SEC Contract Filing

Filing Date: 2023-03-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>4
<FILENAME>ex10-21.htm
<DESCRIPTION>CHANGE OF CONTROL AGREEMENT BETWEEN DANIEL A. MARINI, WESTFIELD BANK AND WESTERN NEW ENGLAND BANCORP, INC.
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.21</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ONE-YEAR CHANGE OF CONTROL AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 1in">This <B>CHANGE
OF CONTROL AGREEMENT</B> (the &ldquo;Agreement&rdquo;) is made and entered into as of January 1, 2022 by and among <B>WESTFIELD
BANK</B>, a federally chartered savings bank having an office at 141 Elm Street, Westfield, Massachusetts 01085 (the &ldquo;Bank&rdquo;),
<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 Daniel A. Marini (the &ldquo;Officer&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTORY STATEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 1in">The Board
of Directors of the Bank has concluded that it is in the best interests of the Bank, the Company and their prospective shareholders
to establish a working environment for the Officer which minimizes the personal distractions that might result from possible business
combinations in which the Company or the Bank might be involved. To this end, the Bank has decided to provide the Officer with
assurance that his compensation will be continued for a minimum period of one (1) year following termination of employment (the
&ldquo;Assurance Period&rdquo;) if his employment terminates under specified circumstances related to a business combination. The
Board of Directors of the Bank has decided to formalize this assurance by entering into this Change of Control Agreement with the
Officer. The Board of Directors of the Company has authorized the Company to guarantee the Bank&rsquo;s obligations under this
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 1in">The terms
and conditions which the Bank, the Company and the Officer have agreed to are as follows.</P>

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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 1in; text-align: left"><B><I>Section 1.</I></B></TD><TD><B><I><U>Effective Date; Term; Change of Control and
Pending Change of Control Defined.</U></I></B></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall take effect as of the date written above (the &ldquo;Effective Date&rdquo;) and shall be in effect during the period
(the &ldquo;Term&rdquo;) beginning on the Effective Date and ending on the first anniversary of the date on which the Bank notifies
the Officer of its intent to discontinue the Agreement (the &ldquo;Initial Expiration Date&rdquo;) or, if later, the first anniversary
of the latest Change of Control or Pending Change of Control, as defined below, that occurs after the Effective Date and before
the Initial Expiration Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-align: justify; text-indent: 0.95in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
all purposes of this Agreement, a &ldquo;Change of Control&rdquo; shall be deemed to have occurred upon the happening of any of
the following events:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0.5in"> (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the consummation of a reorganization,
merger or consolidation of the Company with one or more other persons, other than a transaction following which:</P>

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