# EDGAR Filing Document

**Accession Number:** 0001049782
**File Stem:** 0001104659-25-085735
**Filing Date:** 2025-8
**Character Count:** 26403
**Document Hash:** ea25b780151a4d1ebcbf9461cb20926c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085735.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085735

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250826

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROOKLINE BANCORP INC
- **CENTRAL INDEX KEY:** 0001049782
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23695
- **FILM NUMBER:** 251281501

**BUSINESS ADDRESS:**
- **STREET 1:** 131 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-425-4600

**MAIL ADDRESS:**
- **STREET 1:** 131 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

?xml version='1.0' encoding='ASCII'?

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 26, 2025**

**<u>BROOKLINE BANCORP, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **<u>Delaware</u>** | **<u>0-23695</u>** | **<u>04-3402944</u>** |
| (State or other jurisdiction | (Commission File No.) | (I.R.S. employer |
| of incorporation) |  | Identification No.) |

---

---

| | |
|:---|:---|
| **<u>131 Clarendon Street</u>** **<u>, Boston</u>,<u>Massachusetts</u>** | **<u>02116</u>** |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(617</u><u>) 425-4600</u>**

(Registrant's telephone number, including area code)

**<u>Not applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which** <br> **Registered** |
| Common Stock, par value of $0.01 per share | BRKL | Nasdaq Global Select Market |

---

Indicate by check mark if the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On August 26, 2025, Brookline Bancorp, Inc. (the "Company") entered into a retention bonus agreement (the "Retention Bonus Agreement") with Mark J. Meiklejohn, the Company's Chief Credit Officer (the "Executive"). The Retention Bonus Agreement is being entered into in connection with the merger of equals (the "Merger") between the Company and Berkshire Hills Bancorp, Inc. ("Berkshire"). The Retention Bonus Agreement is subject to closing of the Merger. Pursuant to the terms of the Retention Bonus Agreement, the Executive will be entitled to receive a cash retention bonus equal to $720,750, payable in three equal installments with (i) one-third of his retention bonus becoming earned and payable on the first anniversary of the closing of the Merger, (ii) one-third of his retention bonus becoming earned and payable on the second anniversary of the closing of the Merger and (iii) one-third of his retention bonus becoming earned and payable on the third anniversary of the closing of the Merger, in each case, subject to Mr. Meiklejohn's continued employment through such date. In the event that the Executive's employment is terminated by the Company (or, after the closing of the Merger, Berkshire) without "cause" or by the Executive for "good reason" (as each term is defined in the Retention Bonus Agreement), the full amount of any unpaid retention bonuses shall accelerate and become payable within 60 days following the date of termination subject to the Executive's execution of a release of claims and such release becoming irrevocable; provided, however that the aggregate amount of each retention bonus will be reduced by the value of any cash severance payments the Executive is eligible to receive in connection with such termination.

The foregoing description of the Executive Retention Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Executive's Retention Bonus Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibits 10.1 and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [10.1](tm2524567d1_ex10-1.htm) | [Retention Bonus Agreement between Brookline Bancorp, Inc. and Mark J. Meiklejohn, dated August 26, 2025](tm2524567d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 29, 2025 | **Brookline Bancorp, Inc.** | **Brookline Bancorp, Inc.** |
|  | By: | /S/ Marissa Martin |
|  |  | Marissa Martin |
|  |  | General Counsel and Corporate Secretary |

---

## Exhibit 10.1

**Exhibit 10.1**

**RETENTION BONUS AGREEMENT**

AGREEMENT made as of this 26th day of August, 2025 (this "Agreement") by and among Brookline Bancorp, Inc., a Delaware corporation (the "Company" or the "Employer"), and Mark Meiklejohn (the "Employee").

1. <u>Proposed Transaction Defined</u>. This Agreement is made in anticipation of the proposed transaction (the "Proposed Transaction") contemplated by the Agreement and Plan of Merger (the "Merger Agreement") by and among Brookline Bancorp, Inc., a Delaware corporation, Brookline Bank, Bank Rhode Island, PCSB Bank and Berkshire Hills Bancorp, Inc. ("Berkshire") and Berkshire Bank, a Massachusetts chartered trust company, and Commerce Acquisition Sub, Inc., a Delaware corporation, dated as of December 16, 2024. Pursuant to the Merger Agreement, the Company will merge with and into Berkshire and each of Berkshire Bank, Bank Rhode Island, and PCSB Bank will merge with and into Brookline Bank. Following the Closing (as defined below), references to the "Company" in this Agreement shall mean references to Berkshire.

2. <u>Bonus Payments</u>. In exchange for the Employee's continued employment and contributions to the Company and to the Employer through the closing date of the Proposed Transaction (the "Closing"), for a period of 36 months following the Closing, the Employee shall be eligible to receive three cash bonus payments equal in the aggregate to $720,750.00 (each a "Bonus", collectively, the "Bonuses"), on each of the first, second, and third anniversaries of the Closing, subject to the following terms and conditions. Except as otherwise set forth in Section 3 below, the Bonuses will be earned and paid out in installments as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first Bonus is equal to one third (the "First Bonus") and will be earned if the Employee is continuously employed by the Employer through the date that is 12 months following the Closing (the "First Bonus Vesting Date"), and will become payable to the Employee in a single lump sum payment on the First Bonus Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Employee shall be eligible to receive a second Bonus equal to one third (the "Second Bonus") that will be earned if the Employee is continuously employed by the Employer through the date that is 24 months following the Closing (the "Second Bonus Vesting Date"), and will become payable to the Employee in a single lump sum payment on the Second Bonus Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Employee shall be eligible to receive a third Bonus equal to one third (the "Third Bonus") that will be earned if the Employee is continuously employed by the Employer through the date that is 36 months following the Closing (the "Third Bonus Vesting Date"), and will become payable to the Employee in a single lump sum payment on the Third Bonus Vesting Date.

The amounts payable under this Section 2 shall be paid within 14 days after the date that an amount becomes payable; *provided, however*, that if the 14-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as "non-qualified deferred compensation" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), shall be paid in the second calendar year by the last day of such 14-day period.

3. <u>Termination</u>. In the event the Employee's employment with the Employer is terminated for any reason prior to the payment of any Bonus, the Employee shall not be eligible for such Bonus; provided however, that in the event that the Employee's employment is terminated by the Employer without "Cause," or by the Employee for "Good Reason" on or following the Closing (a "Qualifying Termination") then, subject to the Release Requirement (as defined below), the Employee will be eligible to receive any unpaid Bonus (the "Qualifying Termination Payment"). The Qualifying Termination Payment will be paid to the Employee within 60 days following such termination, subject to the Employee executing a general release of claims in favor of the Employer in a form acceptable to the Employer within 45 days following the Employer's proposal of the release to the Employee (or such shorter period specified in the release) and such release becoming irrevocable pursuant to its terms (the "Release Requirement"); provided that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. Notwithstanding anything herein to the contrary, upon a Qualifying Termination, (i) the aggregate amount of the Bonus payable pursuant to this Agreement (including any amounts payable pursuant to this Section 3) shall be reduced (but not below zero) by any cash severance payments Employee is eligible to receive as a result of such Qualifying Termination, and (ii) to the extent Employee has previously been paid Bonuses hereunder as of such Qualifying Termination and the reduction in clause (i) is in excess of any Bonuses remaining to be paid under this Agreement, the Employee shall be required to repay the gross amount of Bonuses previously paid to the extent necessary to effect such reduction within 60 days following such Qualifying Termination.

For purposes of this Agreement, "Cause" means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct by the Employee constituting a material act of misconduct in connection with the performance of the Employee's duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the commission by the Employee of acts or omissions satisfying the elements of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Employee that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Employee were retained in the Employee's position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) continued unsatisfactory performance or non-performance by the Employee of the Employee's duties to the Company or the Employer (other than by reason of the Employee's physical or mental illness, incapacity or disability) which has continued for more than 14 days following written notice of such unsatisfactory performance or non-performance from the Employee's direct supervisor, any higher level supervisor of the Employee or the Chief Human Resources Officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material violation by the Employee of any of the Company's or Employer's written employment policies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company or the Employer to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the willful inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

Notwithstanding the foregoing, if the Employee is party to an employment agreement or change in control agreement with the Company or the Employer that contains a different definition of "Cause," such other definition shall apply for purposes hereof.

For purposes of this Agreement, "Good Reason" means the Employee has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Employee's prior written consent (each, a "<u>Good Reason Condition</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Employee's responsibilities, authority or duties as in effect immediately following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution in Employee's base salary as in effect immediately following the Closing, except for across-the-board salary reductions of not more than ten percent (10%) based on the Company's financial performance similarly affecting all or substantially all senior management employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material change in the geographic location of the principal office of the Employer to which the Employee is assigned immediately following the Closing, such that there is an increase of at least thirty (30) miles of driving distance to such location from the Employee's principal residence as of such change; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material breach of any of the provisions of this Agreement by the Employer.

The "<u>Good Reason Process</u>" consists of the following steps: (i) the Employee reasonably determines in good faith that a Good Reason Condition has occurred; (ii) the Employee notifies the Employer in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; (iii) the Employee cooperates in good faith with the Employer's efforts, for a period of not less than 30 days following such notice (the "Cure Period"), to remedy the Good Reason Condition; (iv) notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and (v) the Employee terminates employment within 60 days after the end of the Cure Period. If the Employer cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred with respect to such Good Reason Condition.

Notwithstanding the foregoing, if the Employee is party to an employment agreement or change in control agreement with the Company or the Employer that contains a different definition of "Good Reason," such other definition shall apply for purposes hereof.

4. <u>Administration</u>. The Board of Directors of the Company has the authority to administer and interpret this Agreement, including the calculation of any Bonus. All good faith decisions and interpretations by the Board of Directors of the Company hereunder are final and binding on all parties hereto.

5. <u>Withholding</u>. Any payment made by the Employer under this Agreement shall be net of any tax or other amounts required to be withheld by the Employer under applicable law.

6. <u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Employee's "separation from service" within the meaning of Section 409A of the Code, the Company determines that the Employee is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Employee becomes entitled to under this Agreement on account of the Employee's separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Employee's separation from service, or (B) the Employee's death. Any such delayed cash payment shall earn interest at an annual rate equal to the applicable federal short-term rate published by the Internal Revenue Service for the month in which the date of separation from service occurs, from such date of separation from service until the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties intend that all Bonuses payable pursuant to this Agreement will be either be exempt from the requirements of Section 409A of the Code Section 409A as "short-term deferrals" or administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully satisfy an exemption from or comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Employee's termination of employment, then such payments or benefits shall be payable only upon the Employee's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company makes no representation or warranty and shall have no liability to the Employee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

7. <u>No Employment Rights</u>. Nothing in this Agreement nor the payment of any Bonus granted under this Agreement shall be deemed to constitute an employment contract or offer or be deemed to confer on the Employee any right to continue in the employ of, or to continue any other relationship with the Employer or limit in any way the right of the Employer to terminate the Employee's employment at any time.

8. <u>Term</u>. This Agreement shall take effect on the date first set forth above and shall terminate upon the earlier of (a) the date of the payment of the Third Bonus to the Employee 36 months following the Closing, or following termination of employment as provided herein, as the case may be, if the Employee is entitled to a Bonus under the terms of this Agreement, and (b) any termination of the Merger Agreement.

9. <u>Waiver</u>. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

10. <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument signed by the Employee and by a duly authorized representative of the Employer.

11. <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts, without regard to principles of conflict of laws of such state.

12. <u>Effect on Other Plans</u>. Nothing in this Agreement shall be construed to limit the rights of the Employee under the benefit plans, programs or policies of the Company or the Employer.

13. <u>Obligations of Successors</u>. In addition to any obligations imposed by law upon any successor to the Employer, the Employer will use its reasonable efforts to require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Employer and the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Employer and the Company would be required to perform if no such succession had taken place.

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by each of the Company and the Employer by the duly authorized officer of each and by the Employee as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| BROOKLINE BANCORP, INC. | BROOKLINE BANCORP, INC. |
| By: | /s/ Paul Perrault |
| Name: | Paul Perrault |
| Title: | Chairman & CEO |

---

---

| | |
|:---|:---|
| **EMPLOYER:** | **EMPLOYER:** |
| BROOKLINE BANCORP, INC. | BROOKLINE BANCORP, INC. |
| By: | /s/ Paul Perrault |
| Name: | Paul Perrault |
| Title: | Chairman & CEO |

---

---

| |
|:---|
| **EMPLOYEE:** |
| /s/ Mark Meiklejohn |
| **Mark Meiklejohn** |

---

[Signature Page to Retention Bonus Agreement]