Document:

Amended and Restated Employee Agreement

 Exhibit 10.5 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of the 1st day of April, 2005, by and between Rayovac Corporation, a Wisconsin corporation (the “Company”) and Randall J.
Steward (the “Executive”). 
  
 WHEREAS, the Company and
the Executive wish to amend and restate the provisions of the Executive’s Employment Agreement with the Company, dated August 19, 2002, as the Company desires to employ the Executive upon the terms and conditions set forth herein;

  
 WHEREAS, the Executive is willing and able to accept such
employment on such terms and conditions; and 
  
 WHEREAS,
Executive’s initial or continued employment with the Company is expressly conditioned upon the agreement by the Executive to the terms and conditions of such employment as contained in this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein (promises that include benefits to which Executive would not otherwise be entitled or receive), and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the
Executive hereby agree as follows: 
  

	1.	Employment Duties and Acceptance. The Company hereby employs the Executive, and the Executive agrees to serve and accept employment with the Company as Executive Vice
President and Chief Financial Officer, reporting directly to the President and Chief Operating Officer of the Company. During the Term (as defined below) and the Executive shall devote all of his working time to such employment and appointment,
shall devote his best efforts to advance the interests of the Company. 

  

	2.	Term of Employment. Subject to Section 4 hereof, the Executive’s employment and appointment hereunder shall be for a term commencing on the date hereof and expiring
on September 30, 2008 (the “Term”). 

  

	3.	Compensation. In consideration of the performance by the Executive of his duties hereunder, the Company shall pay or provide to the Executive the following compensation which
the Executive agrees to accept in full satisfaction for his services, it being understood that necessary withholding taxes, FICA contributions and the like shall be deducted from such compensation: 

  

	 	(a)	Base Salary. The Executive shall receive a base salary of Four Hundred and Twenty-five Thousand Dollars ($425,000) per annum effective April 1, 2005 for the duration of
the Term (“Base Salary”), which Base Salary shall be paid in equal semi-monthly installments each year, to be paid semi-monthly in arrears. The Board of Directors of the Company (the “Board”) will review from time to time

	 	    	the Base Salary payable to the Executive hereunder and may, in its discretion, increase the Executive’s Base Salary. Any such increased Base Salary shall be and become the
“Base Salary” for purposes of this Agreement. 

  

	 	(b)	Bonus. The Executive shall receive a bonus for each fiscal year ending during the Term, payable annually in arrears, which shall be based on Seventy-Five percent
(75%) of Base Salary paid during such fiscal year, provided the Company achieves certain annual performance goals established by the Board from time to time (the “Bonus”). The Board may, in its discretion, increase the annual Bonus.
Any such increased annual Bonus shall be and become the “Bonus” for such fiscal year for purposes of this Agreement. 

  

	 	(c)	Insurance Coverages and Pension Plans. The Executive shall be entitled to such insurance, pension and all other benefits as are generally made available by the Company to its
executive officers from time to time. 

  

	 	(d)	Existing Stock-Based Awards. All stock options and restricted stock awards previously granted to the Executive shall remain in full force and effect in accordance with their
terms. 

  

	 	(e)	New Restricted Stock Award. The Company shall grant the Executive restricted shares of the Company’s common stock as follows. On April 1, 2005, Executive shall be
awarded 25,000 shares of the Company’s common stock, shares that will include restrictions prohibiting the sale, transfer, pledge, assignment or other encumbrance of such stock (“Restricted Shares”), provided, however, that all such
restrictions shall lapse on October 1, 2008. Notwithstanding anything else set forth above, (i) restrictions on Restricted Shares shall also lapse on a change in control of the Company (as defined in the company’s stock plan governing
such award) (“Change in Control”) and (ii) any unlapsed shares of Restricted Stock shall be forfeited to the Company in the event the Executive’s employment with the Company terminates for any reason prior to a Change in Control.
Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and conditions being substantially similar (other than as set forth above) to the terms and conditions of previous restricted stock
award grants to similarly situated Company executives. 

  

	 	(f)	 Annual Restricted Stock Awards. Subject to approval by the Compensation Committee of the Board and the Board, on each October 1 during the term of this
Agreement commencing October 1, 2005, the Executive shall be awarded that number of shares (rounded up to the nearest whole share) of the Company’s common stock with a Fair Market Value equal to One Hundred and Twenty-Five Percent
(125%) of the Base Salary then in effect. Each such award will provide for vesting in three (3) equal tranches on each December 1st thereafter, beginning the year following the grant date, with (except as otherwise provided herein or in the applicable plan document) the vesting of Fifty Percent (50%) of each such vesting

  

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tranche to be subject to the Executive’s continued employment with the Company as of each applicable December 1st and the remaining Fifty Percent (50%) of each such vesting tranche to be subject to the achievement of performance goals to be established by
the Board from time to time (“Performance-Based Restricted Stock”), provided that One Hundred Percent (100%) of each outstanding vesting tranche shall vest upon a Change in Control. If the required performance goals are not met in any
fiscal year, so that the restrictions on Performance-Based Restricted Stock scheduled to lapse for such year do not so lapse, the restrictions on such Performance-Based Restricted Stock will lapse the December 1 first following the originally
scheduled lapse date. Notwithstanding anything else set forth above, (i) restrictions on such shares shall also lapse on a Change in Control and (ii) any unlapsed shares of restricted stock shall be forfeited to the Company in the event
the Executive’s employment with the Company terminates for any reason prior to a Change in Control. Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and conditions being
substantially similar (other than as set forth above) to the terms and conditions of previous restricted stock award grants to similarly situated Company executives. 

  

	 	(g)	Vacation. The Executive shall be entitled to four (4) weeks vacation each year. 

  

	 	(h)	Other Expenses. The Executive shall be entitled to reimbursement of all reasonable and documented expenses actually incurred or paid by the Executive in the performance of
the Executive’s duties under this Agreement, upon presentation of expense statements, vouchers or other supporting information in accordance with Company policy. All expense reimbursements and other perquisites of the Executive are reviewable
periodically by the Compensation Committee of the Board. 

  

	 	(i)	Vehicle. Pursuant to the Company’s policy for use of vehicles by top executives, Executive shall be provided the use of a leased vehicle. Unless the Executive’s
employment is terminated by the Company for Cause or by the Executive pursuant to Section 5(d), Executive shall be permitted to drive his Company vehicle for the duration of the 12-month period following termination; at the end of such 12-month
period, Executive will be permitted to purchase his Company vehicle at book value as of such date. 

  

	 	(j)	D&O Insurance. The Executive shall be entitled to indemnification from the Company to the maximum extent provided by law, but not for any action, suit, arbitration or
other proceeding (or portion thereof) initiated by the Executive, unless authorized or ratified by the Board. Such indemnification shall be covered by the terms of the Company’s policy of insurance for directors and officers in effect from time
to time (the “D&O Insurance”). Copies of the Company’s charter, by-laws and D&O Insurance will be made available to the Executive upon request. 

  

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	 	(k)	Legal Fees. The Company shall pay the Executive’s actual and reasonable legal fees incurred in connection with the preparation of this Agreement.

  

	4.	Termination. 

  

	 	(a)	Termination by the Company with Cause. The Company shall have the right at any time to terminate the Executive’s employment hereunder without prior notice upon the
occurrence of any of the following (any such termination being referred to as a termination for “Cause”): 

  

	 	(i)	the commission by the Executive of any deliberate and premeditated act taken by the Executive in bad faith against the interests of the Company; 

  

	 	(ii)	the Executive has been convicted of, or pleads nolo contendere with respect to, any crime (felony or less), the circumstances of which substantially relate to the
circumstances, duties or responsibilities of Executive’s position with the Company; 

  

	 	(iii)	the current use of illegal drugs, misuse of legal drugs, or intoxication of Executive in the workplace or while performing his duties or responsibilities associated with his
position, the Executive’s failure of a Company-related drug test, or the violation of any Company drug policy; 

  

	 	(iv)	the willful failure or refusal of the Executive to perform his duties as set forth herein or the willful failure or refusal to follow the direction of the CEO (provided such
direction does not violate applicable law or Company policy), provided such failure or refusal continues after thirty (30) days of the receipt of notice in writing from the CEO of such failure or refusal, which notice refers to this
Section 4(a) and indicates the Company’s intention to terminate the Executive’s employment hereunder if such failure or refusal is not remedied within such thirty (30) day period; or 

  

	 	(v)	the Executive breaches any of the terms of this Agreement or any other agreement between the Executive and the Company which breach is not cured within thirty (30) days
subsequent to notice from the Company to the Executive of such breach, which notice refers to this Section 4(a) and indicates the Company’s intention to terminate the Executive’s employment hereunder if such breach is not cured within
such thirty (30) day period. 

  

	 	(b)	 Termination by Company for Death or Disability. The Company shall have the right at any time to terminate the Executive’s employment hereunder upon
thirty (30) days prior written notice upon the Executive’s inability to perform his duties hereunder by reason of any mental, physical or other disability for a period of at least six (6)

  

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consecutive months (for purposes hereof, “disability” has the same meaning as in the Company’s disability policy), if within 30 days after
such notice of termination is given, the Executive shall not have returned to the full-time performance of his duties. The Company’s obligations hereunder shall, subject to the provisions of Section 5(b), also terminate upon the death of
the Executive. 
  

	 	(c)	Termination by Company without Cause. The Company shall have the right at any time to terminate the Executive’s employment for any other reason without Cause upon sixty
(60) days prior written notice to the Executive. 

  

	 	(d)	Voluntary Termination by Executive. The Executive shall be entitled to terminate his employment and appointment hereunder upon sixty (60) days prior written notice to
the Company. Any such termination shall be treated as a termination by the Company for “Cause” under Section 5. 

  

	 	(e)	Notice of Termination. Any termination by the Company for Cause shall be communicated by Notice of Termination to the other party hereto given in accordance with
Section 8. For purposes of this Agreement, a “Notice of Termination” means a written notice given prior to the termination which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the termination date is other than the date of receipt of such notice,
specifies the termination date of this Agreement (which date shall be not more than fifteen (15) days after the giving of such notice, unless a thirty-day notice is required pursuant to another section of this Agreement). The failure by the
Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing its
rights hereunder. 

  

	5.	Effect of Termination of Employment. 

  

	 	(a)	With Cause. If the Executive’s employment is terminated with Cause, the Executive’s salary and other benefits specified in Section 3 shall cease at the time of
such termination, and the Executive shall not be entitled to any compensation specified in Section 3 which was not required to be paid prior to such termination; provided, however, that the Executive shall be entitled to continue to participate
in the Company’s medical benefit plans to the extent required by law. 

  

	 	(b)	 Without Cause, Death or Disability. If the Executive’s employment is terminated by the Company (a) without Cause or (b) by reason of death or
disability, and the Executive executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Executive is physically and mentally capable to 

  

 5 

 
execute such an agreement), then the Company shall pay the Executive the amounts and provide the Executive the benefits as follows: 
  

	 	(i)	The Company shall pay to the Executive as severance, an amount in cash equal to double the sum of (i) the Executive’s Base Salary, and (ii) the annual Bonus (if any)
earned by the Executive pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year ending immediately prior to the fiscal year in which the termination occurs, such cash amount to be paid to the Executive
ratably monthly in arrears over the 24-month period immediately following such termination. Notwithstanding the foregoing, if payment in accordance with the preceding sentence would subject the Executive to tax under section 409A of the Internal
Revenue Code of 1986, as amended, then payment will be suspended until the first date as of which payment can be made without subjecting the Executive to such tax. 

  

	 	(ii)	For the greater of (i) the 24-month period immediately following such termination or (ii) the remainder of the Term, the Company shall arrange to provide the Executive and
his dependents the additional benefits specified in Section 3(c) substantially similar to those provided to the Executive and his dependents by the Company immediately prior to the date of termination, at no greater cost to the Executive or the
Company than the cost to the Executive and the Company immediately prior to such date. Benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall cease immediately upon the discovery by the Company of the
Executive’s breach of the covenants contained in Section 6 or 7 hereof. In addition, benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall be reduced to the extent benefits of the same type are
received by or made available to the Executive during the 24-month period following the Executive’s termination of employment (and any such benefits received by or made available to the Executive shall be reported to the Company by the
Executive); provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the date of termination. 

  

	 	(iii)	The Executive’s accrued vacation (determined in accordance with Company policy) at the time of termination shall be paid as soon as reasonably practicable.

  

	 	(iv)	Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state, or local law and any additional withholding to which the Executive
has agreed. 

  

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	 	(v)	If the Executive’s employment with the Company terminates during the Term, the Executive shall not be required to seek other employment or to attempt in any way to reduce any
amounts payable to the Executive by the Company pursuant to this Section 5. 

  

	6.	Agreement Not to Compete. 

  

	 	(a)	The Executive agrees that during the Non-Competition Period (as defined below), he will not, directly or indirectly, in any capacity, either separately, jointly or in association
with others, as an officer, director, consultant, agent, employee, owner, principal, partner or stockholder of any business, or in any other capacity, provide services of the same or similar kind or nature that he provides to the Company to, or have
a financial interest in (excepting only the ownership of not more than 5% of the outstanding securities of any class listed on an exchange or the Nasdaq Stock Market), any competitor of the Company (which means any person or organization that is in
the business of or makes money from designing, developing, or selling products or services similar to those products and services developed, designed or sold by the Company) The “Non-Competition Period” is (a) the longer of the
Executive’s employment hereunder plus (b) a period of one (1) year thereafter. In recognition, acknowledgement and agreement that the Company’s business and operations extend throughout North America and beyond, the parties agree
that the geographic scope of this covenant not to compete shall extend to North America. 

  

	 	(b)	Without limiting the generality of clause (a) above, the Executive further agrees that during the Non-Competition Period, he will not, directly or indirectly, in any capacity,
either separately, jointly or in association with others, solicit or otherwise contact any of the Company’s customers with whom the Executive had contact, responsibility for, or had acquired confidential information about by virtue of his or
her employment with the Company at any time during his or her employment, if such contact is for the general purpose of selling products that satisfy the same general needs as any products that the Company had available for sale to its customers
during the Non-Competition Period. 

  

	 	(c)	The Executive agrees that during the Non-Competition Period, he shall not initiate contact in order to induce, solicit or encourage any person to leave the Company’s employ.
Nothing in this paragraph is meant to prohibit an employee of the Company that is not a party to this Agreement from becoming employed by another organization or person. 

  

	 	(d)	If a court determines that the foregoing restrictions are too broad or otherwise unreasonable under applicable law, including with respect to time or space, the court is hereby
requested and authorized by the parties hereto to revise the foregoing restrictions to include the maximum restrictions allowed under the applicable law. 

  

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	 	(e)	For purposes of this Section 6 and Section 7, the “Company” refers to the Company and any incorporated or unincorporated affiliates of the Company.

  

	7.	Secret Processes and Confidential Information. 

  

	 	(a)	The Executive agrees to hold in strict confidence and, except as the Company may authorize or direct, not disclose to any person or use (except in the performance of his services
hereunder) any confidential information or materials received by the Executive from the Company and any confidential information or materials of other parties received by the Executive in connection with the performance of his duties hereunder. For
purposes of this Section 7(a), confidential information or materials shall include existing and potential customer information, existing and potential supplier information, product information, design and construction information, pricing and
profitability information, financial information, sales and marketing strategies and techniques and business ideas or practices. The restriction on the Executive’s use or disclosure of the confidential information or materials shall remain in
force during the Executive’s employment hereunder and until the earlier of (x) a period of two (2) years thereafter or (y) such information is of general knowledge in the industry through no fault of the Executive or any agent of
the Executive. The Executive also agrees to return to the Company promptly upon its request any Company information or materials in the Executive’s possession or under the Executive’s control. This Section 7(a) is not intended to
preclude Executive from being gainfully employed by another. Rather, it is intended to prohibit Executive from using the Company’s confidential information or materials in any subsequent employment or employment undertaken that is not for the
benefit of the Company during the identified period. 

  

	 	(b)	The Executive will promptly disclose to the Company and to no other person, firm or entity all inventions, discoveries, improvements, trade secrets, formulas, techniques, processes,
know-how and similar matters, whether or not patentable and whether or not reduced to practice, which are conceived or learned by the Executive during the period of the Executive’s employment with the Company, either alone or with others, which
relate to or result from the actual or anticipated business or research of the Company or which result, to any extent, from the Executive’s use of the Company’s premises or property (collectively called the “Inventions”). The
Executive acknowledges and agrees that all the Inventions shall be the sole property of the Company, and the Executive hereby assigns to the Company all of the Executive’s rights and interests in and to all of the Inventions, it being
acknowledged and agreed by the Executive that all the Inventions are works made for hire. The Company shall be the sole owner of all domestic and foreign rights and interests in the Inventions. The Executive agrees to assist the Company at the
Company’s expense to obtain and from time to time enforce patents and copyrights on the Inventions. 

  

 8 

	 	(c)	Upon the request of, and, in any event, upon termination of the Executive’s employment with the Company, the Executive shall promptly deliver to the Company all documents,
data, records, notes, drawings, manuals and all other tangible information in whatever form which pertains to the Company, and the Executive will not retain any such information or any reproduction or excerpt thereof. 

  

	 	(d)	Nothing in this Section 7 diminishes or limits any protection granted by law to trade secrets or relieves the Executive of any duty not to disclose, use or misappropriate any
information that is a trade secret for as long as such information remains a trade secret. 

  

	8.	Notices. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) upon
confirmation of receipt when such notice or other communication is sent by facsimile or telex, (c) one day after delivery to an overnight delivery courier, or (d) on the fifth day following the date of deposit in the United States mail if
sent first class, postage prepaid, by registered or certified mail. The addresses for such notices shall be as follows: 

  

	 	(a)	For notices and communications to the Company: 

  
 Rayovac Corporation 
 Six Concourse Parkway 
 Suite 3300 
 Atlanta, GA 30328 
 Facsimile: (770) 829-6298 
 Attention: James T. Lucke 
  

	 	(b)	For notices and communications to the Executive: 

  
 See the address set forth on the signature page hereto 
  
 Any party hereto may, by notice to the other, change its address for receipt of notices hereunder.

  

	9.	General. 

  

	 	(a)	Governing Law. This Agreement shall be construed under and governed by the laws of the State of Wisconsin, without reference to its conflicts of law principles.

  

	 	(b)	 Amendment; Waiver. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written
instrument executed by all of the parties hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right at a
later time to enforce the same. No waiver by any party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing
waiver of 

  

 9 

	 	 
any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

  

	 	(c)	Successors and Assigns. This Agreement shall be binding upon the Executive, without regard to the duration of his employment by the Company or reasons for the cessation of
such employment, and inure to the benefit of his administrators, executors, heirs and assigns, although the obligations of the Executive are personal and may be performed only by him. This Agreement shall also be binding upon and inure to the
benefit of the Company and its subsidiaries, successors and assigns, including any corporation with which or into which the Company or its successors may be merged or which may succeed to their assets or business. 

  

	 	(d)	Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

  

	 	(e)	Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation during his employment hereunder in any
benefit, bonus, incentive or other plan or program provided by the Company or any of its affiliates and for which the Executive may qualify. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or
program of the Company or any affiliated company at or subsequent to the date of the Executive’s termination of employment with the Company shall, subject to the terms hereof or any other agreement entered into by the Company and the Executive
on or subsequent to the date hereof, be payable in accordance with such plan or program. 

  

	 	(f)	Mitigation. In no event shall the Executive be obligated to seek other employment by way of mitigation of the amounts payable to the Executive under any of the provisions of
this Agreement. 

  

	 	(g)	Equitable Relief. The Executive expressly agrees that breach of any provision of Sections 6 or 7 of this Agreement would result in irreparable injuries to the Company, that
the remedy at law for any such breach will be inadequate and that upon breach of such provisions, the Company, in addition to all other available remedies, shall be entitled as a matter of right to injunctive relief in any court of competent
jurisdiction without the necessity of proving the actual damage to the Company. 

  

	 	(h)	 Severability. Sections 6(a), 6(b), 6(c), 7(a), 7(b) and 9(h) of this Agreement shall be considered separate and independent from the other sections of this
Agreement and no invalidity of any one of those sections shall affect any other section or provision of this Agreement. However, because it is expressly acknowledged that the pay and benefits provided under this Agreement are provided, at least in
part, as consideration for the obligations imposed upon Executive under 

  

 10 

	 	 
Sections 6(a), 6(b), 6(c), 7(a) and 7(b), should Executive challenge those obligations or any court determine that any of the provisions under these Sections
is unlawful or unenforceable, such that Executive need not honor those provisions, then Executive shall not receive the pay and benefits, provided for in this Agreement following termination, if otherwise available to Executive, irrespective of the
reason for the end of Executive’s employment. 

  

	 	(j)	Entire Agreement. This Agreement and the schedule hereto constitute the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior negotiations, discussions, writings and agreements between them with respect to the subject matter hereof. 

  
 [signature page follows] 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	 RAYOVAC CORPORATION

		
	By:	 	 /s/ David A. Jones

	 	 	 David A. Jones

	 	 	 Chief Executive Officer

  

	
	 EXECUTIVE:

	
	 /s/ Randall J. Steward

	 Name: Randall J. Steward

  
 Notice Address: 
  
 110 Strauss Lane 
 Atlanta, Georgia 30350 
  

 12Amended and Restated Supplemental Executive Retirement Plan

 Exhibit 10.9 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 OF 
  
 NEW HAMPSHIRE THRIFT BANCSHARES, INC. 
  
 Originally Effective January 1, 1997 
 Amended and Restated Effective as of December 8, 2005 

 TABLE OF CONTENTS 
  

			
	ARTICLE I	  	 
		
	DEFINITIONS	  	 
		
	 Section 1.1  Administrator
	  	1
	 Section 1.2  Bank
	  	1
	 Section 1.3  Base Compensation
	  	1
	 Section 1.4  Beneficiary
	  	1
	 Section 1.5  Board
	  	1
	 Section 1.6  Change of Control
	  	1
	 Section 1.7  Code
	  	1
	 Section 1.8  Compensation
	  	1
	 Section 1.9  Deferred Compensation
	  	1
	 Section 1.10 Discretionary Account
	  	2
	 Section 1.11 ERISA
	  	2
	 Section 1.12 Exchange Act
	  	2
	 Section 1.13 Executive
	  	2
	 Section 1.14 Hardship
	  	2
	 Section 1.15 Holding Company
	  	2
	 Section 1.16 Investment Classification
	  	2
	 Section 1.17 Mandatory Account
	  	2
	 Section 1.18 Memorandum Account
	  	2
	 Section 1.19 Participant
	  	2
	 Section 1.20 Participating Company
	  	3
	 Section 1.21 Plan
	  	3
	 Section 1.22 Qualified Plan
	  	3
	 Section 1.23 Service Recipient
	  	3
	 Section 1.24 Share
	  	3
	 Section 1.25 Supplemental Credits
	  	3
		
	ARTICLE II	  	 
		
	DEFERRED COMPENSATION	  	 
		
	 Section 2.1 Election to Defer Compensation.
	  	3
	 Section 2.2 Changes in Deferral Elections.
	  	3
	 Section 2.3 Revocability of 2005 Elections.
	  	4

  

 i 

			
	ARTICLE III	  	 
		
	SUPPLEMENTAL CREDITS	  	 
		
	 Section 3.1 Eligibility.
	  	4
	 Section 3.2 Computation of Supplemental Credits.
	  	4
	 Section 3.3 Effect of Change of Control.
	  	5
		
	ARTICLE IV	  	 
		
	MEMORANDUM ACCOUNTS	  	 
		
	 Section 4.1 In General.
	  	5
	 Section 4.2 Credits to Memorandum Accounts.
	  	6
	 Section 4.3 Adjustments to Memorandum Accounts.
	  	6
	 Section 4.4 Vesting.
	  	7
		
	ARTICLE V	  	 
		
	TRUST FUND	  	 
		
	 Section 5.1 Establishment of Trust.
	  	7
	 Section 5.2 Contributions to Trust.
	  	7
	 Section 5.3 Unfunded Character of Plan.
	  	7
		
	ARTICLE VI	  	 
		
	DISTRIBUTIONS	  	 
		
	 Section 6.1 Hardship Distributions.
	  	8
	 Section 6.2 Distributions to Participants
	  	8
	 Section 6.3 Distributions to Beneficiaries
	  	9
	 Section 6.4 Early Distributions.
	  	9
	 Section 6.5 Restrictions on Payments to Key Employees.
	  	10
		
	ARTICLE VII	  	 
		
	ADMINISTRATION	  	 
		
	 Section 7.1 Administrator.
	  	10
	 Section 7.2 Board Responsibilities.
	  	11
	 Section 7.3 Claims Procedure.
	  	11
	 Section 7.4 Claims Review Procedure.
	  	12
	 Section 7.5 Other Administrative Provisions.
	  	12

  

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	ARTICLE VIII	  	 
		
	AMENDMENT AND TERMINATION	  	 
		
	 Section 8.1 Amendment.
	  	13
	 Section 8.2 Termination.
	  	13
		
	ARTICLE IX	  	 
		
	MISCELLANEOUS PROVISIONS	  	 
		
	 Section 9.1 Notice and Election.
	  	13
	 Section 9.2 Construction and Language.
	  	13
	 Section 9.3 Headings.
	  	14
	 Section 9.4 Non-Alienation of Benefits.
	  	14
	 Section 9.5 Indemnification.
	  	14
	 Section 9.6 Severability.
	  	14
	 Section 9.7 Waiver.
	  	14
	 Section 9.8 Governing Law.
	  	14
	 Section 9.9 Taxes.
	  	14
	 Section 9.10 No Deposit Account.
	  	15
	 Section 9.11 Compliance with Section 409A of the Code.
	  	15
	 Section 9.12 Status of Plan Under ERISA.
	  	15
	 Section 9.13 Non-dilution Provisions.
	  	15

  

 iii 

 NEW HAMPSHIRE THRIFT BANCSHARES, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 The following definitions shall
apply for purposes of the Plan unless a different meaning is clearly indicated by the context: 
  
 Section 1.1 Administrator means the Compensation Committee of the Board. 
  
 Section 1.2 Bank means Lake Sunapee
Bank, fsb and any successor thereto, whether by merger, assignment, operation of law or otherwise. 
  
 Section 1.3 Base Compensation means, for any person for any period, the total amount of base salary or wages (excluding bonuses,
overtime payments, hinge benefits and other special payments or benefits, but without regard to any election or agreement pursuant to which base salary or wages have been reduced pursuant to section 125 or 401(k) of the Code or pursuant to the terms
of this Plan) paid to such person during such period for services rendered to any Participating Company. 
  
 Section 1.4 Beneficiary means, with respect to any Participant, the person or persons designated pursuant to the terms of the
Plan to receive any portion of the benefits distributable in respect of such Participant under the Plan that are not distributed prior to the participant’s death. 
  
 Section 1.5 Board means the Board of Directors of the Holding Company. 
  
 Section 1.6 Change of Control means, with respect
to a Participant: (a) a change in ownership of the Participant’s Service Recipient; (b) a change in effective control of the Participant’s Service Recipient; or (c) a change in the ownership of a substantial portion of the
assets of the Participant’s Service Recipient. The existence of a Change of Control shall be determined by the Administrator in accordance with section 409A of the Code and the regulations thereunder.. 
  
 Section 1.7 Code means the Internal Revenue Code of
1986 (including the corresponding provisions of any succeeding law). 
  
 Section 1.8 Compensation means, for any person for any period, the total amount of cash remuneration paid to such person during such period as compensation for services rendered to any Participating Company,
without regard to any election or agreement pursuant to which such remuneration has been reduced pursuant to section 125 or 401(k) of the Code or pursuant to the terms of this Plan. 
  
 Section 1.9 Deferred Compensation means, with respect to any Participant, the amount of
Compensation that he has elected to defer for credit to his Memorandum Account pursuant to section 2.1. 

 Section 1.10 Discretionary Account means, for any person, that portion of such
person’s Memorandum Account which is not deemed to be invested in Shares pursuant to section 4.2. 
  
 Section 1.11 ERISA means the Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions
of any succeeding law). 
  
 Section 1.12 Exchange
Act means the Securities Exchange Act of 1934, as amended (including the corresponding provisions of any succeeding law). 
  
 Section 1.13 Executive means a person employed in an executive capacity by any Participating Company who is selected by the
Administrator to be a Participant; provided, however, that no person shall be deemed an Executive to the extent that such person’s participation in the Plan would cause the Plan to fail to be a plan maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees for purposes of ERISA. 
  
 Section 1.14 Hardship, with respect to a Participant, a severe financial hardship to the Participant resulting from an illness
or accident of the Participant, the Participant’s spouse or a dependent (within the meaning of section 152(e) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. The existence of a Hardship shall be determined by the Administrator in accordance with section 409A of the Code and the regulations hereunder..

  
 Section 1.15 Holding Company means
New Hampshire Thrift Bancshares, Inc., a Delaware corporation, and any successor thereto, whether by merger, assignment, operation of law or otherwise. 
  
 Section 1.16 Investment Classification means a hypothetical investment classification in which a Participant’s Memorandum
Account shall be deemed to be invested for purposes of crediting or charging earnings, losses, appreciation or depreciation in accordance with section 4.2. Except to the extent that the Administrator may determine otherwise, the Investment
Classifications shall consist of (a) Shares and (b) the investments options (if any) available to participating employees under the Qualified Plan. 
  
 Section 1.17 Mandatory Account means, for any person, that portion of such person’s Memorandum Account that is deemed to be
invested in Shares pursuant to section 3.2. 
  
 Section 1.18 Memorandum Account means, with respect to any Participant, a bookkeeping account maintained by the Administrator, to which is credited the amount of the Participant’s Deferred Compensation and
Supplemental Credits, together with any deemed appreciation therein or earnings thereon pursuant to section 3.2, and against which are charged any distributions of amounts to or in respect of such Participant pursuant to section 3.2. 
  
 Section 1.19 Participant means an Executive who has
a Memorandum Account under the Plan. 
  

 2 

 Section 1.20 Participating Company means the Holding Company, the Bank, and any
other corporation or unincorporated trade or business which, with the prior approval of the Administrator and subject to such terms and conditions as the Administrator may impose, shall adopt this Plan. 
  
 Section 1.21 Plan means the Supplemental Executive
Retirement Plan of New Hampshire Thrift Bancshares, Inc., as the same may be amended from time to time. 
  
 Section 1.22 Qualified Plan means any qualified defined contribution plan maintained by the Bank for the benefit of its
employees. 
  
 Section 1.23 Service
Recipient means with respect to a Participant on any date: (a) the corporation for which the Participant is performing services on such date; (b) all corporations that are liable to the Participant for the benefits due to him
under the Plan; (c) a corporation that is a majority shareholder of a corporation described in section 1.23(a) or (b); or (d) any corporation in a chain of corporations each of which is a majority shareholder of another corporation in the
chain, ending in a corporation described in section 1.23(a) or (b). 
  
 Section 1.24 Share means a share of common stock, par value $0.01 per share, of the Holding Company. 
  
 Section 1.25 Supplemental Credits means, for any Participant, compensation- based credits to his Memorandum Account, other than
credits representing Deferred Compensation. 
  
 ARTICLE II

  
 DEFERRED COMPENSATION 
  
 Section 2.1 Election to Defer Compensation.

  
 Any Executive may elect to defer receipt of Compensation by
submitting to the Administrator a written deferral election. Such an election may be made on or before the last day of any calendar year and shall take effect on the first day of the following calendar year; provided, however; that an initial
election made during thirty (30) day period after a person first becomes an Executive shall take effect on the later of the date specified in such election or the first day of the calendar month following the calendar month in which such
election is received by the Administrator. Once an election is made, it shall continue in effect for all succeeding calendar years unless changed or revoked pursuant to section 2.2. 
  
 Section 2.2 Changes in Deferral Elections. 
  
 (a) An election by an Executive pursuant to section 2.1 shall continue in
effect until termination of the Executive’s status as an Executive; provided, however, that the Executive may, by written notice filed with the Administrator: 
  
 (i) increase or decrease the amount of future Compensation to be deferred, or discontinue altogether the deferral of future
Compensation, and such change shall take effect on the first day of the first calendar year to begin after the calendar year in which such notice is received by the Administrator; and 
  

 3 

 (ii) in cases of Hardship, decrease the amount of future Compensation to be deferred, or discontinue
altogether the deferral of future Compensation, and such change shall take effect as promptly as practicable following the date on which such notice is received by the Administrator and, such election shall, to the extent permitted under section
409A of the Code, be effective with respect to Compensation payable after the filing of such election. 
  
 (b) The deferral of Compensation by any person shall cease automatically upon such person’s termination of employment with all Participating
Companies (whether by death, resignation, discharge or otherwise) or upon the termination of such person’s status as an Executive. 
  
 Section 2.3 Revocability of 2005 Elections. 
  
 Notwithstanding anything in the Plan to the contrary, every election under the Plan to defer Compensation earned and payable
in 2005 shall, to the maximum extent permitted and subject to the terms and conditions set forth in Internal Revenue Service Notice 2005-1 and other guidance issued by governmental authorities with respect to Section 409A of the Code, be
revocable at any time during 2005. Such a revocation shall be effected by written notice given to and actually received by the Administrator on or before December 31, 2005 and shall result in the distribution of the entire balance credited to
the Memorandum Account of the person revoking the election and in the inclusion of the entire amount distributed in gross income for federal income tax purposes in the 2005 taxable year. 
  
 ARTICLE III 
  
 SUPPLEMENTAL CREDITS 
  
 Section 3.1 Eligibility. 
  
 To the extent designated by a Participating Company, an Executive shall be eligible each year for a Supplemental Credit in an amount determined under
section 3 .2(a), the first such Supplemental Credit to be made for the calendar year in which the person is designated an Executive. 
  
 Section 3.2 Computation of Supplemental Credits. 
  
 (a) For the first year for which an Executive is eligible for a Supplemental Credit, the amount of the Supplemental Credit
shall be equal to ten percent (10%) of his Base Compensation for such year. 
  
 (b) For each year after the first year for which an Executive is eligible for a Supplemental Credit, the amount of the Supplemental Credit shall be equal to the greater of: 
  
 (i) ten percent (10%) of the Executive’s base Compensation for
such year; or 
  

 4 

 (ii) an amount “SC” determined under the formula “SC = FSC x (1 + .04)n, where “FSC” is equal to the amount of the first Supplemental Credit made for such Executive and “n” is
equal to the aggregate number of Supplemental Credits made for the Executive prior to (and not including) the Supplemental Credit then being computed. 
  
 (c) No Supplemental Credits shall be made under this section 3.2 for any year that ends after the date on which a Change of Control occurs. 
  
 Section 3.3 Effect of Change of Control.

  
 In the event of a Change of Control prior to the last day of
the calendar year in which an Executive attains age 65, an additional Supplemental Credit shall be made to such Executive’s Memorandum Account. The amount of such Supplemental Credit shall be equal to the product of (a) the number of
calendar years that will either begin or end after the date on which the Change of Control occurs and on or before the date on which the Executive will attain age sixty-five (65), multiplied by the greater of: 
  
 (i) ten percent (10%) of the Executive’s Base Compensation for
such year; or 
  
 (ii) an amount equal to “SC”
determined under the formula “SC = FSC x (1 + .04)n, where “FSC” is equal to the amount of the first
Supplemental Credit made for such Executive and “n” is equal to the aggregate number of Supplemental Credits made for the Executive prior to (and not including) the Supplemental Credit then being computed. 
  
 Such amount shall be credited in lieu of any further Supplemental Credits that might
otherwise become due under the Plan and shall be computed without a discount to reflect the acceleration of future years’ Supplemental Credits and without a premium to account for future compensation increases. Notwithstanding the foregoing,
this Section 3.3 shall not apply to an Executive who is first selected for participation in the Plan after January 1, 1998, and no additional Supplemental Credit shall be made under this Section 3.3 to the Memorandum Account of such
an Executive in the event of a Change of Control. 
  
 ARTICLE IV

  
 MEMORANDUM ACCOUNTS 
  
 Section 4.1 In General. 
  
 The Administrator shall maintain a separate Memorandum Account for each
Executive who is credited with Deferred compensation or Supplemental Credits. Credits, charges, and other adjustments to each Participant’s Memorandum Account shall be made in accordance with this Article IV. Neither the Bank, the Holding
Company nor any Participating Company shall fund its liability for the balances credited to a Memorandum Account, but each shall reflect its liability for such balances on its books. The Holding Company may, on such terms and conditions as it, in
its sole discretion, shall establish, agree to assume the liability for the payment of that portion of a Participant’s Memorandum Account attributable to service for the Bank or other Participating Companies. 
  

 5 

 Section 4.2 Credits to Memorandum Accounts. 
  
 (a) Each Participants Discretionary Account shall be credited with all
Deferred Compensation and fifty percent (50%) of each Supplemental Credit in respect of such Participant pursuant to Article II. For purposes of measuring the benefits distributable under the Plan in respect of such Participant, his
Discretionary Account shall be deemed to be invested in the Investment Classifications designated by the Participant by written notice to the Administrator. 
  
 (b) Each Participant’s Mandatory Account shall be credited with all Supplemental Credits in respect of such Participant that are not credited to the
Participant’s Discretionary Account. For purposes of measuring the benefits distributable under the Plan in respect of such Participant, his Mandatory Account shall be deemed to be invested deemed to be invested in Shares. The Mandatory Account
shall be subject to such terms, conditions and procedures as may be deemed advisable by the Administrator in order to prevent the occurrence of non-exempt short-swing transactions described in section 16 of the Exchange Act to assure compliance with
the Holding Company’s securities trading policy and applicable federal and state securities laws, and unless otherwise determined by the Administrator, to permit the Holding Company to account for its liability with respect to such portion of
the Memorandum Account on the basis of EITF 94-6 or corresponding guidance in subsequent accounting standards. 
  
 Section 4.3 Adjustments to Memorandum Accounts. 
  
 The Memorandum Account established for each Participant shall be adjusted from time to time, but in no event less frequently
than monthly to reflect: 
  
 (a) credits of Deferred
Compensation, which shall be credited to the Participant s Discretionary Account as of the date on which the amount so credited would have otherwise been paid to the Participant as Compensation; 
  
 (b) Supplemental Credits, which shall be credited to the Participant’s
Mandatory Account as of December 31st of the year for which such Supplemental Credits are made; 
  
 (c) credits reflecting income, dividends and appreciation attributable to the appropriate Investment Classifications; 
  
 (d) charges for losses or depreciation attributable to the appropriate
Investment Classifications; and 
  
 (e) charges for payments to
the Participant or his Beneficiary. 
  
 Any hypothetical income derived from a
deemed investment in an Investment Classification, whether by dividend, capital gain or otherwise, shall be deemed immediately reinvested in the same Investment Classification. 
  

 6 

 Section 4.4 Vesting. 
  
 All amounts credited to a Participant’s Memorandum Account shall be
100% vested at all times. 
  
 ARTICLE V 
  
 TRUST FUND 
  
 Section 5.1 Establishment of Trust. 
  
 The Holding Company may establish a trust fund which may be used to
accumulate funds to satisfy benefit liabilities to Participants under the Plan; provided, however, that the assets of such trust shall be subject to the claims of the creditors of the Holding Company in the event that it is determined that the
Holding Company is insolvent; and provided, further; that the trust agreement shall contain such terms, conditions and provisions as shall be necessary to cause the Holding Company to be considered the owner of the trust fund for federal, state or
local income tax purposes with respect to all amounts contributed to the trust fund or any income attributable to the investments of the trust fund. The Holding Company shall pay all costs and expenses incurred in establishing and maintaining such
trust and the Plan, Any payments made to a Participant or Beneficiary from a trust established under this section 5.1 shall offset payments which would otherwise be payable by the Bank in the absence of the establishment of such trust. Any such
trust will conform to the terms of the model trust described in Revenue Procedure 92-64, as the same may be modified from time to time. 
  
 Section 5.2 Contributions to Trust. 
  
 If a trust is established in accordance with section 5.1, the Holding Company shall make contributions to such trust in such amounts and at such times as
may be specified by the Administrator or as may be required pursuant to the terms of the agreement governing the establishment and operation of such trust. 
  
 Section 5.3 Unfunded Character of Plan. 
  
 Notwithstanding the establishment of a trust pursuant to section 5.1, the Plan shall be unfunded for purposes of the Code
and ERISA. Any liability of the Bank, the Holding Company or another Participating Company to any person with respect to benefits payable under the Plan shall be based solely upon such contractual obligations, if any, as shall be created by the
Plan, and shall give rise only to a claim against the general assets of the Bank, the Holding Company or such Participating Company. No such liability shall be deemed to be secured by any pledge or any other encumbrance on any specific property of
the Bank, the Holding Company or any other Participating Company. 
  

 7 

 ARTICLE VI 
  

DISTRIBUTIONS 
  
 Section 6.1 Hardship Distributions. 
  
 In the event that a Participant has suffered a Hardship, the Administrator may, in its sole discretion and to the extent permitted under section 409A of
the Code, allow such Participant to obtain a lump sum withdrawal of an amount credited to his Memorandum Account that does not exceed the amount necessary to alleviate the Hardship. 
  
 Section 6.2 Distributions to Participants 
  
 Upon a Participant’s termination of service with the Bank, the Holding
Company and all Participating Companies, an amount equal to the balance in such Participant’s Memorandum Account shall be paid in cash to the Participant: 
  

(a) in a single lump sum payment made as soon as practicable following December 31st of the calendar year in which such termination occurs, in
which case the amount of such payment shall be equal to the entire balance credited to the Memorandum Account as of such December 31st; 
  
 (b) at such time or times and in such amount or amounts as the Participant shall specify in writing, with the approval of the Administrator, within thirty
(30) days after first being designated an Executive; provided, however, that distribution shall be, or begin being, made not later than January 31st of calendar year following the calendar year in which the Participant terminates
employment or attains age 65, whichever is later; and provided, further, that distributions shall be completed within one hundred and twenty (120) months after they begin; 
  
 (c) in a single lump sum payable upon the effective date of a Change of Control; or 
  
 (d) notwithstanding the foregoing, each Participant may, by written election
given in such form and manner as the Administrator may prescribe, elect to change the time and manner of distribution of the balance credited to such Participant’s Memorandum Account; provided, however, that 
  
 (i) any such election shall not take effect until twelve (12) months
after it is received by the Administrator; and 
  
 (ii) in the
case of an election to defer a payment to be made on account of an event other than the Participant’s death or Hardship, the first payment made under such election shall not occur until at least five (5) years later than such payment would
otherwise have been made; and 
  

 8 

 (iii) in the case of an election to defer a payment to be made on account of a Change of Control, such
election shall be made at least twelve (12) months prior to the date of the first payment scheduled to be made on account of the Change of Control. 
  
 To the extent that a Participant’s benefits are not distributed in a single lump sum equal to the balance credited to his Memorandum Account, any balance credited to
the Memorandum Account representing undistributed benefits shall continue to be adjusted in the manner provided in section 4.3. 
  
 Section 6.3 Distributions to Beneficiaries 
  
 (a) A Participant may designate a Beneficiary or Beneficiaries by filing a written notice with the Administrator prior to
the Participant’s death, in such form and manner as the Administrator may prescribe. A Participant who has designated a Beneficiary or Beneficiaries may change or revoke such designation prior to the Participant’s death by means of a
similar written instrument. 
  
 (b) In the event that a
Participant dies before receiving payment of his entire Memorandum Account, payment of the value of the deceased Participant’s Memorandum Account shall be made in a lump sum to his Beneficiary or Beneficiaries within thirty (30) days after
the Administrator receives satisfactory evidence of the Participant’s death. If no Beneficiary shall have been designated or if any such designation shall be ineffective, or in the event that no designated Beneficiary survives the Participant,
payment of the value of the Participant’s Memorandum Account shall be made to the Participant’s personal representative, or if no personal representative is appointed within six (6) months after the Participant’s death or such
longer period as the Administrator deems reasonable in its discretion, to his surviving spouse, or if he has no surviving spouse, to his then living descendants, per stirpes, in the same manner and at the same time as the Participant’s
Memorandum Account would have been paid to a Beneficiary. If any Participant and any one or more of his designated Beneficiary(ies) shall die in circumstances that leave substantial doubt as to who shall have been the first to die, the Participant
shall be deemed to have survived the deceased Beneficiary(ies). The presence of substantial doubt for such purposes shall be determined by the Administrator in its sole and absolute discretion. 
  
 Section 6.4 Early Distributions. 
  
 (a) To the extent required to comply with the terms of a domestic relations
order (within the meaning of section 414(p) of the Code) directed to and served upon the Plan, the Administrator may direct the payment of all or any portion of the balance credited to a Participant’s Memorandum Account at any time or in
accordance with any payment schedule set forth in said order. 
  
 (b) To the extent necessary to effect compliance with a certificate of divestiture (within the meaning of section 1043(b)(2) of the Code), the Administrator may permit the distribution of all or a portion of the balance credited to a
Participant’s Memorandum Account earlier than the times determined under section 6.2. 
  

 9 

 Section 6.5 Restrictions on Payments to Key Employees. 
  
 Notwithstanding anything in the Plan to the contrary, to the extent required
under section 409A of the Code, no payment to be made to a key employee (within the meaning of section 409A of the Code) on or after the date of his termination of service shall be made sooner than six (6) after such termination of service.

  
 ARTICLE VII 
  
 ADMINISTRATION 
  
 Section 7.1 Administrator. 
  
 The Administrator shall, subject to the responsibilities of the Board, have
the responsibility for the day-to-day control, management, operation and administration of the Plan. The Administrator shall have the following responsibilities: 
  
 (a) To maintain records necessary or appropriate for the administration of the Plan; 
  
 (b) To give and receive such instructions, notices, information, materials,
reports and certifications as may be necessary or appropriate in the administration of the Plan; 
  
 (c) To prescribe forms and make rules and regulations consistent with the terms of the Plan and with the interpretations and other actions of the Board;

  
 (d) To require such proof or evidence of any matter from any
person as may be necessary or appropriate in the administration of the Plan; 
  
 (e) To determine any question arising in connection with the Plan, including any question of Plan interpretation, and the Administrator’s decision or action in respect thereof shall be final and conclusive and
binding upon all persons having an interest under the Plan; 
  
 (f) To review and dispose of claims under the Plan filed pursuant to section 7.3 and appeals of claims decisions pursuant to section 7.4; 
  
 (g) If the Administrator shall determine that by reason of illness, senility, insanity, or for any other reason, it is undesirable to make any payment to
the person entitled thereto, to direct the application of any amount so payable to the use or benefit of such person in any manner that the Administrator may deem advisable or to direct in the Administrator’s discretion the withholding of any
payment under the Plan due to any person under legal disability until a representative competent to receive such payment in his behalf shall be appointed pursuant to law; 
  
 (h) To discharge such other responsibilities or follow such directions as may be assigned or given by the Board; and

  

 10 

 (i) To perform any duty or take any action which is allocated to the Administrator under the Plan.

  
 The Administrator shall have the power and authority necessary
or appropriate to carry out its responsibilities. 
  
 Section 7.2 Board Responsibilities. 
  
 The Board shall have the following responsibilities: 
  
 (a) To review the performance of the Administrator; 
  
 (b) To hear and decide appeals, pursuant to the claims procedure contained in section 7.4 of the Plan, taken from the decisions of the Administrator; 
  

(c) To hear and decide questions, including interpretation of the Plan, as may be referred to the Board by the Administrator; and 
  
 (d) To perform any duty or to take any action which is allocated to the
Administrator under the Plan. 
  
 The Board shall have the power and authority
necessary or appropriate to carry out its responsibilities. The Board may take action under the Plan by vote of a majority of the members present at any meeting of the Board at which a quorum is present or by unanimous written consent in lieu of
meeting. No member of the Board shall participate in any action or decision in which he has a personal interest unless all members of the Board voting on such matter are similarly interested. The Board may delegate to one of its members or to the
Administrator the power and responsibility, to the extent not expressly allocated under the Plan to the Administrator, to sign instruments and other communications in its behalf and to take appropriate action to implement the Board’s decisions.

  
 Section 7.3 Claims Procedure.

  
 Any claim relating to benefits under the Plan shall be filed
with the Administrator on a form prescribed by it. If a claim is denied in whole or in part, the Administrator shall give the claimant written notice of such denial, which notice shall specifically set forth: 
  
 (a) The reasons for the denial; 
  
 (b) The pertinent Plan provisions on which the denial was based; 

 
 (c) Any additional material or information necessary for the claimant to
perfect his claim and an explanation of why such material or information is needed; and 
  
 (d) An explanation of the Plan’s procedure for review of the denial of the claim. 
  

 11 

 In the event that the claim is not granted and notice of denial of a claim is not furnished by the 30th day after such
claim was filed, the claim shall be deemed to have been denied on that day for the purpose of permitting the claimant to request review of the claim. 
  
 Section 7.4 Claims Review Procedure. 
  

Any person whose claim filed pursuant to section 7.3 has been denied in whole or in part by the Administrator may request review of the claim by the
Board, upon a form prescribed by the Administrator. The claimant shall file such form (including a statement of his position) with the Board no later than 60 days after the mailing or delivery of the written notice of denial provided for in section
7.3, or, if such notice is not provided, within 60 days after such claim is deemed denied pursuant to section 7.3. The claimant shall be permitted to review pertinent documents. A decision shall be rendered by the Board and communicated to the
claimant not later than 30 days after receipt of the claimant’s written request for review. However, if the Board finds it necessary, due to special circumstances (for example, the need to hold a hearing), to extend this period and so notifies
the claimant in writing, the decision shall be rendered as soon as practicable, but in no event later than 120 days after the claimant’s request for review. The Board’s decision shall be in writing and shall specifically set forth:

  
 (a) The reasons for the decision; and 
  
 (b) The pertinent Plan provisions on which the decision is based. 

 
 Any such decision of the Board shall be binding upon the claimant and the Holding Company,
and the Administrator shall take appropriate action to carry out such decision. 
  
 Section 7.5 Other Administrative Provisions. 
  
 (a) Any person whose claim has been denied in whole or in part must exhaust the administrative review procedures provided in section 7.4 prior to
initiating any claim for judicial review. 
  
 (b) Neither the
members of the Board or the Administrator, nor any employee of the Holding Company to whom responsibilities are assigned under the Plan shall be liable for any act of omission or commission by himself or by another person, except for his own
individual willful and intentional malfeasance. 
  
 (c) The
Administrator or the Board may, shorten, extend or waive the time (but not beyond 60 days) required by the Plan for filing any notice or other form with the Administrator or Board, or taking any other action under the Plan; provided, however, that
no such shortening, extension or waiver shall be done that would cause any Participant to be in constructive receipt of the balance credited his Memorandum Account prior to the date on which such balance is scheduled to be paid. 
  
 (d) Any person, group of persons, committee, corporation or organization may
serve in more than one fiduciary capacity with respect to the Plan. 
  

 12 

 (e) Any action taken or omitted by the Administrator or the Board or any delegate of the Board with
respect to the Plan, including any decision, interpretation, claim denial or review on appeal, shall be conclusive and binding on and all interested parties and shall be subject to judicial modification or reversal only to the extent it is
determined by a court of competent jurisdiction that such action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
  
 ARTICLE VIII 
  
 AMENDMENT AND TERMINATION 
  
 Section 8.1 Amendment. 
  
 The Holding Company reserves the right, in its sole and absolute discretion, at any time and from to time, by action of the Board, to amend the Plan in whole or in part. hi no event, however, shall any such amendment
adversely affect the right of any Participant or Beneficiary to receive any benefits under the Plan in respect of participation for any period ending on or before the later of the date on which such amendment is adopted or the date on which it is
made effective 
  
 Section 8.2
Termination. 
  
 The Holding Company also reserve
the right, in its sole and absolute discretion, by action of the Board, to terminate the Plan In such event, no additional Compensation shall be deferred, nor shall any Supplemental Credits be earned, from and after the later of the date on which a
resolution terminating the Plan is duly adopted by the Board or the effective date of such termination. Undistributed benefits attributable to participation prior to the date of termination shall be distributed as though each Participant terminated
employment with the Bank, the Holding Company and all other Participating Employers as of the effective date of termination of the Plan. 
  
 ARTICLE IX 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 9.1 Notice and Election. 
  
 The Administrator shall provide a copy of this Plan and the resolutions of adoption to each Executive together with a form on which the Executive may notify the Administrator of his election whether to defer
Compensation. 
  
 Section 9.2 Construction and
Language. 
  
 Wherever appropriate in the Plan, words
used in the singular may be read in the plural, words in the plural may be read in the singular, and words importing the masculine gender shall be deemed equally to refer to the feminine or the neuter. Any reference to an Article or section shall be
to an Article or section of the Plan, unless otherwise indicated. 
  

 13 

 Section 9.3 Headings. 
  
 The headings of Articles and sections are included solely for convenience of
reference. If there is any conflict between such headings and the text of the Agreement, the text shall control. 
  
 Section 9.4 Non-Alienation of Benefits. 
  
 The right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participant or his Beneficiaries, nor shall rights be liable for or subject to debts, contracts, liabilities or torts. 
  
 Section 9.5 Indemnification. 
  
 The Holding Company shall indemnify, hold harmless and defend each member of
the Board and Participant, and the beneficiaries of each, against their reasonable costs, including legal fees, incurred by them or arising out of any action, suit or proceeding in which they may be involved, as a result of their efforts, in good
faith, to defend or enforce terms of the Plan. 
  
 Section 9.6 Severability. 
  
 A determination that any provision of the Plan is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 
  
 Section 9.7 Waiver. 
  
 Failure to insist upon strict compliance with any of the terms, covenants or conditions of the Plan shall not be deemed a
waiver of such term, covenant or condition. A waiver of any provision of the Plan must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power
hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
  
 Section 9.8 Governing Law. 
  
 The Plan shall be construed, administered and enforced according to the laws of the State of New Hampshire without giving effect to the conflict of laws
principles thereof, except to the extent that such laws are preempted by the federal laws of the United States. Any payments made pursuant to this Plan are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) and any
regulations promulgated thereunder. 
  
 Section 9.9
Taxes. 
  
 The Holding Company shall have the
right to retain a sufficient portion of any payment made under the Plan to cover the amount required to be withheld pursuant to any applicable federal, state and local tax law. 
  

 14 

 Section 9.10 No Deposit Account. 
  
 Nothing in this Plan shall be held or construed to establish any deposit
account for any Participant or any deposit liability on the part of the Bank or Holding Company. Participants’ rights hereunder shall be equivalent to those of a general unsecured creditor of the Holding Company. 
  
 Section 9.11 Compliance with Section 409A of the
Code. 
  
 The Plan is intended to be a non-qualified
deferred compensation plan described in section 409A of the Code. The Plan shall be operated, administered and construed to give effect to such intent. In addition he Plan shall be subject to amendment, with or without advance notice to Participants
and other interested parties, and on a prospective or retroactive basis, including but not limited amendment in a manner that adversely affects the rights of participants and other interested parties, to the extent necessary to effect such
compliance. 
  
 Section 9.12 Status of Plan Under
ERISA. 
  
 The Plan is intended to be an unfunded,
non-qualified plan maintained primarily for the purpose of providing deferred compensation for highly compensated employees, as contemplated by sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan is not intended to comply with the
requirements of section 401(a) of the Code or to be subject to Parts 2, 3 and 4 of Title I of ERISA. The Plan shall be administered and construed so as to effectuate this intent. 
  
 Section 9.13 Non-dilution Provisions. 
  
 In the event of any merger, consolidation, or other business reorganization
involving the Holding Company, and in the event of any stock split, stock dividend or other event generally affecting the number of Shares held by each person who is then a holder of record of Shares, and in the event of any other occurrence which,
in the judgment of the Administrator warrants an adjustment to avoid unintended enhancement or dilution of the rights of one or more Participants under the Plan, the number of Shares credited to each Participant’s Memorandum Account, and the
unit value thereof, shall be adjusted to account for such event. Such adjustment shall be effected in such manner as the Administrator shall determine to be appropriate in order to prevent the enlargement or diminution of any Participant’s
rights under the Plan. 
  

 15

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