Common use of ELECTION OF BENEFITS Clause in Contracts

ELECTION OF BENEFITS. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to receive both. If this letter correctly sets forth our agreement on the subject matter hereof kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. BEVERLY NATIONAL CORPORATION /s/ Xxxxx X. Xxxxxxxx By: Xxxxx X. Xxxxxxxx Its: President Agreed: /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT Reference is made to the Change in Control Agreement (the “Agreement”) dated as of August 29, 2005 by and between Beverly National Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Xxxxxxx X. Xxxxxx (hereinafter referred to as the “Employee”).

ELECTION OF BENEFITS. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to receive both. If this letter correctly sets forth our agreement on the subject matter hereof hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. BEVERLY NATIONAL CORPORATION KINDERHOOK BANK CORP. /s/ Jxxx X. Xxxxx Jxxx X. Xxxxxxxx By: Xxxxx, Chief Executive Officer Agreed this 8th day of March, 2017 /s/ Hxxx X. Xxxxx Hxxx X. Xxxxxxxx Its: President Agreed: /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT Reference is made to the Change in Control Agreement (the “Agreement”) dated as of August 29, 2005 by and between Beverly National Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Xxxxxxx X. Xxxxxx (hereinafter referred to as the “Employee”).Xxxxx

ELECTION OF BENEFITS. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to receive both. If this letter correctly sets forth our agreement on the subject matter hereof hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. BEVERLY NATIONAL CORPORATION KINDERHOOK BANK CORP. /s/ Jxxx X. Xxxxx Jxxx X. Xxxxxxxx By: Xxxxx X. Xxxxxxxx Its: President Agreed: Xxxxx, Chief Executive Officer Agreed this 27 day of January, 2014 /s/ Xxxxxxx Txxxxx X. Xxxxxx Xxxxxxx Txxxxx X. Xxxxxx FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT Reference is made to the Change in Control Agreement (the “Agreement”) dated as of August 29, 2005 by and between Beverly National Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Xxxxxxx X. Xxxxxx (hereinafter referred to as the “Employee”).Xxxxxx

ELECTION OF BENEFITS. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to receive both. If this letter correctly sets forth our agreement on the subject matter hereof hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. BEVERLY NATIONAL CORPORATION KINDERHOOK BANK CORP. /s/ Bxxxx X. Xxxxx X. Xxxxxxxx By: Bxxxx X. Xxxxx X. Xxxxxxxx Its: President Agreed: Chairman Agreed this 5th day of June, 2014 /s/ Xxxxxxx Jxxx X. Xxxxxx Xxxxxxx Xxxxx Jxxx X. Xxxxxx FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT Reference is made to the Change in Control Agreement (the “Agreement”) dated as of August 29, 2005 by and between Beverly National Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Xxxxxxx X. Xxxxxx (hereinafter referred to as the “Employee”).Xxxxx

ELECTION OF BENEFITS. An election by you to resign after a Change in Control pursuant to the terms of Section 2(a) will not constitute a breach by you of the Employment Agreement dated the date hereof (or any other employment agreement) between the Bank and you and will not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any benefit plans, programs or policies. Nothing in this Agreement will be construed to limit your rights under any employment agreement you may then have with the Corporation or the Bank, provided, however, that if you become entitled to compensation under Section 3 hereof following a Change in Control, you may elect either to receive the severance payment provided in Section 3 or such termination benefits as you may have under any such employment agreement, but may not elect to receive both. If this letter correctly sets forth our agreement on the subject matter hereof hereof, kindly sign and return to the Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. BEVERLY XXXXXXX NATIONAL CORPORATION /s/ Xxxxx X. Xxxxxxxx By: Xxxxx X. Xxxxxxxx Its: President Agreed: /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT Reference is made to the Change in Control Agreement (the “Agreement”) dated as of August 29, 2005 by and between Beverly National Corporation, a Massachusetts corporation, (therein and hereinafter referred to as the “Corporation”) and Xxxxxxx X. Xxxxxx (hereinafter referred to as the “Employee”).Xxxxxx