Document:

Exhibit 10.1

 

SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This Second Amendment (“Amendment”)
is made effective as of March 10, 2021 by and among Brookline Bancorp, Inc. (the “Company”), a Delaware corporation,
and Brookline Bank, a Massachusetts-chartered trust company (the “Bank”), each with its principal administrative office
at 131 Clarendon Street, Boston, Massachusetts 02116, and Paul A. Perrault (“Executive”).

 

WHEREAS, the Company, the Bank and
Executive have entered into an Employment Agreement dated as of April 11, 2011, as previously amended effective July 25, 2018 (the
“Employment Agreement”); and

 

WHEREAS, the Company, the Bank and
Executive wish to amend certain provisions of the Employment Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the Company, the Bank and
Executive hereby agree:

 

		1.	Section 4(d) of the Employment Agreement is hereby deleted in its entirety and replaced with the
following:

 

“Upon the occurrence of
an Event of Termination, as defined in Section 4(a), the Bank will cause to be continued life and disability coverage substantially
identical to the coverage maintained by the Company or the Bank for Executive prior to his termination. Such coverage shall continue
for 24 months from the Date of Termination. In addition, from and after an Event of Termination, Executive and his spouse and any
eligible dependent shall be eligible to continue their medical and dental insurance coverage under the Bank’s group medical
and dental insurance plans in effect at the time of termination of Executive’s employment upon an Event of Termination (as
the same may be amended, supplemented or replaced by the Bank from time to time) to the maximum extent permissible under the terms
and conditions of such plans and under applicable law, until Executive (and, independently, his spouse) dies. The premium payments
for such coverage shall be paid by the Bank, and such amounts may be taxable to the extent necessary to avoid treatment as a discriminatory
arrangement under Code Section 105(h), if applicable. In the event that the Bank is unable, by operation of the group medical and
dental insurance plans or applicable law, to continue group medical and dental insurance coverage for Executive and his spouse
and any eligible dependent as provided herein, or if providing such coverage would cause the Bank or the Executive, his spouse
or any eligible dependent to be subject to tax penalties under the Patient Protection and Affordable Care Act or otherwise, then
the Bank will pay Executive (or his spouse and any eligible dependent, as applicable) on a monthly basis an amount equal to the
premium cost of such group medical and dental insurance coverage until Executive (and, independently, his spouse) dies.”

 

		2.	Section 5 of the Employment Agreement is hereby updated by adding a new paragraph to the end of
Section 5 as follows:

 

     

     

    

“Upon termination of Executive’s
employment upon Retirement, Death, or Disability, Executive shall be entitled to all benefits under any retirement plan of the
Bank and other plans to which Executive is a party. In addition, from and after termination of Executive’s employment upon
Retirement, Executive and his spouse and any eligible dependent shall be eligible to continue their medical and dental insurance
coverage under the Bank’s group medical and dental insurance plans in effect at the time of termination of Executive’s
employment upon Retirement (as the same may be amended, supplemented or replaced by the Bank from time to time) to the maximum
extent permissible under the terms and conditions of such plans and under applicable law, until Executive (and, independently,
his spouse) dies. The premium payments for such coverage shall be paid by the Bank, and such amounts may be taxable to the extent
necessary to avoid treatment as a discriminatory arrangement under Code Section 105(h), if applicable. In the event that the Bank
is unable, by operation of the group medical and dental insurance plans or applicable law, to continue group medical and dental
insurance coverage for Executive and his spouse and any eligible dependent as provided herein, or if providing such coverage would
cause the Bank or the Executive, his spouse or any eligible dependent to be subject to tax penalties under the Patient Protection
and Affordable Care Act or otherwise, then the Bank will pay Executive (or his spouse and any eligible dependent, as applicable)
on a monthly basis an amount equal to the premium cost of such group medical and dental insurance coverage until Executive (and,
independently, his spouse) dies.”

 

		3.	Except as so amended, the Employment Agreement is in all other respects hereby confirmed and defined
terms used but not defined herein shall have the meanings set forth in the Employment Agreement.

 

		4.	This Amendment may be executed in two or more counterparts, each of which shall be an original
and all of which together shall constitute one and the same instrument.

 

 

 

[Signature Page Follows]

 

 

    	 	2	 

     

    

IN WITNESS WHEREOF, the parties have
executed this Amendment as of the date first set forth above.

 

	 	BROOKLINE BANCORP, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	BROOKLINE BANK
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	 
	 	Paul A. Perrault

 

 

 

[Signature Page to the Second Amendment
to Employment Agreement]EX-4.1

    

Exhibit 4.1

 
 
 

  

   

 The following abbreviation, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or regulations:

	TEN COM	–as tenants in common	UNIF GIFT MIN ACT –	_____________Custodian_______________
	TEN ENT	–as tenants by the entireties	 	(cust)	 	(Minor)
	JT TEN	–as joint tenants with night of
  survivorship and not as tenants 
  in common 	 	 under Uniform Gifts to Minors

Act_____________________
 (state)

	 
	 Additional abbreviations may also be used though not in the above list.

 
 For value received ___________ hereby sell, assign and transfer
unto
 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

	 	 

	  
 
	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

	 
	 
	 	Shares

 

of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint_______________________________________________________________

 

 

 Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.

 
 Dated,____________________

	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the Certificate, in every
particular, without alteration or enlargement, or any change whatever.

  

	SIGNATURE(S) GUARANTEED:	 
	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

  
 
 

  

   

  

 

  

   

 The following abbreviation, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or regulations:

	TEN COM	–as tenants in common	UNIF GIFT MIN ACT –	_____________Custodian_______________
	TEN ENT	–as tenants by the entireties	 	(cust)	 	(Minor)
	JT TEN	–as joint tenants with night of
  survivorship and not as tenants 
  in common 	 	 under Uniform Gifts to Minors

Act_____________________
 (state)

	 
	 Additional abbreviations may also be used though not in the above list.

 
 For value received ___________ hereby sell, assign and transfer
unto
 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

	 	 

	  
 
	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

	 
	 
	 	Shares

 

of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint_______________________________________________________________

 

 

 Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.

 
 Dated,____________________

	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the Certificate, in every
particular, without alteration or enlargement, or any change whatever.

  

	SIGNATURE(S) GUARANTEED:	 
	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.EX-10.3

   Exhibit
10.3
  
 THE CENTURY BANCORP 
 SUPPLEMENTAL EXECUTIVE RETIREMENT
 AND INSURANCE PLAN
  

First Amendment

 

THIS FIRST AMENDMENT is made by Century Bancorp, Inc. (the “Company”)
to the Century Bancorp Supplemental Executive Retirement and Insurance Plan, As Amended and Restated Effective as of December 31, 2016 (the “Plan”) this First Amendment is effective as of January 21, 2020,the date of its adoption
by the Board of Directors of the Company (the “Board”).

 

W I T N E S S E T H:

 

WHEREAS, the Company maintains the Plan for a select group of management employees in
order to attract, retain and motivate qualified management employees by providing retirement benefits and , in certain cases, survivor income; and
  

WHEREAS, the Plan current provides for a death benefit for Plan participants who die
while employed by the Employer (as defined in the Plan) but prior to the commencement of their retirement benefits under the Plan; and
  

WHEREAS, the Board wishes to amend the Plan to extend eligibility for the in-service
death benefit to participants who die while employed by the employer but after the commencement of their retirement benefits under the Plan; and
  

WHEREAS, the Board may amend the Plan pursuant to Section 8.4 thereof;

 

NOW, THEREFORE, BE IT RESOLVED, that the Company hereby amends the Plan as follows,
effective as of January 21, 2020:
  

1              Section
6.1 of the Plan shall be deleted in its entirety and replaced by the following:
  

6.1           DEATH AFTER COMMENCEMENT
OF BENEFITS
  

In the case of a Participant who dies after the commencement of his retirement
benefits under the Plan, retirement benefits under the Plan shall continue after the Participants death, if at all, only to the extent provided under the form of benefit elected under Article V hereof, provided, that if at the time of his
death the participant is still employed by the Employer, the Participant shall also be eligible for the death benefit pursuant to Section 6.3 hereof.
  
 2.
            Section 6.3 of the Plan shall be deleted in its entirety and replaced by the following :

 

6.3           DEATH BENEFIT PLAN
– DEATH PRIOR TO TERMINATION OF EMPLOYMENT
  

 

  

   

   

If a Participant dies while employed by the Employer,
whether before or after the commencement of his retirement benefits under the Plan, the Bank will pay to the Participant’s Beneficiary, as a death benefit, an amount equal to the sum of:

 

(a) in the case of a Participant in the Executive
Management Group, five (5) times the annual rate of base salary being paid to the Participant at the time of his death; or

 

(b) in the case of a Participant in the Senior Management
Group, four (4) times the annual rate of base salary being paid to the Participant at the time of his death, plus
  
 (c) in the case of (a) or (b), an additional amount calculated to reimburse the Beneficiary for income taxes payable upon this benefit, determined based upon the highest marginal
federal, state and local income tax rates applicable to the Participant in just jurisdiction of the Participant’s primary residence as of his date of death.

 

The death benefit shall be payable to the Beneficiary in
a single lump sum; provided, however, that, if the Participant so elects in such manner as the Committee shall determine, the death benefit shall be payable to the Beneficiary in five annual installments, with the first installment paid in
the year following the Participant’s death.
  
 The Benefits provided under this Section 6.3 are intended to constitute “death benefits” within the meaning of Treas. Reg. Section 1.409A-1 (a)(5) and Treas. Reg.
Section 31.3121(v)(2)-1(b)(4)(iv)(C), and the portion of the Plan providing such death benefits is intended to constitute a separate death benefits plan for purposes of Section 409A of the Code. The death benefits provided pursuant to this Section
6.3 were previously provided through the Century Bank Survivor Benefit Plan, adopted effective June 1, 2011.
  
 3.             All other terms of the Plan shall continue unaffected.

 

IN WITNESS WHEREOF, this
First Amendment to the Plan is hereby executed on this 21st day of January, 2020.
  

	 	CENTURY BANCORP, INC.
	 	 
	 	

By: 
	
 

	 	 	Name: Barry R. Sloane
	 	 	Title:   Chairman, President & CEO

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