days of receipt of written
notification of the denial or the end of the forty-five day period, whichever occurs first. In pursuing an appeal, the Executive or his Beneficiary may request that the Board of Directors review the denial, may review pertinent documents, and may
submit issues and documents in writing to the Board of 

 
Directors. A decision on appeal will be made within thirty (30) days after the appeal is made, unless special circumstances require the Board of Directors to extend the period for another thirty
(30) days. 
  
 (c)  The Board of Directors may appoint one or more persons to act as administrator and
delegate its administrative responsibilities to such administrator. 
  
 (d)  It is acknowledged by the Bank
that the procedures set forth in Section 8(b) are not the exclusive remedy available to the Executive or his beneficiaries in the event of a dispute over the interpretation of this Agreement. 
  

IN WITNESS WHEREOF, this Agreement has been executed in behalf of the Bank by its duly authorized officers and by the Executive as of the day and year first
above stated. 
  
 
	 Witness:
 	    	  	  	 WORONOCO SAVINGS BANK
 
	 
	 /S/    TERRY J.
BENNETT        
 
	    	  	  	 By:
 	  	 /S/    D. JEFFREY TEMPLETON
 

	  	    	  	  	  	  	 Personnel and Compensation Committee—
 Chairman For the Board of Directors
 

 
 
	 
	 Witness:
 	    	  	  	  
	 
	 /S/    TERRY J.
BENNETT        
 
	    	  	  	 By:
 	  	 /S/    CORNELIUS D. MAHONEY
 

	  	    	  	  	  	  	 Executive

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]