Document:

Deferred Comp Plan

 Exhibit 10.1 
 MAYFLOWER CO-OPERATIVE BANK 
 DEFERRED COMPENSATION PLAN 
 The Board of Directors of Mayflower Co-operative Bank (“Bank”) has adopted this Deferred Compensation Plan, effective February 12, 1998,
in order to recognize the contributions of its directors and select executive officers of the Bank to the growth, success and profitability of the Bank, as well as to encourage the continued contributions of the directors and executive officers to
the Bank’s long-term financial success through a performance-based plan. 
 This document (the “409A Program”) amends and
restates the Plan effective as of January 1, 2005, and it sets forth the terms of the Plan that are applicable to Deferrals subject to Section 409A of the Code, i.e., deferrals and Bank Credits (and earnings thereon) credited after
December 31, 2004. 
 Other deferrals under the Plan shall be governed by a separate document that sets forth the pre-Section 409A
terms of the Plan (the “Pre-409A Program”). Together, this document and the document for the Pre-409A Program describe the terms of a single plan. However, amounts subject to the terms of this 409A Program and amounts subject to the terms
of the Pre-409A Program shall be tracked separately at all times. The preservation of the terms of the Pre-409A Program, without material modification, and the separation between the 409A Program amounts and the Pre-409A Program amounts are intended
to permit the Pre-409A Program to remain exempt from Section 409A, and the administration of the Plan shall be consistent with this intent. 
 ARTICLE I 
 Definitions 
 The following words and phrases, when used in the Plan with an initial capital letter, shall have the meanings set forth below unless the context clearly indicates otherwise. 
 1.1 “Account” shall mean a bookkeeping account maintained by the Bank in the name of the Participant. 
 1.2 “Affiliate” shall mean any “parent corporation” or “subsidiary corporation” of the Bank, as the terms are
defined in Section 424(e) and (f), respectively, of the Code. 
 1.3 “Bank” shall mean Mayflower Co-operative Bank, and
any successor to its interest. 
 1.4 “Bank Credits” shall mean any credits that the Bank may make to Accounts pursuant to
Article III. 
 1.5 “Beneficiary” shall mean the person or persons whom a Participant may designate as the beneficiary of
the Participant’s Benefits, and shall mean the Participant’s estate in the absence of a valid designation. 
 1.6
“Benefits” shall mean benefits accrued under Articles II and III of the Plan. 
 1.7 “Board” shall mean the
Board of Directors of the Bank. 
 1.8 “Change in Control” shall mean a “change in ownership”, “change in
effective control” or “change in ownership of a substantial portion of assets” for purposes of Section 409A of the Code. 
 1.9 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

 1.10 “Committee” shall mean any committee that the Board may appoint to administer and
effectuate the Plan. The Committee may act only by a majority of it members and may act through meetings or written consents. Notwithstanding the foregoing, the Board may act at any time in lieu of the Committee with respect to any action that the
Committee may take pursuant to the Plan. 
 1.11 “Common Stock” shall mean the common stock of the Bank. 
 1.12 “Deferrals” shall mean any Participant-directed deferrals of director fees, salary, or cash bonuses that occur pursuant to
Section 2.1 hereof. 
 1.13 “Deferral Election Form” shall mean the form attached hereto as Exhibit “A”.

 1.14 “Disability” shall mean any condition that results in a Participant’s entitlement to collect long-term
disability benefits from the Bank. In the absence of a plan by which the Bank provides such benefits, “Disability” shall have the meaning set forth in Section 22(e)(3) of the Code. 
 1.15 “Distribution Election Form” shall mean the form attached hereto as Exhibit “B”. 
 1.16 “Effective Date” shall mean January 1, 2005, as referenced in the opening paragraphs of this document. 
 1.17 “Employee” shall mean any person who is employed by the Bank. 
 1.18 “Just Cause” shall mean misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violations of any law, rule or regulation (other than traffic violations or similar offenses), or final cease-and-desist order. 
 1.19 “Participant” shall mean each Director, and any Employee who is designated by the Board for participation in the Plan, provided that an Employee shall be eligible for Plan participation only if he or she is a member of
a select group of the Bank’s senior officers for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 1.20 “Plan” shall mean the Mayflower Co-operative Bank Deferred Compensation Plan. 
 1.21
“Plan Year” shall mean each January 1 through and including December 31. 
 1.22 “Trust Agreement”
shall mean that agreement entered into pursuant to the terms hereof between the Bank and the Trustee. 
 1.23 “Trust”
shall mean the trust created under the terms of the Trust Agreement. 
 1.24 “Trustee “shall mean that person(s) or
entity appointed by the Committee pursuant to the Trust Agreement to hold legal title to the Plan Assets for the purposes set forth herein. 
 1.25 “Valuation Date” shall mean the last day of each calendar quarter of each Plan Year. 
 1.26 “Year of
Service” shall mean a Plan Year at the end of which a Participant is an Employee or member of the Board. 
  

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 ARTICLE II 
 Deferrals 
 2.1 Participant
Deferrals. Each Participant may elect, on the Deferral Election Form, to defer the receipt of any Bank Credits. Such elections shall be irrevocable until the end of the Plan Year to which they relate, and be effective on
January 1st for compensation earned after that date following their acceptance by the Committee, provided that the Bank shall credit all
such Deferrals by a Participant to the Participant’s Account as of each Valuation Date. 
 2.2 Rate of Return on Deferred
Compensation. As of each Valuation Date, the Bank shall credit the portion of each Account that is attributable to Deferrals with a rate of return equal to 25% of 75% of the Bank’s return-on-average equity, determined in accordance with
GAAP, for the most recently completed fiscal year of the Bank. 
 2.3 Vesting. Each Participant shall at all times be 100% vested in
the portion of his or her Account that is attributable to Deferrals. 
 ARTICLE III 
 Bank Credits; Vesting 
 3.1
Bank Credits. Within 10 days of the last day of each calendar quarter, the Bank shall credit the Account of each Participant with the applicable amount set forth in the following schedule: 
  

							
	 Period
	  	Directors	  	Other
Participants
	 Calendar quarters Ending Before 4/30/00
	  	$	750.00	  	$	375.00
			
	 6/30/00 - 3/31/02
	  	$	900.00	  	$	450.00
			
	 After 3/31/02
	  	$	1,000.00	  	$	500.00

 Unless the Board amends the Plan before a subsequent Plan Year begins, the same credits will be
made within 10 days of the last day of each calendar quarter of such Plan Year. Notwithstanding the foregoing, Bank Credits shall be paid to a Participant in cash rather than credited to the Participant’s Account if the Participant has not made
a deferral election pursuant to Section 2.1 
 3.2 Vesting of Bank Credits. Subject to Section 4.4 hereof, each
Participant’s vested interest in the portion of the Participant’s Account that is attributable to Bank Credits shall be 100%. 
 3.3 Rate of Return on Bank Credits. The portion of a Participant’s Account that is attributable to Bank Credits shall be adjusted on each Valuation Date in the same manner as adjustments occur pursuant to Section 2.2
hereof. 
 ARTICLE IV 
 Distributions from Accounts 
 4.1 Distributions. Subject to Article X hereof, the Bank shall distribute the
vested balance credited to a Participant’s Account in accordance with the Participant’s Distribution Election Form, which shall be valid and honored only if made in accordance with Section 4.2 hereof. In the absence of a valid 

  

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election, the Bank shall distribute the Participant’s Account in substantially equal annual installments over a period of five (5) years, beginning
on the first day of the second month following the Participant’s termination from the Bank for any reason other than Just Cause. The Participant’s Account shall be paid in cash, and quarterly credits pursuant to Sections 2.2 and 3.3 shall
continue with respect to the undistributed balance in the Participant’s Account. 
 4.2 Distribution Elections. 
 (a) In order to be effective, a Participant’s Distribution Election Form must be received and accepted by the Committee at the time the Participant
files his Deferral Election Form pursuant to Section 2.1 hereof. 
 (b) Form and Time of Payment. 
 (i) The standard form of benefit under the Plan shall be paid in equal monthly
installments, computed as one-twelfth ( 1/12th) of the annual benefit payable pursuant to Article III of the Plan. Monthly
payments shall commence on the first business day of the month following the date the Participant first becomes entitled to receive a benefit under the Plan. However, at the election of a Participant or Beneficiary, benefits shall be paid in the
form of an Actuarial Equivalent lump sum payment. On or after January 1, 2009, if a Participant wishes to change his payment election as to the form of payment, the Participant may do so by completing a payment election form approved by the
Board of Directors, provided that any such election (i) must be made prior to the Participant’s Separation from Service (as defined in Section 409A of the Code), (ii) must be made at least 12 months before the date on which any
benefit payments are scheduled to commence, (iii) shall not take effect until at least 12 months after the date the election is made, and (iv) for payments to be made other than upon death or Disability, must provide an additional deferral
period of at least five years from the date such payment would otherwise have been made (or in the case of any installment payments treated as a single payment, five years from the date the first amount was scheduled to be paid). For purposes of
this Plan and clause (iv) above, all installment payments under this Plan shall be treated as a single payment. On or before December 31, 2008, if a Participant wishes to change his payment election as to the form of payment, the
Participant may do so by completing a payment election form, provided that any such election (i) must be made prior to the Participant’s Separation form Service, (ii) shall not take effect before the date that is 12 months after the
date the election is made, and (iii) made in 2008 cannot apply to amounts that would otherwise be payable in 2008 and may not cause an amount to be paid in 2008 that would otherwise be paid in a later year. A lump sum payment shall be made
within sixty (60) days following the date the Participant becomes entitled to receive a benefit under the Plan. 
 (ii) Notwithstanding any provision of this Plan to the contrary, if the Participant is considered a Specified Employee at Separation from Service under such procedures as established by the Bank in accordance with Section 409A of the
Code, benefit distributions that are made upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.2 is applicable to the Participant,
any distribution which would otherwise be paid to the Participant within the first six months following the Separation from Service shall be accumulated and paid to the Participant in a lump sum on the first day of the seventh month following the
Separation from Service. All subsequent distributions shall be paid in the manner specified under Section 4.1 of the Plan with respect to the applicable benefit. A Specified Employee means a key employee (as defined in Section 416(i) of
the Code without 

  

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regard to paragraph 5 thereof) of the Bank if any stock of the Bank is publicly traded on an established securities market or otherwise or if the Bank is the
subsidiary of a publicly-traded holding company. 
 (c) Nevertheless, Beneficiary designations made pursuant to executed Distribution
Election Forms shall be revocable by the Participant during his or her lifetime, and shall be effective only upon its delivery to an executive officer of the Bank and acceptance by the Committee (which acceptance shall be presumed unless, within ten
business days of delivery of the Participant’s election, the Committee provides the Participant with a written notice detailing the reasons for its rejection). 
 4.3 Death Benefits. If a Participant dies before receiving all Benefits payable pursuant to Section 4.1, then the remaining vested balance of the Participant’s Account shall be distributed in a lump
sum to the Participant’s Beneficiary not later than the first day of the second month following the date of the Participant’s death; provided that a Participant may specify on the Distribution Election Form a distribution period that
effectuates the schedule of distributions that would have occurred if the Participant had terminated service on the date of his or her death (if such payments had not begun previously) and lived to collect all benefits. 
 4.4 Forfeiture for Just Cause. In the event that a Participant’s service with the Bank terminates because of Just Cause, the portion
of the Participant’s Account that is attributable to Bank Credits shall be automatically forfeited, and the Bank shall not have any obligation to pay Benefits associated therewith to the Participant or the Participant’s Beneficiary.

 ARTICLE V 
 Source
of Benefits 
 Benefits accumulated under the Plan shall constitute an unfunded, unsecured promise by the Bank to provide such
payments in the future, as and to the extent such Benefits become payable. Benefits shall be paid from the general assets of the Bank, and no person shall, by virtue of this Plan, have any interest in such assets (other than as an unsecured creditor
of the Bank). For any Plan Year during which a Trust is maintained, (i) the Trustee shall inform the Committee annually prior to the commencement of each fiscal year as to the manner in which such Trust assets shall be invested, and
(ii) the Committee shall, as soon as practicable after the end of each calendar quarter, provide the Trustee with a schedule specifying the amount of any Trust contribution that is attributable to the Participant’s Account for purposes
only of Section 3.1 of this Plan. The Bank shall also, at least annually, provide the Trustee with a schedule specifying the amounts payable to each Participant, and the time for making such payments. All interest, dividends, or realized gain
or losses on Trust assets will be taxed to the Bank. 
 ARTICLE VI 
 Recordkeeping 
 The Committee shall be responsible for maintaining all
Accounts, with particular reference to contribution sources and allocating gains and losses (at least quarterly), and shall prepare account reports for the Participants and the Bank. The Committee may in its discretion appoint or remove a
third-party recordkeeper. 
 ARTICLE VII 
 Assignment 
 Except as otherwise expressly provided by this Plan, it is agreed that neither
the Participant nor his or her Beneficiary, to include the Participant’s executors and administrators, heirs, legatees, 

  

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distributees, and any other person or persons claiming any benefits under him or her under this Plan shall have any right to assign, transfer, pledge,
hypothecate, sell, transfer, alienate and encumber or otherwise convey the right to receive any Benefits hereunder, which Benefits and the rights thereto are expressly declared to be nontransferable. The right to receive Benefits under this Plan
shall likewise not be subject to execution, attachment, garnishment sequestration or similar legal, equitable or other process to the benefit of the Participant’s creditors. Any attempted assignment, transfer, pledge hypothecation or other
disposition of the Participant’s rights to receive Benefits under this Plan or the levy of any attachment, garnishment or similar process thereupon, shall be null and void and without effect. Notwithstanding the foregoing, or any other
provision of this Plan, a Participant may transfer all or any part of his or her Account, and the rights associated therewith, to his or her spouse, lineal ascendants, lineal descendants, or to a duly established trust for the benefit of one or more
of these individuals as Beneficiaries. The Benefits, and the rights thereto, which are transferred pursuant to this Article VII shall be exercisable by the transferee according to the same terms and conditions as applied to the Participant.

 ARTICLE VIII 
 No
Retention of Services 
 The Benefits payable under this Plan shall be independent of, and in addition to, any other compensation
payable by the Bank to a Participant, whether in the form of fees, bonus, retirement income under employee benefit plans sponsored or maintained by the Bank or otherwise. This Plan shall not be deemed to constitute a contract of employment between
the Bank and any Participant. 
 ARTICLE IX 
 Rights of Participants and Beneficiaries 
 The rights (if any) of the Participants and their
Beneficiaries under this Plan shall be solely those rights of unsecured creditors of the Bank. 
 ARTICLE X 
 Change in Control 
 Immediately
upon a Change in Control, the Bank shall make a payment in cash, to the Participant, in an amount equal to 140% of the amount credited to the Participant’s Account on the date of payment. Upon receipt of such payment, the Participant shall have
no further interest whatsoever under the Plan. 
 ARTICLE XI 
 Amendment and Termination 
 9.1 The Board may amend or terminate the Plan
at any time, provided that (i) the Board may exercise its discretion to revise Section 3.1 in accordance therewith and without the consent of any Participant, and (ii) no other amendment shall, without the written consent of an
affected Participant, alter or impair any vested rights — including the balance credited to the Participant’s Account — of the Participant under the Plan. 
 9.2 Termination in the Discretion of the Bank. Except as otherwise provided in Sections 8.03, the Bank in its discretion may terminate the Plan and distribute benefits to Participants subject to the
following requirements and any others specified under Section 409A of the Code: 
 (a) All arrangements sponsored by the Bank that would
be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations are terminated. 
  

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 (b) No payments other than payments that would be payable under the terms of the Plan if the termination
had not occurred are made within 12 months of the termination date. 
 (c) All benefits under the Plan are paid within 24 months of the
termination date. 
 (d) The Bank does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of
the Treasury Regulations providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan. 
 (e) The termination does not occur proximate to a downturn in the financial health of the Bank. 
 9.3 Termination Upon Change in
Control Event. If the Bank terminates the Plan within thirty days preceding or twelve months following a Change in Control, the Account of each Participant shall become fully vested and payable to the Participant in a lump sum within
twelve months following the date of termination, subject to the requirements of Section 409A of the Code. 
 ARTICLE XII

 State Law 
 This Plan shall be construed and governed in all respects under and by the laws of the Commonwealth of Massachusetts except to the extent preempted by Federal law. If any provision of this Plan shall be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 
 ARTICLE XIII 

 Headings; Gender 
 Headings and subheadings in this Plan are inserted for convenience and reference only and constitute no part of this Plan. This Plan shall be construed, where required, so that the masculine gender includes the feminine. 
 ARTICLE XIV 
 Interpretation of
the Plan 
 The Committee shall have sole and absolute discretion to administer, construe, and interpret the Plan, and the decisions
of the Committee shall be conclusive and binding on all affected parties, unless such decisions are arbitrary and capricious. 
 ARTICLE XV

 Disputes; Legal Fees 
 15.1 Generally. Any controversy or claim that arises under this Plan and cannot be settled by the parties shall be addressed solely in the federal or state courts located in Middleboro, Massachusetts, or in the closest jurisdiction
thereto if no state or federal court exists in Middleboro at the time of such review. 
 15.2 Reimbursement of Legal Fees. In the
event that any dispute arises between the Participant and the Bank as to the terms or interpretation of this Plan, whether instituted by formal legal proceedings or otherwise, including any action that the Participant takes to enforce the terms of
this Plan 

  

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or to defend against any action taken by the Bank or an Affiliate, the Participant shall be reimbursed for all costs and expenses, including reasonable
attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Participant shall obtain a final judgement or settlement substantially in favor of the Participant either in a court of competent jurisdiction or in a written
settlement of the dispute. Such reimbursement shall be paid within ten (10) days of Participant’s furnishing to the Bank written evidence, which may be in the form, among other things, of a canceled check or receipt, of any costs or
expenses incurred by the Participant. 
 ARTICLE XVI 
 Duration of Plan 
 Unless terminated earlier in accordance with Article XI, this Plan shall
remain in effect during the term of service of the Participants and until all Benefits payable hereunder have been made. 
 ARTICLE XVII

 409A Provisions 
 17.1 Aggregation of Employers. To the extent required under Section 409A of the Code, if the Bank is a member of a controlled group of corporations or a group of trades or business under common control (as described in
Section 414(b) or (c) of the Code), all members of the group shall be treated as a single employer for purposes of whether there has occurred a Separation from Service and for any other purposes under the Plan as Section 409A of the
Code shall require. 
 17.2 Section 409A. It is intended that the Plan is intended to be a plan that is not qualified within the
meaning of Section 401(a) of the Code, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made
available to the Participants. The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
 17.3 409A Application. References in this Plan to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 

 

 8Employment Agreement

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT
originally entered into on the 21st day of September, 1998, and amended on February 13, 2003, and as amended further on February 15, 2007,
by and between Mayflower Co-operative Bank (the “Bank”) and John J. Biggio (the “Employee”), is amended and restated in its entirety as of December 31, 2008. 
 WHEREAS, the Employee has heretofore been employed by the Bank as Vice President and Senior Loan Officer and has considerable experience in the business
of the Bank; and 
 WHEREAS, the parties desire by this writing to set forth the continuing employment relationship of the Bank and the
Employee; and 
 WHEREAS, Mayflower Bancorp, Inc., the holding company of the Bank (the “Company”), will serve as guarantor under
this Agreement, as the same my be amended by the Bank from time to time or extended pursuant to Section 5; and 
 WHEREAS, the parties
desire to amend and restate this Agreement to bring it into compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 NOW, THEREFORE, it is AGREED as follows: 
 1. Employment. The Employee is employed as the Vice
President and Senior Loan Officer of the Bank. The Employee shall render such administrative and management services for the Bank as are currently rendered and as are customarily performed by persons situated in a similar executive capacity. The
Employee shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Bank. The Employee’s other duties shall be such as the Board of Directors of the Bank (“Board”) may from time to
time reasonably direct, including normal duties as an officer of the Bank. 
 2. Base Compensation. The Bank agrees to pay the
Employee during the term of this Agreement a salary at the rate of $140,000 (as of September 11, 2008) per annum, payable in cash not less frequently than monthly. The Board shall review, not less often than annually, the rate of the Employee’s
salary, and in its sole discretion may decide to increase his salary. 
 3. Discretionary Bonuses. The Employee shall participate in
an equitable manner with all other senior management employees of the Bank in discretionary bonuses that the Board may award from time to time to the Bank’s senior management employees. No other compensation provided for in this Agreement shall
be deemed a substitute for the Employee’s right to participate in such discretionary bonuses. 
 4. (a) Participation in Retirement,
Medical and Other Plans. The Employee shall participate in any plan that the Bank maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or
the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. 

 (b) Employee Benefits; Expenses. The Employee shall participate in any fringe benefits which are
or may become available to the Bank’s senior management employees, including for example: any stock option or incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions
to be performed by the Employee under this Agreement. The Employee shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses
in accordance with the policies of the Bank. 
 5. Term. The Bank hereby employs the Employee, and the Employee hereby accepts such
employment under this Agreement, for the period commencing on September 21, 1998 and ending twenty-four (24) months thereafter on September 21, 2000 (or such earlier date as is determined in accordance with Section 9); provided
that notwithstanding any determination by the Bank not to extend the term of this Agreement, said term shall not expire prior to the expiration of twenty-four (24) months after a Change in Control (as defined in Section 11) shall have
occurred. Additionally, on each annual anniversary date from the Effective Date, the Employee’s term of employment shall be extended for an additional one-year period beyond the then effective expiration date provided the Board determines in a
duly adopted resolution that the performance of the Employee has met the Board’s requirements and standards, and that this Agreement shall be extended. 
 6. Loyalty; Noncompetition. 
 (a) During the period of his employment hereunder and except for
illnesses, reasonable vacation periods, and reasonable leaves of absence, the Employee shall devote all his full business time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, from time to time,
Employee may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, which will not present any conflict of interest with the Bank or any of its subsidiaries or affiliates, or unfavorably affect
the performance of Employee’s duties pursuant to this Agreement, or will not violate any applicable statute or regulation. “Full business time” is hereby defined as that amount of time usually devoted to like companies by similarly
situated executive officers. During the term of his employment under this Agreement, the Employee shall not engage in any business or activity contrary to the business affairs or interests of the Bank, or be gainfully employed in any other position
or job other than as provided above. 
 (b) Nothing contained in this Section 6 shall be deemed to prevent or limit the Employee’s
right to invest in the capital stock or other securities of any business dissimilar from that of the Bank, or, solely as a passive or minority investor, in any business. 
 7. Standards. The Employee shall perform his duties under this Agreement in accordance with such reasonable standards as the Board may establish from time to time. The Bank will provide Employee with the
working facilities and staff customary for similar executives and necessary for him to perform his duties. 
 8. Vacation and Sick
Leave. At such reasonable times as the Board shall in its discretion permit, the Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary
absences to count as vacation time; provided that: 
 (a) The Employee shall be entitled to an annual vacation in accordance with the policies
that the Board periodically establishes for senior management employees of the Bank. 
  

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 (b) The Employee shall not receive any additional compensation from the Bank on account of his failure to
take a vacation or sick leave, and the Employee shall not accumulate unused vacation or sick leave from one fiscal year to the next, except in either case to the extent authorized by the Board. 
 (c) In addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay, to absent himself voluntarily from the performance
of his employment with the Bank for such additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine. Further, the Board may grant to the Employee a leave or leaves of absence, with or without
pay, at such time or times and upon such terms and conditions as such Board in its discretion may determine. 
 (d) In addition, the Employee
shall be entitled to an annual sick leave benefit as established by the Board. 
 9. Termination and Termination Pay. Subject to
Section 11 hereof, the Employee’s employment hereunder may be terminated under the following circumstances: 
 (a) Death. The
Employee’s employment under this Agreement shall terminate upon his death during the term of this Agreement, in which event the Employee’s estate shall be entitled to receive the compensation due the Employee through the last day of the
calendar month in which his death occurred. 
 (b) Disability. The Bank may terminate the Employee’s employment after having
established the Employee’s Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity which impairs the Employee’s ability to substantially perform his duties under this Agreement and which
results in the Employee becoming eligible for long-term disability benefits under the Bank’s long-term disability plan (or, if the Bank has no such plan in effect, which impairs the Employee’s ability to substantially perform his duties
under this Agreement for a period of one hundred eighty (180) consecutive days). The Employee shall be entitled to the compensation and benefits provided for under this Agreement for (i) any period during the term of this Agreement and
prior to the establishment of the Employee’s Disability during which the Employee is unable to work due to the physical or mental infirmity, or (ii) any period of Disability which is prior to the the Employee’s termination of
employment pursuant to this Section 9(b). 
 (c) Just Cause. The Board may, by written notice to the Employee, immediately
terminate his employment at any time, for Just Cause. The Employee shall have no right to receive compensation or other benefits for any period after termination for Just Cause. Termination for “Just Cause” shall mean termination because
of, in the good faith determination of the Board, the Employee’s personal dishonesty, incompetence, willful misconduct, breach of 

  

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fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. No act, or failure to act, on the Employee’s part shall be considered “willful” unless he has acted, or failed to
act, with an absence of good faith and without a reasonable belief that his action or failure to act was in the best interest of the Bank. Notwithstanding the foregoing, (i) the Employee shall not be deemed to have been terminated for Just
Cause unless there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for that purpose
(after reasonable notice to the Employee and an opportunity for the Employee to be heard before the Board), finding that in the good faith opinion of the Board the Employee was guilty of conduct set forth above in the third sentence of this
Subsection (c) and specifying the particulars thereof in detail. 
 (d) Without Just Cause. Subject to Section 11 hereof,
the Board may, by written notice to the Employee, immediately terminate his employment at any time for a reason other than Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits: (i) the
salary provided pursuant to Section 2 hereof, up to the date of termination of the term (including any renewal term) of this Agreement (the “Expiration Date”), plus said salary for an additional 12-month period, but in no event in
excess of 24 months salary and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate in through the Expiration Date based upon the benefit levels
substantially equal to those that the Bank provided for the Employee at the date of termination of employment. Said sum shall be paid in one lump sum within ten (10) days of such termination. 
 (e) Termination or Suspension Under Federal Law. (1) If the Employee is removed and/or permanently prohibited from participating in the
conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. §1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall
terminate, as of the effective date of the order, but vested rights of the parties shall not be affected. 
 (2) If the Bank
is in default (as defined in Section 3(x)(l) of FDIA), all obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. 
 (3) All obligations under this Agreement shall terminate, except to the extent that continuation of this Agreement is necessary for the
continued operation of the Bank: (i) by the Commissioner of Banks of the Commonwealth of Massachusetts (the “Commissioner”) or his or her designee, at the time that the Federal Deposit Insurance Corporation (“FDIC”) enters
into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (ii) by the Commissioner, or his or her designee, at the time that the Commissioner, or his or her designee
approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Commissioner to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. 

 

 4 

 (4) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C.
§1818(e)(3) or (g)(l)) suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless
stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in
part) any of its obligations which were suspended. 
 (f) Voluntary Termination by Employee. Subject to Section 11 hereof, the
Employee may voluntarily terminate employment with the Bank during the term of this Agreement, upon at least 60 days’ prior written notice to the Board of Directors, in which case the Employee shall receive only his compensation, vested rights
and employee benefits up to the date of his termination. 
 10. No Mitigation. The Employee shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment.

 11. Change in Control. 
 (a) Notwithstanding any provision herein to the contrary, if the Employee’s employment under this Agreement is terminated by the Bank, without the Employee’s prior written consent and for a reason other than Just Cause, in
connection with or within twelve (12) months after any change in control of the Bank, the Employee shall be paid an amount equal to two times (2x) the “Base Compensation” amount specified in Section 2 of this Agreement, as
may have been adjusted by the Board of Directors in its annual review of this Agreement, or otherwise. Said sum shall be paid in one lump sum within ten (10) days of such termination. Notwithstanding anything contained in this Section 11
herein to the contrary, in no event shall payments and benefits made pursuant to this Section 11 be made which would result in such payments being classified as an “excess parachute payment” as such term is defined under
Section 280G of the Code. In the event that such payments and benefits, if made, would be considered as an “excess parachute payment”, such payments shall be reduced by such dollar amount as is required so that the total value of such
payments and benefits when made shall not be considered as an “excess parachute payment.” 
 The term “change in control”
shall mean the first to occur of any of the following: 
 1. Merger: The Company or the Bank merges into or consolidates with another
corporation, or merges another corporation into the Company or the Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were
stockholders of the Company immediately before the merger or consolidation. 
 2. Acquisition of Significant Share Ownership: There is
filed or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) 

  

 5 

 
required under Sections 13(d) or 14(d) of the Securities Exchange act of 1934, if the schedule disclosed that the filing person or persons acting in concert
has or have become the beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which
the Company directly or indirectly beneficially owns 50% or ore of its outstanding voting securities. 
 3. Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for
any reasons to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (3), each director who is first elected by the board (or first nominated by the board for
election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning
of the two-year period shall be deemed to have also been a director at the beginning of such period; or 
 4. Sale of Assets:
The Company or the Bank sells to a third party all or substantially all of its assets. 
 Notwithstanding anything in this Section 11 to
the contrary, a “Change in Control” for purposes of this Agreement shall not include any corporate restructuring transaction by the Bank, including, but not limited to, reorganization into a holding company structure, provided that the
Board of Directors of the Bank immediately preceding such transaction constitutes at least a majority of the Board of Directors of the Bank after such transaction. 
 (b) Notwithstanding any other provision of this Agreement to the contrary, the Employee may voluntarily terminate his employment under this Agreement within twelve (12) months following a change in control of the
Bank, and the Employee shall thereupon be entitled to receive the payment described in Section 11(a) of this Agreement, upon the occurrence of an event constituting Good Reason. For purposes of this Agreement, “Good Reason” shall mean
the occurrence of any of the following events without the Employee’s consent: 
 (1) The assignment to the Employee of
duties that constitute a material diminution of his authority, duties, or responsibilities (including reporting requirements); 
 (2) A material diminution in the Employee’s Base Salary; 
 (3) Relocation of the Employee to a location outside
a radius of 35 miles of the Bank’s Middleboro, Massachusetts office; 
 (4) Any other action or inaction by the Bank that
constitutes a material breach of this Agreement; or 
 (5) A failure to elect or re-elect the Employee to the Board of
Directors of the Bank, if the Employee is serving on the Board of Directors of the Bank at the time of the change in control; 
  

 6 

 provided, that within ninety (90) days after the initial existence of such event, the Bank shall be
given notice and an opportunity, not less than thirty (30) days, to effectuate a cure for such asserted “Good Reason” by the Employee. The Employee’s resignation hereunder for Good Reason shall not occur later than one hundred
fifty (150) days following the initial date on which the event the Employee claims constitutes Good Reason occurred. 
 (c) Any payments
made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and any regulations promulgated thereunder. 
 (d) Notwithstanding any other provision of this Agreement to the contrary, the Employee may voluntarily terminate his employment for any reason within
the 30-day period beginning on the date of a change in control as defined in Section 11(a) of this Agreement, and the Employee shall thereupon be entitled to receive the payment described in Section 11(a) of this Agreement. 
 (e) In the event that any dispute arises between the Employee and the Bank as to the terms or interpretation of this Agreement, including this
Section 11, whether instituted by formal legal proceedings or otherwise, including any action that the Employee takes to enforce the terms of this Section 11 or to defend against any action taken by the Bank, the Employee shall be
reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee shall obtain a final judgment by a court of competent jurisdiction in favor of the
Employee. Such reimbursement shall be paid within ten (10) days of Employee’s furnishing to the Bank written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the
Employee. 
 12. Successors and Assigns. 
 (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or
substantially all of the assets or stock of the Bank. 
 (b) Since the Bank is contracting for the unique and personal skills of the
Employee, the Employee shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Bank. 
 13. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
 14. Applicable Law. Except to the extent preempted by Federal law, the laws of the Commonwealth of Massachusetts shall govern this Agreement in
all respects, whether as to its validity, construction, capacity, performance or otherwise. 
  

 7 

 15. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 16. Entire
Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto. 
 17. Source of Payments. All payments provided for under this Agreement shall be timely paid from the general funds of the Bank. The Company,
however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to the Employee and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be
paid or provided by the Company. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment or benefit. 
 18. Section 409A of the Code. 
 (a) Except with respect to Sections 11(b)(5) and 11(d) of this Agreement is intended to comply with the requirements of Section 409A of the Code, and specifically, with the “short-term deferral exception” under Treasury
Regulation Section 1.409A-1(b)(4) and the “separation pay exception” under Treasury Regulation Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any
payment or benefit hereunder cannot be provided or made at the time specified herein without incurring sanctions on the Employee under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time
thereafter when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the
meaning of such term under Section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated as a right to a
series of separate payments, and if a payment is not made by the designated payment date under this Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment
provided for hereunder would be subject to additional tax under Section 409A of the Code, or would cause the administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed
null and void to the extent permitted by applicable law, and any such amount shall be payable in accordance with (b) below. In no event shall the Employee, directly or indirectly, designate the calendar year of payment. 
 (b) If when separation from service occurs the Employee is a “specified employee” within the meaning of Section 409A of the Code, and if
the cash severance payment under Section 9(d) or 11(a) would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the
Code is not available (i.e., the “short-term deferral exception” under Treasury Regulations Section 1.409A-1(b)(4) or the “separation pay exception” under Treasury Section 1.409A-1(b)(9)(iii)), including payments
pursuant to Sections 11(b)(5) and 11(d), the 

  

 8 

 
Bank will make the severance payment under Section 9(d) or 11(a) to the Employee in a single lump sum without interest on the first payroll date that
occurs after the date that is six (6) months after the date on which the Employee separates from service. 
 (c) If (x) under the
terms of the applicable policy or policies for the insurance or other benefits specified in Section 9(d) it is not possible to continue coverage for the Employee and his dependents, or (y) when a separation from service occurs the Employee
is a “specified employee” within the meaning of Section 409A of the Code, and if any of the continued insurance coverage or other benefits specified in Section 9(d) would be considered deferred compensation under
Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance or other benefit, the Bank shall pay to the Employee in a
single lump sum an amount in cash equal to the present value of the Bank’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Employee’s employment not
terminated, assuming continued coverage through the Expiration Date. The lump-sum payment shall be made thirty (30) days after employment termination or, if Section 18(b) applies, on the first payroll date that occurs after the date that
is six (6) months after the date on which the Employee separates from service. 
 (d) References in this Agreement to Section 409A
of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Section 409A of the Code. 
  

 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove
written. 
  

									
	WITNESS:	 		 	Mayflower Co-Operative Bank
				
	 /s/ Jean M. Michael
	 		 	By	 	 /s/ Edward M. Pratt

		 		 		 	On Behalf of the Board of Directors
			
	ATTEST:	 		 	Mayflower Bancorp, Inc. 
				
	 /s/ Maria Vafiades
	 		 	By	 	 /s/ Edward M. Pratt

	Corporate Secretary	 		 		 	On Behalf of the Board of Directors
				
	WITNESS:	 		 		 	
				
	 /s/ Jean M. Michael
	 		 	By	 	 /s/ John J. Biggio

		 		 		 		 	John J. Biggio
		 		 		 		 	Vice President and Senior Loan Officer

  

 10

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