ABINGTON BANCORP INC
EX-10.13
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<TYPE>EX-10.13
<SEQUENCE>3
<FILENAME>j2045_ex10d13.htm
<DESCRIPTION>EX-10.13
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<title>Prepared by MERRILL CORPORATION</title>



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<p align="right" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Execution Copy</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT</font></font></b></p>



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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Table of Contents</font></font></b></p>



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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;"><a name="TableHead"></a><a href="#Definitions" title="Click to goto Part 1. Definitions">PART

  1. DEFINITIONS</a></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AccrualbasedBenefit" title="Click to goto Accrual-Based Benefit ">1.1.

  ACCRUAL-BASED BENEFIT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AccruedBenefit" title="Click to goto Accrued Benefit ">1.2. ACCRUED BENEFIT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AccruedPercentage" title="Click to goto Accrued Percentage">1.3. ACCRUED PERCENTAGE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#ActuarialEquivalent" title="Click to goto Actuarial Equivalent ">1.4. ACTUARIAL EQUIVALENT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AnnualAnnuityEquivalent" title="Click to goto Annual Annuity Equivalent ">1.5. ANNUAL ANNUITY EQUIVALENT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Beneficiary" title="Click to goto Beneficiary">1.6. BENEFICIARY</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Board" title="Click to goto . Board or Board of Directors ">1.7. BOARD OR BOARD OF DIRECTORS</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#CalendarYear" title="Click to goto Calendar Year ">1.8. CALENDAR YEAR</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#ChangeInControl" title="Click to goto Change in Control ">1.9. CHANGE IN CONTROL</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Code" title="Click to goto Code">1.10. CODE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Compensation" title="Click to goto Compensation">1.11. COMPENSATION</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#EffectiveDate" title="Click to goto Effective Date">1.12. EFFECTIVE DATE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#FinalAverageCompensation" title="Click to goto Final Average Compensation ">1.13. FINAL AVERAGE COMPENSATION</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#GoodReason" title="Click to goto Good Reason ">1.14. GOOD REASON</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Insurance" title="Click to goto . Insurance Policy ">1.15. INSURANCE POLICY</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#NormalRetirementBenefit" title="Click to goto Normal Retirement Benefit ">1.16. NORMAL RETIREMENT BENEFIT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#NormalRetirementDate" title="Click to goto Normal Retirement Date ">1.17. NORMAL RETIREMENT DATE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Sbera" title="Click to goto SBERA">1.18.

  SBERA</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#TerminatingEvent" title="Click to goto Terminating Event ">1.19. TERMINATING EVENT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Trusts" title="Click to goto . Trust ">1.20. TRUST</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Trustee" title="Click to goto Trustee">1.21. TRUSTEE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;text-transform:uppercase;"><a href="#Benefits" title="Click to goto Benefits"><font style="text-transform:none;">PART 2. BENEFITS</font></a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#TerminationOfServiceAtNormalRetirem" title="Click to goto Termination of Service At Normal Retirement Date">2.1. TERMINATION OF SERVICE AT NORMAL

  RETIREMENT DATE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#TerminationOfServiceBeforeNormalRet" title="Click to goto Termination of Service Before Normal Retirement Date">2.2. TERMINATION OF SERVICE BEFORE NORMAL

  RETIREMENT DATE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#BenefitsUponChangeInControl_" title="Click to goto Benefits Upon Change in Control.  ">2.3. BENEFITS UPON CHANGE IN CONTROL</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#DeathBenefits" title="Click to goto Death Benefits">2.4. DEATH BENEFITS</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Disable" title="Click to goto . Disability">2.5. DISABILITY</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#NoBenefitsUponDischargeForCause_" title="Click to goto No Benefits Upon Discharge for Cause.  ">2.6. NO BENEFITS UPON DISCHARGE FOR CAUSE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#DischargeForCause_" title="Click to goto Discharge for Cause.">2.7. DISCHARGE FOR CAUSE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;text-transform:uppercase;"><a href="#AdditionalProvisions" title="Click to goto Additional Provisions"><font style="text-transform:none;">PART 3. ADDITIONAL PROVISIONS</font></a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AlternativeFormsOfBenefitPayment" title="Click to goto Alternative Forms of Benefit Payment">3.1. ALTERNATIVE FORMS OF BENEFIT PAYMENT</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#BeneficiaryDesignationProcedure" title="Click to goto Beneficiary Designation Procedure">3.2. BENEFICIARY DESIGNATION PROCEDURE</a></font></font></u></b></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AssistanceInPurchaseOfLifeInsurance" title="Click to goto Assistance in Purchase of Life Insurance">3.3. ASSISTANCE IN PURCHASE OF LIFE

  INSURANCE</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#AlienabilityAndAssignmentProhibition" title="Click to goto Alienability and Assignment Prohibition">3.4. ALIENABILITY AND ASSIGNMENT

  PROHIBITION</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#BindingObligationOfBankAndAnySucce" title="Click to goto Binding Obligation of Bank and any Successor in Interest">3.5. BINDING OBLIGATION OF BANK AND ANY

  SUCCESSOR IN INTEREST</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Amendment_" title="Click to goto Amendment.  ">3.6. AMENDMENT</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#General_" title="Click to goto General.">3.7. GENERAL</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Headings_" title="Click to goto Headings.  ">3.8. HEADINGS</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#ApplicableLaw" title="Click to goto Applicable Law">3.9. APPLICABLE LAW</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#NamedFiduciaryAndPlanAdministrator" title="Click to goto Named Fiduciary and Plan Administrator">3.10. NAMED FIDUCIARY AND PLAN

  ADMINISTRATOR</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#ClaimsProcedure" title="Click to goto Claims Procedure">3.11. CLAIMS PROCEDURE</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Arbitration_" title="Click to goto Arbitration.  ">3.12. ARBITRATION</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#EntireAgreement" title="Click to goto Entire Agreement">3.13. ENTIRE AGREEMENT</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Interpretation" title="Click to goto Interpretation">3.14. INTERPRETATION</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Employment" title="Click to goto Employment">3.15. EMPLOYMENT</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#RegulatoryProvisions" title="Click to goto Regulatory Provisions">3.16. REGULATORY PROVISIONS</a></font></font></u></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;font-variant:small-caps;font-weight:bold;margin:0in 0in .0001pt 9.4pt;"><font style="color:blue;text-decoration:underline;"><b><u><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;font-variant:normal;font-weight:normal;text-transform:uppercase;"><a href="#Communications" title="Click to goto Communications">3.17. COMMUNICATIONS</a></font></font></u></b></font></p>

  </td>

 </tr>

</table>



</div>



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<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></b>



<div>



<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:102.75pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This Agreement is made and

entered into as of August 23, 2001 and effective as of the Effective Date by

and between Abington Savings Bank, a Bank organized and existing under the laws

of The Commonwealth of Massachusetts (the &#147;Bank&#148;) and a wholly-owned subsidiary

of Abington Bancorp, Inc. (the &#147;Holding Company&#148;), and James P. McDonough, a

key employee and executive of the Bank (the &#147;Executive&#148;).</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 6.75pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">WITNESSETH.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Whereas</font></font></b><font size="2"><font style="font-size:10.0pt;">, the Executive

is a valuable, key employee of the Bank, serving the Bank as its Chief

Executive Officer; and</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Whereas</font></font></b><font size="2"><font style="font-size:10.0pt;">, because of

the Executive&#146;s experience, knowledge of the affairs of the Bank, and

reputation and contacts in the banking industry, the Bank deems the Executive&#146;s

continued employment with the Bank important for its future growth; and</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Whereas</font></font></b><font size="2"><font style="font-size:10.0pt;">, it is the

desire of the Bank and in its best interest that the Executive&#146;s services be

retained; and</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Whereas</font></font></b><font size="2"><font style="font-size:10.0pt;">, in order to

induce the Executive to continue in the employ of the Bank, the Bank has

entered into this Agreement to provide him or his beneficiaries with certain

benefits in accordance with the terms and conditions hereinafter set forth; and</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Whereas</font></font></b><font size="2"><font style="font-size:10.0pt;">, the Bank has

established a trust (as defined in Section&nbsp;1.20, the &#147;Trust&#148;) and desires

to contribute to the Trust certain assets that shall be held therein, subject

to the terms of the Trust, until such time as benefits have been paid to the

Executive and his beneficiaries as specified herein;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Now</font></font></b><font size="2"><font style="font-size:10.0pt;text-transform:uppercase;">, <b><font style="font-weight:bold;">therefore</font></b></font></font><font size="2"><font style="font-size:10.0pt;">, in

consideration of services performed in the past and to be performed in the

future as well as of the mutual promises and covenants herein contained, it is

agreed as follows:</font></font></p>



<h1 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:0in;"><a name="_Toc522955036"></a><a name="Definitions"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Part 1. Definitions</font></font></b></a></h1>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955037"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.1. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="AccrualbasedBenefit"><b><font style="font-weight:bold;">Accrual-Based Benefit</font></b> </a>shall mean

an amount equal to the aggregate of all amounts accrued by the Bank or the

Holding Company between the date of this Agreement and the end of the Calendar

Year in which the Executive&#146;s employment terminates for the cost of the

benefits payable under this Agreement.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955038"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.2. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="AccruedBenefit"><b><font style="font-weight:bold;">Accrued

Benefit</font></b> </a>shall mean the Executive's Normal Retirement

Benefit calculated on the basis of the Final Average Compensation as of the

date (except as otherwise provided in Section&nbsp;2.3) on which the

Executive's employment with the Bank or Holding Company terminates, multiplied

by the Accrued Percentage.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc512341443"></a><a name="_Toc522955039"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.3</font></font></a><a name="_AccruedPercentage">. <b><font style="font-weight:bold;">&#160;</font></b></a><a name="AccruedPercentage"><b><font style="font-weight:bold;">Accrued Percentage</font></b></a>.&#160; The Accrued Percentage shall not exceed one

hundred percent (100%) and shall be determined as follows:</p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><a name="_Ref512326490"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.3.1. The Accrued Percentage shall be one hundred percent (100%) if

any of the following shall occur:</font></font></a></h3>



<h4 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a) The Executive terminates

his employment with the Bank or Holding Company for Good Reason (as such term

is defined in Section&nbsp;1.14); or</font></font></h4>



<h4 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b) The Bank or Holding

Company terminates the Executive's employment with the Bank or Holding Company

for any reason whatsoever other than for &quot;Cause&quot; (as such term is

defined in, and in accordance with the procedures set forth in,

Section&nbsp;2.7); or</font></font></h4>



<h4 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><a name="_Ref512326594"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)

The Executive terminates his employment with the Bank or Holding Company on or

after the date he attains the age of sixty (60); or</font></font></a></h4>



<h4 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d) A Terminating Event (as

such term is defined in Section&nbsp;1.19) occurs within three years of a

Change in Control (as such term is defined in Section&nbsp;1.9).</font></font></h4>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.3.2. The Accrued

Percentage shall be zero if the Bank or Holding Company terminates the

Executive&#146;s employment for &#147;Cause&#148; (as such term is defined in

Section&nbsp;2.7).</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.3.3. In all other cases,

the Accrued Percentage shall be determined by deducting from one hundred

percent (100%) a percentage determined by multiplying (x) 1/30 times (y) the

number of whole and partial years between the date on which the Executive's

employment with the Bank or the Holding Company or a successor in interest

terminated and the date on which the Executive would attain the age of 60.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955040"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.4. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="ActuarialEquivalent"><b><font style="font-weight:bold;">Actuarial Equivalent</font></b> </a>shall mean

a benefit of equivalent current value to the benefit which could otherwise have

been provided to the Executive, computed on the basis of the discount rates,

mortality tables and other assumptions then being used by SBERA in determining

the actuarial equivalent of payments being made by SBERA to its Retirement Plan

beneficiaries.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref520453746"></a><a name="_Toc522955041"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.5. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="AnnualAnnuityEquivalent"><b><font style="font-weight:bold;">Annual

Annuity Equivalent</font></b></a><b><font style="font-weight:bold;">&nbsp;</font></b>for a 401(k) plan or other defined contribution plan

shall be equal to the annual benefit payable from a single life annuity on the

Executive&#146;s life from a company holding at least an AA rating from Moody's,

Standard &amp; Poor's or an equivalent rating service.&#160; For purposes of this Section&nbsp;1.5, the

amount available to invest in said annuity shall be assumed to be the total of

(x) the employer&#146;s contributions to the defined contribution plan on the

Executive&#146;s behalf (which contributions shall not include the so-called

&#147;individual contributions&#148; on the Executive&#146;s behalf (it being understood that

such &#147;individual&#148; contributions are made by the Bank or the Holding Company

pursuant to a salary reduction agreement with the Executive)) and (y) the

amount which would have been earned on such contributions at an assumed rate of

seven percent (7%) per year.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955042"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.6</font></font></a><a name="_Beneficiary">. <b><font style="font-weight:bold;">&#160;</font></b></a><a name="Beneficiary"><b><font style="font-weight:bold;">Beneficiary</font></b></a>&nbsp;shall

mean the person or persons designated by the Executive in accordance with

Section&nbsp;3.2 hereof to receive benefits under this Agreement after the

death of the Executive.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955043"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.7.&#160; </font></font></a><a name="_BoardOrBoardOfDirectors"></a><a name="Board"><b><font style="font-weight:bold;">Board</font></b> or <b><font style="font-weight:bold;">Board

of Directors</font></b></a>&nbsp;shall mean the Board of

Directors of the Bank, or, where the context requires, the Board of Directors

of the Holding Company.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955044"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.8. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="CalendarYear"><b><font style="font-weight:bold;">Calendar

Year</font></b> </a>shall mean a calendar year from January 1 to

December 31.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref512335244"></a><a name="_Toc522955045"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.9. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="ChangeInControl"><b><font style="font-weight:bold;">Change in

Control</font></b> </a>shall have the meaning defined in that

certain Special Termination Agreement restated as of the 31<sup>st</sup> day of

January, 1997 by and among the Holding Company, the Bank, and the Executive.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955046"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.10. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="Code"><b><font style="font-weight:bold;">Code</font></b></a>

shall mean the Internal Revenue Code of 1986, as amended.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955047"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.11</font></font></a><a name="_Compensation">.</a><a name="Compensation"><b><font style="font-weight:bold;">&nbsp;Compensation</font></b></a>&nbsp;shall

mean all compensation reported on the Executive's Form W-2 (Wages, tips, other

compensation box) for a Calendar Year, including, but not limited to, any

bonuses actually paid by the Bank or the Holding Company to the Executive

during the Calendar Year but adding thereto any amount which is contributed by

the Bank or the Holding Company&#160; on the

Executive&#146;s behalf pursuant to a salary reduction agreement and which is not

includable in the Executive's gross income under section 125, 402(e)(3),

402(h), or 403(b) of the Code, and excluding therefrom any taxable employee

benefits of any kind (e.g., reimbursements of moving and relocation expenses,

insurance premiums, automobile, health, medical, and dental expenses, the cost

of group-term life insurance, compensation arising from the exercise of a

nonqualified stock option or from a stock grant, and any fringe benefit) which

is not excluded from gross income under Section 132 of the Code..</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955048"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.12. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="EffectiveDate"><b><font style="font-weight:bold;">Effective

Date</font></b></a>.&#160; The Effective Date of this Agreement shall

be August 23, 2001.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955049"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.13.</font></font></a><a name="FinalAverageCompensation">&nbsp;&nbsp;<b><font style="font-weight:bold;">Final Average Compensation</font></b></a>&nbsp;shall mean the average of the

Compensation of the Executive for the three Calendar Years (out of his final

five Calendar Years of employment with the Bank or the Holding Company) during

which his Compensation was the highest.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498930722"></a><a name="_Ref512325514"></a><a name="_Toc522955050"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.&#160; </font></font></a><a name="GoodReason"><b><font style="font-weight:bold;">Good Reason</font></b></a><b><font style="font-weight:bold;">&nbsp;</font></b>shall

mean:</p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.1. The failure of the

Board of Directors of the Holding Company or the Bank to elect the Executive to

the office of Chief Executive Officer, or to continue the Executive in such

offices; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.2. A reduction (<i><font style="font-style:italic;">other than</font></i>

concurrently with across&#150;the&#150;board salary reductions based on the

Bank&#146;s financial performance similarly affecting all senior management

personnel of the Bank) in the Executive&#146;s annual base salary as in effect on

the date hereof or as the same may be increased from time to time; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.3. A material reduction

by the Holding Company or the Bank in the amount and type of employee benefits

being provided to the Executive by the Holding Company or the Bank as of the

date of this Agreement (<i><font style="font-style:italic;">other than</font></i> as a result of a company-wide

program to restructure the nature of the benefits being provided to employees

generally); or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.4. A significant

diminution in the nature or scope of the Executive&#146;s responsibilities,

authorities, powers, functions or duties; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.5. A material breach by

the Holding Company or the Bank of any of the provisions of this Agreement

which failure or breach shall have continued for thirty (30) days after written

notice from the Executive to the Holding Company or the Bank specifying the

nature of such failure or breach; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.6. The Executive&#146;s

disability (determined as provided in Section&nbsp;2.5), due to physical or

mental illness, so as to be unable to perform substantially all of his duties

and responsibilities as Chief Executive Officer of the Holding Company or the

Bank; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.7. The failure of the

Holding Company or the Bank to obtain a satisfactory agreement from any

successor thereof to assume and agree to perform this Agreement.</font></font></h3>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In addition, &#147;<b><font style="font-weight:bold;">Good Reason</font></b>&#148;

shall include the following events but only if they shall occur within three

years following a Change in Control:</font></font></p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.8. The failure by the

Holding Company or the Bank to continue to provide the Executive with benefits

substantially similar to those available to the Executive under any of the life

insurance, medical, health and accident, or disability plans or any other

material benefit plans in which the Executive was participating at the time of

the Change in Control, or the taking of any action by the Holding Company or

the Bank which would directly or indirectly materially reduce any of such

benefits, or the failure by the Holding Company or the Bank to provide the

Executive with the number of paid vacation days to which the Executive is

entitled on the basis of years of employment with the Holding Company or the

Bank in accordance with the normal vacation policies in effect at the time of

the Change in Control; or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.9. A reasonable

determination by the Executive that, as a result of a Change in Control, he is

unable to exercise the responsibilities, authorities, powers, functions or

duties exercised by the Executive immediately prior to such Change in Control;

or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14.10. A reasonable

determination by the Executive that, as a result of a Change in Control, his

working conditions have significantly worsened.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955051"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.15.&#160; </font></font></a><a name="_InsurancePolicy"></a><a name="Insurance"><b><font style="font-weight:bold;">Insurance

Policy</font></b></a>&nbsp;shall mean such insurance policy or

policies (if any) as the Bank or the Holding Company, in its sole and absolute

discretion, may choose to purchase to fund some or all of the benefits payable

hereunder.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955052"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.16.&#160; </font></font></a><a name="NormalRetirementBenefit"><b><font style="font-weight:bold;">Normal Retirement Benefit</font></b></a><b><font style="font-weight:bold;">&nbsp;</font></b>shall mean a single life annuity

payable (as provided hereinafter in this Section&nbsp;1.16) as an annual

supplemental retirement benefit (&quot;Supplemental Benefit&quot;).&#160; The amount of such Supplemental Benefit

shall be calculated by (x) multiplying (i) 65% times (ii) the Executive&#146;s Final

Average Compensation and by (y) subtracting from such result the following: (i)

one half of the annual amount payable (before earnings reductions) to the

Executive as a primary social security retirement benefit at age 65, (ii) the

annual pension payable to the Executive (excluding any pension payable to the

Executive that is attributable to the Executive's own contributions) from

defined benefit pension plans of the Bank or the Holding Company at his Normal

Retirement Date, as if such pension were paid as a single-life annuity, and

(iii) the Annual Annuity Equivalent (computed as of the Normal Retirement Date)

for any defined contribution plans (including 401(k) plans and the Holding

Company&#146;s ESOP) maintained by either the Bank or the Holding Company during the

Executive&#146;s employment.&#160; The Normal Retirement

Benefit shall be an annual benefit in an amount equal to the Supplemental

Benefit payable in equal monthly installments commencing on the Normal

Retirement Date and continuing for the Executive's life, or a minimum of twenty

years, whichever is longer.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref512325654"></a><a name="_Toc522955053"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.17.&#160; </font></font></a><a name="NormalRetirementDate"><b><font style="font-weight:bold;">Normal

Retirement Date</font></b> </a>shall mean the date on which the

Executive attains age sixty-five (65).</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc521920730"></a><a name="_Toc522939963"></a><a name="_Toc522955054"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.18.&#160; </font></font></a><a name="Sbera"><b><font style="font-weight:bold;">SBERA</font></b></a> shall mean

the Savings Banks Employees Retirement Association.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref512325675"></a><a name="_Toc522955055"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.19.&#160; </font></font></a><a name="TerminatingEvent"><b><font style="font-weight:bold;">Terminating

Event</font></b> </a>shall mean any of the following:</p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.19.1. Termination by the

Holding Company or the Bank of the Executive&#146;s employment for any reason

whatsoever <i><font style="font-style:italic;">other

than</font></i> (i)&nbsp;the Executive&#146;s death or (ii)&nbsp;for &#147;Cause&#148; (as

such term is defined in, and in accordance with the procedures set forth in,

Section&nbsp;2.7), or</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.19.2. Resignation of the

Executive from the employ of the Bank and the Holding company for Good Reason,

while the Executive is not receiving payments or benefits from the Holding

Company or the Bank by reason of the Executive&#146;s disability.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498935800"></a><a name="_Toc522955056"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.20.&#160; </font></font></a><a name="_Trust"></a><a name="Trusts"><b><font style="font-weight:bold;">Trust</font></b></a>&nbsp;shall mean that certain <b><font style="font-weight:bold;">&#160;</font></b>Trust

Agreement established by the Bank with the Trustee for the benefit of the

Executive in connection with certain supplemental retirement benefits.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955057"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.21.&#160; </font></font></a><a name="Trustee"><b><font style="font-weight:bold;">Trustee</font></b></a>

shall mean the trustee appointed under the Trust.</p>



<h1 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:0in;"><a name="_Ref498931271"></a><a name="_Toc522955058"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Part 2. </font></font></b></a><a name="Benefits"><font size="2"><font style="font-size:10.0pt;">Benefits</font></font></a></h1>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Toc522955059"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.1. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="TerminationOfServiceAtNormalRetirem"><b><font style="font-weight:bold;">Termination of Service At Normal Retirement Date</font></b></a>.&#160; If the Executive terminates service as an

employee with the Bank on or after the Normal Retirement Date (other than for

&#147;Cause&#148;, which is provided for in Section&nbsp;2.6), he shall receive a Normal

Retirement Benefit.&#160; He shall commence

to receive such Normal Retirement Benefit on his Normal Retirement Date.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498931040"></a><a name="_Toc522955060"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.2. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="TerminationOfServiceBeforeNormalRet"><b><font style="font-weight:bold;">Termination

of Service Before Normal Retirement Date</font></b></a>.&#160; If

the Executive&#146;s service as an employee of the Bank or the Holding Company

terminates (other than by reason of death (which is provided for in

Section&nbsp;2.4), other than for &#147;Cause&#148; (which is provided for in

Section&nbsp;2.6), and other than by reason of disability (which is provided

for in Section&nbsp;2.5)) before his Normal Retirement Date, he shall be

entitled to receive his Accrued Benefit .&#160; He shall commence to receive such Accrued Benefit at his Normal

Retirement Date or, if he so elects and the Board consents, he may commence to

receive the Actuarial Equivalent of such Accrued Benefit at an earlier

date.&#160; In the event that the Executive

requests permission to commence receiving the Actuarial Equivalent of his

Accrued Benefit before his Normal Retirement Date and the Board refuses to

grant permission for such early commencement of payments, the Executive may

request the Board to reconsider its decision.&#160;

If the Board has not agreed to permit such early payment by a date which

is thirty days after the request for reconsideration was made, the Executive

shall have the right to receive upon written application to the Holding Company

the Actuarial Equivalent of such Accrued Benefit, less a penalty of 7%.&#160; If the Executive begins to receive his

Accrued Benefit prior to attaining his Normal Retirement Date, the benefit

shall be the Actuarial Equivalent of the benefit that would have been payable

if the benefit had been paid at the Executive's Normal Retirement Date.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498931031"></a><a name="_Toc522955061"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.3</font></font></a><a name="_BenefitsUponChangeInControl">. <b><font style="font-weight:bold;">&#160;</font></b></a><a name="BenefitsUponChangeInControl_"><b><font style="font-weight:bold;">Benefits Upon Change in </font></b></a><a name="_Ref518099869"><b><font style="font-weight:bold;">Control</font></b>.&#160; If within three years following a Change in Control and

before the Normal Retirement Date a Terminating Event occurs with respect to

the Executive, the Executive will be entitled to receive his Normal Retirement

Benefit, calculated as if the following had occurred:&#160; (a)&nbsp;the Executive continued his employment with the Bank

until the Normal Retirement Date, (b)&nbsp;the annual rate of his base

compensation with the Bank in effect at the time of the termination of

employment was increased, on a compound basis, by 6% on each May 1 occurring

after the date of termination of employment and prior to the Normal Retirement

Date, and (c)&nbsp;the Executive&#146;s annual compensation was paid in twenty-six

equal bi-weekly installments.&#160; The

Normal Retirement Benefit, as so calculated, will generally be payable at the

Normal Retirement Date, provided that, with the consent of the Board of

Directors, an Actuarial Equivalent of such benefit may be paid (or commenced)

to the Executive or former Executive at an earlier date. In the event that the

Executive requests permission to commence receiving his Benefit before his

Normal Retirement Date and the Board refuses to grant permission for such early

commencement of payments, the Executive may request the Board to reconsider its

decision.&#160; If the Board has not agreed

to permit such early payment by a date which is 15 days after the request for reconsideration

is made, the Executive shall have the right to receive upon written application

to the Bank the Actuarial Equivalent of such Normal Retirement Benefit, less a

penalty of 7%.</a></p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.3.1. Upon a Change in

Control, the Bank shall, as soon as possible, but in no event later than 30

days following the Change in Control, make an irrevocable contribution to the

Trust in an amount that is sufficient, as determined by an actuary appointed by

the Trustee, to pay the Executive or his Beneficiary the full benefits to which

he or she would be entitled pursuant to the terms of this Agreement as of the

date on which the Change in Control occurred, assuming that (x)&nbsp;the

Accrued Percentage was 100%, (y)&nbsp;a Terminating Event had occurred with

respect to the Executive as of the date of the Change in Control, and

(z)&nbsp;the Board had agreed to pay such benefits to the Executive or his

Beneficiary, on an Actuarial Equivalent basis, as of the date of the Change in

Control.&#160; Within the same time period

following a Change in Control, the Bank shall make a further irrevocable

contribution to the Trust in an amount sufficient to pay for the Trustee&#146;s fees

and for actuarial, accounting, legal and other professional or administrative

services necessary to implement the terms of this Agreement following a Change

in Control.&#160; Such amount shall be

determined by the Trustee&#146;s estimate of its fees (as provided in the Trust

Agreement) and by estimates obtained by the Trustee from the independent actuaries,

accountants, lawyers and other appropriate professional and administrative

personnel who provided such services to the Trust or the Bank immediately

before the Change in Control.</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.3.2. If the Executive

would be entitled to receive payment of a benefit under this Section&nbsp;2.3

and under Section&nbsp;2.2, the provisions of Section&nbsp;2.2 shall not apply

and this Section&nbsp;2.3 shall be controlling.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498930938"></a><a name="_Toc522955062"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.4. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="DeathBenefits"><b><font style="font-weight:bold;">Death

Benefits</font></b></a>.&#160;

The provisions of this Section&nbsp;2.4 shall expire and be of no

further force or effect from and after the Normal Retirement Date.&#160; The benefits payable under this

Section&nbsp;2.4 shall be in lieu of and in complete substitutions for any and

all benefits otherwise payable under this Agreement.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.4.1. </font><b><font style="font-weight:bold;">&#160;<a name="NatureOfDeathBenefit">Nature of Death Benefit</a></font></b>.&#160; If the Executive dies before commencing to receive benefits under

this Agreement and either (i)&nbsp;prior to the termination of his employment

with the Holding Company and the Bank or (ii)&nbsp;after the Executive&#146;s

employment with the Bank and the Holding Company has been terminated by reason

of his having become disabled, then a death benefit shall be payable to the

Executive&#146;s Beneficiary not later than sixty days following the death of the

Executive.&#160; The death benefit shall be a

single lump sum distribution payable not later than 60 days after the date of

his death and shall have two components, as follows. The first component of the

death benefit shall be an amount equal to three times the Executive&#146;s Final

Average Compensation (&#147;Compensation-Based Benefit&#148;), and the second component

shall be an amount equal to the Accrual-Based Benefit determined as of the date

of the Executive&#146;s death.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.4.2<a name="_SplitDollarAgreement">. </a></font></font><b><font style="font-weight:bold;">&#160;<a name="SplitDollarAgreement">Split Dollar

Agreement</a></font></b>.&#160; Although the Bank is under no obligation to

fund the benefits payable under this Agreement with any form of insurance, as

of the date of this Agreement the Bank has purchased an Insurance Policy and

has entered into that certain Split Dollar Agreement with the Executive of even

date herewith, providing for the endorsement of the Insurance Policy so as to

provide a death benefit to the Executive&#146;s Beneficiary in an amount equal to

the Compensation-Based Benefit. Any amounts received by the Executive&#146;s

Beneficiary with respect to the Insurance Policy shall be deducted from amounts

otherwise payable by the Bank to the Executive&#146;s Beneficiary pursuant to this

Section&nbsp;2.4.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:63.0pt;"><a name="_Ref498931145"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.4.3. </font><b><font style="font-weight:bold;">&#160;</font></b></font></a><a name="GrossupOfPayments"><b><font style="font-weight:bold;">Gross-Up of Payments</font></b></a>.&#160; In

the event that no Insurance Policy is in place at the time a death benefit is

payable to the Executive&#146;s Beneficiary (and as a result, the Compensation-Based

Benefit is treated as Income with Respect to a Decedent pursuant to

Section&nbsp;691 of the Code or by any successor provision, by reason of such

benefit not being considered to be life insurance proceeds), the Bank shall, in

addition to the Compensation-Based Benefit, pay to the Executive&#146;s Beneficiary

an amount necessary to ensure that, after the payment of any federal, state, or

local taxes imposed as a result of the treatment of the Compensation-Based

Benefit as Income with Respect to a Decedent, the Executive&#146;s Beneficiary

receives and retains, free from liability for any taxes, a net amount equal to

the amount the Executive&#146;s Beneficiary would have received and retained had the

Compensation-Based Benefit been considered to be life insurance proceeds.&#160; It is intended that the net after-tax

Compensation Based Benefit received by the Executive&#146;s Beneficiary, after

taking into account the payments made pursuant to this Section&nbsp;2.4.3,

shall be equal to the net Compensation-Based Benefit that the Executive&#146;s

Beneficiary would have received if such benefit had not been treated as Income

with Respect to a Decedent.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498930986"></a><a name="_Ref520543195"></a><a name="_Toc522955063"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.5.&#160;&#160; </font></font></a><a name="_Disability"></a><a name="Disable"><b><font style="font-weight:bold;">Disability</font></b></a>.&#160; In

the event that the Executive shall become &quot;disabled&quot; (as defined

below) while in the employ of the Holding Company and the Bank and prior to his

Normal Retirement Date, he shall become vested in his Accrued Benefit, computed

at the time of the Executive's disability with an Accrued Percentage of

100%.&#160; He shall commence to receive such

Accrued Benefit at his Normal Retirement Date or, if he so elects and the Board

consents, he may commence to receive the Actuarial Equivalent of such Accrued

Benefit at an earlier date.&#160; In the

event that the Executive requests permission to commence receiving the

Actuarial Equivalent of the Accrued Benefit before his Normal Retirement Date

and the Board refuses to grant permission for such early commencement of

payments, the Executive may request the Board to reconsider its decision.&#160; If the Board has not agreed to permit such

early payment by a date which is 15 days after the request for reconsideration

was made, the Executive shall have the right to receive upon written

application to the Holding Company the Actuarial Equivalent of the Accrued

Benefit, less a penalty of 7%.&#160; Payments

under this Section&nbsp;2.5 shall be in addition to any payments otherwise

payable to the Executive as a result of disability under any other plans or

agreements in effect from time to time.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.75in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.5.1. The

Executive shall be considered to be &#147;disabled&#148; when he is no longer capable of

performing the material aspects of his employment duties for the Bank as a

result of physical and/or mental impairment.&#160;

The Executive shall be considered to be no longer &#147;disabled&#148; at such

time as he returns to work in a position with responsibilities comparable to

those inherent in the position in which he was employed on the date he became

&#147;disabled.&#148;</font></font></p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:.75in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.5.2. If the Executive

recovers from his disability and returns to the employ of the Bank, his

disability benefit shall terminate, and upon his subsequent termination of

service as an employee of the Bank or Holding Company he shall be entitled to

such retirement or termination benefits as he would otherwise have been

entitled to if he had been employed by the Bank or Holding Company throughout

his period of disability, as appropriately adjusted to reflect any benefits

previously paid under this Section&nbsp;2.5.&#160;

For purposes of the accrual of benefits under this Agreement, time spent

on disability shall be deemed to be time spent as an employee of the Bank or

Holding Company.</font></font></h3>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:.75in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.5.3. In the event there is

disagreement as to whether the provisions of this Section&nbsp;2.5 are

applicable, the Bank and the Executive (or his personal representative) each

shall select a physician.&#160; If the

physicians are in disagreement, they shall select a third physician.&#160; A majority opinion of the three physicians

as to disability shall be binding on all the parties hereto.&#160; The parties agree that the Bank will,

regardless of the outcome of this procedure, reimburse the Executive (or his

surviving spouse or Beneficiary, as the case may be) for the reasonable and

necessary fees and costs directly attributable to such procedure.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref520455817"></a><a name="_Toc522955064"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.6</font></font></a><a name="_NoBenefitsUponDischargeForCause">. <b><font style="font-weight:bold;">&#160;</font></b></a><a name="NoBenefitsUponDischargeForCause_"><b><font style="font-weight:bold;">No Benefits Upon Discharge for Cause</font></b>.&#160; </a>Should the Executive be discharged for

Cause in accordance with the procedures set forth in Section&nbsp;2.7 at any

time (before or after his Normal Retirement Date), all Benefits under Part 2 of

this Agreement shall be forfeited.&#160; If a

dispute arises as to discharge for &#147;Cause&#148;, such dispute shall be resolved by

arbitration as set forth in Section&nbsp;3.12 of this Agreement.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:30.0pt;"><a name="_Ref498930821"></a><a name="_Toc522955065"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.7.&#160; </font></font></a><a name="DischargeForCause_"><b><font style="font-weight:bold;">Discharge for Cause.</font></b></a></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:63.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.7.1<a name="_Cause">.</a></font></font><b><font style="font-weight:bold;"> Cause</font></b>.&#160; The term &#147;Cause&#148; shall mean the Executive&#146;s deliberate dishonesty

with respect to the Holding Company or the Bank or any subsidiary or affiliate

thereof; conviction of a crime involving moral turpitude; or gross and willful

failure to perform (<i><font style="font-style:italic;">other than</font></i> on account of a medically

determinable disability which renders the Executive incapable of performing

such services) a substantial portion of the Executive&#146;s duties and

responsibilities as an officer of the Holding Company or the Bank, which

failure continues for more than thirty days after written notice given to the

Executive pursuant to a two-thirds vote of all of the members of the Board then

in office, such vote to set forth in reasonable detail the nature of such

failure. &#160;Notwithstanding the foregoing,

the Executive shall not be deemed to have been discharged for &#147;Cause&#148; unless

and until there shall have been delivered to him a copy of a certification by

the Clerk of the Holding Company or the Bank that two-thirds of the entire

Board of Directors of the Holding Company or the Bank found in good faith that

the Executive was guilty of conduct which is deemed to be Cause as defined in

this Section&nbsp;2.7 and specifying the particulars thereof, after reasonable

notice to the Executive setting forth in reasonable detail the nature of such

Cause and an opportunity for him,&#160;

together with his counsel, to be heard before the Board in accordance

with the provisions of Section&nbsp;2.7.2.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:63.0pt;"><a name="_Ref498931738"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.7.2</font></font></a><a name="_BoardTerminationProcedure">.<b><font style="font-weight:bold;"> Board Termination Procedure</font></b></a>.&#160; In

each case, in determining Cause the alleged acts or omissions of the Executive

shall be measured against standards prevailing in the banking industry

generally and the ultimate existence of Cause must be confirmed by not less

than two-thirds of the Board at a meeting prior to any termination therefor; <i><font style="font-style:italic;">provided,

however</font></i>, that it shall be the Holding Company&#146;s or the Bank&#146;s burden

to prove the alleged facts and omissions and the prevailing nature of the

standards the Bank shall have alleged are violated by such acts and/or

omissions of the Executive. In the event of such a confirmation by two-thirds

or more of the Board, the Holding Company or the Bank shall notify the

Executive that the Bank intends to terminate the Executive&#146;s employment for

Cause under this Section&nbsp;2.7 (the &#147;Confirmation Notice&#148;). The Confirmation

Notice shall specify the acts or omissions upon the basis of which the Board

has confirmed the existence of Cause and must be delivered to the Executive

within ninety (90) days after a majority of the Board (excluding, if

applicable, the Executive) has actual knowledge of the events giving rise to

such purported termination. If the Executive notifies the Bank in writing (the

&#147;Opportunity Notice&#148;) within thirty (30) days after the Executive has received

the Confirmation Notice, the Executive (together with counsel) shall be

provided one opportunity to meet with the Board (or a sufficient quorum

thereof) to discuss such acts or omissions. Such meeting shall take place at

the principal offices of the Holding Company or the Bank or such other location

as agreed to by the Executive and the Bank. During the period commencing on the

date the Bank receives the Opportunity Notice and ending on the date next

succeeding the date on which such meeting between the Board (or a sufficient

quorum thereof) and the Executive is scheduled to occur and not withstanding

anything to the contrary in this Agreement, the Executive shall be suspended

from employment with the Holding Company or the Bank (with pay to the extent

not prohibited by applicable law), and the Board may, during such suspension

period, reasonably limit the Executive&#146;s access to the principal offices of the

Holding Company or the Bank or any of its assets. If the Board properly sets

the date of such meeting and if the Board (or a sufficient quorum thereof)

attends such meeting and in good faith does not rescind its confirmation of

Cause at such meeting or if the Executive fails to attend such meeting for any

reason, the Executive&#146;s employment by the Holding Company and/or the Bank

shall, immediately upon the closing of such meeting and the delivery to the

Executive of the Notice of Termination, be terminated for Cause. If the

Executive does not respond in writing to the Confirmation Notice in the manner

and within the time period specified in this Section&nbsp;2.7.2, the

Executive&#146;s employment with the Holding Company and/or the Bank shall, on the

thirty&#150;first day after the receipt by the Executive of the Confirmation

Notice, be terminated for Cause under this Section&nbsp;2.7.</p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></b><font size="2"><font style="font-size:10.0pt;">2.7.3.</font></font><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="NoLimitationOnAuthorityOfBoard">No Limitation on Authority of Board</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; As is provided in Section&nbsp;3.15, nothing contained in this

Agreement (and nothing contained in this Section&nbsp;2.7) shall in any way

limit the right of the Holding Company or the Bank to discharge the Executive

with or without Cause or to limit the access of the Executive to the premises

or assets of the Bank or the Holding Company.</font></font></p>



<h1 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:0in;"><a name="_Toc522955066"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Part

3</font></font></b></a><a name="_AdditionalProvisions"><font size="2"><font style="font-size:10.0pt;">. </font></font></a><a name="AdditionalProvisions"><font size="2"><font style="font-size:10.0pt;">Additional

Provisions</font></font></a></h1>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Ref498930845"></a><a name="_Toc522955067"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></b></a><font size="2"><font style="font-size:10.0pt;">3.1.</font></font><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="AlternativeFormsOfBenefitPayment">Alternative Forms of Benefit

Payment</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; The Executive shall have the right upon

becoming subject to the Plan to elect the form of payment in which his benefit

is to be paid.&#160; Such election shall be

submitted in writing to the Executive Vice President or Treasurer of the

Bank.&#160; In any Calendar Year prior to the

year in which amounts become payable hereunder, and at least six months prior

to the Executive&#146;s termination of employment, the Executive may change the form

of payment he has elected. In lieu of the annuity form of payment otherwise

provided in this Agreement, upon request the Executive may obtain an Actuarially

Equivalent form of payment; <i><font style="font-style:italic;">provided</font></i> that such form is a permitted

form of benefit under the SBERA Pension Plan.&#160;

Acceptable forms of payment presently include:</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 6.75pt 1.1in;text-indent:-21.45pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lump Sum (but only with

the permission of the Board)</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 6.75pt 1.1in;text-indent:-21.45pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Life Annuity</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 6.75pt 1.1in;text-indent:-21.45pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Joint and 50% Survivor

Annuity or Joint and 100% Survivor Annuity</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Ref498930765"></a><a name="_Toc522955068"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.2.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="BeneficiaryDesignationProcedure">Beneficiary Designation Procedure</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; The Executive may designate one or more

Beneficiaries to receive specified percentages of any death benefit payments to

be paid hereunder.&#160; The Executive shall

designate any such Beneficiaries in writing and shall submit such writing to

the Executive Vice President or Treasurer of the Bank.&#160; Only designated Beneficiaries alive at the

Executive&#146;s death shall be entitled to share in the benefit payments.&#160; Absent a contrary specification by the

Executive in writing submitted to the Chairman or Treasurer of the Bank, each

Beneficiary alive at the Executive&#146;s death (or, in the case of the

Beneficiary&#146;s death after the Executive&#146;s death, the Beneficiary&#146;s estate) shall

share equally in death benefit payments.&#160;

If no designated Beneficiary is alive at the Executive&#146;s death, his

surviving spouse shall be entitled to all death benefit payments.&#160; If the Executive dies leaving neither a

designated Beneficiary nor a surviving spouse, his estate shall be entitled to

any death benefit payments. Except to the extent specifically provided in this

Section&nbsp;3.2, the Executive may not, without the written consent of the

Bank, assign to any individual, trust or other organization, any right title or

interest in the Insurance Policy nor any rights, options, privileges or duties

created under this Agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955069"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></b></a><font size="2"><font style="font-size:10.0pt;">3.3.</font></font><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="AssistanceInPurchaseOfLifeInsurance">Assistance in Purchase of

Life Insurance</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; If

the Bank elects to invest in an Insurance Policy, the Executive shall assist

the Bank by freely submitting to a physical exam and supplying such additional

information necessary to obtain such insurance or annuities.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;"><a name="_Toc522955070"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.4.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="AlienabilityAndAssignmentProhibition">Alienability and Assignment

Prohibition</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160;

Neither the Executive, his surviving spouse nor any other Beneficiary under

this Agreement shall have any power or right to transfer, assign, anticipate,

hypothecate, mortgage, commute, modify or otherwise encumber in advance any of

the benefits payable hereunder nor shall any of said benefits be subject to

seizure for the payment of any debts, judgments, alimony or separate

maintenance owed by the Executive or his Beneficiary, nor be transferable by

operation of law in the event of bankruptcy, insolvency or otherwise.&#160; In the event the Executive or any

Beneficiary attempts assignment, commutation, hypothecation, transfer or

disposal of the benefits hereunder, the Bank&#146;s liabilities shall forthwith

cease and terminate.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955071"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.5. </font></font></a><a name="BindingObligationOfBankAndAnySucce"><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;">Binding Obligation of Bank and any

Successor in Interest</font></font></b></a><font size="2"><font style="font-size:10.0pt;">.&#160; This Agreement shall bind the Executive and

the Bank, their heirs, successors, personal representatives and assigns. The

Bank expressly agrees that it shall not merge or consolidate into or with

another bank or sell substantially all of its assets to another bank, firm or

person until such bank, firm or person expressly agrees, in writing, to assume

and discharge the duties and obligations of the Bank under this Agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955072"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.6.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="Amendment_">Amendment</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; </font></font><font size="2"><font style="font-size:10.0pt;">During the lifetime of the

Executive, this Agreement may be amended only with the mutual written assent of

the Executive and the Bank.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955073"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.7.</font></font></a><a name="General_"><font size="2"><font style="font-size:10.0pt;">&nbsp;</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;">General</font></font></b><font size="2"><font style="font-size:10.0pt;">.</font></font><font size="2"><font style="font-size:10.0pt;">&#160; The benefits provided by the Bank to the

Executive pursuant to this Agreement are in the nature of a fringe benefit and

shall in no event be construed to affect or limit the Executive&#146;s current or

prospective salary increases, cash bonuses or profit-sharing distributions or

credits or his right to participate in or be covered by any qualified or

non-qualified pension, profit-sharing, group, bonus or other supplemental

compensation or fringe benefit plan.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955074"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.8.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="Headings_">Headings</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; </font></font><font size="2"><font style="font-size:10.0pt;">Headings and subheadings in

this Agreement are inserted for reference and convenience only and shall not be

deemed a part of this Agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955075"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.9.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="ApplicableLaw">Applicable Law</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; This Agreement shall be governed by, and

construed and enforced in accordance with, the substantive laws of The

Commonwealth of Massachusetts without regard to its principles of conflicts of

laws.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955076"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.10.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="NamedFiduciaryAndPlanAdministrator">Named Fiduciary and Plan

Administrator</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; The

&#147;Named Fiduciary and Plan Administrator&#148; of this plan shall be Abington Savings

Bank until another administrator is chosen by the Board.&#160; As Named Fiduciary and Plan Administrator,

the Bank shall be responsible for the management, control and administration of

the benefits to be provided under this Agreement.&#160; The Named Fiduciary may delegate to others certain aspects of the

management and operation responsibilities of the plan including the employment

of advisors and the delegation of ministerial duties to qualified individuals.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955077"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.11.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="ClaimsProcedure">Claims Procedure</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; In the event a dispute arises over benefits

under this Agreement and benefits are not paid to the Executive (or to his

Beneficiary in the case of the Executive&#146;s death) and such claimants feel they

are entitled to receive such benefits, then a written claim must be made to the

Plan Administrator named above within sixty (60) days from the date payments

are refused.&#160; The Plan Administrator

shall review the written claim, and if the claim is denied, in whole or in

part, they shall provide in writing within sixty (60) days of receipt of such

claim their specific reasons for such denial, reference to the provisions of

this Agreement upon which the denial is based and any additional material or

information necessary to perfect the claim. Such written notice shall further

indicate the additional steps to be taken by claimants if a further review of

the claim denial is desired.&#160; A claim

shall be deemed to have been denied if the Plan Administrator fails to take any

action within the aforesaid sixty-day period.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">If claimants desire a second

review, they shall notify the Plan Administrator in writing within ninety (90)

days of the first claim denial.&#160;

Claimants may review this Agreement or any documents relating thereto

and submit any written issues and comments they may feel appropriate.&#160; In its sole discretion, the Plan

Administrator shall then review the second claim and provide a written decision

within sixty (60) days of receipt of such claim. This decision shall likewise

state the specific reasons for the decision and shall include reference to

specific provisions of this Agreement upon which the decision is based.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Ref498931238"></a><a name="_Toc522955078"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.12. </font></font></a><a name="Arbitration_"><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;">Arbitration</font></font></b></a><font size="2"><font style="font-size:10.0pt;">.&#160; </font></font><font size="2"><font style="font-size:10.0pt;">Any controversy or claim arising out of or relating

to the Agreement, or the breach thereof, or any failure to agree where

agreement of the parties is necessary pursuant hereto, including the

determination of the scope of this agreement to arbitrate, shall be resolved by

the following procedures:</font></font></p>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.12.1. The parties agree to

submit any dispute to final and binding arbitration administered by the

American Arbitration Association (the &#147;</font></font><font size="2"><font style="font-size:10.0pt;">AAA&#148;), pursuant to the

Commercial Arbitration Rules of the AAA as in effect at the time of

submission.&#160; The arbitration shall be

held in Boston, Massachusetts before a single, neutral, independent, and

impartial arbitrator (the &#147;Arbit</font></font><font size="2"><font style="font-size:10.0pt;">rator&#148;).</font></font></h3>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<h3 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.12.2. Unless the parties

have agreed upon the selection of the Arbitrator before then, the AAA shall

appoint the Arbitrator within thirty (30) days after the submission to the AAA

for binding arbitration.&#160; The arbitration

hearings shall commence within fifteen (15) days after the selection of the

Arbitrator.&#160; Each party shall be limited

to two pre-hearing depositions each lasting no longer than two (2) hours.&#160; The parties shall exchange documents to be

used at the hearing no later than ten (10) days prior to the hearing date.&#160; Each party shall have no longer than three

(3) hours to present its position, and the entire proceedings before the

Arbitrator shall be on no more than two (2) hearing days within a two week

period.&#160; The award shall be made no more

than ten (10) days following the close of the proceeding.&#160; The Arbitrator&#146;s award shall not include

consequential, exemplary, or punitive damages.&#160;

The Arbitrator&#146;s award shall be a final and binding determination of the

dispute and shall be fully enforceable in any court of competent

jurisdiction.&#160; Except in a proceeding to

enforce the results of the arbitration, neither party nor the Arbitrator may

disclose the existence, content, or results of any arbitration hereunder

without the prior written consent of both parties.</font></font></h3>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955079"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.13.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="EntireAgreement">Entire Agreement</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; This Agreement constitutes the entire

agreement between the parties pertaining to its subject matter and supersedes

all prior and contemporaneous agreements, understandings, negotiations, prior draft

agreements, and discussions of the parties, whether oral or written. This

Agreement specifically supersedes and replaces in its entirety that certain

Supplemental Executive Retirement Agreement, made and entered into as of the 26<sup>th</sup>

day of March, 1998 by and between the Bank and the Executive.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955080"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.14.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="Interpretation">Interpretation</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; When a reference is made in this Agreement

to Sections or Exhibits, such reference shall be to a Section of or Exhibit to

this Agreement unless otherwise indicated.&#160;

References to Sections include subsections, which are part of the

related Section (<i><font style="font-style:italic;">e.g</font></i>., a section numbered &#147;Section 5.5.1&#148; would be part of

&#147;Section 5.5&#148; and references to &#147;Section 5.5&#148; would also refer to material

contained in the subsection described as &#147;Section 5.5.1&#148;). The recitals hereto

constitute an integral part of this Agreement.&#160;

The headings contained in this Agreement are for reference purposes only

and shall not affect in any way the meaning or interpretation of this Agreement.&#160; Whenever the words &#147;include&#148;, &#147;includes&#148; or

&#147;including&#148; are used in this Agreement, they shall be deemed to be followed by

the words &#147;without limitation&#148;.&#160; The

phrases &#147;the date of this Agreement&#148;, &#147;the date hereof&#148; and terms of similar

import, unless the context otherwise requires, shall be deemed to refer to the

date set forth in the Preamble to this Agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Ref498933966"></a><a name="_Toc522955081"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.15.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="Employment">Employment</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; No

provision of this Agreement shall be deemed to restrict or limit any existing

employment agreement by and between the Holding Company or the Bank and the

Executive, nor shall any conditions herein create specific employment rights to

the Executive nor limit the right of the Holding Company or the Bank to

discharge the Executive with or without Cause.&#160;

In a similar fashion, no provision shall limit the Executive&#146;s rights to

voluntarily terminate his employment at any time.</font></font><font size="2"><font style="font-size:10.0pt;">&#160; The benefits provided by this Agreement are

not part of any salary reduction plan or any arrangement deferring a bonus or

salary increase.&#160; The Executive has no

option to take any current payment or bonus in lieu of these benefits.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955082"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.16.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="RegulatoryProvisions">Regulatory Provisions</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; The Executive confirms that

he is aware of the fact that the Federal Deposit Insurance Corporation has the

power to preclude the Bank from making payments to the Executive under this Agreement

under certain circumstances.&#160; The

Executive agrees that the Bank shall not be deemed to be in breach of this

Agreement if it is precluded from making a payment otherwise payable hereunder

by reason of regulatory requirements binding on the Bank.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;"><a name="_Toc522955083"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.17.</font></font></a><b><font size="2"><font style="font-size:10.0pt;font-weight:bold;"> <a name="Communications">Communications</a></font></font></b><font size="2"><font style="font-size:10.0pt;">.&#160; All notices and other communications

hereunder shall be in writing and shall given by hand, sent by facsimile

transmission with confirmation of receipt requested, sent via a reputable

overnight courier service with confirmation of receipt requested, or mailed by

registered or certified mail (postage prepaid and return receipt requested) to

the parties at the their respective addresses set forth below (or at such other

address for a party as shall be specified by like notice), and shall be deemed

given on the date on which delivered by hand or otherwise on the date of

receipt as confirmed:</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 6.75pt;text-indent:100.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">To the Bank or Holding Company:</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt 1.7in;text-indent:-.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Abington Savings Bank</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-indent:122.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">536 Washington Street</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-indent:122.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Abington, Massachusetts 02351</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt 1.7in;text-indent:-.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Attention:

Treasurer</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt 1.7in;text-indent:-.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:100.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">To the Executive:</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-indent:122.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">James P. McDonough</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt 1.7in;text-indent:-.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">41 Gardner Way</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt 1.7in;text-indent:-.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hanover,

Massachusetts 02339</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt 1.7in;text-indent:-.15pt;">&nbsp;</p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">In Witness Whereof</font></font></b><font size="2"><font style="font-size:10.0pt;">, the parties

have executed this Agreement as an instrument under seal, as of the date first

written above.</font></font></p>



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  <p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Witness</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">James

  P. McDonough</font></font></p>

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<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The undersigned hereby

guarantees the</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">obligations of Abington

Savings Bank</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">under the foregoing

agreement</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Abington

Bancorp, Inc</font></font></b><font size="2"><font style="font-size:10.0pt;">.</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">By:<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Title:<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></font></p>



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<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">[Seal]</font></font></p>



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