Exhibit 10.9
Amendment to
The Westborough Bank
Supplemental Executive Retirement Plan Agreement for
[Executive]
The Westborough Bank ("Bank") and [Executive] ("Executive") entered into the
Supplemental Executive Retirement Plan Agreement for [Executive] ("Agreement")
on December 29, 2005. The Bank and the Executive hereby adopt this amendment,
effective December 18, 2006.
This amendment is intended to conform the terms of this Agreement to the
terms of the Agreement and Plan of Merger dated as of November 13, 2006 among
Assabet Valley Bancorp, HudWest Financial Services, Inc. Xxxxxx Savings Bank and
Westborough Bancorp, MHC, Westborough Financial Services, Inc. and The
Westborough Bank and all related documents. Therefore, the following change
shall be made:
1. Xxxxxxxxx 0, Xxxxxxxxxxx After Change of Control, shall be deleted in its
entirety and replaced with the following:
6. Payment on Change of Control.
Upon a Change of Control the Executive shall be entitled to his Accrued
Benefit payable in a lump sum assuming the Executive had retired the day
before with a 100% Non-Forfeitable Benefit computed as if the Executive
had continued working until age 65 with a 5% increase in base salary and
bonus in each calendar year until the attainment of age 65.
Therefore, the foregoing changes are agreed to.
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For the Bank [Executive]
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Date
