Document:

EX-10.6

 Exhibit 10.6 

AGREEMENT 
 This Agreement
(the “Agreement”) is entered into by and between Randolph Savings Bank (the “Bank”) and Kellie J. Lally (the “Employee”). The effectiveness of this Agreement is contingent upon the closing (the “Closing”) of
the transactions contemplated by the Agreement and Plan of Merger among Randolph Bancorp, First Eastern Bankshares Corporation (the “Seller Company”), and Richard F. Kalagher, dated as of September 1, 2015 (the “Merger
Agreement”). This Agreement shall be effective upon the date of the Closing (the “Effective Date”). 
 1.
Purpose. The Employee has been employed in a senior capacity by First Federal Savings Bank of Boston (the “Seller Subsidiary”), which is a wholly-owned subsidiary of the Seller Company. The Board of Directors of the Bank (the
“Board”) believes that the Employee has the skills, knowledge and experience to be an important and effective contributor to the Bank’s success. The Board seeks to encourage the Employee’s employment with and commitment to the
Bank. 
 2. Certain Employment Terms. The Employee’s employment with the Bank shall commence on the Effective Date. The
following terms shall apply to the Employee’s compensation and employment responsibilities during the Employee’s employment with the Bank. 

(a) Position and Responsibilities. The Bank shall employ the Employee in a management-level position or positions appropriate for an
individual of the Employee’s skills, knowledge and experience with responsibilities consistent with such skills, knowledge and experience. 

(b) Salary. The Bank shall pay the Employee a base salary at an annual rate equal to the Employee’s annual base salary rate as an
employee of the Seller Subsidiary as of the Effective Date. 
 (c) Bonus. The Employee shall be eligible to receive an annual bonus
pursuant to and subject to the terms of any annual short-term incentive plan that is in place for other members of the Bank’s management team. 

(d) Benefits. The Bank shall provide benefits to the Employee in accordance with Sections 7.6(a) – (f) of the Merger
Agreement, which Sections are incorporated herein by reference. 
 3. At-Will Employment. The Bank’s employment of the
Employee shall be on an at-will basis; provided that (i) the Employee shall give at least 30 days’ notice of the Employee’s resignation from employment with the Bank; and (ii) the at-will nature of the Employee’s
employment shall not limit the Employee’s rights under Section 4 (Severance Pay). If the Employee gives advance notice of the Employee’s resignation, the Bank may accelerate the termination of the Employee’s employment by paying
the Employee’s salary at the Employee’s base salary rate for any period of acceleration. Such accelerated resignation shall not affect the treatment of the Employee’s termination as a resignation. 

 4. Severance Pay. If prior to the five year anniversary of the Effective Date, the
Employee’s employment is terminated by the Bank for any reason other than for Cause, Disability or death, or if the Employee resigns for Good Reason, then subject to the Employee signing a separation agreement to be proposed by the Bank, which
shall be substantially in the form attached hereto as Exhibit A, amended as reasonably necessary based on applicable law (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable,
all within 45 days after the date of termination, the Bank shall pay to the Employee a severance amount equal to the Employee’s annual base salary as of the date of termination (the “Severance Pay”). The Severance Pay shall be paid in
a lump sum within 45 days of the date of termination; provided, however, that if the 45-day period begins in one calendar year and ends in a second calendar year, the Severance Pay shall be paid in the second calendar year no later than the
last day of such 45-day period. 
 5. Definitions. For purposes hereof, the following terms shall have the meanings set forth
below: 
 (a) “Cause” shall mean a termination of the Employee’s employment which is a result of: (i) actions and/or
omissions by the Employee satisfying the elements of (A) a felony or (B) a misdemeanor involving dishonesty, the taking of property or moral turpitude; or (ii) willful disclosure of material trade secrets or other material
confidential information related to the business of the Bank or any of its subsidiaries or affiliates; or (iii) willful and continued failure substantially to perform the Employee’s duties with the Bank (other than any such failure
resulting from the Employee’s incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to the Employee by the Board, which demand identifies the specific actions which the Board believes
constitute willful and continued failure substantially to perform the Employee’s duties, and which performance is not substantially corrected by the Employee within fourteen (14) days of receipt of such demand; (iv) willful and
knowing participation in releasing false or materially misleading financial statements; (v) dishonesty to the Board regarding any material matter; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by
regulatory or law enforcement authorities, after being instructed by the Bank to cooperate, or the Employee’s willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement
of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 
 (b)
“Disability” shall mean that if, as a result of the Employee’s incapacity due to physical or mental illness, the Employee shall have been absent from the Employee’s duties to the Bank on a full-time basis for 120 business days in
the aggregate in any 12 month period or is reasonably expected based upon medical information to be absent for such period. If any question shall arise as to whether during any period the Employee has a Disability, the Employee may, and at the
request of the Bank shall, submit to the Bank a certification in reasonable detail by a physician selected by the Bank to whom the Employee has no reasonable objection as to whether the Employee is incapacitated and how long any incapacity is
expected to continue. Such certification shall, for the purposes of this Agreement, be conclusive of the issue. The Employee shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall
arise and the Employee fails to submit such certification, the Bank’s determination of such issue shall be binding on the Employee. 

  
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 (c) “Good Reason” shall mean the occurrence of any of the following events (each, a
“Good Reason Condition”) followed by the Good Reason Process, as defined below: (i) a material adverse change in the Employee’s position and/or responsibilities such that the Employee no longer holds a position with
responsibilities appropriate for an individual of the Employee’s skills, knowledge and experience; or (ii) a material reduction in the Employee’s annual base salary as in effect on the date hereof or as the same may be increased from
time to time hereafter, except for across-the-board reductions of annual base salary similarly affecting all executive officers of the Bank; or (iii) the removal of the Employee from eligibility for any short-term incentive plan for members of
the Bank’s management team for which other members of the Bank’s management team remain eligible or the application to the Employee of adverse changes in such plan’s terms that are not applied generally to other management-level
participants; provided that “adverse changes in such plan’s terms” shall not be construed to include changes in bonus targets or good faith determinations of bonus amounts; or (iv) the relocation of the Bank’s offices at
which the Employee is principally employed (the “Current Offices”) to any other location more than 25 miles of driving distance from the Current Offices, or the requirement by the Bank for the Employee to be based more than 25 miles of
driving distance away from the Current Offices, except for required travel on the Bank’s business to an extent substantially consistent with the Employee’s business travel obligations. Notwithstanding the foregoing, a suspension of any or
all of Employee’s duties or responsibilities by the Bank during an investigation that is initiated pursuant to a direction by the Board shall not constitute the occurrence of a material adverse change for purposes of clause (i); provided
that Employee’s base salary and fringe benefit entitlements continue during the period of such suspension. The “Good Reason Process” shall mean that (i) the Employee reasonably determines in good faith that a Good Reason
Condition has occurred; (ii) the Employee gives the Bank written notice of the first occurrence of the Good Reason Condition within 30 days of the first occurrence of such condition; (C) the Employee cooperates in good faith with the
Bank’s efforts for a period of not less than 30 days following such notice (the “Cure Period”) to remedy the Good Reason Condition; (D) notwithstanding such efforts, the Good Reason Condition continues to exist; and (E) the
Employee terminates employment by giving written notice no later than 30 days after the expiration of the Cure Period. If the Bank cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

6. Withholding. All payments made by the Bank under this Agreement shall be net of any tax or other amounts required to be
withheld by the Bank under applicable law. 
 7. No Mitigation. The Bank agrees that, if the Employee’s employment by the
Bank is terminated prior to the five year anniversary of the Effective Date, the Employee is not required to seek other employment or to attempt in any way to reduce the Severance Pay. Further, the Severance Pay shall not be reduced by any
compensation earned by the Employee as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Employee to the Bank or otherwise, except as otherwise provided by this Agreement.

 8. Confidential Information and Bank Property. 

(a) Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the Bank
which is of value to the Bank in the 

  
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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; 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 Employee in
the course of the Employee’s employment by the Seller Subsidiary or the Bank, as well as other information to which the Employee may have access in connection with the Employee’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, unless due to breach of the Employee’s duties under
Section 8(b). 
 (b) Confidentiality. The Employee understands and agrees that the Employee’s employment creates a
relationship of confidence and trust between the Employee and the Bank with respect to all Confidential Information. At all times, both during the Employee’s employment with the Bank and after its termination, the Employee will keep in
confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Employee’s
duties to the Bank or as otherwise may be required by law. 
 (c) Documents, Records, etc. All documents, records, data, apparatus,
equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Employee by the Bank or any affiliate or are produced by the Employee in connection with the Employee’s employment will be
and remain the sole property of the Bank. The Employee will return to the Bank all such materials and property as and when requested by the Bank. In any event, the Employee will return all such materials and property promptly following termination
of the Employee’s employment for any reason other than death. The Employee will not retain with the Employee any such material or property or any copies thereof after such termination. 

(d) Injunction. The Employee agrees that it would be difficult to measure any damages caused to the Bank which might result from any
breach by the Employee of the promises set forth in this Section 8, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 9 of this Agreement, the Employee agrees that if the
Employee breaches, or proposes to breach, any portion of this Section 8, the Bank shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach. 

9. Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or
otherwise relating to the Employee’s employment with the Bank or its termination, including without limitation statutory claims (including without limitation statutory discrimination or wage claims) and common law contract and tort claims shall
be settled exclusively by arbitration in accordance with the laws of the Commonwealth of Massachusetts and the Employment Arbitration Rules of the American Arbitration Association. 

  
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Such arbitration shall be conducted in the City of Boston. In the event that any person or entity other than the Employee or the Bank may be a party with regard to any such controversy or claim,
such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the
foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate;
provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 9. 
 10.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by
either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

11. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in
writing and delivered in person or sent by registered or certified mail, postage prepaid, to the Employee at the last address the Employee has filed in writing with the Bank, or to the Bank at its main office, attention of the Board. 

12. Effect on Other Plans. The Employee hereby waives any rights to any severance benefits under any current or future Bank
severance pay plan or program with respect to any termination of employment that renders the Employee eligible for Severance Pay pursuant to this Agreement. Subject to such waiver, nothing else in this Agreement shall otherwise limit the rights of
the Employee under the Bank’s benefit plans, programs or policies An election by the Employee to resign for Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Employee for the
purpose of interpreting the provisions of any of the Bank’s benefit plans, programs or policies. 
 13. Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements between the parties concerning such subject matter. 

14. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Employee and by a duly
authorized representative of the Bank. 
 15. Governing Law. This contract shall be construed under and be governed in all
respects by the laws of the Commonwealth of Massachusetts, without giving effect to such state’s conflicts of laws principles. 

16. Obligations of Successors. The Bank shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform if no such
succession had taken place. 

  
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 17. Additional Limitation. Anything in this Agreement to the contrary
notwithstanding, in the event that any compensation, payment or distribution by the Bank to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the
“Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the benefits payable under this Agreement shall be reduced (but not below
zero) to the extent necessary so that the maximum Severance Payments shall not exceed the Threshold Amount, as defined below. To the extent that there is more than one method of reducing the payments to bring them within the Threshold Amount, the
Employee shall determine which method shall be followed; provided that if the Employee fails to make such determination within 15 business days after the Bank has sent the Employee written notice of the need for such reduction, the Bank may
determine the amount of such reduction in its sole discretion. 
 The “Threshold Amount” shall mean three times the
Employee’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax imposed by Section 4999
of the Code, and any interest or penalties incurred by the Employee with respect to such excise tax. 
 18. Section 409A. 

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

 (b) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this
Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party. 
 (c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Employee’s termination of employment, then such payments or benefits shall be payable only
upon the Employee’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

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

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Bank by its
duly authorized officer, and by the Employee, as of the Effective Date. 
  

			
	Randolph Savings Bank
		
	By:	 	 /s/ James P. McDonough

		 	James P. McDonough
		 	President and Chief Executive Officer
	
	 /s/ Kellie J. Lally

	Kellie J. Lally

  
 [Signature page to
Agreement with Kellie J. Lally] 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 
 I enter
into this Separation Agreement and Release (the “Release”) pursuant to Section 4 of the Agreement between Randolph Savings Bank (the “Bank”) and me (the “Agreement”), which Agreement was effective as of the closing
of the transactions contemplated by the Agreement and Plan of Merger between Randolph Bancorp and First Eastern Bankshares Corporation (the “Seller Company”), dated as of September 1, 2015 (the “Merger Agreement”). I
acknowledge my timely execution and return and my non-revocation of this Release are conditions to the payment of the Severance Pay in Section 4 of the Agreement. I therefore agree to the following terms: 

1. Release of Claims. I voluntarily release and forever discharge the Bank, its affiliated and related entities, its predecessors,
successors and assigns, its employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of any and all of the foregoing in their official and
personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when I sign this
Release, I have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This includes, without limitation, the release of all Claims: 
  

	•	 	relating to my employment by the Bank and the termination of my employment; 

  

	•	 	of wrongful discharge; 

  

	•	 	of breach of contract; 

  

	•	 	of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age Discrimination in Employment Act, Claims of disability
discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of any form of discrimination or retaliation that is prohibited by the
Massachusetts General Laws Chapter 151B); 

  

	•	 	under any other federal or state statute; 

  

	•	 	of defamation or other torts; 

  

	•	 	of violation of public policy; 

  

	•	 	for wages, bonuses, incentive compensation, vacation pay or any other compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§ 148-150C, or otherwise; and

  

	•	 	for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees; 

provided, however, that this release shall not affect my rights under the Bank’s Section 401(k) plan, any other “employee benefit
plan” as defined in Section 3(3) of the Employee Retirement Income Security Act, 29 U.S.C. § 1002(3), my continuing rights under the Agreement (including the right to payment of any bonus for which an award has been determined but has
not been paid during the term of employment), any statutory right to earned but unpaid wages, including 

 
vacation pay, statutory or common law rights of indemnification or defense for claims against me based on my status and conduct as an officer of the Bank under any applicable insurance policy,
contracts, governing documents or bylaws. In addition, nothing in this release shall affect my rights arising from any relationship that I may have with the Bank or any affiliated or related entity as a customer or a client. Furthermore, nothing in
this release shall affect my rights to pursue Claims against individuals based on actions taken in their personal capacities that are unrelated in any way to my employment with the Bank or its termination. 

I agree that I shall not seek or accept damages of any nature, other equitable or legal remedies for my own benefit, attorney’s fees, or costs from any
of the Releasees with respect to any Claim released by this Release. I represent that I have not assigned to any third party and I have not filed with any agency or court any Claim released by this Release. 

2. Ongoing Obligations. I reaffirm my ongoing obligations under the Employment Agreement, including without limitation my obligations
under Section 8 (“Confidential Information and Bank Property”). 
 3. Litigation and Regulatory Cooperation. I further
agree that for a period of two years from the date of the termination of my employment with the Bank (the “Cooperation Period”), I shall cooperate fully with the Bank in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of the Bank which relate to events or occurrences that transpired while I was employed by the Bank. My full cooperation in connection with such claims or actions shall include, but not be
limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Bank at mutually convenient times. During the Cooperation Period, I shall also cooperate fully with the Bank in connection
with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while I was employed by the Bank. Any cooperation pursuant to this paragraph is
subject to the Bank’s commitment to reimburse me for any reasonable out-of-pocket expenses incurred in connection with my performance of obligations pursuant to
this paragraph, based on the procedures for reimbursement applicable to employee business expense reimbursement under the Bank’s policies. In addition, if the Bank does not offer to provide me with legal services through the Bank’s counsel
in connection with such cooperation, either due to such counsel’s determination that joint representation cannot be provided or for any other reason, I may condition my cooperation on the Bank’s agreement to reimburse me for any reasonable
attorney’s fees that I incur in the providing any cooperation services pursuant to this paragraph. 
 4. No Assignment. I
represent that I have not assigned to any other person or entity any Claims against any Releasee. 
 5. Right to Consider and Revoke
Release. I acknowledge that I have been given the opportunity to consider this Release for a period ending twenty-one (21) days after the date when it was proposed to me. In the event that I executed this Release within less than twenty-one
(21) days after such date, I acknowledge that such decision was entirely voluntary and that I had the opportunity to consider this Release until the end of the twenty-one (21) day period. To accept this Release, I shall deliver a signed
Release to the Bank’s most senior Human Resources officer within such twenty-one (21) day period. For a period of seven (7) days from the date when the I 

  
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execute this Release (the “Revocation Period”), I shall retain the right to revoke this Release by written notice that is received by such Human Resources officer on or
before the last day of the Revocation Period. This Release shall take effect only if it is executed within the twenty-one (21) day period as set forth above and if it is not revoked pursuant to the preceding sentence. If those conditions are
satisfied, this Release shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the “Effective Date”). 

6. Other Terms. 
 (a)
Legal Representation; Review of Release. I acknowledge that I have been advised to discuss all aspects of this Release with my attorney, that I have carefully read and fully understand all of the provisions of this Release and that I am
voluntarily entering into this Release. 
 (b) Binding Nature of Release. This Release shall be binding upon me and upon my heirs,
administrators, representatives and executors. 
 (c) Amendment. This Release may be amended only upon a written agreement executed
by the Bank and me. 
 (d) Severability. In the event that at any future time it is determined by an arbitrator or court of competent
jurisdiction that any covenant, clause, provision or term of this Release is illegal, invalid or unenforceable, the remaining provisions and terms of this Release shall not be affected thereby and the illegal, invalid or unenforceable term or
provision shall be severed from the remainder of this Release. In the event of such severance, the remaining covenants shall be binding and enforceable. 

(e) Governing Law and Interpretation. This Release shall be deemed to be made and entered into in the Commonwealth of Massachusetts,
and shall in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws provisions of Massachusetts law. The language of all parts of this Release shall in
all cases be construed as a whole, according to its fair meaning, and not strictly for or against the Bank or me. 
 (f) Entire
Agreement; Absence of Reliance. I acknowledge that I am not relying on any promises or representations by the Bank or any of its agents, representatives or attorneys regarding any subject matter addressed in this Release. 

So agreed. 
  

					
	  
	 		 	  

	Kellie J. Lally	 		 	Date

  
 3EX-10.7

 Exhibit 10.7 

RANDOLPH BANCORP, INC. 

RANDOLPH SAVINGS BANK 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (“Agreement”) is made as of the      day of
             , 2016 by and between Randolph Bancorp, Inc., a Massachusetts business corporation (the “Company”), its wholly-owned subsidiary, Randolph Savings Bank (the
“Bank”) (the Company and the Bank hereinafter shall be collectively referred to as the “Employers”), and                     
(the “Executive”). 
 1. Purpose. The Company considers it essential to the best interests of its stockholders to promote
and preserve the continuous employment of key management personnel. The Board of Directors of the Company (the “Board”) recognizes that, as is the case with many corporations, the possibility of a Change in Control (as defined in
Section 2 hereof) exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company and its
stockholders. Therefore, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Employers’ key management, including the Executive, to their assigned
duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control. This Agreement is intended to be the exclusive source of severance payments to the Executive and to replace the
Executive’s offer letter dated [insert date] (the “Offer Letter”) in its entirety. Therefore, in consideration of this Agreement, the Executive agrees that the Offer Letter is hereby terminated and of no further force and effect from
and after the date hereof. Nothing in this Agreement shall be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Executive
and the Employers, the Executive shall not have any right to be retained in the employ of the Employers. 
 2. Change in Control. A
“Change in Control” shall be deemed to have occurred upon the occurrence of any one of the following events: 
 (a) any
“Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall
become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 40 percent or more of the combined voting power of the Company’s then outstanding
securities having the right to vote in an election of the Company’s Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company or in connection with a public
offering); or 

 (b) persons who, as of the date hereof, constitute the Board (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the
Company subsequent to the date hereof shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either (A) a vote of at least a majority of the Incumbent Directors or
(B) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of members of the Board of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by
reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 

(c) the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the
consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the
voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions
contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or of the Bank. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(a) solely as the result of an acquisition of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person
to 40 percent or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 40 percent or more of the combined voting
power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (a). 

For the avoidance of doubt, a “Change in Control” shall not be deemed to have occurred as a result of (a) the conversion of
Randolph Bancorp from a mutual holding company to stock form, or in connection with any reorganization used to effect such a conversion; or (b) upon a public stock offering of the shares of the Company or of the stock holding company resulting
from the conversion described in item (a) of this paragraph. 

  
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 3. Terminating Event. 

A “Terminating Event” shall mean any of the events provided in this Section 3: 

(a) Termination by the Employers. Termination by the Employers of the employment of the Executive with the Employers for any reason
other than for Cause, death or Disability. For purposes of this Agreement, “Cause” shall mean, as determined by the Board in good faith: 

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

(ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or
any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Employers or any of its subsidiaries and affiliates if he were retained in his position; or 

(iii) continued non-performance by the Executive of his duties to the Bank (other than by reason of the Executive’s
physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the Board; or 

(iv) a material violation by the Executive of the Bank’s written employment policies; or 

(v) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement
authorities, after being instructed by the Bank to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the willful inducement of others to fail to cooperate or to
produce documents or other materials in connection with such investigation. 
 A Terminating Event shall not be deemed to have occurred
pursuant to this Section 3(a) solely as a result of the Executive being an employee of any direct or indirect successor to the business or assets of the Employers, rather than continuing as an employee of the Employers following a Change in
Control. For purposes hereof, the Executive will be considered “Disabled” if, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have been absent from his duties to the Employers on a full-time basis for 180 calendar days in the aggregate in any 12-month period. 
 (b) Termination by
the Executive for Good Reason. Termination by the Executive of the Executive’s employment with the Employers for Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the
“Good Reason Process” (hereinafter defined) following, the occurrence of any of the following events: 
 (i) a
material diminution in the Executive’s responsibilities, authority or duties; 

  
 3 

 (ii) a material diminution in the Executive’s base salary except for
across-the-board salary reductions based on the Employers’ financial performance similarly affecting all or substantially all senior management employees of the Employers; 

(iii) a material change in the geographic location at which the Executive provides services to the Employers; or 

(iv) the material breach of this Agreement by the Employers. 

“Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has
occurred; (ii) the Executive notifies the Employers in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the
Employers’ efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the
Executive terminates his employment within 60 days after the end of the Cure Period. If the Employers cure the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

4. Change in Control Payment. In the event a Terminating Event occurs within 24 months after a Change in Control, then the Employers
shall pay to the Executive an amount equal to [two/one] times the sum of (i) the Executive’s annual base salary in effect immediately prior to the Terminating Event (or the Executive’s annual base salary in effect immediately prior to
the Change in Control, if higher) and (ii) the Executive’s average annual bonus over the three fiscal years immediately prior to the Change in Control, payable in one lump-sum payment on the Date of Termination. 

5. Additional Limitation. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by
the Employers to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the
applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced to the extent necessary so that no portion of the
Aggregate Payments would be subject to the excise tax. In such event, the Aggregate Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to
Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse
chronological order. 
 (b) The determination of the reduction provided in Section 5(a) shall be made by a nationally recognized
accounting firm selected by the Employers (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Employers and the Executive within 15 business days of the Date of Termination, if applicable, or at such
earlier time as is reasonably requested by the Employers or the Executive. Any determination by the Accounting Firm shall be binding upon the Employers and the Executive. 

  
 4 

 6. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s “separation from service”
within the meaning of Section 409A of the Code, the Employers determine that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as
a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s
separation from service, or (B) the Executive’s death. 
 (b) The parties intend that this Agreement will be administered in
accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and
regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 (c) To the extent
that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination
of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-1(h). 
 (d) The Employers make no representation or warranty and shall
have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such
Section. 
 7. Term. This Agreement shall take effect on the date first set forth above and shall terminate upon the earlier of
(a) the termination of the Executive’s employment for any reason prior to a Change in Control, (b) the termination of the Executive’s employment with the Employers after a Change in Control for any reason other than the
occurrence of a Terminating Event, or (c) the date which is 24 months after a Change in Control if the Executive is still employed by the Employers. 

  
 5 

 8. Withholding. All payments made by the Employers to the Executive under this Agreement
shall be net of any tax or other amounts required to be withheld by the Employers under applicable law. 
 9. Notice and Date of
Termination. 
 (a) Notice of Termination. After a Change in Control and during the term of this Agreement, any purported
termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section 9. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(b) Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by his
death, the date of his death; (ii) if the Executive’s employment is terminated on account of Executive’s Disability or by the Employers with or without Cause, the date on which Notice of Termination is given; (iii) if the
Executive’s employment is terminated by the Executive without Good Reason, 30 days after the date on which a Notice of Termination is given, and (iv) if the Executive’s employment is terminated by the Executive with Good Reason, the
date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Employers, the Employers may unilaterally accelerate the Date of
Termination and such acceleration shall not result in a termination by the Employers for purposes of this Agreement. 
 10. No
Mitigation. The Employers agree that, if the Executive’s employment by the Employers is terminated during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts
payable to the Executive by the Employers pursuant to Section 4 hereof. Further, the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Employers or otherwise. 
 11.
Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without
limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an
agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures
applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Employers may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration
subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 11 shall be specifically enforceable. Notwithstanding the
foregoing, this Section 11 shall not preclude either party from pursuing a court action for the sole 

  
 6 

 
purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an
arbitration proceeding pursuant to this Section 11. 
 12. Consent to Jurisdiction. To the extent that any court action is
permitted consistent with or to enforce Section 11 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of
Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by
statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 
 13. Integration. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements between the parties concerning such subject matter [including, without limitation, the Offer Letter.]1 
 14. Successor to the Executive. This Agreement shall inure to the benefit of and
be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after a Terminating Event but prior to the completion by the Employers
of all payments due him under this Agreement, the Employers shall continue such payments to the Executive’s beneficiary designated in writing to the Employers prior to his death (or to his estate, if the Executive fails to make such
designation). 
 15. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or
provision of any Section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

16. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of
any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach. 
 17. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be
sufficient if in writing and delivered in person or sent by a nationally recognized overnight currier service of by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed
in writing with the Employers, or to the Employers at their main office, attention of the Board of Directors. 
  

	1 	Include for Donna Thaxter (May 30, 2014) and Martie Dwyer (May 24, 2013) 

  
 7 

 18. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a duly authorized representative of the Employers. 
 19. Effect on Other Plans. An election by the
Executive to resign after a Change in Control under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Employers’ benefit
plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Employers’ benefit plans, programs or policies except as otherwise provided in Section 5 (the “cut-back”
provision) hereof, and except that the Executive shall have no rights to any severance benefits under any Employer severance pay plan. In the event that the Executive is party to an employment agreement with the Employers providing for change in
control payments or benefits, the Executive may receive payment under this Agreement only and not both. The Executive shall make such an election in the event of a Change in Control. 

20. Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the
Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be
interpreted and applied by the United States Court of Appeals for the First Circuit. 
 21. Successor to Employers. The Employers
shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Employers expressly to assume and agree to perform this Agreement to the same
extent that the Employers would be required to perform it if no succession had taken place. Failure of the Employers to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this
Agreement. 
 22. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. 
 23. Allocation of Obligations Between Employers. The obligations
of the Employers under this Agreement are intended to be the joint and several obligations of the Bank and the Company, and the Employers shall, as between themselves, allocate these obligations in a manner agreed upon by them. 

24. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. 
  

			
	RANDOLPH BANCORP, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	RANDOLPH SAVINGS BANK
		
	By:	 	  

		 	Name:
		 	Title:
	
	  

	[Executive]
	[Title]

  
 9

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