SEC Contract Filing

Filing Date: 2015-08-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>2
<FILENAME>ex1012.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<a name="s46540EAE3E160711770D0323A19171B5"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit&#160;10.12</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">HAMPDEN BANK</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AMENDED AND RESTATED DIRECTOR RETIREMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This AMENDED&#160;&amp; RESTATED DIRECTOR RETIREMENT AGREEMENT (this &#8220;Agreement&#8221;) is adopted this 29th day of July, 2008 by and between HAMPDEN BANK, a state- savings bank located in Springfield, Massachusetts (the &#8220;Bank&#8221;), and Richard Suski (the &#8220;Director&#8221;). This Agreement amends and restates the prior Amended and Restated Director Supplemental Retirement Plan Agreement between the Bank and the Director dated January&#160;1, 2008 (the &#8220;Prior Agreement&#8221;). The parties intend this amended and restated Agreement to be a material modification of the Prior Agreement such that all amounts earned and vested prior to December&#160;31, 2004 shall be subject to the provisions of Code Section&#160;409A.</font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:44px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The purpose of this Agreement is to provide specified benefits to the Director who contributes materially to the continued growth, development and future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;), as amended from time to time.</font></div><div style="line-height:120%;text-align:justify;text-indent:44px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Article&#160;1</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Definitions</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:44px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Whenever used in this Agreement, the following words and phrases shall have the meanings specified:</font></div><div style="line-height:120%;text-align:justify;text-indent:44px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.1</font><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Accrual Balance&#8221;</font><font style="font-family:inherit;font-size:10pt;">&#32;means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (&#8220;GAAP&#8221;), for the Bank&#8217;s obligation to the Director under this Agreement, by applying Accounting Principles Board Opinion Number 12 (&#8220;APB 12&#8221;) as amended by Statement of Financial Accounting Standards Number 106 (&#8220;FAS 106&#8221;) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied.</font></div><div style="line-height:120%;text-align:justify;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.2</font><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Beneficiary</font><font style="font-family:inherit;font-size:10pt;">&#8221; means each designated person or entity, or the estate of the deceased Director, entitled to any benefits upon the death of the Director pursuant to Article&#160;4.</font></div><div style="line-height:120%;text-align:justify;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.3</fo