<PAGE>
                                                                    EXHIBIT 10.3

                     EXECUTIVE SALARY CONTINUATION AGREEMENT


         THIS AGREEMENT, made and entered into this 20th day of December, 2007,
by and between Central Co-Operative Bank, a bank organized and existing under
the laws of the Commonwealth of Massachusetts (hereinafter referred to as the
"Bank"), and John D. Doherty, an Executive of the Bank (hereinafter referred to
as the "Executive"), a member of a select group of management and highly
compensated employees of the Bank.

         WHEREAS, the Executive has been and continues to be a valued Executive
of the Bank; and

         WHEREAS, the purpose of this Agreement is to further the growth and
development of the Bank by providing the Executive with supplemental retirement
income, and thereby encourage the Executive's productive efforts on behalf of
the Bank and the Bank's shareholders, and to align the interests of the
Executive and those shareholders; and

         WHEREAS, it is the desire of the Bank and the Executive to enter into
this Agreement under which the Bank will agree to make certain payments to the
Executive at retirement or the Executive's Beneficiary in the event of the
Executive's death pursuant to this Agreement; and

         ACCORDINGLY, it is intended that the Agreement be "unfunded" for
purposes of the Employee Retirement Income Security Act of 1974, as amended
("ERISA") and not be construed to provide income to the participant or
beneficiary under the Internal Revenue Code of 1986, as amended (the "Code"),
particularly Section 409A of the Code and guidance or regulations issued
thereunder, prior to actual receipt of benefits; and

         NOW THEREFORE, it is agreed as follows:

I.       EFFECTIVE DATE

         The Effective Date of this Agreement shall be December 20, 2007.

II.      FRINGE BENEFITS

         The salary continuation benefits provided by this Agreement are granted
         by the Bank as a fringe benefit to the Executive and are not part of
         any salary reduction plan or an arrangement deferring a bonus or a
         salary increase. The Executive has no option to take any current
         payment or bonus in lieu of these salary continuation benefits except
         as set forth hereinafter.

                                       1
<PAGE>

III.     DEFINITIONS

         A.       Beneficiary:
                  -----------

                  The Executive shall have the right to name a Beneficiary of
                  the Death Benefit. The Executive shall have the right to name
                  such Beneficiary at any time prior to the Executive's death
                  and submit it to the Plan Administrator (or Plan
                  Administrator's representative) on the form provided. Once
                  received and acknowledged by the Plan Administrator, the form
                  shall be effective. The Executive may change a Beneficiary
                  designation at any time by submitting a new form to the Plan
                  Administrator. Any such change shall follow the same rules as
                  for the original Beneficiary designation and shall
                  automatically supersede the existing Beneficiary form on file
                  with the Plan Administrator.

                  If the Executive dies without a valid Beneficiary designation
                  on file with the Plan Administrator, death benefits shall be
                  paid to the Executive's estate.

                  If the Plan Administrator determines in its discretion that a
                  benefit is to be paid to a minor, to a person declared
                  incompetent, or to a person incapable of handling the
                  disposition of that person's property, the Plan Administrator
                  may direct distribution of such benefit to the guardian, legal
                  representative or person having the care or custody of such
                  minor, incompetent person or incapable person. The Plan
                  Administrator may require proof of incompetence, minority or
                  guardianship as it may deem appropriate prior to distribution
                  of the benefit. Any distribution of a benefit shall be a
                  distribution for the account of the Executive and the
                  Beneficiary, as the case may be, and shall be a complete
                  discharge of any liability under the Agreement for such
                  distribution amount.

         B.       Change in Control:
                  -----------------

                  "Change in Control" shall mean a change in ownership or
                  control of the Bank as defined in Treasury Regulation Section
                  1.409A-3(i)(5) or any subsequently applicable Treasury
                  Regulation.

         C.       Disability or Disabled:
                  ----------------------

                  "Disability or Disabled" shall mean the Executive: (i) is
                  unable to engage in any substantial gainful activity by reason
                  of any medically determinable physical or mental impairment
                  which can be expected to result in death or can be expected to
                  last for a continuous period of not less than twelve (12)

                                       2
<PAGE>

                  months, or (ii) is, by reason of any medically determinable
                  physical or mental impairment which can be expected to result
                  in death or can be expected to last for a continuous period of
                  not less than twelve (12) months, receiving income replacement
                  benefits for a period of not less than three (3) months under
                  an accident and health plan covering employees of the Bank.
                  Medical determination of Disability may be made by either the
                  Social Security Administration or by the provider of an
                  accident or health plan covering executives of the Bank,
                  provided that the definition of Disability applied under such
                  Disability insurance programs complies with the requirements
                  of Section 409A. Upon the request of the Plan Administrator,
                  the Executive must submit proof to the Plan Administrator of
                  the Social Security Administration's or provider's
                  determination.

         D.       Discharge For Cause:
                  -------------------

                  The term "For Cause" shall mean any of the following that
                  result in an adverse effect on the Bank: (i) the commission of
                  a felony or gross misdemeanor involving fraud or dishonesty;
                  (ii) the willful violation of any banking law, rule, or
                  banking regulation (other than a traffic violation or similar
                  offense); (iii) an intentional failure to perform stated
                  duties; or (iv) a breach of fiduciary duty involving personal
                  profit. If a dispute arises as to discharge "For Cause," such
                  dispute shall be resolved by arbitration as set forth in this
                  Agreement.

         E.       Normal Retirement Age:
                  ---------------------

                  "Normal Retirement Age" shall mean the date on which the
                  Executive attains age sixty-five (65).

         F.       Plan Year:
                  ---------

                  Any reference to "Plan Year" shall mean a calendar year from
                  January 1st to December 31st. In the year of implementation,
                  the term "Plan Year" shall mean the period from the Effective
                  Date to December 31st of the year of the Effective Date.

         G.       Restriction on Timing of Distribution:
                  -------------------------------------

                  Notwithstanding any provision of this Agreement to the
                  contrary, distributions hereunder may not commence earlier
                  than six (6) months after the date of a Separation from
                  Service, as that term is used under Section 409A if, pursuant
                  to Internal Revenue Code Section 409A, the Executive is
                  considered a "specified employee" of the Bank under Internal
                  Revenue Code Section 416(i), if any stock of the Bank is
                  publicly traded on an established securities market or
                  otherwise. In the event a distribution is delayed pursuant to
                  this paragraph, the originally scheduled payment shall be
                  delayed for six (6) months, and shall commence instead on the
                  first day of the seventh month following Separation from
                  Service.
                                       3
<PAGE>

                  If payments are scheduled to be made in installments, the
                  first six (6) months of installment payments shall be delayed,
                  aggregated, and paid instead on the first day of the seventh
                  month, after which all installment payments shall be made on
                  their regular schedule. If payment is scheduled to be made in
                  a lump sum, the lump sum payment shall be delayed for six (6)
                  months and instead be made on the first day of the seventh
                  month.

         H.       Retirement Date:
                  ---------------

                  "Retirement Date" shall mean the later of the Executive's
                  sixty-fifth (65th) birthday or Separation from Service.

         I.       Separation from Service:
                  -----------------------

                  "Separation from Service" shall mean the Executive has
                  experienced a termination of employment with the Bank. For
                  purposes of this Agreement, whether a termination of
                  employment or service has occurred is determined based on
                  whether the facts and circumstances indicate that the Bank and
                  Executive reasonably anticipated that no further services
                  would be performed after a certain date or that the level of
                  bona fide services the Executive would perform after such date
                  (whether as an Executive or as an independent contractor)
                  would permanently decrease to no more than twenty percent
                  (20%) of the average level of bona fide services performed
                  (whether as an Executive or an independent contractor) over
                  the immediately preceding thirty-six (36) month period (or the
                  full period of services to the Bank if the Executive has been
                  providing services to the Bank less than 36 months). Facts and
                  circumstances to be considered in making this determination
                  include, but are not limited to, whether the Executive
                  continues to be treated as an Executive for other purposes
                  (such as continuation of salary and participation in Executive
                  benefit programs), whether similarly situated service
                  providers have been treated consistently, and whether the
                  Executive is permitted, and realistically available, to
                  perform services for other service recipients in the same line
                  of business. The Executive will be presumed not to have
                  separated from service where the level of bona fide services
                  performed continues at a level that is fifty percent (50%) or
                  more of the average level of service performed by the
                  Executive during the immediately preceding thirty-six (36)
                  month period.

        IV.      RETIREMENT BENEFIT
                 ------------------

                  Upon attainment of the Retirement Date, the Bank shall pay the
                  Executive an annual benefit equal to fifty percent (50%) of
                  the average high three (3) years of the Executive's base
                  salary, offset by: (i) the amount available to the Executive
                  from the Bank's pension plan assuming lifetime with fifteen
                  (15) years certain;

                                       4
<PAGE>
                  (ii) the Bank's contribution to the Executive's 401(k) plan
                  annuitized assuming the Executive would be paid for fifteen
                  (15) years certain using a rate of return equal to the average
                  one-year Federal funds rate for the twelve (12) months
                  immediately preceding the Executive's retirement. It shall
                  further be assumed that the executive has contributed the
                  maximum voluntary contribution to the 401(k) plan thereby
                  being eligible for maximum Bank contribution and assume six
                  percent (6%) interest on Bank contribution. And, (iii) fifty
                  percent (50%) of the Executive's age sixty-five (65) Social
                  Security benefit. The benefit shall increase by a three
                  percent (3%) annual cost of living increase. Said benefit
                  shall be paid in monthly installments (1/12th of the annual
                  benefit) until the death of the Executive. Said payment shall
                  be made the first day of the month following Separation from
                  Service.

        V.       DEATH BENEFIT

                 A.     Pre-Retirement Death Benefit:
                        ----------------------------

                        In the event the Executive should die at any time after
                        the Effective Date of this Agreement, the Bank will pay
                        an amount equal to the Executive's Accrued Liability
                        Retirement Account, as of the date of death, in one (1)
                        lump sum to the Executive's Beneficiary(ies). Said
                        payment due hereunder shall be made within sixty (60)
                        days of the Executive's death.

                 B.     Post-Retirement Death Benefit:
                        -----------------------------

                        Should the Executive die before the one hundred eighty
                        (180) monthly installments have been paid in Paragraph
                        IV, the Bank shall continue payments of said
                        installments to the Executive's Beneficiary(ies) until
                        one hundred eighty (180) installments have been paid.
                        Said payment due hereunder shall be made within sixty
                        (60) days of the Executive's death.

        VI.      BENEFIT ACCOUNTING/
                 ACCRUED LIABILITY RETIREMENT ACCOUNT

                 The Bank shall account for this benefit using the regulatory
                 accounting principles of the Bank's primary federal regulator.
                 The Bank shall establish an Accrued Liability Retirement
                 Account for the Executive on the books of the Bank into which
                 appropriate reserves shall be accrued.

        VII.     VESTING

                 The Executive shall be one hundred percent (100%) vested in the
                 Accrued Liability Retirement Account as of the Effective Date
                 of this Agreement.

        VIII.    TERMINATION PRIOR TO NORMAL RETIREMENT AGE

                 Subject to Paragraph IX, in the event that the employment of
                 the Executive shall terminate prior to the Normal Retirement
                 Age, by the Executive's voluntary

                                       5
<PAGE>

                 action, or by the Executive's discharge by the Bank without
                 cause, the Bank shall pay to the Executive an amount equal to
                 the balance of the Executive's Accrued Liability Retirement
                 Account on the date of Separation from Service. Such balance
                 shall be paid in one (1) lump sum within sixty (60) days
                 following Separation from Service.

        IX.      DISCHARGE FOR CAUSE

                 Notwithstanding anything to the contrary, in the event the
                 Executive shall be Discharged For Cause at any time, this
                 Agreement shall terminate and all benefits provided herein
                 shall be forfeited.

        X.       DISABILITY OR DISABLED

                 In the event that there is a finding of any qualified period of
                 Disability for the Executive, the Bank will deposit into the
                 Contingent Disability Trust (hereafter "Trust") for the
                 Executive, an amount equal to the balance of the Accrued
                 Liability Retirement Account at the time of such Disability,
                 established on the Executive's behalf pursuant to this
                 Agreement. No other benefits will be owed to the Executive
                 under this Agreement during the period of Disability.

                 The Trust shall be an unfunded Trust until such time that the
                 Executive is deemed Disabled.

                 If the Executive is Disabled on the date the Executive reaches
                 Normal Retirement Age, this Agreement shall automatically
                 terminate and the Executive shall not be entitled to any
                 further benefits under this Agreement.

                 If the period of Disability ends prior to Normal Retirement Age
                 and the Executive returns to active employment with the Bank,
                 Massachusetts Mutual will cease paying the disability benefit
                 to the Trust and the Bank will pay the Executive a reduced
                 retirement benefit amount. The retirement benefit determined in
                 accordance with Paragraph IV shall be reduced by the thirteen
                 (13) year annual annuity that would be payable from the Trust
                 assuming the trust assets earned on a net of four percent (4%)
                 annually starting from the date of the existence of said Trust.
                 Payment shall be made in the same time and form as stated in
                 Paragraph IV.

        XI.      CHANGE IN CONTROL

                 Upon a Change in Control, the Executive shall receive one
                 hundred percent (100%) of the Accrued Liability Retirement
                 Account. Such balance shall be paid in a lump sum within sixty
                 (60) days of a Change in Control. Upon a Change in Control
                 subsequent to the Retirement Date, the Executive shall continue
                 to receive the Retirement Benefit as stated in Paragraph IV in
                 the same time and form as stated in such Paragraph IV.

                                       6
<PAGE>
        XII.     RESTRICTIONS ON FUNDING

                 The Bank shall have no obligation to set aside, earmark or
                 entrust any fund or money with which to pay its obligations
                 under this Agreement. The Executive, their Beneficiary, or any
                 successor in interest shall be and remain simply a general
                 creditor of the Bank in the same manner as any other creditor
                 having a general claim for matured and unpaid compensation.

                 The Bank reserves the absolute right, at its sole discretion,
                 to either fund the obligations undertaken by this Agreement or
                 to refrain from funding the same and to determine the extent,
                 nature and method of such funding. Should the Bank elect to
                 fund this Agreement, in whole or in part, through the purchase
                 of life insurance, mutual funds, Disability policies or
                 annuities, the Bank reserves the absolute right, in its sole
                 discretion, to terminate such funding at any time, in whole or
                 in part. At no time shall any Executive be deemed to have any
                 lien, right, title or interest in any specific funding
                 investment or assets of the Bank.

                 If the Bank elects to invest in a life insurance, Disability or
                 annuity policy on the life of the Executive, then the Executive
                 shall assist the Bank by freely submitting to a physical exam
                 and supplying such additional information necessary to obtain
                 such insurance or annuities.

        XIII.    MISCELLANEOUS

                 A.     Alienability and Assignment Prohibition:
                        ---------------------------------------

                        Neither the Executive nor any Beneficiary under this
                        Agreement shall have any power or right to transfer,
                        assign, anticipate, hypothecate, mortgage, commute,
                        modify or otherwise encumber in advance any of the
                        benefits payable hereunder nor shall any of said
                        benefits be subject to seizure for the payment of any
                        debts, judgments, alimony or separate maintenance owed
                        by the Executive or the Executive's Beneficiary, nor be
                        transferable by operation of law in the event of
                        bankruptcy, insolvency or otherwise.

                 B.     Amendment or Revocation:
                        -----------------------

                        During the lifetime of the Executive, this Agreement may
                        be amended or revoked at any time or times, in whole or
                        in part only, by the mutual written consent of the
                        Executive and the Bank. Any such amendment shall not be
                        effective to decrease or restrict the Executive's
                        accrued benefit under this Agreement, determined as of
                        the date of amendment, unless agreed to in writing by
                        the Executive, and provided further, no amendment shall
                        be made, or if made, shall be effective, if such
                        amendment would cause the Agreement to violate Internal
                        Revenue Code Section 409A.
                                       7
<PAGE>

                 C.     Applicable Law:
                        --------------

                        The validity and interpretation of this Agreement shall
                        be governed by the laws of the Commonwealth of
                        Massachusetts.

                 D.     Binding Obligation of the Bank and any Successor in
                        ---------------------------------------------------
                        Interest:
                        --------

                        The Bank shall not merge or consolidate into or with
                        another bank or sell substantially all of its assets to
                        another bank, firm or person until such bank, firm or
                        person expressly agrees, in writing, to assume and
                        discharge the duties and obligations of the Bank under
                        this Agreement. This Agreement shall be binding upon the
                        parties hereto, their successors, assignees,
                        beneficiaries, heirs and personal representatives.

                 E.     Gender:
                        ------

                        Whenever in this Agreement words are used in the
                        masculine or neutral gender, they shall be read and
                        construed as in the masculine, feminine or neutral
                        gender, whenever they should so apply.

                 F.     Headings:
                        --------

                        Headings and subheadings in this Agreement are inserted
                        for reference and convenience only and shall not be
                        deemed a part of this Agreement.

                 G.     Not a Contract of Employment:
                        ----------------------------

                        This Agreement shall not be deemed to constitute a
                        contract of employment between the parties hereto, nor
                        shall any provision hereof restrict the right of the
                        Bank to discharge the Executive, or restrict the right
                        of the Executive to terminate employment.

                 H.     Opportunity to Consult with Independent Advisors:
                        ------------------------------------------------

                        The Executive acknowledges that he has been afforded the
                        opportunity to consult with independent advisors of his
                        choosing including, without limitation, accountants or
                        tax advisors and legal counsel regarding both the
                        benefits granted to him under the terms of this
                        Agreement and the: (i) terms and conditions which may
                        affect the Executive's right to these benefits; and (ii)
                        personal tax effects of such benefits including, without
                        limitation, the effects of any federal or state taxes,
                        Section 280G of the Code, Section 409A of the Code and
                        guidance or regulations thereunder, and any other taxes,
                        costs, expenses or liabilities whatsoever related to
                        such benefits, which in any of the foregoing instances
                        the Executive acknowledges and agrees shall be the sole
                        responsibility of the Executive notwithstanding any
                        other term or provision of this Agreement. The

                                       8
<PAGE>

                        Executive further acknowledges and agrees that the Bank
                        shall have no liability whatsoever related to any such
                        personal tax effects or other personal costs, expenses,
                        or liabilities applicable to the Executive and further
                        specifically waives any right for himself or herself,
                        and his or her heirs, beneficiaries, legal
                        representative, agents, successor and assign to claim or
                        assert liability on the part of the Bank related to the
                        matters described above in this paragraph. The Executive
                        further acknowledges that he has read, understands and
                        consents to all of the terms and conditions of this
                        Agreement, and that he enters into this Agreement with a
                        full understanding of its terms and conditions.

                 I.     Partial Invalidity:
                        ------------------

                        If any term, provision, covenant, or condition of this
                        Agreement is determined by an arbitrator or a court, as
                        the case may be, to be invalid, void, or unenforceable,
                        such determination shall not render any other term,
                        provision, covenant, or condition invalid, void, or
                        unenforceable, and the Agreement shall remain in full
                        force and effect notwithstanding such partial
                        invalidity.

                 J.     Permissible Acceleration Provision:
                        ----------------------------------

                        Under Treasury Regulation Section 1.409A-3(j)(4), a
                        payment of deferred compensation may not be accelerated
                        except as provided in regulations by the Internal
                        Revenue Code. This Agreement allows all permissible
                        payment accelerations under 1.409A-3(j)(4) that include
                        but are not limited to payments necessary to comply with
                        a domestic relations order, payments necessary to comply
                        with certain conflict of interest rules, payments
                        intended to pay employment taxes, and other permissible
                        payments are allowed as permitted by statute or
                        regulation.

                 K.     Subsequent Changes to Time and Form of Payment:
                        ----------------------------------------------

                        The Bank may permit subsequent changes to the time and
                        form of payment. Any such change shall be considered
                        made only when it becomes irrevocable under the terms of
                        the Agreement. Any subsequent time and form of payment
                        changes will be considered irrevocable not later than
                        thirty (30) days following acceptance of the change by
                        the Plan Administrator, subject to the following rules:

                        a. the subsequent change may not take effect until at
                           least twelve (12) months after the date on which the
                           change is made;

                        b. the payment (except in the case of death, disability,
                           or unforeseeable emergency) upon which the change is
                           made is deferred for a period of not less than five
                           (5) years from the date such payment would otherwise
                           have been paid; and

                                       9
<PAGE>

                        c. in the case of a payment made at a specified time,
                           the change must be made not less than twelve (12)
                           months before the date the payment is scheduled to be
                           paid.

                 L.     Tax Withholding:
                        ---------------

                        The Bank shall withhold any taxes that are required to
                        be withheld from the benefits provided under this
                        Agreement. The Executive acknowledges that the Bank's
                        sole liability regarding taxes is to forward any amounts
                        withheld to the appropriate taxing authority(ies).

        XIV.     ADMINISTRATIVE AND CLAIMS PROVISIONS

                 A.     Plan Administrator:
                        ------------------

                        The "Plan Administrator" of this Agreement shall be
                        Central Co-Operative Bank. As Plan Administrator, the
                        Bank shall be responsible for the management, control
                        and administration of the Agreement. The Plan
                        Administrator may delegate to others certain aspects of
                        the management and operation responsibilities of the
                        Agreement including the employment of advisors and the
                        delegation of ministerial duties to qualified
                        individuals.

                 B.     Claims Procedure:
                        ----------------

                        a. Filing a Claim for Benefits:
                           ---------------------------

                           Any insured, Beneficiary, or other individual,
                           ("Claimant") entitled to benefits under this
                           Agreement will file a claim request with the Plan
                           Administrator. The Plan Administrator will, upon
                           written request of a Claimant, make available copies
                           of all forms and instructions necessary to file a
                           claim for benefits or advise the Claimant where such
                           forms and instructions may be obtained. If the claim
                           relates to disability benefits, then the Plan
                           Administrator shall designate a sub-committee to
                           conduct the initial review of the claim (and
                           applicable references below to the Plan Administrator
                           shall mean such sub-committee).

                        b. Denial of Claim:
                           ---------------

                           A claim for benefits under this Agreement will be
                           denied if the Bank determines that the Claimant is
                           not entitled to receive benefits under the Agreement.
                           Notice of a denial shall be furnished the Claimant
                           within a reasonable period of time after receipt of
                           the claim for benefits by the Plan Administrator.
                           This time period

                                       10
<PAGE>

                           shall not exceed more than ninety (90) days after the
                           receipt of the properly submitted claim. In the event
                           that the claim for benefits pertains to disability,
                           the Plan Administrator shall provide written notice
                           within forty-five (45) days. However, if the Plan
                           Administrator determines, in its discretion, that an
                           extension of time for processing the claim is
                           required, such extension shall not exceed an
                           additional ninety (90) days. In the case of a claim
                           for disability benefits, the forty-five (45) day
                           review period may be extended for up to thirty (30)
                           days if necessary due to circumstances beyond the
                           Plan Administrator's control, and for an additional
                           thirty (30) days, if necessary. Any extension notice
                           shall indicate the special circumstances requiring an
                           extension of time and the date by which the Plan
                           Administrator expects to render the determination on
                           review.

                        c. Content of Notice:
                           -----------------

                           The Plan Administrator shall provide written notice
                           to every Claimant who is denied a claim for benefits
                           which notice shall set forth the following:

                           (i.)     The specific reason or reasons for the
                                    denial;

                           (ii.)    Specific reference to pertinent Agreement
                                    provisions on which the denial is based;

                           (iii.)   A description of any additional material or
                                    information necessary for the Claimant to
                                    perfect the claim, and any explanation of
                                    why such material or information is
                                    necessary; and

                           (iv.)    Any other information required by applicable
                                    regulations, including with respect to
                                    disability benefits.

                        d. Review Procedure:
                           ----------------

                           The purpose of the Review Procedure is to provide a
                           method by which a Claimant may have a reasonable
                           opportunity to appeal a denial of a claim to the Plan
                           Administrator for a full and fair review. The
                           Claimant, or his duly authorized representative, may:

                           (i.)     Request a review upon written application to
                                    the Plan Administrator. Application for
                                    review must be made within sixty (60) days
                                    of receipt of written notice of denial of
                                    claim. If the denial of claim pertains to
                                    disability, application for review must be
                                    made within one hundred

                                       11
<PAGE>

                                    eighty (180) days of receipt of written
                                    notice of the denial of claim;

                           (ii.)    Review and copy (free of charge) pertinent
                                    Agreement documents, records and other
                                    information relevant to the Claimant's claim
                                    for benefits;

                           (iii.)   Submit issues and concerns in writing, as
                                    well as documents, records, and other
                                    information relating to the claim.

                        e. Decision on Review:
                           ------------------

                           A decision on review of a denied claim shall be made
                           in the following manner:

                           (i.)     The Plan  Administrator  may, in its sole
                                    discretion, hold a hearing on the denied
                                    claim. If the Claimant's initial claim is
                                    for disability benefits, any review of a
                                    denied claim shall be made by members of the
                                    Plan Administrator other than the original
                                    decision maker(s) and such person(s) shall
                                    not be a subordinate of the original
                                    decision maker(s). The decision on review
                                    shall be made promptly, but generally not
                                    later than sixty (60) days after receipt of
                                    the application for review. In the event
                                    that the denied claim pertains to
                                    disability, such decision shall not be made
                                    later than forty-five (45) days after
                                    receipt of the application for review. If
                                    the Plan Administrator determines that an
                                    extension of time for processing is
                                    required, written notice of the extension
                                    shall be furnished to the Claimant prior to
                                    the termination of the initial sixty (60)
                                    day period. In no event shall the extension
                                    exceed a period of sixty (60) days from the
                                    end of the initial period. In the event the
                                    denied claim pertains to disability, written
                                    notice of such extension shall be furnished
                                    to the Claimant prior to the termination of
                                    the initial forty-five (45) day period. In
                                    no event shall the extension exceed a period
                                    of thirty (30) days from the end of the
                                    initial period. The extension notice shall
                                    indicate the special circumstances requiring
                                    an extension of time and the date by which
                                    the Plan Administrator expects to render the
                                    determination on review.

                           (ii.)    The decision on review shall be in writing
                                    and shall include specific reasons for the
                                    decision written in an understandable manner
                                    with specific references to the pertinent
                                    Agreement provisions upon which the decision
                                    is based.

                                       12
<PAGE>

                           (iii.)   The review will take into account all
                                    comments, documents, records and other
                                    information submitted by the Claimant
                                    relating to the claim without regard to
                                    whether such information was submitted or
                                    considered in the initial benefit
                                    determination. Additional considerations
                                    shall be required in the case of a claim for
                                    disability benefits. For example, the claim
                                    will be reviewed without deference to the
                                    initial adverse benefits determination and,
                                    if the initial adverse benefit determination
                                    was based in whole or in part on a medical
                                    judgment, the Plan Administrator will
                                    consult with a health care professional with
                                    appropriate training and experience in the
                                    field of medicine involving the medical
                                    judgment. The health care professional who
                                    is consulted on appeal will not be the same
                                    individual who was consulted during the
                                    initial determination or the subordinate of
                                    such individual. If the Plan Administrator
                                    obtained the advice of medical or vocational
                                    experts in making the initial adverse
                                    benefits determination (regardless of
                                    whether the advice was relied upon), the
                                    Plan Administrator will identify such
                                    experts.

                           (iv.)    The decision on review will include a
                                    statement that the Claimant is entitled to
                                    receive, upon request and free of charge,
                                    reasonable access to, and copies of, all
                                    documents, records or other information
                                    relevant to the Claimant's claim for
                                    benefits.

                        f. Exhaustion of Remedies:
                           ----------------------

                           A Claimant must follow the claims review procedures
                           under this Agreement and exhaust his or her
                           administrative remedies before taking any further
                           action with respect to a claim for benefits.

                C.      Arbitration:
                        -----------

                        If claimants continue to dispute the benefit denial
                        based upon completed performance of this Agreement or
                        the meaning and effect of the terms and conditions
                        thereof, then claimants may submit the dispute to an
                        Arbitrator for final arbitration. The Arbitrator shall
                        be selected by mutual agreement of the Bank and the
                        claimants. The Arbitrator shall operate under any
                        generally recognized set of arbitration rules. The
                        parties hereto agree that they and their heirs, personal
                        representatives, successors and assigns shall be bound
                        by the decision of such Arbitrator with respect to any
                        controversy properly submitted to it for determination.

                                       13
<PAGE>

                        Where a dispute arises as to the Bank's discharge of the
                        Executive "For Cause," such dispute shall likewise be
                        submitted to arbitration as above described and the
                        parties hereto agree to be bound by the decision
                        thereunder.


         IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Agreement and executed the original thereof effective as of
the first day set forth hereinabove, and that, upon execution, each has received
a conforming copy.

                                        CENTRAL CO-OPERATIVE BANK
                                        Somerville, MA



/s/ Richard E. Stevens                  By: /s/ Edward F. Sweeney, Jr.
-------------------------------             ------------------------------------
Witness                                     (Bank Director other than Executive)
                                            Title

/s/ Paul S. Feeley                          /s/ John D. Doherty
-------------------------------             ------------------------------------
Witness                                     John D. Doherty

                                       14


<PAGE>
<TABLE>
<CAPTION>


                      BENEFICIARY DESIGNATION FORM FOR THE
                     EXECUTIVE SALARY CONTINUATION AGREEMENT

I.       PRIMARY DESIGNATIONS
         --------------------

         A.    Person(s) as a Primary Designation:
               ----------------------------------
               (Please indicate the percentage for each beneficiary.)
         <S>   <C>
         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------


         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

II.      ESTATE AND/OR TRUST AS PRIMARY DESIGNATIONS
         -------------------------------------------

         A.   Estate as a Primary Designation:
              -------------------------------
              An Estate can still be listed even if there is no will.

              My Primary Beneficiary is The Estate of                                     as set forth in the Last Will and
                                                        ---------------------------------
                                                               (Insert full name)
              Testament dated the             day of                       , 200    and any codicils thereto.
                                     --------           ---------------         ---

         B.   Trust as a Primary Designation:

              Name of the Trust:
              -------------------------------------------------------------------------------------------------------------------

              Execution Date of the Trust:                            Name of the Trustee:
              -------------------------------------------------------------------------------------------------------------------

              Beneficiary of the Trust:
              (please indicate the percentage for each beneficiary):
              -------------------------------------------------------------------------------------------------------------------

              Name(s):
              -------------------------------------------------------------------------------------------------------------------
              Name(s):
              -------------------------------------------------------------------------------------------------------------------

              Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)
</TABLE>


<PAGE>
<TABLE>
<CAPTION>


III.      SECONDARY (CONTINGENT) DESIGNATIONS
          -----------------------------------

          A.  Person(s) as a Secondary (Contingent) Designation:
              (Please indicate the percentage for each beneficiary in the event
              of the Primary's Death.)
         <S>   <C>
         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------


         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

IV.      ESTATE AND/OR TRUST AS SECONDARY (CONTINGENT) DESIGNATIONS
         ----------------------------------------------------------

         A.    Estate as a Secondary (Contingent) Designation:
               ----------------------------------------------

               My Primary Beneficiary is The Estate of                                as set forth in the last will and
                                                       ------------------------------
               Testament dated the             day of                       , 200     and any codicils thereto.
                                     ---------         ---------------------     ----

         B.    Trust as a Secondary (Contingent) Designation:

               Name of the Trust:
               -------------------------------------------------------------------------------------------------------------------

               Execution Date of the Trust:                            Name of the Trustee:
               -------------------------------------------------------------------------------------------------------------------

               Beneficiary of the Trust:
               (please indicate the percentage for each beneficiary):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)

V.       SIGN AND DATE
         -------------

         This Beneficiary Designation Form is valid until the Executive notifies
         the bank in writing.


------------------------------------             ------------------------------
John D. Doherty                                  Date
</TABLE>


<PAGE>

                                    AMENDMENT
                 TO THE EXECUTIVE SALARY CONTINUATION AGREEMENT
                           EFFECTIVE DECEMBER 20, 2007


         THIS AMENDMENT, made and entered into this 21st day of December, 2007,
by and between Central Co-Operative Bank, a bank organized and existing under
the laws of the Commonwealth of Massachusetts, (hereinafter referred to as the
"Bank"), and John Doherty, an Executive of the Bank, (hereinafter referred to as
the "Executive"), shall effectively amend the Executive Salary Continuation
Agreement effective December 20, 2007 as follows:

         1.) Paragraph VI, BENEFIT ACCOUNTING/ACCRUED LIABILITY RETIREMENT
ACCOUNT, shall be deleted in its entirety and replaced with the following:

                  The Bank shall account for this benefit using the regulatory
                  accounting principles of the Bank's primary federal regulator.
                  The Bank shall establish an Accrued Liability Retirement
                  Account for the Executive on the books of the Bank into which
                  appropriate reserves shall be accrued. The Accrued Liability
                  Retirement Account calculation is provided in Attachment A.

         2.) Paragraph VIII, TERMINATION PRIOR TO NORMAL RETIREMENT AGE, shall
be deleted in its entirety and replaced with the following:

                  Subject to Paragraph IX, in the event that the employment of
                  the Executive shall terminate prior to the Normal Retirement
                  Age, by the Executive's voluntary action, or by the
                  Executive's discharge by the Bank without cause, the Bank
                  shall pay to the Executive an amount of money equal to the
                  balance of the Executive's Accrued Liability Retirement
                  Account on the date of Separation from Service. Such balance
                  shall be paid in one (1) lump sum within sixty (60) days
                  following Separation from Service, and the Bank shall have no
                  further obligation to the Executive, under this Agreement.

         3.) Attachment "A" shall be added to the Executive Salary Continuation
Agreement as attached hereto.

         This Amendment shall be effective the 20th day of December, 2007. To
the extent that any term, provision, or paragraph of said Agreement is not
specifically amended herein, or in any other amendment thereto, said term,
provision, or paragraph shall remain in full force and effect as set forth in
said December 20, 2007 Agreement.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Amendment and executed the original thereof on the first day
set forth hereinabove, and that, upon execution, each has received a conforming
copy.

                                        CENTRAL CO-OPERATIVE BANK
                                        Somerville, MA
<TABLE>
<CAPTION>

<S>                                     <C>
/s/ Rhoda K. Astone                     By: /s/ Paul S. Feeley
-------------------------------             -------------------------------------------
Witness                                     Title

/s/ Rhoda K. Astone                         /s/ John D. Doherty
-------------------------------             -------------------------------------------
Witness                                     John D. Doherty

</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                           PARTICIPATION PLAN SUMMARY

CENTRAL CO-OPERATIVE BANK                                                                                    Attachment A
Doherty, John

December 12, 2007
End of Year Age: 50                                                                     PARTICIPANT
Retirement Age: 65
Age At Death: 85
                     End of     APB 12      Post-Mortality       Benefit       Pre-Tax   Split Dollar               Tax On
  End of              Year     Benefit          Benefit         Liability    Retirement     Death        FICA/     Economic
   Year      Year     Age      Expense          Expense          Balance       Benefit     Benefit     Medicare      Value
==============================================================================================================================
   <S>        <C>      <C>     <C>             <C>              <C>            <C>                       <C>
   2007       1        50
   2008       2        51      (36,039)                           36,039                                  523
   2009       3        52      (40,675)                           76,714                                  557
   2010       4        53      (45,758)                          122,472                                  594
   2011       5        54      (51,328)                          173,800                                  633
   2012       6        55      (57,424)                          231,224                                  675
   2013       7        56      (64,092)                          295,316                                  720
   2014       8        57      (71,380)                          366,696                                  767
   2015       9        58      (79,341)                          446,037                                  818
   2016       10       59      (88,031)                          534,068                                  872
   2017       11       60      (97,510)                          631,578                                  930
   2018       12       61     (107,844)                          739,423                                  991
   2019       13       62     (119,105)                          858,528                                 1,057
   2020       14       63     (131,368)                          989,895                                 1,127
   2021       15       64     (144,716)                         1,134,611                                1,201
   2022       16       65     (122,528)                         1,208,307      48,832                     720
   2023       17       66      (73,653)                         1,163,298      118,662
   2024       18       67      (70,636)                         1,111,712      122,222
   2025       19       68      (67,192)                         1,053,016      125,888
   2026       20       69      (63,287)                          986,638       129,665
   2027       21       70      (58,884)                          911,968       133,555
   2028       22       71      (53,944)                          828,350       137,562
   2029       23       72      (48,424)                          735,086       141,689
   2030       24       73      (42,280)                          631,426       145,939
   2031       25       74      (35,462)                          516,571       150,317
   2032       26       75      (27,920)                          389,663       154,827
   2033       27       76      (19,598)                          249,789       159,472
   2034       28       77      (10,437)                           95,970       164,256
   2035       29       78      (1,502)         (71,712)             0          169,184
   2036       30       79                      (174,259)                       174,259
   2037       31       80                      (179,487)                       179,487
   2038       32       81                      (184,872)                       184,872
   2039       33       82                      (190,418)                       190,418
   2040       34       83                      (196,130)                       196,130
   2041       35       84                      (202,014)                       202,014

</TABLE>