Document:

<PAGE>

                                                                    Exhibit  4.0

COMMON STOCK                                                        COMMON STOCK
CERTIFICATE NO.                              SEE REVERSE FOR CERTAIN DEFINITIONS
                                                                 CUSIP _________

                          NEW ENGLAND BANCSHARES, INC.
                  ORGANIZED UNDER THE LAWS OF THE UNITED STATES

THIS CERTIFIES THAT              S P E C I M E N

is the owner of:

       FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK $0.01 PAR VALUE
                    PER SHARE OF NEW ENGLAND BANCSHARES, INC.
         a stock company organized under the laws of the United States.

     The shares represented by this certificate are transferable only on the
stock transfer books of New England Bancshares, Inc. (the "Company") by the
holder of record hereof, or by his duly authorized attorney or legal
representative, upon the surrender of this certificate properly endorsed. This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Charter of the Company and any amendments
thereto (copies of which are on file with the Secretary of the Company), to all
of which provisions the holder by acceptance hereof, assents. The shares
evidenced by this certificate are not of an insurable type and are not insured
by the Federal Deposit Insurance Corporation.

     IN WITNESS WHEREOF, NEW ENGLAND BANCSHARES, INC. has caused this
certificate to be executed by the facsimile signatures of its duly authorized
officers and has caused a facsimile of its corporate seal to be hereunto
affixed.

Dated:                               [SEAL]
          President and                                       Secretary
          Chief Executive Officer

<PAGE>

         The shares represented by this Certificate are subject to a limitation
contained in the Charter to the effect that in no event shall any record owner
of any outstanding common stock which is beneficially owned, directly or
indirectly, by a person who beneficially owns in excess of 10% of the
outstanding shares of common stock (the "Limit") be entitled or permitted to any
vote in respect of shares held in excess of the Limit.

         The Board of Directors of the Company is authorized by resolution(s),
from time to time adopted, to provide for the issuance of serial preferred stock
in series and to fix and state the voting powers, designations, preferences and
relative, participating, optional, or other special rights of the shares of each
such series and the qualifications, limitations and restrictions thereof. The
Company will furnish to any shareholder upon request and without charge a full
description of each class of stock and any series thereof.

         The shares represented by this Certificate may not be cumulatively
voted on any matter.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                              <C>
TEN COM  -  as tenants in common                 UNIF GIFTS MIN ACT - ___________ custodian __________
                                                                           (Cust)              (Minor)

TEN ENT  -  as tenants by the entireties                             under Uniform Gifts to Minors Act

                                                                                _____________________
                                                                                       (State)

JT TEN  - as joint tenants with right of
          survivorship and not as tenants
          in common
</TABLE>

     Additional abbreviations may also be used though not in the above list.

For value received __________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFICATION NUMBER OF ASSIGNEE

________________________________________________________________________________
Please print or typewrite name and address including postal zip code of
assignee.

__________________________________________________ shares of the common stock
represented by this certificate and do hereby irrevocably constitute and appoint
______________________________________________________________________________,
attorney, to transfer the said stock on the books of the within-named bank with
full power of substitution in the premises.

DATED  ______________________       ____________________________________________
                                    NOTICE: The signature to this assignment
                                    must correspond with the name as written
                                    upon the face of the certificate in every
                                    particular without alteration or enlargement
                                    or any change whatever.

SIGNATURE GUARANTEED:     ______________________________________________________
                          THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
                          GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS
                          AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
                          MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
                          MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15<PAGE>

                                                                    Exhibit 10.1
                                     FORM OF

                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION

                          EMPLOYEE STOCK OWNERSHIP PLAN

                            Effective January 1, 2002

<PAGE>

                                     FORM OF
                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                          EMPLOYEE STOCK OWNERSHIP PLAN
                                  CERTIFICATION

      I, ________________, David O'Connor, President and Chief Executive Officer
of Enfield Federal Savings and Loan Association, hereby certify that the
attached Enfield Federal Savings and Loan Association Employee Stock Ownership
Plan, effective January 1, 2002 was adopted at a duly held meeting of the Board
of Directors of the Association.

ATTEST:                             ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION

                                    By:_________________________________________

<PAGE>

                                     Form of
                  Enfield Federal Savings and Loan Association
                          Employee Stock Ownership Plan

                                Table of Contents

Section 1 - Introduction.......................................................1

Section 2 - Definitions........................................................2

Section 3 - Eligibility and Participation......................................9

Section 4 - Contributions.....................................................12

Section 5 - Plan Accounting...................................................15

Section 6 - Vesting and Forfeitures...........................................22

Section 7 - Distributions.....................................................26

Section 8 - Voting of Company Stock and Tender Offers.........................31

Section 9 - The Committee and Plan Administration.............................32

Section 10 - Rules Governing Benefit Claims ..................................36

Section 11 - The Trust........................................................38

Section 12 - Adoption, Amendment and Termination..............................40

Section 13 - General Provisions...............................................42

Section 14 - Top-Heavy Provisions.............................................44

<PAGE>

                                     FORM OF
                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                          EMPLOYEE STOCK OWNERSHIP PLAN

                                    SECTION 1
                                  Introduction

Section 1.01 Nature of the Plan.

Effective as of January 1, 2002, (the "Effective Date"), Enfield Federal Savings
and Loan Association, a federally-chartered savings and loan association (the
"Association"), hereby establishes the Enfield Federal Savings and Loan
Association Employee Stock Ownership Plan (the "Plan") to enable Eligible
Employees (as defined in Section 2.01(q) of the Plan) to acquire stock ownership
interests in New England Bancshares, Inc. (the "Company"). The Association
intends this Plan to be a tax-qualified stock bonus plan under Section 401(a) of
the Internal Revenue Code of 1986, as amended (the "Code") and an employee stock
ownership plan within the meaning of Section 407(d)(6) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Sections 409
and 4975(e)(7) of the Code. The Plan is designed to invest primarily in the
common stock of the Company, which stock constitutes "qualifying employer
securities" within the meaning of Section 407(d)(5) of ERISA and Sections 409(l)
and 4975(e)(8) of the Code. Accordingly, the Plan and Trust Agreement (as
defined in Section 2.01(oo) of the Plan) shall be interpreted and applied in a
manner consistent with the Association's intent for it to be a tax-qualified
plan designed to invest primarily in qualifying employer securities.

The Plan is reflects certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (EGTRRA). The provisions related to EGTRRA are
intended as a goal for the compliance with EGTRRA and guidance issued
thereunder. Except as otherwise provided, the provisions of EGTRRA are effective
as of the last day of the first Plan Year beginning after December 31, 2001.
Further, to the extent any provision of the Plan was operated according to an
effective date earlier than as required by law, then such date shall be the
effective date with respect to that provision of the Plan.

Section 1.02 Employers and Affiliates.

The Association and each of its Affiliates (as defined in Section 2.01(c) of the
Plan) which, with the consent of the Association, adopts the Plan pursuant to
the provisions of Section 12.01 of the Plan are collectively referred to as the
"Employers" and individually as an "Employer." The Plan shall be treated as a
single plan with respect to all participating Employers.

<PAGE>

                                    SECTION 2
                                   Definitions

Section 2.01 Definitions.

In this Plan, whenever the context so indicates, the singular or the plural
number and the masculine or feminine gender shall be deemed to include the
other, the terms "he," "his," and "him," shall refer to a Participant or
Beneficiary, as the case may be, and, except as otherwise provided, or unless
the context otherwise requires, the capitalized terms shall have the following
meanings:

(a)   "Account" or "Accounts" mean a Participant's or Beneficiary's Company
      Stock Account and/or his Other Investments Account, as the context so
      requires.

(b)   "Acquisition Loan" means a loan (or other extension of credit, including
      an installment obligation to a "party in interest" (as defined in Section
      3(14) of ERISA)) incurred by the Trustee in connection with the purchase
      of Company Stock.

(c)   "Affiliate" means any corporation, trade or business, which, at the time
      of reference, is together with the Association, a member of a controlled
      group of corporations, a group of trades or businesses (whether or not
      incorporated) under common control, or an affiliated service group, as
      described in Sections 414(b), 414(c), and 414(m) of the Code,
      respectively, or any other organization treated as a single employer with
      the Association under Section 414(o) of the Code; provided, however, that,
      where the context so requires, the term "Affiliate" shall be construed to
      give full effect to the provisions of Sections 409(l)(4) and 415(h) of the
      Code.

(d)   "Association" means Enfield Federal Savings and Loan Association, and any
      entity which succeeds to the business of Enfield Federal Savings and Loan
      Association and which adopts this Plan in accordance with the provisions
      of Section 12.02 of the Plan or by written agreement assuming the
      obligations of the Plan.

(e)   "Beneficiary" means the person(s) entitled to receive benefits under the
      Plan following a Participant's death, pursuant to Section 7.03 of the
      Plan.

(f)   "Change in Control" shall be deemed to occur on the earliest of:

            (i)   such time as any "person" (as the term is used in Sections
                  13(d) and 14(d) of the Securities Exchange Act of 1934, as
                  amended ("Exchange Act")) is or becomes the "beneficial owner"
                  (as defined in Rule 13d-3 under the Exchange Act), directly or
                  indirectly, of voting securities of the Company representing
                  20% or more of the Association's outstanding voting

                                       2

<PAGE>

                  securities or the right to acquire such securities, except for
                  any voting securities purchased by any employee benefit plan
                  of the Association;

            (ii)  such time as 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 constituting the Incumbent
                  Board (or members who were nominated by the Incumbent Board),
                  or whose nomination for election by the Association's
                  stockholders was approved by a Nominating Committee solely
                  composed of members which are Incumbent Board members (or
                  members nominated by the Incumbent Board), shall be, for
                  purposes of this clause (iii), considered as though he or she
                  were a member of the Incumbent Board;

            (iii) such time as a reorganization, merger, consolidation, or
                  similar transaction occurs or is effectuated as a result of
                  which 60% of shares of the common stock of the resulting
                  entity are owned by persons who were not stockholders of the
                  Association immediately prior to the consummation of the
                  transaction;

            (iv)  such time as substantially all of the assets of the
                  Association are sold or otherwise transferred to another
                  corporation or other entity that is not controlled by the
                  Association.

Notwithstanding anything in this Plan to the contrary, in no event shall the
conversion of the Association from mutual to stock form (including without
limitation, through the formation of a stock holding company) or the
reorganization of the Association into the mutual holding company form of
organization constitute a "Change in Control" for purposes of this Plan.

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

(h)   "Committee" means the individual(s) responsible for the administration of
      the Plan in accordance with Section 9 of the Plan.

(i)   "Company" means New England Bancshares, Inc. and any entity which succeeds
      to the business of New England Bancshares, Inc.

(j)   "Company Stock" means shares of the voting common stock or preferred
      stock, meeting the requirements of Section 409 of the Code and Section
      407(d)(5) of ERISA, issued by the Association or its Affiliates.

                                       3

<PAGE>

(k)   "Company Stock Account" means the account established and maintained in
      the name of each Participant or Beneficiary to reflect his share of the
      Trust Fund invested in Company Stock.

(l)   "Compensation" means (i) an Employee's wages as defined in Section 3401(a)
      of the Code (exclusive of any compensation deferred from a prior year)
      together with all other compensatory payments to an Employee by the
      Employer with respect to which the Employer must furnish to the Employee a
      written statement pursuant to Sections 6041(d) and 6051(a) of the Code,
      but determined without regard to any rules which limit the remuneration
      included in wages based on the nature or location of the employment or
      services performed; excluding

      (ii) all reimbursements or other expense allowances, fringe benefits,
      moving expenses, deferred compensation, and welfare benefits; and

      (iii) all commissions and bonuses; and

      (iv) income recognized upon the exercise of a non-statutory stock option
      or disqualified disposition of an incentive stock option; and

      (v) income recognized upon the vesting of restricted stock awards.

Notwithstanding the above, Compensation shall include any amount which is
contributed by the Employer pursuant to a salary reduction agreement and which
is not includible in the gross income of the employee under Sections 125, 132(f)
and 402(e)(3).

A Participant's Compensation shall not exceed $200,000 (as periodically adjusted
pursuant to Section 401(a)(17) of the Code. If a Participant's Compensation is
determined on a basis of a period of less than twelve (12) calendar months, then
the compensation limit for such Participant shall be the Compensation Limit in
effect for the Plan Year in which the period begins multiplied by a ratio
obtained by dividing the number of full months in the period by twelve (12).

Notwithstanding the foregoing, to the extent this definition of Compensation
does not satisfy the requirements of Section 414(s) of the Code for any
particular Plan Year, then, for that Plan Year, Compensation shall have the
meaning provided in Section 1.415.2(d)(2) and (3) of the Treasury Regulations.

(m)   "Reorganization Date" _________________, 2002.

(n)   "Disability" means a disability on a account of which a Participant is
      eligible to receive disability benefits under the Association's long-term
      disability plan and the Social Security Act.

                                       4

<PAGE>

(o)   "Early Retirement Age" means age 55.

(p)   "Early Retirement Date" means the date of retirement on or after a
      Participant's (i) attainment of age 55; and (ii) the Participant's
      completion of ten (10) consecutive years of service with the Employer.

(q)   "Effective Date" means January 1, 2002.

(r)   "Eligibility Computation Period" means a twelve (12) consecutive month
      period. An Employee's first Eligibility Computation Period shall begin on
      date he first performs an Hour of Service for the Employer ("employment
      commencement date"). Subsequent Eligibility Computation Periods shall
      commence with the first day of the Plan Year which includes the first
      anniversary of the Employee's employment commencement date.

(s)   "Eligible Employee" means any Employee who is not precluded from
      participating in the Plan by reason of the provisions of Section 3.02 of
      the Plan.

(t)   "Employee" means any person, who is actually performing services for the
      Employer or an Affiliate in a common-law, employer-employee relationship
      as determined under Sections 31.3121(d)-1, 31.3306(i)-1, or 31.3401(c)-1
      of the Treasury Regulations and any "leased employee", who pursuant to an
      agreement between the Employer and any other person, including a leasing
      organization, has performed services for the Employer (or for the Employer
      and related persons determined in accordance with Section 414(n)(6) of the
      Code) on a substantially full-time basis for a period of a least one (1)
      year, and such services are performed under the primary direction and
      control of the Employer.

(u)   "Employer" or "Employers" means the Association and its Affiliates, which
      adopt the Plan in accordance with the provisions of Section 12.01 of the
      Plan, and any entity which succeeds to the business of the Association or
      its Affiliates and which adopts the Plan in accordance with the provisions
      of Section 12.02 of the Plan or by written agreement assumes the
      obligations under the Plan.

(v)   "Entry Date" means the first day of the month following the month in which
      an Employee satisfies the requirements of Section 3.01.

(w)   "ERISA" means the Employee Retirement Income Security Act of 1974, as
      amended.

(x)   "Exchange Act" means the Securities Exchange Act of 1934, as amended.

(y)   "Financed Shares" means shares of Company Stock acquired by the Trustee
      with the proceeds of an Acquisition Loan, which shall constitute
      "qualifying employer securities" under Section 409(l) of the Code and any
      shares of Company Stock received upon conversion or exchange of such
      shares.

                                       5

<PAGE>

(z)   "Highly Compensated Employee" means an Employee who, for a particular Plan
      Year, satisfies one of the following conditions:

      (1)   was a "5-percent owner" (as defined in Section 414(q)(2) of the
            Code) during the year or the preceding year, or

      (2)   for the preceding year,

had "compensation" (as defined in Section 414(q)(4) of the Code) from the
Association and its Affiliates exceeding $80,000 (as periodically adjusted
pursuant to Section 414(q)(1) of the Code)

(aa)  "Hours of Service" means, for vesting purposes, each hour for which an
      Employee is paid or is entitled to be paid for services to the Employer.
      For purposes other than determining a Participant's Vested Percentage,
      "Hours of Service" means:

      (i)   Each hour for which an Employee is paid, or entitled to payment, for
            performing duties for the Employer during the applicable computation
            period.

      (ii)  Each hour for which an Employee is paid, or entitled to payment, for
            a period during which no duties are performed (irrespective of
            whether the employment relationship has terminated) due to vacation,
            holiday, illness, incapacity (including disability), layoff, jury
            duty, military duty or leave of absence. Notwithstanding the
            preceding sentence, no credit shall be given to the Employee for:

            (A)   more than 501 hours under this clause (ii) because of any
                  single continuous period in which the Employee performs no
                  duties (whether or not such period occurs in a single
                  computation period);

            (B)   an hour for which the Employee is directly or indirectly paid,
                  or entitled to payment, because of a period in which no duties
                  are performed if such payment is made or due under a plan
                  maintained solely for the purpose of complying with applicable
                  worker's or workmen's compensation, or unemployment, or
                  disability insurance laws; or

            (C)   an hour or a payment which solely reimburses the Employee for
                  medical or medically-related expenses incurred by the
                  Employee.

      (iii) Each hour for which back pay, irrespective of mitigation of damages,
            is either awarded or agreed to by the Employer; provided, however,
            that hours credited under either clause (i) or (ii) above shall not
            also be credited under this clause (iii). Crediting of hours for
            back pay awarded or agreed to with respect to periods

                                       6

<PAGE>

            described in clause (ii) above will be subject to the limitations
            set forth in that clause.

The crediting of Hours of Service shall be determined by the Committee in
accordance with the rules set forth in Section 2530.200b-3 of the regulations
prescribed by the Department of Labor, which rules shall be consistently applied
with respect to all Employees within the same job classification. Hours of
Service will be credited for employment with an Affiliate.

(bb)  "Loan Suspense Account" means that portion Trust Fund consisting of
      Company Stock acquired with an Acquisition Loan which has not yet been
      allocated to the Participants' Accounts.

(cc)  "Matching Contribution" means any contribution made to the Plan pursuant
      to the provisions of Section 4.01(c) of the Plan.

(dd)  "Normal Retirement Age" means the later of (i) the date the Employee
      attains age 65 or (ii) the fifth anniversary of the date the Participant
      commenced participation in this Plan.

(ee)  "Normal Retirement Date" means the first day of the month coincident with
      or next following the Participant's Normal Retirement Age.

(ff)  "One Year Period of Severance" means a twelve (12) consecutive month
      period following an Employee's Termination of Service with the Employer
      during which the Employee did not perform an Hour of Service.
      Notwithstanding the foregoing, if an Employee is absent from employment
      for maternity or paternity reasons, such absence during the twenty-four
      (24) month period commencing on the first date of such absence shall not
      constitute a One Year Period of Severance. An absence from employment for
      maternity or paternity reasons means an absence:

      (i)   by reason of pregnancy of the Employee,

      (ii)  by reason of a birth of a child of the Employee,

      (iii) by reason of the placement of a child with the Employee in
            connection with the adoption of such child by such Employee, or

      (iv)  for purposes of caring for such child for a period beginning
            immediately following such birth or placement.

(gg)  "Other Investments Account" means the account established and maintained
      in the name of each Participant or Beneficiary to reflect his share of the
      Trust Fund, other than Company Stock.

                                       7

<PAGE>

(hh)  "Participant" means any Eligible Employee who has become a Participant in
      accordance with Section 3.01 of the Plan or any other person with an
      Account balance under the Plan.

(ii)  "Period of Service" means a period commencing on the date an Employee
      first performs an Hour of Service for the Employer upon initial employment
      or, if applicable, upon reemployment, and ending on the date such Employee
      first incurs a Termination of Service. Notwithstanding the foregoing, the
      period between the first and second anniversary of the first date of a
      maternity or paternity absence described under Section 2.01(cc) of the
      Plan shall not be included in determining a Period of Service. A period
      during which an individual was not employed by the Employer shall
      nevertheless be deemed to be a Period of Service if such individual
      incurred a Termination of Service and:

      (i)   such Termination of Service was the result of resignation, discharge
            or retirement and such individual is reemployed by the Employer
            within one (1) year after such Termination of Service; or

      (ii)  such Termination of Service occurred when the individual was
            otherwise absent for less than one (1) year and he was reemployed by
            the Employer within one (1) year after the date such absence began.

All Periods of Service not disregarded under Sections 3.04 and 6.03 of the Plan
shall be aggregated. Wherever used in the Plan, a Period of Service means the
quotient obtained by dividing the days in all Periods of Service not disregarded
hereunder by 365 and disregarding any fractional remainder.

(jj)  "Plan" means this Enfield Federal Savings and Loan Association Employee
      Stock Ownership Plan, as amended from time to time.

(kk)  "Plan Year" means the calendar year.

(ll)  "Postponed Retirement Date" means the first day of the month coincident
      with or next following a Participant's date of actual retirement which
      occurs after his Normal Retirement Date.

(mm)  "Recognized Absence" means a period for which:

      (i)   an Employer grants an Employee a leave of absence for a limited
            period of time, but only if an Employer grants such leaves of
            absence on a nondiscriminatory basis to all Eligible Employees; or

      (ii)  an Employee is temporarily laid off by an Employer because of a
            change in the business conditions of the Employer; or

                                       8

<PAGE>

      (iii) an Employee is on active military duty, but only to the extent that
            his employment rights are protected by the Military Selective
            Service Act of 1967 (38 U.S.C. ss. 2021).

(nn)  "Retirement Date" means a Participant's Normal Retirement Date, Early
      Retirement Date or Postponed Retirement Date, whichever is applicable.

(oo)  "Savings Plan" means the Enfield Federal Savings and Loan Association
      Employees' Savings & Profit Sharing Plan and Trust, as amended from time
      to time.

(pp)  "Service" means employment with the Association or an Affiliate

(qq)  "Termination of Service" means the earlier of (a) the date on which an
      Employee's service is terminated by reason of his resignation, retirement,
      discharge, death or Disability or (b) the first anniversary of the date on
      which such Employee's service is terminated for disability of a short-term
      nature or any other reason. Service in the Armed Forces of the United
      States shall not constitute a Termination of Service but shall be
      considered to be a period of employment by the Employer provided (i) such
      military service is caused by war or other emergency or the Employee is
      required to serve under the laws of conscription in time of peace, (ii)
      the Employee returns to employment with the Employer within six (6) months
      following discharge from such military service and (iii) such Employee is
      reemployed by the Employer at a time when the Employee had a right to
      reemployment at his former position or substantially similar position upon
      separation from such military duty in accordance with seniority rights as
      protected under the laws of the United States. A leave of absence granted
      to an Employee by the Employer shall not constitute a Termination of
      Service provided that the Participant returns to the active service of the
      Employer at the expiration of any such period for which leave has been
      granted. Notwithstanding the foregoing, an Employee who is absent from
      service with the Employer beyond the first anniversary of the first date
      of his absence for maternity or paternity reasons set forth in Section
      2.01(cc) of the Plan shall incur a Termination of Service for purposes of
      the Plan on the second anniversary of the date of such absence.

(rr)  "Treasury Regulations" means the regulations promulgated by the Department
      of Treasury under the Code.

(ss)  "Trust" means the Enfield Federal Savings and Loan Association Employee
      Stock Ownership Plan Trust created in connection with the establishment of
      the Plan.

(tt)  "Trust Agreement" means the trust agreement establishing the Trust.

                                       9

<PAGE>

(uu)  "Trust Fund" means the assets held in the Trust for the benefit of
      Participants and their Beneficiaries.

(vv)  "Trustee" means the trustee or trustees from time to time in office under
      the Trust Agreement.

(ww)  "Valuation Date" means the last day of the Plan Year and each other date
      as of which the Committee shall determine the investment experience of the
      Trust Fund and adjust the Participants' Accounts accordingly.

(xx)  "Valuation Period" means the period following a Valuation Date and ending
      with the next Valuation Date.

                                       10

<PAGE>

                                    SECTION 3
                          Eligibility and Participation

Section 3.01 Participation.

(a) Employees Employed at the Reorganization Date. Any Eligible Employee who is
employed by an Employer at the Reorganization Date shall enter the Plan and
become a Participant immediately as of the later of the Effective Date or the
date he first performs an Hour of Service for the Employer.

(b) Employees Employed After the Reorganization Date. An Eligible Employee who
becomes employed by an Employer subsequent to the Reorganization Date shall
become eligible to enter the Plan upon satisfying the following requirement:

      (i) He has completed 500 Hours of Service in a six-consecutive month
      period, following the date he first performs an Hour of Service with the
      Employer or any anniversary thereof.

(c) An Eligible Employee who has satisfied the eligibility requirements of
paragraph (b) of this Section 3.01 shall enter the Plan and become a Participant
on the Entry Date coincident with or next following the date he satisfies such
requirements.

Section 3.02 Certain Employees Ineligible.

The following Employees are ineligible to participate in the Plan:

(a)   Employees covered by a collective bargaining agreement between the
      Employer and the Employee's collective bargaining representative if:

      (i)   retirement benefits have been the subject of good faith bargaining
            between the Employer and the representative, and

      (ii)  the collective bargaining agreement does not expressly provide that
            Employees of such unit be covered under the Plan;

(b)   Employees who are "leased employees" (as defined in Section 414(n) of the
      Code);

(c)   Employees who are nonresident aliens and who receive no earned income from
      an Employer which constitutes income from sources within the United
      States;

(d)   Employees of an Affiliate of the Association that has not adopted the Plan
      pursuant to Sections 12.01 or 12.02 of the Plan; and

                                       11

<PAGE>

Section 3.03 Transfer to Eligible Employment.

If an Employee ineligible to participate in the Plan by reason of Section 3.02
of the Plan transfers to employment as an Eligible Employee, he shall enter the
Plan as of the later of:

(a)   the first Entry Date after the date of transfer, or

(b)   the first Entry Date on which he could have become a Participant pursuant
      to Section 3.01 of the Plan if his prior employment with the Employer or
      Affiliate had been as an Eligible Employee.

Section 3.04 Participation after Reemployment.

Any former Employee who is re-employed by an Employer and has previously
satisfied the eligibility requirements of Section 3.01 of the Plan, and is not
otherwise excluded from participation by reason of Section 3.02 of the Plan,
shall re-enter the Plan and become a Participant as of his date of
re-employment. Any former Employee who is re-employed by an Employer and has not
previously satisfied the eligibility requirements of Section 3.01 of the Plan,
and is not otherwise excluded from participation by reason of Section 3.02 of
the Plan, shall enter the Plan and become a Participant as of the Entry Date
following his completion of the eligibility requirements of Section 3.01 of the
Plan.

Section 3.05 Participation Not Guarantee of Employment.

Participation in the Plan does not constitute a guarantee or contract of
employment and will not give any Employee the right to be retained in the employ
of the Association or any of its Affiliates nor any right or claim to any
benefit under the terms of the Plan unless such right or claim has specifically
accrued under the Plan.

                                       12

<PAGE>

                                    SECTION 4
                                  Contributions

Section 4.01 Employer Contributions.

(a)   Discretionary Contributions. Each Plan Year, each Employer, in its
      discretion, may make a contribution to the Trust. Each Employer making a
      contribution for any Plan Year under this Section 4.01(a) will contribute
      to the Trustee cash equal to, or Company Stock or other property having an
      aggregate fair market value equal to, such amount as the Board of
      Directors of the Employer shall determine by resolution. Notwithstanding
      the Employer's discretion with respect to the medium of contribution, an
      Employer shall not make a contribution in any medium which would make such
      contribution a prohibited transaction (for which no exemption is provided)
      under Section 406 of ERISA or Section 4975 of the Code.

(b)   Employer Contributions for Acquisition Loans. Each Plan Year, the
      Employers shall, subject to the provisions of the Association's "Plan of
      Reorganization" (as filed with the appropriate governmental agencies in
      connection with the Association's reorganization into a mutual holding
      company form of organization) and any related regulatory prohibitions,
      contribute an amount of cash sufficient to enable to the Trustee to
      discharge any indebtedness incurred with respect to an Acquisition Loan
      pursuant to the terms of the Acquisition Loan. The Employers' obligation
      to make contributions under this Section 4.01(b) shall be reduced to the
      extent of any investment earnings attributable to such contributions and
      any cash dividends paid with respect to Company Stock held by the Trustee
      in the Loan Suspense Account. The Employers' obligation to make
      contributions under this Section 4.01(b) shall further be reduced to the
      extent of any cash contribution made pursuant to the provisions of
      paragraph (c) of this Section 4.01. If there is more than one Acquisition
      Loan, the Employers shall designate the one to which any contribution
      pursuant to this Section 4.01(b) and, if applicable, paragraph (c) of this
      Section 4.01, is to be applied.

(c)   Employer Matching Contributions under the Savings Plan. For each Plan
      Year, each Employer, in its discretion, may make a contribution to the
      Trust equal to a percentage of the Employee's elective salary deferrals
      made for the Plan Year under the Savings Plan. Each Employer making a
      contribution for any Plan Year under this Section 4.01(c) shall contribute
      to the Trustee cash equal to, or Company Stock or other property having an
      aggregate fair market value equal to, such amount as the Board of
      Directors of the Employer shall determine by resolution or as shall be set
      forth in the Savings Plan, as applicable. Notwithstanding the Employer's
      discretion with respect to the medium of contribution, an Employer shall
      not make a contribution in any medium which would make such contribution a
      prohibited transaction (for which no exemption is provided) under Section
      406 of ERISA or Section 4975 of the Code.

                                       13

<PAGE>

Section 4.02 Limitations on Contributions.

In no event shall an Employer's contribution(s) made under Section 4.01 of the
Plan for any Plan Year exceed the lesser of:

(a)   The maximum amount deductible under Section 404 of the Code by that
      Employer as an expense for Federal income tax purposes; and

(b)   The maximum amount which can be credited for that Plan Year in accordance
      with the allocation limitation provisions of Section 5.05 of the Plan.

Section 4.03 Acquisition Loans.

The Trustee may incur Acquisition Loans from time to time to finance the
acquisition of Company Stock for the Trust or to repay a prior Acquisition Loan.
An Acquisition Loan shall be for a specific term, shall bear a reasonable rate
of interest, and shall not be payable in demand except in the event of default
and shall be primarily for the benefit of Participants and Beneficiaries of the
Plan. An Acquisition Loan may be secured by a collateral pledge of the Financed
Shares so acquired and any other Plan assets which are permissible security
within the provisions of Section 54.4975-7(b) of the Treasury Regulations. No
other assets of the Plan or Trust may be pledged as collateral for an
Acquisition Loan, and no lender shall have recourse against any other Trust
assets. Any pledge of Financed Shares must provide for the release of shares so
pledged on a basis equal to the principal and interest (or if the requirements
of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the
Employer so elects, principal payments only), paid by the Trustee on the
Acquisition Loan. The released Financed Shares shall be allocated by
Participants' Accounts in accordance with the provisions of Sections 5.04 or
5.09 of the Plan, whichever is applicable. Payment of principal and interest on
any Acquisition Loan shall be made by the Trustee only from the Employer
contributions paid in cash to enable the Trustee to repay such loan in
accordance with Sections 4.01(b) or 4.01(c) of the Plan, from earnings
attributable to such contributions, and any cash dividends received by the
Trustee on Financed Shares acquired with the proceeds of the Acquisition Loan
(including contributions, earnings and dividends received during or prior to the
year of repayment less such payments in prior years), whether or not allocated.
Financed Shares shall initially be credited to the Loan Suspense Account and
shall be transferred for allocation to the Company Stock Account of Participants
only as payments of principal and interest (or, if the requirements of Section
54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the Employer so
elects, principal payments only), on the Acquisition Loan are made by the
Trustee. The number of Financed Shares to be released from the Loan Suspense
Account for allocation to Participants' Company Stock Account for each Plan Year
shall be based on the ratio that the payments of principal and interest (or, if
the requirements of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are
met and the Employer so elects, principal payments only), on the Acquisition
Loan for that Plan Year bears to the sum of the payments of principal and
interest on the Acquisition Loan for that

                                       14

<PAGE>

Plan Year plus the total remaining payment of principal and interest projected
(or, if the requirements of Section 54.4975-7(b)(8)(ii) of the Treasury
Regulations are met and the Employer so elects, principal payments only), on the
Acquisition Loan over the duration of the Acquisition Loan repayment period,
subject to the provisions of Section 5.05 of the Plan.

Section 4.04. Conditions as to Contributions.

In addition to the provisions of Section 12.03 of the Plan for the return of an
Employer's contributions in connection with a failure of the Plan to qualify
initially under the Code, any amount contributed by an Employer due to a good
faith mistake of fact, or based upon a good faith but erroneous determination of
its deductibility under Section 404 of the Code, shall be returned to the
Employer within one year after the date on which the Employer originally made
such contribution, or within one year after its nondeductibility has been
finally determined. However, the amount to be returned shall be reduced to take
account of any adverse investment experience within the Trust in order that the
balance credited to each Participant's Accounts is not less that it would have
been if the contribution had never been made by the Employer.

Section 4.05 Employee Contributions.

Employee contributions are neither required nor permitted under the Plan.

Section 4.06 Rollover Contributions.

Rollover contributions of assets from other tax-qualified retirement plans are
not permitted under the Plan.

Section 4.07 Trustee-to-Trustee Transfers.

Trustee-to-trustee transfer of assets from other tax-qualified retirement plans
are not permitted under the Plan.

                                       15

<PAGE>

                                    SECTION 5
                                 Plan Accounting

Section 5.01 Accounting for Allocations.

The Committee shall establish the Accounts (and sub-accounts, if deemed
necessary) for each Participant, and the accounting procedures for the purpose
of making the allocations to the Participants' Accounts provided for in this
Section 5. The Committee shall maintain adequate records of the cost basis of
shares of Company Stock allocated to each Participant's Company Stock Account.
The Committee also shall keep separate records of Financed Shares attributable
to each Acquisition Loan and of contributions made by the Employers (and any
earnings thereon) made for the purpose of enabling the Trustee to repay any
Acquisition Loan. From time to time, the Committee may modify its accounting
procedures for the purpose of achieving equitable and nondiscriminatory
allocations among the Accounts of Participants, in accordance with the
provisions of this Section 5 and the applicable requirements of the Code and
ERISA. In accordance with Section 9 of the Plan, the Committee may delegate the
responsibility for maintaining Accounts and records.

Section 5.02 Maintenance of Participants' Company Stock Accounts.

As of each Valuation Date, the Committee shall adjust the Company Stock Account
of each Participant to reflect activity during the Valuation Period as follows:

(a)   First, charge to each Participant's Company Stock Account all
      distributions and payments made to him that have not been previously
      charged;

(b)   Next, credit to each Participant's Company Stock Account the shares of
      Company Stock, if any, that have been purchased with amounts from his
      Other Investments Account, and adjust such Other Investments Account in
      accordance with the provisions of Section 5.03 of the Plan; and

(c)   Finally, credit to each Participant's Company Stock Account the shares of
      Company Stock representing contributions made by the Employers in the form
      of Company Stock and the number of Financed Shares released from the Loan
      Suspense Account under Section 4.03 of the Plan that are to be allocated
      and credited as of that date in accordance with the provisions of Section
      5.04 of the Plan.

                                       16

<PAGE>

Section 5.03 Maintenance of Participants' Other Investments Accounts.

As of each Valuation Date, the Committee shall adjust the Other Investments
Account of each Participant to reflect activity during the Valuation Period as
follows:

(a)   First, charge to each Participant's Other Investments Account all
      distributions and payments made to him that have not previously been
      charged;

(b)   Next, if Company Stock is purchased with assets from a Participant's Other
      Investments Account, the Participant's Other Investments Account shall be
      charged accordingly;

(c)   Next, subject to the dividend provisions of Section 5.09 of the Plan,
      credit to the Other Investments Account of each Participant any cash
      dividends paid to the Trustee on shares of Company Stock held in that
      Participant's Company Stock Account (as of the record date for such cash
      dividends) and dividends paid on shares of Company Stock held in the Loan
      Suspense Account that have not been used to repay any Acquisition Loan.
      Cash dividends that have not been used to repay an Acquisition Loan and
      have been credited to a Participant's Other Investments Account shall be
      applied by the Trustee to purchase shares of Company Stock, which shares
      shall then be credited to the Company Stock Account of such Participant.
      The Participant's Other Investments Account shall then be charged by the
      amount of cash used to purchase such Company Stock or used to repay any
      Acquisition Loan. In addition, any earnings on:

      (i)   Other Investments Accounts will be allocated to Participants' Other
            Investments Account, pro rata, based on such Other Investment
            Accounts balances as of the first day of the Valuation Period, and

      (ii)  the Loan Suspense Account, other than dividends used to repay the
            Acquisition Loan, will be allocated to Participants' Other
            Investments Accounts, pro rata, based on their Other Investment
            Account Balances as of the first day of the Valuation Period.

(d)   Next, allocate and credit the Employer contributions made pursuant to
      Section 4.01(b) of the Plan for the purpose of repaying any Acquisition
      Loan in accordance with Section 5.04 of the Plan. Such amount shall then
      be used to repay any Acquisition Loan and such Participant's Other
      Investments Account shall be charged accordingly; and

(e)   Finally, allocate and credit the Employer contributions (other than
      amounts contributed to repay an Acquisition Loan) that are made in cash
      (or property other than Company Stock) for the Plan Year to the Other
      Investments Account of each Participant in accordance with Section 5.04 of
      the Plan.

                                       17

<PAGE>

Section 5.04 Allocation and Crediting of Employer Contributions.

(a)   Except as otherwise provided for in Section 5.09 of the Plan, as of the
      Valuation Date for each Plan Year:

      (i)   Company Stock released from the Loan Suspense Account for that year
            and shares of Company Stock contributed directly to the Plan shall
            be allocated and credited to each Active Participant's (as defined
            in paragraph (c) of this Section 5.04) Account as follows:

            (A)   first the number of shares of Company Stock with a fair market
                  value (valued as of the time the Matching Contributions are
                  accrued under the Savings Plan) equal to the Matching
                  Contributions made under Section 4.01(c) of the Plan on behalf
                  of an Active Participant shall be credited to the Active
                  Participant's Company Stock Account (and a matching
                  contribution sub-account); and then

            (B)   the number of shares of Company Stock that bears the same
                  ratio as the Active Participant's Compensation bears to the
                  aggregate Compensation of all Active Participants for the Plan
                  Year shall be credited to such Active Participant's Company
                  Stock Account, and then

      (ii)  The cash contributions not used to repay an Acquisition Loan and any
            other property contributed for that year shall be allocated and
            credited to each Active Participant's Account based on the ratio
            determined by comparing each Active Participant's Compensation to
            the aggregate Compensation of all Active Participants for the Plan
            Year as follows:

            (A)   first the cash contributions and any other property with a
                  fair market value (valued as of the time the Matching
                  Contributions are accrued under the Savings Plan) equal to the
                  Matching Contributions made under Section 4.01(c) of the Plan
                  on behalf of an Active Participant shall be credited to the
                  Active Participant's Other Investment Accounts (and a matching
                  contribution sub-account); and then

            (B)   the cash contributions and any other property contributed for
                  that year shall be allocated and credited to such
                  Participant's Other Investment Accounts in the same ratio as
                  the Active Participant's Compensation bears to the aggregate
                  Compensation of all Active Participants for the Plan Year.

                                       18

<PAGE>

(b)   For purposes of this Section 5.04, the term "Active Participant" means:

      (i)   with respect to contributions made pursuant to Section 4.01(c) of
            the Plan, those Participants who would have otherwise have been
            entitled to an allocation of matching contributions under the terms
            of the Savings Plan for such period; and

      (ii)  With respect to contributions made pursuant to Sections 4.01(a) and
            4.01(b) of the Plan, those Employees who:

            (A)   were employed by that Employer, including Employees on a
                  Recognized Absence, on the last day of the Plan Year, or

            (B)   terminated employment during the Plan Year by reason of death,
                  Disability, or attainment of their Retirement Date.

Section 5.05 Limitations on Allocations.

(a)   In General. Subject to the provisions of this Section 5.05, Section 415 of
      the Code shall be incorporated by reference into the terms of the Plan. No
      allocation shall be made under Section 5.04 of the Plan that would result
      in a violation of Section 415 of the Code.

(b)   Code Section 415 Compensation. For purposes of this Section 5.05,
      Compensation shall be adjusted to reflect the general rule of Section
      1.415-2(d) of the Treasury Regulations.

(c)   Limitation Year. The "limitation year" (within the meaning of Section 415
      of the Code) shall be the calendar year.

(d)   Multiple Defined Contribution Plans. In any case where a Participant also
      participates in another defined contribution plan of the Association or
      its Affiliates, the appropriate committee of such other plan shall first
      reduce the after-tax contributions under any such plan, shall then reduce
      any elective deferrals under any such plan subject to Section 401(k) of
      the Code, shall then reduce all other contributions under any other such
      plan and, if necessary, shall then reduce contributions under this Plan,
      subject to the provisions of paragraph (f) of this Section 5.05.

(e)   Excess Allocations. If, after applying the allocation provisions under
      Section 5.04 of the Plan, allocations under Section 5.04 of the Plan would
      otherwise result in a violation of Section 415 of the Code, the Committee
      shall allocate and reallocate employer contributions to other Participants
      in the Plan for the limitation year or, if such allocation and
      reallocation causes the limitations of Section 415 of the Code to be
      exceeded, shall hold excess amounts in an unallocated suspense account for
      allocation in a subsequent Plan Year in accordance with Section
      1.415-6(b)(6)(i) of the Treasury Regulations. Such

                                       19

<PAGE>

      suspense account, if permitted, will be credited before any allocation of
      contributions for subsequent limitation years.

Section 5.06 Other Limitations.

Aside from the limitations set forth in Sections 5.05 of the Plan, in no event
shall more than one-third of the Employer contributions to the Plan (including
Matching Contributions) be allocated to the Accounts of Highly Compensated
Employees. In order to ensure such allocations are not made, the Committee
shall, beginning with the Participants whose Compensation exceeds the limit then
in effect under Section 401(a)(17) of the Code, reduce the amount of
Compensation of such Highly Compensated Employees on a pro-rata basis per
individual that would otherwise be taken into account for purposes of allocating
benefits under Section 5.04 of the Plan. If, in order to satisfy this Section
5.06, any such Participant's Compensation must be reduced to an amount that is
lower than the Compensation amount of the next highest paid (based on such
Participant's Compensation) Highly Compensated Employee (the "breakpoint
amount"), then, for purposes of allocating benefits under Section 5.04 of the
Plan, the Compensation of all concerned Participants shall be reduced to an
amount not to exceed such breakpoint amount.

Section 5.07 Limitations as to Certain Section 1042 Transactions.

To the extent that a shareholder of Company Stock sell qualifying Company Stock
to the Plan and elects (with the consent of the Association) nonrecognition of
gain under Section 1042 of the Code, no portion of the Company Stock purchased
in nonrecognition transaction (or other dividends or other income attributable
thereto) may accrue or be allocated during the nonallocation period (the ten
(10) year period beginning on the later of the date of the sale of the qualified
Company Stock, or the date of the Plan allocation attributable to the final
payment of an Acquisition Loan incurred in connection with such sale) for the
benefit of:

(a)   the selling shareholder;

(b)   the spouse, brothers or sisters (whether by the whole or half blood),
      ancestors or lineal descendants of the selling shareholder or descendant
      referred to in (a) above; or

(c)   any other person who owns, after application of Section 318(a) of the
      Code, more than twenty-five percent (25%) of:

      (i)   any class of outstanding stock of the Association or any Affiliate,
            or

      (ii)  the total value of any class of outstanding stock of the Association
            or any Affiliate.

      For purposes of this Section 5.07, Section 318(a) of the Code shall be
      applied without regard to the employee trust exception of Section
      318(a)(2)(B)(i) of the Code.

                                       20

<PAGE>

Section 5.08 Nondiscrimination Test for Matching Contributions.

(a)   Notwithstanding anything herein to the contrary, the Plan shall meet the
      nondiscrimination test of Section 401(m) of the Code for each Plan Year.
      In order to meet the nondiscrimination test, any or all of the following
      steps may be taken:

      (i)   At any time during the Plan Year, the Committee may limit the amount
            of Matching Contributions that may be made on behalf of Highly
            Compensated Employees;

      (ii)  Notwithstanding any other provision of the Plan, the Committee may
            distribute to Highly Compensated Employees the excess aggregate
            contributions made for the Plan Year (to the extent necessary to
            meet the requirements of Section 401(m) of the Code), plus any
            income and minus any loss allocable thereto, to Participants to
            whose accounts such excess aggregate contributions were allocated
            for the preceding Plan Year. Excess aggregate contributions are
            allocated to the Highly Compensated Employees with the largest
            Contribution Percentage (as defined herein) taken into account in
            calculating the Average Contribution Percentage Test for the year
            which the excess arose, beginning with the Highly Compensated
            Employee with the largest amount of such Contribution Percentage and
            continuing in descending order until all the excess aggregated
            contributions have been allocated;

      (iii) The Committee may recommend to the Board of Directors of the
            Association that the Employer make an additional Matching
            Contribution to the Plan for the benefit of Participants who are not
            Highly Compensated Employees to the extent necessary to meet the
            requirements of Section 401(m) of the Code; and

      (iv)  The Committee may take any other steps that the Committee deems
            appropriate.

(b)   The nondiscrimination requirements of Section 401(m) of the Code require
      that, in each Plan Year, the "Contribution Percentage" (defined below) of
      the eligible Highly Compensated Employees for such Plan Year does not
      exceed the greater of:

      (i)   The Contribution Percentage of all other eligible Employees for the
            preceding Plan Year multiplied by 1.25; or

      (ii)  The lesser of the Contribution Percentage of all other eligible
            Employees for the preceding Plan Year multiplied by 2, or the
            Contribution Percentage of all other eligible Employees for the
            preceding Plan Year plus 2 percentage points. (Use of this
            alternative limitation shall be subject to the provisions of Section
            1.401(m)-2

                                       21

<PAGE>

            of the Treasury Regulations regarding the multiple use of the
            alternative deferral tests set for forth in Section 401(k) and
            401(m) of the Code.)

      The Committee may elect to calculate the Contribution Percentages using
      the Plan Year rather than the preceding Plan Year; provided, however, that
      if the Committee so elects, the election may only be changed as provided
      by the Secretary of the Treasury.

(c)   The "Contribution Percentage" for a group of Employees is the average of
      the ratios, calculated separately for each Employee in the group, of the
      amount of Matching Contributions that are credited under the Plan on
      behalf of each Employee for the Plan Year, to the Employee's Compensation
      for the Plan Year.

Section 5.09 Change in Control Provisions.

(a)   Upon a Change in Control, the Committee shall direct the Trustee to sell
      or otherwise dispose of a sufficient number of share of Company Stock held
      in the Loan Suspense Account, and the proceeds of such sale of disposition
      shall be used to repay in full any outstanding Acquisition Loan of the
      Plan. After repayment of the Acquisition Loan, all remaining shares of
      Company Stock held in the Loan Suspense Account and any cash proceeds from
      the sale or other disposition of any shares of Company Stock held in the
      Loan Suspense shall be allocated among the Accounts of all Participants
      who were employed by an Employer immediately preceding the date on which
      the Change in Control occurs. Such allocation of shares or cash proceeds
      shall be credited as of the date on which the Change in Control occurs to
      the Accounts of each Participant who is either in active Service with an
      Employer immediately preceding the date on which the Change in Control
      occurs or is on a Recognized Absence immediately preceding the date on
      which the Change in Control occurs (each an "Affected Participant"), in
      proportion to the opening balances in their Company Stock Accounts as of
      the first day of the current Valuation Period. If any amount cannot be
      allocated to an Affected Participant's Account in the limitation year
      during which a Change in Control occurs as a result of the limitations of
      Section 415 of the Code, the amounts will be allocated in subsequent years
      to those persons who were Affected Participants and who continue to be
      Participants in the Plan until such amounts are finally allocated to
      Affected Participants.

(b)   Notwithstanding any other provision of the Plan, this Section 5.09 may not
      be amended on or after a Change in Control has occurred, unless required
      by the Internal Revenue Service as a condition of the continued treatment
      of the Plan as a tax-qualified plan under Section 401(a) of the Code.

(c)   This Section 5.09 shall have no force and effect unless the price paid for
      the Company Stock in connection with the Change in Control is greater than
      the average basis of the unallocated Company Stock held in the Loan
      Suspense Account as of the date of the Change in Control.

                                       22

<PAGE>

Section 5.10 Dividends.

(a)   Stock Dividends. Dividends on Company Stock which are received by the
      Trustee in the form of additional Company Stock shall be retained in the
      portion of the Trust Fund consisting of Company Stock, and shall be
      allocated among the Participants' Accounts and the Loan Suspense Account
      in accordance with their holdings of the Company Stock on which the
      dividends have been paid.

(b)   Cash Dividends on Allocated Shares. Dividends on Company Stock credited to
      Participants' Accounts which are received by the Trustee in the form of
      cash shall, at the direction of the Association, either:

      (i)   be credited to Participants' Accounts in accordance with Section
            5.03 of the Plan and invested as part of the Trust Fund;

      (ii)  be distributed immediately to the Participants;

      (iii) be distributed to the Participants within ninety (90) days of the
            close of the Plan Year in which paid; or

      (iv)  be used to repay principal and interest on the Acquisition Loan used
            to acquire Company Stock on which the dividends were paid.

In addition to the alternatives specified in the preceding paragraph regarding
the treatment of cash dividends paid with respect to shares of Company Stock
credited to Participants' Accounts, if authorized by the Committee for the Plan
Year, a Participant may elect that cash dividends paid on Company Stock credited
to the Participant's Account shall either be:

      (i)   paid to the Plan, reinvested in Company Stock and credited to the
            Participant's Account;

      (ii)  distributed in cash to the Participant; or

      (iii) distributed to the Participant within ninety (90) days of the close
            of the Plan Year in which paid.

Dividends subject to an election under this paragraph (and any Company Stock
acquired therewith pursuant to a Participant's election) shall at all times be
fully vested. To the extent the Committee authorizes elections pursuant to this
paragraph, the Committee shall establish policies and procedures relating to
Participant elections and, if applicable, the reinvestment of cash dividends in
Company Stock, which are consistent with guidance issued under Section 404(k) of
the Code or which the Committee believes is consistent with the provisions of
Section 404(k) of the Code in the absence of any regulatory guidance.

                                       23

<PAGE>

(c)   Cash Dividends on Unallocated Shares. Dividends on Company Stock held in
      the Loan Suspense Account which are received by the Trustee in the form of
      cash shall be applied as soon as practicable to payments of principal and
      interest under the Acquisition Loan incurred with the purchase of the
      Company Stock.

(d)   Financed Shares. Financed Shares released from the Loan Suspense Account
      by reason of dividends paid with respect to such Company Stock shall be
      allocated under Sections 5.03 and 5.04 of the Plan as follows:

      (i)   First, Financed Shares with a fair market value at least equal to
            the dividends paid with respect the Company Stock allocated to
            Participants' Accounts shall be allocated among and credited to the
            Accounts of such Participants, pro rata, according to the number of
            shares of Company Stock held in such accounts on the date such
            dividend is declared by the Company; and

      (ii)  Then, any remaining Financed Shares released from the Loan Suspense
            Account by reason of dividends paid with respect to Company Stock
            held in the Loan Suspense Account shall be allocated among and
            credited to the Accounts of all Participants, pro rata, according to
            each Participant's Compensation.

                                       24

<PAGE>

                                    SECTION 6
                             Vesting and Forfeitures

Section 6.01 Deferred Vesting in Accounts.

                Period of Service            Vested Percentage
                -----------------            -----------------

                        1                            20%
                        2                            40%
                        3                            60%
                        4                            80%
                        5                           100%

For purposes of determining a Participant's Period of Service under this Section
6.01, employment with the Association or an Affiliate shall be deemed employment
with the Employer. For purposes of determining a Participant's vested percentage
in his Accounts, all Periods of Service shall be included.

Section 6.02 Immediate Vesting in Certain Situations.

(a)   Notwithstanding Section 6.01(a) and (b) of the Plan, a Participant shall
      become fully vested in his Accounts upon the earlier of:

      (i)   termination of the Plan or upon the permanent and complete
            discontinuance of contributions by his Employer to the Plan;
            provided, however, that in the event of a partial termination, the
            interest of each Participant shall fully vest only with respect to
            that part of the Plan which is terminated;

      (ii)  the Participant's attainment of his Normal Retirement Age;

      (iii) a "Change in Control" (as defined in Section 2.01 of the Plan); or

      (iv)  termination of employment by reason of death, Disability, Early
            Retirement or reaching his Retirement Date.

                                       25

<PAGE>

Section 6.03 Treatment of Forfeitures.

(a)   If a Participant who is not fully vested in his Accounts terminates
      employment, that portion of his Accounts in which he is not vested shall
      be forfeited upon the earlier of:

      (i)   the date the Participant receives a distribution of his entire
            vested benefits under the Plan, or

      (ii)  the date at which the Participant incurs five (5) consecutive One
            Year Periods of Severance.

(b)   If a Participant who has terminated employment and has received a
      distribution of his entire vested benefits under the Plan is subsequently
      reemployed by an Employer prior to incurring five (5) consecutive One Year
      Periods of Severance, he shall have the portion of his Accounts which was
      previously forfeited restored to his Accounts, provided he repays to the
      Trustee within five (5) years of his subsequent employment date an amount
      equal to the distribution. The amount restored to the Participant's
      Account shall be credited to his Account as of the last day of the Plan
      Year in which the Participant repays the distributed amount to the Trustee
      and the restored amount shall come from other Employees' forfeitures and,
      if such forfeitures are insufficient, from a special contribution by his
      Employer for that year. If a Participant's employment terminates prior to
      his Account having become vested, such Participant shall be deemed to have
      received a distribution of his entire vested interest as of the Valuation
      Date next following his termination of employment.

(c)   If a Participant who has terminated employment but has not received a
      distribution of his entire vested benefits under the Plan is subsequently
      reemployed by an Employer subsequent to incurring five (5) consecutive One
      Year Periods of Severance, any undistributed balance of his Accounts from
      his prior participation which was not forfeited shall be maintained as a
      fully vested subaccount with his Account.

(d)   If a portion of a Participant's Account is forfeited, assets other than
      Company Stock must be forfeited before any Company Stock may be forfeited.

(e)   Forfeitures shall be reallocated among the other Participants in the Plan.

Section 6.04 Accounting for Forfeitures.

A forfeiture shall be charged to the Participant's Account as of the first day
of the first Valuation Period in which the forfeiture becomes certain pursuant
to Section 6.03 of the Plan. Except as otherwise provided in Section 6.03 of the
Plan, a forfeiture shall be added to the contributions of the terminated
Participant's Employer which are to be credited to other Participants pursuant
to Section 4 as of the last day of the Plan Year in which the forfeiture becomes
certain.

                                       26

<PAGE>

Section 6.05 Vesting Upon Reemployment.

(a)   If an Employee is not vested in his Accounts, incurs a One Year Period of
      Severance and again performs an Hour of Service, such Employee shall
      receive credit for his Periods of Service prior to his One Year Period of
      Severance only if the number of consecutive One Year Periods of Severance
      is less than the greater of: (i) five (5) years of (ii) the aggregate
      number of his Periods of Service credited before his One Year Period of
      Severance.

(b)   If a Participant is partially vested in his Accounts, incurs a One Year
      Period of Severance and again performs an Hour of Service, such
      Participant shall receive credit for his Periods of Service prior to his
      One Year Period of Severance; provided, however, that after five (5)
      consecutive One Year Periods of Severance, a former Participant's vested
      interest in his Accounts attributable to Periods of Service prior to his
      One Year Period of Severance shall not be increased as a result of his
      Periods of Service following his reemployment date.

(c)   If a Participant is fully vested in his Accounts, incurs a One Year Period
      of Severance and again performs an Hour of Service, such Participant shall
      receive credit for all his Periods of Service prior to his One Year Period
      of Severance.

                                       27

<PAGE>

                                    SECTION 7
                                  Distributions

Section 7.01 Distribution of Benefit Upon a Termination of Employment.

(a)   A Participant whose employment terminates for any reason shall receive the
      entire vested portion of his Accounts in a single payment on a date
      selected by the Committee; provided, however, that such date shall be on
      or before the 60th day after the end of the Plan Year in which the
      Participant's employment terminated. The benefits from that portion of the
      Participant's Other Investments Account shall be calculated on the basis
      of the most recent Valuation Date before the date of payment. Subject to
      the provisions of Section 7.05 of the Plan, if the Committee so provides,
      a Participant may elect that his benefits be distributed to him in the
      form of either Company Stock, cash, or some combination thereof.

(b)   Notwithstanding paragraph (a) of this Section 7.01, if the balance
      credited to a Participant's Accounts exceeds, at the time such benefit was
      distributable, $5,000, his benefits shall not be paid before the latest of
      his 65th birthday or the tenth anniversary of the year in which he
      commenced participation in the Plan, unless he elects an early payment
      date in a written election filed with the Committee. Such an election is
      not valid unless it is made after the Participant has received the
      required notice under Section 1.411(a)-11(c) of the Treasury Regulations
      that provides a general description of the material features of a lump sum
      distribution and the Participant's right to defer receipt of his benefits
      under the Plan. The notice shall be provided no less than 30 days and no
      more than 90 days before the first day on which all events have occurred
      which entitle the Participant to such benefit. Written consent of the
      Participant to the distribution generally may not be made within 30 days
      of the date the Participant receives the notice and shall not be made more
      than 90 days from the date the Participant receives the notice. However, a
      distribution may be made less than 30 days after the notice provided under
      Section 1.411(a)-11(c) of the Treasury Regulations is given, if:

      (i)   the Committee clearly informs the Participant that he has a right to
            a period of at least 30 days after receiving the notice to consider
            the decision of whether or not to elect a distribution (and if
            applicable, a particular distribution option), and

      (ii)  the Participant, after receiving the notice, affirmatively elects a
            distribution.

A Participant may modify such an election at any time, provided any new benefit
payment date is at least 30 days after a modified election is delivered to the
Committee.

Section 7.02 Minimum Distribution Requirements.

With respect to all Participants, other than those who are "5% owners" (as
defined in Section 416 of the Code), benefits shall be paid no later than the
April 1st of the later of:

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<PAGE>

      (i)   the calendar year following the calendar year in which the
            Participant attains age 70-1/2, or

      (ii)  the calendar year in which the Participant retires.

With respect to all Participants who are 5% owners within the meaning of Section
416 of the Code, such Participants' benefits shall be paid no later than the
April 1st of the calendar year following the calendar year in which the
Participant attains age 70-1/2.

Section 7.03 Benefits on a Participant's Death.

(a)   If a Participant dies before his benefits are paid pursuant to Section
      7.01 of the Plan, the balance credited to his Accounts shall be paid to
      his Beneficiary in a single distribution on or before the 60th day after
      the end of the Plan Year in which the Participant died. If the Participant
      has not named a Beneficiary or his named Beneficiary should not survive
      him, then the balance in his Accounts shall be paid to his estate. The
      benefits from that portion of the Participant's Other Investments Account
      shall be calculated on the basis of the most recent Valuation Date before
      the date of payment.

(b)   If a married Participant dies before his benefit payments begin, then,
      unless he has specifically elected otherwise, the Committee shall cause
      the balance in his Accounts to be paid to his spouse, as Beneficiary. A
      married Participant may name an individual other than his spouse as
      Beneficiary provided that such election is accompanied by the spouse's
      written consent which must:

      (i)   acknowledge the effect of the election;

      (ii)  explicitly provide either that the designated Beneficiary may not
            subsequently be changed by the Participant without the spouse's
            further consent or that it may be changed without such consent; and

      (iii) must be witnessed by the Committee, its representative, or a notary
            public.

This requirement shall not apply if the Participant establishes to the
Committee's satisfaction that the spouse may not be located.

(c)   The Committee shall from time to time take whatever steps it deems
      appropriate to keep informed of each Participant's marital status. Each
      Employer shall provide the Committee with the most reliable information in
      the Employer's possession regarding its Participants' marital status, and
      the Committee may, in its discretion, require a notarized affidavit from
      any Participant as to his marital status. The Committee, the Plan, the
      Trustee, and the Employers shall be fully protected and discharged from
      any liability to the extent of any benefit payments made as a result of
      the Committee's good faith and reasonable reliance upon information
      obtained from a Participant as to the Participant's marital status.

                                       29

<PAGE>

Section 7.04 Delay in Benefit Determination.

If the Committee is unable to determine the benefits payable to a Participant or
Beneficiary on or before the latest date prescribed for payment pursuant to this
Section 7, the benefits shall in any event be paid within 60 days after they can
first be determined, with whatever makeup payments may be appropriate in view of
the delay.

Section 7.05 Options to Receive and Sell Stock.

(a)   Unless ownership of virtually all Company Stock is restricted to active
      Employees and qualified retirement plans for the benefit of Employees
      pursuant to the certificates of incorporation or by-laws of the Employers
      issuing Company Stock, a terminated Participant or the Beneficiary of a
      deceased Participant may instruct the Committee to distribute the
      Participant's entire vested interest in his Accounts in the form of
      Company Stock. In that event, the Committee shall apply the Participant's
      vested interest in his Other Investments Account to purchase sufficient
      Company Stock to make the required distribution.

(b)   Any Participant who receives Company Stock pursuant to this Section 7.05,
      and any person who has received Company Stock from the Plan or from such a
      Participant by reason of the Participant's death or incompetency, by
      reason of divorce or separation from the Participant, or by reason of a
      rollover distribution described in Section 402(c) of the Code, shall have
      the right to require the Employer which issued the Company Stock to
      purchase the Company Stock for its current fair market value (hereinafter
      referred to as the "put right"). The put right shall be exercisable by
      written notice to the Committee during the first 60 days after the Company
      Stock is distributed by the Plan, and, if not exercised in that period,
      during the first 60 days in the following Plan Year after the Committee
      has communicated to the Participant its determination as to the Company
      Stock's current fair market value. If the put right is exercised, the
      Trustee may, if so directed by the Committee in its sole discretion,
      assume the Employer's rights and obligations with respect to purchasing
      the Stock. However, the put right shall not apply to the extent that the
      Company Stock, at the time the put right would otherwise be exercisable,
      may be sold on an established market in accordance with federal and state
      securities laws and regulations.

(c)   With respect to a put right, the Employer or the Trustee, as the case may
      be, may elect to pay for the Company Stock in equal periodic installments,
      not less frequently than annually, over a period not longer than five (5)
      years from the 30th day after the put right is exercised pursuant to
      paragraph (b) of this Section 7.05, with adequate security and interest at
      a reasonable rate on the unpaid balance, all such terms to be set forth in
      a promissory note delivered to the seller with normal terms as to
      acceleration upon any uncured default.

                                       30

<PAGE>

(d)   Nothing contained in this Section 7.05 shall be deemed to obligate any
      Employer to register any Company Stock under any federal or state
      securities law or to create or maintain a public market to facilitate the
      transfer or disposition of any Company Stock. The put right described in
      this Section 7.05 may only be exercised by a person described in the
      paragraph (b) of this Section 7.05, and may not be transferred with any
      Company Stock to any other person. As to all Company Stock purchased by
      the Plan in exchange for any Acquisition Loan, the put right must be
      nonterminable. The put right for Company Stock acquired through an
      Acquisition Loan shall continue with respect to such Company Stock after
      the Acquisition Loan is repaid or the Plan ceases to be an employee stock
      ownership plan. Except as provided above, in accordance with the
      provisions of Sections 54.4975-7(b)(4) of the Treasury Regulations, no
      Company Stock acquired with the proceeds of an Acquisition Loan may be
      subject to any put, call or other option or buy-sell or similar
      arrangement while held by, and when distributed from, the Plan, whether
      the Plan is then an employee stock ownership plan.

Section 7.06 Restrictions on Disposition of Stock.

Except in the case of Company Stock which is traded on an established market, a
Participant who receives Company Stock pursuant to this Section 7, and any
person who has received Company Stock from the Plan or from such a Participant
by reason of the Participant's death or incompetency, by reason of divorce or
separation from the Participant, or by reason of a rollover distribution
described in Section 402(c) of the Code, shall, prior to any sale or other
transfer of the Company Stock to any other person, first offer the Company Stock
to the issuing Employer and to the Plan at its current fair market value. This
restriction shall apply to any transfer, whether voluntary, involuntary, or by
operation of law, and whether for consideration or gratuitous. Either the
Employer or the Trustee may accept the offer within 14 days after it is
delivered. Any Company Stock distributed by the Plan shall bear a conspicuous
legend describing the right of first refusal under this Section 7.06, as
applicable, as well as any other restrictions upon the transfer of the Company
Stock imposed by federal and state securities laws and regulations.

Section 7.07 Direct Transfer of Eligible Plan Distributions.

(a)   Notwithstanding any provision of the Plan to the contrary that would
      otherwise limit a distributee's election under this Section, a distributee
      (as defined below) may elect to have any portion of an eligible rollover
      distribution (as defined below) paid directly to an eligible retirement
      plan (as defined below) specified by the distributee in a direct rollover
      (as defined below). A "distributee" includes a Participant or former
      Participant. In addition, the Participant's or former Participant's
      surviving spouse and the Participant's or former Participant's spouse or
      former spouse who is the alternate payee under a qualified domestic
      relations order, as defined in Section 414(p) of the Code, are
      distributees with regard to the interest of the spouse or former spouse.
      For purposes of this Section 7.07 a "direct rollover" is a payment by the
      Plan to the eligible retirement plan specified by the distributee

                                       31

<PAGE>

(b)   To effect such a direct transfer, the distributee must notify the
      Committee that a direct transfer is desired and provide to the Committee
      the eligible retirement plan to which the payment is to be made. Such
      notice shall be made in such form and at such time as the Committee may
      prescribe. Upon receipt of such notice, the Committee shall direct the
      Trustee to make a trustee-to-trustee transfer of the eligible rollover
      distribution to the eligible retirement plan so specified.

(c)   For purposes of this Section 7.07, an "eligible rollover distribution"
      shall have the meaning set forth in Section 402(c)(4) of the Code and any
      Treasury Regulations promulgated thereunder. To the extent such meaning is
      not inconsistent with the above references, an eligible rollover
      distribution shall mean any distribution of all or any portion of the
      Participant's Account, except that such term shall not include any
      distribution which is one of a series of substantially equal periodic
      payments (not less frequently than annually) made (i) for the life (or
      life expectancy) of the Participant or the joint lives (or joint life
      expectancies) of the Participant and a designated Beneficiary, or (ii) for
      a period of ten years or more. . Further, the term "eligible rollover
      distribution" shall not include any distribution required to be made under
      Section 401(a)(9) of the Code or, the portion of any distribution that is
      not includible in gross income (determined without regard to the
      exclusions for net unrealized appreciation with respect to Company Stock).
      To the extent applicable under the Plan, "eligible rollover distributions
      shall also not include any hardship distribution described in Section
      401(k)(2)(B)(i)(IV) of the Code.

(d)   For purposes of this Section 7.07, "an "eligible retirement plan" shall
      have the meaning set forth in Section 402(c)(8) of the Code and any
      Treasury Regulations promulgated thereunder. To the extent such meaning is
      not consistent with the above references, an eligible retirement plan
      shall mean: (i) an individual retirement account described in Section
      408(a) of the Code, (ii) an individual retirement annuity described in
      Section 408(b) of the Code, (iii) an annuity plan described in Section
      403(a) of the Code, or (iv) a qualified trust described in Section 401(a)
      of the Code that accepts the distributee's eligible rollover distribution.
      However, in the case of an eligible rollover distribution to the surviving
      spouse, an eligible retirement plan is an individual retirement account or
      individual retirement annuity

                                       32

<PAGE>

                                    SECTION 8
                    Voting of Company Stock and Tender Offers

Section 8.01 Voting of Company Stock.

(a)   In General. The Trustee shall generally vote all shares of Company Stock
      held in the Trust in accordance with the provisions of this Section 8.01.

(b)   Allocated Shares. Shares of Company Stock which have been allocated to
      Participants' Accounts shall be voted by the Trustee in accordance with
      the Participants' written instructions.

(c)   Uninstructed and Unallocated Shares. Shares of Company Stock which have
      been allocated to Participants' Accounts but for which no written
      instructions have been received by the Trustee regarding voting shall be
      voted by the Trustee in a manner calculated to most accurately reflect the
      instructions the Trustee has received from Participants regarding voting
      shares of allocated Company Stock. Shares of unallocated Company Stock
      shall also be voted by the Trustee in a manner calculated to most
      accurately reflect the instructions the Trustee has received from
      Participants regarding voting shares of allocated Company Stock.
      Notwithstanding the preceding two sentences, all shares of Company Stock
      which have been allocated to Participants' Accounts and for which the
      Trustee has not timely received written instructions regarding voting and
      all unallocated shares of Company Stock must be voted by the Trustee in a
      manner determined by the Trustee to be solely in the best interests of the
      Participants and Beneficiaries.

(d)   Voting Prior to Allocation. In the event no shares of Company Stock have
      been allocated to Participants' Accounts at the time Company Stock is to
      be voted, each Participant shall be deemed to have one share of Company
      Stock allocated to his Accounts for the sole purpose of providing the
      Trustee with voting instructions.

(e)   Procedure and Confidentiality. Whenever such voting rights are to be
      exercised, the Employers, the Committee, and the Trustee shall see that
      all Participants and Beneficiaries are provided with the same notices and
      other materials as are provided to other holders of the Company Stock, and
      are provided with adequate opportunity to deliver their instructions to
      the Trustee regarding the voting of Company Stock allocated to their
      Accounts or deemed allocated to their Accounts for purposes of voting. The
      instructions of the Participants with respect to the voting of shares of
      Company Stock shall be confidential.

Section 8.02 Tender Offers.

In the event of a tender offer, Company Stock shall be tendered by the Trustee
in the same manner set forth in Section 8.01 of the Plan regarding the voting of
Company Stock.

                                       33

<PAGE>

                                    SECTION 9
                      The Committee and Plan Administration

Section 9.01 Identity of the Committee.

The Committee shall consist of three or more individuals selected by the
Association. Any individual, including a director, trustee, shareholder,
officer, or Employee of an Employer, shall be eligible to serve as a member of
the Committee. The Association shall have the power to remove any individual
serving on the Committee at any time without cause upon ten (10) days written
notice to such individual and any individual may resign from the Committee at
any time without reason upon ten (10) days written notice to the Association.
The Association shall notify the Trustee of any change in membership of the
Committee.

Section 9.02 Authority of Committee.

(a)   The Committee shall be the "plan administrator" within the meaning of
      ERISA and shall have exclusive responsibility and authority to control and
      manage the operation and administration of the Plan, including the
      interpretation and application of its provisions, except to the extent
      such responsibility and authority are otherwise specifically:

      (i)   allocated to the Association, the Employers, or the Trustee under
            the Plan and Trust Agreement;

      (ii)  delegated in writing to other persons by the Association, the
            Employers, the Committee, or the Trustee; or

      (iii) allocated to other parties by operation of law.

(b)   The Committee shall have exclusive responsibility regarding decisions
      concerning the payment of benefits under the Plan.

(c)   The Committee shall have full investment responsibility with respect to
      the Investment Fund except to the extent, if any, specifically provided in
      the Trust Agreement.

(e)   In the discharge of its duties, the Committee may employ accountants,
      actuaries, legal counsel, and other agents (who also may be employed by an
      Employer or the Trustee in the same or some other capacity) and may pay
      such individuals reasonable compensation and expenses for their services
      rendered with respect to the operation or administration of the Plan to
      the extent such payments are not otherwise prohibited by law.

Section 9.03 Duties of Committee.

(a)   The Committee shall keep whatever records may be necessary in connection
      with the maintenance of the Plan and shall furnish to the Employers
      whatever reports may be required from time to time by the Employers. The
      Committee shall furnish to the Trustee

                                       34

<PAGE>

      whatever information may be necessary to properly administer the Trust.
      The Committee shall see to the filing with the appropriate government
      agencies of all reports and returns required with respect to the Plan
      under ERISA and the Code and other applicable laws.

(b)   The Committee shall have exclusive responsibility and authority with
      respect to the Plan's holdings of Company Stock and shall direct the
      Trustee in all respects regarding the purchase, retention, sale, exchange,
      and pledge of Company Stock and the creation and satisfaction of any
      Acquisition Loan to the extent such responsibilities are not set forth in
      the Trust Agreement.

(c)   The Committee shall at all times act consistently with the Association's
      long-term intention that the Plan, as an employee stock ownership plan, be
      invested primarily in Company Stock. Subject to the direction of the
      Committee with respect to any Acquisition Loan pursuant to the provisions
      of Section 4.03 of the Plan, and subject to the provisions of Sections
      7.05 and 11.04 of the Plan as to Participants' rights under certain
      circumstances to have their Accounts invested in Company Stock or in
      assets other than Company Stock, the Committee shall determine, in its
      sole discretion, the extent to which assets of the Trust shall be used to
      repay any Acquisition Loan, to purchase Company Stock, or to invest in
      other assets selected by the Committee or an investment manager. No
      provision of the Plan relating to the allocation or vesting of any
      interests in the Company Stock or investments other than Company Stock
      shall restrict the Committee from changing any holdings of the Trust Fund,
      whether the changes involve an increase or a decrease in the Company Stock
      or other assets credited to Participants' Accounts. In determining the
      proper extent of the Trust Fund's investment in Company Stock, the
      Committee shall be authorized to employ investment counsel, legal counsel,
      appraisers, and other agents and to pay their reasonable compensation and
      expenses to the extent such payments are not prohibited by law.

(d)   If the valuation of any Company Stock is not established by reported
      trading on a generally recognized public market, then the Committee shall
      have the exclusive authority and responsibility to determine value of the
      Company Stock for all purposes under the Plan. Such value shall be
      determined as of each Valuation Date and on any other date as of which the
      Trustee purchases or sells Company Stock in a manner consistent with
      Section 4975 of the Code and the Treasury Regulations thereunder. The
      Committee shall use generally accepted methods of valuing stock of similar
      corporations for purposes of arm's length business and investment
      transactions, and in this connection the Committee shall obtain, and shall
      be protected in relying upon, the valuation of Company Stock as determined
      by an independent appraiser (as defined in Section 401(a)(28)(c) of the
      Code).

Section 9.04 Compliance with ERISA and the Code.

The Committee shall perform all acts necessary to ensure the Plan's compliance
with ERISA and the Code. Each individual member of the Committee shall discharge
his duties in good faith and in accordance with the applicable requirements of
ERISA and the Code.

                                       35

<PAGE>

Section 9.05 Action by Committee.

All actions of the Committee shall be governed by the affirmative vote of a
number of the members of the Committee which is a majority of the total number
of the members of the Committee. The members of the Committee may meet
informally and may take any action without meeting as a group.

Section 9.06 Execution of Documents.

Any instrument executed by the Committee may be signed by any member of the
Committee.

Section 9.07 Adoption of Rules.

The Committee shall adopt such rules and regulations of uniform applicability as
it deems necessary or appropriate for the proper operation, administration and
interpretation of the Plan.

Section 9.08 Responsibilities to Participants.

The Committee shall determine which Employees qualify to participate in the
Plan. The Committee shall furnish to each Eligible Employee whatever summary
plan descriptions, summary annual reports, and other notices and information
which may be required under ERISA. The Committee also shall determine when a
Participant or his Beneficiary qualifies for the payment of benefits under the
Plan. The Committee shall furnish to each such Participant or Beneficiary
whatever information is required under ERISA or the Code (or is otherwise
appropriate) to enable the Participant or Beneficiary to make whatever elections
may be available pursuant to Section 7, and the Committee shall provide for the
payment of benefits in the proper form and amount from the Trust. The Committee
may decide in its sole discretion to permit modifications of elections and to
defer or accelerate benefits to the extent consistent with the terms of the
Plan, applicable law, and the best interests of the individuals concerned.

Section 9.09 Alternative Payees in Event of Incapacity.

If the Committee finds at any time that an individual qualifying for benefits
under this Plan is a minor or is incompetent, the Committee may direct the
benefits to be paid, in the case of a minor, to his parents, his legal guardian,
a custodian for him under the Uniform Transfers to Minors Act, or the person
having actual custody of him, or, in the case of an incompetent, to his spouse,
his legal guardian, or the person having actual custody of him. The Committee
and the Trustee shall not be obligated to inquire as to the actual use of the
funds by the person receiving them under this Section 9.09, and any such payment
shall completely discharge the obligations of the Plan, the Trustee, the
Committee, and the Employers to the extent of the payment.

Section 9.10 Indemnification by Employers.

Except as separately agreed in writing, the Committee, and any member or
employee of the Committee, shall be indemnified and held harmless by the
Employers, jointly and severally, to

                                       36

<PAGE>

the fullest extent permitted by law against any and all costs, damages,
expenses, and liabilities reasonably incurred by or imposed upon the Committee
or such individual in connection with any claim made against the Committee or
such individual or in which the Committee or such individual may be involved by
reason of being, or having been, the Committee, or a member or employee of the
Committee, to the extent such amounts are not paid by insurance.

Section 9.11 Abstention by Interested Member.

Any member of the Committee who also is a Participant in the Plan shall take no
part in any determination specifically relating to his own participation or
benefits under the Plan, unless his abstention would render the Committee
incapable of acting on the matter.

                                       37

<PAGE>

                                   SECTION 10
                         Rules Governing Benefit Claims

Section 10.01 Claim for Benefits.

Any Participant or Beneficiary who qualifies for the payment of benefits shall
file a claim for his benefits with the Committee on a form provided by the
Committee. The claim, including any election of an alternative benefit form,
shall be filed at least 30 days before the date on which the benefits are to
begin. If a Participant or Beneficiary fails to file a claim by the 30th day
before the date on which benefits become payable, he shall be presumed to have
filed a claim for payment for the Participant's benefits in the standard form
prescribed by Section 7 of the Plan.

Section 10.02 Notification by Committee.

Within 90 days after receiving a claim for benefits (or within 180 days, if
special circumstances require an extension of time and written notice of the
extension is given to the Participant or Beneficiary within 90 days after
receiving the claim for benefits), the Committee shall notify the Participant or
Beneficiary whether the claim has been approved or denied. If the Committee
denies a claim in any respect, the Committee shall set forth in a written notice
to the Participant or Beneficiary:

(a)   each specific reason for the denial;

(b)   specific references to the pertinent Plan provisions on which the denial
      is based;

(c)   a description of any additional material or information which could be
      submitted by the Participant or Beneficiary to support his claim, with an
      explanation of the relevance of such information; and

(d)   an explanation of the claims review procedures set forth in Section 10.03
      of the Plan.

Section 10.03 Claims Review Procedure.

Within 60 days after a Participant or Beneficiary receives notice from the
Committee that his claim for benefits has been denied in any respect, he may
file with the Committee a written notice of appeal setting forth his reasons for
disputing the Committee's determination. In connection with his appeal, the
Participant or Beneficiary or his representative may inspect or purchase copies
of pertinent documents and records to the extent not inconsistent with other
Participants' and Beneficiaries' rights of privacy. Within 60 days after
receiving a notice of appeal from a prior determination (or within 120 days, if
special circumstances require an extension of time and written notice of the
extension is given to the Participant or Beneficiary and his representative
within 60 days after receiving the notice of appeal), the Committee shall
furnish to the Participant or Beneficiary and his representative, if any, a
written statement of the Committee's final decision with respect to his claim,
including the reasons for such decision and the particular Plan provisions upon
which it is based.

                                       38

<PAGE>

                                   SECTION 11
                                    The Trust

Section 11.01 Creation of Trust Fund.

All amounts received under the Plan from an Employer and investments shall be
held in a Trust Fund pursuant to the terms of this Plan and the Trust Agreement.
The benefits described in this Plan shall be payable only from the assets of the
Trust Fund. Neither the Association, any other Employer, its board of directors
or trustees, its stockholders, its officers, its employees, the Committee, nor
the Trustee shall be liable for payment of any benefit under this Plan except
from the Trust Fund.

Section 11.02 Company Stock and Other Investments.

The Trust Fund held by the Trustee shall be divided into Company Stock and
investments other than Company Stock. The Trustee shall have no investment
responsibility for the portion of the Trust Fund consisting of Company Stock,
but shall accept any Employer contributions made in the form of Company Stock,
and shall acquire, sell, exchange, distribute, and otherwise deal with and
dispose of Company Stock in accordance with the instructions of the Committee.

Section 11.03 Acquisition of Company Stock.

From time to time the Committee may, in its sole discretion, direct the Trustee
to acquire Company Stock from the issuing Employer or from shareholders,
including shareholders who are or have been Employees, Participants, or
fiduciaries with respect to the Plan. The Trustee shall pay for such Company
Stock no more than its fair market value, which shall be determined conclusively
by the Committee pursuant to Section 9.03(d) of the Plan. The Committee may
direct the Trustee to finance the acquisition of Company Stock through an
Acquisition Loan subject to the provisions of Section 4.03 of the Plan.

Section 11.04 Participants' Option to Diversify.

The Committee shall provide for a procedure under which each Participant may,
during the first five years of a certain six-year period, elect to have up to 25
percent of the value of his Accounts committed to alternative investment options
within an "Investment Fund." For the sixth year in this period, the Participant
may elect to have up to 50 percent of the value of his Accounts committed to
other investments. The six-year period shall begin with the Plan Year following
the first Plan Year in which the Participant has both reached age 55 and
completed 10 years of participation in the Plan; a Participant's election to
diversify his Accounts must be made within the 90-day period immediately
following the last day of each of the six Plan Years. The Committee shall see
that the Investment Fund includes a sufficient number of investment options to
comply with Section 401(a)(28)(B) of the Code. The Committee may, in its
discretion, permit a transfer of a portion of the Participant's Accounts to the
Savings Plan in order to satisfy this Section 11.04, provided such investments
comply with Section 401(a)(28)(B) of the Code and such transfer is not otherwise
prohibited under the Code or ERISA. The Trustee shall comply

                                       39

<PAGE>

with any investment directions received from Participants in accordance with the
procedures adopted from time to time by the Committee under this Section 11.04.

                                       40

<PAGE>

                                   SECTION 12
                       Adoption, Amendment and Termination

Section 12.01 Adoption of Plan by Other Employers.

With the consent of the Association, any entity may become a participating
Employer under the Plan by:

(a)   taking such action as shall be necessary to adopt the Plan;

(b)   becoming a party to the Trust Agreement establishing the Trust Fund; and

(c)   executing and delivering such instruments and taking such other action as
      may be necessary or desirable to put the Plan into effect with respect to
      the entity's Employees.

Section 12.02 Adoption of Plan by Successor.

In the event that any Employer shall be reorganized by way of merger,
consolidation, transfer of assets or otherwise, so that an entity other than an
Employer shall succeed to all or substantially all of the Employer's business,
the successor entity may be substituted for the Employer under the Plan by
adopting the Plan and becoming a party to the Trust Agreement. Contributions by
the Employer shall be automatically suspended from the effective date of any
such reorganization until the date upon which the substitution of the successor
entity for the Employer under the Plan becomes effective. If, within 90 days
following the effective date of any such reorganization, the successor entity
shall not have elected to become a party to the Plan, or if the Employer shall
adopt a plan of complete liquidation other than in connection with a
reorganization, the Plan shall be automatically terminated with respect to
Employees of the Employer as of the close of business on the 90th day following
the effective date of the reorganization, or as of the close of business on the
date of adoption of a plan of complete liquidation, as the case may be.

Section 12.03 Plan Adoption Subject to Qualification.

Notwithstanding any other provision of the Plan, the adoption of the Plan and
the execution of the Trust Agreement are conditioned upon their being determined
initially by the Internal Revenue Service to meet the qualification requirements
of Section 401(a) of the Code, so that the Employers may deduct currently for
federal income tax purposes their contributions to the Trust and so that the
Participants may exclude the contributions from their gross income and recognize
income only when they receive benefits. In the event that this Plan is held by
the Internal Revenue Service not to qualify initially under Section 401(a) of
the Code, the Plan may be amended retroactively to the earliest date permitted
by the Code and the applicable Treasury Regulations in order to secure
qualification under Section 401(a) of the Code. If this Plan is held by the
Internal Revenue Service not to qualify initially under Section 401(a) of the
Code either as originally adopted or as amended, each Employer's contributions
to the Trust under this Plan (including any earnings thereon) shall be returned
to it and this Plan shall be terminated. In the event that this Plan is amended
after its initial qualification and the Plan as amended is held by the Internal
Revenue Service not to qualify under Section 401(a) of the Code, the amendment

                                       41

<PAGE>

may be modified retroactively to the earliest date permitted by the Code and the
applicable Treasury Regulations in order to secure approval of the amendment
under Section 401(a) of the Code.

Section 12.04 Right to Amend or Terminate.

The Association intends to continue this Plan as a permanent program. However,
each participating Employer separately reserves the right to suspend, supersede,
or terminate the Plan at any time and for any reason, as it applies to that
Employer's Employees, and the Association reserves the right to amend, suspend,
supersede, merge, consolidate, or terminate the Plan at any time and for any
reason, as it applies to the Employees of all Employers. No amendment,
suspension, supersession, merger, consolidation, or termination of the Plan
shall reduce any Participant's or Beneficiary's proportionate interest in the
Trust Fund, or shall divert any portion of the Trust Fund to purposes other than
the exclusive benefit of the Participants and their Beneficiaries prior to the
satisfaction of all liabilities under the Plan. Except as is required for
purposes of compliance with the Code or ERISA, the provisions of Section 4.04
relating to the crediting of contributions, forfeitures and shares of Company
Stock released from the Loan Suspense Account, nor any other provision of the
Plan relating to the allocation of benefits to Participants, may be amended more
frequently than once every six months. Moreover, there shall not be any transfer
of assets to a successor plan or merger or consolidation with another plan
unless, in the event of the termination of the successor plan or the surviving
plan immediately following such transfer, merger, or consolidation, each
participant or beneficiary would be entitled to a benefit equal to or greater
than the benefit he would have been entitled to if the plan in which he was
previously a participant or beneficiary had terminated immediately prior to such
transfer, merger, or consolidation. Following a termination of this Plan by the
Association, the Trustee shall continue to administer the Trust and pay benefits
in accordance with the Plan and the Committee's instructions.

                                       42

<PAGE>

                                   SECTION 13
                               General Provisions

Section 13.01 Nonassignability of Benefits.

The interests of Participants and other persons entitled to benefits under the
Plan shall not be subject to the claims of their creditors and may not be
voluntarily or involuntarily assigned, alienated, pledged, encumbered, sold, or
transferred. The prohibitions set forth in this Section 13.01 shall also apply
any judgement, decree, or order (including approval of a property or settlement
agreement) which relates to the provision of child support, alimony, or property
rights to a present or former spouse, child, or other dependent of a Participant
pursuant to a domestic relations order, unless such judgement, decree or order
is determined to be a "qualified domestic relations order" as defined in Section
414(p) of the Code.

Section 13.02 Limit of Employer Liability.

The liability of the Employers with respect to Participants and other persons
entitled to benefits under the Plan shall be limited to making contributions to
the Trust from time to time, in accordance with Section 4 of the Plan.

Section 13.03 Plan Expenses.

All expenses incurred by the Committee or the Trustee in connection with
administering the Plan and Trust shall be paid by the Trustee from the Trust
Fund to the extent the expenses have not been paid or assumed by the Employers
or by the Trustee.

Section 13.04 Nondiversion of Assets.

Except as provided in Sections 5.05 and 12.03 of the Plan, under no
circumstances shall any portion of the Trust Fund be diverted to or used for any
purpose other than the exclusive benefit of the Participants and their
Beneficiaries prior to the satisfaction of all liabilities under the Plan.

Section 13.05 Separability of Provisions.

If any provision of the Plan is held to be invalid or unenforceable, the other
provisions of the Plan shall not be affected but shall be applied as if the
invalid or unenforceable provision had not been included in the Plan.

Section 13.06 Service of Process.

The agent for the service of process upon the Plan shall be the president of the
Association and the Trustee, or such other person as may be designated from time
to time by the Association.

                                       43

<PAGE>

Section 13.07 Governing Law.

The Plan is established under, and its validity, construction and effect shall
be governed by the laws of the State of Connecticut to the extent those laws are
not preempted by federal law, including the provisions of ERISA.

Section 13.08 Special Rules for Persons Subject to Section 16(b) Requirements.

Notwithstanding anything herein to the contrary, any former Participant who is
subject to the provisions of Section 16(b) of the Securities Exchange Act of
1934, who becomes eligible to again participate in the Plan, may not become a
Participant prior to the date that is six months from the date such former
Participant terminated participation in the Plan. In addition, any person
subject to the provisions of Section 16(b) of the 1934 Act receiving a
distribution of Company Stock from the Plan must hold such Company Stock for a
period of six months commencing with the date of distribution. However, this
restriction will not apply to Company Stock distributions made in connection
with death, retirement, disability or termination of employment, or made
pursuant to the terms of a qualified domestic relations order.

Section 13.09 Military Service.

Notwithstanding any other provision of this Plan to the contrary, contributions,
benefits and Service credit with respect to qualified military service will be
provided in accordance with Section 414(u) of the Code.

                                       44

<PAGE>

                                   SECTION 14
                              Top-Heavy Provisions

Section 14.01 Top-Heavy Provisions.

If, as of the last day of the first Plan Year, or thereafter, if as of the day
next preceding the beginning of any Plan Year (the "Determination Date"), the
Plan is a "top-heavy plan" (determined in accordance with the provisions of
Section 416(g) of the Code); that is, the aggregate present value of the accrued
benefits and account balances of all "Key Employees" (within the meaning of
Section 416(i) of the Code, and for this purpose using the definition of
Compensation, as modified under Section 5.05(b) of the Plan) and their
Beneficiaries, exceeds sixty percent (60%) of the aggregate present value of the
accrued benefits and account balances of all employees and their beneficiaries,
the provision specified in this Section 14 will automatically become effective
as of the first day of the Plan Year. For purposes of the above sentence, the
aggregate present value of the accrued benefits and account balances of a
Participant who has not performed any services for the Association or any of its
Affiliates during the five-year period ending on the Determination Date shall
not be taken into account. This calculation shall be made in accordance with
Section 416(g) of the Code, taking into consideration plans which are considered
part of the Aggregation Group. The term "Aggregation Group" shall include each
plan of the Association or any of its Affiliates that includes a Key Employee
and each plan of the Association or any of its Affiliates that allows the Plan
to meet the requirements of Section 401(a)(4) of the Code or Section 410 of the
Code and may include any other plan of the Association or any of its Affiliates,
if the Aggregation Group would continue to meet the requirements of Sections
401(a)(4) and 410 of the Code. For Plan Years beginning after December 31, 2002,
the present values of accrued benefits and the amounts of Account balances of a
Participant as of the Determination Date shall be increased by the distributions
made with respect to the Participant under the Plan and any Plan aggregated with
the Plan under Section 416(g)(2) of the Code during the 1-year period ending on
the Determination Date. The preceding sentence shall also apply to distributions
under a terminated plan, which had it not been terminated, would have been
aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case
of a distribution made for a reason other than separation from Service, death or
Disability, this provision shall be applied by substituting "5-year period" for
"1-year period".

Section 14.02 Plan Modifications Upon Becoming Top-Heavy.

(a)   Minimum Accruals. Section 5.04 of the Plan will be modified to provide
      that the aggregate amount of Employer contributions allocated in each Plan
      Year to the Accounts of each Participant who is a Non-Key Employee (within
      the meaning of Section 416(i)(1) of the Code), and who is employed by an
      Employer as of the last day of the Plan Year, may not be less than the
      lesser of:

      (i)   three percent of his Compensation for the Plan Year; and

                                       45

<PAGE>

      (ii)  a percentage of his Compensation equal to the largest percentage
            obtained by dividing the sum of the amount credited to the Accounts
            of any Key Employee by that Key Employee's Compensation

If a Participant's vested interest in his Accounts is to be determined in a year
during which the Plan is a top-heavy plan, then it shall be based on the
following schedule:

      Years of Service            Vested Percentage
      ----------------            -----------------
      Fewer than 3 years                   0%
      3 or more years                    100%

The preceding provisions will remain in effect for the period in which the Plan
is top-heavy. If, for any particular year thereafter, the Plan is no longer
top-heavy, the provisions contained in this Section 14.02 shall cease to apply,
except that any previously vested portion of any Account balance shall remain
nonforfeitable.

                                       46

<PAGE>

                                     FORM OF

                                 TRUST AGREEMENT

                                     BETWEEN

                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION

                                       AND

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

                                     FOR THE

                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                       EMPLOYEE STOCK OWNERSHIP PLAN TRUST

<PAGE>

                                    CONTENTS

                                                                        Page No.

Section 1   Creation of Trust                                                  1

Section 2   Investment of Trust Fund and
            Administrative Powers of the
            Trustee                                                            2

Section 3   Compensation and Indemnification
            of Trustee and Payment of Expenses
            and Taxes                                                          7

Section 4   Records and Valuation                                              9

Section 5   Instructions from Committee                                       10

Section 6   Change of Trustee                                                 11

Section 7   Miscellaneous                                                     11

                                       2

<PAGE>

      This TRUST AGREEMENT dated_________, 2002 BETWEEN Enfield Federal Savings
and Loan Association, with its administrative office at 660 Enfield Street,
Enfield, Connecticut, 06083-1279 (hereinafter called the "Company"),
and____________________________ with its administrative office
at_________________________________ (hereinafter called the "Trustee").

                         W I T N E S S E T H   T H A T:

      WHEREAS, the Company has approved and adopted an employee stock ownership
plan for the benefit of its employees, the Enfield Federal Savings and Loan
Association Employee Stock Ownership Plan, (hereinafter called the "Plan"); and

      WHEREAS, the Company has authorized the execution of this Trust Agreement
and has appointed________________________________ as Trustee of the Trust Fund
created pursuant to the Plan; and

      WHEREAS, __________________________________ has agreed to act as Trustee
and to hold and administer the assets of the Plan in accordance with the terms
of this Trust Agreement.

      NOW, THEREFORE, the Company and the Trustee agree as follows:

      Section 1. Creation of Trust.

      1.1 Trustee. _______________________________ shall serve as Trustee of the
Trust Fund created in accordance with and in furtherance of the Plan, and shall
serve as Trustee until their removal or resignation in accordance with Section
6.

      1.2 Trust Fund. The Trustee hereby agrees to accept contributions from the
Employer as defined in the Plan and amounts transferred from other qualified
retirement plans from time to time in accordance with the terms of the Plan. All
such property and contributions, together with income thereon and increments
thereto, shall constitute the "Trust Fund" to be held in accordance with the
terms of the Trust Agreement.

      1.3 Incorporation of Plan. An instrument entitled "Enfield Federal Savings
and Loan Association Employee Stock Ownership Plan" is incorporated herein by
reference, and this Trust Agreement shall be interpreted consistently with that
Plan. All words and phrases defined in that Plan shall have the same meaning
when used in this Trust Agreement.

      1.4 Name. The name of this trust shall be "Enfield Federal Savings and
Loan Association Employee Stock Ownership Plan Trust."

      1.5 Nondiversion of Assets. In no event shall any part of the corpus or
income of the Trust Fund be used for, or diverted to, purposes other than for
the exclusive benefit of the Participants and their Beneficiaries prior to the
satisfaction of all liabilities under the Plan, except

<PAGE>

to the extent that assets may be returned to the Employer in accordance with the
Plan where the Plan fails to qualify initially under Section 401(a) of the
Internal Revenue Code (the "Code"), or where they are attributable to
contributions made by mistake of fact or in excess of the deductibility allowed
under the Code.

      Section 2. Investment of Trust Fund and Administrative Powers of the
Trustee.

      2.1 Stock and Other Investments. The basic investment policy of the Plan
shall be to invest primarily in Stock of the Employer for the exclusive benefit
of the Participants and their Beneficiaries. The Committee shall have full and
complete investment authority and responsibility with respect to the purchase,
retention, sale, exchange, and pledge of Stock and the payment of Stock
Obligations, and the Trustee shall not deal in any way with Stock except in
accordance with their obligations pursuant to this Trust Agreement and the
written instructions of the Committee. The Trustee shall invest, or keep
invested, all or a portion of the Trust Fund in Stock, and shall pay Stock
Obligations out of assets of the Trust Fund, as instructed from time to time by
the Committee. The Trustee shall invest any balance of the Trust Fund (the
"Investment Fund") in such other property as the Committee, in its sole
discretion, shall deem advisable, subject to any delegation of such investment
responsibility pursuant to Section 2.2. Nothing contained herein shall provide
investment discretion authority or any like kind responsibility in regard to the
assets of the Trust Fund.

      In connection with instructions to acquire Stock, the Trustee may purchase
newly issued or outstanding Stock from the Employer or any other holders of
Stock, including Participants, Beneficiaries, and Plan fiduciaries. All
purchases and sales of Stock shall be made by the Trustee at fair market value
as determined by the Committee in good faith and in accordance with any
applicable requirements under the Employee Retirement Income Security Act of
1974, as amended ("ERISA"). Such purchases may be made with assets of the Trust
Fund, with funds borrowed for this purpose (with or without guarantees of
repayment to the lender by the Employer), or by any combination of the
foregoing.

      Notwithstanding any other provision of this Trust Agreement or the Plan,
neither the Committee nor Trustee shall make any purchase, sale, exchange,
investment, pledge, valuation, or loan, or take any other action involving those
assets for which they are responsible which (i) is inconsistent with the policy
of the Plan and Trust, (ii) is inconsistent with the prudence and
diversification requirements set forth in Sections 404(a)(1)(B) and (C) of ERISA
(to the extent such requirements apply to an employee stock ownership plan and
trust), (iii) is prohibited by Section 406 or 407 of ERISA, or (iv) would impair
the qualification of the Plan or the exemption of the Trust under Sections 401
and 501, respectively, of the Code.

      2.2 Delegation of Investment Responsibility. The Committee may, by written
notice and in accordance with the Plan, direct the Trustee to segregate any
portion or all of the Investment Fund into one or more separate accounts for
each of which full investment responsibility will be delegated to an investment
manager appointed in such notice pursuant to Section 402(c)(3) of

                                       2

<PAGE>

ERISA (hereinafter a "Manager"). For any separate account where the Trustee is
to maintain custody of the assets, the Trustee and the Manager shall agree upon
procedures for the transmittal of investment instructions from the Manager to
the Trustee, and the Trustee may provide the Manager with such documents as may
be necessary to authorize the Manager to effect transactions directly on behalf
of the segregated account.

      Further, the Committee may, by written notice and in accordance with the
Plan, direct the Trustee to segregate any portion or all of the Investment Fund
into one or more separate accounts for each of which full investment
responsibility will be delegated to an insurance company through one or more
group annuity contracts, deposit administration contracts, or similar contracts,
which may provide for investments in any commingled separate accounts
established under such contracts. An insurance company shall be a Manager with
respect to any amounts held under such a contract except to the extent the
insurer's assets are not deemed assets of the Plan and Trust Fund pursuant to
Section 401(b)(2) of ERISA. The allocation of amounts held under such a contract
among the insurer's general account and one or more individual or commingled
separate accounts shall be determined by the Committee except as otherwise
agreed by the Committee and the insurer.

      Any Manager shall have all of the powers given to the Trustee pursuant to
Section 2.3 with respect to the portion of the Trust Fund committed to its
investment discretion and control. The Trustee shall be responsible for the
safekeeping of any assets which remain in their custody, but in no event shall
the Trustee be under any duty to question or make any inquiry or suggestion
regarding the action or inaction of a Manager or an insurer or the advisability
of acquiring, retaining, or disposing of any asset of a segregated account. The
Employer shall indemnify and hold the Trustee harmless from any and all costs,
damages, expenses, and liabilities which the Trustee may incur by reason of any
action taken or omitted to be taken by the Trustee upon directions from the
Committee, a Manager, or an insurer pursuant to this Section 2.2.

      2.3 Trustee Powers. In addition to and not by way of limitation upon the
fiduciary powers granted to it by law, the Trustee shall have the following
specific powers, subject to the limitations set forth in Section 2.1:

      2.3-1 to receive, hold, manage, invest and reinvest the money or other
property which constitutes the Trust Fund, without distinction between principal
and income;

      2.3-2 to hold funds uninvested temporarily, provided it is a period of
time that is not unreasonable, without liability for interest thereon, and to
deposit funds in one or more savings or similar accounts with any banks and
savings and loan associations which are insured by an instrumentality of the
federal government, including the Trustee if it is such an institution.

      2.3-3 at the direction of the Committee, to invest or reinvest the whole
or any portion of the money or other property which constitutes the Trust Fund
in such common or preferred stocks, investment trust shares, mutual funds,
commingled trust funds, partnership interests,

                                       3

<PAGE>

bonds, notes, or other evidences of indebtedness, and real and personal property
as the Trustee in their absolute judgment and discretion may deem to be for the
best interests of the Trust Fund, regardless of nondiversification to the extent
that such nondiversification is clearly prudent, and regardless of whether any
such investment or property is authorized by law regarding the investment of
trust funds, of a wasting asset nature, temporarily nonincome producing, or
within or without the United States;

      2.3-4 to invest in common and preferred stocks, bonds, notes, or other
obligations of any corporation or business enterprise in which an Employer or
its owners may own an interest;

      2.3-5 at the direction of the Committee, to exchange any investment or
property, real or personal, for other investments or properties at such time and
upon such terms as the Trustee shall deem proper;

      2.3-6 at the direction of the Committee, to sell, transfer, convey or
otherwise dispose of any investment or property, real or personal, for cash or
on credit, in such manner and upon such terms and conditions as the Trustee
shall deem advisable, and no person dealing with the Trustee shall be under any
duty to inquire as to the validity, expediency, or propriety of any such sale or
as to the application of the purchase money paid to the Trustee;

      2.3-7 to hold any investment or property in the name of the Trustee, with
or without the designation of any fiduciary capacity, or in name of a nominee,
or unregistered, or in such other form that title may pass by delivery;
provided, however, that the Trustee's records always show that such investment
or property belongs to the Trust Fund and the Trustee shall not be relieved
hereby of its responsibility to maintain safe custody of such investment or
property;

      2.3-8 to organize one or more corporations to hold, manage, or liquidate
any property, including real estate, owned or acquired by the Trust Fund if in
the sole discretion of the Trustee the organization of such corporation or
corporations is for the best interests of the Trust and the Plan participants
and beneficiaries;

      2.3-9 to extend the time for payment of, to modify, to renew, or to
release security from any mortgage, note or other evidence of indebtedness, or
to take advantage of or waive any default; to foreclose mortgages and bid on
property under foreclosure or to take title to property by conveyance in lieu of
foreclosure, either with or without the payment of additional consideration;

      2.3-10 to vote in person or by proxy all stocks and other securities
having voting privileges; to exercise or refrain from exercising any option or
privilege with respect to stocks and other securities, including any right or
privilege to subscribe for or otherwise to acquire stocks and other securities;
or to sell any such right or privilege; to assent to and join in any plan of
refinance, merger, consolidation, reorganization or liquidation of any
corporation or other enterprise in which this Trust may have an interest, to
deposit stocks and other securities with

                                       4

<PAGE>

any committee formed to effectuate the same, to pay any expense incidental
thereto, to exchange stocks and other securities for those which may be issued
pursuant to any such plan, and to retain as an investment the stocks and other
securities received by the Trustee; and to deposit any investment in a voting
trust; notwithstanding the preceding, participants and beneficiaries shall be
entitled to direct the manner in which stock allocated to their respective
accounts are to be voted on all matters. All stock which has been allocated to
participants' accounts for which the Trustee has received no written direction
and all unallocated Employer securities will be voted by the Trustee in direct
proportion to any participant directions received and solely in the interest of
the participants and beneficiaries. Whenever such voting rights are to be
exercised, the Employer, the Committee and the Trustee shall see that all
participants and beneficiaries are provided with adequate opportunity to deliver
their instructions to the Trustee regarding voting of stock allocated to their
accounts. The instructions of the participants with respect to the voting of
allocated shares hereunder shall be confidential;

      2.3-11 to abandon any property, real or personal, which the Trustee shall
consider to be worthless or not of sufficient value to warrant its keeping or
protecting; to abstain from the payment of taxes, water rents, assessments,
repairs, maintenance, and upkeep of any such property; to permit any such
property to be lost by tax sale or other proceedings, and to convey any such
property for a nominal consideration or without consideration;

      2.3-12 to borrow money from the Employer or from others (including the
Trustee), and to enter into installment contracts, for the purchase of Stock
upon such terms and conditions and at such reasonable rates of interest as the
Committee may deem to be advisable, to issue its promissory notes as Trustee to
evidence such debt, to secure the payment of such notes by pledging any property
of the Trust Fund, and to authorize the holders of any such notes to pledge them
to secure obligations of the holders and in connection therewith to repledge any
assets of the Trust as security therefor; provided that, with respect to any
extension of credit to the Trust involving, as a lender or guarantor, the
Employer or other "disqualified person" within the meaning of Section 4975(e)(2)
of the Code --

      (a)   each loan or installment contract is primarily for the benefit of
            Participants and Beneficiaries of the Plan;
      (b)   any interest on a loan or installment contract does not exceed a
            reasonable rate;
      (c)   the proceeds of any loan shall be used only to acquire Stock, to
            repay the loan, or to repay a previous loan meeting these
            conditions, and the subject of any installment contract shall be
            only the Trust's purchase of Stock;
      (d)   any collateral pledged to a creditor by the Trustee shall consist
            only of qualifying employer securities as that term is defined under
            Section 4975(e)(8) of the Code and the creditor shall have no
            recourse against the Trust Fund except with respect to the
            collateral (although the creditor may have recourse against an
            Employer as guarantor);
      (e)   payments with respect to a loan or installment contract shall be
            made only from those amounts contributed by the Employer to the
            Trust Fund, from amounts

                                       5

<PAGE>

            earned on such contributions, and from cash dividends received on
            unallocated Stock held by the Trust as collateral for such an
            obligation; and
      (f)   upon the payment of any portion of balance due on a loan or upon any
            installment payment, a proportionate part of any qualified employer
            securities originally pledged as collateral for such indebtedness
            shall be released from encumbrance in accordance with Section 4.2 of
            the Plan and the Committee shall at least annually advise the
            Trustee of the number of shares of Stock so released and the proper
            allocation of such shares under the terms of the Plan;

      2.3-13 to manage and operate any real property which shall at any time
constitute an asset of the Trust Fund; to make repairs, alterations, and
improvements thereto; to insure such property against loss by fire or other
casualty; to lease or grant options for the sale of such property, which lease
or option may be for a period of time which may extend beyond the life of this
Trust; and to take any other action or enter into any other contract respecting
such property which is consistent with the best interests of the Trust;

      2.3-14 to pay any and all reasonable and normal expenses incurred in
connection with the exercise of any power, right, authority or discretion
granted herein, and, upon prior notice to the Company, to employ and compensate
agents, investment counsel, custodians, actuaries, attorneys, and accountants in
such connection;

      2.3-15 to employ and consult with any legal counsel, who also may be
counsel to an Employer or the Administrator, with respect to the meaning or
construction of this Trust Agreement, the extent of the Trustee's obligations
and duties hereunder, and whether the Trustee should take or decline to take a
particular action hereunder, and the Trustee shall be fully protected with
respect to any action taken or omitted by such Trustee in good faith pursuant to
such advice;

      2.3-16 to defend any action or proceeding instituted against the Trust
Fund, to institute any action on behalf of the Trust Fund, and to compromise or
submit to arbitration any dispute concerning the Trust Fund;

      2.3-17 to make, execute, acknowledge and deliver any and all documents of
transfer and conveyance and any and all other instruments that may be necessary
or appropriate to carry out the powers herein granted;

      2.3-18 to commingle the Trust Fund created pursuant hereto, in whole or in
part, in a single trust with all or any portion of any other trust fund,
assigning an undivided interest to each such commingled trust fund, provided
that such commingled trust is itself exempt from taxation pursuant to Section
501(a) of the Code, or its successor Section; and provided further that the
trust agreement governing such commingled trust shall be deemed incorporated by
reference in the Plan;

                                       6

<PAGE>

      2.3-19 where two or more trusts governed by this Trust Agreement have an
undivided interest in any property, to credit the income from such property to
such trusts in proportion to their undivided interests, and when non pro rata
distributions of property or money are made from such trusts, to make
appropriate adjustments to the undivided fractional interests of such trusts;

      2.3-20 to invest all or any portion of the Trust Fund in one or more group
annuity contracts, deposit administration contracts, and other such contracts
with insurance companies, including any commingled separate accounts established
under such contracts;

      2.3-21 generally, with respect to all cash, stocks and other securities,
and property, both real and personal, received or held in the Trust Fund by the
Trustee, to exercise all the same rights and powers as are or may be lawfully
exercised by persons owning cash, or stocks and other securities, or such
property in their own right; and to do all other acts, whether or not expressly
authorized, which it may deem necessary or proper for the protection of the
Trust Fund; and

      2.3-22 whenever more than two persons shall qualify to act as co-Trustee,
to exercise and perform every power (including discretionary powers), authority
or duty by the concurrence of a majority of them the same effect as if all had
joined therein, except that the unanimous vote of such persons shall be
necessary to determine the number (one or more) and identity of persons who may
sign checks, make withdrawals from financial institutions, have access to safe
deposit boxes, or direct the sale of trust assets and the disposition of the
proceeds.

      2.4 Brokerage. If permitted in writing by the Committee the Trustee shall
have the power and authority, to be exercised in their sole discretion at any
time and from time to time, to issue and place orders for the purchase or sale
of securities with qualified brokers and dealers. Such orders may be placed with
such qualified brokers and/or dealers who also provide investment information or
other research or statistical services to the Trustee in its capacity as a
fiduciary or investment manager for other clients.

      Section 3. Compensation and Indemnification of Trustee and Payment of
Expenses and Taxes.

      3.1 Fees and Expenses from Fund. Compensation of Trustee. In consideration
for rendering services pursuant to this Trust Agreement the Trustee shall be
paid fees in accordance with the Trustee's fee schedule as in effect from time
to time. Fee changes resulting in fee increases shall be effective upon not less
than 30 days' notice to the Company. In addition, the Trustee shall be
reimbursed for any reasonable expenses, including reasonable attorneys' fees,
incurred in the administration of the Trust created hereby. Fees and expenses
shall be allocated to Participant Accounts, if any, unless paid directly by the
Employer. All compensation and expenses of the Trustee shall be paid out of the
Trust Fund or by the Employer as specified in the Plan. If and to the extent the
Trust Fund shall not be sufficient, such compensation and expenses

                                       7

<PAGE>

shall be paid by the Employer upon demand. If payment is due but not paid by the
Employer, such amount shall be paid from the assets of the Trust Fund. The
Trustee is hereby empowered to withdraw all such compensation and expenses which
are 60 days past due from the Trust Fund, and, in furtherance thereof, liquidate
any assets of the Trust Fund, without further authorization or direction from or
by any person. Notwithstanding the foregoing, in the event any officer or
director of Enfield Federal Savings and Loan Association serves as trustee of
the Plan, no compensation shall be paid to the officer or director in exchange
for his or her services as trustee.

      3.2 Indemnification. Notwithstanding any other provision of this Trust
Agreement, any individual designated as a trustee hereunder shall be indemnified
and held harmless by the Employer to the fullest extent permitted by law against
any and all costs, damages, expenses and liabilities including, but not limited
to attorneys' fees and disbursements reasonably incurred by or imposed upon such
individual in connection with any claim made against him or in which he may be
involved by reason of his being, or having been, a trustee hereunder, to the
extent such amounts are not satisfied by insurance maintained by the Employer,
except liability which is adjudicated to have resulted from the gross negligence
or willful misconduct of the Trustee by reason of any action so taken. Further,
any corporate trustee and its officers, directors and agents may be indemnified
and held harmless by the Employer to the fullest extent permitted by law against
any and all costs, damages, expenses and liabilities including, but not limited
to, attorneys' fees and disbursements reasonably incurred by or imposed upon
such persons and/or corporation in connection with any claim made against it or
them or in which such persons and/or corporation may be involved by reason of
its being, or having been, a trustee hereunder as may be agreed between the
Employer and such trustee, except liability which is adjudicated to have
resulted from the gross negligence or willful misconduct of the Trustee by
reason of any action so taken.

      3.3 Expenses. All expenses of administering the Trust and the Plan,
whether incurred by the Trustee or the Committee, shall be paid by the Trustee
from the Trust Fund to the extent such expenses shall not have been assumed by
the Employer.

      3.4 Taxes. All taxes that may be levied or assessed upon or in respect of
the Trust Fund shall be paid from the Trust Fund. The Trustee shall notify the
Committee of any proposed or final assessments of taxes and may assume that any
such taxes are lawfully levied or assessed unless the Committee advises it in
writing to the contrary within fifteen days after receiving the above notice
from the Trustee. In such case, the Trustee, if requested by the Committee in
writing, shall contest the validity of such taxes in any manner deemed
appropriate by the Committee; the Employer may itself contest the validity of
any such taxes, in which case the Committee shall so notify the Trustee and the
Trustee shall have no responsibility or liability respecting such contest. If
either party to this Agreement contests any such proposed levy or assessments,
the other party shall provide such information and cooperation as the party
conducting the contest shall reasonably request.

                                       8

<PAGE>

      Section 4. Records and Valuation.

      4.1 Records. The Trustee, and any investment manager appointed pursuant to
Section 2.2, shall maintain accurate and detailed records and accounts of all
investments, receipts, disbursements and other transactions made by it with
respect to the Trust Fund, and all accounts, books and records relating thereto
shall be open at all reasonable time to inspection and audit by the Committee
and the Employer.

      4.2 Valuation. From time to time upon the request of the Committee, but at
least annually as of the last day of each Plan Year, the Trustee shall prepare a
balance sheet of the Investment Fund in accordance with the Plan and shall
deliver copies of the balance sheet to the Committee and the Employer.

      4.3 Discharge of Trustee. Ninety days after the filing of any balance
sheet under Section 4.2 or any accounting under Section 6, the Trustee shall be
forever released and discharged from any liability or accountability other than
for gross negligence or wilful misconduct on the part of the Trustee to anyone
with respect to the transactions shown or reflected in such balance sheet or
accounting, except with respect to any acts or transactions as to which the
Committee, within such ninety-day period, files written objections with the
Trustee. The written approval of the Committee of any balance sheet or
accounting so filed by the Trustee, or the Committee's failure to file written
objections within ninety days, shall be a settlement of such balance sheet or
accounting as against all persons, and shall forever release and discharge the
Trustee from any liability of accountability to anyone with respect to the
transactions shown or reflected in such balance sheet or accounting other than
liability arising out of the Trustee's gross negligence or wilful misconduct. If
a statement of objections is filed by the Committee and the Committee is
satisfied that its objections should be withdrawn or if the balance sheet or
accounting is adjusted to its satisfaction, the Committee shall indicate its
approval of the balance sheet or accounting in a written statement filed with
the Trustee and the Trustee shall be forever released and discharged from any
liability of accountability to anyone in accordance with the immediately
preceding sentence. If an objection is not settled by the Committee and the
Trustee, the Trustee may start a proceeding for a judicial settlement of the
balance sheet or accounting in any court of competent jurisdictions; the only
parties that need be joined in such a proceeding are the Trustee, the Committee,
the Employer and any other parties whose participation is required by law.

      4.4 Right to Judicial Settlement. Nothing in this Agreement shall prevent
the Trustee from having its account settled by a court of competent jurisdiction
at any time. The only parties that need be joined in any such proceeding are the
Employer, the Committee, the Trustee and any other parties whose participation
is required by law.

                                       9

<PAGE>

      Section 5. Instructions from Committee.

      5.1 Certification of Members of the Committee. From time to time the
Company shall certify to the Trustee in writing the names of the individuals
comprising the Committee and shall furnish to the Trustee specimens of their
signatures and the signatures of their agents, if any. The Trustee shall be
entitled to presume that the identities of such individuals and their agents are
unchanged until it receives a certification from the Company notifying it of any
changes.

      5.2 Instructions to Trustee.

      (a) The Trustee shall pay benefits and administrative expenses under the
Plan only when it receives (and in accordance with) written instructions of the
Committee indicating the amount of the payment and the name and address of the
recipient in accordance with the terms of the Plan. The Trustee need not inquire
into whether any payment the Committee instructs the Trustee to make is
consistent with the terms of the Plan or applicable law or otherwise proper. Any
payment made by the Trustee in accordance with such instructions shall be a
complete discharge and acquittance to the Trustee. If the Committee advises the
Trustee that benefits have become payable with respect to a Participant's
interest in the Trust Fund but does not instruct the Trustee as to the manner of
payment, the Trustee shall hold the Participant's interest in the Trust until
the Trustee receives written instructions from the Committee as to the manner of
payment. The Trustee shall not pay benefits from the Trust Fund without such
instructions, even though it may be informed from other sources, including,
without limitation, a Participant or Beneficiary, that benefits are payable
under the Plan. The Trustee shall have no responsibility to determine when, to
whom or in what amount benefits and expenses are payable under the Plan.
Further, the Trustee shall have no power, authority or duty to interpret the
Plan or inquire into the decisions or determinations of the Committee, or to
question the instructions given to it by the Committee. If the Committee so
directs, the Trustee shall segregate amounts payable with respect to the
interest in the Plan of any Participant and administer them separately from the
rest of the Trust Fund in accordance with the Committee's instructions.

      (b) The Trustee may require the Committee to certify in writing that any
payment of benefits or expenses it instructs the Trustee to make pursuant to
Section 5.2(a) above is: (i) in accordance with the terms of the Plan and/or
(ii) one which the Committee is authorized by the Plan and any other applicable
instruments to direct and/or (iii) made for the exclusive purpose of providing
benefits to Participants and Beneficiaries, or defraying reasonable expenses of
Plan administration and/or (iv) not made to a party in interest (within the
meaning of ERISA Section 3(14)), and/or (v) not a prohibited transaction (within
the meaning of Code Section 4975 and ERISA Section 406). If the Trustee
requests, instructions to pay benefits shall be made by the Committee on forms
prepared by the Trustee to include any or all of the above representations. The
Trustee shall be fully protected in relying on the truth of any such
representation by the Committee and shall have no duty to investigate whether
such representations are correct or to see to the application of any amounts
paid to and received by the recipient.

                                       10

<PAGE>

      5.3 Plan Change. In the event of an amendment, merger, division, or
termination of the Plan, the Trustee shall continue to disburse funds and to
take other proper actions in accordance with the instructions of the Committee.

      Section 6. Change of Trustee.

      The Company may at any time remove any person or entity serving as a
Trustee hereunder by giving to such person or entity written notice of removal
and, if applicable, the name and address of the successor trustee. Any person or
entity serving as a Trustee hereunder may resign at any time by giving written
notice to the Company. Any such removal or resignation shall take effect within
30 days after notice has been given by the Trustee or by the Company, as the
case may be. Within those 30 days, the removed or resigned Trustee shall
transfer, pay over and deliver any portion of the Trust Fund in its possession
or control (less an appropriate reserve for any unpaid fees, expenses, and
liabilities) and all pertinent records to the successor or remaining trustee;
provided, however, that any assets which are invested in a collective fund or in
some other manner which prevents their immediate transfer shall be transferred
and delivered to the successor trustee as soon as may be practicable.
Thereafter, the removed or resigned Trustee shall have no liability for the
Trust Fund or for its administration by the successor or remaining trustee, but
shall render an accounting to the Committee of its administration of the Trust
Fund through the date on which its Trusteeship shall have been terminated. The
Company may also, upon 30 days' notice to each person currently serving as a
trustee, appoint one or more persons to serve as co-Trustee hereunder.

      Section 7. Miscellaneous.

      7.1 Right to Amend. This Trust Agreement may be amended from time to time
by an instrument executed by the Company; provided, however, that any amendment
affecting the powers, duties or liabilities of the Trustee must be approved by
the Trustee, and provided, further, that no amendment may divert any portion of
the Trust Fund to purposes other than the exclusive benefit of the Participants
and their Beneficiaries prior to the satisfaction of all liabilities for
benefits. Any amendment shall apply to the Trust Fund as constituted at the time
of the amendment as well as to that portion of the Trust Fund which is
subsequently acquired.

      7.2 Compliance with ERISA. In the exercise of its powers and the
performance of its duties, the Trustee shall act in good faith and in accordance
with the applicable requirements under ERISA. Except as may be otherwise
required by ERISA, the Trustee shall not be required to furnish any bond in any
jurisdiction for the performance of their duties and, if a bond is required
despite this provision, no surety shall be required on it.

      7.3 Nonresponsibility for Funding. The Trustee shall be under no duty to
enforce the payment of any contributions and shall not be responsible for the
adequacy of the Trust Fund to satisfy any obligations for benefits, expenses,
and liabilities under the Plan.

                                       11

<PAGE>

      7.4 Reports. The Trustee shall file any report which they are required by
law to file with any governmental authority with respect to this Trust, and the
Committee shall furnish to the Trustee whatever information is necessary to
prepare the report.

      7.5 Dealings with the Trustee. Persons dealing with the Trustee, including
but not limited to banks, brokers, dealers, and insurers, shall be under no
obligation to inquire concerning the validity of anything which the Trustee
purports to do, nor need any person see to the proper application of any money
paid or any property transferred upon the order of the Trustee or to inquire
into the Trustee's authority as to any transaction.

      7.6 Limitation Upon Responsibilities. The Trustee shall have no
responsibilities with respect to the Plan or Trust other than those specifically
enumerated or explicitly allocated to it under this Trust Agreement or the
provisions of ERISA. All other responsibilities are retained and shall be
performed by one or more of the Employer, the Committee, and such advisors or
agents as they choose to engage.

      The Trustee may execute any of the trusts or powers hereof and perform any
of its duties by or through attorneys, agents, receivers or employees and shall
not be answerable for the conduct of the same if chosen with reasonable care and
shall be entitled to advice of counsel concerning all matters of trust hereof
and the duties hereunder, and may in all cases pay such reasonable compensation
to all such attorneys, agents, receivers and employees as may reasonably be
employed in connection with the trusts hereof. The Trustee may act upon the
opinion or advice of any attorney (who may be the attorney for the Trustee or
attorney for the Committee), approved by the Trustee in the exercise of
reasonable care. The Trustee shall not be responsible for any loss or damage
resulting from any action or non-action in good faith in reliance upon such
opinion or advice.

      The Trustee shall be protected in acting upon any notice, request,
consent, certificate, order, affidavit, letter, telegram or other paper or
document believed to be genuine and correct and to have been signed or sent by
the proper person or persons, and the Trustee shall be under no duty to make any
investigation or inquiry as to any statement contained in any such writing but
may accept the same as conclusive evidence of the truth and accuracy of the
statements therein contained.

      The Trustee shall not be liable for other than their gross negligence or
willful misconduct. Except in the case of gross negligence or wilful misconduct
on the part of the Trustee, the Trustee in its corporate capacity shall not be
liable for claims of any persons in any manner regarding the Plan; such claims
shall be limited to the Trust Fund. Unless the Trustee participates knowingly
in, or knowingly undertakes to conceal, an act or omission of the Committee or
any other fiduciary, knowing such act or omission to be a breach of fiduciary
responsibility, the Trustee shall be under no liability for any loss of any kind
which may result by reason of such act or omission.

                                       12

<PAGE>

      Before taking any action hereunder at the request or direction of the
Committee, the Trustee may require that indemnity in form and amount
satisfactory to the Trustee be furnished for the reimbursement of any and all
costs and expenses to which they may be put including, without limitation,
reasonable attorneys' fees and to protect them against all liability, except
liability which is adjudicated to have resulted from the gross negligence or
willful misconduct of the Trustee by reason of any action so taken.

      No provision of this Trust Agreement shall require the Trustee to expend
or risk their own funds or otherwise incur any financial liability in the
performance of any of their duties hereunder, or in the exercise of any of their
rights or powers, if they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to them.

      7.7 Qualification of the Plan and Trust. The Trustee shall be fully
protected in assuming that the Plan and Trust meet the requirements of Code
Sections 401 and 501, respectively, and all the applicable provisions of ERISA
unless they are advised to the contrary in writing by the Committee or a
governmental agency.

      7.8 Party in Interest Information. The Employer shall provide the Trustee
with such information concerning the relationship between any person or
organization and the Plan as the Trustee reasonably requests in order to
determine whether such person or organization is a party in interest with
respect to the Plan within the meaning of ERISA Section 3(14).

      7.9 Disputes. If a dispute arises as to the payment of any funds or
delivery of any assets by the Trustee, the Trustee may withhold such payment or
delivery until the dispute is determined by a court of competent jurisdiction or
finally settled in writing by the parties concerned.

      7.10 Successor Trustee. This Trust Agreement shall apply to any person who
shall be appointed to succeed the person currently appointed as the Trustee; and
any reference herein to the Trustee shall be deemed to include any one or more
individuals or corporations or any combination thereof who or which have at any
time acted as a co-trustee or as the sole trustee.

      7.11 Governing State Law. This Trust Agreement shall be interpreted in
accordance with the laws of the State of Connecticut to the extent those laws
may be applicable under the provisions of ERISA.

                                       13

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Trust Agreement
as of the day and year first above written.

ATTEST:                                 ENFIELD FEDERAL SAVINGS AND
                                        LOAN ASSOCIATION

________________________                By:_____________________________________

                                           For the Entire Board of Directors

ATTEST:                                 ____________________________, as TRUSTEE

________________________                ________________________________________

                                       14

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