Updated Split Dollar Agreements. On December 12^th, 2019, the Bank and Richard Cantele, President and Chief Executive Officer of the Bank and of Salisbury Bancorp, Inc. (the “Company”) entered into an updated split dollar agreement which superseded and replaced a prior split dollar agreement between the parties. In addition, on December 11, 2019 the Bank and named executive officers Peter Albero and John M. Davies (together with Mr. Cantele, the “executive(s)”), entered into updated split dollar agreements which superseded and replaced their existing split dollar agreements (collectively with the split dollar agreement for Richard Cantele, the “Updated Agreements”). The Updated Agreements for Messrs. Albero and Davies are identical and are substantially similar to the split dollar agreement for Mr. Cantele, except as discussed below. The Updated Agreements provide for a death benefit during employment of each executive equal to the lesser of (i) three times the executive’s base salary, not to exceed $400,000, less $50,000 or (ii) the net amount at risk, defined as the difference between the death benefit payable on death and the accrued cash value of the life insurance policy at the time of death. If Messrs. Albero and Davies retire after reaching age 65, the executives will be entitled to a post-retirement death benefit equal to 1.5 times final base salary at age 65 through age 71, 1.0 times final base salary at age 72 through 79, and 0.5 times final base salary at age 80 and later, provided that the death benefit shall not exceed $400,000. Mr. Cantele’s post-retirement death benefit will be 1.5 times his final base salary, not to exceed $400,000. In the event of a change in control of the Bank, the executive will become fully vested in the death benefit under the policy, including the post-retirement death benefit, and the policy cannot be terminated or amended without the express written consent of the executive.