Document:

Description of Securities

 Exhibit 4.4 

DESCRIPTION OF SECURITIES 

As of the date of this Annual Report on Form 10-K, Investcorp Credit Management BDC, Inc.
(“we,” “our” or the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): its common stock, par value $0.001 per share
(“common stock”).ng descriptions of the Company’s common stock and the Notes are based on, as applicable, the relevant portions of the Maryland General Corporation Law, the Company’s Articles of Amendment and Restatement (the
“charter”), and its Bylaws (the “bylaws”). This summary is a description of the material terms of, and is qualified in its entirety by, the charter, the bylaws and the indenture, each of which is incorporated by reference as an
exhibit to this Annual Report on Form 10-K. As a result, this summary may not contain all of the information that is important to you. We refer you to the Maryland General Corporation Law, our charter, bylaws
and the indenture for a more detailed description of the provisions summarized below. 
 Capitalized terms used but not defined
herein have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is an exhibit. 

Description of Our Capital Stock 

Our authorized stock consists of 100,000,000 shares of stock, par value $0.001 per share, all of which are initially designated as common
stock. Our common stock is listed on The NASDAQ Global Select Market under the ticker symbol “ICMB.” There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity
compensation plans. Our fiscal year-end is June 30th. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations. As of June 30, 2022, we had 14,385,810
shares of our common stock issued and outstanding, and no shares of our preferred stock outstanding. 
 Under our charter, our board of
directors is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock without obtaining stockholder approval. As permitted by the Maryland General Corporation Law, our charter provides that the board
of directors, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

 Common Stock 
 All shares of our
common stock have equal rights as to earnings, assets, voting, and distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as
and when authorized by our board of directors and declared by us out of assets legally available therefor. Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is
restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for
distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all
matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative
voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director. 

  
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 Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses 

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final
judgment and which is material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.

 Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify
any present or former director or officer or any individual who, while a director and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other
enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her status as a present or former director or officer and to
pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former
director or officer or any individual who, while a director and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director,
officer, partner or trustee and who is made a party to the proceeding by reason of his service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her
status as a present or former director or officer and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a
predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person
would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. 

Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who
has been successful in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others,
against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established
that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or
officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under
Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court
orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or
officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed
by the corporation if it is ultimately determined that the standard of conduct was not met. 
 Our insurance policy does not currently
provide coverage for claims, liabilities and expenses that may arise out of activities that our present or former directors or officers have performed for another entity at our request. There is no assurance that such entities will in fact carry
such insurance. However, we note that we do not expect to request our present or former directors or officers to serve another entity as a director, officer, partner or trustee unless we can obtain insurance providing coverage for such persons for
any claims, liabilities or expenses that may arise out of their activities while serving in such capacities. 

  
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 Certain Provisions of the Maryland General Corporation Law and Our Charter and Bylaws 

The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquirer
to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate
first with our board of directors. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their
terms. 
 Classified Board of Directors 

Our board of directors is divided into three classes of directors serving staggered three-year terms, as nearly equal in size as is possible. A
classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity
and stability of our management and policies. 
 Election of Directors 

Our charter and bylaws provide that the affirmative vote of the holders of a plurality of the outstanding shares of stock entitled to vote in
the election of directors cast at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director. Pursuant to our charter, our board of directors may amend the bylaws to alter the vote required to elect
directors. 
 Number of Directors; Vacancies; Removal 

Our charter provides that the number of directors will be set only by the board of directors in accordance with our bylaws. Our bylaws provide
that a majority of our entire board of directors may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than one nor more than nine. We have elected to be
subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the board of directors. Accordingly, except as may be provided by the board of directors in setting the terms
of any class or series of preferred stock, any and all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and
any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act. 

Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at
least two-thirds of the votes entitled to be cast in the election of directors. 
 Action by Stockholders

 Under the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders
or (unless the charter provides for stockholder action by less than unanimous written consent, which our charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding
the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. 

  
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 Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals 

Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the board of directors and
the proposal of business to be considered by stockholders may be made only (a) pursuant to our notice of the meeting, (b) by the board of directors or (c) by a stockholder who is entitled to vote at the meeting and who has complied
with the advance notice procedures of our bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the board of
directors at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the board of directors or (3) provided that the board of directors has determined that directors will be elected at the meeting, by a
stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws. The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our board of
directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our board of directors, to inform stockholders and
make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our board of directors any power to disapprove stockholder
nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed
and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or
beneficial to us and our stockholders. 
 Calling of Special Meetings of Stockholders 

Our bylaws provide that special meetings of stockholders may be called by our board of directors and certain of our officers. Additionally, our
bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written
request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting. 
 Approval of Extraordinary
Corporate Action; Amendment of Charter and Bylaws 
 Under Maryland law, a Maryland corporation generally cannot dissolve, amend its
charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the
votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our
charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an
open-end company and any proposal for our liquidation or dissolution requires the approval of the stockholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such
amendment or proposal is approved by a majority of our continuing directors (in addition to approval by our board of directors), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. In either
event, in accordance with the requirements of the 1940 Act, any such amendment or proposal that would have the effect of changing the nature of our business so as to cause us to cease to be, or to withdraw our election as, a business development
company would be required to be approved by a majority of our outstanding voting securities, as defined under the 1940 Act. The “continuing directors” are defined in our charter as (a) our current directors, (b) those directors
whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the board of directors or (c) any successor directors whose nomination for
election by the 

  
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stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office. 

Our charter and bylaws provide that the board of directors have the exclusive power to make, alter, amend or repeal any provision of our
bylaws. 
 No Appraisal Rights 

Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the Maryland General
Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the board of directors shall determine such rights apply. 

Control Share Acquisitions 
 The
Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of
the votes entitled to be cast on the matter, or the Control Share Act. Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting
shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle
the acquirer to exercise voting power in electing directors within one of the following ranges of voting power: 
  

	 	•	 	 one-tenth or more but less than
one-third; 

  

	 	•	 	 one-third or more but less than a majority; or 

 

	 	•	 	 a majority or more of all voting power. 

The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above.
Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

 A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a
special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to
pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting. 

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the
statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and
limitations, including, as provided in our bylaws, compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or
of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares
entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share
acquisition. 
 The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the
corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws 

  
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of the corporation. Our bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such
provision will not be amended or eliminated at any time in the future. However, we will amend our bylaws to be subject to the Control Share Act only if the board of directors determines that it would be in our best interests, including in light of
the board of directors’ fiduciary obligations, applicable federal and state laws, and the particular facts and circumstances surrounding the board of directors’ decision. 

Business Combinations 
 Under
Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder
becomes an interested stockholder, or the Business Combination Act. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of
equity securities. An interested stockholder is defined as: 
  

	 	•	 	 any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting
stock; or 

  

	 	•	 	 an affiliate or associate of the corporation who, at any time within the
two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of then outstanding voting stock of the corporation. 

A person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which the
stockholder otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions
determined by the board. 
 After the five-year prohibition, any business combination between the Maryland corporation and an interested
stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: 
  

	 	•	 	 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

  

	 	•	 	 two-thirds of the votes entitled to be cast by holders of voting stock of
the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. 

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under
Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. 

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before
the time that the interested stockholder becomes an interested stockholder. Our board of directors has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination
Act, provided that the business combination is first approved by the board of directors, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part
at any time; however, our board of directors will adopt resolutions so as to make us subject to the provisions of the Business Combination Act only if the board of directors determines that it would be in our best interests and if the SEC staff does
not object to our determination that our being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the board of directors does not otherwise approve a business combination, the statute may
discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. 

  
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 Conflict with 1940 Act 

Our bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Act (if
we amend our bylaws to be subject to such Act) and the Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control. 

 

  
 7EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made effective as of March 1, 2019 (the “Effective
Date”), by and between Federal Savings Bank, a federally-chartered savings bank (the “Bank”), and Timothy F. Dargan (the “Executive”). The Bank and the Executive are sometimes collectively
referred to herein as the “parties.” Any reference to the “Company” shall mean First Seacoast Bancorp, the proposed federal mid-tier holding company of the Bank, which is in
formation. The Company is a signatory to this Agreement solely as provided for in Section 12 of this Agreement. 
 WITNESSETH

 WHEREAS, the Executive is currently employed as Senior Vice President and Senior Commercial Loan Officer of the Bank; and 

WHEREAS, the Bank desires to assure itself of the continued availability of the Executive’s services as provided for in this
Agreement; and 
 WHEREAS, the Executive is willing to serve the Bank on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the
parties hereby agree as follows: 
  

	1.	 POSITION AND RESPONSIBILITIES. 

During the term of this Agreement, the Executive shall serve as Senior Vice President and Senior Commercial Loan Officer of the Bank. As Senior
Vice President and Senior Commercial Loan Officer of the Bank, the Executive shall be responsible for the overall management of the Bank’s commercial lending and commercial business development functions, and shall be responsible for
establishing the commercial lending and business development objectives, policies and strategic plan of the Bank, in conjunction with the President and Chief Executive Officer. The Executive also shall be responsible for providing leadership and
direction to departments or divisions of the Bank and shall support the executive leadership function of the organization. The Executive also agrees to serve, if elected or appointed, as an officer and/or director of any affiliate of the
Bank. 
  

	2.	 TERM AND DUTIES. 

(a) Two-Year Term; Annual Renewal. The term of this Agreement shall commence as of the Effective
Date and shall continue thereafter for a period of two (2) years. Commencing on the first anniversary of the Effective Date (the “Anniversary Date”) and continuing on each Anniversary Date thereafter, the term of this Agreement
shall renew for an additional year so that the remaining term of this Agreement again becomes two (2) years; provided, however, that in order for the term of this Agreement to renew, the disinterested members of the Board of Directors must take
the following actions within the following time frames prior to each Anniversary Date: (i) at least thirty (30) days prior to the Anniversary Date, conduct or review a comprehensive 

 
performance evaluation of the Executive for purposes of determining whether to extend the term of this Agreement; and (ii) affirmatively approve the renewal or
non-renewal of the term of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is to
not renew the term of this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal
Notice”) prior to the applicable Anniversary Date and the term of this Agreement shall terminate at the end of twelve (12) months following that Anniversary Date (i.e., at the end of the then current term of this Agreement). The
failure of the disinterested members of the Board of Directors to take the actions set forth herein before any Anniversary Date will result in the automatic non-renewal of this Agreement, even if the Board of
Directors fails to affirmatively issue the Non-Renewal Notice to the Executive. Notwithstanding the foregoing, in the event the Company or the Bank has entered into an agreement to effect a transaction which
would be considered a Change in Control, as defined below, then the term of this Agreement shall be extended automatically and shall end twenty-four (24) months following the date on which the Change in Control occurs. 

(b) Termination of Employment. Notwithstanding anything contained in this Agreement to the contrary, either the Executive or the Bank
may terminate the Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement. The Executive may voluntarily terminate employment with the Bank during the term of
this Agreement other than for Good Reason upon at least sixty (60) days written notice to the Bank. Upon the Executive’s voluntary termination without Good Reason, the Executive shall have no right to receive any compensation or benefits
under this Agreement, other than benefits that have vested prior to the date of termination. 
 (c) Continued Employment Following
Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of the Executive’s employment following the expiration of the term of this Agreement, upon terms and conditions as the Bank and the Executive may
mutually agree. 
 (d) Duties; Membership on Other Boards of Directors. During the term of this Agreement, except for periods of
absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence taken in accordance with the policies of the Bank, the Executive shall devote substantially all of his business time, attention, skill, and efforts to the
faithful performance of his duties hereunder, including activities and services related to the organization, operation and management of the Bank; provided, however, that the Executive may serve, or continue to serve, on the boards of directors of,
and hold any other offices or positions in, businesses or civic organizations, which will not present any conflict of interest with the Bank, or materially affect the performance of the Executive’s duties with the Bank. The Executive shall
provide the Board of Directors annually with a list of organizations for which the Executive acts as a director or officer. 

  
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	3.	 COMPENSATION, BENEFITS, AND EXPENSE REIMBURSEMENT. 

(a) Base Salary. In consideration of the Executive’s performance of the duties set forth in Section 2, the Bank shall provide
the Executive the compensation specified in this Agreement. The Bank shall pay the Executive a salary of $172,000 per year (“Base Salary”). The Base Salary shall be payable biweekly, or with such other frequency as officers of the
Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed at least annually by the Board of Directors or by a committee designated by the Board of Directors, and the Bank may increase, but not decrease (except for
a decrease that is generally applicable to all senior management employees) the Executive’s Base Salary. Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement. 

(b) Bonus Compensation. The Executive will be eligible for an annual performance-based bonus based on the criteria determined by the
Board of Directors and communicated to the Executive in writing. Additionally, the Executive will be eligible for a discretionary bonus in the sole discretion of the Board of Directors or the appropriate committee of the Board of Directors. The
Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which the Executive is eligible to participate. Nothing paid to the Executive under any such plan
or arrangement will be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement or otherwise. 

(c) Employee Benefits. The Bank shall provide the Executive with benefits under employee benefit plans, arrangements and perquisites
substantially equivalent to those in which the Executive was participating or from which he was deriving a benefit immediately prior to the Effective Date, and the Bank shall not, without the Executive’s prior written consent, make any changes
in those plans, arrangements or perquisites that would adversely affect the Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees or are otherwise consistent with the terms of the
applicable plans and arrangements. Without limiting the generality of the foregoing provisions of this Section 3(c), the Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not
limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other
employee benefit plan or arrangement made available by the Bank and/or the Company in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration
of those plans and arrangements. 
 (d) Paid Time Off. Executive shall be entitled to paid vacation time each year during the term of
this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for senior
executives. Any unused paid time off during an annual period shall be treated in accordance with the Bank’s personnel policies as in effect from time to time. 

(e) Expense Reimbursements. The Bank shall also pay or reimburse the Executive for all reasonable travel, entertainment and other
reasonable expenses incurred by the Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in clubs and organizations as the Executive and the Board of Directors shall
mutually agree are necessary and appropriate in connection with the performance of his duties, upon presentation to the Bank of an itemized account of the expenses in the form as the Bank may reasonably require, provided that the payment or
reimbursement shall be made as soon as practicable and in accordance with the Bank’s policies and procedures, but in no event later than March 15 of the year following the year in which the right to the payment or reimbursement occurred.

  
 3 

	4.	 PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

(a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4
shall apply; provided, however, that in the event an Event of Termination occurs in connection with a Change in Control (as provided for in Section 5), Section 5 shall apply with respect to the determination of severance benefits. As used
in this Agreement, an “Event of Termination’’ shall mean and include any one or more of the following: 
 (i)
the involuntary termination of the Executive’s employment by the Bank for any reason other than termination governed by Section 6 (due to Disability or death), Section 7 (due to Retirement), or Section 8 (for Cause), provided
that the termination of employment constitutes a “Separation from Service” (as defined in Section 4(d)); or 

(ii) the Executive’s resignation from the Bank’s employ upon any of the following (unless the condition has been
previously consented to by the Executive): 
 (A) the failure to appoint the Executive to the position(s) set forth in
Section 1 or a material change in the Executive’s function, duties, or responsibilities, which would cause the Executive’s position(s) to become of lesser responsibility, importance, or scope from the position(s) and responsibilities,
importance or scope described in Section 1 (and any material change shall be deemed a continuing breach of this Agreement by the Bank), unless the Executive has agreed to the change in writing; 

(B) a relocation of the Executive’s principal place of employment to a location that is more than fifty (50) miles
from the location of the Bank’s principal executive offices as of the Effective Date; 
 (C) a material reduction in the
benefits and perquisites, including Base Salary, provided to the Executive from those being provided as of the Effective Date (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or
employees of the Bank); 
 (D) a liquidation or dissolution of the Bank; or 

(E) a material breach of this Agreement by the Bank. 

Upon the occurrence of any event described in this clause (ii), the Executive shall have the right to elect to terminate his employment by resignation for
“Good Reason” upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect occurs. In such a case, the
termination of employment by the Executive shall constitute an Event of Termination; provided, however, the Bank shall have thirty (30) days to cure the condition giving rise to the right of the Executive to terminate employment (although the
Bank may elect to waive said thirty (30) day period). For the avoidance of doubt, the non-renewal of this Agreement under Section 2(a), without the occurrence of one of the events set forth in this
clause (ii), prior to the end of the term of this Agreement, shall not be considered an event that would permit the Executive to resign for Good Reason and receive a severance payment pursuant to the terms of this Agreement. 

  
 4 

 (b) Upon the occurrence of an Event of Termination, the Bank shall pay the Executive, or, in
the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the Base Salary and bonuses to which the Executive would have been entitled for the lesser of
(i) twelve (12) months or (ii) the remaining unexpired term of the Agreement. For purposes of determining the bonus(es) payable that would have been payable hereunder, the bonus(es) will be deemed to be equal to the average annual bonus
paid over the prior three years. The payment shall be made in a lump sum on or before the 30th day following the Executive’s termination of employment, unless the payment is due in connection
with a termination program involving more than one employee, in which case the payment shall be due within no more than the 60th day following the Executive’s termination of employment,
provided the Executive executes and does not revoke the Release (as described below). The payment of severance will not be reduced in the event the Executive obtains other employment following his termination of employment. Notwithstanding the
foregoing, the Executive shall not be entitled to any payment or benefits under this Section 4 unless and until the Executive executes a general release of his claims against the Bank, the Company and any affiliate, and their officers,
directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination in
Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which the Executive is vested, claims for benefits required by applicable law or claims with respect to
obligations set forth in this Agreement that survive the termination of this Agreement (the “Release”), with any such Release to be in a form prepared or approved by the Bank. 

(c) Upon the occurrence of an Event of Termination, the Bank shall provide, at the Bank’s expense, until the earlier of for the lesser of
(i) the remaining unexpired term of the Agreement or (ii) the time at which the Executive receives coverage under another employer’s plan, nontaxable medical and dental coverage substantially comparable and in accordance with its
customary co-pay percentages, as reasonably available, to the coverage maintained by the Bank for the Executive and his dependents prior to the Event of Termination, except to the extent the coverage may be
changed in its application to all Bank employees and then the coverage provided to the Executive and his dependents shall be commensurate with the changed coverage. Notwithstanding the foregoing, if applicable law prohibits (including, but not
limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health or life insurance plans, or if providing the benefits would
subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the remaining value) of the non-taxable medical and dental
benefits, with the payment made in a lump sum on or before the 30th day following the Executive’s termination of employment, unless the payment is due in connection with a termination program
involving more than one employee, in which case the payment shall be due within no more than the 60th day following the Executive’s termination of employment, or if later, the date on which
the Bank determines that the insurance coverage (or the remainder of the insurance coverage) cannot be provided for the foregoing reasons, provided the Executive executes and does not revoke the Release. If providing a lump sum cash payment would
result in a violation of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then the cash payment(s) shall be made to the Executive at the time the premiums would otherwise have been paid. 

  
 5 

 (d) For purposes of this Agreement, a “Separation from Service” shall have
occurred if the Bank and the Executive reasonably anticipate that either no further services will be performed by the Executive after the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of
further services performed will not exceed 49% of the average level of bona fide services in the thirty-six (36) months immediately preceding the Event of Termination. For all purposes hereunder, the
definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). If the Executive is a “Specified Employee,” as defined in Code
Section 409A, and any payment to be made under sub-paragraph (b) or (c) of this Section 4 is determined to be subject to Code Section 409A without any exception, then, if required by Code
Section 409A, the payment or a portion of the payment (to the minimum extent possible) shall be delayed and paid on the first day of the seventh (7th) month following the Executive’s
Separation from Service. 
  

	5.	 CHANGE IN CONTROL. 

(a) Any payments made to the Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to the Executive
pursuant to Section 4 of this Agreement, such that the Executive shall either receive payments pursuant to Section 4 or pursuant to Section 5, but not pursuant to both provisions. 

(b) For purposes of this Agreement, the term “Change in Control” shall mean: 

 

	 	(1)	 Merger: The Company or the Bank merges into or consolidates with another entity, or merges another Bank
or corporation into the Bank or the Company, 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 or the
Bank immediately before the merger or consolidation; 

  

	 	(2)	 Acquisition of Significant Share Ownership: A person or persons acting in concert has or have become the
beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a
fiduciary capacity by an entity of which the Company or the Bank directly or indirectly beneficially owns 50% or more 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 reason 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 (c), each director who is first elected (or first nominated by the board of directors 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 the period; or 

  
 6 

	 	(4)	 Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets.

 Notwithstanding anything herein to the contrary, a Change in Control shall not be deemed to have occurred in connection with the
Bank’s mutual holding company reorganization and/or minority stock offering. Additionally, a Change in Control shall not be deemed to have occurred in the event of a second-step conversion of the First Seacoast Bancorp, MHC to a stock holding
company with a contemporaneous stock offering. 
 (c) Upon the occurrence of a Change in Control followed by an Event of Termination (as
defined in Section 4) during the term of this Agreement, the Executive shall receive as severance pay or liquidated damages, or both, from the Bank (or its successor) an amount equal to two (2) times his “base amount,” as that
term is defined for purposes of Code Section 280G. The payment shall be made in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Code Section 409A) and shall not be reduced in the
event the Executive obtains other employment following the Event of Termination. 
 (d) Upon the occurrence of a Change in Control followed
by an Event of Termination (as defined in Section 4), during the Term, the Bank (or its successor) shall provide solely at the Bank’s (or its successor’s) expense, nontaxable medical and dental coverage and life insurance coverage
substantially comparable, as reasonably available, to the coverage maintained by the Bank for the Executive and his dependents prior to his termination, except to the extent the coverage may be changed in its application to all Bank employees and
then the coverage provided to the Executive and his dependents shall be commensurate with the changed coverage. The continued coverage shall cease twenty-four (24) months following the termination of the Executive’s employment.
Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the
applicable health, dental or life insurance plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the remaining
value) of the non-taxable medical and dental benefits or life insurance coverage, with the payment to be made by lump sum within ten (10) business days of the date of termination, or if later, the date on
which the Bank determines that the insurance coverage (or the remainder of the insurance coverage) cannot be provided for the foregoing reasons. If providing a lump sum cash payment would result in a violation of Code Section 409A, then
the cash payment(s) shall be made to the Executive at the time the premiums would otherwise have been paid by the Bank. 

  
 7 

	6.	 TERMINATION DUE TO DISABILITY OR DEATH. 

(a) Termination of the Executive’s employment due to “Disability” shall be construed to comply with Code Section 409A and
shall be deemed to have occurred if: (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a
continuous period of not less than twelve (12) months, and as a result, the Executive is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank
or the Company; or (ii) the Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive’s employment due to
Disability. Upon the determination that the Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. 

(b) The Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its
employees and/or executive officers, subject to the terms and conditions of the plan and the approval of the claim by the applicable insurance carrier. To the extent the benefits are less than the Base Salary, the Bank shall pay the Executive an
amount equal to the difference between the disability plan benefits and the amount of the Base Salary for the longer of one (1) year following the termination of his employment due to Disability or the remaining term of this Agreement, and the
amounts will be payable in accordance with the regular payroll practices of the Bank. 
 (c) The Bank shall cause to be continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for the Executive and the Executive’s dependents prior to the termination of his
employment due to Disability (in accordance with its customary co-pay percentages), except to the extent the coverage may be changed in its application to all Bank employees or not available on an individual
basis to an employee terminated due to Disability. This coverage shall cease upon the earlier of (i) the date the Executive returns to the full-time employment with the Bank or another employer or (ii) twelve (12) months from the date of
termination of the Executive’s employment due to Disability. Nothing herein shall be construed to prevent the Executive from continuing the coverage for the remainder of any applicable COBRA period solely at his own expense. If participation by
the Executive is not permitted under the terms of an applicable plan (i.e., such as a group life insurance plan), the Bank shall provide the Executive with reimbursement (payable on a monthly basis) of premiums paid by the Executive to obtain
similar benefits for the period specified above; provided, however, that the reimbursement shall not exceed the cost of the monthly premiums for active employees. 

(d) In the event of Executive’s death during the term of this Agreement, his spouse (or, if he is not married at the time of his death,
his estate, legal representatives or named beneficiaries) shall be paid the Base Salary at the rate in effect at the time of the Executive’s death in accordance with the regular payroll practices of the Bank for a period of six (6) months
from the date of death. The payments are in addition to any life insurance benefits that Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of the Executive, including,
but not limited to, the Bank’s tax-qualified retirement plans. In addition, the Bank shall continue to provide for twelve (12) months after the Executive’s death
non-taxable medical, dental and other insurance benefits substantially comparable to the coverage maintained by the Bank for the Executive’s dependents prior to his death (in accordance with the customary
co-pay percentages). Nothing herein shall be construed to prevent the Executive’s eligible dependents from continuing the coverage for the remainder of any applicable COBRA period at their own expense.

  
 8 

	7.	 TERMINATION DUE TO RETIREMENT. 

Termination of the Executive’s employment due to “Retirement” shall mean termination of the Executive’s employment at any
time after the Executive reaches age 65 or in accordance with any retirement policy established by the Board of Directors with the Executive’s consent as it applies to him. Upon termination of the Executive due to Retirement, no amounts or
benefits shall be due the Executive under Section 4, but the Executive shall be entitled to all benefits under any retirement plan of the Bank and any other applicable plans or arrangements to which the Executive is a party or a participant.
The Executive shall not be deemed to have terminated his employment due to Retirement in the event his employment is terminated pursuant to Section 5. 
  

	8.	 TERMINATION FOR CAUSE. 

(a) The Bank may terminate the Executive’s employment at any time, but any termination other than termination for “Cause,” as
defined herein, shall not prejudice the Executive’s right to compensation or other benefits under this Agreement. The Executive shall have no right to receive compensation or other benefits for any period after a termination for
“Cause.” “Cause” as used herein, shall exist when there has been a good faith determination by the Board of Directors that there shall have occurred one or more of the following events with respect to the Executive: 

 

	 	(1)	 personal dishonesty in the Executive’s performance of his duties on behalf of the Bank;

  

	 	(2)	 incompetence in the Executive’s performance of his duties on behalf of the Bank; 

 

	 	(3)	 willful misconduct that in the judgment of the Board of Directors will likely cause economic damage to the Bank
or injury to the business reputation of the Bank or its affiliates; 

  

	 	(4)	 breach of fiduciary duty involving personal profit; 

 

	 	(5)	 material breach of the Bank’s Code of Ethics or similar employment policies; 

 

	 	(6)	 intentional failure to perform stated duties under this Agreement after written notice thereof from the Board
of Directors; 

  

	 	(7)	 willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that
reflect adversely on the reputation of the Bank or its affiliates, any felony conviction, any violation of law involving moral turpitude, or any violation of a final
cease-and-desist order; or 

  

	 	(8)	 material breach by the Executive of any provision of this Agreement. 

  
 9 

 Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to
the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for the purpose (after reasonable notice
to the Executive and an opportunity for the Executive to be heard before the Board of Directors), finding that, in the good faith determination of the Board of Directors, the Executive was guilty of conduct described above and specifying the
particulars thereof. Prior to holding a meeting at which the Board of Directors is to make a final determination whether Cause exists, if the Board of Directors determines in good faith at a meeting of the Board of Directors, by not less than a
majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct constituting Cause, the Board of Directors may suspend, with pay, the Executive from his duties hereunder for a reasonable period
of time not to exceed fourteen (14) days pending a subsequent meeting within that time frame at which the Executive shall be given the opportunity to be heard before the Board of Directors. Upon a finding of Cause, the Board of Directors shall
deliver to the Executive a Notice of Termination pursuant to Section 10. 
 (b) For purposes of this Section 8, no act or failure
to act, on the part of the Executive, shall be considered “willful” unless it is committed, or omitted, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of
the Bank. Any act, or failure to act, based upon the direction of the Board of Directors or based upon the advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Bank. 
  

	9.	 RESIGNATION FROM BOARDS OF DIRECTORS. 

In the event of the Executive’s termination of employment due to an Event of Termination or for Cause, the Executive shall have deemed to
have resigned as a director of the Bank, the Company, and any affiliate of the Bank or the Company (as applicable), including the First Seacoast Bancorp, MHC, effective immediately. This Section 9 shall constitute a resignation for all such
purposes and the Executive agrees that the resignation(s) shall take effect immediately upon the termination of employment without any further action necessary on the part of the Executive, the Bank, the Company or any affiliate of the Bank or the
Company. 
  

	10.	 NOTICE. 

(a) Any termination by the Bank for Cause shall be communicated by Notice of Termination to the Executive. If, within thirty (30) days
after any Notice of Termination for Cause is given, the Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration, as provided in Section 20. Notwithstanding the pendency of
any such dispute, the Bank shall discontinue paying the Executive’s compensation and, to the extent permissible by law, discontinue providing any welfare benefits to the Executive or his dependents until the dispute is finally resolved. If it
is determined through arbitration that the Executive is entitled to compensation and benefits under Section 4 or 5, the payment of the compensation and the provision of benefits by the Bank shall commence immediately following the date of
resolution by arbitration, with interest due the Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time). 

  
 10 

 (b) Any other termination by the Bank (i.e., any termination other than one for Cause, which
is governed by Section 10(a)) or by the Executive shall also be communicated by a “Notice of Termination” to the other party. If, within thirty (30) days after any Notice of Termination is given, the party receiving the Notice of
Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 20. Notwithstanding the pendency of any such dispute with respect to a termination
of employment other than in connection with or following a Change in Control, the Bank shall discontinue paying the Executive’s compensation and, to the extent permissible by law, discontinue providing any welfare benefits to the Executive or
his dependents until the dispute is finally resolved. If it is determined through arbitration that the Executive is entitled to compensation and benefits under Section 4, the payment of the compensation and the provision of benefits by the Bank
shall commence immediately following the date of resolution by arbitration, with interest due the Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street Journal from time
to time). With respect to any dispute regarding a termination of employment in connection with or following a Change in Control, the Bank shall continue to pay the Executive his Base Salary, and other compensation and benefits in effect when the
notice giving rise to the dispute was given; provided, however, that the payments and benefits shall not continue beyond the then remaining unexpired term of the Agreement. If it is determined that the Executive is entitled to receive severance
benefits under this Agreement, then any continuation of Base Salary and other compensation and benefits made to the Executive under this Section 10 shall offset the amount of any severance benefits otherwise due to the Executive under this
Agreement. 
 (c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

 

	11.	 POST-TERMINATION OBLIGATIONS. 

(a) One-Year Non-Solicitation. The Executive hereby
covenants and agrees that, for a period of one (1) year following his termination of employment with the Bank, he shall not, without the prior written consent of the Bank, either directly or indirectly (i) solicit, offer employment to, or
take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to
terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their
direct or indirect subsidiaries or affiliates or has headquarters or offices within thirty-five (35) miles of the locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to
establish an office, or (ii) solicit business from any customer of the Bank or their subsidiaries, divert or attempt to divert any business from the Bank or their subsidiaries, or induce, attempt to induce, or assist others in inducing or
attempting to induce any agent, customer or supplier of the Bank or any other person or entity associated or doing business with the Bank (or proposing to become associated or to do business with the Bank) to terminate such person’s or
entity’s relationship with the Bank (or to refrain from becoming associated with or doing business with the Bank) or in any other manner to interfere with the relationship between the Bank and any such person or entity. Notwithstanding the
foregoing, these non-solicitation restrictions shall not apply if the Executive’s employment is terminated in connection with or following a Change in Control. 

  
 11 

 (b) One-Year
Non-Competition. The Executive hereby covenants and agrees that, for a period of one (1) year following his termination of employment with the Bank, he shall not, without the written consent of the
Bank, either directly or indirectly become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than five percent (5%) equity owner or stockholder, partner or trustee of any savings
association, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with
the business of the Bank or its affiliates or has headquarters or offices within thirty-five (35) miles of the locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to establish
an office. Notwithstanding the foregoing, this non-competition restriction shall not apply if the Executive’s employment is terminated in connection with or following a Change in Control. 

(c) The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the
Executive and the Bank with respect to all Confidential Information. At all times, both during the Executive’s employment with the Bank and after its termination (with or without this Agreement being in effect), the Executive will keep in
confidence and trust all Confidential Information, and will not use or disclose any Confidential Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s duties to the
Bank. As used in this Agreement, “Confidential Information” means information belonging to the Bank, the Company or the MHC, which is of value to the Bank, the Company and the MHC in the course of conducting its business and the disclosure
of which could result in a competitive or other disadvantage to the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses
or facilities) which have been discussed or considered by the management of the Bank. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information
to which the Executive may have access in connection with the Executive’s employment. Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing,
Confidential Information does not include information in the public domain not by reason of a breach of this Section 11(c). 
 (d) The
Executive shall, upon reasonable notice, furnish any information and provide assistance to the Bank as may reasonably be required by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become,
a party; provided, however, that the Executive shall not be required to provide information or assistance with respect to any litigation between the Executive and the Bank or any of its subsidiaries or affiliates. 

  
 12 

 (e) All payments and benefits to the Executive under this Agreement shall be subject to the
Executive’s compliance with this Section 11 to the extent permitted by law. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of the Executive’s breach of this
Section 11, agree that, in the event of any such breach by the Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by the Executive and all persons
acting for or with the Executive without the necessity of posting bond. The Executive represents and admits that the Executive’s experience and capabilities are such that the Executive can obtain employment in a business engaged in other lines
and/or of a different nature than the Bank, and that the enforcement of a remedy by way of injunction will not prevent the Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies
available to them for a breach or threatened breach, including the recovery of damages from the Executive. 
 (f) The provisions of this
Section 11 shall survive the termination of this Agreement and/or the expiration of the term of this Agreement. 
  

	12.	 SOURCE OF PAYMENTS. 

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company may accede to
this Agreement but only for the purpose of guaranteeing payment and provision of all amounts and benefits due hereunder to the Executive. 
  

	13.	 EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or
any predecessor of the Bank and the Executive. Notwithstanding the foregoing, this Agreement shall not supersede or alter any non-disclosure agreement with the Bank. This Agreement shall also not affect or
operate to reduce any benefit or compensation inuring to the Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that the Executive is subject to receiving fewer benefits than those available to him
without reference to this Agreement. 
  

	14.	 NO ATTACHMENT; BINDING ON SUCCESSORS. 

(a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect. 
 (b) This Agreement shall be binding upon, and inure to the benefit of, the Executive and the Bank and the Company and their
respective successors and assigns. 
  

	15.	 MODIFICATION AND WAIVER. 

(a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

  
 13 

 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No written waiver shall be deemed a continuing waiver unless specifically stated
therein, and each waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of the term or condition for the future as to any act other than that specifically waived. 

 

	16.	 REQUIRED PROVISIONS. 

(a) The Bank may terminate the Executive’s employment at any time, but any termination by the Board of Directors other than termination
for Cause shall not prejudice the Executive’s right to compensation or other benefits under this Agreement. The Executive shall have no right to receive compensation or other benefits for any period after termination for Cause. 

(b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a
notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, the Bank’s obligations under this contract shall be suspended as of the date of service, unless
stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive 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. 
 (c) If the Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this
Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d)
If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not
affect any vested rights of the contracting parties. 
 (e) All obligations under this Agreement shall be terminated, except to the extent
determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System (collectively, the
“Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit
Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator 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 Regulator
to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

(f) Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Bank or the Company, whether pursuant to
this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

  
 14 

	17.	 SEVERABILITY. 

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, the invalidity shall not affect any other
provision of this Agreement or any part of the provision held invalid by any court or arbitrator, and each other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 

 

	18.	 HEADINGS FOR REFERENCE ONLY. 

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 
  

	19.	 GOVERNING LAW. 

This Agreement shall be governed by the laws of the State of New Hampshire except to the extent superseded by federal law. 

 

	20.	 ARBITRATION. 

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an
alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by the Executive within fifty (50) miles from the main office of the Bank, in
accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect. One arbitrator shall be selected by the Executive, one arbitrator
shall be selected by the Bank and the third arbitrator shall be selected by the arbitrators selected by the parties. If the arbitrators selected by the Executive and the Bank are unable to agree within fifteen (15) days upon a third arbitrator,
the third arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 

 

	21.	 INSURANCE AND INDEMNIFICATION. 

The Executive shall be provided with coverage under a standard directors’ and officers’ liability insurance policy, and shall be indemnified for the
term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding
in which he may be involved by reason of his having been a director or officer of the Bank or any affiliate (whether or not he continues to be a director or officer at the time of incurring the expenses or liabilities), the expenses and liabilities
to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (settlements must be approved by the Board of Directors), provided, however, the Executive shall not be indemnified or
reimbursed for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by the Executive. Any indemnification shall be made consistent with Section 18(k) of the
Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 

  
 15 

	22.	 NOTICE. 

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed
to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 

 

					
		 	To the Bank:	  	 Chairman of the Board
 Federal Savings Bank

633 Central Avenue
 Dover, NH 03820

			
		 	To the Executive:	  	 Timothy F. Dargan
 At the address last appearing
on
 the personnel records of the Bank

  
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 IN WITNESS WHEREOF, the Bank and the Company have caused this Agreement to be
executed by their duly authorized representatives, and the Executive has signed this Agreement, on the date first above written. 
  

			
	Federal Savings Bank
		
	By:	 	/s/ Dana C. Lynch
		 	Chairman of the Board

  

			
	First Seacoast Bancorp
		
	By:	 	/s/ Dana C. Lynch
		 	Chairman of the Board

  

	
	Executive
	
	/s/ Timothy F. Dargan
	Timothy F. Dargan

  
 17

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