BEVERLY NATIONAL CORP
SERP AMENDMENT
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<TYPE>EX-10.30
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<DESCRIPTION>SERP AMENDMENT
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 10.30
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">THIS AGREEMENT, made and entered into as of
this 27</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> day of June, 2002 by and between Beverly National Corporation (the &#147;Corporation&#148;) and Lawrence
M. Smith (hereinafter called the &#147;Executive&#148;) is the First Amendment to the Amended and Restated Supplemental Executive Retirement Agreement dated February 6, 2002, by and between the Corporation and Executive (the &#147;2002 SERP&#148;)
and the Amended and Restated Supplemental Executive Retirement Agreement dated December 24, 1996, as previously amended (the &#147;1994 SERP&#148; and collectively with the 2002 SERP the &#147;Agreements&#148;). </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In consideration of the option granted by the Corporation to
Executive, pursuant to a letter agreement dated the date hereof and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and Corporation hereby amend the Agreement as follows: </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.</FONT></TD>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Section 2.01 of the 2002 SERP is hereby amended to read in its entirety as follows, and Section 2.02 of the 2002 SERP is hereby deleted: </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;2.01.&nbsp;&nbsp;&nbsp;&nbsp;<U>Retirement
Benefits</U>. The Executive has announced that he will retire on July 31, 2002, which shall be the effective date of his retirement for purposes of this Agreement. The Executive shall be entitled to a retirement benefit equal to $101,931 per annum
for twenty (20) years (payable monthly in 240 installments in the amount of $8,494.25 each, beginning August 1, 2002 and continuing on the same day of each succeeding month). Such benefit shall represent payment in full of all obligations under both
this Agreement and the Amended and Restated Supplemental Executive Retirement Agreement entered into December 24, 1996 by and between the Corporation and the Executive, as from time to time amended (the &#147;1994 SERP&#148;).&#148; </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2.</FONT></TD>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Section 1.01 of the 1994 SERP is hereby amended to read in its entirety as follows, and Section 2.01 thereof shall be deleted: </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;1.01.&nbsp;&nbsp;&nbsp;&nbsp;<U>Retirement
Benefits</U>. The Executive retirement benefit under this Agreement is included in (and shall be satisfied in full by the payment in full of) the benefit provided under the terms of the Amended and Restated Supplemental Executive Retirement
Agreement dated February 6, 2002, by and between the Corporation and Executive, as amended through June 27, 2002.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">All other terms and conditions of the Agreements continue in full force and effect. </FONT></P><P
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<TD VALIGN="top" COLSPAN="3" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">BEVERLY NATIONAL CORPORATION </FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>AUL</SMALL> J.
G<SMALL>ERMANO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD>
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<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
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<TD VALIGN="top" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>LICE</SMALL> B.
G<SMALL>RIFFIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD VALIGN="top" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Paul J. Germano</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Witness</B></FONT></P></TD>
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<TD VALIGN="top" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Alice B. Griffin</B></FONT></P></TD></TR>
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<TD VALIGN="top" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;L<SMALL>AWRENCE</SMALL> M.
S<SMALL>MITH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="44%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Lawrence M. Smith</B></FONT></P></TD></TR>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">47 </FONT></P>

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