SEC Contract Filing

Filing Date: 2016-04-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><B>EMPLOYMENT AGREEMENT</B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This <B>EMPLOYMENT AGREEMENT </B>(&quot;the
Agreement&quot;) is made and entered into as of April 4, 2016 (the &quot;Effective Date&quot;) by and between <B>WESTFIELD BANK,
</B>a federally-chartered savings bank having an office at 141 Elm Street, Westfield, Massachusetts 01085 (the &quot;Bank&quot;)
and <B>WILLIAM J. WAGNER </B>(the &quot;Executive&quot;).</P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><B>WITNESSETH:</B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>WHEREAS</B>, concurrently with the execution
of this Agreement, Westfield Financial, Inc., the bank holding company for the Bank (the &ldquo;Company&rdquo;) and Chicopee Bancorp,
Inc. (the &quot;Seller&quot;) are entering into an Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;), and all capitalized
terms not defined herein shall have the meaning set forth in the Merger Agreement;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>WHEREAS</B>, Buyer and the Executive desire
to enter into this Agreement, which shall supersede the Employment Agreement by and among Seller, Chicopee Savings Bank and the
Executive, dated November 20, 2008, as amended on December 31, 2008 (the &ldquo;Prior Employment Agreement&rdquo;), effective as
of the Effective Time of the Merger, and in lieu of any rights and potential payments under the Prior Employment Agreement which
are hereby waived, the Executive shall continue employment with the Bank following the Closing Date; and</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><I>Section 1. &#9;<U>Employment. </U></I></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Bank agrees to continue to employ the Executive,
and the Executive hereby agrees to such continued employment, during the period and upon the terms and conditions set forth in
this Agreement.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><I>Section 2.&#9; <U>Employment Period:
Remaining Unexpired Employment Period.</U></I></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 12pt">(a)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under
this section 2 (&quot;Employment Period&quot;). The Employment Period shall be for a term of three (3) years beginning on the Closing
Date and ending on the third anniversary date of the Closing Date. Any reference in this Agreement to the term &quot;Remaining
Unexpired Employment Period&quot; as of any date shall mean the period beginning on such date and ending on the day of the third
(3rd) anniversary of the Closing Date. If the Closing does not occur for any reason, then this Agreement shall be null and void
<I>ab initio</I> and of no further force or effect.</P>

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