0000910647-95-000039.txt : 19950815 0000910647-95-000039.hdr.sgml : 19950815 ACCESSION NUMBER: 0000910647-95-000039 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 19950814 EFFECTIVENESS DATE: 19950902 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFX CORP CENTRAL INDEX KEY: 0000800042 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 020402421 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 033-61787 FILM NUMBER: 95562620 BUSINESS ADDRESS: STREET 1: 102 MAIN ST CITY: KEENE STATE: NH ZIP: 03431 BUSINESS PHONE: 6033522502 MAIL ADDRESS: STREET 1: 194 WEST STREET STREET 2: P O BOX 429 CITY: KEENE STATE: NH ZIP: 03431 FORMER COMPANY: FORMER CONFORMED NAME: CHESHIRE FINANCIAL CORP DATE OF NAME CHANGE: 19920703 S-8 1 BODY OF FORM S-8 As filed with the Securities and Exchange Commission on August 14, 1995 Registration No. _________ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CFX CORPORATION (Exact Name of Registrant as Specified in its Charter) New Hampshire 02-0402421 (State or Other Jurisdiction (I.R.S. Employer Identification No.) of Incorporation or Organization) 102 Main Street Keene, New Hampshire 03431 (603)352-2502 (Zip Code) (Address of Principal Executive Offices) CFX CORPORATION 1995 STOCK OPTION PLAN (Full title of the Plan) Peter J. Baxter President and Chief Executive Officer CFX Corporation 102 Main Street Keene, New Hampshire 03431 (603) 352-2502 (Name, Address, Telephone Number, Including Area Code of Agent for Service of Process) Copy of Communications to: Paul C. Remus, Esquire Devine, Millimet & Branch Professional Association 111 Amherst Street Manchester, New Hampshire 03105 CALCULATION OF REGISTRATION FEE
Proposed Proposed Maximum Title of Securities Amount to Maximum Offering Aggregate Amount of to be Registered be Registered Price Per Share(1) Offering Price Registration Fee Common Stock 66 2/3 cents par value, Issued Pursuant 337,500 $17.31 $5,842,969 $2,014.82 to 1995 Stock Option Shares Plan (1) Calculated in accordance with Rule 457(h)(1) and Rule 457(c) on the basis of the average of the high ($17 5/8) and low ($16 3/4) prices of the Common Stock of CFX Corporation on August 10, 1995 reported on the American Stock Exchange. PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. The following documents filed by the registrant with the Securities and Exchange Commission (the "Commission") are incorporated in and made a part of this registration statement by reference as of their respective dates: (1) The Registrant's Annual Report filed on Form 10-K for the fiscal year ended December 31, 1994. (2) The Registrant's Quarterly Report filed on Form 10-Q for the quarter ended March 31, 1995. (3) The Registrants's Current Report on Form 8-K filed on June 19, 1995. (4) The description of the Registrant's Common Stock contained in a Registration Statement filed by Cheshire Financial Corporation (now known as CFX Corporation) on Form 8-A, dated November 3, 1990, and any amendment or report filed for the purpose of updating such description. All documents hereinafter filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 ("1934 Act"), prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, will be deemed to be incorporated by reference and to be a part hereof from the date of filing of such documents. Item 4. Description of Securities. A description of the Registrant's Common Stock to be offered is not provided in this registration statement because such class of the Registrant's securities is registered under Section 12 of the 1934 Act. Item 5. Interests of Named Experts and Counsel. Neither the Registrant's independent auditors, Wolf & Company, P.C. and Ernst & Young LLP, nor the Registrant's counsel, Devine, Millimet & Branch, Professional Association, nor any individual employed by or associated with such firm or individual in a professional capacity, was employed by the Registrant in connection with matters described in this registration statement on a contingent basis or has, or is to receive in connection with the offering, a substantial interest, direct or indirect, in the Registrant or any of its subsidiaries or was connected with the Registrant or any of its subsidiaries as a promoter, managing underwriter (or any principal underwriter, if there are no managing underwriters), voting trustee, director, officer or employee. Item 6. Indemnification of Directors and Officers. Under New Hampshire law, a corporation has the power to indemnify any director or officer or former director or officer of the corporation, or any person who may have served, at its request, as a director of officer of another corporation, against expenses actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding, civil, criminal, administrative or investigative, in which he is a party or is threatened to be made a party by reason of being or having been such director or officer, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The Registrant's By-Laws contain the following provision in connection with indemnification of directors and officers. Any person, or the heirs, executors, or administrators of any such person, who has been made a party to any action, suit or proceeding by reason of the fact that such party, or person whose legal representa- tive or successor such party is, was or is a director, officer or employee of the Corporation or of any corporation, partnership, firm or organization which that person serves or has served in any such capacity at the request of the Corporation, may be indemnified and reimbursed by the Corporation for expenses, including attorneys' fees, and for such amount of any judgement, money decree, fine, penalty or settlement for which that person may have become liable as the Board of Directors may deem reasonable, but only to the extent actually incurred by such person in connection with the defense or the reasonable settlement of any such action, suit or proceeding, or any appeal therein; provided, however, that no person shall be so indemnified or reimbursed in relation to any matter as to which such party, or the person whose legal representative or successor such party is, is finally adjudged in such action, suit or proceeding not to have acted in good faith in the reasonable belief that the action or failure to act of the person was in the best interest of the Corporation; and provided further that no person shall be so indemnified or reimbursed in respect of any such action, suit or proceeding which has been made the subject of a compromise settlement except with the approval of a court of competent jurisdiction or a majority of the Board of Directors exclusive of those Directors who are parties to the same or substantially the same action, suit or proceeding. The foregoing right of indemnification and reimbursement shall not be exclusive of other rights of indemnification and reimbursement shall not be exclusive of other rights to which such person, or the heirs, executors or administrators of that person may be entitled as a matter of law. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. Item 7. Exemption from Registration Claimed. As no restricted securities will be reoffered or resold pursuant to this registration statement, this item is not applicable. Item 8. Exhibits. Exhibit Index Number Exhibit *4.1 Articles of Incorporation and By-Laws of CFX Corporation, as amended. 5.1 and 23.1 Opinion and Consent of Devine, Millimet & Branch, Professional Association 10.1 Lease dated February 14, 1995, by and between Duffy Wall Street L.L.C. and CFX Bank. 23.2 Consent of Wolf & Company, P.C. 23.3 Consent of Ernst & Young LLP 24.l Power of Attorney (See page preceding Signature Page) 99.1 CFX Corporation 1995 Stock Option Plan 99.2 Stock Option Agreement Forms 99.2.1 Form of Incentive Stock Option Agreement 99.2.2 Form of Non-Qualifying Stock Option Agreement 99.3 List of Companies Whose Employees are Eligible to Participate in CFX Corporation 1995 Stock Option Plan * Incorporated herein by reference to Exhibit 3 to the Registration Statement on Form S-4 of the Registrant, No. 33-56875 effective January 13, 1995. Item 9. Undertakings. (a) The undersigned Registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set forth in the registration statement; (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply to the extent that the information required to be included in a post- effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement. (2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. POWER OF ATTORNEY Each of CFX Corporation (the "Company") and the undersigned Officers and Directors thereof whose signatures appear below hereby makes, constitutes and appoints Peter J. Baxter and Mark A. Gavin and each of them acting individually, its and his or her true and lawful attorneys with power to act without any other and with full power of substitution, to execute, deliver and file in its or his or her name and on its or his or her behalf, and in each of the undersigned Officers' and Directors' capacity or capacities shown below, this Registration Statement and any and all documents in support of this Registration Statement or supplemental thereto, and any and all amendments, including any and all post-effective amendments to the foregoing; and each of the Company and said Officers and Directors hereby grants to said attorneys, and to any one or more of them, full power and authority to do and perform each and every act and thing whatsoever as said attorneys or attorney may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as the Company might or could do, and as each of said Officers and Directors might or could do personally in his or her capacity or capacities as aforesaid, and each of the Company and said Officers and Directors hereby ratifies, confirms and approves all acts and things which said attorneys or attorney might do or cause to be done by virtue of this Power of Attorney and its or his or her signature as the same may be signed by said attorneys or attorney, or any one or more of them to this Registration Statement and any and all amendments thereto, including any and all post-effective amendments to the foregoing. IN WITNESS WHEREOF, the Company has caused this Power of Attorney to be signed on its behalf, and each of the undersigned Officers and Directors thereof in the capacity or capacities noted has hereunto set his or her hand, on the dates indicated below. CFX CORPORATION Dated: June 13, 1995 By: /s/ Peter J. Baxter Peter J. Baxter, President and Chief Executive Officer Name Title Date /s/ Richard B. Baybutt Director June 13, 1995 Richard B. Baybutt /s/ Peter J. Baxter Director June 13, 1995 Peter J. Baxter President and Chief Executive Officer (Principal Executive Officer) /s/ Christopher V. Bean Director June 13, 1995 Christopher V. Bean /s/ Calvin L. Frink Director June 13, 1995 Calvin L. Frink Executive Vice President /s/ Eugene E. Gaffey Director June 13, 1995 Eugene E. Gaffey /s/ Mark A. Gavin Chief Financial June 13, 1995 Mark A. Gavin Officer (Principal Financial Officer) /s/ Elizabeth Sears Hager Director June 13, 1995 Elizabeth Sears Hager /s/ Douglas S. Hatfield, Jr. Director June 13, 1995 Douglas S. Hatfield, Jr. /s/ Phillip A. Mason Director June 13, 1995 Phillip A. Mason /s/ Emerson H. O'Brien Director June 13, 1995 Emerson H. O'Brien /s/ L. William Slanetz Director June 13, 1995 L. William Slanetz /s/ Gregg R. Tewksbury Corporate Controller June 13, 1995 Gregg R. Tewksbury (Principal Accounting Officer) SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Keene, State of New Hampshire on July 21, 1995. CFX CORPORATION By: /s/ Mark A. Gavin, Chief Financial Officer Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. ........................................................ Principal Executive Officer: : : Peter J. Baxter, President and Chief Executive Officer : : Principal Financial Officer: : : Mark A. Gavin, Chief Financial Officer : : Principal Accounting Officer: : : Gregg R. Tewksbury, Corporate Controller :\ By /s/_______________ :/ Mark A. Gavin Directors: : Chief Financial : Officer Richard B. Baybutt : Peter J. Baxter : Christopher V. Bean : Calvin L. Frink : Eugene E. Gaffey : Elizabeth Sears Hager : Douglas S. Hatfield, Jr. : Phillip A. Mason : Emerson H. O'Brien : L. William Slanetz : ........................................................
EX-5 2 OPINION OF DEVINE, MILLIMET & BRANCH DEVINE MILLIMET & BRANCH PROFESSIONAL ASSOCIATION - ATTORNEYS AT LAW Victory Park 111 Amherst Street Box 719 Manchester, NH 03105 Tel: 603-669-1000 Fax: 603-669-8547 August 14, 1995 CFX Corporation 102 Main Street Keene, NH 03431 Ladies and Gentlemen: We have acted as counsel to CFX Corporation (the "Company") in connection with the adoption by the Company of the CFX Corporation 1995 Stock Option Plan (the "Plan") pursuant to which the Company will issue not more than 337,500 shares of the Company's Common Stock, 66 2/3 cents par value (the "CFX Common Stock") in accordance with the provisions of the Plan. Prior to rendering this opinion, we have reviewed such certificates, documents and records as we have deemed necessary for the purposes hereof, including the following: a. Copies of the Articles of Incorporation and the Bylaws of the Company as now in effect; b. The Registration Statement on Form S-8 relating to the CFX Common Stock to be issued pursuant to the Plan being filed with the Securities and Exchange Commission contemporaneously herewith and the exhibits thereto (the "Registration Statement"); c. Resolutions adopted by the Board of Directors of the Company adopting the Plan and authorizing the issuance of the CFX Common Stock pursuant thereto; and d. The minutes of the Annual Meeting of Shareholders of the Company held on April 19, 1995, at which the shareholders of the Company voted to ratify the adoption of the Plan. Based upon the foregoing and such other investigation as we have deemed necessary, it is our opinion that when the Registration Statement shall have become effective pursuant to the provisions of the Securities Act of 1933 and when the CFX Common Stock shall have been issued and delivered and the consideration therefor shall have been received by the Company, all in accordance with the provisions of the Plan, the CFX Common Stock will be validly issued, fully paid and non-assessable. We understand that this opinion is to be used in connection with the Registration Statement and hereby consent (i) to the filing of this opinion with and as a part of said Registration Statement and (ii) to the use of our name therein and in the related Prospectus under the caption "Legal Opinions". Very truly yours, DEVINE, MILLIMET & BRANCH Professional Association By: /s/______________________ Frederick J. Coolbroth EX-10 3 LEASE DATED FEB 14, 1995 LEASE THIS INDENTURE OF LEASE dated this 14th day of February, 1995 by and between the Landlord and the Tenant named below. WITNESSETH that Landlord, for and in consideration of the rents herein reserved and the covenants and agreement herein contained and expressed on the part of the Tenant to be kept, performed and fulfilled, hereby demises and lets unto the Tenant, and the Tenant hereby leases from the Landlord the Leased Premises described below. Section 1 -- Definitions and Certain Basic Provisions. 1.1 Landlord: Duffy Wall Street L.L.C. 1.2 Landlord's Address: 411 Waverley Oaks Drive, Waltham, Massachusetts 02154 1.3 Tenant: CFX Bank 1.4 Tenant's Address: P. O. Box 746, Keene New Hampshire 1.5 Leased Premises: The Leased Premises are (a) approxi- mately 6,000 square feet located on the first floor at One Wall Street, Manchester, New Hampshire, said premises being shown as outlined on the plan attached hereto as Exhibit A (the "Interior Leased Premises") and (b) approximately 8,750 square feet of land with four (4) drive-through teller stations (the "Exterior Leased Premises") located on the westerly side of the property on which the Leased Premises are located. The Leased Premises are located on the property described in Exhibit B attached hereto (the "Landlord's Premises"). Landlord shall also assign to Tenant four (4) parking spaces for Tenant's exclusive use in the parking area under the building during the term or any extended term of this Lease. Landlord and Tenant acknowledge that the exact area of the Interior Leased Premises will not be determined until the completion of the Fit-up work provided for in Section 6 and agree to execute an Addendum in substantially the form attached hereto upon completion of the Fit-up work. The area of the Interior Leased Premises shall be measured from interior surface of the exterior windows and the center line of interior petitions. 1.6 Occupancy and Lease Term. Tenant may commence occupancy as of the date that this Lease has been executed by both Landlord and Tenant (the "Occupancy Date") for the purpose of refurbishing the Leased Premises. Rental payments shall commence on the Rent Commencement Date, which shall be (a) 90 days from the date that Landlord has completed the interior renovations set forth on Exhibit C attached hereto and made a part hereof, or (b) the date the Landlord has completed the interior renovations set forth on Exhibit C--1, whichever date is last to occur, or, if earlier, (c) the date upon which the Tenant has opened for business to the public and the Landlord has completed the interior renovations set forth on Exhibit C--1. The term of this Lease (the "Lease Term") shall continue for 60 months from the Rent Commencement Date, unless the Rent Commencement Date falls on a date other than the first of the month. In such case, the Lease Term shall be extended by the number of days remaining in the calendar month containing the Rent Commencement Date. In addition, rent shall be prorated for that portion of the month in which the Rent Commencement Date falls, if it does not fall on the first day of a month. 1.7 Base Rent. The base rent shall be payable monthly in advance. The parties acknowledge that the Base Rent is calculated at the following rates: (a) $10.20 per square foot per year of Interior Leased Premises and (b) $3.00 per square foot per year of Exterior Leased Premises and agree that the exact amount of the base rent shall be determined upon completion of the Fit-up work. 1.8 Initial Common Area Maintenance and Services Charge per month: $1,500.00 per month, which the parties acknowledge is based upon $3.00 per square foot of Interior Leased Space per year, subject to adjustment upon determination of the exact area of the Interior Leased Premises. 1.9 Initial Tax Payment per month: $900.00, which the parties acknowledge is based upon $1.80 per square foot of Interior Leased Space per year, subject to adjustment upon determination of the exact area of the Interior Leased Premises. 1.10 Permitted Use: Financial institution including commercial and retail banking operations. Section 2 -- Rent and Additional Rent. 2.1 The Tenant shall pay to the Landlord in advance, on the first day of each calendar month, the Base Rent set forth in Section 1.7. If the first and/or last month is less than a full calendar month, the Base Rent shall be pro-rated for such month(s). 2.2 If any Payment Obligation is not received within five (5) business days of the due date the Tenant shall pay to the Landlord a "late charge" equal to 5% of the past due Payment Obligation. As used in this Lease, the term "Payment Obligation" means and includes any and all financial liabilities of Tenant to Landlord whatsoever, including, without limitation, Base Rent, tax, common area charges, and any amount paid by Landlord on behalf of Tenant. 2.3 Unless and until otherwise directed in writing by the Landlord, Tenant shall make all payments due hereunder to the Landlord at the address stated in Section 1.2. Section 2A -- Option to Renew. Provided that no default be existing at the time of exercise, Landlord grants Tenant two options to renew this Lease for additional consecutive five year terms. The option for the first five year renewal term must be exercised by Tenant giving Landlord written notice of Tenant's election to do so at least 180 days prior to the expiration of the Lease Term and, in the case of the second five year renewal option, Tenant must give Landlord written notice at least 180 days prior to the expiration of the first five year renewal term. All of the terms and conditions set forth in this Lease shall remain in effect throughout the extended term. Section 2B -- Option for Additional Space. Tenant shall have the right upon written notice, to lease the space shown on Exhibit A as "Additional Space." Upon the exercise of such right and the commencement of occupancy of the Additional Space, the Base Rent, CAM Charges and Taxes shall be increased based upon the additional square footage contained within the Additional Space and Landlord and Tenant agree to execute an Addendum setting forth the revised rental charges and square footage. Section 3 -- Security Deposit. Simultaneously with the execution of this Lease, the Tenant has deposited the sum of $9,687.50(the "Deposit") with the Landlord as security for the full and faithful performance by the Tenant of all of the terms and conditions of this Lease required to be paid or performed by the Tenant. The Landlord may apply any portion of the Deposit toward any payment due hereunder for which the Tenant is in default and for any damages to the Leased Premises (excluding reasonable wear and tear) caused by any affirmative or negligent act by the Tenant, its employees, servants or invitees. Upon the expiration of this Lease, Landlord shall return the Deposit to the Tenant less any amounts applied by Landlord to said payments or damages. Section 4 -- Quiet Enjoyment and Acceptance. The Landlord shall put the Tenant in possession of the Leased Premises at the beginning of the term hereof, and the Tenant, upon paying the rent and observing the other covenants and conditions herein upon its part to be observed, shall peaceably and quietly hold and enjoy the Leased Premises. The Landlord warrants to the Tenant that the Landlord's title to the Leased Premises is free and clear of all encumbrances except for mortgages of record and easements and restrictions of record which will not unreasonably interfere with Tenant's intended use of the Leased Premises. In the event that the Leased Premises are subject to any mortgages of record, Landlord shall provide Tenant with Subordination and Attornment Agreements, pursuant to Section 20 below, on or before the Rent Commencement Date. Section 5 -- Common Area and Common Area Maintenance Changes. 5.1 The term "Common Area" means that part of the Landlord's Premises intended for the common use of all tenants, including among other facilities, lobbies, rest rooms, parking areas, private streets and allies, landscaping, loading area, sidewalks, walkways, elevators, lighting facilities, drinking fountains, plumbing, public toilets and the like, but excluding leasable commercial space and the structural components of the Landlord's Premises. Landlord reserves the right to change from time to time the dimensions and location of the Common Area, excluding, however, the first floor lobby area shown on Exhibit A and the hallways providing access to the Interior Leased Premises. The Tenant and its employees and customers shall have the non-exclusive right to use the Common Area subject to such reasonable rules and regulations governing use as the Landlord may from time to time prescribe. 5.2 The Landlord shall be responsible for the operation, management, maintenance and repair of the Common Area, including but not limited to cleaning of all Common Areas, landscaping of the exterior of the building located on Landlord's Premises, snow removal from all sidewalks, walkways, driveways, parking areas and the Exterior Leased Premises and the washing of all exterior windows no less often than two (2) times per year. 5.3 The Tenant shall pay to Landlord on the first day of every month the Initial Common Area and Services Maintenance charge set forth in Section 1.8 as Tenant's share of Common Area Maintenance and Services (the "CAM Charge"). The CAM Charge shall be deemed to include Tenant's share of the cost of the Common Area Maintenance set forth in Section 5.2 hereof, the cost of utilities set forth in Section 11 hereof and the cost of insurance set forth in Section 17.2 and 18.1 hereof. During any year after calendar year 1995 during which the total CAM Charges divided by the total number of square feet of interior floor area of the building of which the Interior Leased Premises are a part, is less than or greater than Three Dollars ($3.00) then, if the actual CAM Charges exceeds Three Dollars ($3.00) Tenant shall pay to Landlord the difference between the actual CAM Charges and the CAM Charge payments made by Tenant within fifteen (15) days of the receipt of the itemization of CAM Charges by Tenant. In the event that Tenant's estimated CAM Charge payments exceed the actual CAM Charges, Landlord shall credit Tenant with the difference on Tenant's next estimated CAM Charge payment. The amount of the CAM Charge payment to be made by Tenant on a monthly basis during the ensuring year shall be adjusted annually to reflect the actual CAM Charge expenses incurred during the preceding year. At Tenant's request, Landlord will furnish to Tenant evidence (such as bills or invoices) of the actual costs and expenses which comprise the CAM Charges. Section 6 -- Fit-up, Repairs and Cleaning by Landlord. 6.1 The Landlord shall perform in a good and workmenlike manner, the fit-up work set forth on Schedules C and C--1 attached hereto and made a part hereof. All such work shall be performed by Landlord at Landlord's expense with the exception that the Tenant shall reimburse Landlord for the cost of constructing the interior vertical demising walls. All such work shall be done with first class materials in a good and workmenlike manner, in accordance with all applicable governmental laws, rules and regulations and to a standard appropriate for first class professional offices and banking facilities. The work set forth in Schedule C shall be completed no later than six (6) weeks from the date of execution of this Lease and the work set forth in Schedule C-- 1 shall be completed no later than three (3) months from the date of execution of this Lease, subject to any reasonable delays caused for force majeure, such as strikes, casualty or inability to obtain materials. 6.2 The Landlord shall, at its own expense, make any and all repairs to the Leased Premises and the remainder of Landlord's Premises including but not limited to any and all roof and other structural repairs, repairs to the heating, ventilation and air conditioning systems and replacement of broken glass, except to the extent that such repairs are necessitated by any affirmative or negligent act by the Tenant, its employees, servants or invitees and except to the extent such repairs are made Tenant's responsibility in Section 7. With respect to any repairs that the Landlord is required to make the Landlord shall use best efforts to accomplish such repairs as promptly as possible, with no disruption to Tenant's business operations unless reasonably necessary Section 7 -- Repairs by Tenant. The Tenant shall, at its own expense (i) maintain in good repair all doors, hardware, locks, and lighting, servicing the Leased Premises (ii) be responsible for repairs to the Leased Premises to the extent such repairs are necessitated by any affirmative or negligent act by the Tenant, its employees, servants or invitees, and (iii) be responsible for any interior painting and carpeting desired by the Tenant. The Tenant shall also promptly make any repairs or alterations lawfully required by any public authority as a result of changes in statutes or regulations which become effective subsequent to the beginning of the term of this Lease and which repairs are required because of the nature of the occupancy of the Leased Premises by the Tenant or the manner in which it conducts its business therein. At the expiration of this Lease or earlier termination hereof for any cause herein provided for, the Tenant shall deliver up the Leased Premises to the Landlord in the same condition and state of repairs as at the beginning of the term hereof, reasonable wear and tear, taking by eminent domain and damage due to fire or other casualty insured against and Landlord's obligations excepted. Section 8 -- Alterations, Conduits, Signs. 8.1 Tenant shall not make any alterations, additions or improvements to the Leased Premises with a cost in excess of $10,000 in the aggregate without the prior written consent of Landlord, except for the installation of unattached, movable trade fixtures which may be installed without drilling, cutting or otherwise defacing the premises, and except for the initial Tenant fit-up work being performed prior to the Rent Commencment Date as shown/described n Exhibit D. 8.2 All construction work done by Tenant or by Landlord shall be performed in a good and workmanlike manner, and in compliance with all governmental requirements. 8.3 In the event of the filing of any notice of a builder's, supplier's or mechanic's lien on the Leased Premises arising out of any work performed by or on behalf of the Tenant (other than work performed by the Landlord hereunder) the Tenant shall cause without delay proper proceedings to be instituted to test the validity of the lien claims, and to discharge immediately the same by the posting of bond or otherwise; and the Tenant shall completely indemnify the Landlord against any such claim or lien and all costs of such proceedings wherein the validity of such lien is contested by the Tenant. 8.4 The Tenant shall pay the increased premiums, if any, for the regular insurance coverage of the Leased Premises resulting from any additional risk during the course of construction or installation of any such alteration, addition or improvement and or the increased cost of fire and extended coverage insurance resulting from the increased value of the building of which the Leased Premises are a part. This Section shall not apply to any increased premiums resulting from work being performed by Landlord at the Leased Premises prior to the Rent Commencement Date. 8.5 Tenant shall have the right to install, maintain, repair and replace wires, lines, cables, conduits and pneumatic tubing necessary for the connection of the ATM location as shown on Exhibit A and the drive-up teller facilities as shown on Exhibit A--1 to the Interior Leased Premises. In connection therewith, Tenant shall have the right to remove such flooring, ceiling panels and such other nonstructural components of the building within which the Leased Premises are located and to excavate and trench between the exterior of said building and the drive-up teller facilities in order to install, maintain and repair the necessary wires, lines, cables, conduits and pneumatic tubing; provided, however, that in all such cases the Tenant shall restore Landlord's Premises as nearly as is practical to its condition immediately prior to the commencement of any such work. 8.6 Tenant is hereby given the sole and exclusive right to place, keep and maintain such signs as Tenant may from time to time desire on both sides of the upper most twelve (12) feet of the exterior standalone sign located on the easterly side of the Landlord's Premises; provided, however, that all such signage shall be in conformance with the City of Manchester Zoning Ordinance. Tenant shall have the further right to install such signage in the lobby area of the building and within the Exterior Leased Premises as may be reasonably necessary to indicate to the general public the location of the Tenant's business premises and drive- up teller locations. All such signage shall be submitted to Landlord for Landlord's approval prior to its placement, which approval shall not be unreasonably withheld. Section 9 -- Redelivery at End of Lease Term; Holding Over. 9.1 At the expiration of this Lease or upon the earlier termination of this Lease for any cause herein provided for, the Tenant shall peaceably and quietly quit the Leased Premises and deliver possession of the same to the Landlord. 9.2 In the event Tenant remains in possession of the Leased Premises after the expiration or earlier termination of this Lease and without the execution of a new Lease, Tenant shall be deemed to be a Tenant at will. Section 10 -- Trade Fixtures, Landlord's Lien. The Landlord agrees that all furniture, furnishings and trade fixtures installed in the Leased Premises shall be deemed to remain personal property and that all such furniture, furnishings and trade fixtures of the Tenant or of any employee, agent or subcontractor or sub-tenant of the Tenant may be removed prior to the expiration of this Lease or earlier termination for any cause herein provided for; but the Tenant shall repair any damage occasioned by such removal and shall restore the Leased Premises to their condition as at the beginning of the term hereof, reasonable wear and tear, taking by eminent domain, and damage due to fire or other casualty insured against and Landlord' obligations excepted. Any such property which may be removed pursuant to the preceding sentence and which is not so removed prior to the expiration or earlier termination of this Lease may be removed from the Leased Premises by the Landlord and stored for the account of the Tenant; and if the Tenant shall fail to reclaim such property within ninety (90) days following such expiration or earlier termination of this Lease, such property shall be deemed to have been abandoned by the Tenant, and may be appropriated, sold, destroyed or otherwise disposed of by the Landlord without notice to the Tenant and without obligation to account therefor. Section 11 -- Utilities. The Tenant shall pay for all electricity and telephone service supplied to it at the Leased Premises. Landlord shall provide at its cost, separate electric meters for the Leased Premises. Landlord shall provide and be responsible for payment of all other utilities to the Leased Premises and the Common Area, including but not limited to water, sewer, heating, ventilating and air conditioning. During the heating season, the heat provided by landlord shall be such as to maintain the temperature within the Interior Leased Premises at no less than 68 and during the air conditioning season, air conditioning shall be provided so as to maintain the temperature within the Interior leased Premises at no greater than 75 . Heat and air conditioning shall be provided at the foregoing minimum and maximum temperatures during normal business hours which shall be 7:00 a.m. to 6:00 p.m. on weekdays and 7:00 a.m. to 12:00 noon on Saturdays. Landlord shall not be liable for any interruption whatsoever in utility services, unless such interruption is the result of an affirmative or negligent act by the Landlord, its employees, servants or invitees. Section 12 -- Use of Premises. 12.1 The Tenant covenants and agrees to use and occupy the demised premises only for the use set forth in Section 1.13. 12.2 The Tenant shall procure any licenses or permits required by any use of the Leased Premises by the Tenant. 12.3 The Tenant shall not permit any employee or visitor of the Tenant to violate the covenants or obligations of the Tenant hereunder. Section 13 -- Subleasing -- Assignment. The Tenant shall not, without the prior written consent of the Landlord, assign this Lease in whole or in part, or sublet the Leased Premises or any portion thereof; provided, however, that this Lease may be assigned without such consent in the event of a merger by Tenant or acquisition of Tenant to the Tenant's successor upon merger or the Tenant's purchaser and Tenant shall have the right to assign this Lease or sublet all or a portion of the Premises to any parent, subsidiary or affiliated corporation without the prior written consent of the Landlord. In the event of such assignment or sublease the Tenant shall remain liable to the Landlord for all the Payment Obligations under the terms of this Lease and for the performance of all covenants herein to be performed by the Tenant. Section 14 -- Taxes and Assessments. As set forth in Section 1.9, Tenant shall pay Landlord a tax payment each month of $900.00, based upon $1.80 per square foot of Interior Leased Premises per year (the "Tax Base"). In the event, during any tax year, commencing with the tax year effective on April 1, 1996, the total tax bill for the Landlord's Premises, divided by the total number of square feet located in the building located on Landlord's Premises, if greater than or less than $1.80 per square foot, then, if such amount is greater than $1.80 per square foot the Tenant shall pay to the Landlord as additional rent, the amount by which the per square foot tax computation for such year exceeds $1.80, multiplied by the number of square feet within the Interior Leased Premises. Such payment shall be made by the Tenant to the Landlord within fifteen (15) days of receipt of the invoice for such payment. In the event that such calculation results in a number less than $1.80 per square foot, then the Landlord shall credit such amount multiplied by the number of square feet within the Interior Leased Premises to the next ensuing monthly tax payment or payments due from Tenant. Section 15 -- Eminent Domain. In the event that the Leased Premises shall be lawfully condemned or taken by any public authority either in their entirety or in such proportion that they are no longer suitable for the intended use by the Tenant, this Lease shall automatically terminate without further act of either party on the date when possession of the Leased Premises is surrendered and shall be relieved of any further obligation to the other, except that the Tenant shall be liable for and shall promptly pay to the Landlord any rent then in arrears, or the Landlord shall promptly rebate to the Tenant a pro rata portion of any rent paid in advance. In the event the proportion of the Leased Premises so condemned or taken is such that they are still suitable for use by the Tenant (it being agreed that any taking which eliminates or significantly reduces the Exterior Leased Premises may, at Tenant's option, be deemed to render the entire Leased Premises unsuitable for Tenant's purposes), this Lease shall continue in effect in accordance with its terms and a portion of the rent shall abate equal to the proportion of the rental value of the Leased Premises so condemned or taken. In either of the above events, the award for the property so condemned or taken shall be payable solely to the Landlord, excluding, however, any payments for business relocation, business interruption, or other awards relating directly to Tenant's business operations. Section 16 -- Liability. Except for injury or damage caused by the willful or grossly negligent act or failure to act of the Landlord, its servants or agents, the Landlord shall not be liable for any injury or damage to any person happening on or about the Leased Premises or for any injury or damage to the Leased Premises or to any property of the Tenant or to any property of any third person, firm, association or corporation on or about the Leased Premises. The Tenant shall, except for injury or damage caused as aforesaid, indemnify and save the Landlord harmless from and against any and all liability and damages, costs and expenses, including reasonable counsel fees, and from and against any and all suits, claims and demands of any kind or nature, by and on behalf of any person, firm association or corporation, arising out of or based upon any incident, occurrence, injury or damage which shall or may happen on or about the Leased Premises and from and against any matter or thing growing out of the condition, maintenance, repair, alteration, use, occupation or operation of the Leased Premises or the Common Area or the installation of any property therein or the removal of any property therefrom. Section 17 -- Liability Insurance. 17.1 The Tenant shall, throughout the term hereof, procure and carry, at its expense, comprehensive liability insurance on the Leased Premises with a responsible insurance company authorized to do business in New Hampshire. Such insurance shall be carried in the name of and for the benefit of the Tenant and the Landlord; shall be written on an "occurrence" basis; and shall provide coverage of at least One Million Dollars ($1,000,000.00) in case of death of or injury to one person; at least Two Million Dollars ($2,000,000.00) in case of death of or injury to more than one person in the same occurrence, and at least Five Hundred Thousand Dollars ($500,000.00) in case of loss, destruction or damage to property. A single limit policy or policies in the total amount of Two Million Dollars ($2,000,000.00) shall be deemed compliance with the preceding sentence. The Tenant shall furnish to the Landlord a certificate of such insurance which shall provide that the insurance indicated therein shall not be cancelled without at least ten (10) days' written notice to the Landlord. 17.2 The Landlord shall maintain general public liability insurance coverage on the Common Area. Section 18 -- Fire and Extended Coverage Insurance. 18.1 The Landlord shall procure and continue in force during the term hereof fire and extended coverage insurance on the Leased Premises. 18.2 Without prejudice to any rights of the Landlord under the applicable insurance policies, the Tenant shall be held free and harmless from liability for loss or damage to the Leased Premises by fire, the extended coverage perils, sprinkler leakage, vandalism and malicious mischief if and to the extent actually insured against, whether or not such loss or damage be the result of the negligence of the Tenant, its employees or agents. This subsection does not impose any added obligation or expense upon the Landlord and is to be construed only as a limitation upon the rights of the insurance carriers to subrogation. 18.3 Without prejudice to any rights of the Tenant under the applicable insurance policies, the Landlord shall be held free and harmless from liability for loss or damage to personal property of the Tenant in the Leased Premises by fire, the extended coverage perils, sprinkler leakage, vandalism and malicious mischief if and to the extent actually insured against, whether or not such loss or damage be the result of the negligence of the Landlord, its employees or agents. This subsection does not impose any added obligation or expense upon the Tenant and is to be construed only as a limitation upon the rights of the insurance carriers to subrogation. Section 19 -- Destruction or Damage. In the event the Leased Premises shall be totally destroyed by fire or other casualty insured against, or shall be so damaged that repairs and restoration cannot be accomplished within a period of one hundred twenty (120) days from the date of such destruction or damage, this Lease shall automatically terminate without further act of either party, and each party shall be relieved of any further obligation to the other, except that the Tenant shall be liable for and shall promptly pay the Landlord any rent then in arrears or the Landlord shall promptly rebate to the Tenant a pro rata portion of any rent paid in advance. In the event the Leased Premises shall be so damaged that repairs and restoration can be accomplished within a period of one hundred twenty (120) days from the date of such destruction or damage, this Lease shall continue in effect in accordance with its terms; such repairs and restoration shall, unless otherwise agreed by the Landlord and the Tenant, be performed promptly by the Landlord as closely as practicable to the original specifications (utilizing therefor the proceeds of the insurance applicable thereto without any apportionment thereof for damages to the leasehold interest created by this Lease), and until such repairs and restoration have been accomplished, a portion of the rent shall abate equal to the proportion of the Leased Premises rendered unusable by the damage. The Tenant agrees to execute and deliver to the Landlord all instruments and documents necessary to evidence the fact that the right to such insurance proceeds is vested in the Landlord. Section 20 -- Mortgage Lien. The Tenant agrees to execute subordination agreements providing that this Lease shall be subject and subordinate to the lien of (1) any mortgage or deed of trust constituting a first lien of the Leased Premises, or any part thereof, at the date hereof, (2) the lien of any mortgage or deed of trust hereafter executed to a bank, trust company or other recognized lending institution to provide permanent financing or refinancing of the Landlord's Premises or any part thereof, and (3) any renewal, modification, consolidation or extension of any mortgage or deed of trust referred to in clause (1) and (2) provided that it will be a condition of any such subordination agreement that this Lease and Tenant's rights hereunder shall survive any foreclosure sale so long as Tenant is not in default hereunder. Section 21 -- Landlord's Right to Cure. In the event Tenant fails to make timely payment of any insurance premium, tax or other amount which Tenant is obligated to pay hereunder, Landlord may, at Landlord's sole discretion, pay such amount on behalf of Tenant, and any amount paid by Landlord hereunder shall become an immediately due obligation of Tenant to Landlord without notice or demand. Section 22 -- Default. In the event (i) any Payment Obligation hereunder shall not be paid within fifteen (15) days after notice of failure to make payment; or (ii) the Tenant defaults in the performance or observance of any other covenant or condition in this Lease and such default remains unremedied for thirty (30) days after written notice thereof has been given to the Tenant by the Landlord; provided, however, that said period shall be extended during such time as the Tenant is making bona fide diligent and reasonably continuous efforts to cure such default; or (iii) the Tenant makes an assignment for the benefit of creditors, files a voluntary petition in bankruptcy, is adjudicated insolvent or bankrupt, petitions or applies to any tribunal for any receiver or any trustee of or for the Tenant of any substantial part of its property, commences any proceeding relating to the Tenant or any substantial part of its property under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect, or there is commenced against the Tenant any such proceeding which remains undismissed for a period of sixty (60) days, or any order approving the petition in any such proceeding is entered, or the Tenant by any act indicates its consent to, or acquiescence in, any such proceeding or the appointment of any receiver of or trustee for the Tenant of any substantial part of its property, or suffers any such receivership or trusteeship to continue undischarged for a period of sixty (60) days, then in any of such events, the Landlord may, immediately or at any time thereafter and at Landlord's option, pursue any of the following remedies: A. Without notice or demand, Landlord may take any action permissible at law to ensure performance by Tenant of Tenant's covenants and obligations under this Lease. If Tenant vacates the Leased Premises, Landlord may enter upon and take possession of the Leased Premises in order to protect them from deterioration. B. The Landlord may terminate this Lease and obtain possession of the Leased Premises by any summary or other procedure available to a landlord at law or in equity. C. Landlord may terminate this Lease by written notice to Tenant stating that the Lease has been terminated as a result of a breach of condition of this Lease, in which event Tenant shall immediately surrender the Leased Premises to the Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy Landlord may have for possession or arrearages in rent, enter upon the Leased Premises or any part thereof in the name of the whole and repossess the same as of the Landlord's former estate and expel the Tenant and those claiming through or under the Tenant and remove their effects forcibly, if necessary, without being deemed guilty of any manner of trespass and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. 22.2 The Tenant covenants that, in case of termination either under the provisions of statute or after written notice by reason of the default of the Tenant, the Tenant shall remain and continue liable to the Landlord in an amount equal to the total Payment Obligations reserved for the balance of the term hereof less the net amounts (after deducting the expenses of repair, renovation, demolition or broker's fees) which the Landlord realizes, or with due diligence should have realized, from the reletting of the Leased Premises. Tenant further agrees to pay all reasonable attorney's fees and costs of collection incurred by Landlord as a result of any default hereunder. The Landlord shall have the right from time to time to relet the Leased Premises upon such terms as it may deem fit, and if a sufficient sum shall not be thus realized to yield the net rent required under this Lease, the Tenant agrees to satisfy and pay all deficiencies as they may become due during each month of the remaining term of this Lease. Nothing herein contained shall be deemed to require the Landlord to await the date whereon this Lease, or the term hereof, would have expired had there been no default by the Tenant. The Tenant expressly waives service of any notice of intention to reenter and waives any and all right to recover or regain possession of the Leased Premises, or to reinstate or redeem this Lease as may be permitted or provided for by or under any statute or law now or hereafter in force and effect. The rights and remedies given to the Landlord in this Lease are distinct, separate and cumulative remedies, and no one of them, whether or not exercised by the Landlord, shall be deemed to be in exclusion of any of the others herein or by law or equity provided. Nothing contained in this Section shall limit or prejudice the right of the Landlord to prove and obtain, in proceedings involving the bankruptcy or insolvency of, or a composition with creditors by, the Tenant the maximum allowed by any statute or rule of law at the time in effect. Section 23 -- Access to Premises. The Landlord or its representatives shall have free access to the Leased Premises at reasonable intervals upon reasonable notice during normal business hours for the purpose of inspection, or for the purpose of showing the premises to prospective purchasers, or for the purpose of making repairs which the Landlord is obligated to make hereunder. Section 24 -- Notices. Any written notice, request or demand required or permitted by this Lease shall, until either party shall notify the other in writing of a different address, be properly given if sent by certified or registered first class mail, postage prepaid, and if to Landlord, addressed as set forth in Section 1.2, and if to Tenant, addressed either as set forth in Section 1.4 or to the Leased Premises. Section 25 -- Short Form Recording. The parties covenant and agree that, at the request of either party, there shall be recorded in the Registry of Deeds for the county in which the Leased Premises are situated only a Notice of this Lease and that they will execute and deliver a Notice of Lease in the statutory form for such purpose. The parties further covenant and agree that, in the event of termination, cancellation or assignment of this Lease prior to the expiration of the term hereof, they will execute and deliver, in recordable form, an instrument setting forth such termination, cancellation or assignment. Section 26 -- Succession. This Lease shall be binding upon and inure to the benefit of the heirs, executors, administrators, successors and assigns of the parties hereto. Section 27 -- Waiver. Any consent, express or implied, by the Landlord to any breach by the Tenant of any covenant or condition of this Lease shall not constitute a waiver by the Landlord of any prior or succeeding breach by the Tenant of the same or any other covenant or condition of this Lease. Acceptance by the Landlord of rent or other payment with knowledge of a breach of or default under any term hereof by the Tenant shall not constitute a waiver by the Landlord of such breach or default. Section 28 -- Governing Law. This Lease shall be construed and interpreted in accordance with the laws of the State of New Hampshire. Section 29 -- Counterparts. This Lease may be executed in two (2) or more counterparts, each of which shall be deemed an original and all collectively but one and the same instrument. Section 30 -- Entire Agreement. This Lease contains the entire agreement between the parties and supersedes and terminates all prior or contemporaneous arrangements, undertakings, understanding and agreements, whether oral or written. Section 31 -- Early Termination. Landlord and Tenant acknowledge that the Tenant must first obtain approval from the Comptroller of the Currency in order to operate a branch bank at the Leased Premises. Tenant covenants and agrees to immediately upon the execution hereof make application for such approval. In the event that the Tenant fails to receive such approval from the Comptroller of the Currency, then the Tenant may, within ten (10) business days from the receipt of such notice, terminate the Lease by giving written notice thereof to the Landlord, together with a copy of the Comptroller's disapproval, and thereupon this Lease shall terminate and neither party shall have any further obligations to the other hereunder. IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed and delivered as of the day and year first above written. Witness: LANDLORD: DUFFY WALL STREET L.L.C. By: /s/ ROBERT L. DUFFY, JR. Robert L. Duffy, Jr. Managing Member TENANT: CFX BANK By: /s/ PAUL D. SPEISS Paul D.Speiss Vice President STATE OF NEW HAMPSHIRE COUNTY OF HILLSBOROUGH Appeared on this 14th day of February, l995, Robert L. Duffy, Jr., duly authorized manager of Duffy Wall Street L.L.C., and acknowledged this instrument for the purposes therein contained. Before me, /s/ DONALD J. CASEY, JR. Notary Public My Commission Expires 4/27/01 STATE OF NEW HAMPSHIRE COUNTY OF HILLSBOROUGH Appeared on this 15th day of February, l995, Paul D. Speiss, duly authorized Vice President of CFX Bank, a New Hampshire Bank and acknowledged this instrument for the purposes therein contained, on behalf of the Bank. Before me, /s/ WILLIAM TUCKER Justice of the Peace EXHIBIT A PLAN OF INTERIOR PREMISES EXHIBIT A--1 PLAN SHOWING EXTERIOR LEASED PREMISES EXHIBIT B LEGAL DESCRIPTION OF LANDLORD'S PREMISES EXHIBIT C INITIAL WORK TO BE PERFORMED BY LANDLORD EXHIBIT C--1 WORK TO BE COMPLETED BY LANDLORD PRIOR TO RENT COMMENCEMENT DATE EXHIBIT D TENANT'S FIT-UP WORK ADDENDUM THIS ADDENDUM to that certain Indenture of Lease dated as of this day of , 1995 by and between Duffy Wall Street L.L.C. and CFX Bank, is made pursuant to the provisions set forth in Section 1.5 of said Lease and is executed by the Landlord and Tenant in order to confirm the following: 1. Interior Leased Premises. The exact amount of square footage contained within the Interior Leased Premises in square feet. 2. Rent and Other Payments. The monthly Base Rent payment during the Initial Term of the Lease is $ and the Initial Common Area Maintenance Service Charge payment is $ per month and the intitial tax payment is $ per month. 3. Rent Commencement Date. The Rent Commencment Date is , 1995 and the Termination Date of the Initial Term of the Lease is , 2000. 4. The final Exhibits A and A--1 are attached hereto. IN WITNESS WHEREOF, Landlord and Tenant have executed this Addendum on this, the day of , 1995. Witness: LANDLORD: DUFFY WALL STREET L.L.C. By: /s/ NORMAN J. DUFFY TENANT: CFX BANK By: STATE OF NEW HAMPSHIRE COUNTY OF Appeared on this day of , l995, , duly authorized manager of Duffy Wall Street L.L.C., and acknowledged this instrument for the purposes therein contained. Before me, Justice of the Peace Notary Public STATE OF NEW HAMPSHIRE COUNTY OF Appeared on this day of , l995 , duly authorized of CFX Bank, a and acknowledged this instrument for the purposes therein contained, on behalf of the Bank. Before me, Justice of the Peace Notary Public EXHIBIT B Legal Description That certain tract or parcel of land situated in Manchester Hillsborough County, New Hampshire, bounded and described as follows: Beginning at a drill hole at the intersection of Elm and Spring Streets, said point being the southeast corner of the herein described parcel; thence 1. S 89[Degrees] 53'46" W, 291.21 feet along the northerly side of Spring Street to a drill hole at land now or formerly of BankEast; thence 2. N 08[Degrees] 35'22" W, 34.31 feet to a point; thence 3. N 07[Degrees] 34'36" W, 37.30 feet to a nail at an angle point in a retaining wall; thence 4. N 79[Degrees] 16'58" W, 3.83 feet to a nail at an angle point in a retaining wall; thence 5. N 07[Degrees] 57'03" W, 106.24 feet all by land of BankEast to a nail in the retaining wall; thence 6. N 81[Degrees] 21'54" E, 300.90 feet by land of 2 Wall Street Ltd. to an iron pin on the westerly side of Elm Street; thence 7. S 07[Degrees] 48'01" E, 165.09 feet to a drill hole on the westerly side of Elm Street; thence 8. S 00[Degrees] 08'22" E, 58.55 feet by the westerly side of Elm Street to the point of beginning. Containing 1.380 acres or 60,125 square feet. EXHIBIT C Initial work to be Performed by Landlord DIVISION OF THE PREMISES Landlord will erect structural members, enclose one half the existing atrium above the Leased Premises, enclose the Leased Premises with a demising wall, as shown on the layout of Exhibit A, all in substantial conformance with the illustrations in Exhibit A--1. EXHIBIT C--1 Work to be Completed by Landlord Prior to Rent Commencment Date FIT-OUT OF LOBBY AREA Landlord will complete fit-out of the existing lobby in substantial conformance with the illustration in Exhibit A including a finished staircase to the third level, in a design and with materials compatible with the Tenant's Leased Premises, in a manner suitable for professinal uses. EXHIBIT D Tenant's Fit-up Work Tenant shall complete the work within Tenant's Interior Leased Premises as outlined and shown on Exhibit A including the removal of existing interior petitions and the construction of new interior petitions where applicable. Finish work and finish materials shall be appropriate for first class professional banking offices. EX-23 4 EXHIBIT 23.2--CONSENT OF WOLF & COMPANY EXHIBIT 23.2 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in this Registration Statement of CFX Corporation on Form S-8 pertaining to the CFX Corporation 1995 Stock Option Plan, of our report dated January 20, 1995, included and incorporated by reference in the Annual Report on Form 10-K of CFX Corporation for the year ended December 31, 1994. WOLF & COMPANY, P.C. Boston, Massachusetts August 11, 1995 EX-23 5 EXHIBIT 23.3--CONSENT OF ERNST & YOUNG EXHIBIT 23.3 Consent of Independent Auditors We consent to the reference to our firm under the caption "Experts" in the Registration Statement (Form S-8 No. 33-xxxxx) pertaining to the CFX Corporation 1995 Stock Option Plan and to the incorporation by reference therein of our report dated January 19, 1993, with respect to the consolidated financial statements of CFX Corporation (formerly Cheshire Financial Corporation) incorporated by reference in its Annual Report (Form 10-K) for the year ended December 31, 1992, filed with the Securities and Exchange Commission. ERNST & YOUNG LLP Manchester, New Hampshire August 7, 1995 EX-99 6 EXHIBIT 99.1--CFX 1995 STOCK OPTION PLAN CFX CORPORATION 1995 STOCK OPTION PLAN I. THE PLAN 1. Purpose. The purpose of this Plan is to provide a means whereby CFX Corporation (the "Company") may, through the grant of stock options to Key Employees and Directors, as defined below, attract and retain persons of ability as employees and directors, and motivate such persons to exert their best efforts on behalf of the Company or any present or future Subsidiary thereof. As used herein, the term "Subsidiary" shall mean any corporation which at the time an option is granted under this Plan qualifies as a subsidiary of the Company under the definition of "subsidiary corporation" contained in Section 424(f) of the Internal Revenue Code of 1954 (the "Code"), as amended from time to time, or any similar provision hereafter enacted, except that such term shall not include any corporation which is classified as a foreign corporation pursuant to Section 7701 of the Code. The term "Key Employees" shall mean those employees (including officers who are also employees) of the Company or of any Subsidiary, who, in the judgment of the Committee defined in Section 2 below, are considered especially important to the future of the Company. The term "Directors" shall mean those persons duly elected or appointed to the Board of Directors of the Company or of any Subsidiary in accordance with the By-laws of the Company or such Subsidiary, as the case may be. The term "stock options" shall mean options to purchase Common Stock, $1.00 par value, of the Company ("Stock") and in the case of stock options granted pursuant to Article II hereof, options which at the time such options are granted qualify as Incentive Stock Options within the meaning of Section 422 of the Code. 2. Administration of the Plan. The Plan shall be administered by the Stock Option Committee (the "Committee") of the Board of Directors of the Company (the "Board"). The Committee shall consist of not less than three members who shall be appointed by the Board and serve at the Board's pleasure. Each member of the Committee shall be a member of the Board. Any vacancy occurring in the membership of the Committee shall be filled by appointment by the Board. All decisions and selections by the Committee pursuant to the provisions of the Plan shall be made by a majority of its members. A member of the Committee who is eligible to receive a stock option under the Plan shall not vote on any question relating specifically to that member. Any decision reduced to writing and signed by all of the members shall be fully effective as if it had been unanimously made at a duly held meeting of the Committee. Except as otherwise expressly reserved to the Board in this Plan, the Committee may interpret the Plan, prescribe, amend and rescind any rules and regulations necessary or appropriate for the administration of the Plan or for the continued qualification of any stock options granted to Key Employees or Directors, and make such other determinations and take such other actions as it deems necessary or advisable. Without limiting the generality of the foregoing, the Committee may, in its discretion, treat all or any portion of any period during which a Key Employee or Director is on military leave or on an approved leave of absence from the Company or a Subsidiary as a period of employment or directorship by the Company or such Subsidiary, as the case may be, and not as an interruption of employment, for purposes of maintaining the Key Employee's or the Director's continuous status as an employee or Director and accrual of rights under any Incentive Stock Options. Any interpretation, determination or other action made or taken by the Committee shall be final, binding and conclusive. 3. Final Authority with Respect to the Plan. Notwithstanding any other provisions hereof to the contrary, final authority as to the administration of the Plan rests in the full Board. It is a requirement of the Plan that the Committee submit its interpretations, determinations and actions to the full Board for final approval. A Board member who is eligible to receive a stock option under the Plan may not vote on any question relating specifically to that member. II. INCENTIVE STOCK OPTIONS 1. Incentive Stock Options. Subject to the provisions of the Plan, the Committee may grant stock options from time to time which qualify as Incentive Stock Options within the meaning of Section 422 of the Code ("Incentive Stock Options") in accordance with provisions of this Article II. 2. Shares Subject to Incentive Stock Options. Incentive Stock Options may be granted by the Company from time to time to Key Employees to purchase an aggregate of 150,000 shares of Stock. The Company shall reserve said number of shares for Incentive Stock Options granted under the Plan subject to adjustment as provided in Section 1 of Article V. The shares issued upon the exercise of Incentive Stock Options granted under the Plan may be authorized and unissued shares or shares held by the Company in its treasury. If any Incentive Stock Options granted hereunder should expire or become unexercisable for any reason without having been exercised in full, the unpurchased shares which were subject to an Incentive Stock Option shall, unless the Plan shall have been terminated, be available for the grant of other Incentive Stock Options under the Plan. 3. Grant of Incentive Stock Options to Key Employees. Subject to the provisions of the Plan and in particular this Article II, the Committee shall (i) determine and designate from time to time those Key Employees to whom Incentive Stock Options are to be granted and the number of shares of Stock to be optioned to each such employee and (ii) determine the time or times when and the manner in which each Incentive Stock Option shall be exercisable and the duration of the exercise period. Notwithstanding the above, no option shall be granted pursuant to this Section 3 after the expiration of ten (10) years from the effective date of the Plan as defined in Section 5 of Article V hereof. Incentive Stock Options need not be identical and in fixing the terms of any Incentive Stock Option, the Committee may take into account such individual factors bearing on the value of an employee as it considers appropriate. 4. Terms and Conditions of Incentive Stock Options. Each Incentive Stock Option granted under the Plan to a Key Employee pursuant to Section 3 hereof shall be evidenced by an agreement with the Optionee (the "Incentive Stock Option Agreement") in a form approved by the Committee. Each Incentive Stock Option and the Incentive Stock Option Agreement shall be subject to the following express terms and conditions and to such other terms and conditions as the Committee may deem appropriate. (a) Incentive Stock Option Period. Subject to the terms of Section 3 hereof, each Incentive Stock Option Agreement shall specify the period for which the Incentive Stock Option thereunder is granted and exercisable, as determined by the Committee, and shall provide that the Incentive Stock Option shall expire at the end of such period. In no event shall any Incentive Stock Option be exercisable after the expiration of ten (10) years from the date of grant provided, however, that if the Incentive Stock Option price is determined pursuant to Section 4(c)(2) hereof, the Incentive Stock Option shall not be exercisable after the expiration of five (5) years from the date of grant. (b) Date of Grant. The date of grant of an Incentive Stock Option to a Key Employee under the Plan shall, for all purposes, be the date on which the Committee makes the determination of granting such Incentive Stock Option. Notice of the determination shall be given to each Key Employee to whom an Incentive Stock Option is so granted within a reasonable time after the date of such grant. (c) Incentive Stock Option Price. (1) The option price per share of Stock shall be determined by the Committee at the time any Incentive Stock Option is granted and except as provided in subsection (2) below shall not be less than the fair market value of one share of Stock on the date the Incentive Stock Option is granted. The Committee shall have full authority to determine the fair market value of a share of stock. If the Stock is traded on an exchange, the fair market value shall be deemed to be the price at which the Stock is quoted at the close of the exchange on such day. (2) If an Incentive Stock Option is granted to a Key Employee then owning Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or the parent any Subsidiary taking into account the attribution rules of Section 424(d) of the Code, then the Committee shall set the Incentive Stock Option price per share of Stock at 110% of the Incentive Stock Option price determined pursuant to subsection (1) hereof. (d) Exercise of Incentive Stock Option. In the event the aggregate fair market value (determined at the time the option is granted) of stock with respect to which options are exercisable hereunder for the first time by any Key Employee during any one calendar year (under this Plan and all other Incentive Stock Option Plans of the Company or any Subsidiary) shall exceed $100,000, such options shall be treated in part as Incentive Stock Options and in part as Non-Incentive Stock Options, taking options into account in the order in which they were granted. In such a case, the Company may designate the shares of stock that are to be treated as stock acquired pursuant to the exercise of an Incentive Stock Option by issuing a separate certificate for such shares and identifying the certificate as Incentive Stock Option shares in the stock transfer records of the Company. (e) Exercise During Employment or Following Retirement, Termination, Disability or Death. Unless otherwise provided in the terms of an Incentive Stock Option Agreement, an Incentive Stock Option may be exercised by an Optionee only while the Optionee is an employee of the Company or a Subsidiary and has maintained continuous status as an employee since the date of the grant of the Incentive Stock Option, except if the Optionee's continuous employment ceases by reason of the Optionee's voluntary termination of employment, retirement, involuntary termination due to staff reduction or other internal reorganization, disability or death. If the continuous employment of an Optionee ceases as a result of the Optionee's voluntary termination of employment, retirement or involuntary termination due to staff reduction or other internal reorganization, the Optionee may, but only within a period of ninety (90) days beginning on the day following the date of such termination of employment (and no later than the date the Incentive Stock Option would otherwise expire), exercise the option to the extent the Optionee was entitled to exercise it at the date of such termination of continuous employment. If the continuous employment of an Optionee is terminated as a result of the Optionee's disability, such Optionee may, but only within a one (1) year period from the date of such termination of employment (and no later than the date that the Incentive Stock Option would otherwise expire), exercise the option to the extent the Optionee was entitled to exercise it at the date of such termination. If the continuous employment of an Optionee is terminated by death, then to the extent that the Optionee would have been entitled to exercise the Incentive Stock Option immediately prior to the Optionee's death, such Incentive Stock Option of the deceased Optionee may be exercised, but only within ninety (90) days from the date of the Optionee's death (and no later than the date on which such Incentive Stock Option would otherwise expire), by the person or persons (including the Optionee's estate) to whom the Optionee's rights under such Incentive Stock Option shall have passed by will or by the laws of descent and distribution. Termination of continuous employment for any other reason, including termination for cause, shall result in the immediate cancellation of the Incentive Stock Option. The terms "continuous employment" and "continuous status as an employee" mean the absence of any interruption or termination of employment with the Company or with any present or future Subsidiary. Employment shall not be considered interrupted in the case of transfers between the Company and any Subsidiary or between Subsidiaries, nor in the case of any military leave or any approved leave of absence which the Committee, in its discretion, treats as a period of employment. (f) Non-transferability. No Incentive Stock Option granted to a Key Employee under the Plan shall be transferable other than by will or by the laws of descent and distribution. During the lifetime of the Optionee, an Incentive Stock Option shall be exercisable only by the Optionee. (g) Code Requirements. Each Incentive Stock Option Agreement shall contain such terms and provisions as the Committee may determine to be necessary or desirable in order to qualify such Incentive Stock Option as an Incentive Stock Option within the meaning of Section 422 of the Code. (h) No Rights as Shareholder. No Optionee shall have any rights as a shareholder with respect to any shares of Stock subject to the Optionee's Incentive Stock Option prior to the date of issuance to the Optionee of a certificate or certificates for such shares. (i) No Rights to Continued Employment. The Plan and any Incentive Stock Option granted pursuant to Section 3 of this Article II shall not confer upon any Key Employee any right with respect to continuance of employment by the Company or any Subsidiary nor shall they interfere in any way with the right of the Company or any Subsidiary employing an Optionee to terminate the Optionee's employment at any time. 5. Disposition of Shares by Key Employees. With respect to shares of Stock acquired as a result of the exercise of an Incentive Stock Option, any disposition of such shares other than by will or by the laws of descent and distribution before the later of the expiration of the two (2) year period beginning on the date such Incentive Stock Option was granted or the expiration of the one (1) year period beginning on the date of the transfer of such share pursuant to such exercise, will not be prohibited by the Plan, but may disqualify the disposition from receiving favorable tax treatment under Section 421(a) of the Code. III. NONQUALIFIED STOCK OPTIONS 1. Nonqualified Stock Options. Subject to the provisions of the Plan, the Committee may grant other stock options ("Nonqualified Stock Options") from time to time in accordance with the provisions of this Article III. 2. Shares Subject to Nonqualified Stock Options. Nonqualified Stock Options may be granted by the Company from time to time to Key Employees or Directors to purchase an aggregate of 75,000 shares of Stock. The Company shall reserve said number of shares for Nonqualified Stock Options granted under the Plan subject to adjustment as provided in Section 1 of Article V. The shares issued upon the exercise of Nonqualified Stock Options granted under the Plan may be authorized and unissued shares or shares held by the Company in its treasury. If any Nonqualified Stock Options granted hereunder should expire or become unexercisable for any reason without having been exercised in full, the unpurchased shares which were subject to a Nonqualified Stock Option shall, unless the Plan shall terminate, be available for the grant of other Nonqualified Stock Options under the Plan. 3. Grant of Nonqualified Stock Options to Key Employees or Directors. Subject to the provisions of the Plan and in particular this Article III, the Committee shall (i) determine and designate from time to time those Key Employees or Directors to whom Nonqualified Stock Options are to be granted and the number of shares of Stock to be optioned to each such person and (ii) determine the time or times and the manner in which each Nonqualified Stock Option shall be exercisable and the duration of the exercise period. Nonqualified Stock Options need not be identical and in fixing the terms of any Incentive Stock Option, the Committee may take into account such individual factors bearing on the value of the employee or director, as it considers appropriate. 4. Terms and Conditions of Nonqualified Stock Options. Each Nonqualified Stock Option granted under the Plan to a Key Employee or Director pursuant to Section 3 hereof shall be evidenced by an agreement with the Optionee (the "Nonqualified Stock Option Agreement") in a form approved by the Committee. Each Nonqualified Stock Option and the Nonqualified Stock Option Agreement shall be subject to the following express terms and conditions and to such other terms and conditions as the Committee may deem appropriate. (a) Nonqualified Stock Option Period. Each Nonqualified Stock Option Agreement shall specify the period for which the Nonqualified Stock Option thereunder is granted and exercisable, as determined by the Committee, and shall provide that the option shall expire at the end of such period. (b) Date of Grant. The date of grant of a Nonqualified Stock Option to a Key Employee or Director under the Plan shall, for all purposes, be the date on which the Committee makes the determination of granting such Nonqualified Stock Option. Notice of such determination shall be given to each Key Employee or Director to whom an option is so granted within a reasonable period of time after the date of such grant. (c) Nonqualified Stock Option Price. The option price per share of Stock shall be determined by the Committee at the time any Nonqualified Stock Option is granted and shall not be less than the fair market value of one share of Stock on the date the Nonqualified Stock Option is granted. If the Stock is traded on an exchange, the fair market value shall be deemed to be the price at which the Stock is quoted at the close of the exchange on such day. (d) Exercise of Nonqualified Stock Option. The Nonqualified Stock Option Agreement may provide that the option may be exercised in whole or in part at any time or times during the option period. (e) Exercise During Employment or Board Tenure. Unless otherwise provided under the terms of a Nonqualified Stock Option Agreement, a Nonqualified Stock Option granted to a Key Employee or Director may be exercised by an Optionee only while the Optionee is an employee or director of the Company or a Subsidiary and has maintained continuous status as an employee or director since the date of the grant of the Nonqualified Stock Option, except if the Optionee's continuous employment or directorship ceases by reason of the Optionee's voluntary termination of employment or directorship, retirement, involuntary termination due to staff reduction or other internal reorganization, disability or death. If the continuous employment or directorship of an Optionee ceases as a result of the Optionee's voluntary termination of employment or directorship, retirement or involuntary termination due to staff reduction or other internal reorganization, the Optionee may, but only within a period of ninety (90) days beginning the date following the date of such termination of employment or directorship (and no later than the date the Nonqualified Stock Option would otherwise expire), exercise the option to the extent the Optionee was entitled to exercise it at the date of such termination. If the continuous employment or directorship of an Optionee is terminated as a result of Optionee's disability, the Optionee may, but only within a one (1) year period from the date of such termination of employment (and no later than the date the Nonqualified Stock Option would otherwise expire), exercise the option to the extent the Optionee was entitled to exercise it at the date of such termination. If the continuous employment or directorship of an Optionee is terminated by death, then to the extent that the Optionee would have been entitled to exercise the Nonqualified Stock Option immediately prior to the Optionee's death, such Nonqualified Stock Option of the deceased Optionee may be exercised, but only within ninety (90) days from the date of the Optionee's death (and no later than the date on which such Nonqualified Stock Option would otherwise expire), by the person or persons (including the Optionee's estate) to whom the Optionee's rights under such Nonqualified Stock Option shall have passed by will or by the laws of descent and distribution. Termination of continuous employment or directorship for any other reason shall result in the immediate cancellation of the Nonqualified Stock Option. The term "continuous employment or directorship" and "continuous status as an employee or director" mean the absence of any interruption or termination of employment or directorship with the Company or with any present or future Subsidiary. Employment and directorship shall not be considered interrupted in the case of transfers between the Company and any Subsidiary or between Subsidiaries, nor in the case of any military leave or any approved leave of absence which the Committee, in its discretion, treats as a period of employment or directorship, as the case may be. (f) Non-transferability. No Nonqualified Stock Option granted to a Key Employee or Director under the Plan shall be transferrable other than by will or by the laws of descent and distribution. During the lifetime of the Optionee, a Nonqualified Stock Option shall be exercisable only by the Optionee. (g) No Rights as Shareholder. No Optionee shall have any rights as a shareholder with respect to any shares of Stock subject to the Optionee's Nonqualified Stock Option prior to the date of issuance to the Optionee of a certificate or certificates for such shares. (h) No Rights to Continued Employment or Board Tenure. The Plan and any Nonqualified Stock Option granted pursuant to Section 3 of this Article III shall not confer upon any Key Employee or Director any right with respect to continuance of employment by or directorship of the Company or any Subsidiary nor shall they interfere in any way with the right of any duly authorized party to terminate the Optionee's employment or remove the Optionee from directorship at any time. 5. Disposition of Shares. No share of Stock acquired as a result of the exercise of a Nonqualified Stock Option granted under the Plan shall be subject to any restrictions on transferability or otherwise on account of the Plan. IV. EXERCISE AND PURCHASE PROVISIONS 1. Limitation on Exercise of Options. Each option granted under the Plan shall provide that the option may not be exercised in whole or in part by the Optionee for less than 100 shares of Stock unless only less than 100 shares of Stock remain subject to the option. In addition, an option may not be exercised for a fractional share. 2. Payment of Purchase Price upon Exercise of Option. Each option granted under the Plan shall provide that the purchase price of the shares as to which an option is exercised will be paid to the Company at the time of exercise, either in cash, or in Stock already owned by the Optionee or to be acquired by the Optionee upon exercise of the option, and having a total fair market value, as determined by the Committee, equal to the purchase price, or in a combination of cash and Stock having a total fair market value, as so determined, equal to the purchase price. 3. Procedure for Exercising Options. Each option granted under the Plan shall be exercisable at such times and under such conditions as shall be permissible under the terms of the Plan and the Incentive Stock Option Agreement or the Nonqualified Stock Option Agreement, as the case may be. An option may be exercised, subject to the applicable provisions of this Plan relative to its termination and limitations on its exercise, from time to time only by (i) written notice of intent to exercise the option with respect to a specified number of shares and, contemporaneously with delivery of each such notice, (ii) tender of the purchase price as provided in Section 2 hereof. Each such notice and payment shall be delivered, or mailed by prepaid registered or certified mail, addressed to the Treasurer of the Company at its executive offices. In connection with the exercise of an option, the Optionee may complete and sign an Option Exercise Form along with signed written instructions to the Company instructing the Company to deliver the Stock to a broker or other party. Upon receipt of such signed, completed Option Exercise Form, the written, signed instructions, and full payment in cash for the Stock to be acquired, the Company shall deliver the Stock to the broker or other party in accordance with the written instructions. V. MISCELLANEOUS PROVISIONS 1. Adjustments in Event of Change in Common Stock. In the event of any change in the Common Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger, consolidation, split-up, combination, or exchange of shares, or rights offering to purchase Common Stock at a price substantially below fair market value, or of any similar change affecting the Stock, the number and kind of shares which thereafter may be optioned and sold under the Plan pursuant to Articles II and III hereof and the number and kind of shares subject to option in outstanding option agreements and the purchase price per share thereof shall be appropriately adjusted consistent with such change in such manner as the Committee may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, participants in the Plan. 2. Compliance With Other Laws and Regulations. The Plan, the grant and exercise of options thereunder and the obligations of the Company to sell and deliver shares under such options, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for shares of Stock prior to the completion of any registration or qualification of such shares under any federal or state law, or any ruling or regulation of any government body which the Company shall, in its sole discretion, determine to be necessary or advisable. 3. Modification of Options. At any time and from time to time the Board of the Company may authorize the modification of any outstanding option, provided no such modification, extension or renewal shall confer on the holder of said option any right or benefit which could not be conferred by the grant of a new option at such time or impair the option without the consent of the holder of the option. 4. Amendment and Termination of the Plan. The Board of Directors of the Company may amend, suspend or terminate the Plan except that no action of the Board may increase (other than as provided in Section 1 hereof) the maximum number of shares permitted to be optioned under the Plan, reduce the minimum option price provided for in Section 4(c) of Article II or extend the period within which options may be exercised, unless such action of the Board shall be subject to approval or ratification by the shareholders of the Company. 5. Effective Date of the Plan. The effective date of the Plan shall be the date of its adoption by the Board of Directors of the Company, but such adoption shall be subject to approval and ratification of a majority of the shareholders of the Company entitled to vote. 6. Interpretation of Article II Options. The terms of this Plan which relate to the grant of Incentive Stock Options to Key Employees are intended to comply with rules and regulations regarding the qualification of Incentive Stock Options under Section 422 of the Code, and the Plan shall be interpreted and construed accordingly. Except with respect to certain disqualifying dispositions of Stock acquired as a result of the exercise of an Incentive Stock Option, which are not prohibited by the Plan, if a provision of the Plan conflicts with any such rule or regulation, then the provision of the Plan shall be void and of no force and effect. EX-99 7 EXHIBIT 99.2.1-INCENTIVE STOCK OPTION AGREEMENT CFX CORPORATION 1995 STOCK OPTION PLAN INCENTIVE STOCK OPTION AGREEMENT THIS AGREEMENT dated as of _____________________, 199__ by and between CFX Corporation, a New Hampshire corporation (the "Company"), and _________________ (the "Optionee"). 1. Grant of Option. Pursuant to the provisions of the CFX Corporation 1995 Stock Option Plan (the "Plan"), the Company hereby grants to the Optionee, subject to the applicable terms, definitions and conditions of the Plan which are incorporated herein by reference, and subject further to the terms and conditions herein set forth, the right and option to purchase from the Company an aggregate of ________ shares of Common Stock, $1.00 par value, of the Company ("Stock") at the purchase price of $______ per share, such price being 100% of the fair market value of a share of Stock on ________________, 199__ (the "Date of Grant" as defined in the Plan) or 110% of the fair market value of a share of Stock on the Date of Grant if at such time the Optionee owns more than 10% of the total combined voting power of all classes of stock pursuant to Section 4(c)(2) of Article II of the Plan. This option is intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code. 2. Exercise of Option. Optionee shall be entitled to first exercise this option with respect to the following number of shares of Stock during the following calendar years: Number of Shares Calendar Year of Stock Exercisable After shares of Stock are subject to exercise in accordance with the above schedule, Optionee may exercise his option with respect to those shares in whole or in part at any time or times prior to the expiration date as defined in Section 3 hereof. This option shall be exercisable in accordance with the provisions of the Plan, in whole or in part at any time or times prior to the expiration date as defined in Section 3 hereof. Notwithstanding any provision of this Agreement to the contrary, no part of this option may be exercised if the Stock to be purchased is not subject to exercise in accordance with the above schedule. If at the time that this incentive Stock option becomes first exercisable in accordance with the above schedule, the aggregate fair market value (determined at the time of the grant) of Stock with respect to which incentive stock options are first exercisable during any calendar year under this Plan and all other stock option plans of the Company and its Subsidiaries exceeds $100,000, then the option shall be treated in part as an Incentive Stock Option and in part as an Non-qualified Stock Option, and the company may designate the shares of stock that are to be treated as stock acquired pursuant to the exercise of an Incentive Stock Option by issuing a separate certificate for such shares and identifying the certificate as Incentive Stock Option shares in the stock transfer records of the Company. 3. Expiration Date. No portion of this option may be exercised more than ________ years from the Date of Grant specified in Section 1 hereof, and this option shall expire at the end of such _____-year period. Additionally, except as provided in the Plan, this option shall expire when the Optionee terminates employment with the Company or a Subsidiary. This option may be exercised during such period only in accordance with the applicable provisions of the Plan and the terms of this Agreement. 4. Limitation on Exercise. This option may not be exercised in whole or in part by Optionee for less than 100 shares of Stock unless only less than 100 shares of Stock remain subject to the option. 5. Method of Exercise. This option shall be exercisable by a written notice which shall: (i) State the election to exercise the option, the number of shares of Stock with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such shares of Stock is to be registered, his address and Social Security Number (or if more than one, the names, addresses and Social Security Numbers of such persons); (ii) Be signed by the person or persons entitled to exercise the option and, if the option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the option; and (iii) Be delivered in person or by registered or certified mail to the Treasurer of the Company. (iv) Be accompanied by signed written instructions acceptable to the Company in the event that Optionee desires the Company to deliver the Stock to Optionee's broker or to any party other than Optionee. Such notice shall be accompanied by payment of the full purchase price of the shares of Stock with respect to which the option is being exercised. Payment shall be by certified or bank cashier's check, by the surrender and delivery to the Company of certificates representing shares of its Stock duly endorsed for transfer or accompanied by a duly executed assignment, or by an agreement signed by the Optionee to surrender and deliver to the Company certificates representing shares of its Stock duly endorsed for transfer, which may be effected by means of a duly executed assignment, transferring to the Company shares of Stock acquired through the exercise of the Option, or by a combination of such methods of payment. The certificate or certificates for shares of Stock as to which the option shall be exercised shall be registered in the name of the person or persons exercising the option. 6. Non-transferability of Option. This Option may not be transferred in any manner otherwise than by will or the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of this option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 7. Adjustments. In the event of any change in the Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger, consolidation, split-up, combination or exchange of shares, for any rights offering to purchase stock at a price substantially below fair market value, or of any similar change affecting the Common Stock, then in any such event the number and kind of shares subject to this option and the purchase price per share shall be appropriately adjusted consistent with such change in such manner as the Committee appointed pursuant to Section 2 of Article I of the Plan may deem equitable to prevent substantial dilution or enlargement of the rights granted to Optionee hereunder. Any adjustment so made shall be final and binding upon Optionee. 8. No Rights as Stockholder. Optionee shall have no rights as a stockholder with respect to any shares of Stock subject to this option prior to the date of issuance to him of a certificate or certificates for such shares. 9. No Right to Continued Employment. This option shall not confer upon Optionee any right with respect to continuance of employment by the Company or any Subsidiary, nor shall it interfere in any way with the right of his employer to terminate his employment at any time. 10. Compliance With Law and Regulations. This option and the obligation of the Company to sell and deliver shares hereunder, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for shares of Stock prior to the completion of any registration or qualification of such shares under any federal or state law, or any rule or regulation of any government body which the Company shall, in its sole discretion, determine to be necessary or advisable. Moreover, this option may not be exercised if its exercise, or the receipt of shares of Stock pursuant thereto, would be contrary to applicable law. 11. Optionee Bound by Plan. Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the applicable terms and provisions thereof. 12. Counterparts. This Agreement has been executed in two counterparts each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, CFX Corporation has caused this Agreement to be executed by its President or a Vice-President and Optionee has executed this Agreement, both as of the day and year first above written. CFX CORPORATION ---------------------------------- By:------------------------------- Witness Its ---------------------------------- ---------------------------------- Witness Optionee SCHEDULE 1 -- NOTATIONS AS TO EXERCISE Number of Number of Balance of Authorized Date of Shares Subject Purchased Shares Subject Signature Exercise To Exercise Shares To Exercise and Date CFX CORPORATION 1995 STOCK OPTION PLAN INCENTIVE OPTION EXERCISE FORM ------------------------------- Date Treasurer CFX CORPORATION Dear Sir: The undersigned elects to exercise his option to purchase ________________ shares of Common Stock, $1.00 par value, of CFX Corporation ("the Company") under and pursuant to the Incentive Stock Option Agreement dated _______________, 199__ between the Company and the undersigned and the Company's 1995 Stock Option Plan. Option Price: $____________________ Payment Options (select one or both) ___ (a) Delivered herewith is a certified or bank cashier's check or certificates representing shares of said stock (duly endorsed for transfer or accompanied by a duly executed assignment), or a combination of both, having a fair market value equivalent to, or when combined with payment submitted under Payment Option (b) equivalent to, the option price. ___ (b) The undersigned hereby agrees to and authorizes the surrender and delivery to the Company of certificates representing shares of said stock duly endorsed for transfer, which may be effected by means of a duly executed assignment delivered herewith, transferring to the Company shares of said stock being acquired through the exercise of this option and having a fair market value equivalent to, or when combined with payment submitted under Payment Option (a) equivalent to, the option price. The name or names to be on the stock certificate or certificates and the address and Social Security number of such person(s) are as follows: Name ------------------------------------------- Address ---------------------------------------- Social Security Number ------------------------- The undersigned hereby acknowledges and agrees that all of the Common Stock being purchased hereunder is being acquired pursuant to the terms and provisions of said Incentive Stock Option Agreement and the applicable terms and provisions of said Stock Option Plan. ------------------------------------- Optionee EX-99 8 EXHIBIT 99.2.2-NONQUALIFIED STOCK OPTION AGREEMENT CFX CORPORATION 1995 STOCK OPTION PLAN NONQUALIFIED STOCK OPTION AGREEMENT THIS AGREEMENT dated as of _______________________, 19___ by and between CFX Corporation, a New Hampshire corporation (the "Company"), and ___________ _____________________ (the "Optionee"). 1. Grant of Option. Pursuant to the provisions of Article III of the CFX Corporation 1995 Stock Option Plan (the "Plan"), the Company hereby grants to the Optionee, subject to the applicable terms, definitions and conditions of the Plan which are incorporated herein by reference, and subject further to the terms and conditions herein set forth, the right and option to purchase from the Company all or any part of an aggregate of __________________________ shares of Common Stock, $1.00 par value, of the Company ("Stock") at the purchase price of $___________ per share, such price being 100% of the fair market value of a share of Stock on ______________, 19___ (the "Date of Grant" as defined in the Plan). This option is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code. 2. Expiration Date. This option may not be exercised more than __________ years from the Date of Grant specified in Section 1 hereof and shall expire at the end of such ________-year period. Additionally, except as provided in the Plan, this option shall expire when the Optionee terminates employment with the Company or a Subsidiary. This option may be exercised during such period only in accordance with the applicable provisions of the plan and the terms of this Agreement. 3. Exercise of Option. This option shall be exercisable in accordance with the provisions of the Plan in whole or in part at any time or times prior to the expiration date as defined in Section 2 hereof. 4. Limitation on Exercise. This option may not be exercised in whole or in part by Optionee for less than 100 shares of Stock unless only less than 100 shares of Stock remain subject to the option. 5. Method of Exercise. This option shall be exercisable by a written notice which shall: (i) State the election to exercise the option, the number of shares of Stock with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such shares of Stock is to be registered, his address and Social Security Number (or if more than one, the names, addresses and Social Security Numbers of such persons); (ii) Be signed by the person or persons entitled to exercise the option and, if the option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the company, of the right of such person or persons to exercise the option; and (iii) Be delivered in person or by registered or certified mail to the Treasurer of the Company. (iv) Be accompanied by signed written instructions acceptable to the Company in the event that Optionee desires the Company to deliver the Stock to Optionee's broker or to any party other than Optionee. Such notice shall be accompanied by payment of the full purchase price of the shares of Stock with respect to which the option is being exercised. Payment shall be by certified or bank cashier's check, by the surrender and delivery to the Company of certificates representing shares of its Stock duly endorsed for transfer or accompanied by a duly executed assignment, or by an agreement signed by the Optionee to surrender and deliver to the Company certificates representing shares of its Stock duly endorsed for transfer, which may be effected by means of a duly executed assignment, transferring to the Company shares of Stock acquired through the exercise of the Option, or by a combination of such methods of payment. The certificate or certificates for shares of Stock as to which the option shall be exercised shall be registered in the name of the person or persons exercising the option. 6. Non-transferability of Option. This option may not be transferred in any manner otherwise than by will or the laws of descent and distribution and may be exercised during the period that the Optionee is a Key Employee or Director, as the case may be, as those terms are defined in the Plan and only by the Optionee. The terms of this option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 7. Adjustments. In the event of any change in the Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger, consolidation, split-up, combination or exchange of shares, or any rights offering to Purchase Stock at a price substantially below fair market value, or of any similar change affecting the common Stock, then in any such event the number and kind of shares subject to this option and their purchase price per share shall be appropriately adjusted consistent with such change in such manner as the committee appointed pursuant to the Plan may deem equitable to prevent substantial dilution or enlargement of the rights granted to Optionee hereunder. Any adjustment so made shall be final and binding upon Optionee. 8. No Rights as Stockholder. Optionee shall have no rights as a stockholder with respect to any shares of Stock subject to this option prior to the date of issuance to him of a certificate or certificates for such shares. 9. No Rights to Continued Employment or Board Tenure. This option shall not confer upon Optionee any right with respect to continuance of employment or directorship nor shall it interfere in any way with the right of any party to terminate Optionee's employment or the right of the Board to remove a director in accordance with the by-laws of the Company. 10. Compliance With Law and Regulations. This option and the obligation of the Company to sell and deliver shares hereunder, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for shares of Stock prior to the completion of any registration or qualification of such shares under any federal or state law, or any rule or regulation of any government body which the Company shall, in its sole discretion, determine to be necessary or advisable. Moreover, this option may not be exercised if its exercise, or the receipt of shares of Stock pursuant thereto, would be contrary to applicable law. 11. Optionee Bound by Plan. Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the applicable terms and provisions thereof. 12. Counterparts. This Agreement has been executed in two counterparts each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, CFX Corporation has caused this Agreement to be executed by its President or a Vice-President and Optionee has executed this Agreement, both as of the day and year first above written. CFX CORPORATION By: Witness Its Witness Optionee SCHEDULE 1 -- NOTATIONS AS TO EXERCISE Number of Balance of Date of Purchased Shares on Authorized Notation Exercise Shares Option Signature Date CFX CORPORATION 1995 STOCK OPTION PLAN NONQUALIFIED OPTION EXERCISE FORM Date Treasurer CFX CORPORATION Dear Sir: The undersigned elects to exercise his option to purchase _____________ shares of Common Stock, $1.00 par value, of CFX CORPORATION (the "Company") under and pursuant to the Nonqualified Stock Option Agreement dated _____________________, 19___ between the Company and the undersigned and Article III of the Company's Company's 1995 Stock Option Plan. Option Price: $____________________ Payment Options (select one or both) ___ (a) Delivered herewith is a certified or bank cashier's check or certificates representing shares of said stock (duly endorsed for transfer or accompanied by a duly executed assignment), or a combination of both, having a fair market value equivalent to, or when combined with payment submitted under Payment Option (b) equivalent to, the option price. ___ (b) The undersigned hereby agrees to and authorizes the surrender and delivery to the Company of certificates representing shares of said stock duly endorsed for transfer, which may be effected by means of a duly executed assignment delivered herewith, transferring to the Company shares of said stock being acquired through the exercise of this option and having a fair market value equivalent to, or when combined with payment submitted under Payment Option (a) equivalent to, the option price. The name or names to be on the stock certificate or certificates and the address and Social Security number of such persons are as follows: Name: Address: Social Security Number: The undersigned hereby acknowledges and agrees that all of the Common Stock being purchased hereunder is being acquired pursuant to the terms and provisions of said Nonqualified Stock Option Agreement and the applicable terms and provisions of said Stock Option Plan, including, without limitation, any restrictions on exercise of said Option. Optionee EX-99 9 EXHIBIT 99.3-LIST OF COMPANIES EXHIBIT 99.3 List of Companies Whose Employees are Eligible to Participate in CFX Corporation 1995 Stock Option Plan CFX Corporation CFX Bank CFX Mortgage, Inc. CFX Funding, L.L.C. Orange Savings Bank