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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 30, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>BERKSHIRE HILLS BANCORP, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-51584</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>04-3510455</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>24 North Street, Pittsfield, Massachusetts<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>01201</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(413) 443-5601</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
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<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(e)&nbsp;<U><B><I>Amended and Restated Employment Agreement</I></B></U>. On December&nbsp;30, 2008, Berkshire Hills
Bancorp, Inc. (the &#147;Company&#148;) and its wholly-owned subsidiary, Berkshire Bank (the &#147;Bank&#148;) entered
into an amended and restated employment agreement with Michael P. Daly (the &#147;Employment
Agreement&#148;). The Employment Agreement consolidates, replaces, and supersedes the individual
Company and Bank employment agreements previously entered into with Mr.&nbsp;Daly. The Employment
Agreement was revised to comply with Section&nbsp;409A of the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;), and the final regulations issued thereunder. Under the revised Employment Agreement,
the term of Mr.&nbsp;Daly&#146;s Employment Agreement will be for thirty-six (36)&nbsp;months. In addition, Mr.
Daly will be entitled to long-term disability coverage to replace 60% of his base salary in the
event of his long-term disability. Such long-term disability coverage may be provided through a
combination of Bank-sponsored and individually owned disability policies. All other terms of the
Employment Agreement are materially consistent with the previously disclosed terms of the prior
individual Company and Bank employment agreements entered into with the Mr.&nbsp;Daly. The foregoing
description of the revised Employment Agreement is qualified in its entirety by reference to the
Employment Agreement that is attached hereto as Exhibit&nbsp;10.1 of this Current Report, and is
incorporated by reference into this Item&nbsp;5.02. Notwithstanding the foregoing, the revised
Employment Agreement has been modified in accordance with the
requirements under Mr.&nbsp;Daly&#146;s Executive Letter Agreement, attached hereto as Exhibit&nbsp;10.6 of this Current
Report, as a result of the Company&#146;s entry into a Securities
Purchase Agreement with the United States Department of Treasury.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><U><B><I>Amended and Restated Change in Control Agreements</I></B></U>. On December&nbsp;30, 2008, the Company
and the Bank entered into individual amended and restated three year change in control agreements
with Kevin P. Riley, Michael J. Oleksak, and Shepard D. Rainie, and on December&nbsp;31, 2008 entered
into an individual amended and restated three year change in control agreement with John S. Millet
(collectively, the &#147;Agreements&#148;). The individual Agreements consolidate, supersede and replace the
individual Company and Bank change in control agreements previously entered into with Messrs.
Riley, Millet, Oleksak, and Rainie. The Agreements were revised to comply with Code Section&nbsp;409A,
and the final regulations issued thereunder. The terms of the Agreements are materially consistent
with the previously disclosed terms of the prior individual Company and Bank change in control
agreements entered into with Messrs.&nbsp;Riley, Millet, Oleksak, and Rainie. The foregoing
descriptions of the Agreements are qualified in their entirety by reference to the Agreements
attached hereto as Exhibit&nbsp;10.2, Exhibit&nbsp;10.3, Exhibit&nbsp;10.4, and Exhibit&nbsp;10.5, respectively, of
this Current Report, and are incorporated by reference into this Item&nbsp;5.02. Notwithstanding the
foregoing, the Agreements have been modified in accordance with the requirements under Messrs.
Riley&#146;s, Millet&#146;s, Oleksak&#146;s, and Rainie&#146;s
individual Executive Letter Agreements, attached hereto as Exhibit
10.7, Exhibit&nbsp;10.8, Exhibit&nbsp;10.9, and Exhibit&nbsp;10.10, respectively, of this Current Report, as a
result of the Company&#146;s entry into a Securities Purchase
Agreement with the United States Department of Treasury.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. </B><U><B>Financial Statements and Exhibits</B></U>
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial Statements of Businesses Acquired. Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pro Forma Financial Information. Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Shell Company Transactions. Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exhibits.</DIV></TD>
</TR>

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<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Employment Agreement for Michael P. Daly.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Kevin P. Riley.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for John S. Millet.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Michael J. Oleksak.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Shepard D. Rainie.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Michael P. Daly.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Kevin P. Riley</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for John S. Millet.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Michael J. Oleksak</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Shepard D. Rainie.</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Berkshire Hills Bancorp, Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">DATE: January 6, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kevin P. Riley&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Kevin P. Riley,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Employment Agreement for Michael P. Daly.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Kevin P. Riley.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for John S. Millet.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Michael J. Oleksak.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Three Year Change in Control Agreement for Shepard D. Rainie.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Michael P. Daly.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Kevin P. Riley</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for John S. Millet.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Michael J. Oleksak</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
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    <TD align="left" valign="top">TARP Capital Purchase Program Letter for Shepard D. Rainie.</TD>
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{"company-data": {"conformed-name": "BERKSHIRE HILLS BANCORP INC", "cik": "0001108134", "assigned-sic": "6036", "irs-number": "043510455", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51584", "film-number": "09511038"}, "business-address": {"street1": "24 NORTH ST.", "city": "PITTSFIELD", "state": "MA", "zip": "01201", "phone": "4134435601"}, "mail-address": {"street1": "24 NORTH ST", "city": "PITTSFIELD", "state": "MA", "zip": "01201"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2008
BERKSHIRE HILLS BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-51584
04-3510455
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
24 North Street, Pittsfield, Massachusetts
01201
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(413) 443-5601
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
Amended and Restated Employment Agreement
. On December 30, 2008, Berkshire Hills
Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Berkshire Bank (the "Bank") entered
into an amended and restated employment agreement with Michael P. Daly (the "Employment
Agreement"). The Employment Agreement consolidates, replaces, and supersedes the individual
Company and Bank employment agreements previously entered into with Mr. Daly. The Employment
Agreement was revised to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(the "Code"), and the final regulations issued thereunder. Under the revised Employment Agreement,
the term of Mr. Daly's Employment Agreement will be for thirty-six (36) months. In addition, Mr.
Daly will be entitled to long-term disability coverage to replace 60% of his base salary in the
event of his long-term disability. Such long-term disability coverage may be provided through a
combination of Bank-sponsored and individually owned disability policies. All other terms of the
Employment Agreement are materially consistent with the previously disclosed terms of the prior
individual Company and Bank employment agreements entered into with the Mr. Daly. The foregoing
description of the revised Employment Agreement is qualified in its entirety by reference to the
Employment Agreement that is attached hereto as Exhibit 10.1 of this Current Report, and is
incorporated by reference into this Item 5.02. Notwithstanding the foregoing, the revised
Employment Agreement has been modified in accordance with the
requirements under Mr. Daly's Executive Letter Agreement, attached hereto as Exhibit 10.6 of this Current
Report, as a result of the Company's entry into a Securities
Purchase Agreement with the United States Department of Treasury.
Amended and Restated Change in Control Agreements
. On December 30, 2008, the Company
and the Bank entered into individual amended and restated three year change in control agreements
with Kevin P. Riley, Michael J. Oleksak, and Shepard D. Rainie, and on December 31, 2008 entered
into an individual amended and restated three year change in control agreement with John S. Millet
(collectively, the "Agreements"). The individual Agreements consolidate, supersede and replace the
individual Company and Bank change in control agreements previously entered into with Messrs.
Riley, Millet, Oleksak, and Rainie. The Agreements were revised to comply with Code Section 409A,
and the final regulations issued thereunder. The terms of the Agreements are materially consistent
with the previously disclosed terms of the prior individual Company and Bank change in control
agreements entered into with Messrs. Riley, Millet, Oleksak, and Rainie. The foregoing
descriptions of the Agreements are qualified in their entirety by reference to the Agreements
attached hereto as Exhibit 10.2, Exhibit 10.3, Exhibit 10.4, and Exhibit 10.5, respectively, of
this Current Report, and are incorporated by reference into this Item 5.02. Notwithstanding the
foregoing, the Agreements have been modified in accordance with the requirements under Messrs.
Riley's, Millet's, Oleksak's, and Rainie's
individual Executive Letter Agreements, attached hereto as Exhibit
10.7, Exhibit 10.8, Exhibit 10.9, and Exhibit 10.10, respectively, of this Current Report, as a
result of the Company's entry into a Securities Purchase
Agreement with the United States Department of Treasury.
2
Item 9.01.
Financial Statements and Exhibits
(a)
Financial Statements of Businesses Acquired. Not applicable.
(b)
Pro Forma Financial Information. Not applicable.
(c)
Shell Company Transactions. Not applicable.
(d)
Exhibits.
Exhibit No.
Description
10.1
Amended and Restated Employment Agreement for Michael P. Daly.
10.2
Amended and Restated Three Year Change in Control Agreement for Kevin P. Riley.
10.3
Amended and Restated Three Year Change in Control Agreement for John S. Millet.
10.4
Amended and Restated Three Year Change in Control Agreement for Michael J. Oleksak.
10.5
Amended and Restated Three Year Change in Control Agreement for Shepard D. Rainie.
10.6
TARP Capital Purchase Program Letter for Michael P. Daly.
10.7
TARP Capital Purchase Program Letter for Kevin P. Riley
10.8
TARP Capital Purchase Program Letter for John S. Millet.
10.9
TARP Capital Purchase Program Letter for Michael J. Oleksak
10.10
TARP Capital Purchase Program Letter for Shepard D. Rainie.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Berkshire Hills Bancorp, Inc.
DATE: January 6, 2009
By:
/s/ Kevin P. Riley
Kevin P. Riley,
Executive Vice President and
Chief Financial Officer
4
EXHIBIT INDEX
Exhibit No.
Description
10.1
Amended and Restated Employment Agreement for Michael P. Daly.
10.2
Amended and Restated Three Year Change in Control Agreement for Kevin P. Riley.
10.3
Amended and Restated Three Year Change in Control Agreement for John S. Millet.
10.4
Amended and Restated Three Year Change in Control Agreement for Michael J. Oleksak.
10.5
Amended and Restated Three Year Change in Control Agreement for Shepard D. Rainie.
10.6
TARP Capital Purchase Program Letter for Michael P. Daly.
10.7
TARP Capital Purchase Program Letter for Kevin P. Riley
10.8
TARP Capital Purchase Program Letter for John S. Millet.
10.9
TARP Capital Purchase Program Letter for Michael J. Oleksak
10.10
TARP Capital Purchase Program Letter for Shepard D. Rainie.
5