Document:

Exhibit 10.3

 Exhibit 10.3 
 FORM OF SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENTS BETWEEN NEWPORT 
 FEDERAL SAVINGS BANK AND PETER
W. RECTOR, WILLIAM R. HARVEY, DONALD N. KAULL, 
 ROBERT S. LAZAR, MICHAEL S. PINTO, MICHAEL J. HAYES, BARBARA SACCUCCI RADEBACH,

 ALICIA S. QUIRK, PETER T. CROWLEY, JOHN N. CONTI, ARTHUR H. LATHROP, ARTHUR H. 
 MACAULEY AND KATHLEEN A. NEALON 
 On
March 31, 2007, Newport Federal Savings Bank entered into supplemental director retirement agreements with Messrs. Rector, Harvey, Kaull, Lazar, Pinto, Hayes, Crowley, Conti, Lathrop, Macauley and Ms. Saccucci Radebach, Ms. Quirk, and
Ms. Nealon that are substantially identical to the attached Form of Supplemental Director Retirement Agreement, except that the supplemental annual pension benefit under Section 1 of the agreement with Messrs. Rector and Harvey would be
$7,500 and $7,000, respectively, and for all other directors listed would be $4,800. In addition, the agreements with Ms. Nealon and Messrs. Conti, Lathrop and Macauley do not state that the agreement replaces in its entirety the Supplemental
Director Retirement Agreement dated June 30, 2003, as no such agreements exist with these directors. 
 This replaces in its entirety the Supplemental
Director Retirement Agreement dated June 20, 2003. 
 SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
 THIS AGREEMENT, made and entered into this 31st day of March, 2007 (hereinafter the “Effective Date”), by Newport Federal Savings Bank, (hereinafter
referred to as the “Bank”), a bank organized and existing under the laws of Rhode Island, and _______________ (hereinafter referred to as the “Director”). 
 WHEREAS, the Director has performed his/her duties as a director of the Bank in an efficient and capable manner; and 
 WHEREAS, the Bank is desirous of retaining the services of the Director and rewarding him/her for his/her performance and his/her career with the
Bank; and 
 WHEREAS, to retain the services of the Director and to reward him/her for his/her performance and career with the Bank,
the Board of Directors has agreed to provide the Director with a supplemental retirement benefit as described in this Agreement. 
 NOW,
THEREFORE, for the value received and in consideration of the mutual covenants contained herein, the parties agree as follows: 
  

	1.	Normal Retirement Supplemental Pension 

 Upon
the Director’s retirement on or after attaining age seventy (72) (hereafter “Normal Retirement Age”), the Bank shall pay the Director a supplemental annual pension benefit equal to $_______ payable in equal monthly installments,
commencing with the first month after the Director’s retirement, and continuing for a period of ten (10) years. 

	2.	Early Retirement or Termination 

 If the
Director retires after attaining the age of 67 or his/her service with the Bank is otherwise terminated without cause prior to attaining Normal Retirement Age, and the Director has completed at least ten (10) years of service, then the Bank
will pay the Director a supplemental annual pension payable in equal monthly installments, commencing with the first month after such early retirement or termination of service, and continuing for 10 years, in an amount as indicated on the following
schedule: 
  

			
	 Age at Early Retirement
or
Termination
	  	% of Normal
Retirement Pension
	 Less than 67
	  	  0%
	 67
	  	50%
	 68
	  	60%
	 69
	  	70%
	 70
	  	80%
	 71
	  	90%

  

	3.	Death or Disability 

  

	 	a.	Upon the death of the Director while still actively performing the duties of a Director, the Director’s designated beneficiary shall receive an annual survivor benefit equal to
the benefits as outlined in Sections 1 and 2, payable in equal monthly installments, commencing with the first month after such death, and continuing for a period of ten (10) years. 

  

	 	b.	Upon the death of the Director while receiving any supplemental pension benefit payments as provided in this Agreement, the Director’s designated beneficiary shall receive the
remaining equal monthly payments which would have been due the Director. 

  

	 	c.	If the Director ceases to perform duties as a Director because of permanent disability, the Director will be treated as actively performing duties as a Director, for purposes of
this Agreement, while such disability continues. In such event, payments hereunder will commence upon the Director’s attainment of Normal Retirement Age in accordance with Section 1 of this Agreement, or as described under Section 2
of the Agreement. The Director will be considered permanently disabled when the Director is no longer capable of performing the material aspects of his or her duties for the Bank as a result of physical and/or mental impairment. The Director shall
be considered to be no longer permanently disabled at such time as he or she returns to work to perform duties as a Director. 

 In the event there is a disagreement as to whether the Director is permanently disabled, the Bank and the Director (or his or her physical representative) each shall select a physician. If the physicians are in disagreement, they shall
select a third physician. A majority opinion of the three physicians as to disability shall be binding on all of the parties hereto. 
  

	 	d.	 If the Director shall have failed to make an effective designation of beneficiary in writing, or if the individual or individuals so designated shall die prior to
receiving all payments required to be made to them hereunder and there is no designated alternate beneficiary, then in such event the remaining payments shall be made first to the Director’s surviving spouse, second the Director’s 

	 	 
surviving children, equally per stirpes if there is no surviving spouse, and finally to the estate of the Director if there are neither a surviving spouse
nor surviving children. The Director shall have the right at all times to revoke or change his/her beneficiary designation by completing a new designation in writing. 

  

	4.	Assignment 

 Except as otherwise provided
herein, it is understood that neither the Director, nor any person designated by him/her pursuant to this Agreement, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive payments to be made hereunder,
which payments and the right thereto are expressly declared to be non-assignable and non-transferable. If such assignment or transfer is attempted, the Bank may disregard it and continue to discharge its obligations hereunder as though such
assignment or transfer were not attempted. 
  

	5.	Independent Arrangement 

 The benefits
payable under this Agreement shall be independent of, and in addition to, any other agreement which may exist from time to time between the parties hereto, or any other compensation payable by the Bank to the Director. This Agreement shall not be
deemed to constitute a contract of employment between the parties hereto, nor shall any provisions hereof restrict the right of the Bank to discharge the Director or restrict the right of the Director to terminate his/her service. 
  

	6.	Non-Trust or Fiduciary Obligation 

 The
rights of the Director under this Agreement (including the right to payment from the Bank) and of any beneficiary of the Director or of any other person who may acquire such rights shall be solely those of an unsecured creditor of the Bank. The
Bank’s obligation to pay the supplemental pension provided for under this Agreement is an unfunded promise by the Bank. 
 The Bank may,
but need not, set aside or invest funds, to meet its liability under this Agreement. Title to and beneficiary ownership of any assets, whether cash, investments, life insurance, or otherwise, which the Bank may purchase or designate to pay the
benefits described hereunder shall at all times remain in the Bank, and the Director shall have no property interest whatsoever in any of these assets or any other assets of the Bank. 
 Any insurance policy on the life of the Director or any other asset acquired by the Bank in connection with the obligations assumed by it hereunder shall
not be deemed to be held under any trust for the benefit of the Director or his/her beneficiaries or to be security for the performance of the obligations of the Bank, but shall be, and remain, a general, unpledged, unrestricted asset of the Bank.

 Nothing contained in the Agreement and no action taken pursuant to the provisions of the Agreement shall create or be construed to create
a trust of any kind, or a fiduciary relationship between the Bank and the Director or his/her beneficiaries. Any funds which may be invested under this Agreement shall continue for all purposes to be a part of the general funds of the Bank, and no
person, other than the Bank, shall, by virtue of the provisions of this Agreement, have any interest in such funds. 
  

	7.	Change in Control 

  

	 	a.	If the Director’s service with the Bank is involuntarily terminated within two years after a change in control of the Bank, payment hereunder will commence immediately in
monthly amounts equal to the amount which would have been payable as if Director were performing duties as a Director until Normal Retirement Age. 

  

	 	b.	 Change in control shall be deemed to have occurred at such time as (1) the Bank is converted from a mutual savings bank to an entity which issues stock and is
owned by its shareholders, (2) individuals who, as of the beginning of any twenty-four (24) month period, constitute Board of Directors (“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of
Directors, provided that any individual becoming a Director subsequent to the beginning of such period whose election or nomination for election 

	 	 
was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, (3) a merger, consolidation, acquisition or other corporate transaction occurs that has the effect of transferring a controlling influence over management of the Bank to a natural person, corporate or other
business entity other than its current management or Directors, or (4) a completed liquidation or dissolution of the Bank or sale or other disposition of all or substantially all of the assets of the Bank is consummated, other than to
individuals or entities who were the beneficial owners of the Bank immediately prior to such sale or disposition. 

  

	8.	Arbitration 

 Any controversy or claim
arising out of or relating to the Agreement, or the breach thereof, or any failure to agree where agreement of the parties is necessary pursuant hereto, including the determination of the scope of this agreement to arbitrate, shall be resolved by
the following procedures: 
  

	 	(a)	The parties agree to submit any dispute to final and binding arbitration administered by the American Arbitration Association (the “AAA”), pursuant to the Commercial
Arbitration Rules of the AAA as in effect at the time of submission. The arbitration shall be held in Providence, Rhode Island before a single neutral, independent, and impartial arbitrator (the “Arbitrator”). 

  

	 	(b)	Unless the parties have agreed upon the selection of the Arbitrator before then, the AAA shall appoint the Arbitrator within thirty (30) days after the submission to AAA for
binding arbitration. The arbitration hearings shall commence within fifteen (15) days after the selection of the Arbitrator. Each party shall be limited to two pre-hearing depositions each lasting no longer than two (2) hours. The parties
shall exchange documents to be used at the hearing no later than ten (10) days prior to the hearing date. Each party shall have no longer than three (3) hours to present its position, and the entire proceedings before the Arbitrator shall
be on no more than two (2) hearing days within a two week period. The award shall be made no more than ten (10) days following the close of the proceeding. The Arbitrator’s award shall not include consequential, exemplary, or punitive
damages. The Arbitrator’s award shall be a final and binding determination of the dispute and shall be fully enforceable in any court of competent jurisdiction. Except in a proceeding to enforce the results of the arbitration, neither party nor
the Arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties. 

  

	9.	Taxes 

  

	 	a)	The Bank shall have the right to deduct from all amounts to be paid by the Bank to the Director under the 

 Agreement any taxes required by law to be withheld. 
  

	 	b)	The Director should consult his/her own legal and tax advisors concerning personal tax consequences of being eligible for, and receiving benefit payments under, the Agreement.

  

	10.	IRS Section 409A 

 The Bank intends in good
faith that this plan comply with Internal Revenue Code Section 409A. To the extent any provision of this plan is deemed inconsistent with that section, said provision is hereby expunged and the plan shall be deemed amended to comply with said
law and the Bank shall take such steps as to amend the plan so that it complies in form with Section 409A. 
  

	11.	Miscellaneous Provisions 

  

	 	a)	This Agreement shall be binding upon and inure to the benefit of any successor of the Bank and any such successor shall be deemed substituted for the Bank under the terms of this
Agreement. 

  

	 	b)	This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto. 

	 	c)	This Agreement shall be governed and construed in accordance with the law of the State of Rhode Island. 

  

	 	d)	The benefits provided by the Bank to the Director pursuant to this Agreement are in the nature of a fringe benefit and shall in no event be construed to affect or limit the
Director’s current or prospective salary increases, cash bonuses or profit-sharing distributions or credits or his right to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group, bonus or other
compensation or fringe benefit plan. 

  

	 	e)	The Plan Administrator shall be the Chairman of the Board or his/her designee. In the event a dispute arises over benefits payable under this Agreement and benefits are not paid to
the Employee (or to his estate in the case of the Employee’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Plan Administrator within sixty (60) days from the date
payments are refused. The Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, it shall provide in writing within sixty (60) days of receipt of such claim its specific reasons for such denial,
reference to the provisions of the Agreement upon which the denial is based and any additional material or information necessary to perfect the claim. Such written notice shall further indicate the additional steps to be taken by claimants if a
further review of the claim denial is desired. A claim shall be deemed to have been denied if the Plan Administrator fails to take any action within the aforesaid sixty-day period. 

 If claimants desire a second review they shall notify the Plan Administrator in writing within ninety (90) days of the first claim denial. Claimants
may review this Agreement or any documents relating thereto and submit any written issues and comments they may feel appropriate. In its sole discretion, the Plan Administrator shall then review the second claim and provide a written decision within
sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and shall include reference to specific provisions of this Agreement upon which the decision is based. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by it duly authorized representative, on the day and year first above written.

  

	
	
	   
	Director
	
	   
	[Authorized Representative]

 BENEFICIARY STATEMENT 
 I,
                                     hereby name as a
beneficiary under the Supplemental Director Retirement Agreement dated _____________, 2007 as follows: 
  

							
				
	Primary:	 	  	 	/	 	  
		 	Name	 		 	Relationship
		 	
				
	Secondary:	 	  	 	/	 	  
		 	Name	 		 	Relationship

  

			
		
	Signed:	 	  
		
	Dated:Exhibit 10.4

 Exhibit 10.4 
 FORM OF DIRECTOR SPLIT DOLLAR LIFE INSURANCE AGREEMENTS BETWEEN NEWPORT 
 FEDERAL SAVINGS BANK AND
PETER W. RECTOR, DONALD N. KAULL, ROBERT S. LAZAR, 
 MICHAEL S. PINTO, MICHAEL J. HAYES, BARBARA SACCUCCI RADEBACH, ALICIA S. QUIRK,

 PETER T. CROWLEY, ARTHUR H. LATHROP, ARTHUR H. MACAULEY AND KATHLEEN A. NEALON 
 On March 31, 2007, Newport Federal Savings Bank entered into director split dollar life insurance agreements with Ms. Nealon and Messrs.
Lathrop and Macauley that are substantially identical to the attached Form of Director Split Dollar Life Insurance Agreement. On the same date, Newport Federal Savings Bank revised Schedule A to the existing Director Split Dollar Life Insurance
Agreements with Messrs. Rector, Kaull, Lazar, Pinto, Hayes and Crowley and Ms. Saccucci Radebach and Ms. Quirk, which agreements are also substantially identical to the attached Form of Director Split Dollar Life Insurance Agreement. The
only differences between the attached form of agreement and the individual agreements are that the split dollar life benefit provided under Section 5 for Mr. Rector is the lesser of $70,000 or an amount equal to the total death proceeds in
excess of bank cost recovery of the cash asset value and the benefit under Section 5 for all other directors listed is the lesser of $60,000 or an amount equal to the total death proceeds in excess of bank cost recovery of the cash asset value.

 DIRECTOR SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
 THIS AGREEMENT, made and entered into this 31st day of March, 2007, by and among Newport Federal Savings Bank (hereinafter referred to as the “Bank”), a Bank organized and existing under the laws of
Rhode Island, and __________________, hereinafter referred to as the “Director”). 
 WHEREAS, the Director has performed
his/her duties in an efficient and capable manner; and 
 WHEREAS, the Bank is desirous of retaining the services of the Director; and

 WHEREAS, the Bank is desirous of assisting the Director in paying for life insurance on his/her own life; and 
 WHEREAS, the Bank has determined that this assistance can best be provided under a “split-dollar” arrangement; and 
 WHEREAS, the Bank and the Director have applied for insurance policy(ies) on the Director’s life; and 
 WHEREAS, the Bank and the Director agree to make said insurance policy subject to this split-dollar agreement; and 
 WHEREAS, it is now understood and agreed that this split-dollar agreement is to be effective as of the date on which the Policy was issued;

 NOW, THEREFORE, for value received and in consideration of the mutual covenants contained herein, the parties agree as follows:

  

	1.	Definitions 

  

	 	a)	“Split Dollar Insurance Benefit” means the life insurance benefit payable to the Director’s beneficiary in an amount as shown on Schedule A. 

	2.	Allocation of Premiums 

  

	 	a)	The Director will pay that portion of the annual premiums due on the policy that is equal to the lesser of (a) the amount of the entire economic benefit (including any economic
benefit attributable to the use of policy dividends) that would be taxable to the Director but for such payment, or (b) the amount of the premium due on the policy. The Bank will pay the remainder of the premium. The economic benefit that would
be taxable to the Director will be computed in accordance with IRS Revenue Rulings in effect on the effective date of this agreement. 

  

	3.	Payment of Premiums 

  

	 	a)	Any premium or portion thereof which is payable by the Director under any Article of this agreement may at the election of the Director be deducted from the cash compensation
otherwise payable to the Director and the Bank agrees to transmit that premium or portion, along with any premium or portion thereof payable by it, to the Insurance Company on or before the premium due date. 

  

	4.	Rights in the Policy 

  

	 	a)	The Bank is the owner of any insurance policy, with the insured having only the right to name a beneficiary for any split dollar insurance benefit. 

  

	 	b)	Upon the death of the Director while this agreement is in force, the Director’s named beneficiary will be entitled to receive from the Policy proceeds an amount equal to the
Split Dollar Death Benefit. The remainder of the Policy Proceeds will be paid to Bank. Within 60 days after the death of the Director, the Bank will provide to the Insurance Company a written statement indicating the amount of the Policy proceeds
which it is entitled to receive. 

  

	5.	Death Proceeds 

  

	 	a)	Upon the death of the Director, the Director’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A. 

  

	6.	Miscellaneous Provisions 

  

	 	a)	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted to the Director by
virtue of this Agreement other than those specifically set forth herein. 

  

	 	b)	This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto. 

  

	 	c)	This Agreement shall be governed and construed in accordance with the law of the State of Rhode Island. 

	7.	Liability of Insurers 

 The insurers are not
parties to this Agreement. With respect to any Policies of insurance issued pursuant to this Agreement, the insurers shall have no liability except as set forth in the Policies. Such insurers shall not be bound to inquire into or take notice of any
of the covenants herein contained as to Policies of life insurance, or as to the application of the proceeds of such Policies. 
 The insurers
shall be discharged from all liability in making payments of the proceeds and in permitting rights and privileges under the policies to be exercised to the provisions of the Policies. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by its duly authorized officer, on the day and year first above written.

  

	
	
	   
	Director
	
	   
	Bank Officer

 SCHEDULE A 
 SPLIT DOLLAR DEATH BENEFIT 
  

	I.	Upon the death of the Director the named beneficiary is entitled to the lesser of: 

  

	 	a.	                                 

  

	 	b.	An amount equal to the total death proceeds in excess of bank cost recovery of the cash asset value. 

  

	II.	The Director may opt out of the plan at any time by providing written notice to the bank. 

 DIRECTOR SPLIT DOLLAR LIFE INSURANCE PLAN 
 BENEFICIARY STATEMENT 
 I,
                                , do hereby name as a beneficiary under the
Director Split Dollar Life Insurance plan dated as follows: 
  

							
				
	Primary:	 	  	 	/	 	  
		 	Name	 		 	Relationship
		 	
				
	Secondary:	 	  	 	/	 	  
		 	Name	 		 	Relationship

  

			
		
	Signed:	 	  
		
	Dated:

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