Document:

Exhibit 10.4

 

Employment Agreement

 

This Employment Agreement (the “Agreement”)
is made and entered into as of January 30, 2013, by and among Heidi S. DeWyngaert (the “Executive”)
on the one side, and BNC Financial Group, Inc., a Connecticut bank holding company (the “Company”)
and its two wholly-owned bank subsidiaries, The Bank of New Canaan and The Bank of Fairfield (collectively, the "Banks").
Unless a distinction is appropriate, the term "Company" in this Agreement shall include the Banks.

 

WHEREAS, the Company desires to employ the Executive
on the terms and conditions set forth herein; and

 

WHEREAS, the Executive desires to be employed
by the Company on such terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual
covenants, promises and obligations set forth herein, the parties agree as follows:

 

1.            Term.
The Executive’s employment hereunder shall be effective as of January , 2013 (the “Effective
Date”) and shall continue until December 31, 2014, unless terminated earlier pursuant to Section 5 of this Agreement.
The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the “Employment
Term.” The Company shall notify the Executive no later than October 1, 2014 if it wishes to extend the Employment
Term for an additional one year. If the Company provides such notice, the Employment Term shall not expire until December 31, 2015.
If so extended, the Company may further extend the Employment Term for additional one year terms on an annual basis thereafter
by providing such notice no later than October 1 in which the Term is to expire. If the Company does not provide such notice by
October 1 in the applicable year, the Employment Term shall expire on December 31 of that year. If the Employment Term is extended
as provided herein, all of the provisions of this Agreement shall remain in effect during the period of such extension unless otherwise
agreed in writing.

 

2.          Position
and Duties.

 

2.1   Position. The Executive shall
serve as an Executive Vice President of the Company and President of The Bank of New Canaan. Upon the anticipated merger of the
Bank in August 2013, Executive shall become the President of the combined Banks. In all events Executive shall have such power,
authority and responsibility and perform such duties as are prescribed by or under the Bylaws of the Company and Bank(s) and as
are customarily associated with such positions as determined by the Company’s Chief Executive Officer. The Executive shall,
if requested, also serve as a member of the board of directors of the Company or one or more of the Banks (the “Board”)
or as an officer or director of any affiliate of the Company for no additional compensation.

 

    	 

    	 

    

 

2.2    Reporting/Flexibility.
The Executive shall report directly to the Chief Executive Officer of the Company. The Company’s Chief Executive Officer
may, during the Employment Term, alter Executive’s job, position and/or reporting responsibilities as she deems appropriate
to the effective management of the Company, provided that Executive shall at all times be on the senior executive team and shall
at all times be a direct report to the Company’s Chief Executive Officer.

 

2.3    Effort and Exclusivity.
The Executive shall devote substantially all of her business time and attention (other than during weekends, holidays, vacation
periods, and periods of illness or leaves of absence) to the performance of the Executive's duties hereunder and will not engage
in any other business, profession or occupation for compensation or otherwise which could conflict or interfere with the performance
of such services either directly or indirectly without the prior written consent of the Chairman of the Compensation Committee.
Notwithstanding the foregoing, the Executive will be permitted to:

 

(a)  with the prior written consent
of the Company’s Chairman of the Compensation Committee act or serve as a director, trustee, committee member or principal
of any type of business, civic or charitable organization, and

 

(b)  with the prior written consent
of the Company’s Chairman of the Compensation Committee purchase or own less than two percent (2%) of the securities or ownership
interests of any corporation, partnership or limited liability company; provided that, such ownership represents a passive investment
and that the Executive is not a controlling person of, or a member of a group that controls, such corporation, partnership or limited
liability company; provided further that, the activities described in clauses (a) and (b) do not interfere with the performance
of the Executive's duties and responsibilities to the Company as provided hereunder.

 

Attached as Schedule A to this Agreement
is a list of pre-approved outside engagements of the Executive.

 

3.           Place
of Performance. The principal place of the Executive’s employment shall be the Company’s executive office currently
located in New Canaan, Connecticut, or at such other location as the Employers and the Executive may mutually agree upon.

 

4.           Compensation.

 

4.1   Base Salary. The
Company shall pay the Executive an annual rate of base salary of $238,000.00 in periodic installments in accordance with
the Company’s customary payroll practices, but no less frequently than monthly. The Executive’s annual base salary
may be increased from time to time by the Compensation Committee, but may not be decreased without the Executive’s written
consent. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base
Salary”.

 

4.2   Annual Bonus.
The Executive shall be entitled to incentive compensation and bonus (“Annual Bonus”) on a basis which is no
less favorable than is provided to other similarly situated executives of the Company.

 

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4.3   Long Term
Plan. The Executive shall be entitled to participate in any long term incentive compensation plan or program on a basis which
is no less favorable than is provided to other similarly situated executives of the Company. The long term plan may be incorporated
into or overlap with the Equity Awards program.

 

4.4   Equity Awards.
During the Employment Term, the Executive shall be eligible to receive equity awards under the 2012 BNC Financial Group, Inc. Stock
Plan or any successor plan (“Equity Awards”) on a basis which is no less favorable than is provided to other
similarly situated executives of the Company.

 

4.5   Fringe Benefits and
Perquisites. During the Employment Term, the Executive shall be entitled to participate in programs or policies that provide
fringe benefits and perquisites consistent with the practices of the Company, and to the extent the Company provides similar benefits
or perquisites (or both) to similarly situated executives of the Company on the senior management team.

 

4.6   Employee Benefits.
During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices and programs
maintained by the Company, as in effect from time to time (collectively, “Employee Benefit
Plans”), on a basis which is no less favorable than is provided to other similarly situated executives of the
Company, to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves
the right to amend or cancel any Employee Benefit Plan at any time in its sole discretion, subject to the terms of such Employee
Benefit Plan and applicable law.

 

4.7   Business Expenses.
Upon submission of appropriate invoices or vouchers, the Company shall pay or reimburse the Executive for all reasonable expenses
incurred by her in the performance of her duties under this Agreement in furthering the business, and in keeping with the policies,
of the Company; provided, however, that the Executive will receive a monthly allowance of five hundred dollars ($500) in
lieu of receiving reimbursements for business mileage and business phone usage.

 

4.8   Vacation. The Executive
is entitled to paid time-off (“PTO”) as outlined in the Company’s personnel policy.

 

4.9   Insurance Policies.

 

(i)     Key
Man Insurance. The Executive shall permit the Company to insure her life under a policy or policies of life insurance issued
by an insurance company or companies selected by the Company, and to name the Company as sole beneficiary thereunder. The Executive
agrees to submit to any physical examinations which may be reasonably required in connection with such policies.

 

(ii)     Life
Insurance. The Company shall provide the Executive with life insurance coverage in such form and amount as is consistent
with that provided to other Company employees.

 

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(iii)     Disability
Insurance. The Company shall provide the Executive with short term and long term disability insurance coverage in such
form and amount as is consistent with that provided to other Company employees.

 

In accordance with HIPAA, all information obtained in connection
with the above-referenced insurance will be regarded as confidential and subject to applicable privacy laws.

 

4.10   Clawback Provisions.
Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation,
paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery
under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as
may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted
by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

 

4.11   Required Regulatory
Provisions. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Company, whether
pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal
Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

4.12   Standard Deductions.
All payments made under this Agreement shall be subject to any and all applicable taxes and withholdings and to the Company’s
standard payroll practices.

 

5.             Termination
of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by the Company at any time
and for any reason. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled
to the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any
other benefits from the Company, the Banks or any of their affiliates.

 

5.1      Expiration
of the Term, for Cause or Without Good Reason.  

 

(a)      The
Executive’s employment hereunder may be terminated upon the expiration of the Employment Term without renewal by the Company
in accordance with Section 1, or during the Employment Term by the Company for Cause or by the Executive without Good Reason.
If the Executive’s employment is so terminated, the Executive shall be entitled to receive:

 

		(i)	any accrued but unpaid Base Salary and accrued but unused vacation pay which shall be paid on the pay date immediately following
the Termination Date (as defined in Section 5.6 below) in accordance with the Company’s customary payroll procedures;

 

		(ii)	any earned but unpaid Annual Bonus with respect to any completed calendar year immediately preceding the Termination Date,
which shall be

 

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paid on the otherwise applicable payment
date, except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement;

 

		(iii)	reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in
accordance with the Company’s expense reimbursement policy; and

 

		(iv)	such employee benefits (including equity compensation), if any, as to which the Executive may be entitled under the Company’s
employee benefit plans or Equity Awards as of the Termination Date; provided that, in no event shall the Executive be entitled
to any payments in the nature of severance or termination payments except as specifically provided herein.

 

Items 5.1(a) (i) through 5.1(a) (iv) are referred to herein collectively
as the “Accrued Amounts”.

 

(b)         For
purposes of this Agreement, “Cause” shall mean:

 

		(i)	the Executive’s conviction of any crime involving fraud, embezzlement, theft or dishonesty, moral turpitude or any similar
issue that in the reasonable opinion of the Board of Directors of the Company would materially and negatively impact the reputation
of the Company, the Banks or any of their affiliates or the Executive’s ability to perform her duties;

 

		(ii)	serious willful misconduct by the Executive, including a material violation of the Company’s Code of Conduct or the Executive’s
material personal dishonesty in connection with the business or customers of the Company or the material breach of fiduciary duty
to the Company, the Banks or their customers for personal profit;

 

		(iii)	any material breach by the Executive of this Agreement;

 

		(iv)	any willful failure by the Executive to follow a reasonable and lawful directive of the Company as described in Sections 2.1
and 2.2 above, other than any failure resulting from the Executive’s incapacity due to physical or mental injury or illness;

 

		(v)	any willful failure to keep confidential information of the Company, Banks or their affiliates confidential;

 

		(vi)	the failure of the Executive, in the opinion of a majority of the full membership of the Board of Directors of the Company,
to effectively perform her duties, as determined in their reasonable discretion;

 

		(vii)	the Executive’s arrest for any crime involving fraud, embezzlement, theft or dishonesty, or any similar issue that in
the sole opinion of a majority of the full membership of the Board of Directors of the Company excluding the

 

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Executive would negatively impact the
reputation of the Company or the Banks or the Executive’s ability to perform her duties; or

 

		(viii)	if the regulatory authorities of the Company or the Banks issue an order removing the Executive from her positions at the Company
or the Banks, or if such regulatory authorities inform the Board of Directors that the continuation of the Executive in her officer
positions at the Company or the Banks would constitute an unsafe and unsound banking practice.

 

For purposes of this Agreement, no act or failure
to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the
Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of
the Company and the Banks. Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the Board
of Directors of the Company or either of the Banks or based upon the written advice of counsel for the Company or the Banks shall
be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company
and the Banks. The Executive’s termination of employment shall not be deemed to be for Cause unless and until there shall
have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of the majority of the Board of
Directors of the Company called and held for such purpose (after reasonable notice is provided to the Executive and the Executive
is given an opportunity, together with counsel, to be heard before the Board of Directors) finding that, in the good faith opinion
of the Board of Directors, the Executive is guilty of any of the conduct described above, and specifying the particulars thereof
in detail. To the extent that the Board of Directors wishes to terminate the Executive for Cause and the action or actions giving
rise to Cause may be cured by the Executive, the Board of Directors will provide the Executive a thirty (30) day period within
which she may cure such action or actions.

 

In the event that the Executive is terminated
for Cause based on Section 5.1(b)(i) or (vii) above and, after the case is fully adjudicated (including all appeals), the
Executive is subsequently found innocent of these charges on the merits of the case by any court of competent jurisdiction or the
appropriate administrative agency, then the Executive will be entitled to receive at that time the amounts payable due to a termination
without Cause. Such amounts will be paid no later than the end of the calendar year in which the Executive is fully adjudicated
to be innocent of the charges.

 

(c)      For purposes
of this Agreement, “Good Reason” shall mean the occurrence of any of the following,
in each case during the Employment Term without the Executive’s written consent:

 

		(i)	a reduction in the Executive's Base Salary;

 

		(ii)	a material reduction in the Executive's target bonus opportunity under any incentive compensation or bonus plan;

 

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		(iii)	any breach by the Company of any material provision of this Agreement;

 

		(iv)	the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except
where such assumption occurs by operation of law;

 

		(v)	a material, adverse change in the Executive's title, authority, duties or responsibilities (other than as provided for in Section
2.2 above and/or temporarily while the Executive is physically or mentally incapacitated or as required by applicable law)
that is likely to result in a reduction in Executive’s Base Salary and/or a material reduction in her target bonus opportunity
under any incentive compensation or bonus plan; or

 

		(vi)	relocation of Executive’s principal place of business more than 50 miles from the Company’s executive office currently
located in New Canaan, Connecticut, without Executive’s agreement.

 

The Executive cannot terminate her employment for Good Reason unless
she has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good
Reason within thirty (30) days of the initial existence of such grounds and the Company has had thirty (30) days from the date
on which such notice is provided to cure such circumstances. If the Company remedies the condition within such thirty (30) day
cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Company does not remedy the condition
within such thirty (30) day cure period, then the Executive may deliver a notice of termination for Good Reason at any time within
sixty (60) days following the expiration of such cure period. If the Executive does not terminate her employment for Good Reason
within sixty (60) days following the expiration of the cure period, then the Executive will be deemed to have waived her right
to terminate for Good Reason with respect to such grounds.

 

5.2      Without
Cause or for Good Reason. The Employment Term and the Executive's employment hereunder may be terminated by the Executive for
Good Reason or by the Company without Cause. In the event of such termination (unless Section 5.4 below is applicable),
the Executive shall be entitled to receive the Accrued Amounts and, subject to the Executive's compliance with Section 
6, Section  7 and Section  8 of this Agreement and her execution of a release of claims in favor
of the Company, the Banks and their affiliates and their respective officers and directors in a commercially reasonable form provided
by the Company (a "Release") and such Release becoming effective as provided therein ("Release Execution
Period"), the Executive shall be entitled to receive the following:

 

(a)      A lump
sum payment equal to 1.0 times the sum of the Executive’s Base Salary or, if less, than not more than the greater of (i)
the amount of Base Salary that would otherwise be due through the end of the Term of Employment; and (ii) a minimum payment of
0.5 times Base Salary; plus her average Annual Bonus for the three (3) years preceding the year in which the

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Date of Termination occurs. The lump sum payment
shall be paid within thirty (30) business days following the expiration of the Release Execution Period;

 

(b)      A payment
equal to the product of (i) the target bonus that the Executive could have earned under any incentive compensation or bonus plan
(the “Target Bonus”) for the full calendar year in which the Date of Termination occurs and (ii) a fraction,
the numerator of which is the number of days the Executive was employed by the Company during the year of termination and the denominator
of which is the number of days in such year. This amount shall be paid no later than March 15th of the year following
the year in which the Termination Date occurs;

 

(c)    If the Executive timely
and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"), the Company
shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive for herself and her dependents
and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid to the Executive
on or before the fifteenth (15th) day of the month immediately following the month in which the Executive timely remits the premium
payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the expiration of the twelve
(12) month period beginning on the Termination Date (the “Severance Period”); (ii) the date the Executive is
no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive receives/becomes eligible
to receive substantially similar coverage from another employer;

 

(d)   [intentionally deleted];
and

 

(e)      The treatment
of any outstanding equity awards shall be determined in accordance with the terms of the relevant plan and the applicable award
agreements.

 

5.3      Death
or Disability.  

 

(a)       The Executive’s
employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term, and the Company
may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)       If the
Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

		(i)	the Accrued Amounts; and

 

		(ii)	the treatment of any outstanding equity awards shall be determined in accordance with the terms of applicable plan and the
applicable award agreements.

 

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(c)   For purposes of this Agreement,
Disability shall mean that the Executive is entitled to receive long-term disability benefits under the Company's long-term disability
plan, or if there is no such plan, the Executive's inability, due to physical or mental incapacity, to substantially perform her
duties and responsibilities under this Agreement for ninety (90) days out of any three hundred sixty-five (365) day period; provided
however, in the event the Company temporarily replaces the Executive, or transfers the Executive's duties or responsibilities to
another individual on account of the Executive's inability to perform such duties due to a mental or physical incapacity which
is, or is reasonably expected to become, a Disability, then the Executive shall not be able to resign with Good Reason as a result
thereof.

 

Any question as to the existence of the Executive's
Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician
mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for
all purposes of this Agreement.

 

5.4      Change
in Control Termination.  

 

(a)       Notwithstanding
any other provision contained herein, if the Executive's employment hereunder is terminated by the Executive for Good Reason or
by the Company without Cause (other than on account of the Executive's death or Disability), in each case either concurrently with
or within twenty-four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts
and, subject to the Executive's compliance with Section  6, Section  7 and Section  8
of this Agreement and her execution of a Release which becomes effective as provided therein, for which the Company assigns significant
value in agreeing to this Section 5.4, the Executive shall be entitled to receive the following:

 

		(i)	a lump sum payment equal to two (2) times the sum of the Executive’s Base Salary and Target Bonus for the year in which
the Termination Date occurs, which shall be paid within thirty (30) business days following the expiration of the Release Execution
Period;

 

		(ii)	a payment equal to the product of (i) the Target Bonus for the full calendar year in which the Date of Termination occurs and
(ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the year of termination
and the denominator of which is the number of days in such year. This amount shall be paid no later than March 15th
of the year following the year in which the Termination Date occurs.

 

		(iii)	If the Executive timely and properly elects continuation coverage under COBRA, the Company shall reimburse the Executive for
the difference between the monthly COBRA premium paid by the Executive for herself and her dependents and the monthly premium amount
paid by similarly situated active executives. Such reimbursement shall be paid to the

 

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Executive on the fifteenth (15th) day
of the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible
to receive such reimbursement until the earliest of: (A) the two year anniversary of the Termination Date; (B) the date the Executive
is no longer eligible to receive COBRA continuation coverage; and (C) the date on which the Executive receives or becomes eligible
to receive substantially similar coverage from another employers

 

		(iv)	[intentionally deleted].

 

		(v)	The terms of any equity incentive plan or award agreements will determine to what extent, if any, such awards are accelerated
for vesting and/or exercise periods.

 

(b)           For
purposes of this Agreement, “Change in Control” shall mean the occurrence
of any of the following:

 

		(i)	one person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock
held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of
the stock of the Company; provided that, a Change in Control shall not occur if any person (or more than one person acting as a
group) owns more than fifty percent (50%) of the total fair market value or total voting power of the Company's stock and acquires
additional stock; and

 

		(ii)	a majority of the members of the Board of Directors of the surviving Company following the Change in Control were not Directors
of the Company before the Change in Control.

 

For purposes of this Agreement, the terms “person” and
“acting as a group” shall have the meanings specified in the Code and the regulations thereunder. In no event, however,
shall a Change in Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the
Banks, or a subsidiary of either of them, by the Company, the Banks, or any subsidiary of either of them, or by any employee benefit
plan maintained by any of them. In addition, no Change in Control shall be deemed to have occurred simply due to the occurrence
of the merger of the two Banks and any change in the constitution of the Board of Directors of the resultant, merged institution.
The defined circumstances herein are intended to be read to be consistent with the provisions of Section 409A of the Code and the
regulations thereunder.

 

5.5      Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated
by a written notice of termination (“Notice of Termination”) to the other
party hereto in accordance with Section 23. The Notice of Termination shall specify:

 

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(a)      The termination
provision of this Agreement relied upon;

 

(b)      To the
extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated; and

 

(c)      The applicable
Termination Date.

 

5.6      Termination
Date. The Executive’s Termination Date shall be:

 

(a)      If the
Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s
death;

 

(b)      If the
Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined
that the Executive has a Disability;

 

(c)      If the
Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the
Executive;

 

(d)      If the
Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which
shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; provided that, the Company
shall have the option to provide the Executive with a lump sum payment equal to thirty (30) days’ Base Salary in lieu of
such notice, which shall be paid in a lump sum on the Executive’s Termination Date and for all purposes of this Agreement,
the Executive’s Termination Date shall be the date on which such Notice of Termination is delivered;

 

(e)      If the
Executive terminates her employment hereunder with or without Good Reason, the date specified in the Executive’s Notice of
Termination, which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; provided
that, the Company may waive all or any part of the thirty (30) day notice period for no consideration by giving written notice
to the Executive and for all purposes of this Agreement, the Executive’s Termination Date shall be the date determined by
the Company; and

 

(f)      If the
Executive’s employment hereunder terminates because the Company provides notice of non-renewal pursuant to Section 1,
the end of the Employment Term.

 

Notwithstanding anything contained herein, the
Termination Date shall not occur until the date on which the Executive incurs a “separation from service” within the
meaning of Section 409A.

 

5.7      Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA reimbursements,
any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment
with another employer.

 

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5.8      Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees
to resign, effective on the Termination Date and shall be deemed to have resigned from all positions that the Executive holds as
an officer or member of the board of directors (or a committee thereof) of the Company, the Banks or any of their affiliates.

 

5.9      Section
280G .  

 

(a)      If any
of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein
as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and will be subject
to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Executive shall receive the
greatest of the following, whichever gives the Executive the highest net after-tax amount (after taking into account federal, state,
local and social security taxes):

		(1)	the 280G Payments or (2) one dollar less than the amount of the 280G Payments that would subject the Executive to the Excise
Tax (the “Safe Harbor Amount”).

 

If a reduction in the 280G Payments is necessary
so that the 280G Payments equal the Safe Harbor Amount and none of the 280G Payments constitute a deferral of compensation within
the meaning of and subject to Section 409A (“Nonqualified Deferred Compensation”), then the reduction shall
occur in the manner the Executive elects in writing prior to the date of payment. If any 280G Payments constitute Nonqualified
Deferred Compensation or if the Executive fails to elect an order, then the 280G Payments to be reduced will be determined in a
manner which has the least economic cost to the Executive and, to the extent the economic cost is equivalent, will be reduced in
the inverse order of when payment would have been made to you, until the reduction is achieved.

 

(b)   All calculations and determinations
under this Section 5.9 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the
“Tax Counsel”) whose determinations shall be conclusive and binding on the Company and the Executive for all purposes.
For purposes of making the calculations and determinations required by this Section 5.9, the Tax Counsel may rely on reasonable,
good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company
and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in
order to make its determinations under this Section 5.9. The Company shall bear all costs the Tax Counsel may reasonably incur
in connection with its services.

 

(c)   The Executive hereby agrees
with the Company and any successor thereto to in good faith consider and take steps commonly used to minimize or eliminate any
“parachute payments” within the meaning of Section 280G of the Code if requested to do so by the Company or any successor
thereto; provided, however, that the foregoing language shall neither

 

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require the Executive to take or not take any
specific action in furtherance thereof nor contravene, limit or remove any right or privilege provided to the Executive under this
Agreement.

 

6.           Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive’s
cooperation post termination of employment. Accordingly, following the termination of the Executive’s employment for any
reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters
arising out of the Executive’s service to the Company; provided that, the Company shall make reasonable efforts to minimize
disruption of the Executive’s other activities. The Company shall reimburse the Executive for reasonable expenses incurred
in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters,
the Company shall compensate the Executive at an hourly rate based on the Executive’s Base Salary on the Termination Date.

 

7.           Confidential
Information. The Executive understands and acknowledges that during the Employment Term, she will have access to and learn
about Confidential Information, as defined below.

 

7.1           Confidential
Information Defined.  

 

(a)           Definition.

 

For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, all information not generally known to the public, in spoken, printed,
electronic or any other form or medium, relating directly or indirectly to the Company, the Banks or their affiliates, or of any
other person or entity that has entrusted information to the Company in confidence.

 

The Executive understands and agrees that Confidential
Information includes information developed by her in the course of her employment by the Company as if the Company furnished the
same Confidential Information to the Executive in the first instance. Confidential Information shall not include information that
is generally available to and known by the public at the time of disclosure to the Executive or later; provided that, such disclosure
is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s behalf.

 

(b)        Disclosure
and Use Restrictions.

 

The Executive agrees and covenants: (i) to treat
all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make
available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to
any entity or person whatsoever except as required in the performance of the Executive's authorized employment duties to the Company;
and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources
containing any Confidential Information, or remove any such documents,

 

    	13

    	 

    

 

records, files, media or other resources from
the premises or control of the Company, except as required in the performance of the Executive's authorized employment duties to
the Company and the Banks. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required
by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government
agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation or order.

 

The Executive understands and acknowledges that
her obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon the
Executive first having access to such Confidential Information (whether before or after she begins employment by the Company) and
shall continue during and after her employment by the Company until such time as such Confidential Information has become public
knowledge other than as a result of the Executive's breach of this Agreement or breach by those acting in concert with the Executive
or on the Executive's behalf. Nothing herein shall prevent the Executive from disclosing Contract Information to her personal attorneys,
accountants and other advisors, as necessary for the performance of their duties and on a confidential basis.

 

8.      Restrictive
Covenants.

 

8.1   Acknowledgment.
The Executive understands that the nature of the Executive's position gives her access to and knowledge of Confidential Information
and places her in a position of trust and confidence with the Company. The Executive understands and acknowledges that the intellectual
services she provides to the Company are unique, special or extraordinary.

 

The Executive further understands and acknowledges
that the Company’s ability to reserve these services for the exclusive knowledge and use of the Company is of great competitive
importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result in unfair
or unlawful competitive activity.

 

8.2   Non-competition.
Because of the Company's legitimate business interest as described herein and the good and valuable consideration offered to the
Executive, during the Employment Term and for the term of six (6) months, beginning on the last day of the Executive's employment
with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or the Company,
the Executive agrees and covenants not to engage in Prohibited Activity within Fairfield County or any other county in which the
Company, the Banks or any of their affiliates maintains as of the Termination Date a branch, loan production office, or mortgage
production office and from which the Company does a significant portion of its business. For the purposes of this Agreement, “significant
portion of its business” shall mean ten percent (10%) or more of the Company’s total interest income for the most recent
full twelve month period preceding termination is attributable to the office(s) in such county (the “Restricted Area”).
Without otherwise limiting the foregoing, the Restricted Area shall not include New York County (Manhattan), New York.

 

For purposes of this Section 8.2:

 

    	14

    	 

    

 

(a)   “Prohibited
Activity” is activity in which the Executive, directly or indirectly, solely or jointly with any person or persons,
as an employee, consultant, or advisor (whether or not engaged in business for profit), or as an individual proprietor, partner,
shareholder, director, officer, joint venturer, investor or lender, or in any other capacity: (i) becomes affiliated with any bank
or commercial lender headquartered or with branches in the counties in which the Company has branches at the time of employment
termination; or (ii) becomes affiliated with a different Community Banking Institution in the Restricted Area;

 

(b)   “become affiliated”
shall mean, without limitation, engaging, participating, or being involved in any respect in the business of banking (other than
as a depositor, borrower or other customer), or furnishing any aid, assistance or service of any kind to any person in connection
with the business of the Company, the Banks and any of their affiliates, and shall include without limitation being employed by
any Community Banking Institution which has a branch or other place of business in the Restricted Area; and

 

(c)       “Community Banking
Institution” shall mean a bank with assets equal to or less than five billion dollars.

 

Nothing herein shall prohibit the Executive
from purchasing or owning less than five percent (5%) of the securities or ownership interests of any corporation, partnership
or limited liability company, provided that such ownership represents a passive investment and that the Executive is not a controlling
person of, or a member of a group that controls, such corporation, partnership or limited liability company.

 

Notwithstanding the foregoing, the provisions
of this Section 8.2 shall not apply in the event the Executive is employed by the Company for the entire Employment Term
and the Company determines not to renew or extend this Agreement on substantially similar terms.

 

This Section 8 does not, in any way,
restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement
or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation or order. The Executive shall
promptly provide written notice of any such order to the Board of Directors.

 

8.3   Non-solicitation of
Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit,
or induce the termination of employment of any employee of the Company, the Banks or any of their Affiliates for the term of one
(1) year, beginning on the last day of the Executive's employment with the Company.

 

8.4   Non-solicitation of
Clients. The Executive understands and acknowledges that because of the Executive's experience with and relationship to the
Company, she will have access to and learn about much or all of the clients, prospective clients and referral sources of the Company,
the Banks and their affiliates. The Executive understands and acknowledges that loss of these client and referral relationships
and/or goodwill will cause significant and irreparable harm. The Executive agrees and covenants, for a period of one (1) year,
beginning on the last day of the Executive's employment with the Company, not to directly or indirectly (a) solicit any
actual or 

 

    	15

    	 

    

 

prospective client
or client-referral source who had a business relationship with the Company, the Banks or any of their affiliates during the period
of time in which the Executive was employed by the Company, it being expressly agreed that soliciting a referral from a prospective
client or client-referral source is included within this prohibition; or (b) encourage any such client or client-referral source
to turn down, terminate or reduce a business relationship with the Company, the Banks or any of their affiliates.

 

8.5      Non-disparagement.
The Executive agrees and covenants that she will not at any time make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning the Company, the Banks, any of their affiliates
or their respective businesses, or any of their employees, officers, and existing and prospective clients, except to the extent
required by applicable law or regulation.

 

8.6      Non-Interference Covenant.
For a period of one (1) year, beginning on the last day of the Executive's employment with the Company, the Executive covenants
and agrees that she will not, directly or indirectly and for whatever reason, whether for her own account or for the account of
any other person, firm, corporation or other organization:

 

(a)solicit, employ, or otherwise interfere
with any of the contracts or relationships of the Company, the Banks or any of their affiliates with any employee, officer, director
or any independent contractor who is employed by or associated with the Company, the Banks or any of their affiliates as of the
Termination Date; or

 

(b)   actively solicit or cause
to be solicited, or otherwise actively interfere with, any of the contracts or relationships of the Company, the Banks or any of
their affiliates with any independent contractor, customer, client or supplier of the Company, the Banks or any of their affiliates.

 

8.7      Business Materials
and Property Disclosure. All written materials, records, and documents made by the Executive or coming into her possession
concerning the business or affairs of the Company, the Banks or any of their affiliates shall be the sole property of the Company.
Upon termination of her employment with the Company, the Executive shall deliver the same to the Company and shall retain no copies,
including but not limited to copies in paper, electronic, digital or any other format. The Executive shall also return to the Company
all other property in her possession owned by the Company upon the termination of her employment.

 

If a court or arbitration panel concludes that
the time period of the restriction set forth in this Section 8 is not enforceable or that a specific geographical scope
must be stated herein, then the parties agree that such court or arbitration panel may rewrite the time period of this restriction
and/or prescribe a geographical restriction to the maximum enforceable time period and geographical area permitted by law.

 

9.          Acknowledgement.
The Executive acknowledges and agrees that the services to be rendered by her to the Company are of a special and unique character;
that the Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants

    	16

    	 

    

 

and other terms and conditions of this Agreement
are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

The Executive further acknowledges that the
amount of her compensation reflects, in part, her obligations and the Company's rights under Section 7 and Section 8 of this Agreement;
that she has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein
in connection herewith; and that she will not be subject to undue hardship by reason of her full compliance with the terms and
conditions of Section 7 and Section 8 of this Agreement or the Company's enforcement thereof.

 

10.          Remedies.
In the event of a breach or threatened breach by the Executive of Section 7 or Section 8 of this Agreement, the Executive
hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief.

 

11.          Arbitration.
Any dispute whatsoever relating to the Executive’s employment by the Company, or any other dispute arising out of this Agreement
which cannot be resolved by any party upon thirty (30) days’ written notice to the other party, shall be settled by binding
arbitration at a mutually agreed location in Fairfield County, Connecticut in accordance with the then prevailing Employment Dispute
Resolution Rules of the American Arbitration Association. The judgment upon the award rendered by the arbitrators may be entered
in any court of competent jurisdiction. It is the purpose of this Agreement, and the intent of the parties hereto, to make the
submission to arbitration of any dispute or controversy arising out of this Agreement, as set forth hereinabove, binding upon all
parties hereto. This Section 11 shall not in any way restrict the right of the Company to obtain injunctive relief from a court
of competent jurisdiction.

 

All arbitration costs and all other costs, including
but not limited to reasonable attorneys’ fees, incurred by the Executive in an arbitration proceeding shall be paid by the
Company in the event the Executive materially or substantively prevails in such arbitration proceeding. All arbitration costs and
all other costs, including but not limited to reasonable attorneys’ fees, incurred by the Company in an arbitration proceeding
shall be paid by the Executive in the event the Company materially or substantively prevails in such arbitration proceeding. As
part of the judgment rendered by the arbitrators in an arbitration proceeding, the arbitrators shall determine which party (if
any) has materially or substantively prevailed in such arbitration proceeding.

 

12.       Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Connecticut
without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement that
is not covered by the Arbitration provision of Section 11 above shall be brought only in a state or federal court located in the
state of Connecticut, county of Fairfield. The parties hereby

 

    	17

    	 

    

 

irrevocably submit to the non-exclusive jurisdiction
of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

13.          Source
of Payments: No Duplication of Payments. All payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Company or the Banks. Payments pursuant to this Agreement shall be allocated between the Company and the
Banks in proportion to the approximate level of activity and the time expended on such activities by the Executive as determined
by the Company and the Banks on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment
shall be made by either the Company or the Banks. In no event shall the Executive receive duplicate payments or benefits from the
Company and the Banks.

 

14.          Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree
that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the
Agreement.

 

15.          Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by Chairman of the Board of Directors of the Company. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto
shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall
the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof
to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

16.          Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.

 

The parties further agree that any such court
is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision
from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision,
adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out the intent
and agreement of the parties as embodied herein to the maximum extent permitted by law.

 

The parties expressly agree that this Agreement
as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the
provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions hereof, and if such

 

    	18

    	 

    

 

provision or provisions are not modified as provided
above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.

 

17.          Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

18.          Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

19.          Tolling.
Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue
will run from the first date on which the Executive ceases to be in violation of such obligation.

 

20.          Section
409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this
Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a
short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each instalment
payment provided under this Agreement shall be treated as a separate payment. Notwithstanding any other provision of this Agreement,
in the event any payment is to be made during a specified time period following the expiration of the Release Execution Period
and the time period for such payment begins in one calendar year and ends in a second calendar year, then such amount shall be
payable in the second calendar year. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance with Section
409A.

 

Notwithstanding any other provision of this
Agreement, if any payment or benefit provided to the Executive in connection with her termination of employment is determined to
constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Executive is determined to
be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until
the first payroll date to occur following the six-month anniversary of the Termination Date (the "Specified Employee Payment
Date"), unless the payment otherwise satisfies the short-term deferral exemption or another exemption under Section 409A
of the Code. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall
be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid
without delay in accordance with their original schedule.

 

    	19

    	 

    

 

21.            Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

22.            Indemnification.
 

 

(a)       In
the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any
Proceeding initiated by the Executive or the Company related to any contest or dispute between the Executive and the Company or
any of its affiliates with respect to this Agreement or the Executive’s employment hereunder, by reason of the fact that
the Executive is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request
of the Company as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust
or other enterprise, the Executive shall be indemnified and held harmless by the Company to the fullest extent permitted by applicable
law from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding
(including attorneys’ fees).

 

(b)       During
the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and
maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on terms
that are no less favorable than the coverage provided to other directors and senior officers of the Company.

 

23.           Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):

 

If to the Company:

 

Chairman

Compensation Committee

BNC Financial Group, Inc.

208 Elm Street

New Canaan, CT 06840

 

If to the Executive:

 

Heidi DeWyngaert

*****

*****

 

* Certain information has been redacted.

 

    	20

    	 

    

 

24.           Representations
of the Executive. The Executive represents and warrants to the Company that:

 

24.1       The
Executive’s acceptance of employment with the Company and the performance of her duties hereunder will not conflict with
or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which she is a party or
is otherwise bound.

 

24.2       The
Executive’s acceptance of employment with the Company and the performance of her duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.

 

25.          Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

26.          Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

27.         Acknowledgment
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT SHE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HER CHOICE BEFORE SIGNING THIS AGREEMENT.

 

28.         Attorneys
Fees. The Company shall reimburse Executive for attorneys’ fees incurred in connection with review and advice on this
Agreement up to a maximum aggregate of $ 3,500.

 

[SIGNATURE PAGE FOLLOWS]

 

    	21

    	 

    

 

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

 

	 	BNC FINANCIAL GROUP, INC.
	 	 
	 	By 	/s/ James A. Fieber
	 	
        Name: James A. Fieber

        Title: Chairman of the Compensation

        Committee

	 	 
	 	THE BANK OF NEW CANAAN
	 	 
	 	By 	/s/ James A. Fieber
	 	
        Name: James A. Fieber

        Title: Vice Chairman

	 	 
	 	THE BANK OF FAIRFIELD
	 	By 	/s/ Victor S. Liss
	 	Name: Victor S. Liss
	 	Title: Chairman

  

	EXECUTIVE
	 
	 
	Signature:	/s/ Heidi S. DeWyngaert	 
	 
	Print Name: Heidi S. DeWyngaert

 

    	22Exhibit 10.5

 

THE BANK OF NEW CANAAN

 

2002 BANK MANAGEMENT, DIRECTOR AND FOUNDER
STOCK OPTION PLAN

 

1.          Purpose

 

The Bank Management, Director
and Founder Stock Option Plan is designed to reward certain individuals for their early efforts and contributions to the organization
of the Bank. The Plan is also designed to provide economic incentive to the Bank’s Directors and Senior officers. This Plan
will enable such persons to acquire or increase a proprietary interest in the Bank, and thus to share in the future success of
the Bank's business. The prospective availability of the Plan has contributed to attracting and retaining outstanding personnel
who are in a position to make important and direct contributions to the success of the Bank. The Plan will serve to promote a closer
identity of interests between the Bank's Directors and Senior Officers.

 

2.          Definitions

 

Whenever used herein, the
following terms shall have the meanings set forth below:

 

"Bank" means
The Bank of New Canaan.

 

"Board" means the Board
of Directors of the Bank.

 

"Code" means the Internal
Revenue Code of 1986, as amended, and the regulations thereunder.

 

"Committee" means the Board's
Personnel and Compensation Committee or any similar committee designated by the Board to serve the functions of the Committee under
the Plan. The Committee's responsibilities may be performed by the Board as a whole.

 

"Common Stock" means the
Bank's Common Stock, par value $1.00 per share.

 

"Disability," as applied
to a Grantee, shall have the meaning set forth in Section 22(e)(3) of the Code.

 

“Eligible Grantee” means
such persons referred to in Section 5 hereof (including Original Founders, Non-Employee Directors and other specifically named
individuals), and the officers, employee directors and other employees of the Bank.

 

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

 

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

 

    	-1-

    	 

    

 

"Fair Market Value" shall
be determined by the Board in its discretion based upon available information.

 

"Grantee" means an Eligible
Grantee to whom an Option is granted.

 

"Grant Date," as used with
respect to a particular Option, means the date on which such Option is granted by the Committee pursuant to the Plan as set forth
in Section 5(b).

 

"Incentive Stock Option"
means an Option described in Code Section 422(b).

 

"Non-Employee Director"
means a member of the Board who is not an employee of the Bank or any Subsidiary.

 

"Nonstatutory Stock Option"
means an Option that is not an Incentive Stock Option. All Options shall be Nonstatutory Stock Options unless identified as Incentive
Stock Options.

 

“Offering” means the
Bank’s initial stock offering pursuant to that certain Offering Circular dated October 7, 1999.

 

"Option" means an option
granted pursuant to the Plan to purchase the number of Shares specified by this Plan.

 

"Option
Agreement" means a written agreement in a form approved by the Committee to be entered into by the Bank and the Grantee of
an Option, as provided in Section 8 hereof.

"Option Price" means the
purchase price of each share of Common Stock subject to an Option set by the Committee in accordance with Section 9 hereof.

 

"Original Founder" means
Robert Hebert, Todd Lampert, and Donna Wilson.

 

"Plan" means the 2002 Bank
Management, Director and Founder Stock Option Plan, as amended from time to time.

 

"Retirement," as applied
to an officer, shall mean when the officer’s employment with the Bank or any present or future parent or Subsidiary of the
Bank terminates upon reaching the normal age of retirement as established by the Board's policies from time to time.

 

"Retirement," as applied
to a Non-Employee Director, shall mean when the Non-Employee Director's term on the Board terminates due to age in accordance with
the Bank's Bylaws or retirement policy, as applicable.

 

"Subsidiary" means an entity
of which, at the time such subsidiary status is to be determined, at least 50% of the total combined voting power of all classes
of stock of such entity is held by the Bank and its Subsidiaries (exclusive of ownership by the entity whose subsidiary status
is being determined).

 

    	-2-

    	 

    

 

"Successor" means the legal
representative of the estate of a deceased Grantee or the person or persons who shall acquire the right to exercise an Option by
bequest or inheritance or by reason of the death of the Grantee.

 

"Term" means the period
during which a particular Option may be exercised.

 

3.          Effective Date
and Duration of Plan

 

The Plan shall become effective
as of the later of (i) day of its adoption by the Board or (ii) the latest of any re-adoption by the Board of Directors (the "Effective
Date") subject to approval of the Plan within one year of such Effective Date by the holders of a majority of the outstanding
shares of Common Stock present or represented and entitled to vote at a duly held meeting of the Bank's shareholders; provided,
however, that upon approval of the Plan by the shareholders of the Bank, all Options granted under the Plan on or after
the Effective Date shall be fully effective as if the shareholders of the Bank had approved the Plan on the Effective Date. If
the shareholders fail to approve the Plan within one year of the Effective Date, any Options granted hereunder shall be null and
void and of no effect.

 

Unless previously terminated
by the Board of Directors or except as otherwise provided for herein, the Plan shall terminate, as to any shares as to which Options
have not theretofore been granted, on the tenth anniversary of the Effective Date.

 

4.          Administration
of the Plan

 

		(a)	The Plan shall be administered by the Committee. A majority of the Committee shall be a “Non-Employee
Directors” as defined in Rule 16b-3 under the Exchange Act. Subject to the limitations of Section 4(c) hereof, nothing herein
shall be deemed to prohibit any employee director from serving on the Committee. The Committee shall have the responsibility of
construing and interpreting the Plan and of establishing and amending such rules and regulations as it deems necessary or desirable
for the proper administration of the Plan. Any decision or action taken or to be taken by the Committee, arising out of or in connection
with the construction, administration, interpretation and effect of the Plan and of its rules and regulations, shall, to the extent
permitted by law, be within its absolute discretion (except as otherwise specifically provided herein) and shall be conclusive
and binding upon all Grantees and any person claiming under or through any Grantee.

 

		(b)	The Committee shall have plenary authority, subject to the provisions of the Plan, to grant Options
(including the authority to re-grant forfeited Options) in the form of Incentive Stock Options and/or Nonstatutory Stock Options
and to determine to whom such Options shall be granted and the number of shares subject thereto, the Term of each Option, the waiver
or acceleration of terms on any Options, including to accelerate the exercisability or vesting of all or any portion of any Option
or to extend the period during which an Option is exercisable, provided that no Incentive

 

    	-3-

    	 

    

 

Stock Option shall be granted which
is exercisable after the expiration of ten (10) years from the date it is granted.

 

		(c)	Any member of the Board or the Committee who is an employee of the Bank or any of its Subsidiaries
shall be without vote on (i) any proposed amendment to the Plan, or (ii) any other matter which might affect such member's individual
interest under the Plan; nor shall such member's presence be counted in determining whether a quorum is present at any meeting
at which a vote involving the Plan or individual rights thereunder is taken.

 

5.          Grant
of Options: Number and Source of Shares Subject to the Plan

 

		(a)	Subject to the provisions of Section 14 (relating to changes in capitalization), the number of
shares of Common Stock which may be sold pursuant to Options under the Plan shall not exceed, in the aggregate, 152,200 shares
(the “Plan Reserve”). Any shares of Common Stock to be delivered by the Bank upon the exercise of Options may, at the
discretion of the Board of Directors, be authorized but unissued shares, reacquired shares or shares bought on the market for purposes
of the Plan.

 

		(b)	Each of Original Founders Robert Hebert, Todd Lampert and Donna Wilson shall receive Options
to purchase Shares as hereunder set forth. Each such Option shall be exercisable at any time during a period commencing the date
following shareholder approval of the Plan and ending on a date five (5) years thereafter.

 

		(c)	The Committee may grant available Options (including re-grant of forfeited Options) to Non-Employee
Directors other than the Original Founders at an Option Price equal to the Fair Market Value on the Grant Date; provided, further,
that Options may be granted to Non-Employee Directors while serving thereon provided such grants are first specifically approved
by the Board with such Non-Employee Directors abstaining from such Board action.

 

		(d)	Dale Hebert and Kevin Hebert, whose early monetary contributions provided the Bank with the seed
capital necessary to pay initial organizational expenses, shall receive 1,667, and 833 Options respectively, which shall vest and
be fully exercisable upon the Grant Date.

 

		(e)	Robert Hebert and Donna Wilson, officers, directors and Original Founders of the Bank, shall receive
2,500 Options each.

 

		(f)	Todd Lampert, an initial organizer of the Bank and a Director, shall additionally receive 2,500
Options as partial consideration for his early financial and service contributions to the organization of the Bank.

 

		(g)	The date of grant of an Option shall be the date on which the Committee's action is final or such
later date as specified by the Committee.

 

    	-4-

    	 

    

 

		(h)	In the event that any Option expires, lapses or otherwise terminates prior to being fully exercised,
any share of Common Stock allocable to the unexercised portion of such Option may again be made subject to an Option.

 

6.          Limitation on
Incentive Stock Options

 

The aggregate Fair Market
Value (determined at the date an Incentive Stock Option is granted) of the shares with respect to which Incentive Stock Options
are exercisable for the first time by a Grantee during any calendar year (under the Plan or any other plan maintained by the Bank
or its subsidiaries) shall not exceed $100,000. Options so exceeding the $100,000 level, if any, shall be Non Statutory Stock Options.

 

7.          Option Agreement

 

		(a)	The prospective Grantee of an Option shall execute an Option Agreement with the Bank containing
such terms and conditions, not inconsistent with the Plan, as may be approved by the Committee. The terms and conditions of Option
Agreements may vary from Grantee to Grantee.

 

		(b)	The Committee may amend an Option Agreement from time to time.

 

		(c)	Appropriate officers of the Bank are hereby authorized to execute (by facsimile or manually affixed
signature) and deliver Option Agreements, and amendments thereto, in the name of the Bank as directed from time to time by the
Committee.

 

8.          Option
Price

 

The Option Price shall be fixed by the Committee
and stated in each Option Agreement and, except as set forth hereafter, shall be not less than the greater of par value or 100%
of the Fair Market Value of a share of the Common Stock on the Grant Date of the Option (as determined in good faith by the Committee).
Notwithstanding the foregoing, in the event the Grantee would otherwise be ineligible to receive an Incentive Stock Option by reason
of the provisions of Sections 422(b)(6) and 424(d) of the Code (relating to stock ownership of more than 10%), the Option Price
of an Option that is intended to be an Incentive Stock Option shall be not less than the greater of par value or 110% of the Fair
Market Value of a share of Common Stock on the Grant Date of such Option. Payment of the Option Price shall be made in cash or
in such other form as the Committee may approve, including shares of Common Stock of the Bank valued at the Fair Market Value on
the date of exercise of the Option, or a combination of cash and/or such other form of property, or by delivery of a properly executed
exercise notice together with irrevocable instructions to a broker to deliver promptly to the Bank sale or loan proceeds sufficient
to pay the Option Price. Without otherwise limiting the foregoing, the initial options issued under the Plan shall be at an exercise
price of not less than $10 per share of Common Stock.

 

    	-5-

    	 

    

 

		9.	Terms and Exercise of Options; Limitations on Exercise and

Transferability of Options

 

		(a)	Each Option granted under the Plan shall be exercisable only during a Term commencing on the Grant
Date, unless otherwise specified in the Option Agreement, and ending (unless the Option shall have terminated earlier under other
provisions of the Plan) on a date to be fixed by the Committee but in no event later than the tenth anniversary of its date of
grant; provided, however, that in the event the Grantee would otherwise be ineligible to receive an Incentive Stock
Option by reason of the provisions of Sections 422(b)(6) and 424(d) of the Code (relating to stock ownership of more than 10%),
an Option granted to such Grantee that is intended to be an Incentive Stock Option shall in no event be exercisable after the expiration
of five years from the date it is granted.

 

		(b)	The Committee shall have authority to grant Options exercisable in full at any time during their
Term, or exercisable in cumulative or non-cumulative installments.

 

		(c)	Notwithstanding the provisions of subparagraph (b) hereof, an Option or portion thereof that has
vested shall become fully exercisable upon the occurrence of the Grantee's death or withdrawal from the Board by reason of such
person’s Retirement or Disability, or on the day preceding a reorganization in which the Bank is not the surviving bank or
sale of assets or stock as described below in Section 14(c).

 

		(d)	Options shall be exercised in whole or in part in accordance with the procedures set forth in the
Grantee's Option Agreement.

 

		(e)	Subject to the provisions of subsection (f) hereof, upon compliance by the Grantee with such terms
of exercise, the Bank shall promptly deliver to the Grantee a certificate or certificates for the shares purchased, without charge
to the Grantee for any issue or transfer tax.

 

		(f)	The Committee may postpone any exercise of an Option for such time as the Committee in its discretion
may deem necessary, in order to permit the Bank with reasonable diligence to determine that the shares are qualified for delivery
under such securities laws and regulations as the Committee may deem to be applicable thereto; and the Bank shall not be obligated
by virtue of any Option Agreement or any provision of the Plan to recognize the exercise of an Option to sell or issue shares in
violation of any applicable law. Any such postponement shall not extend the Term of an Option; and neither the Bank nor its directors
or officers shall have any obligation or liability to the Grantee of an Option, or to the Grantee's Successor, with respect to
any shares as to which the Option shall lapse because of such postponement.

 

		(g)	All Options granted under the Plan shall not be transferable other than by will or by the laws
of descent and distribution or pursuant to a qualified domestic relations

 

    	-6-

    	 

    

 

order as defined by the Code or Title
I of ERISA, or the rules thereunder, and may be exercised during the lifetime of the Grantee only by the Grantee, except that the
Committee may permit:

 

		(i)	exercise, during the Grantee's lifetime, by the Grantee's guardian or legal representative;

 

		(ii)	transfer, upon the Grantee's death, to beneficiaries designated by Grantee in a manner authorized
by the Committee, provided that the Committee determines that such exercise and such transfer are, with respect to an Incentive
Stock Option, consonant with the requirements of Section 422(b)(5) of the Code; and

		(iii)	transfers for estate planning purposes, if the Committee determines that such transaction is not
inconsistent with the purposes of this Plan, in its discretion.

 

		(h)	Upon the exercise of a Nonstatutory Stock Option by the Grantee, the stock certificate or certificates
may, at the request of the Grantee, be issued in the Grantee's name and the name of another person as joint tenants with right
of survivorship.

 

		(i)	The Committee may provide, in the Option Agreement, for the lapse of the Option, prior to the expiration
of its term, upon the occurrence of any event specified by the Committee.

 

		(j)	A person electing to exercise an Option shall give written notice, in such form as the Committee
may require, of such election to the Bank and shall tender to the Bank the full Option Price of the shares of Common Stock for
which the election is made.

 

10.        Exercise
of Options by Grantee on Cessation of Employment 

 

Except as otherwise specifically
provided for herein, employment for the purposes of this section shall mean continuous full-time salaried employment with the Bank
or a Subsidiary, except that vacations, sick leaves and other approved absences and severance pay periods shall be disregarded.
Employment for the purposes of this section may, at the discretion of the Committee, also include continuous full-time salaried
employment with a former Subsidiary under circumstances as determined by the Committee, which determination can be made either
at the time of granting an Option or afterward. The following limitations shall apply to any provisions the Committee shall make
in an Option Agreement for exercises of Options following cessation of employment.

 

		(a)	Except as provided in Section 10(b), (c) and (e) below, in the event Grantee ceases to be an employee
of the Bank through involuntary termination without cause by the Bank or any voluntary termination, all Options held by such Grantee
shall lapse on the date that is the earlier of (i) three (3) months following such termination, or (ii) the expiration date set
forth in such Option.

 

    	-7-

    	 

    

 

		(b)	If such termination is due to Retirement, all Options held by such Grantee shall lapse on the date
that is the earlier of (i) three (3) months after such termination in the case of the exercise of an Incentive Stock Option, except
as otherwise provided in Section (d) below, and, such period of time as determined by the Committee and set forth in the Agreement
evidencing such Option in the case of the exercise of a Nonstatutory Stock Option, or (ii) the expiration date set forth in such
Option.

 

		(c)	If such termination is due to Disability, all Options held by such Grantee shall lapse on the date
that is the earlier of (i) one (1) year after such termination in the case of the exercise of an Incentive Stock Option, except
as otherwise provided in Section (d) below, and, such period of time as determined by the Committee and set forth in the Agreement
evidencing such Option in the case of the exercise of a Nonstatutory Stock Option, or (ii) the expiration date set forth in such
Option.

 

		(d)	An Incentive Stock Option not exercised within three (3) months after the date of termination due
to Retirement or within twelve (12) months after the date of termination due to Disability or death shall not lapse and may be
exercised within such period of time as determined by the Committee after the date of such termination to the extent set forth
in the Agreement evidencing such Option (as the permitted period of exercise in such circumstances of a Nonstatutory Stock Option)
but will no longer be eligible for the treatment afforded Incentive Stock Options under Section 422 of the Code.

 

		(e)	If a Grantee should die while employed by the Company or any subsidiary of the Company or after
Disability or Retirement, any Option previously granted to the Grantee under this Plan may be exercised by the person designated
in such Grantee's last will and testament or, in the absence of such designation, by the Grantee's estate, to the full extent that
such Option could have been exercised by such Grantee immediately prior to the Grantee's death, but not later than the anniversary
of the Grantee's death in the case of the exercise of an Incentive Stock Option and such period of time as determined by the Committee
and set forth in the Agreement evidencing such Option in the case of the exercise of a Nonstatutory Stock Option.

 

		(f)	No exercises may occur after expiration of the Term of the Option.

 

		(g)	In the event Grantee ceases to be an employee of the Bank through involuntary termination for cause,
all Options held by such Grantee shall lapse immediately upon such termination. “For Cause” shall be determined by
the Board of Directors or with reference to the employee’s employment agreement, if any.

 

11.        Exercise of Options by Grantee other
than on Cessation of Employment

 

		(a)	In the event Grantee ceases to be a Non-Employee Director of the Bank through removal for cause
by the Bank, all Options held by such Grantee shall lapse immediately upon removal as a Director;

 

    	-8-

    	 

    

 

		(b)	In the event Grantee ceases to be a Non-Employee Director of the Bank due to Retirement, death
or Disability, or any reason other than removal for cause, all Options held by such Grantee shall continue until the expiration
of the Term.

 

		(c)	No exercises may occur after expiration of the Term of the Option.

 

		(d)	The Options granted to Dale Herbert and Kevin Herbert pursuant to Section 5(d) above shall be transferable
upon the death of either one of them to their respective spouses and direct family members by will or intestate succession.

 

12.         Shareholders' Rights

 

No Grantee, and no beneficiary
or other person claiming through a Grantee, shall have any interest in any shares of Common Stock allocated for the purposes of
the Plan or subject to any Option until such shares of Common Stock shall have been transferred to the Grantee or such person.
Furthermore, the existence of the Options shall not affect: the right or power of the Bank or its stockholders to make adjustments,
recapitalizations, reorganizations or other changes in the Bank's capital structure; the dissolution or liquidation of the Bank,
or sale or transfer of any party of its assets or business; or any other corporate act, whether of a similar character or otherwise.

 

13.         No Right to Employment or to Serve
as a Director

 

		(a)	Nothing in the Plan or any instrument executed pursuant hereto shall confer upon any employee any
right to continue in the employ of the Bank nor shall anything in the Plan affect the right of the Bank to terminate the employment
of any employee, with or without cause.

 

		(b)	Nothing in the Plan or any instrument executed pursuant hereto shall confer upon any Non-Employee
Director any right to continue to serve as a Non-Employee Director of the Bank nor shall anything in the Plan affect the right
of the Board to remove a Non-Employee Director from the Board, with or without cause, in accordance with the Bank's Certificate
of Incorporation and By-laws.

 

    	-9-

    	 

    

 

14.         Effect of Changes in Capitalization

 

		(a)	Changes in Common Stock. If the outstanding shares of Common Stock are increased or decreased
or changed into or exchanged for a different number or kind of shares or other securities of the Bank by reason of any recapitalization,
reclassification, stock split-up, combination of shares, exchange of shares, stock dividend or other distribution payable in capital
stock, or other increase or decrease in such shares effected without receipt of consideration by the Bank, occurring after the
effective date of the Plan, the number and kind of Shares or shares for the purchase of which Options may be granted under Section
5(a) of the Plan shall be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of unit or
shares for which Options are outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of
the holder of the Option immediately following such event shall, to the extent practicable, be the same as immediately prior to
such event. Any such adjustment in outstanding Options shall not change the aggregate Option Price payable with respect to Shares
or shares subject to the unexercised portion of the Option outstanding but shall include a corresponding proportionate adjustment
in the Option Price per share.

 

		(b)	Reorganization in Which the Bank is the Surviving Bank. Subject to subsection (c) hereof,
if the Bank shall be the surviving bank in any reorganization, merger, or consolidation of the Bank with one or more other banks,
any Option theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a holder of the number
of shares of Common Stock subject to such Option would have been entitled immediately following such reorganization, merger, or
consolidation, with a corresponding proportionate adjustment of the Option Price per share so that the aggregate Option Price thereafter
shall be the same as the aggregate Option Price of the shares remaining subject to the Option immediately prior to such reorganization,
merger, or consolidation.

 

		(c)	Reorganization in Which the Bank is Not the Surviving Bank or Sale of Assets or Stock. Upon
the dissolution or liquidation of the Bank, or upon a merger, consolidation or reorganization of the Bank with one or more other
banks in which the Bank is not the surviving bank, or upon a sale of all or substantially all of the assets of the Bank to another
bank, or upon any transaction approved by the Board which results in any person or entity owning 80% or more of the combined voting
power of all classes of stock of the Bank, the Plan and all Options outstanding hereunder shall terminate, except to the extent
provision is made in writing in connection with such transaction for the continuation of the Plan and/or the assumption of the
Options theretofore granted, or for the substitution for such Options of new options or stock appreciation rights covering the
stock of a successor bank, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kinds of shares
and exercise prices, in which event the Plan and Options theretofore granted shall continue in the manner and under the terms so
provided. In the event of any such termination of the Plan, each individual holding an Option shall

 

    	-10-

    	 

    

 

have the right (subject to the general
limitations as otherwise specifically provided in the Option Agreement relating to such Option), immediately prior to the occurrence
of such termination and during such period occurring prior to such termination as the Committee in its sole discretion shall determine
and designate, to exercise such Option in whole or in part, whether or not such Option was otherwise exercisable at the time such
termination occurs and without regard to any installment limitation on exercise imposed pursuant to Section 9 above. The Committee
shall send written notice of an event that will result in such a termination to all individuals who hold Options not later than
the time at which the Bank gives notice thereof to its shareholders.

 

		(d)	Adjustments. Adjustments under this Section 14 related to stock or securities of the Bank
shall be made by the Committee whose determination in that respect shall be final, binding, and conclusive. No fractional shares
of Common Stock or shares of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from
any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share or unit.

 

		(e)	No Limitations on Bank. The grant of an Option pursuant to the Plan shall not affect or
limit in any way the right or power of the Bank to make adjustments, reclassifications, reorganizations or changes of its capital
or business structure or to merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or
assets.

 

		(f)	Issuance of Securities. Except as provided in this Section 14, the issuance by the Bank
of shares of stock of any class or securities convertible into shares of stock of any class, shall not affect the outstanding Options.

 

15.         Change in Control

 

		(a)	Upon the occurrence of a Change in Control (as hereinafter defined), all Options shall become immediately
exercisable in full for the remainder of their terms.

 

		(b)	A "Change in Control" is the occurrence of any one of the following events:

 

		(i)	any Person (other than a Grantee, the Bank or any trustee or other fiduciary holding securities
under an employee benefit plan of the Bank (or of any subsidiary of the Bank)) is or becomes an "Acquiring Person";

 

		(ii)	less than eighty percent (80%) of the total membership of the Board shall be Continuing Directors;
or

 

		(iii)	the shareholders of the Bank shall approve a merger or consolidation of the Bank or a plan of complete
liquidation of the Bank or an

 

    	-11-

    	 

    

 

agreement for the sale or disposition
by the Bank of all or substantially all of the Bank's assets to another Person, except in any such case in a transaction in which
immediately after such merger, consolidation or sale, exchange or transfer, the shareholders of the Bank, in their capacities as
such and as a result thereof, shall own at least 50 percent in voting power of the then outstanding securities of the Bank or of
any surviving Person pursuant to any such merger (or of its parent), the consolidated corporation or business entity in any such
consolidation, or of the other Person to which such sale, exchange or transfer of assets is made.

 

		(c)	A "Change in Control" shall be deemed not to have occurred if (A) such event is mandated
or directed by a regulatory body having jurisdiction over the Bank's operations; or (B) it occurs pursuant to the terms of a plan
for the acquisition of the capital stock of the Bank by a newly formed bank holding company if, in the consummation of such plan,
the shareholders of the Bank will receive, pro rata, all of the Common Stock of such bank holding company; unless, in such transaction,
a Person satisfies subsection (c)(i), (ii) or (iii) above.

 

		(d)	For purposes of this Section  15:

 

		(1)	"Acquiring Person" shall mean any Person who becomes after the Effective Date a "beneficial
owner" (as defined in Rule 13d-3 of the Exchange Act) of securities of the Bank representing twenty-five percent (25%)
or more of the combined voting power of the Bank's then outstanding voting securities, unless such Person has filed Form F-11A
and all required amendments thereto with respect to its holdings and continues to hold such securities for investment in a manner
qualifying such Person to utilize Form F-11A for reporting of ownership.

 

		(2)	"Affiliate" and "Associate" shall have the respective meanings ascribed to
such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect on the date hereof.

 

		(3)	"Continuing Directors" shall mean any member of the Board who was a member of the Board
prior to the date hereof, and any successor of a Continuing Director while such successor is a member of the Board who is not an
Acquiring Person or an Affiliate or Associate of an Acquiring Person or of any such Affiliate or Associate and is recommended or
elected to succeed the Continuing Director by a majority of the Continuing Directors.

 

		(4)	"Person" shall mean any individual, corporation, partnership, group, association or other
"person", as such term is used in Section 13(d) and 14(d) of the Exchange Act.

 

    	-12-

    	 

    

 

16.        Termination, Suspension or Modification
of Plan

 

Provided no employee member
of the Board participates as provided by Section 4(c) hereof, the Board may at any time terminate, suspend or modify the Plan,
except that the Board shall not, without the authorization of the holders of a majority of the outstanding shares entitled to vote,
effect any change (other than through adjustment for changes in capitalization as hereinabove provided) which (a) increases the
aggregate number of Shares or shares for which Options may be granted; (b) changes the class of employees eligible to be granted
Options; (c) lowers the minimum Option Price or otherwise materially increase the benefits accruing to Grantees through awards
under the Plan; (d) renders any member of the Committee eligible to receive an Option while serving thereon except as provided
by the Plan; (e) extends the effective period of the Plan; or (f) removes the restrictions set forth in Section 4(c). No termination,
suspension or modification of the Plan shall adversely affect any right acquired by any Grantee or any Successor under the terms
of an Option granted before the date of such termination, suspension or modification, unless such Grantee or Successor shall consent;
but it shall be conclusively presumed that any adjustment for changes in capitalization as provided in Section 16 does not adversely
affect any such right.

 

Upon the dissolution or
liquidation of the Bank, the Plan shall terminate, and all Options previously granted shall lapse on the date of such dissolution
or liquidation.

 

17.         Application of Proceeds

 

The proceeds received by
the Bank from the sale of its shares under the Plan will be used for general corporate purposes.

 

18.         Legal Restrictions

 

The Bank will not be obligated
to issue Shares or shares of Common Stock or make any payment if counsel to the Bank determines that such issuance or payment would
violate any law or regulation of any governmental authority or any agreement between the Bank and any national securities exchange
or quotations system upon which the Common Stock is listed. In connection with any stock issuance or transfer, the person acquiring
the shares shall, if requested by the Bank, give assurances satisfactory to counsel to the Bank regarding such matters as the Bank
may deem desirable to assure compliance with all legal requirements. The Bank shall in no event be obliged to take any action in
order to cause the exercise of any Option.

 

The Options will be forfeitable
in the event the Bank needs to raise capital in order to be adequately capitalized under applicable bank regulatory requirements.
In such a case, Grantee will be notified in writing not less than 30 days prior to the date they are to be forfeited. Once forfeited,
the Options will no longer be outstanding and the holder thereof will have no rights with respect thereto.

 

    	-13-

    	 

    

 

19.        Withholding Taxes

 

Each Grantee exercising
an Option as a condition to such exercise shall pay to the Bank the amount, if any, required to be withheld from distributions
resulting from such exercise under applicable Federal and State income tax laws and any portion of FICA that is due from Grantee
("Withholding Taxes"). Such Withholding Taxes shall be payable as of the date the payment is required from the Bank to
the taxing authority. The Committee may establish such procedures as it deems appropriate for the settling of withholding obligations
with shares of Common Stock, including, without limitation, the establishment of such procedures as may be necessary to comply
with Rule 16b-3.

 

20.        Governing Laws

 

This Plan and all rights
thereunder shall be construed in accordance with and governed by the laws of the State of Connecticut. Although the Bank is not
currently subject to the provisions of Section 16 of the Exchange Act, the intent of this Plan is to qualify for the exemption
provided by Rule 16b-3 under the Exchange Act should the Bank ever become subject to those provisions. To the extent any provision
of the Plan does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law
and deemed advisable by the Committee and shall not affect the validity of the Plan. In the event Rule 16b-3 is revised or replaced,
the Committee may exercise discretion to modify this Plan in any respect necessary to satisfy the requirements of the revised exemption
or its replacement.

 

21.         Nonexclusivity of the Plan

 

Neither the adoption of
the Plan nor the submission of the Plan to the shareholders of the Bank for approval shall be construed as creating any limitations
upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable
either generally to a class or classes of individuals or specifically to a particular individual or individuals) as the Board in
its discretion determines desirable, including, without limitation, the granting of stock options or stock appreciation rights
other than under the Plan.

 

* * *

    	-14-

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