Benjamin Franklin Bancorp, M.H.C. Sample Contracts

Benjamin Franklin Bancorp, Inc. – Press Release (January 29th, 2009)

FRANKLIN, MASSACHUSETTS (January 27, 2009): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $3.7 million or $.50 per share (basic and diluted), for the year ended December 31, 2008. For the 2007 year, net income was $3.6 million, or $.48 and $.47 per share (basic and diluted, respectively). For the fourth quarter of 2008, net income was $164,000, or $.02 per share (basic and diluted), compared to $1.2 million or $.15 per share (basic and diluted) earned in the fourth quarter of 2007. The decline in quarterly earnings was primarily due to increases in the loan loss provision and operating expenses, the latter principally the result of costs incurred in connection with the Company’s pending merger with Independent Bank Corp. (“Independent”). On November 8, 2008 the Company entered into an Agreement and Plan of Merger with Independent, a Massachusetts corpo

Benjamin Franklin Bancorp, Inc. – AGREEMENT AND PLAN OF MERGER DATED AS OF NOVEMBER 8, 2008 BY AND AMONG INDEPENDENT BANK CORP., INDEPENDENT ACQUISITION SUBSIDIARY, INC., ROCKLAND TRUST COMPANY, BENJAMIN FRANKLIN BANCORP, INC., AND BENJAMIN FRANKLIN BANK (November 13th, 2008)

This AGREEMENT AND PLAN OF MERGER (this “Agreement”) is dated as of November 8, 2008, by and among Independent Bank Corp., a Massachusetts corporation (“Buyer”), Independent Acquisition Subsidiary, Inc., a Massachusetts corporation and wholly-owned subsidiary of Buyer (“Merger Sub”), Rockland Trust Company, a Massachusetts-chartered trust company and wholly owned subsidiary of Buyer (“Buyer Bank”), Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (“Company”), and Benjamin Franklin Bank, a Massachusetts-chartered savings bank and wholly owned subsidiary of Company (“Company Bank”).

Benjamin Franklin Bancorp, Inc. – JOINT NEWS RELEASE Independent Bank Corp. Benjamin Franklin Bancorp, Inc. (November 13th, 2008)

Rockland, Massachusetts and Franklin, Massachusetts, (November 9, 2008). Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, and Benjamin Franklin Bancorp, Inc. (NASDAQ: BFBC), parent of Benjamin Franklin Bank, jointly announced today the signing of a definitive agreement under which Independent Bank Corp. will acquire Benjamin Franklin Bancorp.

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Reports Results for Third Quarter of 2008; Declares Quarterly Dividend (October 24th, 2008)

FRANKLIN, MASSACHUSETTS (October 23, 2008): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.2 million, or $.17 per share (basic and diluted), for the quarter ended September 30, 2008. In the comparable 2007 quarter, the Company earned $1.1 million or $.14 per share (basic and diluted). For the nine months ended September 30, 2008, the Company reported net income of $3.5 million or $.48 per share (basic and diluted). For the comparable nine-month period in 2007, net income was $2.5 million, or $.32 and $.31 per share (basic and diluted, respectively).

Benjamin Franklin Bancorp, Inc. – Press Release (July 24th, 2008)

FRANKLIN, MASSACHUSETTS (July 23, 2008): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.2 million, or $.16 per share (basic and diluted), for the quarter ended June 30, 2008. In the comparable 2007 quarter, the Company earned $829,000 or $.11 per share (basic and diluted). For the six months ended June 30, 2008, the Company reported net income of $2.3 million, or $.31 per share (basic and diluted). For the comparable six-month period in 2007, net income was $1.4 million, or $.19 and $.18 per share (basic and diluted, respectively).

Benjamin Franklin Bancorp, Inc. – Amended and Restated Supplemental Executive Retirement Agreement Claire S. Bean (May 8th, 2008)

This Amended and Restated Supplemental Executive Retirement Agreement is made and entered into as of March ___, 2008 by and between Benjamin Franklin Bank, a Massachusetts chartered savings bank with its executive offices in Franklin, Massachusetts (the “Bank”) and a wholly-owned subsidiary of Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”), and Claire S. Bean, a key employee and executive of the Bank (the “Executive”), amends and restates in its entirety the Supplemental Executive Retirement Agreement dated as of December 5, 2005 and amended and restated as of March ___, 2006 (the “2005 Agreement”).

Benjamin Franklin Bancorp, Inc. – Amended and Restated Employment Agreement Between Benjamin Franklin Bancorp, Inc. And Thomas R. Venables (May 8th, 2008)

This Amended and Restated Employment Agreement, made as of March ___, 2008, (this “Agreement”), by and between Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”) and Thomas R. Venables of Weston, Massachusetts (the “Executive”), amends and restates in its entirety the Employment Agreement dated as of April 4, 2005 (the “Original Agreement”). The Holding Company is the parent company of Benjamin Franklin Bank, a Massachusetts chartered savings bank with its executive offices in Franklin, Massachusetts (the “Bank”) (the Bank and the Holding Company shall be hereinafter individually and collectively referred to as the “Employers”)

Benjamin Franklin Bancorp, Inc. – Amended and Restated Employment Agreement Between Benjamin Franklin Bancorp, Inc. And Claire S. Bean (May 8th, 2008)

This Amended and Restated Employment Agreement, made as of March ___, 2008 (this “Agreement”), by and between Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”) and Claire S. Bean of Newton, Massachusetts (the “Executive”), amends and restates in its entirety the Employment Agreement dated as of April 4, 2005 (the “Original Agreement”). The Holding Company is the parent company of Benjamin Franklin Bank, a Massachusetts chartered savings bank with its executive offices in Franklin, Massachusetts (the “Bank”) (the Bank and the Holding Company shall be hereinafter individually and collectively referred to as the “Employers”).

Benjamin Franklin Bancorp, Inc. – Form of Amended and Restated Change in Control Agreement (May 8th, 2008)

This Amended and Restated AGREEMENT made as of the ___day of March, 2008 (this “Agreement”), by and among Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”) and the parent company for Benjamin Franklin Bank, a Massachusetts chartered savings bank, with its executive offices in Franklin, Massachusetts (the “Bank”) (the Bank and the Holding Company shall be hereinafter collectively referred to as the “Employers”), and [___] of [___], Massachusetts (the “Executive”), amends and restates in its entirety the Change in Control Agreement dated as of April 4, 2005 (the “Original Agreement”)..

Benjamin Franklin Bancorp, Inc. – Amended and Restated Supplemental Executive Retirement Agreement Thomas R. Venables (May 8th, 2008)

This Amended and Restated Supplemental Executive Retirement Agreement, made and entered into as of March ___, 2008 by and between Benjamin Franklin Bank, a Massachusetts chartered savings bank with its executive offices in Franklin, Massachusetts (the “Bank”) and a wholly-owned subsidiary of Benjamin Franklin Bancorp, Inc., a Massachusetts corporation (the “Holding Company”), and Thomas R. Venables, a key employee and executive of the Bank (the “Executive”), amends and restates in its entirety the Supplemental Executive Retirement Agreement dated as of December 5, 2005 and amended and restated as of March ___, 2006 (the “2005 Agreement”).

Benjamin Franklin Bancorp, Inc. – Press Release For Immediate Release Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer 1-508-520-8002 (April 25th, 2008)

FRANKLIN, MASSACHUSETTS (April 24, 2008): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.1 million, or $.15 per share (basic and diluted), for the quarter ended March 31, 2008. In the comparable 2007 quarter, the Company earned $591,000 or $.08 per basic share and $.07 per diluted share.

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Reports Results for Fourth Quarter of 2007; Declares Quarterly Dividend (January 28th, 2008)

FRANKLIN, MASSACHUSETTS (January 24, 2008): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.2 million, or $.15 per share (basic and diluted), for the quarter ended December 31, 2007. In the comparable 2006 quarter, the Company earned $1.0 million or $.13 per share (basic and diluted). For the year ended December 31, 2007, the Company earned $3.6 million, or $.47 per diluted share ($.48 per basic share) compared to $4.7 million, or $.60 per share (basic and diluted) for the 2006 year.

Benjamin Franklin Bancorp, Inc. – Press Release (October 29th, 2007)

FRANKLIN, MASSACHUSETTS (October 25, 2007): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.1 million, or $.14 per share (basic and diluted), for the quarter ended September 30, 2007. In the comparable 2006 quarter, the Company earned $1.2 million or $.15 per share (basic and diluted). For the nine months ended September 30, 2007, the Company earned $2.5 million, or $.32 per share (basic and diluted) compared to $3.7 million, or $.46 per share (basic and diluted) in the comparable 2006 period.

Benjamin Franklin Bancorp, Inc. – Press Release (July 27th, 2007)

FRANKLIN, MASSACHUSETTS (July 26, 2007): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $829,000, or $.11 per share (basic and diluted), for the quarter ended June 30, 2007. In the comparable 2006 quarter, the Company earned $1.3 million or $.16 per share (basic and diluted). For the six months ended June 30, 2007, the Company earned $1.4 million, or $.18 per share (basic and diluted) compared to $2.5 million, or $.32 per share (basic and diluted) in the comparable 2006 period.

Benjamin Franklin Bancorp, Inc. – Press Release For Immediate Release Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer 1-508-520-8002 (April 25th, 2007)

FRANKLIN, MASSACHUSETTS (April 24, 2007): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $591,000, or $.08 per share (basic and diluted), for the quarter ended March 31, 2007. In the comparable 2006 quarter, the Company earned $1.3 million or $.16 per share (basic and diluted).

Benjamin Franklin Bancorp, Inc. – Press Release (January 26th, 2007)

FRANKLIN, MASSACHUSETTS (January 25, 2007): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.0 million, or $.13 per share (basic and diluted), for the quarter ended December 31, 2006. In the comparable 2005 quarter, the Company earned $1.3 million or $.16 per share (basic and diluted). Fourth quarter 2006 results included two non-recurring items:

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Announces Agreement For Sale and Leaseback of Six Branches; Announces Balance Sheet Restructuring (December 26th, 2006)

FRANKLIN, MASSACHUSETTS (December 22, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), announced today that the Bank has entered into a definitive agreement to sell and simultaneously lease back six of its branch locations. The purchase price for the six branches is $9.8 million. The transaction, which is subject to normal and customary closing conditions, is scheduled to close prior to December 31, 2006. As a result, the Company anticipates that its fourth quarter 2006 tax provision will be reduced by approximately $1.4 million, through the use of a capital loss carryover, the tax benefit of which was previously unrecorded. All told, a one-time increase in net income of approximately $1.1 million is expected in the fourth quarter of 2006 as a result of this transaction. The gain realized on the sale (approximately $3.9 million) will be deferred and recognized ratably over the

Benjamin Franklin Bancorp, Inc. – Press Release (November 15th, 2006)

FRANKLIN, MASSACHUSETTS (November 14, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), announced today that its Board of Directors authorized a plan to repurchase up to 412,490 shares of the Company’s common stock or approximately 5% of the outstanding common shares. This plan has received the approval of the Massachusetts Division of Banks. Any purchases under this plan will be made through open market transactions or negotiated block transactions, at the discretion of management. The amount and exact timing of any purchases will depend on market conditions and other factors, at the discretion of management, and there is no assurance that the Company will repurchase shares during any period.

Benjamin Franklin Bancorp, Inc. – Press Release (November 2nd, 2006)

FRANKLIN, MASSACHUSETTS (October 26, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.2 million, or $.15 per share (basic and diluted), for the quarter ended September 30, 2006. For the nine months ended September 30, 2006, the Company reported earnings of $3.7 million or $.46 per share (basic and diluted). In the comparable 2005 quarter, the Company earned $1.3 million or $.16 per share (basic and diluted). Results for the nine months ended September 30, 2005 were affected by two non-recurring charges, resulting in a loss of $882,000 for the period.

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Reports Results for Second Quarter of 2006; Declares Quarterly Dividend; Announces Stock Purchase in Connection with Stock Incentive Plan (July 28th, 2006)

FRANKLIN, MASSACHUSETTS (July 27, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.3 million, or $.16 per share (basic and diluted), for the quarter ended June 30, 2006. For the six months ended June 30, 2006, the Company reported earnings of $2.5 million or $.32 per share. Comparable 2005 results were affected by two non-recurring charges, resulting in a $2.5 million loss for the second quarter of 2005 and a $2.2 million loss for the 6 months ended June 30, 2005.

Benjamin Franklin Bancorp, Inc. – Press Release For Immediate Release Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer 1-508-528-7000 x363 (April 27th, 2006)

FRANKLIN, MASSACHUSETTS (April 27, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.3 million, or $.16 per share (basic and diluted), for the quarter ended March 31, 2006. In the first quarter of 2005, the Company earned $331,000.

Benjamin Franklin Bancorp, Inc. – Press Release For Immediate Release Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer 1-508-528-7000 x363 (January 30th, 2006)

FRANKLIN, MASSACHUSETTS (January 27, 2006): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.3 million, or $.16 per share, for the quarter ended December 31, 2005.

Benjamin Franklin Bancorp, Inc. – -i- 3.8. APPLICABLE LAW.................................................... 9 3.9. NAMED FIDUCIARY AND PLAN ADMINISTRATOR............................ 9 3.10. CLAIMS PROCEDURE.................................................. 9 3.11. ARBITRATION....................................................... 9 3.12. NON- COMPETITION; NON-SOLICITATION................................. 10 3.13. ENTIRE AGREEMENT.................................................. 11 3.14. REDUCTIONS........................................................ 11 3.15. INTERPRETATION.................................................. (December 8th, 2005)
Benjamin Franklin Bancorp, Inc. – -i- 3.8. APPLICABLE LAW.................................................... 8 3.9. NAMED FIDUCIARY AND PLAN ADMINISTRATOR............................ 8 3.10. CLAIMS PROCEDURE.................................................. 9 3.11. ARBITRATION....................................................... 9 3.12. NON- COMPETITION; NON-SOLICITATION................................. 10 3.13. ENTIRE AGREEMENT.................................................. 11 3.14. REDUCTIONS........................................................ 11 3.15. INTERPRETATION.................................................. (December 8th, 2005)
Benjamin Franklin Bancorp, Inc. – Press Release (October 28th, 2005)

FRANKLIN, MASSACHUSETTS (October 27, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today announced that its Board of Directors declared a quarterly cash dividend of $0.03 per common share. This dividend will be payable November 28, 2005 to stockholders of record as of the close of business on November 14, 2005.

Benjamin Franklin Bancorp, Inc. – Press Release (October 19th, 2005)

FRANKLIN, MASSACHUSETTS (October 18, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.3 million, or $.16 per share, for the quarter ended September 30, 2005.

Benjamin Franklin Bancorp, Inc. – Press Release (July 29th, 2005)

FRANKLIN, MASSACHUSETTS (July 28, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank, today announced that its Board of Directors declared a quarterly cash dividend of $0.03 per common share. This dividend will be payable August 26, 2005 to stockholders of record as of the close of business on August 12, 2005.

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Reports Results for Second Quarter of 2005 (July 20th, 2005)

FRANKLIN, MASSACHUSETTS (July 19, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported a net loss of $2.5 million for the quarter ended June 30, 2005. The loss was the result of two non-recurring charges:

Benjamin Franklin Bancorp, Inc. – Benjamin Franklin Bancorp Reports Earnings for First Quarter of 2005 (April 21st, 2005)

FRANKLIN, MASSACHUSETTS (April 20, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank, today reported net income of $331,000 for the quarter ended March 31, 2005. The quarter concluded prior to the completion of the Company’s stock offering and acquisition of Chart Bank, and does not reflect the effects of those transactions.

Benjamin Franklin Bancorp, M.H.C. – -i- 2.41. OFFICER.............................................................. ....................................6 2.42. PERSON............................. ......................................................................6 2.43. P LAN............................................................................ .........................7 2.44. QUALIFYING DEPOSIT............................ ...........................................................7 2.45. RANGE MAXIMU M.............................................................................. ..............7 2.46. RANGE MINIMUM............ (January 24th, 2005)

NAME TERM EXPIRES ---- ------------ Dr. Mary Ambler 2008 Mr. William P. Bissonnette 2006 Dr. William F. Brady 2007 Mr. John C. Fuller 2007 Ms. Anne M. King 2006 Mr. Richard D. Mann 2007 Mr. John D. Murphy 2006 Mr. Charles F. Oteri 2008 Mr. Thomas R. Venables 2008 Mr. Alfred H. Wahlers 2007 Mr. Charles Yergatian

Benjamin Franklin Bancorp, M.H.C. – PLEASE COMPLETE ALL APPLICABLE SHADED AREAS (1) NUMBER OF SHARES PRICE PER SHARE (2) TOTAL PAYMENT DUE (25 SHARE MINIMUM) X $10.00 = $ .00 -------------------- --------------------- (3) METHOD OF PAYMENT -- CHECK OR MONEY ORDER Enclosed is a check or money order made $ .00 payable to BENJAMIN FRANKLIN BANCORP, INC., --------------------- in the amount of: No cash or wire transfers will be accepted. Checks will be cashed upon receipt. Benjamin Franklin Bank line of credit checks may not be remitted as payment with this form. (4) METHOD OF PAYMENT -- WITHDRAWAL The undersigned authorizes withdra (January 24th, 2005)
Benjamin Franklin Bancorp, M.H.C. – i 12.2. EFFECTIVE DATE OF TERMINATION................................................ 11 13. EXCISE TAXES...................................................................... 12 13.1. COVERED BENEFITS............................................................. 12 13.2. CERTAIN ASSUMPTIONS.......................................................... 12 13.3. TAX INDEMNIFICATION.......................................................... 12 14. CONFIDENTIAL INFORMATION.......................................................... 13 15. NO MITIGATION; NO OFFSET.......................................... (December 10th, 2004)
Benjamin Franklin Bancorp, M.H.C. – - i - 2.42. PERSON................................................................. 6 2.43. PLAN................................................................... 6 2.44. QUALIFYING DEPOSIT..................................................... 7 2.45. RANGE MAXIMUM.......................................................... 7 2.46. RANGE MINIMUM.......................................................... 7 2.47. REGULATIONS............................................................ 7 2.48. SEC.................................................................... 7 2.49. SPECIAL MEETING............. (December 10th, 2004)

NAME TERM EXPIRES ---- ------------ Dr. Mary Ambler 2008 Mr. William P. Bissonnette 2006 Dr. William F. Brady 2007 Mr. John C. Fuller 2007 Ms. Anne M. King 2006 Mr. Richard D. Mann 2007 Mr. John D. Murphy 2006 Mr. Charles F. Oteri 2008 Mr. Thomas R. Venables 2008 Mr. Alfred H. Wahlers 2007 Mr. Charles Yergatian 2006

Benjamin Franklin Bancorp, M.H.C. – i 12.2. EFFECTIVE DATE OF TERMINATION............................................ 11 13. EXCISE TAXES.................................................................. 11 13.1. COVERED BENEFITS......................................................... 11 13.2. CERTAIN ASSUMPTIONS...................................................... 12 13.3. TAX INDEMNIFICATION...................................................... 12 14. CONFIDENTIAL INFORMATION...................................................... 12 15. NO MITIGATION; NO OFFSET...................................................... 13 16. INDE (December 10th, 2004)
Benjamin Franklin Bancorp, M.H.C. – -i- 14. NO MITIGATION; NO OFFSET...................................................... 11 15. NON- COMPETITION; NON-SOLICITATION............................................. 11 15.1. WHILE EMPLOYED........................................................... 11 15.2. POST- EMPLOYMENT.......................................................... 12 16. MISCELLANEOUS................................................................. 12 16.1. CONFLICTING AGREEMENTS................................................... 12 16.2. DEFINITION OF "PERSON"................................................... 13 16.3. (December 10th, 2004)