SEC Contract Filing

Filing Date: 2024-03-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>2
<FILENAME>ex10-16.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN JOHN BONINI AND WESTERN NEW ENGLAND BANCORP DATED AS OF FEBRUARY 22, 2024.
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<P STYLE="margin: 0; text-align: left"><B><A HREF="wneb-10k_123123.htm">Western New England Bancorp, Inc. 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.16</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EMPLOYMENT
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
<B>EMPLOYMENT AGREEMENT </B>(&ldquo;the Agreement&rdquo;) is made and entered into as of February 22, 2024 (the &ldquo;Effective
Date&rdquo;) by and between <B>WESTERN NEW ENGLAND BANCORP, INC., </B>a business corporation organized and existing under the laws
of the Commonwealth of Massachusetts and having an office at 141 Elm Street, Westfield, Massachusetts 01085 (the &ldquo;Company&rdquo;)
and <B>JOHN E. BONINI </B>(the &ldquo;Executive&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H&nbsp;:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B>the Executive currently serves as Senior Vice President, General Counsel of the Company, the holding company for Westfield
Bank (the &ldquo;Bank&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B>the Company desires to assure for itself the continued availability of the Executive's services as provided in this Agreement
and the ability of the Executive to perform such services with a minimum of personal distraction in the event of a pending or
threatened Change of Control (as hereinafter defined); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B>the Executive is willing to continue to serve the Company on the terms and conditions hereinafter set forth;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, </B>in consideration of the premises and the mutual covenants and conditions hereinafter set forth, the Company and
the Executive hereby agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Section
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment. </U></I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agr