EX-10.3



 Exhibit 10.3 

Amendment to the 

Employment Agreement between 

Fraternity Community Bancorp, Inc. and Thomas K. Sterner 

WHEREAS, Fraternity Community Bancorp, Inc. (the “Company) and Thomas K. Sterner (the “Executive) are parties to an amended and
restated Employment Agreement dated as of September 2, 2013 (the “Agreement); 
 WHEREAS, the parties desire to modify the
Agreement pursuant to Section 8.8 thereof to make certain changes the parties deem necessary and appropriate; 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 First Change 

Section 1.3(b) is revised to read as follows: 

(b) The current term of the Agreement expires on September 2, 2017. On each September 2nd during the term of this Agreement,
the term shall be extended for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months from the applicable anniversary date, unless either the Company or the Executive gives proper written notice at
least sixty (60) days prior to the anniversary date of their intention not to extend the Agreement. 
 Second Change 

Section 3(b) is revised to read as follows: 

“Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Company may terminate the
Executive’s employment due to the Executive’s Disability (as defined below). For purposes of this Agreement, “Disability” shall mean a physical or mental condition due to which the Executive shall have been absent from his duties
on a full-time basis for a twelve (12) consecutive month period. The Executive’s employment shall be deemed to have terminated as a result of Disability on the date provided in the notice of termination provided to the Executive by the
Company. The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within thirty (30) days of receiving such notice. Upon termination of the Executive’s employment under this
Section 3.1(b), the Company shall continue to pay the Executive’s Base Salary for a period of six (6) months at its full rate and, thereafter, at the rate of two-thirds (2/3) of the Executive’s Base Salary through the
earliest to occur of (i) the Executive’s death or (ii) the date on which the then current term of the Agreement would have expired but for the termination of the Executive’s employment pursuant to this paragraph 3.1(b); provided,
however, that the amount of any payments by the Company to the Executive under this Section 3.1(b) shall be reduced by the amount, if any, payable to the Executive during the same period under any disability benefit plan of the Company or its
subsidiaries covering the Executive at the time of his termination.” 







 Third Change 

Clause (x)(1) of Section 3.4((e) is revised to read as follows: 

“(1) any reduction of the Executive’s Base Salary, (unless the reduction is part of a company-wide restructuring of
compensation)” 
 In all other respects, the terms of the Agreement are hereby ratified and confirmed. This Amendment may executed by
the parties in counterparts. 
 [signature page follows] 







 IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of November 18, 2014.

  

			
	 FRATERNITY COMMUNITY BANCORP, INC.

	
	 /s/ William D. Norton

	Name:	 	William D. Norton
	Title:	 	 Chairman of the Compensation Committee of

the Board of Directors

	
	 /s/ Thomas K. Sterner

	Thomas K. Sterner