Document:

Exhibit 10.46

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

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

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

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

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

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

      1. Term of Agreement; Employment Status. This Agreement shall take effect
when signed by all parties and shall remain in full force and effect until June
1, 2006. All employees of Bank and Holding Company, including Employee, are
employees at will. The terms of this Agreement, therefore, do not and are not
intended to create either an express and/or implied contract of employment with
the Bank and/or the Holding Company. This Agreement simply provides certain
potential benefits to Employee in the event that a Change in Control occurs
prior to June 1, 2006 as hereinafter defined.

      2. Change in Control. No benefits shall be payable hereunder unless prior
to June 1, 2006 there shall have been a Change in Control as set forth below,
and thereafter within six (6)

                                       72
<PAGE>

months of such Change in Control Employee's employment with the Bank and/or its
successor terminates or Employee is reassigned in accordance with Section 3,
below. For purposes of this Agreement, a "Change in Control" shall mean any of
the following:

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

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

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

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

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

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

      3. Termination Following Change in Control. If any of the events described
in Section 2 hereof constituting a Change in Control shall have occurred,
Employee shall be entitled to the benefits provided for in Section 4(a) hereof
upon the termination or material reassignment of her employment duties or
responsibilities as an employee of the Bank and/or its successor as provided in
this Section 3, within six (6) months after such event, unless such employment
is terminated or reassigned: (i) by any regulatory authority (acting with proper
jurisdiction); or (ii) by the Board of Directors for cause; or (iii) because of
Employee's death, retirement or disability. Such benefits shall be reduced by
the amount of any severance paid to Employee by the Bank or its successor.

            (a) Retirement; Disability.

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

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<PAGE>

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

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

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

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

      4. Compensation Upon Termination or Reassignment.

            (a) If, within six (6) months after a Change in Control, as defined
in Section 2 hereof, shall have occurred, Employee's employment with the Bank
terminates or is reassigned as defined in Section 3 (except by an agency acting
with proper jurisdiction, or by a board of directors for cause or as a result of
death, retirement or disability), then the Bank and/or its successor shall pay
Employee within five (5) days after the Date of Termination an amount equal to
the sum of:

                  (i) Six (6) months of Employee's annual compensation based
      upon the most recent aggregate base salary paid to Employee in the six (6)
      month period immediately preceding her termination or reassignment less
      amounts previously paid to Employee from the date of Change in Control;
      plus

                                       74
<PAGE>

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

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

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

      5. Continuation of Insurance Benefits.

      Notwithstanding any other provision in this Agreement to the contrary, the
Bank and/or its successor shall maintain in full force and effect for Employee's
continued benefit, for the six (6) month period beginning upon a Change in
Control, all life insurance, medical, health and accident and disability
policies, plans, programs or arrangements which were in effect immediately prior
to the Change in Control.

                                       1
<PAGE>

            Successors; Binding Agreement.

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

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

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

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

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

                                       2
<PAGE>

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

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

      Agreed to this 11th day of June, 2003 by and among Employee, The First
National Bank of Litchfield, and First Litchfield Financial Corporation.

                                   THE FIRST NATIONAL BANK OF LITCHFIELD

                                   By: /s/ Joseph J. Greco
                                       -------------------
                                          Joseph J. Greco
                                   Its:   President
                                          Duly Authorized

                                   EMPLOYEE

                                   Signature: /Employee Signature
                                              -------------------
                                              Employee Name:

                                   FIRST LITCHFIELD FINANCIAL CORPORATION

                                   By: /s/ Joseph J. Greco
                                       -------------------
                                          Joseph J. Greco
                                   Its:   President
                                          Duly Authorized

                                       3
<PAGE>

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

      On this the 20th day of June, 2003, before me, the undersigned, personally
appeared Joseph J. Greco, who acknowledged himself to be the President of THE
FIRST NATIONAL BANK OF LITCHFIELD, and that he as such President, being
authorized so to do, executed the foregoing instrument for the purposes therein
contained by signing his name.

      In Witness Whereof, I hereunto set my hand.

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

                                /Notary Public
                                My Commission Expires:

                                        Coral W. Ozerhoski
                                        Notary Public
                                        My Commission Expires August 31, 2003

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

      On this the 20th day of June, 2003, before me, the undersigned, personally
appeared Joseph J. Greco, who acknowledged himself to be the President of FIRST
LITCHFIELD FINANCIAL CORPORATION, and that he as such President, being
authorized so to do, executed the foregoing instrument for the purposes therein
contained by signing his name.

      In Witness Whereof, I hereunto set my hand.

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

                                /Notary Public
                                My Commission Expires:

                                        Coral W. Ozerhoski
                                        Notary Public
                                        My Commission Expires August 31, 2003

                                       4
<PAGE>

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

      On this the 11th day of June, 2003, before me, the undersigned employee,
personally appeared____________, known to me or satisfactorily proven to be the
person signing the foregoing document and acknowledged that she executed the
same for the purposes therein combined as her free act and deed.

      In Witness Whereof, I hereunto set my hand.

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

                                /Notary Public
                                My Commission Expires:

    Coral W. Ozerhoski

                                        Notary Public
                                        My Commission Expires August 31, 2003

                                       5Exhibit 10.47

                                 LIFE INSURANCE

                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                    AGREEMENT

Insurer: Union Central ("UC"); New York Life ("NYL")

Policy Number: UC: U200001417; NYL: 56600351

Bank: The First National Bank of Litchfield (the "Bank")

Insured: Joelene Smith

Relationship of Insured to Bank; Employee

The respective rights and duties of the Bank and the Insured in the
above-referenced Policy shall be pursuant to the terms set forth below:

I.    DEFINITIONS

      Refer to the Policy contract for the definition of all terms in this
      Agreement.

II.   POLICY TITLE AND OWNERSHIP

      Title and ownership shall reside in the Bank for its use and for the use
      of the Insured all in accordance with this Agreement. The Bank alone may,
      to the extent of its interest, exercise the right to borrow or withdraw on
      the Policy cash values. Where the Bank and the Insured (or assignee, with
      the consent of the Insured) mutually agree to exercise the right to
      increase the coverage under the subject Split Dollar Policy, then, in such
      event, the rights, duties and benefits of the parties to such increased
      coverage shall continue to be subject to the terms of this Agreement.

III.  BENEFICIARY DESIGNATION RIGHTS

      The Insured (or assignee) shall have the right and power to designate a
      beneficiary or beneficiaries to receive the Insured's share of the
      proceeds payable upon the death of the Insured and to elect and change a
      payment option for such beneficiary, subject to any right or interest the
      Bank may have in such proceeds, as provided in this agreement.

                                       6
<PAGE>

IV.   PREMIUM PAYMENT METHOD

      The Bank shall pay an amount equal to the planned premiums and any other
      premium payments that might become necessary to keep the Policy in force.

V.    TAXABLE BENEFIT

      Annually the Insured will receive a taxable benefit equal to the assumed
      cost of insurance as required by the Internal Revenue Service. The Bank
      (or its administrator) will report to the Insured the amount of imputed
      income each year on Form W-2 or its equivalent.

VI.   DIVISION OF DEATH PROCEEDS

      Subject to Paragraphs VII and X herein, the division of the death proceeds
      of the Policy is as follows:

      A.    Whether or not the Insured be employed by the Bank at the time of
            death, the Insured's beneficiary(ies), designated in accordance with
            Paragraph III, shall be entitled to an amount equal to $25,000 of
            the net-at-risk insurance portion of the proceeds. The net-at-risk
            insurance portion is the total proceeds less the cash value of the
            policy.

      B.    The Bank shall be entitled to the remainder of such proceeds.

      VII. DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

      The Bank shall at all times be entitled to an amount equal to the Policy's
      cash value, as that term is defined in the Policy contract, less any
      Policy loans and unpaid interest or cash withdrawals previously incurred
      by the Bank and any applicable surrender charges. Such cash value shall be
      determined as of the date of surrender or death as the case may be.

VIII. TERMINATION OF AGREEMENT

      This Agreement shall terminate upon the occurrence of any one of the
      following:

      4

      A.    The Insured shall leave the employment of the Bank (voluntarily or
            involuntarily) prior to three (3) years from the Effective Date of
            this Agreement; or

      B.    The Insured shall be discharged from employment with the Bank for
            cause. The term "for cause" shall mean any of the following that
            result in an adverse effect on the Bank: (i) gross negligence or
            gross neglect; (ii) the commission of a felony or gross misdemeanor
            involving moral turpitude, fraud, or dishonesty; (iii) the willful
            violation of any law, rule, or regulation (other than a traffic
            violation or similar offense); (iv) an intentional failure to
            perform stated duties; or (v) a breach of fiduciary duty involving
            personal profit; or

                                       7
<PAGE>

      C.    Surrender, lapse, or other termination of the Policy by the Bank.

      Upon such termination, the Insured (or assignee) shall have a fifteen (15)
      day option to receive from the Bank an absolute assignment of the Policy
      in consideration of a cash payment to the Bank, whereupon this Agreement
      shall terminate. Such cash payment referred to hereinabove shall be the
      greater of:

      A.    The Bank's share of the cash value of the Policy on the date of such
            assignment, as defined in this Agreement; or

      B.    The amount of the premiums that have been paid by the Bank prior to
            the date of such assignment.

      If, within said fifteen (15) day period, the Insured fails to exercise
      said option, fails to procure the entire aforestated cash payment, or
      dies, then the option shall terminate and the Insured (or assignee) agrees
      that all of the Insured's rights, interest and claims in the Policy shall
      terminate as of the date of the termination of this Agreement.

      The Insured expressly agrees that this Agreement shall constitute
      sufficient written notice to the Insured of the Insured's option to
      receive an absolute assignment of the Policy as set forth herein.

      Except as provided above, this Agreement shall terminate upon distribution
      of the death benefit proceeds in accordance with paragraph VI above.

X.    INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

      The Insured may not, without the written consent of the Bank, assign to
      any individual, trust or other organization, any right, title or interest
      in the subject Policy, or any rights, options, privileges or duties
      created under this Agreement.

XI.   AGREEMENT BINDING UPON THE PARTIES

      This Agreement shall bind the Insured and the Bank, their heirs,
      successors, personal representative and assigns.

XII.  ERISA PROVISIONS

      The following provisions are part of this Agreement and are intended to
      meet the requirements of the Employee Retirement Income Security Act of
      1974 ("ERISA"):

      A.    Named Fiduciary and Plan Administrator.

            The "Named Fiduciary and Plan Administrator" of this Endorsement
            Method Split Dollar Plan Agreement shall be The First National Bank
            of Litchfield until its

                                       8
<PAGE>

            resignation or removal by the Board of Directors. As Named Fiduciary
            and Plan Administrator, the Bank shall be responsible for the
            management, control, and administration of this Split Dollar Plan as
            established herein. The Named Fiduciary may delegate to others
            certain aspects of the management and operation responsibilities of
            the Plan, including the employment of advisors and the delegation of
            any ministerial duties to qualified individuals.

      B.    Funding Policy.

            The funding policy for this Split Dollar Plan shall be to maintain
            the subject Policy in force by paying, when due, all premiums
            required.

      C.    Basis of Payment of Benefits.

            Direct payment by the Insurer is the basis of payment of benefits
            under this Agreement, with those benefits in turn being based on the
            payment of premiums as provided in this Agreement.

      D.    Claim Procedures.

            Claim forms or claim information as to the subject Policy can be
            obtained by contacting Benmark, Inc. (800-544-6079). When the named
            Fiduciary has a claim which may be covered under the provisions
            described in the insurance Policy, they should contact the office
            named above, and they will either complete a claim form and forward
            it to an authorized representative of the Insurer or advise the
            named Fiduciary what further requirements are necessary. The Insurer
            will evaluate and make a decision as to payment. If the claim is
            payable, a benefit check will be issued in accordance with the terms
            of this Agreement.

            In the event that a claim is not eligible under the Policy, the
            Insurer will notify the Named Fiduciary of the denial pursuant to
            the requirements under the terms of the Policy. If the Named
            Fiduciary is dissatisfied with the denial of the claim and wishes to
            contest such claim denial, they should contact the office named
            above and they will assist in making an inquiry to the Insurer. All
            objections to the Insurer's actions should be in writing and
            submitted to the office named above for transmittal to the Insurer.

XIII. GENDER

      Whenever in this Agreement words are used in the masculine or neuter
      gender, they shall be read and construed as in the masculine, feminine or
      neuter gender, whenever they should so apply.

XIV.  INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

                                       9
<PAGE>

      The Insurer shall not be deemed a party to this Agreement, but will
      respect the rights of the parties as herein developed upon receiving an
      executed copy of this Agreement. Payment or other performance in
      accordance with the Policy provisions shall fully discharge the Insurer
      from any and all liability.

XV.   CHANGE OF CONTROL

      Change of Control shall be deemed to be the cumulative transfer of more
      than fifty percent (50%) of the voting stock of the Bank from the date of
      this Agreement. For the purposes of this Agreement, transfers on account
      of death or gifts, transfers between family members, or transfers to a
      qualified retirement plan maintained by the Bank shall not be considered
      in determining whether there has been a Change of Control. Upon a Change
      of Control, if the Insured's employment is subsequently terminated, except
      for cause, then the Insured shall be one hundred percent (100%) vested in
      the benefits promised in this Agreement and, therefore, upon the death of
      the Insured, the Insured's beneficiary(ies) (designated in accordance with
      Paragraph III) shall receive the death benefit provided herein as if the
      Insured had died while employed by the Bank (see Subparagraphs VI [A]
      &[B].

XVI.  AMENDMENT OR REVOCATION

      It is agreed by and between the parties hereto that, during the lifetime
      of the Insured, this Agreement may be amended or revoked at any time or
      times, in whole or in part, by the mutual written consent of the Insured
      and the Bank.

XVII. EFFECTIVE DATE

      The effective Date of this Agreement shall be May 1, 2003.

XVIII. SEVERABILITY AND INTERPRETATION

      If a provision of this Agreement is held to be invalid or unenforceable,
      the remaining provisions shall nonetheless be enforceable according to
      their terms. Further, in the event that any provision is held to be
      overbroad as written, such provision shall be deemed amended to narrow its
      application to the extent necessary to make the provision enforceable
      according to law and enforced as amended.

XIX.  APPLICABLE LAW

      The validity and interpretation of this Agreement shall be governed by the
      laws of the State of Connecticut.

Executed at Litchfield, Connecticut this 1st day of May, 2003.

THE FIRST NATIONAL BANK OF LITCHFIELD
Litchfield, Connecticut

/s/ Judith E. Tartaro                   By: /s/ Joseph J. Greco, President
-------------------------                   ----------------------------------
Witness                                     Title

                                       10
<PAGE>

/s/ Judith E. Tartaro                       /s/ Joelene E. Smith
-------------------------                   ----------------------------------
Witness                                     Insured

                          BENEFICIARY DESIGNATION FORM
                      FOR LIFE INSURANCE ENDORSEMENT METHOD
                           SPLIT DOLLAR PLAN AGREEMENT

PRIMARY DESIGNATION:

         Name                        Address                      Relationship
         ----                        -------                      ------------

         James F. Smith     10 Laurel Road, Warren, CT 06754        Spouse

SECONDARY (CONTINGENT) DESIGNATION:

         James F. Smith III 10 Laurel Road, Warren, CT 06754         Child

             Jared A. Smith 10 Laurel Road, Warren, CT 06754         Child

All sums payable under the Life Insurance Endorsement Method Split Dollar Plan
Agreement by reason of my death shall be paid to the primary Beneficiary, if he
or she survives me, and if no Primary Beneficiary shall survive me, then to the
Secondary (Contingent) Beneficiary.

/s/ Joelene E. Smith                                    May 1, 2003
-------------------------                   ----------------------------------
Signature of Insured                        Date

                                       11

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