Two Burlington Square * P.O. Box 820 * Burlington, Vermont * 05402-0820 * 802 ###-###-####

EX-10.20 7 dex1020.htm LETTER FROM THE COMPANY TO JOHN W. KELLY, DATED APRIL 1, 1999 Letter from the Company to John W. Kelly, dated April 1, 1999

Exhibit 10.20

Paul A. Perrault

President and Chief Executive Officer

April 1, 1999

Mr. John Kelly

Executive Vice President

Commercial Banking & Trust

Dear John:

This	letter will serve as confirmation of our earlier conversation.

In the event of your separation from Chittenden for any reason, you will receive a severance payment equal to one year’s base salary at the rate in effect at the time of separation.

John, I appreciate your continued support, and trust that the above reflects Chittenden’s commitment to you.

Sincerely,

/s/ Paul A. Perrault

Two Burlington Square * P.O. Box 820 * Burlington, Vermont * 05402-0820 * 802 ###-###-####