Document:

Exhibit 10.59

                      THE FIRST NATIONAL BANK OF LITCHFIELD

                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

     THIS  AGREEMENT is made this  twenty-first  day of November,  2005,  by and
between The First  National  Bank of  Litchfield,  a national  bank,  located in
Litchfield,   Connecticut,   (the   "Company"),   and  Robert   Teittinen   (the
"Executive").

                                  INTRODUCTION

     To  encourage  the  Executive  to remain an  employee of the  Company,  the
Company is willing to provide to the Executive a deferred incentive opportunity.
The Company will pay the benefits from its general assets.

                                    AGREEMENT

     The Executive and the Company agree as follows:

                                    Article 1
                                   Definitions

     1.1 Definitions.  Whenever used in this Agreement,  the following words and
phrases shall have the meanings specified:

          1.1.1 "Base Salary" means the total annual base salary  payable to the
     Executive  at the rate in effect on the date  specified.  Base Salary shall
     not be  reduced  for any  salary  reduction  contributions:  (i) to cash or
     deferred arrangements under Section 401(k) of the Code; (ii) to a cafeteria
     plan under  Section  125 of the Code;  or (iii) to a deferred  compensation
     plan that is not qualified under Section 401(a) of the Code.

          1.1.2 "Code" means the Internal Revenue Code of 1986, as amended.

          1.1.3  "Deferral  Account"  means  the  Company's  accounting  of  the
     Executive's accumulated Deferrals plus accrued interest.

          1.1.4  "Disability"   means  the  Executive's   inability  to  perform
     substantially all normal duties of the Executive's  position, as determined
     by the Company's Board of Directors in its sole discretion.  As a condition
     to any  benefits,  the Company may require the  Executive to submit to such
     physical or mental  evaluations  and tests as the Board of Directors  deems
     appropriate.

          1.1.5 "Early  Retirement  Age" means the  Executive's  55th  birthday,
     provided he has completed at least 20 Years of Service.

          1.1.6 "Early  Retirement  Date" means the date that the  Executive has
     terminated employment after attaining his 55th birthday but before his 65th
     birthday provided he has completed at least 20 Years of Service.

          1.1.7 "Earnings" means the Company's reported Net Income after taxes.

          1.1.8 "Effective Date" means the date first written above.

          1.1.9 "Election Form" means the Form attached as Exhibit 1.

          1.1.10 "Extraordinary Items" means those items recognized by Generally
     Accepted Accounting  Principles as extraordinary that substantially  affect
     shareholder equity and/or the Company's assets.  Examples of such items are
     stock redemptions,  mergers, acquisitions,  stock splits and other items of
     that nature.

          1.1.11 "Return On Equity" means the Company's  Earnings,  adjusted for
     Extraordinary  Items,  divided by the Company's  common stock equity at the
     end of the same fiscal year.

          1.1.12 "Normal Retirement Age" means the Executive's 65th birthday.

<PAGE>

          1.1.13  "Normal  Retirement  Date"  means  the  later  of  the  Normal
     Retirement Age or Termination of Employment.

          1.1.14  "Plan Year" means the  calendar  year.  The initial  Plan Year
     shall be a short Plan Year  commencing on the Effective  Date and ending on
     December 31 of the same year.

          1.1.15  "Growth  of Stock  Rate"  means the  percentage  change in the
     Company's  fair market value common stock price ("Stock  Price") over a one
     year  period,  measured  on  December  31 of each year,  with a  guaranteed
     minimum of 4% and a maximum of 15%, cumulatively.

          1.1.16  "Termination of Employment"  means the Executive ceasing to be
     employed  by  the  Company  for  any  reason   whatsoever,   voluntary   or
     involuntary, other than by reason of an approved leave of absence.

          1.1.17  "Years of  Service"  means the  total  number of  twelve-month
     periods during which the Executive is employed on a full-time  basis by the
     Company, inclusive of any approved leave of absence.

                                    Article 2
                                    Incentive

     2.1  Incentive  Award.  The three (3) year rolling  average of and earnings
growth  Return On Equity (the "ROE")  determined  as of December 31 of each plan
year shall determine the Executive's  Incentive Award Percentage,  in accordance
with the attached Schedule A. The chart on Schedule A is specifically subject to
change annually at the sole discretion of the Company's Board of Directors.  The
Incentive Award is calculated annually by taking the Executive's Base Salary for
the  Plan  Year in  which  the ROE was  calculated  times  the  Incentive  Award
Percentage.

     2.2 Incentive  Deferral.  On March 1 following  each Plan Year, the Company
shall declare and pay the Incentive  Award in the form of  compensation  and the
Executive shall defer such amount to the Deferral Account.

                                    Article 3
                                Deferral Account

     3.1  Establishing  and  Crediting.  The Company shall  establish a Deferral
Account on its books for the Executive, and shall credit to the Deferral Account
the following amounts:

          3.1.1 Deferrals. The Incentive Deferral as determined under Article 2.

          3.1.2  Interest.  On March 1 following each Plan Year and  immediately
     prior to the payment of any benefits, interest on the account balance since
     the  preceding  credit  under  this  Section  3.1.2,  at  an  annual  rate,
     compounded monthly, equal to the Growth of Stock Rate for the same period.

     3.2  Statement of Accounts.  The Company  shall  provide to the  Executive,
within one hundred  twenty (120) days after each Plan Year, a statement  setting
forth the Deferral Account balance.

     3.3  Accounting  Device Only.  The Deferral  Account is solely a device for
measuring amounts to be paid under this Agreement. The Deferral Account is not a
trust fund of any kind.  The  Executive is a general  unsecured  creditor of the
Company for the payment of  benefits.  The benefits  represent  the mere Company
promise to pay such  benefits.  The  Executive's  rights are not  subject in any
manner  to  anticipation,   alienation,  sale,  transfer,   assignment,  pledge,
encumbrance, attachment, or garnishment by the Executive's creditors.

     3.4 Hardship.  If an  unforeseeable  financial  emergency  arising from the
death of a family  member,  divorce,  sickness,  injury,  catastrophe or similar
event  outside the control of the  Director  occurs,  the  Director,  by written
instructions to the Company, may reduce future deferrals under this Agreement.

                                    Article 4
                                Lifetime Benefits

     4.1 Normal Retirement Benefit. If the Executive terminates employment on or
after the Normal  Retirement Age for reasons other than death, the Company shall
pay to the  Executive  the benefit  described in this Section 4.1 in lieu of any
other benefit under this Agreement.

<PAGE>

          4.1.1  Amount of Benefit.  The benefit  under this  Section 4.1 is the
     Deferral Account balance on the Executive's Normal Retirement Date.

          4.1.2  Payment of Benefit.  The  Company  shall pay the benefit to the
     Executive   commencing  on  the  first  day  of  the  month  following  the
     Executive's  Normal Retirement Date in the form elected by the Executive on
     the Election  Form.  If the Executive  elects to receive  payments in equal
     monthly installments,  the Company shall continue to credit interest on the
     remaining account balance during any applicable installment period fixed at
     the rate in  effect  under  Section  3.1.2  on the date of the  Executive's
     Termination of Employment.

       4.2 Early Retirement Benefit. If the Executive  terminates  employment on
or after the Early Retirement Age and before the Normal  Retirement Age, and for
reasons other than death or  Disability,  the Company shall pay to the Executive
the  benefit  described  in this 4.2 in lieu of any  other  benefit  under  this
Agreement.

          4.2.1  Amount of Benefit.  The benefit  under this  Section 4.2 is the
     Deferral Account balance on the Executive's Early Retirement Date.

          4.2.2  Payment of Benefit.  The  Company  shall pay the benefit to the
     Executive  in the form  and on the date  elected  by the  Executive  on the
     Election  Form. If the Executive  elects the Deferred  Payment Option or to
     receive payments in equal monthly installments,  the Company shall continue
     to credit  interest on the remaining  account balance during any applicable
     installment  period fixed at the rate in effect under  Section 3.1.2 on the
     date of the Executive's Termination of Employment.

     4.3 Early  Termination  Benefit.  If the  Executive  terminates  employment
before the Early Retirement Age or Normal  Retirement Age for reasons other than
death  or  Disability,  the  Company  shall  pay to the  Executive  the  benefit
described  in  this  Section  4.3 in  lieu  of any  other  benefits  under  this
Agreement.

          4.3.1  Amount of Benefit.  The benefit  under this  Section 4.3 is the
     vested  portion  of  the  Deferral   Account  balance  on  the  Executive's
     Termination of Employment.

          4.3.2 Vesting of Awards.  For purposes of this Section 4.3,  Incentive
     Awards  will vest 20% per year from the date the  award was  declared.  The
     Interest  credited to each Incentive Award will also vest 20% per year from
     the date the award was declared.

          4.3.3  Payment of Benefit.  The  Company  shall pay the benefit to the
     Executive  in a  single  lump  sum  within  60 days  after  Termination  of
     Employment.

     4.4  Disability  Benefit.  If  the  Executive  terminates   employment  for
Disability  prior to the Early  Retirement  Age or Normal  Retirement  Age,  the
Company shall pay to the Executive the benefit  described in this Section 4.4 in
lieu of any other benefit under this Agreement.

          4.4.1  Amount of Benefit.  The benefit  under this  Section 4.4 is the
     Deferral Account balance at Termination of Employment.

          4.4.2  Payment of Benefit.  The  Company  shall pay the benefit to the
     Executive   commencing  on  the  first  day  of  the  month  following  the
     Executive's  Termination of Employment in the form elected by the Executive
     on the Election Form. If the Executive  elects to receive payments in equal
     monthly installments,  the Company shall continue to credit interest on the
     remaining account balance during any applicable installment period fixed at
     the rate in  effect  under  Section  3.1.2  on the date of the  Executive's
     Termination of Employment.

     4.5 Hardship  Distribution.  Upon the  Company's  determination  (following
petition by the  Executive)  that the  Executive  has suffered an  unforeseeable
financial emergency as described in Section 3.4, the Company shall distribute to
the Executive all of the Deferral Account balance as determined by the Company.

                                    Article 5
                                 Death Benefits

     5.1 Death During Active Service.  If the Executive dies while in the active
service of the Company, the Company shall pay to the Executive's beneficiary the
benefit described in this Section 5.1.

          5.1.1 Amount of Benefit.  The benefit under Section 5.1 is the greater
     of the Deferral Account balance or the projected  retirement benefit as per
     the attached Schedule B.

<PAGE>

          5.1.2  Payment of Benefit.  The  Company  shall pay the benefit to the
     beneficiary  commencing  on  the  first  day  of the  month  following  the
     Executive's  death in the form  elected by the  Executive  on the  Election
     Form. If the Executive elects payments in equal monthly  installments,  the
     Company shall continue to credit interest on the remaining  account balance
     during any applicable  installment period fixed at the rate in effect under
     Section 3.1.2 on the date of the Executive's Termination of Employment.

     5.2 Death  During  Benefit  Period.  If the  Executive  dies after  benefit
payments  have  commenced  under this  Agreement  but before  receiving all such
payments,  the  Company  shall pay the  remaining  benefits  to the  Executive's
beneficiary  at the same time and in the same  amounts they would have been paid
to the Executive had the Executive survived.

     5.3 Death After  Termination  of  Employment  But Before  Benefit  Payments
Commence. If the Executive is entitled to benefit payments under this Agreement,
but dies prior to the commencement of said benefit  payments,  the Company shall
pay the benefit  payments to the Executive's  beneficiary that the Executive was
entitled to prior to death except that the benefit  payments  shall  commence on
the first day of the month following the date of the Executive's death.

                                    Article 6
                                  Beneficiaries

     6.1 Beneficiary  Designations.  The Executive shall designate a beneficiary
by filing a written  designation  with the Company.  The Executive may revoke or
modify the designation at any time by filing a new written designation. However,
designations  will only be effective if signed by the  Executive and accepted by
the  Company  during  the  Executive's  lifetime.  The  Executive's  beneficiary
designation shall be deemed automatically revoked if the beneficiary predeceases
the  Executive,  or if the  Executive  names a  spouse  as  beneficiary  and the
marriage  is  subsequently  dissolved.  If the  Executive  dies  without a valid
beneficiary designation, all payments shall be made to the Executive's estate in
a lump sum.

     6.2  Facility of Payment.  If a benefit is payable to a minor,  to a person
declared  incompetent,  or to a person  incapable of handling the disposition of
his or her  property,  the Company may pay such benefit to the  guardian,  legal
representative  or person having the care or custody of such minor,  incompetent
person or  incapable  person.  The Company may  require  proof of  incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the
benefit.  Such  distribution  shall  completely  discharge  the Company from all
liability with respect to such benefit.

                                    Article 7
                               General Limitations

     Notwithstanding  any  provision  of this  Agreement  to the  contrary,  the
Company shall not pay any benefit under this Agreement:

     7.1 Excess  Parachute  Payment.  To the extent the benefit  would create an
excise tax under the excess parachute rules of Section 280G of the Code.

     7.2  Termination  for Cause.  If the  Company  terminates  the  Executive's
employment for:

          7.2.1 Gross negligence or gross neglect of duties;

          7.2.2 Commission of a felony or of a gross misdemeanor involving moral
     turpitude; or

          7.2.3 Fraud, disloyalty, dishonesty or willful violation of any law or
     significant  Company policy  committed in connection  with the  Executive's
     employment and resulting in an adverse effect on the Company.

     7.3 Suicide.  If the Executive  commits  suicide within two years after the
date of this Agreement,  or if the Executive has made any material  misstatement
of fact on any application for life insurance purchased by the Company.

                                    Article 8
                          Claims and Review Procedures

     8.1 Claims  Procedure.  The Company  shall notify any person or entity that
makes a claim against the Agreement (the  "Claimant") in writing,  within ninety
(90)  days  of  Claimant's  written  application  for  benefits,  of  his or her
eligibility or noneligibility  for benefits under the Agreement.  If the Company
determines that the Claimant is not eligible for benefits or full benefits,  the
notice shall set forth (1) the specific reasons for such denial,  (2) a specific
reference to the provisions of the Agreement on which the denial is based, (3) a
description of

<PAGE>

any additional information or material necessary for the Claimant to perfect his
or her claim,  and a description of why it is needed,  and (4) an explanation of
the Agreement's claims review procedure and other appropriate  information as to
the steps to be taken if the Claimant wishes to have the claim reviewed.  If the
Company  determines that there are special  circumstances  requiring  additional
time to make a decision,  the Company  shall  notify the Claimant of the special
circumstances  and the date by which a decision is expected to be made,  and may
extend the time for up to an additional ninety-day period.

     8.2 Review  Procedure.  If the Claimant is determined by the Company not to
be eligible for benefits, or if the Claimant believes that he or she is entitled
to greater or different  benefits,  the Claimant  shall have the  opportunity to
have such claim reviewed by the Company by filing a petition for review with the
Company  within  sixty  (60) days  after  receipt  of the  notice  issued by the
Company.  Said  petition  shall state the  specific  reasons  which the Claimant
believes  entitle him or her to benefits  or to greater or  different  benefits.
Within sixty (60) days after receipt by the Company of the petition, the Company
shall afford the Claimant (and counsel, if any) an opportunity to present his or
her position to the Company orally or in writing,  and the Claimant (or counsel)
shall have the right to review the pertinent documents. The Company shall notify
the Claimant of its decision in writing  within the  sixty-day  period,  stating
specifically  the basis of its  decision,  written in a manner  calculated to be
understood by the Claimant and the specific provisions of the Agreement on which
the  decision is based.  If,  because of the need for a hearing,  the  sixty-day
period  is not  sufficient,  the  decision  may be  deferred  for up to  another
sixty-day  period at the  election of the Company,  but notice of this  deferral
shall be given to the Claimant.

                                    Article 9
                           Amendments and Termination

     This  Agreement  may be amended or terminated  only by a written  agreement
signed by the Company.

                                   Article 10
                                  Miscellaneous

     10.1  Binding  Effect.  This  Agreement  shall bind the  Executive  and the
Company,   and   their   beneficiaries,    survivors,   executors,   successors,
administrators and transferees.

     10.2 No Guarantee of Employment. This Agreement is not an employment policy
or contract.  It does not give the  Executive the right to remain an employee of
the Company,  nor does it interfere  with the  Company's  right to discharge the
Executive.  It also does not require  the  Executive  to remain an employee  nor
interfere with the Executive's right to terminate employment at any time.

     10.3  Non-Transferability.  Benefits under this  Agreement  cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.

     10.4  Reorganization.  The Company shall not merge or  consolidate  into or
with another company, or reorganize,  or sell substantially all of its assets to
another company,  firm, or person unless such succeeding or continuing  company,
firm, or person agrees to assume and  discharge the  obligations  of the Company
under this Agreement.  Upon the occurrence of such event,  the term "Company" as
used in this  Agreement  shall be deemed to refer to the  successor  or survivor
company.

     10.5 Tax  Withholding.  The  Company  shall  withhold  any  taxes  that are
required to be withheld from the benefits provided under this Agreement.

     10.6 Applicable Law. The Plan and all rights hereunder shall be governed by
and  construed  according  to the  laws of  Connecticut,  except  to the  extent
preempted by the laws of the United States of America.

     10.7  Unfunded  Arrangement.  The  Executive  and  beneficiary  are general
unsecured  creditors  of the  Company  for the  payment of  benefits  under this
Agreement.  The benefits  represent  the mere promise by the Company to pay such
benefits.  The rights to benefits are not subject in any manner to anticipation,
alienation,  sale, transfer,  assignment,  pledge,  encumbrance,  attachment, or
garnishment  by creditors.  Any insurance on the  Executive's  life is a general
asset of the Company to which the Executive and beneficiary have no preferred or
secured claim.

     10.8 Recovery of Estate Taxes. If the Executive's  gross estate for federal
estate tax  purposes  includes  any amount  determined  by  reference  to and on
account of this Agreement,  and if the beneficiary is other than the Executive's
estate,  then the  Executive's  estate  shall be  entitled  to recover  from the
beneficiary  receiving such benefit under the terms of the Agreement,  an amount
by which the total estate tax due by the Executive's  estate,  exceeds the total
estate tax which  would have been  payable if the value of such  benefit had not
been included in the Executive's  gross estate. If there is more than one person
receiving such benefit, the right of recovery shall be against each such person.
In the event the  beneficiary  has a liability  hereunder,  the  beneficiary may
petition  the  Company  for a lump sum  payment  in an amount  not to exceed the
beneficiary's liability hereunder.

     10.9 Entire  Agreement.  This Agreement  constitutes  the entire  agreement
between the Company and the Executive as to the subject matter hereof. No rights
are  granted  to the  Executive  by virtue of this  Agreement  other  than those
specifically set forth herein.

<PAGE>

     10.10 Administration.  The Company shall have powers which are necessary to
administer this Agreement, including but not limited to:

          10.10.1 Interpreting the provisions of the Agreement;

          10.10.2  Establishing  and revising the method of  accounting  for the
     Agreement;

          10.10.3  Maintaining  a  record  of  benefit  payments;   and  10.10.4
     Establishing  rules and  prescribing  any forms  necessary  or desirable to
     administer the Agreement.

     10.11 Designated Fiduciary.  For purposes of the Employee Retirement Income
Security Act of 1974, if  applicable,  the Company shall be the named  fiduciary
and plan administrator under the Agreement.  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  ministerial
duties to qualified individuals.

       IN WITNESS WHEREOF,  the Executive and a duly authorized  Company officer
have signed this Agreement.

EXECUTIVE:                                           COMPANY:
The First National Bank of Litchfield
/s/ Robert E. Teittinen                              s/s Joseph J. Greco

Signed:                                              By    Joseph J. Greco
Robert E. Teittinen
                                                     Title   CEO & President
                                                            --------------------

<PAGE>

                                    EXHIBIT 1
                                       TO
                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

                           Normal Retirement Benefits
                           --------------------------

I elect to receive my Normal  Retirement  Benefits  under  Section  4.1.2 of the
Agreement in the following form:

[Initial One]

____ Lump sum

__RT__ Equal monthly installments for 180 months.

                            Early Retirement Benefits
                            -------------------------

I elect to receive  my Early  Retirement  Benefits  under  Section  4.2.2 of the
Agreement in the following form:

[Initial One]

____ Lump sum, payable on the first day of the month following my Early
     Retirement Date.

____ Deferred Lump sum, payable on                                         .
                                  -----------------------------------------

_RT___ Equal monthly  installments for 180 months commencing on the first day of
the month following my Early Retirement Date.

____ Deferred Equal monthly installments for 180 months commencing on          .
                                                                      ---------

                               Disability Benefits
                               -------------------

I elect to receive my Disability  Benefits  under Section 4.4.2 of the Agreement
in the following form:
[Initial One]

__RT__ Lump sum

____ Equal monthly installments for 180 months.

                                                             Death Benefits
I elect to have my Death  Benefit paid under  Section  5.1.2 of the Agreement in
the following form:

[Initial One]

_RT___ Lump sum

____ Equal monthly installments for 180 months.

Signature:   /s/ Robert E. Teittinen
------------------------------------

Date:   November 21, 2005
-------------------------

Accepted by the Company this 21st day of November, 2005.

Signature:  /s/ Joseph J. Greco
-------------------------------
By         Joseph J. Greco    .
    ---------------------------
Title      President & CEO    .
       ------------------------

<PAGE>

                             BENEFICIARY DESIGNATION

                      The First National Bank of Litchfield
                    EXECUTIVE INCENTIVE RETIREMENT AGREEMENT

I  designate  the  following  as  beneficiary  of any death  benefits  under the
Executive Incentive Retirement Agreement:

Primary:       Daryl A. Teittinen - 50%, Daphne C. Teittinen - 50%

Contingent:   Suzanne Joyce - -50%,  David Teittinen - 50%

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

Note: To name a trust as beneficiary,  please provide the name of the trustee(s)
and the exact name and date of the trust agreement.

I understand  that I may change these  beneficiary  designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically  revoked if the beneficiary  predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved.

Signature:  /s/ Robert E. Teittinen
Date:  November 21, 2005

Accepted by the Company this 21st day of November, 2005.

Signature:  /s/ Joseph J. Greco

By         Joseph J. Greco       .
     -----------------------------
Title      President & CEO              .
       ----------------------------------

<PAGE>

                                   Schedule A

                      Deferred Bonus as a % of Annual Fees

                      ----------------------------------------------------------
            14.0%         11.0      12.1     13.1     14.1     15.1      16.1
                      ----------------------------------------------------------
            13.0%         10.3      11.3     12.2     13.1     14.1      15.0
                      ----------------------------------------------------------
            12.0%          9.6      10.5     11.4     12.2     13.1      14.0
                      ----------------------------------------------------------
Earnings    11.0%          8.9       9.7     10.5     11.3     12.1      13.0
                      ----------------------------------------------------------
 Growth     10.0%          8.2       8.8      9.7     10.4     11.2      11.9
                      ----------------------------------------------------------
             9.0%          7.5       8.1      8.8      9.5     10.2      10.9
                      ----------------------------------------------------------
             8.0%          6.8       7.5      8.0      8.6      9.2      9.8
                      ----------------------------------------------------------
             7.0%          6.1       6.5      7.2      7.7      8.3      8.8
                      ----------------------------------------------------------
             6.0%          5.3       5.9      6.3      6.8      7.3      7.8
                      ----------------------------------------------------------
             5.0%          4.6       5.0      5.5      5.9      6.3      6.7
                      ----------------------------------------------------------
                          11.0%     12.0%    13.0%    14.0%    15.0%    16.0%

                                Return on Equity

<PAGE>

                                                                      Schedule B

      ------------------------------------------------------------------
                                                       Projected Account
      Name                                         Balance at Retirement
      ------------------------------------------------------------------
      Joseph J. Greco
      ------------------------------------------------------------------
      Carroll A. Pereira
      ------------------------------------------------------------------
      John Newton
      ------------------------------------------------------------------
      Robert Teittinen                                           202,068
      ------------------------------------------------------------------
      Philip Samponaro
      ------------------------------------------------------------------
      Joelene E. Smith
      ------------------------------------------------------------------EXHIBIT 10.2

                                STOCK OPTION PLAN

<PAGE>

                             FIRST AMENDMENT TO THE
                             ONEIDA FINANCIAL CORP.
                             2000 STOCK OPTION PLAN

     Pursuant to Section 20 of the Oneida Financial Corp. 2000 Stock Option Plan
(the "2000 Plan"), the 2000 Plan is hereby amended, effective as of December 29,
2005, as follows:

     1.   By adding the following new Section 9(c) to the 2000 Plan:

          "(c) Relinquishment of Rights. Notwithstanding anything in the Plan to
the contrary,  effective as of December 29, 2005, the Committee  shall not grant
any new Awards of Limited Rights to any Key Employees or Directors. With respect
to outstanding  Awards of Limited Rights granted prior to December 29, 2005, the
Board of Directors  shall take such action as it  determines to be necessary and
appropriate to obtain the consent of Participants to relinquish  their rights to
such outstanding  Limited Rights prior to December 31, 2005.  Outstanding Awards
of  Limited  Rights  that  are  relinquished  by  Participants  pursuant  to the
foregoing  shall be evidenced by a written  consent form signed and dated by the
affected  Participant  in  accordance  with  Section  20 of the Plan,  provided,
however,  that  nothing in the consent  form shall (i) affect the  Participant's
other rights under his outstanding  Options, or (ii) restrict the ability of the
Company,  in its sole  discretion,  or any third party to make a cash payment to
the  Participant  in  exchange  for  the  termination  or  cancellation  of  the
Participant's  Options.  Limited Rights for which no Participant consent form is
received  by the  Company  shall  remain  subject  to  the  relevant  terms  and
provisions of the Plan."

     2.   By adding the following  sentence at the end of Section 15 of the 2000
          Plan:

"Notwithstanding  anything in the Plan to the contrary, no provision of the Plan
shall  operate  to  require  the cash  settlement  of a stock  option  under any
circumstance that is not within the sole discretion of the Company."

     3.   By substituting the following for Section 18(a) of the 2000 Plan:

          "(a) provide that such Options shall be assumed, or equivalent options
shall be  substituted  ("Substitute  Options") by the  acquiring  or  succeeding
corporation  (or an affiliate  thereof),  provided that: (A) any such Substitute
Options  exchanged for Incentive  Stock Options shall meet the  requirements  of
Section  424(a)  of the Code,  and (B) the  shares  of stock  issuable  upon the
exercise of such Substitute  Options shall constitute  securities  registered in
accordance  with the  Securities  Act of 1933,  as amended  ("1933 Act") or such
securities  shall be exempt from such  registration  in accordance with Sections
3(a)(2) or 3(a)(5) of the 1933 Act, (collectively,  "Registered Securities"), or
in the alternative, and in the sole discretion of the Company, if the securities
issuable  upon the  exercise of such  Substitute  Options  shall not  constitute
Registered  Securities,  then the Participant will receive upon  consummation of
the Change in Control a cash  payment for each Option  surrendered  equal to the
difference between the (1) Fair Market Value of the consideration to be received
for each  share of Common  Stock in the  Change in  Control  times the number of
shares  of  Common  Stock  subject  to  such  surrendered  Options,  and (2) the
aggregate exercise price of all such surrendered Options, or"

     IN WITNESS WHEREOF,  Oneida Financial Corp. has caused this amendment to be
adopted by a duly authorized officer, this 30th day of December, 2005.

                             ONEIDA FINANCIAL CORP.
                             By: /s/ Michael R. Kallet
                                 -------------------------------------
                             Its President and Chief Executive Officer
                                 -------------------------------------

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