STANDSTILL AGREEMENTStandstill Agreement • March 14th, 2014 • Naugatuck Valley Financial Corp • Savings institution, federally chartered • Connecticut
THIS STANDSTILL AGREEMENT (the “Agreement”), dated this 12th day of March 2014, is by and among Naugatuck Valley Financial Corporation (the “Company”) and Naugatuck Valley Savings and Loan (the “Bank,” and collectively with the Company, “Naugatuck Valley”), Stilwell Value Partners II, L.P. (“Stilwell Value Partners II”), Stilwell Value Partners VII, L.P. (“Stilwell Value Partners VII”), Stilwell Activist Fund, L.P. (“Activist Fund”), Stilwell Activist Investments, L.P. (“Activist Investments”), Stilwell Partners, L.P. (“Stilwell Partners”), Stilwell Value LLC (“Stilwell Value”), and Joseph Stilwell, an individual (collectively, the “Stilwell Group,” and each individually, a “Stilwell Group Member”), and Robert M. Bolton, an individual (the “Nominee”).
