<PAGE>

                                                                    EXHIBIT 10.4

                     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 William P. Morrissey, 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)
                  months, or (ii) is, by reason of any medically determinable
                  physical or mental impairment which can be expected to result


                                      -2-
<PAGE>
                  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 eighty-five (85).

         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. If payments are scheduled to be made in installments,
                  the first six (6) months of installment payments shall be

                                      -3-

<PAGE>
                  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
                  eighty-fifth (85th) 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 forty percent (40%) 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; (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

                                      -4-

<PAGE>

         contribution to the 401(k) plan thereby being eligible for maximum Bank
         contribution and assume seven percent (7%) interest on Bank
         contribution; and, (iii) Nine Thousand Four Hundred Eighty and 00/100th
         Dollars ($9,480.00) 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.

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 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.

                                      -5-

<PAGE>

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 the Executive becomes Disabled prior to the Executive's
         Normal Retirement Age, the balance of the Accrued Liability Retirement
         Account shall be paid to the Executive in a lump sum, sixty (60) days
         following the Executive's Disability.

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.

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


                                      -6-
<PAGE>
                  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.

         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

                                      -7-
<PAGE>
                  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 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

                                      -8-

<PAGE>

                  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

                  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

                                      -9-

<PAGE>
                           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 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

                                      -10-

<PAGE>
                           (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 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

                                      -11

<PAGE>
                                    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.

                           (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

                                       12

<PAGE>

                           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.

                  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
<TABLE>
<CAPTION>

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



/s/ Paul S. Feeley                          /s/ William P. Morrissey
----------------------------------          -----------------------------------------------
Witness                                     William P. Morrissey
</TABLE>


                                      -13-

<PAGE>
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<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.)

                                       14
<PAGE>

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.)

         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.


------------------------------------             ------------------------------
William P. Morrissey                              Date
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                                      -15-

<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 William P. Morrissey, 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
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<CAPTION>

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

/s/ Rhoda K. Astone                         /s/ William P. Morrissey
-------------------------------             -------------------------------------------
Witness                                     William P. Morrissey
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<CAPTION>
                                                PARTICIPANT PLAN SUMMARY

CENTRAL CO-OPERATIVE BANK                                                                                          Attachment A
Morrissey, William P.
December 12, 2007

End of Year Age: 80                                                                                  PARTICIPANT

Retirement Age: 85

Age At Death: 95
                   End of     Death        APB 12          Deferred         Benefit       Pre-Tax    Split Dollar            Tax On
End of              Year     Benefit       Benefit           Tax           Liability     Retirement     Death       FICA/   Economic
 Year      Year     Age      Expense       Expense          Credit          Balance       Benefit      Benefit     Medicare   Value
====================================================================================================================================
<S>         <C>      <C>     <C>          <C>               <C>             <C>            <C>       <C>            <C>       <C>
 2007       1        80       (376)                                                                   1,000,000
 2008       2        81      (4,828)      (61,450)          21,508           61,450                   1,000,000      908       445
 2009       3        82      (5,448)      (69,355)          24,274          130,805                   1,000,000      970       544
 2010       4        83      (6,127)      (78,023)          27,308          208,829                   1,000,000     1,038      662
 2011       5        84      (6,872)      (87,519)          30,632          296,348                   1,000,000     1,110      797
 2012       6        85       7,381       (78,086)          27,330          363,491        10,944     1,000,000      885       960
 2013       7        86       11,461      (21,866)          7,653           341,255        44,102     1,000,000               1,161
 2014       8        87       4,809       (20,391)          7,137           316,220        45,425     1,000,000               1,425
 2015       9        88                   (18,734)          6,557           288,165        46,788     1,000,000               1,755
 2016       10       89                   (16,881)          5,908           256,855        48,192     1,000,000               2,137
 2017       11       90                   (14,817)          5,186           222,034        49,638     1,000,000               4,250
 2018       12       91                   (12,526)          4,384           183,434        51,127     1,000,000               4,613
 2019       13       92                    (9,991)          3,497           140,765        52,660     1,000,000               5,003
 2020       14       93                    (7,192)          2,517            93,717        54,240     1,000,000               5,470
 2021       15       94                    (4,110)          1,439            41,959        55,867     1,000,000               6,037
 2022       16       95                     (877)            307               0           42,836                             6,574

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