ADDENDUM AND WAIVER AGREEMENT REGARDING EMPLOYMENT AGREEMENT FORAddendum and Waiver Agreement • July 31st, 2015 • Merchants Bancshares Inc • State commercial banks • Massachusetts
This Addendum and Waiver Agreement (this “Addendum”) is made as of the 27th day of April, 2015, by and among NUVO Bank and Trust Company (“NUVO”), a Massachusetts chartered commercial bank headquartered in Springfield, Massachusetts, M. Dale Janes (“Executive”), Merchants Bancshares, Inc., a Delaware corporation headquartered in South Burlington, Vermont (“Merchants”) and Merchants Bank, a Vermont-chartered commercial bank headquartered in South Burlington, Vermont (“Merchants Bank”), for the purpose of supplementing, clarifying, waiving, modifying and terminating certain provisions of the Employment Agreement dated as of January 1, 2013, between the Executive and NUVO (the “NUVO Employment Agreement”).
