Document:

EX-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 Richard M. Donovan (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 Chief Financial 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 Chief Financial Officer of the Bank. As Senior Vice
President and Chief Financial Officer of the Bank, the Executive shall be responsible for the overall management of the Bank’s finance, accounting and treasury functions, and shall be responsible for establishing the financial business
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)    Three-Year Term; Annual Renewal. The term of this Agreement shall commence as of the Effective Date and
shall continue thereafter for a period of three (3) 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 three (3) 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 twenty-four
(24) 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 thirty-six (36) 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. 
  

	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 $175,950 per year (“Base Salary”). The Base Salary shall be payable biweekly, or with such other
frequency as officers of the Bank are generally paid. 

  
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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. 

  
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	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 

  
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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. 
 (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) twenty-four (24) 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. 

  
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 (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 

  
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	 	(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 three (3) 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 thirty-six
(36) 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. 

 

	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 

  
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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. 

  
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	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. 

  
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 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). 

  
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 (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 

  
 11 

 
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. 

(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. 

(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 

  
 12 

 
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:	  	 Richard M. Donovan
 At the address last
appearing on
 the personnel records of the Bank

  
 16 

 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/ Richard M. Donovan
	Richard M. Donovan

  
 17EX-10.4

 Exhibit 10.4 

FEDERAL SAVINGS BANK 

SALARY CONTINUATION AGREEMENT 

FOR 
 JAMES R. BRANNEN

 THIS SALARY CONTINUATION PLAN FOR JAMES R. BRANNEN (the “Plan”) is effective as of July 1, 2015, and is
entered into by Federal Savings Bank (the “Bank”) and James R. Brannen (“Executive”). 
 WHEREAS, the purpose of
the Plan is to provide additional retirement benefits to Executive, who, as a member of senior management, has contributed significantly to the success of the Bank, and whose continued services are vital to the Bank’s continued growth and
success; and 
 WHEREAS, this Plan is intended to be an unfunded, non-qualified deferred
compensation plan that complies with Sections 451 and 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder and is also intended to be a “top hat” pension plan within the meaning of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 ARTICLE I 

DEFINITIONS 
 When used
herein, the following words and phrases shall have the meanings below unless the context clearly indicates otherwise: 
  

	1.1	 “Accrued Benefit” means, as of any date, the liability that should be accrued by the Bank under
generally accepted accounting principles (“GAAP”) to reflect the Bank’s obligation to Executive under the Plan. 

  

	1.2	 “Administrator” means the Bank and/or its Board of Directors, provided, however, the Board of
Directors can designate a committee of the Board of Directors (“Committee”) as the Administrator. 

  

	1.3	 “Bank” means Federal Savings Bank and any successor to its business and/or assets which assumes and
agrees to perform the duties and obligations under this Plan by operation of law or otherwise. 

  

	1.4	 “Beneficiary” means the person or persons (and, if applicable, their heirs) designated by Executive
as the beneficiary to whom the deceased Executive’s benefits are payable. The beneficiary designation shall be made on the form attached hereto as Exhibit A and filed with the Administrator. If no Beneficiary is so designated, then
Executive’s Spouse, if living, will be deemed the Beneficiary. If Executive’s Spouse is not living at the time of Executive’s death or dies prior to payment to her of the Survivor’s Benefit, then the Children of Executive will be
deemed the Beneficiaries and will take on a per stirpes basis. If there are no living Children, then Executive’s estate will be deemed the Beneficiary. For this purpose, the term “Children” means Executive’s children, or the

	 	
issue of any deceased Children, then living at the time payments are due the Children under this Plan. The term “Children” shall include both natural and adopted children, as well as
stepchildren. Also, for this purpose, the term “Spouse” means the individual to whom Executive is legally married at the time of Executive’s death, provided, however, that the term “Spouse” shall not refer to an individual
to whom Executive is legally married at the time of death if Executive and the individual have entered into a formal separation agreement (provided that the separation agreement does not provide otherwise or state that the individual is entitled to
a portion of the benefits hereunder) or initiated divorce proceedings. 

  

	1.5	 “Benefit Eligibility Date” shall be the date on which Executive is entitled to commencement of
benefits under the Plan. 

  

	 	(a)	 In the event benefits become payable on account of Executive’s Separation from Service on or after Normal
Retirement Age, the Benefit Eligibility Date shall be the first day of the second month following Executive’s Separation from Service, subject to Section 1.5(f) below. 

 

	 	(b)	 In the event the Accrued Benefit becomes payable to Executive in the event of Executive’s Separation from
Service prior to his Normal Retirement Age, the Benefit Eligibility Date shall be the first day of the second month following the Separation from Service, subject to Section 1.5(f) below. 

 

	 	(c)	 In the event the Survivor’s Benefit becomes payable on account of Executive’s death, the Benefit
Eligibility Date shall be the first day of the second month following Executive’s death. 

  

	 	(d)	 In the event Executive suffers a Disability while employed by the Bank, the Benefit Eligibility Date shall be
the first day of the month following the date Executive attains his Normal Retirement Age. 

  

	 	(e)	 In the event a benefit becomes payable pursuant to Section 2.5(b) of the Plan on account of
Executive’s Separation from Service (other than for Cause) coincident with or within two (2) years following a Change in Control and prior to his Normal Retirement Age, the Benefit Eligibility Date shall be the first day of the second
month following Separation from Service, subject to Section 1.5(f) below. 

  

	 	(f)	 Notwithstanding anything in this Section 1.5 to the contrary, if Executive is a Specified Employee of a
publicly-traded company and the payment(s) are due to Executive’s Separation from Service (other than due to death), then the Benefit Eligibility Date shall be the first day of the seventh month following Executive’s Separation from
Service (if later than the date otherwise specified as the Benefit Eligibility Date). The payments that otherwise would have been received from the date of Separation from Service to the Specified Employee’s Benefit Eligibility Date shall be
aggregated and shall be paid on the same date as the initial payment (e.g., on the first day of the seventh month) and all remaining payments shall be made as otherwise scheduled. For purposes of Code Section 409A, the payments due hereunder
shall be deemed a single payment. 

  
 2 

	1.6	 “Board of Directors” shall mean the Board of Directors of the Bank. 

 

	1.7	 “Cause” shall mean Executive’s (i) personal dishonesty; (ii) willful misconduct;
(iii) incompetence; (iv) breach of fiduciary duty involving personal profit; (v) intentional failure to perform his stated duties; or (vi) willful violation of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease-and-desist order. 

For purposes of this paragraph, no act or failure to act on the part of Executive shall be considered “willful” unless done, or
omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Bank. 
  

	1.8	 “Change in Control” shall mean any of the following events: (i) a change in the ownership of the
Bank; (ii) a change in the effective control of the Bank; or (iii) a change in the ownership of a substantial portion of the assets of the Bank, as described below: 

 

	 	(a)	 A change in ownership occurs on the date that any one person, or more than one person acting as a group (as
defined in Treasury Regulations section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank that, together with stock held by such person or group, constitutes more than 50% of the total fair market
value or total voting power of the stock of the Bank. 

  

	 	(b)	 A change in the effective control of the Bank occurs on the date that either (A) any one person, or more
than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vi)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) ownership of stock of the Bank possessing 30% or more of the total voting power of the stock of the Bank, or (B) a majority of the members of the Board of Directors is replaced during any
12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors prior to the date of the appointment or election, provided that this subsection
is inapplicable where a majority shareholder of the corporation is another corporation. 

  

	 	(c)	 A change in the ownership of a substantial portion of the Bank’s assets occurs on the date that any one
person or more than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) assets from the Bank that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Bank. For purposes
of this Agreement, “gross fair market value” means the value of the assets of the Bank, or the value of the assets being disposed of, without regard to any liabilities associated with such assets. 

  
 3 

	 	(d)	 Notwithstanding anything herein to the contrary, the reorganization of the Bank as the wholly-owned subsidiary
of a holding company in a standard conversion or mutual holding company reorganization shall not be deemed to be a Change in Control. Further, in the event of the reorganization of the Bank as a wholly-owned subsidiary of a stock holding company in
a standard conversion or as a wholly-owned or majority owned subsidiary in a mutual holding company reorganization, then this Section 1.8 shall apply equally to a Change in Control of the Bank or the holding company of the Bank (or to a change
in control of the mutual holding company in the event the Bank is owned by a mid-tier holding company that is the majority-owned or wholly owned subsidiary of the mutual holding company 

 

	 	(e)	 For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the
requirements of Treasury Regulations section 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance. 

 

	1.9	 “Disability” means, with respect to Executive, that, in the good faith determination of the Board of
Directors, Executive is (i) 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 can be expected to last for a continuous period of
not less than 12 months, or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank, or (iii) determined to be totally disabled by the Social Security Administration. 

 

	1.10	 “Executive” means James R. Brannen, who has been selected and approved by the Board of Directors to
participate in the Plan. 

  

	1.11	 “Normal Retirement Age” means age 66. 

 

	1.12	 “Payout Period” means the time frame during which the benefits payable hereunder shall be
distributed. The Payout Period shall be either: 

  

	 	(a)	 One Hundred Twenty (120) monthly installments. 

 

	 	(b)	 a single lump sum distribution. 

 

	 	(c)	 In the event of Executive’s death after Separation from Service but before payments have commenced, the
benefit attributable to Executive shall be paid to Executive’s Beneficiary over the Payout Period that the benefit would have been paid to Executive, provided, however, that the payment shall commence on the Benefit Eligibility Date set forth
in Section 1.5(c). In the event of Executive’s death following Separation from Service after payments have commenced but before the payments have been completed, the Payout Period shall be the remaining period for which the benefit would
have been paid to Executive. 

  
 4 

	 	(d)	 For purposes of Code Section 409A, any installment payments required hereunder shall be deemed a single
payment. 

  

	1.14	 “Present Value” means the present value, as of a specified date, of a stream of payments payable to
Executive or his Beneficiary. For these purposes, Present Value shall be determined each calendar year by applying a discount factor equal to the discount rate determined as of the immediately preceding December under the Citigroup Pension Liability
Index (“CPLI”) or such other rate as determined by the Committee from time to time and set forth in a written resolution. 

  

	1.15	 “Separation from Service” (or “Separated from Service”) means Executive’s death,
retirement or other termination of employment with the Bank within the meaning of Code Section 409A. No Separation from Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of the
leave does not exceed six months or, if longer, so long as Executive’s right to reemployment is provided by law or contract. If the leave exceeds six months and Executive’s right to reemployment is not provided by law or by contract, then
Executive shall have a Separation from Service on the first date immediately following such six-month period. 

Whether a Separation from Service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive
reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Executive would perform after that date (whether as an employee or as an independent contractor) would permanently
decrease to less than 50% of the average level of bona fide services performed over the immediately preceding 36 months (or the lesser period of time in which Executive performed services for the Bank). The determination of whether Executive
has had a Separation from Service shall be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A. 
  

	1.16	 “Specified Employee” means an individual who also satisfies the definition of “key
employee” as that term is defined in Code Section 416(i) (without regard to paragraph (5) thereof). In the event Executive is a Specified Employee, no distribution shall be made to such Executive upon Separation from Service (other
than due to death or Disability) prior to the date which is six (6) months following Separation from Service. 

  

	1.17	 “Survivor’s Benefit” means the benefit payable to Executive’s Beneficiary following his
death in accordance with Section 2.3 of the Plan. 

  

	1.18	 “Unforseeable Emergency” means a severe financial hardship to Executive resulting from an illness or
accident of Executive, Executive’s spouse, dependent (as defined in Code Section 152 without regard to section 152(b)(1), (b)(2) and (d)(1)(B)) or beneficiary; loss of Executive’s property due to casualty (including the need to
rebuild a home following damage to a home not otherwise covered by insurance); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the

  
 5 

	 	
service provider. Following are examples of items that will qualify as an Unforseeable Emergency: (i) the imminent foreclosure of or eviction from Executive’s primary residence;
(ii) the need to pay for medical expenses, including nonrefundable deductibles, as well as the costs of prescription drug medication; (iii) the need to pay for the funeral expenses of a spouse, a beneficiary or a dependent. The purchase of
a home and payment of college tuition are not Unforseeable Emergencies. Whether Executive has an Unforseeable Emergency within the meaning of Code Section 409A is to be determined based on the relevant facts and circumstances, but in any case,
a distribution on account of an Unforseeable Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of Executive’s assets, to the
extent the liquidation of such assets would not cause severe financial hardship. 

 ARTICLE II 

BENEFITS 
  

	2.1	 Benefit on Separation from Service on or after Normal Retirement Age. 

If Executive has a Separation from Service after reaching his Normal Retirement Age, Executive shall be entitled to an annual benefit equal to thirty-one and one one-hundredth percent (31.01%) of the average of the three highest amounts reported in Box 5 of Form W-2 for
Executive, excluding any amounts attributable to the granting, vesting or exercise of stock options, restricted stock or similar equity-based compensation. The benefit under this Section 2.1 shall commence on Executive’s Benefit
Eligibility Date specified in Section 1.5(a) of the Plan and shall be payable in installments over the Payout Period specified in Section 1.12(a) of the Plan.  

 

	2.2	 Separation from Service Before Normal Retirement Age. 

If Executive has a Separation from Service prior to the attainment of his Normal Retirement Age (other than due to Cause, death or Disability),
Executive shall be entitled to the Accrued Benefit payable commencing on the Benefit Eligibility Date specified in Section 1.5(b) of the Plan and payable in annual installments over the Payout Period specified in Section 1.12(a) of the
Plan. 
  

	2.3	 Survivor’s Benefit. 

 

	 	(a)	 If Executive dies prior to Separation from Service, Executive’s Beneficiary shall be entitled to the
Survivor’s Benefit. The Survivor’s Benefit shall equal the Accrued Benefit. The Survivor’s Benefit shall commence on the Benefit Eligibility Date in Section 1.5(c) and shall be payable over the Payout Period specified in
Section 1.12(b) of the Plan. 

  

	 	(b)	 If Executive dies following Separation from Service but prior to the commencement of benefit payments to
Executive, Executive’s Beneficiary shall be entitled to payment of the amount otherwise payable to Executive under the applicable Section of this Article II, commencing on the Benefit Eligibility Date set forth in Section 1.5(c) payable
over the Payout Period specified in Section 1.12(c) of the Plan. 

  
 6 

	 	(c)	 If Executive dies following Separation from Service after the commencement of benefit payments to Executive,
Executive’s Beneficiary shall be entitled to the remaining payments then due to Executive under this Article II in the same form of the benefit and for the remainder of the Payout Period as provided in Section 1.12(a) as if Executive had
lived. 

  

	 	(d)	 Executive’s Survivor’s Benefit following a Separation from Service due to Disability is set forth in
Section 2.4 of the Plan. 

  

	2.4	 Benefit on Disability. If Executive suffers a Disability prior to his Normal Retirement Age, Executive
shall be entitled to receive the benefit due under Section 2.1 of the Plan, as if Executive has attained his Normal Retirement Age, commencing on the Benefit Eligibility Date set forth in Section 1.5(d) of the Plan and paid over the Payout
Period specified in Section 1.12(a) of the Plan. 

  

	2.5	 Benefit Payable in Connection with a Change in Control. 

 

	 	(a)	 In the event a Change in Control, Executive shall be entitled to the benefit that otherwise would be due under
Section 2.1 of the Plan as if Executive has attained his Normal Retirement Age. Unless otherwise made pursuant to paragraph (b) of this Section 2.5, the benefit shall be paid in accordance with the time and form provided for in
Sections 2.1, 2.2, 2.3 or 2.4, as applicable. 

  

	 	(b)	 If a Change in Control occurs followed by Executive’s Separation from Service within two (2) years of
the Change in Control and prior to Executive’s Normal Retirement Age, Executive shall be entitled to the Present Value of the benefit due under Section 2.5(a), payable commencing on the Benefit Eligibility Date specified in
Section 1.5(e) and payable in over the Payout Period specified in Section 1.12(b) of the Plan. 

  

	2.6	 Termination for Cause. Notwithstanding any other provision of this Plan to the contrary, if Executive is
terminated for Cause all benefits under this Plan shall be forfeited by Executive and Executive’s participation in this Plan shall become null and void. 

  

	2.7	 Benefit Payable due to Unforseeable Emergency. In the event Executive has an Unforseeable Emergency,
Executive may file a written request with the Administrator for a hardship distribution. The request shall set forth the particulars of the need for the hardship distribution and shall certify that Executive is unable to satisfy the need through
reimbursement or compensation from insurance or otherwise, or by liquidation of Executive’s assets, other than a liquidation that would itself result in a hardship to Executive. Within thirty (30) days of receipt of the request, the
Administrator shall, based on the facts and circumstances, determine if Executive’s hardship constitutes an Unforseeable Emergency within the meaning of Code Section 409A. If Executive’s

  
 7 

	 	
hardship is deemed to be an Unforseeable Emergency, the Administrator shall make a lump sum distribution to Executive of an amount necessary to satisfy the emergency need (which may include
amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution). If an Unforseeable Emergency distribution is made, the Administrator will take into consideration the
distribution and will offset the distribution from any payments made to Executive under Sections 2.1, 2.2, 2.3, 2.4 or 2.5 hereof. The offset will be determined by increasing the lump sum distribution made due to the Unforseeable Emergency by the
discount factor (set forth in Section 1.13) from the date of the Unforseeable Emergency distribution until the date on which the distributions commence under any other Section in this Article II and then annuitizing the amount so determined
over the Payout Period and subtracting such amount from the benefit then payable. 

 ARTICLE III 

BENEFICIARY DESIGNATION 

Executive shall make an initial designation of primary and secondary Beneficiaries upon initial participation in the Plan by completion of a
Beneficiary form substantially in the form attached as Exhibit A, and shall have the right to change the designation, at any subsequent time. Any Beneficiary designation shall become effective only when receipt thereof is acknowledged in writing by
the Administrator. 
 ARTICLE IV 

EXECUTIVE’S RIGHT TO ASSETS, 

ALIENABILITY AND ASSIGNMENT PROHIBITION 

At no time shall Executive be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The
rights of Executive, any Beneficiary, or any other person claiming through Executive under this Plan, shall be solely those of an unsecured general creditor of the Bank. Executive, the Beneficiary, or any other person claiming through Executive,
shall only have the right to receive from the Bank those payments so specified under this Plan. Neither Executive nor any Beneficiary under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute,
modify or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by Executive or his Beneficiary, nor be
transferable by operation of law in the event of bankruptcy, insolvency or otherwise. 
 ARTICLE V 

ERISA PROVISIONS 
  

	5.1	 Named Fiduciary and Administrator. The Bank shall be the “Named Fiduciary” and Administrator
of this Plan. As Administrator, the Bank shall be responsible for the management, control and administration of the Plan as established herein. The Administrator may delegate to others certain aspects of the management and operational
responsibilities of the Plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals. 

  
 8 

	5.2	 Claims Procedure and Arbitration. In the event that benefits under this Plan is not paid to Executive
(or to his Beneficiary in the case of Executive’s death) and the claimant(s) feel he or they are entitled to receive the benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are
refused. The Administrator shall review the written claim and, if the claim is denied, in whole or in part, it shall provide in writing, within thirty (30) days of receipt of such claim, its specific reasons for such denial, reference to the
provisions of this Plan upon which the denial is based, and any additional material or information necessary for such claimants to perfect the claim. The written notice by the Administrator shall further indicate the additional steps which must be
undertaken by claimants if an additional review of the claim denial is desired. 

 If claimants desire a second review,
they shall notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Plan or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its
sole discretion, the Administrator shall then review the second claim and provide a written decision within thirty (30) days of receipt of such claim. This decision shall state the specific reasons for the decision and shall include reference
to specific provisions of this Plan upon which the decision is based. 
 No claimant shall institute any action or proceeding in any state
or federal court of law or equity or before any administrative tribunal or arbitrator for a claim for benefits under the Plan until the claimant has first exhausted the provisions set forth in this Section 5.2. 

ARTICLE VI 

MISCELLANEOUS 
  

	6.1	 No Effect on Employment Rights. Nothing contained herein will confer upon Executive the right to be
retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with Executive without regard to the existence of the Plan. 

 

	6.2	 State Law. The Plan is established under, and will be construed according to, the laws of the State of
New Hampshire, to the extent such laws are not preempted by ERISA and valid regulations published thereunder or any other federal law. 

  

	6.3	 Severability and Interpretation of Provisions. The Bank shall have full power and authority to
interpret, construe and administer this Plan and the Bank’s interpretation and construction thereof and actions thereunder shall be binding and conclusive on all persons for all purposes. No employee or representative of the Bank shall be
liable to any person for any actions taken or omitted in connection with the interpretation and administration of this Plan unless attributable to his own willful misconduct or lack of good faith. In the event that any of the provisions of this Plan
or portion hereof are held to be inoperative or invalid by any court of competent jurisdiction, or in the event that any provision is found 

  
 9 

	 	
to violate Code Section 409A and would subject Executive to additional taxes and interest on the amounts deferred hereunder, or in the event that any legislation adopted by any governmental
body having jurisdiction over the Bank would be retroactively applied to invalidate this Plan or any provision hereof or cause the benefits under this Plan to be taxable, then: (1) insofar as is reasonable, effect will be given to the intent
manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability of the remaining provisions will not be affected thereby. In the event that the intent of any provision shall need to be construed in a manner to
avoid taxability, this construction shall be made by the Administrator in a manner that would manifest to the maximum extent possible the original meaning of such provisions. 

 

	6.4	 Incapacity of Recipient. If a benefit is payable to a minor, to a person declared incompetent, or to a
person incapable of handling the disposition of his property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof
of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. The distribution shall completely discharge the Bank for all liability with respect to the benefit. 

 

	6.5	 Unclaimed Benefit. Executive shall keep the Bank informed of his current address and the current address
of his Beneficiaries. If the location of Executive is not made known to the Bank, the Bank shall delay payment of Executive’s benefit payment(s) until the location of Executive is made known to the Bank; however, the Bank shall only be
obligated to hold the benefit payment(s) for Executive until the expiration of three (3) years. Upon expiration of the three (3) year period, the Bank may discharge its obligation by payment to Executive’s Beneficiary. If the location
of Executive’s Beneficiary is not known to the Bank, Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of any benefits provided for Executive and/or Executive’s Beneficiary under this Plan.

  

	6.6	 Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, no individual
acting as an employee or agent of the Bank, or as a member of the Board of Directors shall be personally liable to Executive or any other person for any claim, loss, liability or expense incurred in connection with the Plan. 

 

	6.7	 Gender. Whenever in this Plan words are used in the masculine or neuter gender, they shall be read and
construed as in the masculine, feminine or neuter gender, whenever they should so apply. 

  

	6.8	 Effect on Other Corporate Benefit Plans. Nothing contained in this Plan shall affect the right of
Executive to participate in or be covered by any qualified or nonqualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future compensation
structure. 

  
 10 

	6.9	 Inurement. This Plan shall be binding upon and shall inure to the benefit of the Bank, its successors
and assigns, and Executive, his successors, heirs, executors, administrators, and Beneficiaries. 

  

	6.10	 Acceleration of Payments. Except as specifically permitted under this Section 6.10 or in other
sections of this Plan, no acceleration of the time or schedule of any payment may be made under this Plan. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Treasury
Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the Federal Government; (iii) in compliance with ethics laws or
conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of certain distributions to avoid a non-allocation year under
Code Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of Executive to the Bank; (vii) in satisfaction of certain bona fide disputes between Executive and the Bank; or (viii) for any other purpose set
forth in the Treasury Regulations and subsequent guidance. 

  

	6.11	 Headings. Headings and sub-headings in this Plan are inserted
for reference and convenience only and shall not be deemed a part of this Plan. 

  

	6.12	 12 U.S.C. §1828(k). Any payments made to Executive pursuant to this Plan or otherwise are subject
to and conditioned upon compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder. 

  

	6.13	 Payment of Employment and Code Section 409A Taxes. Any distribution under this Plan
shall be reduced by the amount of any taxes required to be withheld from the distribution. This Plan shall permit the acceleration of the time or schedule of a payment to pay employment-related taxes as permitted under Treasury Regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the regulations and other guidance promulgated
thereunder. In the latter case, such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A. 

 

	6.14	 Successors to the Bank. The Bank, as applicable, will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Bank to assume expressly and agree to perform the duties and obligations under this Plan in the same manner and to the same extent as
the Bank would be required to perform it if no such succession had taken place. 

  

	6.15	 Legal Fees. In the event Executive retains legal counsel to enforce any of the terms of the Plan, the
Bank will pay his legal fees and related expenses reasonably incurred by him, but only if Executive prevails in an action seeking legal and/or equitable relief against the Bank. 

  
 11 

 ARTICLE VII 

AMENDMENT/TERMINATION 
  

	7.1	 Amendment. This Plan may be amended or modified at any time, in whole or part, with the mutual written
consent of Executive and the Bank. Notwithstanding anything to the contrary herein, the Plan may be amended without Executive’s consent to the extent necessary to comply with existing tax laws or changes to existing tax laws or to amend or
terminate the Plan in accordance with Section 7.2 below. 

  

	7.2	 Termination of Plan. 

 

	 	(a)	 Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by
freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank; provided, however, the Plan may not be
partially terminated following a Change in Control without Executive’s consent. 

  

	 	(b)	 Complete Termination. Subject to the requirements of Code Section 409A, in the event of complete
termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to Executive his benefits as if Executive had terminated employment as of the effective date of the complete termination. A complete termination of the Plan shall
occur only under the following circumstances and conditions: 

  

	 	(i)	 The Board of Directors may terminate the Plan within 12 months of a corporate dissolution taxed under Code
Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the benefit is included in Executive’s (or his Beneficiary’s) gross income (and paid to Executive or his Beneficiary) in the
latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is
administratively practicable. 

  

	 	(ii)	 The Board of Directors may terminate the Plan by Board of Directors action taken months following a Change in
Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that Executive and all participants under substantially similar arrangements are required to
receive all amounts payable under the terminated arrangements within 12 months of the date of the termination of the arrangements. 

  
 12 

	 	(iii)	 The Board of Directors may terminate the Plan at any time provided that (i) the termination does not occur
proximate to a downturn in the financial health of the Bank, (ii) all arrangements sponsored by the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if
Executive was also covered by any of those other arrangements are also terminated; (iii) no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within 12 months of
the termination of the arrangement (e.g., Executive’s benefit); (iv) all payments are made within 24 months of the termination of the arrangements; and (v) the Bank does not adopt a new arrangement that would be aggregated with any
terminated arrangement under Treasury Regulations Section 1.409A-1(c) if Executive participated in both arrangements, at any time within three years following the date of termination of the arrangement.

 ARTICLE VIII 

EXECUTION 
  

	8.1	 Entire Agreement. This Plan sets forth the entire understanding of the Bank and Executive with respect
to the transactions contemplated hereby, and any previous agreements or understandings between them regarding the subject matter hereof are merged into and superseded by this Plan. 

 

	8.2	 Execution. This Plan shall be executed in duplicate, each copy of which, when so executed and delivered,
shall be an original, but both copies shall together constitute one and the same instrument. 

 [signature page follows]

  
 13 

 IN WITNESS WHEREOF, the Bank has caused this Plan to be executed, effective as of the day
and date first above written. 
  

							
	ATTEST:	 		 	FEDERAL SAVINGS BANK
				
	/s/ James O’Neill	 		 	By:	 	/s/ James O’Neill
				
		 		 	Title:	 	 President/CEO

				
	August 1, 2015	 		 		 	
	Date	 		 	Date:	 	 August 1, 2015

  

							
	ATTEST:	 		 	EXECUTIVE
			
	/s/ James O’Neill	 		 	/s/ James R. Brannen
				
	 July 1, 2015
	 		 		 	
	Date	 		 	Date:	 	 August 1, 2015

  
 14 

 First Amendment 

to 
 Federal Savings
Bank 
 Salary Continuation Agreement for James R. Brannen 

This First Amendment (“Amendment”) is entered into this 28th day of
February, 2019, by Federal Savings Bank (the “Bank”) and James R. Brannen (“Executive”). 
 WHEREAS, the Bank and
Executive entered into a Salary Continuation Plan (the “Plan”), effective as of the 1st day of July, 2015; 

WHEREAS, Section 7.1 of the Plan provides that the Plan may be amended by a written instrument signed by both the Bank and
Executive; and 
 WHEREAS, Bank and Executive desire to amend Sections 2.1 of the Plan to modify the annual retirement percentage
from 31.1% to 34.62%. 
 NOW, THEREFORE, in consideration of the foregoing, the Plan is hereby amended as follows: 

 

	1.	 Section 2.1 of the Plan is amended by deleting the current paragraph and adding the following new paragraph:

 “If Executive has a Separation from Service after reaching his Normal Retirement Age, Executive shall be entitled
to an annual benefit equal to thirty-four and sixty-two hundredths percent (34.62%) of the average of the three highest amounts reported in Box 5 of Form W-2 for
Executive, excluding any amounts attributable to the granting, vesting or exercise of stock options, restricted stock or similar equity-based compensation. The benefit under this Section 2.1 shall commence on Executive’s Benefit
Eligibility Date specified in Section 1.5(a) of the Plan and shall be payable in installments over the Payout Period specified in Section 1.12(a) of the Plan.”  

[signature page follows] 

 IN WITNESS WHEREOF, the Bank and Executive have caused this Amendment to be executed
effective as of the day and date first above written. 
  

							
	ATTEST:	 		 	FEDERAL SAVINGS BANK
				
	 /s/ Susan L. Brown
	 		 	By:	 	 /s/ Sharon A. Zacharias

				
		 		 	Title:	 	 VP, Human Resources Director

				
	 2/28/19
	 		 		 	
				
	Date	 		 	Date:	 	 2/28/19

			
	ATTEST:	 		 	EXECUTIVE
			
	 /s/ Susan L. Brown
	 		 	 /s/ James R. Brannen

				
	 2/28/19
	 		 		 	
				
	Date	 		 	Date:	 	 2/28/19

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