THE NEW HAVEN SAVINGS BANK DEFERRED COMPENSATION PLAN

EXHIBIT 10.2

THE NEW HAVEN SAVINGS BANK

DEFERRED COMPENSATION PLAN

The Purpose of The New Haven Savings Bank Deferred Compensation Plan (the “Plan”) is to provide a method by which a Participant may defer the payment of up to thirty percent (30%) of Regular Salary.

A Participant may elect on or before December 31 of any year to defer receipt of up to thirty percent (30%) of Regular Salary payable to the Participant during the calendar year following such election and succeeding calendar years until the Participant ceases to be an employee. Elected amounts may be in any percentage or dollar amount, not to exceed thirty percent (30%) of Regular Salary at the time of election.

Any person who becomes eligible to participate during any calendar year and who was not eligible on the preceding December 31 may elect to defer receipt of up to thirty percent (30%) of Regular Salary for the remainder of such calendar year and for succeeding calendar years. Any such elections shall be made by written notice delivered to the Director of Human Resources.

The Deferred Salary shall be credited to each Participant’s Deferred Compensation Account. On the first day of each quarter, interest, shall be credited to each such Account calculated for each month of the preceding quarter on the basis of the balance in such Account on the first day of each month of the preceding quarter (including interest) at the rate of interest payable on the first day of each month on 30 Month Certificates of Deposit provided to customers of the Bank.

The Participant’s Account Balance (including Aggregate deferrals and interest credited thereon) shall be paid in equal annual installments over a period (not exceeding ten years) to be elected by the Bank Chief Executive Officer, provided, however, that the Bank, in its discretion may commute the value of the Participant’s Account Balance and pay the Balance in a lump sum. Except as provided in Paragraph 5 below, payments shall commence to be made, or in the case of a lump sum shall be made in its entirety, as soon as administratively feasible following the Participant’s termination of service. Subsequent annual installments, if any, will be paid promptly at the beginning of each succeeding

calendar year until the entire amount credited to the Participant’s Account shall have been paid.

If a Participant should die before all deferred amounts credited to the Participant’s account have been distributed, the balance of any deferred regular salary and interest then in the Participant’s remaining Account Balance shall be paid promptly to the Participant’s designated beneficiary.

If such Participant did not designate a beneficiary or in the event that the beneficiary designated by such Participant shall have predeceased the Participant, the balance in the Account shall be paid promptly to the Participant’s estate.

A Participant may revoke an election to defer receipt of Regular Salary by written notice delivered to the Director of Human Resources at least thirty (30) days prior to the commencement of any pay period. Such revocation shall become effective as of the commencement of the first pay period occurring at least thirty days following such revocation and shall remain in effect through the end of the calendar year in which such revocation occurs and in subsequent calendar years until the participant files a new election to defer with respect to a new calendar year. Amounts credited to the Account of a Participant prior to the effective date of revocation shall not be affected thereby and shall be paid only in accordance with Paragraph 4 and Paragraph 5 above, as applicable.

During the participant’s lifetime, the right to any deferred Account Balance shall not be transferable or assignable. The Participant shall have no power to commute, encumber, sell or otherwise dispose of the rights provided by this Plan.

The Plan shall be administered by The New Haven Savings Bank. The decision of the Human Resources Committee with respect to any questions arising as to the interpretation of this Plan, including the severability of any and all of the provisions thereof, shall be final, conclusive and binding. The Board of Directors reserves the right to modify this Plan from time to time or to terminate the Plan entirely, provided however, that no modification of this Plan shall operate to annul an election already in effect for the current calendar year or any preceding calendar year.

The Bank shall not fund nor secure payment of the deferred salary provided by the Plan in any way. All payments to be made pursuant to the Plan shall be made by the Bank from its general corporate assets. Neither a Participant nor any spouse or beneficiary of a Participant shall have any right or claim against any specified assets of the Bank. The Participant and any such spouse or beneficiary shall have only contractual rights against the Bank for amounts credited to the Participant’s Account pursuant to the Plan.

THE NEW HAVEN SAVINGS BANK DEFERRED COMPENSATION PLAN IS ADOPTED TO BE EFFECTIVE ON (DATE OF BOARD ADOPTION).

APPROVED BY VOTE OF THE BOARD OF DIRECTORS ON THIS 26TH DAY OF OCTOBER, 1993.

[SEAL]

DEFINITIONS

EXHIBIT 10.2

FIRST AMENDMENT

TO THE

NEW HAVEN SAVINGS BANK

DEFERRED COMPENSATION PLAN

WHEREAS, pursuant to Section 8 of the New Haven Savings Bank Deferred Compensation Plan (the “Plan”), the Board of Directors (the “Board”) of the New Haven Savings Bank (the “Bank”) reserved the authority to amend the Plan; and

WHEREAS, the Bank has established the New Haven Savings Bank Executive Incentive Plan (the “Executive Incentive Plan”) in order to provide additional compensation for certain executives who influence the profitability of the Bank; and

WHEREAS, the Bank wishes to modify certain provisions of the Deferred Compensation Plan in order to permit a Participant who receives an incentive award under the Executive Incentive Plan (“Incentive Award”) to defer payment of up to 100% of such Incentive Award until termination of service; and

WHEREAS, the Board has determined that it is necessary to amend the Plan in order to effect this modification.

NOW THEREFORE, the Plan is hereby amended as follows:

1. Section 1 of the Plan is amended in its entirety to read as follows:

The purpose of The New Haven Savings Bank Deferred Compensation Plan (the “Plan”) is to provide a method by which a Participant may elect to defer the payment of (i) up to thirty percent (30%) of Regular Salary and (ii) up to one hundred percent (100%) of any Incentive Award.

2. Section 2 of the Plan is amended by designating the first two paragraphs as subsection (a) and by adding a new subsection (b) to read as follows:

3. Section 3 of the Plan is amended by deleting the words “Deferred Salary” in the first line thereof and by substituting the words “Deferral Amounts” therefor.

4. Section 4 of the Plan is amended by adding a new paragraph at the end thereof to read as follows:

Notwithstanding the preceding paragraph, any Incentive Award deferred hereunder, plus any interest credited thereon, shall, at the discretion of the Compensation Committee of the Board of Directors (the “Committee”) be forfeited, and the Bank will have no payment obligation to a Participant with respect to such amounts, if any of the following circumstances exist:

The Committee shall have the sole discretion with respect to the application of this forfeiture provision and such exercise of discretion shall be conclusive and binding upon all Participants and all other persons.

5. Section 5 of the Plan is amended by deleting the words “deferred regular salary” in the third line of the first paragraph thereof and by substituting the words “Deferral Amounts” therefor.

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6. Section 9 of the Plan is amended by deleting the words “deferred salary” in the first line thereof and by substituting the words “Deferral Amounts” therefor.

7. Section 1.01 of the Definitions section of the Plan is amended in its entirety to read as follows:

8. Section 1.04 of the Definitions section of the Plan is amended in its entirety to read as follows:

9. A new Section 1.08 is added to the Definitions section of the Plan to read as follows:

10. A new Section 1.09 is added to the Definitions section of the Plan to read as follows:

The foregoing amendment shall be effective as of February 23, 1999.

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