Document:

Exhibit 10.3

 

Execution
Version

 

CONSULTING AGREEMENT

 

THIS
CONSULTING AGREEMENT (this “Agreement”) is made and entered into by and among PCSB Bank, a New York chartered
commercial bank (the “Bank”), Brookline Bancorp, Inc., a Delaware corporation (the “Company”),
and Joseph D. Roberto (“Consultant”) (collectively referred to as the “Parties”) as of May 23,
2022 to become effective as of the Effective Time (as defined below).

 

Background Statements:

 

1.            The
Company and PCSB Financial Corporation (“PCSB”) entered into an Agreement and Plan of Merger, dated as of May 23,
2022, (the “Merger Agreement”). The Merger Agreement provides for the merger of PCSB with and into the Company (the
 “Merger”). As used in this Agreement, the term “Effective Time” shall mean the time at which the
Merger is effective, as provided in the Merger Agreement. Any capitalized term used in this Agreement and not otherwise defined shall
have the meaning set forth in the Merger Agreement.

 

2.            Consultant
is the current Chairman, President and Chief Executive Officer of PCSB.

 

3.            Consultant’s
employment by PCSB and his positions as Chairman, President and Chief Executive Officer of PCSB will be terminated as of the Effective
Time (the “Termination Date”).

 

4.            The
Parties acknowledge and agree that Consultant’s termination of employment on the Termination Date is intended to be a “separation
from service” by Consultant within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and Section 8 of the Employment Agreement between PCSB and Consultant dated as of April 20, 2017.

 

5.            The
Company desires to assure itself of the continued availability of Consultant’s services as provided in this Agreement in order to
help facilitate an effective integration of PCSB employees into the Company’s organization, including, without limitation, serving
as mentor to Michael P. Goldrick, who as of the date of this Agreement is the Executive Vice President and Chief Lending Officer of PCSB
and who will serve as President of PCSB Bank following the closing of the Merger.

 

NOW
THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter
provided, the Company and Consultant agree as follows:

 

1.            Engagement.
Commencing at the Effective Time, the Company and the Bank wish to engage Consultant, and Consultant accepts engagement as a consultant,
in accordance with the terms and conditions set forth below.

 

     

     

    

 

2.            Nature
and Scope of Engagement.

 

(a)            During
the Term (as defined below in Section 4) of this Agreement, Consultant shall be an independent contractor of the Company and the
Bank and shall, at the request of the Company or the Bank, provide services relating to the post-closing integration of PCSB’s employees
and such other services as the Company or the Bank may reasonably request and that are consistent with a part-time consulting role for
the former chief executive officer of PCSB. Without limiting the scope of the immediately preceding sentence, the Company, the Bank and
Consultant expect that during the Term, Consultant will perform one or more of the following activities:

 

(i)            Assisting
in transitioning PCSB’s employees to the Company’s organizational structure; and

 

(ii)            Serving
as a mentor to former senior executives of PCSB who become officers of the Company and/or one of its affiliates.

 

(b)            So
long as Consultant is engaged hereunder, Consultant agrees (i) to perform Consultant’s duties diligently and to the best of
Consultant’s ability, and not to do anything that would be detrimental to the best interests of the Company or the Bank, (ii) to
use Consultant’s best efforts, skill and ability to promote the interests of the Company and the Bank, and (iii) to devote
such portion of his available time, attention, energy, skill, and efforts to the business and affairs of the Company and the Bank as reasonably
required to fulfill the duties assigned to him under this Agreement.

 

3.            Compensation
and Benefits.

 

(a)            In
consideration of Consultant’s commitments under this Agreement, including Consultant’s agreements in Section 5 and Section 6,
the Company will pay to Consultant, monthly during the Term, in cash an amount equal to $30,000 (the “Monthly Payment”).
The Company shall pay the Monthly Payment in arrears not later than the first day of the next month, and for any partial month the Monthly
Payment will be pro-rated. The Monthly Payment assumes that Consultant performs his duties diligently hereunder, subject to the 409A Cap
(as defined below) during the Term pursuant to Section 4(a). The Company and Consultant acknowledge and agree that in no event shall
Consultant be required to provide services at a level that would be equal to or greater than 50 percent of the average level of bona fide
services Consultant provided to the Company during 36-month period immediately preceding the Term (the “409A Cap”).

 

(b)            The
Company will reimburse Consultant for reasonable out-of-pocket expenses, including parking expenses. Consultant shall submit monthly invoices
to the Company for any costs incurred and such invoices shall be payable by the Company to Consultant no later than the fifteenth (15th)
day of the month following the month in which the invoice was submitted.

 

(c)            The
Company and Consultant hereby acknowledge and agree that Consultant shall not be entitled to any other payments, benefits, or other compensation
in consideration of the services rendered hereunder other than those set forth in this Section 3.

 

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(d)            The
parties intend that payments under this Agreement be exempt from or comply with Code Section 409A and the Treasury Regulations and
guidance promulgated thereunder (collectively, the “409A Requirements”) and, accordingly, to the maximum extent permitted,
this Agreement shall be interpreted to be exempt from the 409A Requirements.

 

(e)            Notwithstanding
any other provision of this Agreement, the Company shall be not obligated to make, nor shall Consultant have a right to receive, any payment
under this Agreement which would violate any law, regulation, or regulatory order applicable to the Company, as applicable, at the time
such payment is due, including without limitation, Section 1828(k) of Title 12 of the United States Code and any regulation
or order thereunder of the Federal Deposit Insurance Corporation.

 

4.            Term;
Termination.

 

(a)            The
term of Consultant’s engagement by the Company under this Agreement shall commence as of the Effective Time and shall continue for
a term ending on the six-month anniversary of the Effective Time (the “Term”).

 

(b)            If
the Company terminates Consultant without Cause (as defined below), the Company will pay Consultant monthly remaining unpaid Monthly Payments
that he would have otherwise earned during the remaining portion of the Term; provided that Consultant continues to comply in all material
respects with Consultant’s covenants in Section 5 and Section 6 of this Agreement. For purposes of this Agreement, “Cause”
shall mean, as determined by a majority of the Board of Directors: (i) the willful and continued failure (which failure continues
for more than fifteen (15) days after written notice given to Consultant setting forth in reasonable detail the nature of such failure)
by Consultant to substantially perform his duties, other than on account of a medically determinable disability which renders Consultant
incapable of performing such services; (ii) the willful or gross neglect (which neglect continues for more than thirty (30) days
after written notice given to Consultant setting forth in reasonable detail the nature of such neglect) by Consultant of his duties, other
than on account of a medically determinable disability which renders Consultant incapable of performing such services; (iii) fraud,
misappropriation or embezzlement by Consultant; (iv) Consultant’s commission of acts satisfying the elements of a feloney offense,
which acts in the Company’s good faith judgment would reasonably be expected to cause material adverse publicity to the Company
if Consultant continued to provide services under this Agreement; or (v) Consultant’s willfully engaging in conduct materially
injurious to the Company, including any material violation of applicable banking regulations.

 

(c)            If
the Company terminates Consultant with Cause, the Company will have no further obligation to make any payments to Consultant (except for
compensation earned prior to the date of termination). If the Company terminates Consultant with Cause under this Section 4(c), Consultant’s
covenants under Section 5 and Section 6 of this Agreement shall remain in full force and effect for the original Term of the
Agreement.

 

(d)            Consultant
may elect to cease providing consulting services under this Agreement at any time upon thirty (30) days’ written notice to
the Company, and in such case, the Company will have no obligation to make a Monthly Payment (or portion thereof) for any period after
the effective date of such cessation of services. Consultant will submit a final invoice to the Company within ten (10) days
of cessation for any unpaid services, and such invoice shall be payable to Consultant by the Company within ten (10) days after
the Company’s receipt of such final invoice. If Consultant elects to cease providing consulting services pursuant to this Section 4(d),
Consultant’s covenants under Section 5 and Section 6 of this Agreement shall remain in full force and effect for the remainder
of the original Term of the Agreement.

 

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5.            Non-Competition.

 

(a)            During
the Term, Consultant shall not, directly or indirectly, become a director, trustee, officer, employee, principal, agent, consultant or
independent contractor of a Competing Business (as defined below), subject to subsections (c) and (d) of this Section.

 

(b)            As
used in this Agreement, the term “Competing Business” means any bank or other FDIC-insured depository institution,
credit union, mortgage or finance company, or any other entity engaged in a business that competes with the business of the Company, or
subsidiary thereof, if such entity has a branch or loan production office in Westchester County, New York. For avoidance of doubt, a Competing
Business is not a business that primarily engages in providing asset manager services or insurance products or services.

 

(c)            Nothing
in this Agreement shall prohibit Consultant from (x) owning bonds, non-voting preferred stock or less than five percent (5%) of the
outstanding common stock of any Competing Business (or the holding company thereof) if the common stock of such entity is publicly traded;
(y) serving on the board of directors of or providing consulting services to a business that is not a Competing Business; and (z) providing
consulting services to a business that is a Competing Business, if (i) Consultant provides such services from an office located outside
of such cities and towns; (ii) the consulting services provided by Consultant do not relate to existing products or services that
the Company then offers, or proposed products or services with respect to which Consultant has actively consulted and which the Company
then is planning to offer in one or more of such cities and towns; and (iii) Consultant is and remains in compliance with the provisions
of Section 6 of this Agreement.

 

(d)            The
provisions of this Section 5 shall not be binding on Consultant (and shall be of no further force or effect) if a Change in Control
of the Company occurs after the Effective Time. A Change in Control of the Company shall mean a reorganization, merger, consolidation
or sale of all or substantially all of the assets of the Company, or any similar transaction, in any case in which the shareholders of
the Company immediately prior to such transaction hold less than a majority of the voting power of the resulting entity immediately after
such transaction.

 

6.            Non-Solicitation.

 

During the Term of the Agreement, Consultant shall
not hire or attempt to hire any employee of PCSB or the Bank, including any employee of PCSB or the Bank immediately prior to the Effective
Time who becomes an employee of the Company or a subsidiary thereof, assist in such hiring by any other person or entity, encourage any
such employee to terminate his or her relationship with the Company or the Bank, or interfere with or damage (or attempt to interfere
with or damage) any relationship with the Company or the Bank and any customer of the Company or the Bank or solicit or encourage any
customer of the Company or the Bank to terminate its relationship with the Company or the Bank or to conduct with any other person or
entity any business or activity which such customer conducts or could conduct with the Company or the Bank. Nothing in this paragraph
shall prevent any person who employs Consultant as an employee or consultant from engaging in general direct mail solicitations or media
advertising that is not targeted on or specifically directed at persons presenting or formerly employed by, associated with or customers
of the Company or the Bank.

 

    	 	4	 

     

    

 

7.            General
Provisions.

 

(a)            Severable.
The Parties explicitly acknowledge and agree that the provisions of this Agreement are both reasonable and enforceable. Should any provision
or part thereof be held invalid or unenforceable for any reason, then such provision or part shall be enforced to the maximum extent permitted
by law. Likewise, in the event that any one or more of the provisions, or parts of any provisions, contained in this Agreement shall for
any reason be held to be invalid, illegal, or unenforceable in any respect by a court of competent jurisdiction, the same shall not invalidate
or otherwise affect any other provision or part thereof. Specifically, but without limiting the foregoing in any way, each of the covenants
of the Parties to this Agreement contained herein shall be deemed and shall be construed as a separate and independent covenant and should
any part or provision of any such covenants be held or declared invalid by any court of competent jurisdiction, such invalidity shall
in no way render invalid or unenforceable any other part or provision thereof or any other covenant of the parties not held or declared
invalid.

 

(b)            Reasonableness.
Consultant acknowledges that the covenants set forth in the Agreement are reasonable and necessary to protect and preserve the Company’s
legitimate business interests.

 

(c)            Independent
Contractor; No Agency. At all times during the Term, Consultant is an independent contractor under this Agreement. Nothing in this
Agreement shall create the relationship of partners or employer and employee between the parties hereto. Consultant is not an agent of
the Company and does not have the right to employ or contract with any other person or entity for or on behalf of the Company. The Company
shall not be liable for any act or omission of Consultant in performing any service. As an independent contractor, Consultant acknowledges
and agrees that Consultant alone is responsible for acts or omissions, including any property damage, bodily injury or death, caused by
Consultant.

 

(d)            Employee
Benefits. Consultant acknowledges and agrees that neither Consultant nor anyone acting on Consultant’s behalf shall receive
any employee benefits of any kind (including, without limitation, health, sickness, accident or dental coverage, life insurance, disability
benefits, accidental death and dismemberment coverage, unemployment insurance coverage, workers’ compensation coverage, and pension
or 401(k) benefit(s)) from the Company. Consultant shall be expressly excluded from participating in any employee benefit plans or
programs as a result of the performance of services under this Agreement, without regard to Consultant’s independent contractor
status.

 

(e)            Tax
Treatment. Consultant and the Company agree that, with respect to the services performed hereunder, the Company will treat Consultant
as an independent contractor for purposes of all tax laws and file forms consistent with that status as required by law in accordance
therewith the Company shall not be responsible for withholding income or other taxes from the compensation paid to Consultant. Consultant
agrees, as an independent contractor, Consultant is not entitled to unemployment benefits in the event this Agreement terminates, or workers’
compensation benefits in the event that Consultant is injured in any manner while performing obligations under this Agreement.

 

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(f)            Assignment.
This Agreement and the rights and obligations of the Company hereunder may be assigned by the Company (including a transfer by operation
of law) to any successor to the Company, and shall inure to the benefit of, shall be binding upon, and shall be enforceable by any such
assignee, provided that in the case of any such assignee other than by operation of law, the successor entity shall agree to assume and
be bound by this Agreement. Consultant hereby consents to such assignment by the Company. This Agreement and the rights and obligations
of Consultant hereunder may not be assigned by Consultant, except that Consultant may assign any or all of his rights under this Agreement,
but not his obligations, to a limited liability company or corporation wholly owned by him.

 

(g)            Waiver.
The waiver by Company of any breach of this Agreement by Consultant shall not be effective unless in writing and signed by an officer
of the Company, and no such waiver shall operate or be construed as a waiver of the same or another breach on a subsequent occasion.

 

(h)            Governing
Law. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the
State of New York without regard to conflict of law principles thereof. Any action or proceeding seeking to enforce any provision of,
or based on any right arising out of, this Agreement shall be brought against any of the parties only in the federal or state courts sitting
in Boston, Massachusetts, and each of the parties consents to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts) in any such action or proceeding and waives any objection to venue laid therein.

 

(i)            Entire
Agreement. This Agreement embodies the entire agreement of the parties relating to the engagement of Consultant by the Company. No
amendment, modification extension or renewal of this Agreement shall be valid or binding upon the Company or Consultant unless made in
writing and signed by the parties. Notwithstanding the foregoing, nothing in this Agreement affects any otherwise continuing obligations
of Consultant under Section 9 of the Employment Agreement between Consultant and PCSB dated April 20, 2017 or under Section 9
of the Employment Agreement between Consultant and PCSB Bank dated April 20, 2017.

 

(j)            Consultant
Representation and Warranties. Consultant acknowledges and affirms that Consultant is not a party to any other agreement (including
without limitation a restrictive covenant, trade-secret, or non-competition agreement) which may cause the Company to incur any obligations
or liabilities either to Consultant or to any prior employer or may result in Consultant not being permitted to perform the services contemplated
by this Agreement. Consultant further represents and warrants that his execution and delivery of this Agreement and his performance of
his obligations hereunder will not, with or without the giving of notice or the passage of time, or both, (i) violate any judgment,
writ, injunction or order of any court, arbitrator, or governmental agency applicable to Consultant, or (ii) conflict with, result
in the breach of any provision of or the termination of, or constitute a default under, any agreement to which Consultant is a party or
by which Consultant is or may be bound.

 

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(k)            Notice.
Except for Schedules, Reports and Acknowledgements, which may be delivered by email, any notice, request, demand, or other communication
required to be given hereunder shall be made in writing and shall be deemed to have been fully given if personally delivered or if mailed
by overnight delivery (the date on which such notice, request, demand, or other communication is received shall be the date of delivery)
to the parties at the following address (or at such other addresses as shall be given in writing in accordance with this subsection by
one party to the other party hereto):

 

If to Consultant:

 

Joseph D. Roberto

2651 Strang Blvd, Suite 100

Yorktown, Heights, NY 10598

Attention: Joseph D. Roberto

 

If to the Company:

 

Brookline Bancorp, Inc.

131 Clarendon Street

Boston, MA 02116

Attention: Chief Executive Officer

 

 

(l)            Execution
of Agreement. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this
Agreement and both of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this
Agreement and of signature pages by facsimile transmission or by electronic transmission in Adobe Acrobat format shall constitute
effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile or by electronic transmission in Adobe Acrobat format shall be deemed to be their original
signatures for any purposes whatsoever.

 

(m)            Effectiveness.
This Agreement shall be effective as of the Effective Time. In the event the Merger Agreement is terminated for any reason, this Agreement
shall be deemed null and void ab initio.

 

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Execution
Version

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of Effective Time.

  

	PCSB BANK	 
	 	 
	 	 
	By:	        /s/
    Joseph D. Roberto	 
	Name: Joseph D. Roberto	 
	Title: Chairman, President and Chief
    Executive Officer	 
	 	 
	BROOKLINE BANCORP, INC.	 
	 	 
	 	 
	By:	        /s/
    Paul A. Perrault	 
	Name: Paul A. Perrault	 
	Title: Chairman and Chief Executive
    Officer	 
	 	 
	CONSULTANT	 
	 	 
	 	 
	/s/
    Joseph D. Roberto	 
	Joseph D. RobertoExhibit 10.4

	
	Meat 10.2
EMPLOYMENT AGREEMENT
This Employment Agreement ("Agreement") is made as of the  a- Ad  day of
,Mbar 2021 (the "Effective Date"), by and among Brookline Bancorp, Inc., a
Dela corporation with its principal administrative office at 131 Clarendon Street, Boston,
MA 02116 (the "Holding and Brookline Bank, a Massachusetts chartered trust
company, and Bank Rhode Island, a Rhode Island financial institution (each, a "Bank" and,
collectively, the "Banks"), and Michael W. McCurdy (the "Executive"). Collectively the
Holding Company and the Banks shall be referred to herein as the "Company," and either the
Holding Company or either of the Banks may satisfy the Company's obligations under this
Agreement.
WHEREAS, the Company desires to continue to employ the Executive and the Executive
desires to continue to be employed by the Company on the terms and conditions contained
herein.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. Employment.
(a) Ism. The Company shall employ the Executive and the Executive shall
be employed by the Company pursuant to this Agreement commencing as of the Effective Date
and continuing until such employment is terminated in accordance with the provisions hereof
(the "Term"). The Executive's employment with the Company shall continue to be "at will,"
meaning that the Executive's employment may be terminated by the Company or the Executive
at any time and for any reason subject to the terms of this Agreement.
(b) Position and Duties. The Executive shall serve as the Chief Operating
Officer and a Co-President of the Holding Company and Chief Operating Officer of each Bank,
and shall have such powers and duties as may from time to time be prescribed by the Chief
Executive Officer of the Company (the "CEO") or other duly authorized executive. The
Executive shall devote the Executive's MI working time and efforts to the business and affairs
of the Company. Notwithstanding the foregoing, the Executive may serve on boards of directors
of other companies, with the approval of the Board of Directors of the Holding Company (the
"Board"), or engage in religious, charitable or other community activities as long as such
services and activities do not interfere with the Executive's performance of the Executive's
duties to the Company.
2. Compensation and Related Matters.
(a) Base Salary. The Executive's initial base salary shall be paid at the rate of
$525,000 per year. The Executive's base salary shall be subject to periodic review by the Board
or the Compensation Committee of the Board (the "Compensation Committee"). The base salary
in effect at any given time is referred to herein as "Base Salary." The Base Salary shall be
Exhibit 10.4
EMPLOYMENT AGREEMENT This Employment Agreement ("A gr eement") is made as of the ,9.5lf \ ..o( day of 5:e,pft rn bu:. 2021 (the "Effective Date"), by and among Brookline Bancorp, Inc., a Delaware corporation with its principal administrative office at 131 Clarendon Street, Boston, MA 02116 (the "Holdin g Com p an y ") , and Brookline Bank, a Massachusetts chartered trust company, and Bank Rhode Island, a Rhode Island financial institution (each, a "Bank" and, collectively, the "Banks"), and Michael W. McCurdy (the "Executive"). Collectively the Holding Company and the Banks shall be referred to herein as the "Company," and either the Holding Company or either of the Banks may satisfy the Company's obligations under this Agreement. WHEREAS, the
Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the terms and conditions contained herein. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Employment. (a) Term . The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the "Term") . The Executive's employment with the Company shall continue to be "at will," meaning
that the Executive's employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. (b) Position and Duties. The Executive shall serve as the Chief Operating Officer and a Co - President of the Holding Company and Chief Operating Officer of each Bank, and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company (the "CEO") or other duly authorized executive. The Executive shall devote the Executive's full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on boards of directors of other companies, with the approval of the Board of Directors of the Holding
Company (the "Board"), or engage in religious, charitable or other community activities as long as such services and activities do not interfere with the Executive's performance of the Executive's duties to the Company. 2. Com p ensation and Related Matters. (a) Base Salar y . The Executive's initial base salary shall be paid at the rate of $525,000 per year. The Executive's base salary shall be subject to periodic review by the Board or the Compensation Committee of the Board (the "Com p ensation Committee"). The base salary in effect at any given time is referred to herein as "Base Salary." The Base Salary shall be 1

	
	payable in a manner that is consistent with the Company's usual payroll practices for its
executive officers.
(b) Incentive Compensation. The Executive shall be eligible to receive cash
incentive compensation as determined by the Board or the Compensation Committee from time
to time. As of the Effective Date, the Executive's target annual incentive compensation is sixty
percent (60%) of the Executive's Base Salary. The target annual incentive compensation in effect
at any given lime is referred to herein as the "Target Bonus." The actual amount of the
Executive's annual incentive compensation, if any, shall be determined in the sole discretion of
the Board or the Compensation Committee, subject to the terms of any applicable incentive
compensation plan that may be in effect from time to time. Except as otherwise provided herein,
as may be provided by the Board or the Compensation Committee, or as may otherwise be set
forth in the applicable incentive compensation plan, the Executive must be employed by the
Company on the date such incentive compensation is paid in order to earn or receive any annual
incentive compensation.
(c) Expenses. The Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Executive during the Term in
performing services hereunder, in accordance with the policies and procedures then in effect and
established by the Company for its executive officers. The Company will reimburse the
Executive for membership fees and dues for one club membership in the Company's market area
to be used for business purposes including, but not limited to, business meetings and business
development purposes.
(d) Other Benefits. The Executive shall be eligible to participate in or receive
benefits under the Company's employee benefit plans in effect from time to time, subject to the
terms of such plans.
(e) Paid Time Off. The Executive shall be entitled to take paid time off in
accordance with the Company's applicable paid time off policy for executives, as may be in
effect from time to time.
(f) Equity. The Executive shall be eligible to receive equity awards as
determined by the Board or the Compensation Committee from time to time. As of the Effective
Date, the Executive's target annual equity award has a grant date fair value of fifty percent
(50%) of the Executive's Base Salary (the "Target Annual Equity Award"). The actual value of
the Executive's annual equity award, if any, shall be determined in the sole discretion of the
Board or the Compensation Committee, subject to the terns of any applicable equity
compensation plan that may be in effect from time to time. The equity awards held by the
Executive shall continue to be governed by the terms and conditions of the Holding Company's
applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of
such equity awards (collectively, the "Equity Documents").
(g) No Compensation for Director Services. The Executive shall not be
entitled to receive fees for serving as a director of the Company or any of its affiliates or
subsidiaries for so long as he is an employee of the Company.
2
payable in a manner that is consistent with the Company's usual payroll practices for its executive officers. (b) Incentive Compensation. The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. As of the Effective Date, the Executive's target annual incentive compensation is sixty percent (60%) of the Executive's Base Salary. The target annual incentive compensation in effect at any given time is referred to herein as the "Target Bonus." The actual amount of the Executive's annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable incentive compensation plan
that may be in effect from time to time. Except as otherwise provided herein, as may be provided by the Board or the Compensation Committee, or as may otherwise be set forth in the applicable incentive compensation plan, the Executive must be employed by the Company on the date such incentive compensation is paid in order to earn or receive any annual incentive compensation. (c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. The Company will reimburse the Executive for membership fees and dues for one
club membership in the Company's market area to be used for business purposes including, but not limited to, business meetings and business development purposes. (d) Other Benefits . The Executive shall be eligible to participate in or receive benefits under the Company's employee benefit plans in effect from time to time, subject to the terms of such plans . (e) Paid Time Off . The Executive shall be entitled to take paid time off in accordance with the Company's applicable paid time off policy for executives, as may be in effect from time to time . (f) Equity. The Executive shall be eligible to receive equity awards as determined by the Board or the Compensation Committee from time to time. As of the Effective Date, the Executive's target annual
equity award has a grant date fair value of fifty percent (50%) of the Executive's Base Salary (the "Target Annual Equity Award"). The actual value of the Executive's annual equity award, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable equity compensation plan that may be in effect from time to time. The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Holding Company's applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards (collectively, the "Equity Documents"). (g) No Compensation for Director Services . The Executive shall not be entitled to receive fees for
serving as a director of the Company or any of its affiliates or subsidiaries for so long as he is an employee of the Company. 2

	
	3. Termination. The Executive's employment hereunder may be terminated without
any breach of this Agreement under the following circumstances:
(a) Death. The Executive's employment hereunder shall terminate upon death.
(b) Disability. The Company may terminate the Executive's employment if
the Executive is disabled and unable to perfonn or expected to be unable to perform the essential
functions of the Executive's then existing position or positions under this Agreement with or
without reasonable accommodation for a period of 180 days (which need not be consecutive) in
any 12-month period. If any question shall arise as to whether during any period the Executive is
disabled so as to be unable to perform the essential functions of the Executive's then existing
position or positions with or without reasonable accommodation, the Executive may, and at the
request of the Company shall, submit to the Company a certification in reasonable detail by a
physician selected by the Company to whom the Executive or the Executive's guardian has no
reasonable objection as to whether the Executive is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. The Executive shall cooperate with any reasonable request of the
physician in connection with such certification. If such question shall arise and the Executive
shall fail to submit such certification, the Company's determination of such issue shall be
binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the
Executive's rights, if any, under existing law including, without limitation, the Family and
Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42
U.S.C. §1210I et seq.
(c) Termination by the Company for Cause. The Company may terminate the
Executive's employment hereunder for Cause. For purposes of this Agreement "Cause" shall
mean any of the following:
(i) conduct by the Executive constituting a material act of misconduct
in connection with the performance of the Executive's duties, including, without limitation, (A)
willful failure or refusal to perform material responsibilities that have been requested by the
CEO; (B) dishonesty to the CEO with respect to any material matter; or (C) misappropriation of
funds or property of the Company or any of its subsidiaries or affiliates other than the occasional,
customary and de minimis use of Company property for personal purposes;
(ii) the commission by the Executive of acts satisfying the elements of
(A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud;
(iii) any misconduct by the Executive, regardless of whether or not in
the course of the Executive's employment, that would reasonably be expected to result in
material injury or rcputational harm to the Company or any of its subsidiaries or affiliates if the
Executive were to continue to be employed in the same position;
(iv) continued failure by the Executive to use his best efforts to
perform his duties hereunder (other than by reason of the Executive's physical or mental illness,
incapacity or disability) which has continued for more than 30 days following written notice of
such failure to use best efforts from the CEO;
3
3 3. Termination. The Executive's employment hereunder may be terminated without any breach of this Agreement under the following circumstances: (a) Death. The Executive's employment hereunder shall terminate upon death. (b) Disabilit y . The Company may terminate the Executive's employment if the Executive is disabled and unable to perform or expected to be unable to perform the essential functions of the Executive's then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12 - month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive's then
existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company's determination of such issue shall be binding on the
Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. † 2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. † 12101 et seq. (c) Termination b y the Com p an y for Cause. The Company may terminate the Executive's employment hereunder for Cause. For purposes of this Agreement, "Cause" shall mean any of the following: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive's duties, including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the CEO; (B) dishonesty to the
CEO with respect to any material matter; or (C) misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any misconduct by the Executive, regardless of whether or not in the course of the Executive's employment, that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were to continue to be employed in the same position; (iv) continued failure by the
Executive to use his best efforts to perform his duties hereunder (other than by reason of the Executive's physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such failure to use best efforts from the CEO;

	
	(v) a material breach or repeated breathes by the Executive of any of
the provisions contained in Section 8 of this Agreement or the Restrictive Covenants Agreement
(as defined below);
(vi) a material violation by the Executive of any of the Company's
written employment policies; or
(vii) the Executive's failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being
instructed by the Company to cooperate, or the willful destruction or failure to preserve
documents or other materials known to be relevant to such investigation or the inducement of
others to fail to cooperate or to produce documents or other materials in connection with such
investigation.
(d) Termination by the Company without Cause. The Company may terminate
the Executive's employment hereunder at any time without Cause. Any termination by the
Company of the Executive's employment under this Agreement which does not constitute a
termination for Cause under Section 3(c) and does not result from the death or disability of the
Executive under Section 3(a) or (b) shall be deemed a termination without Cause.
(e) Termination by the Executive. The Executive may terminate employment
hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of
this Agreement, "Good Reason" shall mean that the Executive has completed all steps of the
Good Reason Process (hereinafter defined) following the occurrence of any of the following
events without the Executive's prior written consent (each, a "Good Reason Condition"):
(i) a material diminution in the Executive's responsibilities, authority
or duties;
(ii) a material diminution in the Executive's Base Salary, except for
across-the-board salary reductions of not more than ten percent (10%) based on the
Company's financial performance similarly affecting all or substantially all senior
management employees of the Company;
(iii) a material change in the geographic location of the principal office
of the Company to which the Executive is assigned, such that there is an increase of at
least thirty (30) miles of driving distance to such location from the Executive's principal
residence as of such change;
(iv) a material breach of any of the provisions of this Agreement by the
Company;
(v) a change in the Company's reporting structure which results in the
Executive reporting to any person or group other than (A) the CEO as of the Effective
Date of this Agreement (the "Current CEO") or (B) the Board; provided, however, that
the Board's selection or appointment of an acting or interim CEO of the Company for a
period not to exceed six months following the date on which the Current CEO ceases to
4
4 (v) a material breach or repeated breaches by the Executive of any of the provisions contained in Section 8 of this Agreement or the Restrictive Covenants Agreement (as defined below); (vi) a material violation by the Executive of any of the Company's written employment policies; or (vii) the Executive's failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. (d) Termination b y the Compan
y without Cause. The Company may terminate the Executive's employment hereunder at any time without Cause. Any termination by the Company of the Executive's employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. (e) Termination b y the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, "Good Reason" shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events
without the Executive's prior written consent (each, a "Good Reason Condition"): (i) a material diminution in the Executive's responsibilities, authority or duties; (ii) a material diminution in the Executive's Base Salary, except for across - the - board salary reductions of not more than ten percent (10%) based on the Company's financial performance similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location of the principal office of the Company to which the Executive is assigned, such that there is an increase of at least thirty (30) miles of driving distance to such location from the Executive's principal residence as of such change; (iv) a material breach of any of the
provisions of this Agreement by the Company; (v) a change in the Company's reporting structure which results in the Executive reporting to any person or group other than (A) the CEO as of the Effective Date of this Agreement (the "Current CEO") or (B) the Board; provided, however, that the Board's selection or appointment of an acting or interim CEO of the Company for a period not to exceed six months following the date on which the Current CEO ceases to

	
	serve shall not constitute a change in the Company's reporting structure for purposes of
this clause.
The "Good Reason Process" consists of the following steps:
(i) the Executive reasonably determines in good faith that a Good
Reason Condition has occurred;
(ii) the Executive notifies the Company in writing of the first
occurrence of the Good Reason Condition within 60 days of the first occurrence of such
condition;
(iii) the Executive cooperates in good faith with the Company's efforts,
for a period of not less than 30 days following such notice (the "Cure Period"), to remedy
the Good Reason Condition;
(iv) notwithstanding such efforts, the Good Reason Condition
continues to exist at the end of the Cure Period; and
(v) the Executive terminates employment within 60 days after the end
of the Cure Period.
If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be
deemed not to have occurred with respect to such Good Reason Condition.
4. Matters Related to Termination.
(a) Notice of Termination. Except for termination as specified in Section 3(a),
any termination of the Executive's employment by the Company or any such termination by the
Executive shall be communicated by written Notice of Termination to the other party hereto. For
purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon.
(b) Date of Termination. "Date of Termination" shall mean: (i) if the
Executive's employment is terminated by death, the date of death; (ii) if the Executive's
employment is terminated on account of disability under Section 3(b) or by the Company for
Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the
Executive's employment is terminated by the Company without Cause under Section 3(d), the
date on which a Notice of Termination is given or the date otherwise specified by the Company
in the Notice of Termination; (iv) if the Executive's employment is terminated by the Executive
under Section 3(e) other than for Good Reason, 14 days after the date on which a Notice of
Termination is given, and (v) if the Executive's employment is terminated by the Executive
under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the
end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a
Notice of Termination to the Company, the Company may unilaterally accelerate the Date of
Termination and such acceleration shall not result in a termination by the Company for purposes
of this Agreement.
5
5 serve shall not constitute a change in the Company's reporting structure for purposes of this clause. The "Good Reason Process" consists of the following steps: (i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company's efforts, for a period of not less than 30 days following such notice (the "Cure Period"), to remedy the Good Reason Condition ; (iv) notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and (v) the Executive terminates employment within 60
days after the end of the Cure Period . If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred with respect to such Good Reason Condition. 4. Matters Related to Termination. (a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive's employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. (b) Date of Termination. "Date of Termination" shall mean: (i) if the Executive's employment
is terminated by death, the date of death; (ii) if the Executive's employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive's employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive's employment is terminated by the Executive under Section 3(e) other than for Good Reason, 14 days after the date on which a Notice of Termination is given, and (v) if the Executive's employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a
Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

	
	(c) Accrued Obligations. If the Executive's employment with the Company is
terminated for any reason, the Company shall pay or provide to the Executive (or to the
Executive's authorized ternesentative or estate) (i) any Base Salary earned through the Date of
Termination and, if applicable, any accrued but unused vacation through the Date of
Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section
2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any
employee benefit plan of the Company through the Date of Termination, which vested benefits
shall be paid and/or provided in accordance with the terms of such employee benefit plans
(collectively, the "Accrued Obligations").
(d) Resignation of All Other Positions. To the extent applicable, the Executive
shall be deemed to have resigned from all officer and board member positions that the Executive
holds with the Company or any of its respective subsidiaries and affiliates upon the termination
of the Executive's employment for any reason. The Executive shall execute any documents in
reasonable form as may be requested to confirm or effectuate any such resignations.
5. Severance Pay and Benefits Upon Termination by the Company without Cause or
by the Executive for Good Reason Outside the Change in Control Period. If the Executive's
employment is terminated by the Company without Cause as provided in Section 3(d), or the
Executive terminates employment for Good Reason as provided in Section 3(e), in each case
outside of the Change in Control Period (as defined below), then, in addition to the Accrued
Obligations, and subject to (i) the Executive signing a separation agreement and release in the
form attached hereto as Exhibit A (the "Separation Agreement"), and (ii) the Separation
Agreement becoming irrevocable, all within 60 days alter the Date of Termination (or such
shorter period as set forth in the Separation Agreement), which shall include a seven-day
revocation period:
(a) the Company shall pay the Executive a lump sum payment in cash in an
amount equal to two times the sum of (A) the Executive's then-current Base Salary (or, in the
case of a termination by the Executive for the Good Reason Condition specified in Section
3(eXii), the Base Salary in effect immediately prior to the occurrence of such Good Reason
Condition), plus (B) the Executive's Target Bonus for the then-current year, plus (C) an amount
equal to the value of the Executive's Target Annual Equity Award for the then-current year (the
"Severance Amount");
(b) notwithstanding anything to the contrary in any applicable equity award,
option agreement or stock-based award agreement, all stock options and other stock-based
awards held by the Executive shall immediately accelerate and become fully exercisable or
nonforfeitable as of the later of (i) the Executive's Date of Termination or (ii) the effective date
of the Separation Agreement; provided that in order to effectuate the accelerated vesting
contemplated by this subsection, the forfeiture of the unvested portion of such awards that would
otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the
effective date of the Separation Agreement (at which time acceleration will occur), or (B) the
date that the Separation Agreement can no longer become fully effective (at which time the
unvested portion of such awards will be forfeited). Notwithstanding the foregoing, no additional
vesting of any such awards shall occur during the period between the Date of Termination and
the effective date of the acceleration. The Executive shall also be entitled to any other rights and
6
6 (c) Accrued Obli g ations . If the Executive's employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive's authorized representative or estate) (i) any Base Salary earned through the Date of Termination and, if applicable, any accrued but unused vacation through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the "Accrued Obli g ations") . (d) Resi gn
ation of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive's employment for any reason. The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any such resignations. 5. Severance Pa y and Benefits U p on Termination b y the Com p an y without Cause or b y the Executive for Good Reason Outside the Chan g e in Control Period. If the Executive's employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as
provided in Section 3(e), in each case outside of the Change in Control Period (as defined below), then, in addition to the Accrued Obligations, and subject to (i) the Executive signing a separation agreement and release in the form attached hereto as Exhibit A (the "Se p aration A gr eement") , and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement), which shall include a seven - day revocation period: (a) the Company shall pay the Executive a lump sum payment in cash in an amount equal to two times the sum of (A) the Executive's then - current Base Salary (or, in the case of a termination by the Executive for the Good Reason Condition specified
in Section 3(e)(ii), the Base Salary in effect immediately prior to the occurrence of such Good Reason Condition), plus (B) the Executive's Target Bonus for the then - current year, plus (C) an amount equal to the value of the Executive's Target Annual Equity Award for the then - current year (the "Severance Amount"); (b) notwithstanding anything to the contrary in any applicable equity award, option agreement or stock - based award agreement, all stock options and other stock - based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Executive's Date of Termination or (ii) the effective date of the Separation Agreement; provided that in order to effectuate the accelerated vesting
contemplated by this subsection, the forfeiture of the unvested portion of such awards that would otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the effective date of the Separation Agreement (at which time acceleration will occur), or (B) the date that the Separation Agreement can no longer become fully effective (at which time the unvested portion of such awards will be forfeited). Notwithstanding the foregoing, no additional vesting of any such awards shall occur during the period between the Date of Termination and the effective date of the acceleration. The Executive shall also be entitled to any other rights and

	
	benefits with respect to equity awards, options and stock-related awards, to the extent and upon
the terms provided in the employee stock option or incentive plan or any agreement or other
instrument attendant thereto pursuant to which such options or awards were granted;
(c) subject to the Executive's copayment of premium amounts at the
applicable active employees' rate and the Executive's proper election to receive benefits under
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), the
Company shall make a monthly payment equal to the monthly employer contribution that the
Company would have made to provide health insurance to the Executive if the Executive had
remained employed by the Company until the earlier of (A) the 24-month anniversary of the
Date of Termination; or (B) the date that the Executive becomes eligible for group medical plan
benefits under any other employer's group medical plan. The Company will make such payments
directly to the group health plan provider or the COBRA provider to the maximum extent
possible; provided, however, that if the Company detennines that it cannot pay such amounts
directly to the group health plan provider or the COBRA provider (if applicable) for any reason,
as determined by the Company in its sole discretion, (including, without limitation, without
potentially violating applicable law (including, without limitation, Section 2716 of the Public
Health Service Act)), then the Company shall convert such payments to payroll payments
directly to the Executive for the time period specified above, and such payments to the Executive
shall be subject to tax-related deductions and withholdings and paid on the Company's regular
payroll dates; and
(d) the Company shall cause to be continued, at the Company's expense, life
insurance and disability coverage substantially identical to the coverage maintained by the
Company for the Executive prior to the Date of Termination for 24 months following the Date of
Termination; provided, however, that in the event it is impossible or impracticable for the
Company to continue such coverage, including, but not limited to, by reason of operation of the
plans or applicable law, the Company will pay the Executive a lump sum equal to the amount the
Company would have paid for such coverage for the 24 month period following the Date of
Termination based on the cost of such coverage as of the Date of Termination.
The amounts payable under this Section 5, to the extent taxable, shall be paid or commence to be
paid, as applicable, within 60 days after the Date of Termination; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments, to
the extent they qualify as "non-qualified deferred compensation" within the meaning of Section
409A of the Internal Revenue Code of 1986, as amended (the "Code"), shall begin to be paid in
the second calendar year by the last day of such 60-day period; provided, fiirilter, that the initial
payment shall include a catch-up payment to cover amounts retroactive to the day immediately
following the Date of Termination. Each payment pursuant to this Agreement is intended to
constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(bX2).
6. Severance Pay and Benefits Upon Termination In the Company without Cause or
by the Executive for Good Reason within the Change in Control Period. The provisions of this
Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the
Executive's employment is terminated either (a) by the Company without Cause as provided in
Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the
Date of Termination is on or within 12 months after the occurrence of the first event constituting
7
7 benefits with respect to equity awards, options and stock - related awards, to the extent and upon the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted; (c) subject to the Executive's copayment of premium amounts at the applicable active employees' rate and the Executive's proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), the Company shall make a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earlier of (A)
the 24 - month anniversary of the Date of Termination; or (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer's group medical plan. The Company will make such payments directly to the group health plan provider or the COBRA provider to the maximum extent possible; provided, however, that if the Company determines that it cannot pay such amounts directly to the group health plan provider or the COBRA provider (if applicable) for any reason, as determined by the Company in its sole discretion, (including, without limitation, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act)), then the Company shall convert such payments to payroll
payments directly to the Executive for the time period specified above, and such payments to the Executive shall be subject to tax - related deductions and withholdings and paid on the Company's regular payroll dates; and (d) the Company shall cause to be continued, at the Company's expense, life insurance and disability coverage substantially identical to the coverage maintained by the Company for the Executive prior to the Date of Termination for 24 months following the Date of Termination; provided, however, that in the event it is impossible or impracticable for the Company to continue such coverage, including, but not limited to, by reason of operation of the plans or applicable law, the Company will pay the Executive a lump sum equal to the amount the
Company would have paid for such coverage for the 24 month period following the Date of Termination based on the cost of such coverage as of the Date of Termination. The amounts payable under this Section 5, to the extent taxable, shall be paid or commence to be paid, as applicable, within 60 days after the Date ofTermination;provided, however, that if the 60 - day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as "non - qualified deferred compensation" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), shall begin to be paid in the second calendar year by the last day of such 60 - day period; provided, further, that the initial payment shall include
a catch - up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A - 2(b)(2). 6. Severance Pa y and Benefits U p on Termination b y the Com p an y without Cause or b y the Executive for Good Reason within the Chan g e in Control Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the Executive's employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is on or within 12 months
after the occurrence of the first event constituting

	
	a Change in Control (such period, the "Change in Control Period"). These provisions (other than
the provisions applicable after the Change in Control Period to a termination that occurs during
the Change in Control Period) shall terminate and be of no further force or effect after the
Change in Control Period.
(a) If the Executive's employment is terminated by the Company without
Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as
provided in Section 3(e) and in each case the Date of Termination occurs during the Change in
Control Period, then, in addition to the Accrued Obligations, and subject to the signing of a
general release of claims against the Company and all related persons and entities that shall not
release the Executive's rights under this Agreement (the "Release") by the Executive and the
Release becoming fully effective, all within the time frame set forth in the Release but in no
event more than 60 days after the Date of Termination:
(i) the Company shall pay the Executive a lump sum payment in cash
in an amount equal to two (2) times the sum of (A) the Executive's then-current Base
Salary (or the Executive's Base Salary in effect immediately prior to the Change in
Control, if higher) plus (B) the Executive's Target Bonus for the then-current year (or the
Executive's Target Bonus in effect immediately prior to the Change in Control, if higher)
plus (C) an amount equal to the value of the Executive's Target Annual Equity Award for
the then-current year (the "Change in Control Payment");
(ii) subject to the Executive's copayment of premium amounts at the
applicable active employees' rate and the Executive's proper election to receive benefits
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
("COBRA"), the Company shall make a monthly payment equal to the monthly employer
contribution that the Company would have made to provide health insurance to the
Executive if the Executive had remained employed by the Company until the earlier of
(A) the 24 month anniversary of the Date of Termination; or (B) the date that the
Executive becomes eligible for group medical plan benefits under any other employer's
group medical plan. The Company will make such payments directly to the group health
plan provider or the COBRA provider to the maximum extent possible; provided,
however, that if the Company determines that it cannot pay such amounts directly to the
group health plan provider or the COBRA provider (if applicable) for any reason, as
determined by the Company in its sole discretion, (including, without limitation, without
potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act)), then the Company shall convert such payments to payroll
payments directly to the Executive for the time period specified above. Such payments to
the Executive shall be subject to tax-related deductions and withholdings and paid on the
Company's regular payroll dates;
(iii) the Company shall cause to be continued, at the Company's
expense, life insurance and disability coverage substantially identical to the coverage
maintained by the Company for the Executive prior to the Date of Termination for 24
months following the Date of Termination;
8
8 a Change in Control (such period, the "Chan g e in Control Period"). These provisions (other than the provisions applicable after the Change in Control Period to a termination that occurs during the Change in Control Period) shall terminate and be of no further force or effect after the Change in Control Period. (a) If the Executive's employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition to the Accrued Obligations, and subject to the signing of a general release of claims against the Company and all related persons and entities that shall not release
the Executive's rights under this Agreement (the "Release") by the Executive and the Release becoming fully effective, all within the time frame set forth in the Release but in no event more than 60 days after the Date of Termination: (i) the Company shall pay the Executive a lump sum payment in cash in an amount equal to two (2) times the sum of (A) the Executive's then - current Base Salary (or the Executive's Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive's Target Bonus for the then - current year (or the Executive's Target Bonus in effect immediately prior to the Change in Control, if higher) plus (C) an amount equal to the value of the Executive's Target Annual Equity Award for the then - current year
(the "Chan g e in Control Pa ym ent"); (ii) subject to the Executive's copayment of premium amounts at the applicable active employees' rate and the Executive's proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), the Company shall make a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earlier of (A) the 24 month anniversary of the Date of Termination; or (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer's group medical plan. The Company will make such payments directly to
the group health plan provider or the COBRA provider to the maximum extent possible; provided, however, that if the Company determines that it cannot pay such amounts directly to the group health plan provider or the COBRA provider (if applicable) for any reason, as determined by the Company in its sole discretion, (including, without limitation, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act)), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to tax - related deductions and withholdings and paid on the Company's regular payroll dates; (iii) the Company shall
cause to be continued, at the Company's expense, life insurance and disability coverage substantially identical to the coverage maintained by the Company for the Executive prior to the Date of Termination for 24 months following the Date of Termination;

	
	(iv) notwithstanding anything to the contrary in any applicable equity
award, option agreement or stock-based award agreement, all stock options and other
stock-based awards held by the Executive shall immediately accelerate and become fully
exercisable or nonforfeitable as of the later of (i) the Executive's Date of Termination or
(ii) the effective date of the Separation Agreement; provided that in order to effectuate
the accelerated vesting contemplated by this subsection, the forfeiture of the unvested
portion of such awards that would otherwise be forfeited on the Date of Termination will
be delayed until the earlier of (A) the effective date of the Separation Agreement (at
which time acceleration will occur), or (B) the date that the Separation Agreement can no
longer become fully effective (at which time the unvested portion of such awards will be
forfeited). Notwithstanding the foregoing, no additional vesting of any such awards shall
occur during the period between the Date of Termination and the effective date of the
acceleration. The Executive shall also be entitled to any other rights and benefits with
respect to equity awards, options and stock-related awards, to the extent and upon the
terms provided in the employee stock option or incentive plan or any agreement or other
instrument attendant thereto pursuant to which such options or awards were granted; and
(v) the Company shall provide the Executive with outplacement
assistance in accordance with the Company's policies and procedures in effect as of the
Date of Termination for a period of 12 months at no charge.
The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to
be paid within 60 days after the Date of Termination; provided, however, that if the 60-day
period begins in one calendar year and ends in a second calendar year, such payments to the
extent they qualify as "non-qualified deferred compensation" within the meaning of Section
409A of the Code, shall be paid or commence to be paid in the second calendar year by the last
day of such 60-day period.
(b) Additional Limitation.
(i) Anything in this Agreement to the contrary notwithstanding, in the
event that the amount of any compensation, payment or distribution by the Company to
or for the benefit of the Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent
with Section 280G of the Code, and the applicable regulations thereunder (the
"Augtegate Payments"), would be subject to the excise tax imposed by Section 4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the
sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the
Executive becomes subject to the excise tax imposed by Section 4999 of the Code;
provided that such reduction shall only occur if it would result in the Executive receiving
a higher After Tax Amount (as defined below) than the Executive would receive if the
Aggregate Payments were not subject to such reduction. In such event, the Aggregate
Payments shall be reduced in the following order, in each case, in reverse chronological
order beginning with the Aggregate Payments that are to be paid the furthest in time from
consummation of the transaction that is subject to Section 280G of the Code: (I) cash
payments not subject to Section 409A of the Code; (2) cash payments subject to Section
409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of
9
9 (iv) notwithstanding anything to the contrary in any applicable equity award, option agreement or stock - based award agreement, all stock options and other stock - based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Executive's Date of Termination or (ii) the effective date of the Separation Agreement; provided that in order to effectuate the accelerated vesting contemplated by this subsection, the forfeiture of the unvested portion of such awards that would otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the effective date of the Separation Agreement (at which time acceleration will occur), or (B) the date that the Separation
Agreement can no longer become fully effective (at which time the unvested portion of such awards will be forfeited). Notwithstanding the foregoing, no additional vesting of any such awards shall occur during the period between the Date of Termination and the effective date of the acceleration. The Executive shall also be entitled to any other rights and benefits with respect to equity awards, options and stock - related awards, to the extent and upon the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted; and (v) the Company shall provide the Executive with outplacement assistance in accordance with the Company's policies and procedures in
effect as of the Date of Termination for a period of 12 months at no charge. The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to be paid within 60 days after the Date ofTermination;provided, however, that if the 60 - day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as "non - qualified deferred compensation" within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60 - day period. (b) Additional Limitation. (i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for
the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable regulations thereunder (the "Aggregate Payments"), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the
Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity - based payments and acceleration; and (4) non - cash forms of

	
	benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or
payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or
(c) shall be reduced before any amounts that are subject to calculation under Treas. Reg.
 §1.2806-1, Q&A-24(b) or (c).
(ii) For purposes of this Section 6(b), the "After Tax Amount" means
the amount of the Aggregate Payments less all federal, state, and local income, excise and
employment taxes imposed on the Executive as a result of the Executive's receipt of the
Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation applicable to individuals for the calendar year in which the determination
is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in each applicable state and locality, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local taxes.
(iii) The determination as to whether a reduction in the Aggregate
Payments shall be made pursuant to Section 6(bX0 shall be made by a nationally
recognized accounting firm selected by the Company, other than the Company's external
auditor (the "Accounting Firm"), which shall provide detailed supporting calculations
both to the Company and the Executive within 15 business days of the Date of
Termination, if applicable, or at such earlier time as is reasonably requested by the
Company or the Executive. Any determination by the Accounting Firm shall be binding
upon the Company and the Executive.
(c) Definitions. For purposes of this Section 6, "Change in Control" shall be
deemed to have occurred upon the occurrence of any one of the following events:
(i) any "person," as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the "Ac) (other than the Holding
Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Holding Company or
any of its subsidiaries), together with all "affiliates" and "associates" (as such terms are
defined in Rule 12b-2 under the Act) of such person, shall become the "beneficial owner"
(as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities
of the Holding Company representing 25 percent or more of the combined voting power
of the Holding Company's then outstanding securities having the right to vote in an
election of the Board ("Voting Securities") (in such case other than as a result of an
acquisition of securities directly from the Holding Company); or
(ii) the consummation of (A) any consolidation or merger of the
Holding Company where the stockholders of the Holding Company, immediately prior to
the consolidation or merger, would not, immediately after the consolidation or merger,
beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or
indirectly, shares representing in the aggregate more than 50 percent of the voting shares
of the Holding Company issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), or (B) any sale or other transfer (in one
10
10 benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. † 1.2800 - 1, Q&A - 24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. † 1.2800 - 1, Q&A - 24(b) or (c). (ii) For purposes of this Section 6(b), the "After Tax Amount" means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive's receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to
individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. (iii) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i) shall be made by a nationally recognized accounting firm selected by the Company, other than the Company's external auditor (the "Accountin g Firm"), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such
earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. (c) Definitions. For purposes of this Section 6, "Chan g e in Control" shall be deemed to have occurred upon the occurrence of any one of the following events: (i) any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Act") (other than the Holding Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Holding Company or any of its subsidiaries), together with all "affiliates" and "associates" (as such terms are defined in Rule 12b - 2
under the Act) of such person, shall become the "beneficial owner" (as such term is defined in Rule 13d - 3 under the Act), directly or indirectly, of securities of the Holding Company representing 25 percent or more of the combined voting power of the Holding Company's then outstanding securities having the right to vote in an election of the Board ("Votin g Securities") (in such case other than as a result of an acquisition of securities directly from the Holding Company); or (ii) the consummation of (A) any consolidation or merger of the Holding Company where the stockholders of the Holding Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in
Rule 13d - 3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Holding Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one

	
	transaction or a series of transactions contemplated or arranged by any party as a single
plan) of all or substantially all of the assets of the Holding Company and the Banks.
Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have occurred for
purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the
Holding Company that, by reducing the number of shares of Voting Securities outstanding,
increases the proportionate number of shares of Voting Securities beneficially owned by any
person to 25 percent or more of the combined voting power of all then outstanding Voting
Securities; provided, however, that if any person referred to in this sentence shall thereafter
become the beneficial owner of any additional shares of Voting Securities (other than pursuant to
a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities
directly from the Holding Company) and immediately thereafter beneficially owns 25 percent or
more of the combined voting power of all then outstanding Voting Securities, then a "Change in
Control" shall be deemed to have occurred for purposes of the foregoing clause (a).
7. Section 409A.
(a) Anything in this Agreement to the contrary notwithstanding, if at the time
of the Executive's separation from service within the meaning of Section 409A of the Code, the
Company determines that the Executive is a "specified employee" within the meaning of Section
409A(aX2XIII)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive's separation
from service would be considered deferred compensation otherwise subject to the 20 percent
additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of
Section 409A(aX2XB)(i) of the Code, such payment shall not be payable and such benefit shall
not be provided until the date that is the earlier of (A) six months and one day after the
Executive's separation from service, or (B) the Executive's death. If any such delayed cash
payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but
for the application of this provision, and the balance of the installments shall be payable in
accordance with their original schedule.
(b) All in-kind benefits provided and expenses eligible for reimbursement
under this Agreement shall be provided by the Company or incurred by the Executive during the
time periods set forth in this Agreement. All reimbursements shall be paid as soon as
administratively practicable, but in no event shall any reimbursement be paid after the last day of
the taxable year following the taxable year in which the expense was incurred. The amount of in-
kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the
in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable
year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit.
(c) To the extent that any payment or benefit described in this Agreement
constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the
extent that such payment or benefit is payable upon the Executive's termination of employment,
then such payments or benefits shall be payable only upon the Executive's "separation from
11
11 transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Holding Company and the Banks. Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Holding Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person to 25 percent or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any
additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Holding Company) and immediately thereafter beneficially owns 25 percent or more of the combined voting power of all then outstanding Voting Securities, then a "Change in Control" shall be deemed to have occurred for purposes of the foregoing clause (a). 7. Section 409A. (a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the
extent any payment or benefit that the Executive becomes entitled to under this Agreement or otherwise on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive's separation from service, or (B) the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch - up payment covering amounts that would otherwise have been paid
during the six - month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. (b) All in - kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in - kind benefits to be provided or the expenses
eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in - kind benefits is not subject to liquidation or exchange for another benefit. (c) To the extent that any payment or benefit described in this Agreement constitutes "non - qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from

	
	service." The determination of whether and when a separation from service has occurred shall be
made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
(d) The parties intend that this Agreement will be administered in accordance
with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous
as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant
to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate
payment for purposes of Treasury Regulation Section 1.409A-2(bX2). The parties agree that this
Agreement may be amended, as reasonably requested by either party, and as may be necessary to
fully comply with Section 409A of the Code and all related rules and regulations in order to
preserve the payments and benefits provided hereunder without additional cost to either party.
(e) The Company makes no representation or warranty and shall have no
liability to the Executive or any other person if any provisions of this Agreement are determined
to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section.
8. Continuing Obligations.
(a) As a condition of continued employment, the Executive is required to
enter into the Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement,
attached hereto as Exhibit B (the "Restrictive Covenants Agreement"). The Executive
acknowledges and agrees that the Executive received the Restrictive Covenants Agreement with
this Agreement and at least ten business days before the Effective Date. For purposes of this
Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants
Agreement and any other agreement relating to confidentiality, assignment of inventions, or
other restrictive covenants shall collectively be referred to as the "Continuing Obligations."
(b) Third-Party Agreements and Rights. The Executive hereby confirms that
the Executive is not bound by the terms of any agreement with any previous employer or other
party which restricts in any way the Executive's use or disclosure of information, other than
confidentiality restrictions (if any), or the Executive's engagement in any business. The
Executive represents to the Company that the Executive's execution of this Agreement, the
Executive's employment with the Company and the performance of the Executive's proposed
dudes for the Company will not violate any obligations the Executive may have to any such
previous employer or other party. In the Executive's work for the Company, the Executive will
not disclose or make use of any information in violation of any agreements with or rights of any
such previous employer or other party, and the Executive will not bring to the premises of the
Company any copies or other tangible embodiments of non-public information belonging to or
obtained from any such previous employment or other party.
(c) Litigation and Regulatory Cooperation. During and after the Executive's
employment, to the extent permitted by law, the Executive shall cooperate with the Company in
(i) the defense or prosecution of any claims or actions now in existence or which may be brought
in the future against or on behalf of the Company which relate to events or occurrences that
transpired while the Executive was employed by the Company, and (ii) the investigation,
12
12 service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A - 1(h). (d) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A - 2(b)(2). The parties agree that this Agreement may be
amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. (e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 8. Continuin g Ob li g ati on s . (a) As a condition of continued employment, the Executive is required to enter into the Confidentiality, Assignment, Nonsolicitation and Noncompetition
Agreement, attached hereto as Exhibit B (the "Restrictive Covenants A gr eement") . The Executive acknowledges and agrees that the Executive received the Restrictive Covenants Agreement with this Agreement and at least ten business days before the Effective Date. For purposes of this Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the "Continuin g Obli g ations." (b) Third - Part y A gr eements and Ri gh ts . The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in
any way the Executive's use or disclosure of information, other than confidentiality restrictions (if any), or the Executive's engagement in any business. The Executive represents to the Company that the Executive's execution of this Agreement, the Executive's employment with the Company and the performance of the Executive's proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive's work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non
- public information belonging to or obtained from any such previous employment or other party. (c) Liti g ation and Re gu lato . ry Coo p eration . During and after the Executive's employment, to the extent permitted by law, the Executive shall cooperate with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation,

	
	whether internal or external, of any matters about which the Company believes the Executive
may have knowledge or information. The Executive's cooperation in connection with such
claims, actions or investigations shall include, but not be limited to, being available to meet with
counsel to answer questions or to prepare for discovery or trial, and to act as a witness on behalf
of the Company, at mutually convenient times and locations, considering the Executive's
availability. During and after the Executive's employment, the Executive also shall cooperate
with the Company in connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or occurrences that
transpired while the Executive was employed by the Company. The Company shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in connection with the
Executive's performance of obligations pursuant to this Section 8(c).
(d) Relief. The Executive agrees that it would be difficult to measure any
damages caused to the Company which might result from any breach by the Executive of the
Continuing Obligations, and that in any event money damages would be an inadequate remedy
for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or
proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in
addition to all other remedies that it may have, to an injunction or other appropriate equitable
relief to restrain any such breach without showing or proving any actual damage to the
Company.
9. Arbitration of Disputes.
(a) Arbitration Generally. Any controversy or claim arising out of or relating
to this Agreement or the breach thereof or otherwise arising out of the Executive's employment
or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination or retaliation, whether based on race, religion, national origin, sex,
gender, age, disability, sexual orientation, or any other protected class under applicable law,
including without limitation Massachusetts General Laws Chapter 151B) shall, to the fullest
extent permitted by law, be settled by arbitration in any forum and form agreed upon by the
parties or, in the absence of such an agreement, under the auspices of JAMS in Boston,
Massachusetts in accordance with the JAMS Employment Arbitration Rules, including, but not
limited to, the rules and procedures applicable to the selection of arbitrators. The Executive
understands that the Executive may only bring such claims in the Executive's individual
capacity, and not as a plaintiff or class member in any purported class proceeding or any
purported representative proceeding. The Executive further understands that, by signing this
Agreement, the Company and the Executive are giving up any right they may have to a jury trial
on all claims they may have against each other. Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. This Section 9 shall be
specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either
party from pursuing a court action for the sole purpose of obtaining a temporary restraining order
or a preliminary injunction in circumstances in which such relief is appropriate, including
without limitation relief sought under the Restrictive Covenants Agreement; provided that any
other relief shall be pursued through an arbitration proceeding pursuant to this Section 9.
(b) Arbitration Fees and Costs. The Executive shall be required to pay an
arbitration fee to initiate any arbitration equal to what the Executive would be charged as a first
13
13 whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The Executive's cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial, and to act as a witness on behalf of the Company, at mutually convenient times and locations, considering the Executive's availability. During and after the Executive's employment, the Executive also shall cooperate with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while
the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out - of - pocket expenses incurred in connection with the Executive's performance of obligations pursuant to this Section 8(c). (d) Relief. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate
equitable relief to restrain any such breach without showing or proving any actual damage to the Company. 9. Arbitration of Disputes. (a) Arbitration Generall y . Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive's employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination or retaliation, whether based on race, religion, national origin, sex, gender, age, disability, sexual orientation, or any other protected class under applicable law, including without limitation Massachusetts General Laws Chapter 151B) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form
agreed upon by the parties or, in the absence of such an agreement, under the auspices of JAMS in Boston, Massachusetts in accordance with the JAMS Employment Arbitration Rules, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. The Executive understands that the Executive may only bring such claims in the Executive's individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding. The Executive further understands that, by signing this Agreement, the Company and the Executive are giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. This Section 9 shall be specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate, including without limitation relief sought under the Restrictive Covenants Agreement; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 9. (b) Arbitration Fees and Costs. The Executive shall be required to pay an arbitration fee to initiate any arbitration equal to what the Executive would be charged as a first

	
	appearance fee in cowl. The Company shall advance the remaining fees and costs of the
arbitrator. However, to the extent permissible under the law, and following the arbitrator's ruling
on the matter, the arbitrator may rule that the arbitrator's fees and costs be distributed in an
alternative manner. Each party shall pay its own costs and attorneys' fees, if any. If, however,
any party prevails on a statutory claim that affords the prevailing party attorneys' fees (including
pursuant to this Agreement), the arbitrator may award attorneys' fees to the prevailing party to
the extent permitted by law.
10. Consent to Jurisdiction. To the extent that any court action is permitted consistent
with or to enforce Section 9 of this Agreement, the parties hereby consent to the jurisdiction of
the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to
any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such
courts; (b) consents to service of process; and (c) waives any other requirement (whether
imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of
process.
11. Waiver of Jury Trial. Each of the Executive and the Company irrevocably and
unconditionally WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE EXECUTIVE'S EMPLOYMENT BY THE
COMPANY OR ANY AFFILIATE OF THE COMPANY, INCLUDING WITHOUT
LIMITATION THE EXECUTIVE'S OR THE COMPANY'S PERFORMANCE UNDER, OR
THE ENFORCEMENT OF, THIS AGREEMENT.
12. Integration. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements between the parties
concerning such subject matter including, but not limited to, the Change in Control Agreement
between the Holding Company and the Executive dated May 27, 2014.
13. Withholding: Tax Effect. All payments made by the Company to the Executive
under this Agreement shall be net of any tax or other amounts required to be withheld by the
Company under applicable law. Nothing in this Agreement shall be construed to require the
Company to make any payments to compensate the Executive for any adverse tax effect
associated with any payments or benefits or for any deduction or withholding from any payment
or benefit.
14. Assignment: Successors and Assigns. Neither the Executive nor the Company
may make any assignment of this Agreement or any interest in it, by operation of law or
otherwise, without the prior written consent of the other; provided, however, that the Company
may assign its rights and obligations under this Agreement (including the Restrictive Covenants
Agreement) without the Executive's consent to any affiliate or to any person or entity with
whom the Company shall hereafter effect a reorganization or consolidation, into which the
Company merges or to whom it transfers all or substantially all of its properties or assets;
provided, further that if the Executive remains employed or becomes employed by the Company,
the purchaser or any of their affiliates in connection with any such transaction, then the
Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 or
pursuant to Section 6 of this Agreement solely as a result of such transaction. This Agreement
14
14 appearance fee in court. The Company shall advance the remaining fees and costs of the arbitrator. However, to the extent permissible under the law, and following the arbitrator's ruling on the matter, the arbitrator may rule that the arbitrator's fees and costs be distributed in an alternative manner. Each party shall pay its own costs and attorneys' fees, if any. If, however, any party prevails on a statutory claim that affords the prevailing party attorneys' fees (including pursuant to this Agreement), the arbitrator may award attorneys' fees to the prevailing party to the extent permitted by law. 10. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 9 of this Agreement, the parties hereby consent to
the jurisdiction of the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 11. Waiver of J ury Trial. Each of the Executive and the Company irrevocably and unconditionally WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXECUTIVE'S EMPLOYMENT BY THE COMPANY OR ANY AFFILIATE OF THE COMPANY, INCLUDING WITHOUT LIMITATION THE
EXECUTIVE'S OR THE COMPANY'S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. 12. Inte gr ation . This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter including, but not limited to, the Change in Control Agreement between the Holding Company and the Executive dated May 27, 2014. 13. Withholdin g ; Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any
adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 14. Assi gnm ent; Successors and Assi gn s . Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation oflaw or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive's consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom it transfers all or substantially all of its properties or assets;
provided, further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 or pursuant to Section 6 of this Agreement solely as a result of such transaction. This Agreement

	
	shall inure to the benefit of and be binding upon the Executive and the Company, and each of the
Executive's and the Company's respective successors, executors, administrators, heirs and
permitted assigns. in the event of the Executive's death after the Executive's termination of
employment but prior to the completion by the Company of all payments due to the Executive
under this Agreement, the Company shall continue such payments to the Executive's beneficiary
designated in writing to the Company prior to the Executive's death (or to the Executive's estate,
if the Executive fails to make such designation).
15. Enforceability. if any portion or provision of this Agreement (including, without
limitation, any portion or provision of any section of this Agreement) shall to any extent be
declared illegal or unenforceable by a corm of competent jurisdiction, then the remainder of this
Agreement, or the application of such portion or provision in circumstances other than those as
to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law.
16. Survival. The provisions of this Agreement shall survive the termination of this
Agreement and/or the termination of the Executive's employment to the extent necessary to
effectuate the terms contained herein.
17. Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of any party to require the performance of
any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach.
18. Notices. Any notices, requests, demands and other communications provided for
by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally
recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to the Executive at the last address the Executive has filed in writing with the
Company or, in the case of the Company, at its main offices, attention of the Board.
19. Amendment. This Agreement may be amended or modified only by a written
instrument signed by the Executive and by a duly authorized representative of the Company.
20. Effect on Other Plans and Agreements. An election by the Executive to resign for
Good Reason under the provisions of this Agreement shall not be deemed a voluntary
termination of employment by the Executive for the purpose of interpreting the provisions of any
of the Company's benefit plans, programs or policies. Nothing in this Agreement shall be
construed to limit the rights of the Executive under the Company's benefit plans, programs or
policies except as otherwise provided herein, and except that the Executive shall have no rights
to any severance benefits under any Company severance pay plan, offer letter or otherwise.
Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an
agreement with the Company providing for payments or benefits under such plan or agreement
and under this Agreement, the terms of this Agreement shall govern and the Executive may
receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this
15
15 shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive's and the Company's respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive's death after the Executive's termination of employment but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive's beneficiary designated in writing to the Company prior to the Executive's death (or to the Executive's estate, if the Executive fails to make such designation). 15. Enforceabilit y . If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this
Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 16. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive's employment to the extent necessary to effectuate the terms contained herein. 17. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.
The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 18. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 19. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. 20. Effect on Other Plans and A gr eements . An election by the Executive to resign for Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company's benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company's benefit plans, programs or policies except as otherwise provided herein, and except that the Executive shall have no rights to any severance benefits under any Company severance pay plan, offer
letter or otherwise. Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this

	
	Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or
benefits pursuant to both Section 5 and Section 6 of this Agreement.
21. Governing Law. This is a Massachusetts contract and shall be construed under
and be governed in all respects by the laws of the Commonwealth of Massachusetts without
giving effect to the conflict of laws principles thereof, and in accordance with any applicable
federal laws to which the Banks may be subject as an FDIC•insured institution and a member
bank of the Federal Reserve System. With respect to any disputes concerning federal law, such
disputes shall be determined in accordance with the law as it would be interpreted and applied by
the United States Court of Appeals for the First Circuit.
22. C.ounteroarts. This Agreement may be executed in any number of counterparts,
with .pdf and facsimile signatures having the same effect as the original, each of which when so
executed and delivered shall be taken to be an original; but such counterparts shall together
constitute one and the same document.
23. Allocation of Obligations Between the Companies. The obligations of the
Company under this Agreement are intended to be the joint and several obligations of the
Holding Company and the Banks, and each shall, as between themselves, allocate these
obligations in a manner agreed upon by them.
24. Indemnification. The Company shall provide the Executive (including his heirs,
executors and administrators) with coverage under a standard directors' and officers' liability
insurance policy at its expense, and shall indemnify the Executive (and his heirs, executors and
administrators) to the fullest extent permitted under federal 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
Company (whether or not he continues to be a director or officer at the time of incurring such
expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments,
court costs and attorneys' fees and the cost of reasonable settlements (such settlements must be
approved by the Board). If such action, suit or proceeding is brought against the Executive in his
capacity as an officer or director of the Company, however, such indemnification shall not
extend to matters as to which the Executive is finally adjudged to be liable for willful misconduct
in the performance of his duties.
25. Legal Fees. The Company shall pay or reimburse the Executive for reasonable
legal fees and expenses incurred in the preparation of this Agreement, up to a maximum of
$10,000. Such fees and expenses must be incurred on or before December 31, 2021 and will be
paid or reimbursed on or before March 15, 2022.
26. Clawback. The Executive agrees to be subject to any clawback policy adopted by
the Holding Company or either Bank similarly affecting all or substantially all senior
management employees and acknowledges that, to the extent provided therein, he may be
required to repay all or any portion of any incentive compensation previously paid to him on
account of inaccurate or erroneous financial data.
16
16 Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or benefits pursuant to both Section 5 and Section 6 of this Agreement. 21. Governin g Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts without giving effect to the conflict of laws principles thereof, and in accordance with any applicable federal laws to which the Banks may be subject as an FDIC - insured institution and a member bank of the Federal Reserve System. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First
Circuit. 22. Counte rp arts . This Agreement may be executed in any number of counterparts, with .pdf and facsimile signatures having the same effect as the original, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 23. Allocation of Obli g ations Between the Com p anies . The obligations of the Company under this Agreement are intended to be the joint and several obligations of the Holding Company and the Banks, and each shall, as between themselves, allocate these obligations in a manner agreed upon by them. 24. Indemnification . The Company shall provide the Executive (including his heirs, executors and administrators) with coverage under a standard
directors' and officers' liability insurance policy at its expense, and shall indemnify the Executive (and his heirs, executors and administrators) to the fullest extent permitted under federal 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 Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys' fees and the cost of reasonable settlements (such settlements must be approved by the Board). If such action, suit or proceeding is
brought against the Executive in his capacity as an officer or director of the Company, however, such indemnification shall not extend to matters as to which the Executive is finally adjudged to be liable for willful misconduct in the performance of his duties. 25. Le g al Fees. The Company shall pay or reimburse the Executive for reasonable legal fees and expenses incurred in the preparation of this Agreement, up to a maximum of $10,000. Such fees and expenses must be incurred on or before December 31, 2021 and will be paid or reimbursed on or before March 15, 2022. 26. Clawback. The Executive agrees to be subject to any clawback policy adopted by the Holding Company or either Bank similarly affecting all or substantially all senior management employees
and acknowledges that, to the extent provided therein, he may be required to repay all or any portion of any incentive compensation previously paid to him on account of inaccurate or erroneous financial data.

	
	27. No Mai t eSyqcgfo r . In the event of any termination of the Executive's
employment under this Agreement, the Executive shall be under no obligation to seek other
employment or to mitigate damages, and there shall be no offset against amounts due to the
Executive under this Agreement on account of any remuneration attributable to any subsequent
employment that the Executive may obtain. Any amount due under this Agreement are in the
nature of severance payments and are not in the nature of a penalty.
(Remainder of Page Intentionally Left Blank]
17
17 27. No Miti g ation ; No Offset. In the event of any termination of the Executive's employment under this Agreement, the Executive shall be under no obligation to seek other employment or to mitigate damages, and there shall be no offset against amounts due to the Executive under this Agreement on account of any remuneration attributable to any subsequent employment that the Executive may obtain. Any amount due under this Agreement are in the nature of severance payments and are not in the nature of a penalty. [Remainder of Page Intentionally Left Blank]

	
	IN WITNESS WHEREOF, the parties have executed this Agreement effective on the
Effective Date.
BROOKLINE BANCORP, INC.
NiAne. Paul A.
Title: Chairman and CEO
BROOKLINE BANK
Y
e: a
Title: Director
BANK RHODE ISLAND
ame: P e
Title: Director
EXECUT
Michael W. McCurdy
IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date. BROOKLINE BANCORP, INC. B v< -- 2 - /4.. N J1 _ Title: Chairman and CEO BROOKLINE BANK Title: Director BANK RHODE ISLAND Title: Director Michael W . McCurdy

	
	Exhibit A
SEPARATION AGREEMENT AND RELEASE
This Separation Agreement and Release (the "Separation Agreement") is entered into by
and among Brookline Bancorp, Inc., a Delaware corporation with its principal administrative
office at 131 Clarendon Street, Boston, MA 02116 (the "Holding Company"), and Brookline
Bank, a Massachusetts chartered trust company, and Bank Rhode Island, a Rhode Island
financial institution (each, a "Bank" and, collectively, the "Baas"), and Michael W. McCurdy
(the "Executive') in connection with the "Employment Agreement" by and among the Holding
Company, the Banks and the Executive dated September 22, 2021. Collectively the Holding
Company and the Banks shall be referred to herein as the "Company." This is the Separation
Agreement referenced in the Employment Agreement. Tenns with initial capitalization that are
not otherwise defined in this Separation Agreement have the meanings set forth in the
Employment Agreement. The consideration for the Executive's agreement to this Separation
Agreement consists of the payments and benefits pursuant to Section 5 or 6 of the Employment
Agreement (as applicable), which are subject to the terms of the Employment Agreement.
I. Executive's Release of Claims. The Executive voluntarily releases and forever
discharges the Company, its affiliated and related entities, its and their respective predecessors,
successors and assigns, its and their respective employee benefit plans and fiduciaries of such
plans, and the current and former directors, officers, shareholders, employees, attorneys,
accountants and agents of each of the foregoing in their official and personal capacities
(collectively referred to as the "Released Parties") generally from all claims, demands, debts,
damages and liabilities of every name and nature, known or unknown (collectively, "Claims")
that, as of the date when the Executive signs this Separation Agreement, he has, ever had, now
claims to have or ever claimed to have had against any or all of the Released Parties. This
general release of Claims includes, without implication of limitation, the release of all Claims:
 • relating to the Executive's employment by and termination of employment with
the Company or any related entity;
 • of wrongful discharge or violation of public policy;
 • of breach of contract;
 • of discrimination or retaliation under federal, state or local law (including,
without limitation, Claims of age discrimination or retaliation under the Age
Discrimination in Employment Act, the Americans with Disabilities Act, and
Title VII of the Civil Rights Act of 1964);
 • under any other federal or state statute or constitution or local ordinance;
 • of defamation or other torts;
 • for wages, bonuses, incentive compensation, stock, stock options, vacation pay or
any other compensation or benefits, whether under the Massachusetts Wage Act,
M.G.L. c. 149, if 148-150C, or otherwise; and
 • for damages or other remedies of any sort, including, without limitation,
compensatory damages, punitive damages, injunctive relief and attorney's fees.
Exhibit A SEPARATION AGREEMENT AND RELEASE This Separation Agreement and Release (the "S ep aration A gr eement") is entered into by and among Brookline Bancorp, Inc., a Delaware corporation with its principal administrative office at 131 Clarendon Street, Boston, MA 02116 (the "Holdin g Com p an y "), and Brookline Bank, a Massachusetts chartered trust company, and Bank Rhode Island, a Rhode Island financial institution (each, a "Bank" and, collectively, the "Banks"), and Michael W. Mccurdy (the "Executive") in connection with the "Employment Agreement" by and among the Holding Company, the Banks and the Executive dated September 22, 2021. Collectively the Holding Company and the Banks shall be referred to herein as the "Company." This is the Separation
Agreement referenced in the Employment Agreement. Terms with initial capitalization that are not otherwise defined in this Separation Agreement have the meanings set forth in the Employment Agreement. The consideration for the Executive's agreement to this Separation Agreement consists of the payments and benefits pursuant to Section 5 or 6 of the Employment Agreement (as applicable), which are subject to the terms of the Employment Agreement. 1. Executive's Release of Claims. The Executive voluntarily releases and forever discharges the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former
directors, officers, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the "Released Parties") generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (collectively, "Claims") that, as of the date when the Executive signs this Separation Agreement, he has, ever had, now claims to have or ever claimed to have had against any or all of the Released Parties. This general release of Claims includes, without implication of limitation, the release of all Claims: • • • • • • • • relating to the Executive's employment by and termination of employment with the Company or any related entity; of wrongful
discharge or violation of public policy; of breach of contract; of discrimination or retaliation under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age Discrimination in Employment Act, the Americans with Disabilities Act, and Title VII of the Civil Rights Act of 1964); under any other federal or state statute or constitution or local ordinance; of defamation or other torts; for wages, bonuses, incentive compensation, stock, stock options, vacation pay or any other compensation or benefits, whether under the Massachusetts Wage Act, M.G.L. c. 149, †† 148 - 150C, or otherwise; and for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive
damages, injunctive relief and attorney's fees.

	
	To the fullest extent permitted by law, the Executive agrees not to accept damages of any nature,
other equitable or legal remedies for his own benefit or attorney's fees or costs from any of the
Released Parties with respect to any Claim released by this Separation Agreement.
2. Limitations on Executive's Release of Claims. Notwithstanding anything in
Section 1 of this Separation Agreement to the contrary:
(a) Employment Agreement. Nothing in this Separation Agreement shall be
construed to limit the Executive's rights under the Employment Agreement, including without
limitation (i) the Accrued Obligations, as defined in Section 4(c) of the Employment Agreement,
(ii) the severance pay and benefits pursuant to Section 5 or 6 of the Employment Agreement,
whichever is applicable, subject to satisfying the requirements for execution and non-revocation
of this Separation Agreement, as set forth in the Employment Agreement, or (iii) any rights to
indemnification to which the Executive is entitled, including but not limited those described in
Section 24 of the Employment Agreement.
(b) Equity. Nothing in this Separation Agreement is intended to affect the
Executive's rights or obligations under the Equity Documents. The Equity Documents shall
continue to be governed by their terms, except as may otherwise be provided in the Employment
Agreement.
(c) Statutory Benefit Riahts. Nothing in this Separation Agreement is
intended to release or waive the Executive's right to elect continuation of group health plan
coverage under the law known as COBRA or unemployment insurance benefits.
3. Ongoing Obligations of the Executive. As a condition of receiving the payments
and benefits pursuant to Section 5 or 6 of the Employment Agreement, the Executive hereby
reaffirms that he remains subject to the Continuing Obligations.
4. Nondisparagement.
(a) The Executive shall not, directly or indirectly, make any statements that
disparage or deprecate the Company, any of its business practices, any of its business activities
or any of its officers, directors or employees (provided that, with respect to any such officer,
director or employee, the Executive actually knows or has substantial reason to believe that such
person is an officer, director or employee of the Company) and shall not assist or encourage any
other person, firm or entity to do so.
(b) The Company shall direct its directors and executive officers not to
directly or indirectly, disparage or deprecate the Executive, any of his business practices or any
of his business activities. In addition, the Company shall not in any authorized public statement
of the Company (a "Company Statement") disparage or deprecate the Executive, any of his
business practices or any of his business activities.
5. Protected Disclosures. Nothing in this Separation Agreement nor any direction
pursuant to this Separation Agreement shall be interpreted or applied to prohibit the Executive or
any other person from making any good faith report to any governmental agency or other
governmental entity (a "Government Agency") concerning any act or omission that the
To the fullest extent permitted by law, the Executive agrees not to accept damages of any nature, other equitable or legal remedies for his own benefit or attorney's fees or costs from any of the Released Parties with respect to any Claim released by this Separation Agreement. 2. Limitations on Executive's Release of Claims. Notwithstanding anything in Section 1 of this Separation Agreement to the contrary: (a) Employment Agreement. Nothing in this Separation Agreement shall be construed to limit the Executive's rights under the Employment Agreement, including without limitation (i) the Accrued Obligations, as defined in Section 4(c) of the Employment Agreement, (ii) the severance pay and benefits pursuant to Section 5 or 6 of the Employment Agreement,
whichever is applicable, subject to satisfying the requirements for execution and non - revocation of this Separation Agreement, as set forth in the Employment Agreement, or (iii) any rights to indemnification to which the Executive is entitled, including but not limited those described in Section 24 of the Employment Agreement. (b) Equity. Nothing in this Separation Agreement is intended to affect the Executive's rights or obligations under the Equity Documents. The Equity Documents shall continue to be governed by their terms, except as may otherwise be provided in the Employment Agreement. (c) Statutory Benefit Rights. Nothing in this Separation Agreement is intended to release or waive the Executive's right to elect continuation of group health plan
coverage under the law known as COBRA or unemployment insurance benefits. 3. Ongoing Obligations of the Executive. As a condition of receiving the payments and benefits pursuant to Section 5 or 6 of the Employment Agreement, the Executive hereby reaffirms that he remains subject to the Continuing Obligations. 4. Nondisparagement . (a) The Executive shall not, directly or indirectly, make any statements that disparage or deprecate the Company, any of its business practices, any of its business activities or any of its officers, directors or employees (provided that, with respect to any such officer, director or employee, the Executive actually knows or has substantial reason to believe that such person is an officer, director or employee of the Company) and
shall not assist or encourage any other person, firm or entity to do so. (b) The Company shall direct its directors and executive officers not to directly or indirectly, disparage or deprecate the Executive, any of his business practices or any of his business activities. In addition, the Company shall not in any authorized public statement of the Company (a "Company Statement") disparage or deprecate the Executive, any of his business practices or any of his business activities. 5. Protected Disclosures. Nothing in this Separation Agreement nor any direction pursuant to this Separation Agreement shall be interpreted or applied to prohibit the Executive or any other person from making any good faith report to any governmental agency or other governmental entity
(a "Government Agency'') concerning any act or omission that the

	
	Executive or such other person reasonably believes constitutes a possible violation of federal or
state law or making other disclosures that are protected under the anti-retaliation or
whistleblower provisions of applicable federal or state law or regulation. In addition, nothing
contained in this Separation Agreement limits the Executive's or any other person's ability to
communicate with any Government Agency or otherwise participate in any investigation or
proceeding that may be conducted by any Government Agency, including the Executive's ability
to provide documents or other information, without notice to the Company, nor does anything
contained in this Separation Agreement apply to truthful testimony in litigation by the Executive
or any other person. If the Executive files any charge or complaint with any Government Agency
and if the Government Agency pursues any claim on the Executive's behalf, or if any other third
party pursues any claim on the Executive's behalf, the Executive waives any right to monetary or
other individualized relief (either individually or as part of any collective or class action) to the
fullest extent permitted by law; provided, however, that nothing in this Separation Agreement
limits any right the Executive may have to receive a whistleblower award or bounty for
information provided to the Securities and Exchange Commission.
6. Defend Trade Secrets Act of 2016. The Executive understands that pursuant to the
federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is
made (i) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a
suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.
7. No Assignment. The Executive represents that he has not assigned to any other
person or entity any Claims against any Released Party.
8. Right to Consider and Revoke Separation Agreement. The Executive
acknowledges that he has been given the opportunity to consider this Separation Agreement for a
period of 21 days (the "Consideration Period"). In the event the Executive executed this
Separation Agreement before the end of the Consideration Period, he acknowledges that such
decision was entirely voluntary and that he had the opportunity to consider this Separation
Agreement until the end of the Consideration Period. To accept this Separation Agreement, the
Executive shall deliver a signed Separation Agreement to the Company's then most senior
Human Resources professional (the "HR Leader") before the end of the Consideration Period.
For a period of seven days from the date when the Executive executes this Separation Agreement
(the "Revocation Period") he shall retain the right to revoke this Separation Agreement by
written notice that is received by the HR Leader on or before the last day of the Revocation
Period. This Separation Agreement shall take effect only if it is executed within the
Consideration Period as set forth above and if it is not revoked pursuant to the preceding
sentence. If the conditions set forth in this paragraph are satisfied, this Separation Agreement
shall become effective and enforceable on the date immediately following the last day of the
Revocation Period (the ") ffective Date").
Executive or such other person reasonably believes constitutes a possible violation of federal or state law or making other disclosures that are protected under the anti - retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this Separation Agreement limits the Executive's or any other person's ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive's ability to provide documents or other information, without notice to the Company, nor does anything contained in this Separation Agreement apply to truthful testimony in litigation by the Executive or any other person. If
the Executive files any charge or complaint with any Government Agency and if the Government Agency pursues any claim on the Executive's behalf, or if any other third party pursues any claim on the Executive's behalf, the Executive waives any right to monetary or other individualized relief (either individually or as part of any collective or class action) to the fullest extent permitted by law; provided, however, that nothing in this Separation Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission. 6. Defend Trade Secrets Act of 2016. The Executive understands that pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 7. No Assignment. The Executive represents that he has not assigned to any other person or entity any Claims against any Released Party. 8. Ri gh t to Consider and Revoke Se p aration A gr eement. The Executive acknowledges that he has been given the opportunity to consider this Separation Agreement for a
period of 21 days (the "Consideration Period"). In the event the Executive executed this Separation Agreement before the end of the Consideration Period, he acknowledges that such decision was entirely voluntary and that he had the opportunity to consider this Separation Agreement until the end of the Consideration Period. To accept this Separation Agreement, the Executive shall deliver a signed Separation Agreement to the Company's then most senior Human Resources professional (the "HR Leader") before the end of the Consideration Period. For a period of seven days from the date when the Executive executes this Separation Agreement (the "Revocation Period"), he shall retain the right to revoke this Separation Agreement by written notice that is received by the HR
Leader on or before the last day of the Revocation Period. This Separation Agreement shall take effect only if it is executed within the Consideration Period as set forth above and if it is not revoked pursuant to the preceding sentence. If the conditions set forth in this paragraph are satisfied, this Separation Agreement shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the "Effective Date").

	
	9. Other Terms.
(a) Legal Representation; Review of Separation Agreement. The Executive
acknowledges that he has been advised to discuss all aspects of this Separation Agreement with
his attorney, that he has carefully read and fully understands all of the provisions of this
Separation Agreement and that he is knowingly and voluntarily entering into this Separation
Agreement.
(b) Binding Nature of Separation Agreement. This Separation Agreement
shall be binding upon the Executive and upon his heirs, administrators, representatives and
executors.
(c) Modification of Separation Agreement: Waiver. This Separation
Agreement may be amended only upon a written agreement executed by the Executive and the
Company. No waiver of any provision of this Separation Agreement shall be effective unless
made in writing and signed by the waiving party. The failure of a party to require the
performance of any term or obligation of this Separation Agreement, or the waiver by a party of
any breach of this Separation Agreement, shall not prevent any subsequent enforcement of such
term or obligation or be deemed a waiver of any subsequent breach.
(d) Severability. In the event that at any future time it is determined by a court
of competent jurisdiction that any covenant, clause, provision or term of this Separation
Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this
Separation Agreement shall not be affected thereby and the illegal, invalid or unenforceable term
or provision shall be severed from the remainder of this Separation Agreement. In the event of
such severance, the remaining covenants shall be binding and enforceable; provided, however,
and for the avoidance of doubt, in no event shall the Company be required to provide payments
or benefits to the Executive pursuant to Section 5 or 6 of the Employment Agreement if all or
part of Section 1 of this Separation Agreement is held to be invalid or unenforceable.
(e) Governing Law and Interpretation. This Separation Agreement shall be
deemed to be made and entered into in the Commonwealth of Massachusetts, and shall in all
respects be interpreted, enforced and governed under the laws of the Commonwealth of
Massachusetts, without giving effect to its conflict of laws provisions. The language of all parts
of this Separation Agreement shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against any of the parties.
(f) Arbitration; Jurisdiction. Enforcement of this Separation Agreement shall
be subject to the terms of Sections 9 ("Arbitration of Disputes") and 10 ("Consent to
Jurisdiction") of the Employment Agreement as if set forth herein.
(g) Remedies. if the Executive breaches any provision of this Separation
Agreement or any of the Continuing Obligations, in addition to all other remedies available to
the Company at law, in equity, and under contract, the Executive agrees that the Company may
cease any payments or benefits otherwise due to the Executive or for the Executive's benefit
pursuant to Section 5 or 6 of the Employment Agreement.
9. Other Terms. (a) Le g al Re p resentation ; Review of Se p aration A gr eement. The Executive acknowledges that he has been advised to discuss all aspects of this Separation Agreement with his attorney, that he has carefully read and fully understands all of the provisions of this Separation Agreement and that he is knowingly and voluntarily entering into this Separation Agreement. (b) Bindin g Nature of Se p aration A gr eement. This Separation Agreement shall be binding upon the Executive and upon his heirs, administrators, representatives and executors. (c) Modification of Se p aration A gr eement ; Waiver. This Separation Agreement may be amended only upon a written agreement executed by the Executive and the Company. No waiver of any provision of
this Separation Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Separation Agreement, or the waiver by a party of any breach of this Separation Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. (d) Severabilit y . In the event that at any future time it is determined by a court of competent jurisdiction that any covenant, clause, provision or term of this Separation Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this Separation Agreement shall not be affected thereby and the illegal, invalid or unenforceable term or
provision shall be severed from the remainder of this Separation Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable; provided, however, and for the avoidance of doubt, in no event shall the Company be required to provide payments or benefits to the Executive pursuant to Section 5 or 6 of the Employment Agreement if all or part of Section 1 of this Separation Agreement is held to be invalid or unenforceable. (e) Governin g Law and Inte rp retation . This Separation Agreement shall be deemed to be made and entered into in the Commonwealth of Massachusetts, and shall in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts, without giving effect to its conflict
of laws provisions. The language of all parts of this Separation Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. (f) Arbitration ; Jurisdiction. Enforcement of this Separation Agreement shall be subject to the terms of Sections 9 ("Arbitration of Disputes") and 10 ("Consent to Jurisdiction") of the Employment Agreement as if set forth herein. (g) Remedies. If the Executive breaches any provision of this Separation Agreement or any of the Continuing Obligations, in addition to all other remedies available to the Company at law, in equity, and under contract, the Executive agrees that the Company may cease any payments or benefits otherwise due to the Executive or for the
Executive's benefit pursuant to Section 5 or 6 of the Employment Agreement.

	
	(h) Entire Agreement: Absence of Reliance. This Separation Agreement
constitutes the entire agreement between the Executive and the Company and supersedes any
previous agreements or understandings between the Executive and the Company, except the
Equity Documents, the Continuing Obligations, and any other obligations specifically preserved
in this Separation Agreement. The Executive acknowledges that he is not relying on any
promises or representations by the Company or the agents, representatives or attorneys of any of
the entities within the definition of Company regarding any subject matter addressed in this
Separation Agreement.
(i) Counterparts; Conies. This Separation Agreement may be executed in
separate counterparts, each of which when so executed and delivered shall be taken to be an
original. Such counterparts shall together constitute one and the same document. PDF copies
shall be equally valid as originals.
[Signature Page Follows]
(h) Entire A gr eement ; Absence of Reliance. This Separation Agreement constitutes the entire agreement between the Executive and the Company and supersedes any previous agreements or understandings between the Executive and the Company, except the Equity Documents, the Continuing Obligations, and any other obligations specifically preserved in this Separation Agreement. The Executive acknowledges that he is not relying on any promises or representations by the Company or the agents, representatives or attorneys of any of the entities within the definition of Company regarding any subject matter addressed in this Separation Agreement. (i) Counterparts ; Copies . This Separation Agreement may be executed in separate counterparts, each of which when so
executed and delivered shall be taken to be an original . Such counterparts shall together constitute one and the same document . PDF copies shall be equally valid as originals . [Signature Page Follows]

	
	IN WITNESS WHEREOF, the parties have executed this Separation Agreement, to be
effective on the Effective Date.
BROOKLINE BANCORP, LNC.
By.
Name: Paul A. Perrault
Title: Chairman and CEO
BROOKLINE BANK
By:
Name: Paul A. Perrault
Title: Director
BANK RHODE ISLAND
By
Name: Paul A. Perrault
Title: Director
Date:
EXECUTIVE
Michael W. McCurdy
Date:
IN WITNESS WHEREOF, the parties have executed this Separation Agreement, to be effective on the Effective Date. BROOKLINE BANCORP, INC. By: Name: Paul A. Perrault Title: Chairman and CEO BROOKLINE BANK By : _ Name: Paul A. Perrault Title: Director BANK RHODE ISLAND B y : Name: Paul A. Perrault Title: Director Date: · EXECUTIVE Michael W. Mccurdy Date : _

	
	Exhibit B
Restrictive Covenants Agreement
Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement
in consideration and as a condition of my continued employment by Brookline Bancorp,
Inc. (the "Holding Company"), Brookline Bank, and Bank Rhode Island (the "Banks" and,
together with the Holding Company and their respective subsidiaries and other affiliates and
their respective successors and assigns, the "Company"), and in exchange for, among other
things, benefits to be provided by the Company under the terms of a new employment
agreement, which I acknowledge and agree is fair and reasonable consideration which is
independent from the continuation of my employment, I enter into this Confidentiality,
Assignment, Nonsolicitation and Noncompetition Agreement (this "Agreement") and agree as
follows:
1. Proprietary Information. I agree that all information, whether or not in writing,
concerning the Company's business, technology, business relationships or fi nancial affairs that
the Company has not released to the general public (collectively, "Proprietary Information") and
all tangible embodiments thereof are and will be the exclusive property of the Company. By way
of illustration, Proprietary Information may include information or material that has not been
made generally available to the public, such as: (a) corporate information, including plans,
strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information,
including strategies, methods, customer or business partner identities or other information about
customers, business partners, prospect identities or other information about prospects, or market
analyses or projections; (c)financial information, including cost and performance data, debt
arrangements, equity structure, investors and holdings, purchasing and sales data and price lists;
(d) operational information, including plans, specifications, manuals, forms, templates, software,
strategies, designs, methods, procedures, data, reports, discoveries, inventions, improvements,
concepts, ideas, know-how and trade secrets, and other Developments (as defined below); and
(e)personnel information, including personnel lists, reporting or organizational structure,
resumes, personnel data, performance evaluations and termination arrangements or documents.
Proprietary Information also includes information received in confidence by the Company from
its customers, suppliers, business partners or other third parties.
2. Recognition of Company's Rights. I will not, at any time, without the Company's prior
written permission, either during or after my employment, disclose any Proprietary Information
to anyone outside of the Company, or use or permit to be used any Proprietary Information for
any purpose other than the performance of my duties as an employee of the Company. I will
cooperate with the Company and use my reasonable best efforts to prevent the unauthorized
disclosure of all Proprietary information. I will deliver to the Company all copies and other
tangible embodiments of Proprietary Information in my possession or control upon the earlier of
a request by the Company or termination of my employment.
3. Rights of Others. i understand that the Company is now and may hereafter be subject to
nondisclosure or confidentiality agreements with third persons that require the Company to
protect or refrain from use or disclosure of proprietary information. I agree to be bound by the
1
1 Exhibit B Restrictive Covenants Agreement Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement In consideration and as a condition of my continued employment by Brookline Bancorp, Inc. (the "Holdin g Com p an y ") , Brookline Bank, and Bank Rhode Island (the "Banks" and, together with the Holding Company and their respective subsidiaries and other affiliates and their respective successors and assigns, the "Company"), and in exchange for, among other things, benefits to be provided by the Company under the terms of a new employment agreement, which I acknowledge and agree is fair and reasonable consideration which is independent from the continuation of my employment, I enter into this Confidentiality, Assignment, Nonsolicitation
and Noncompetition Agreement (this "Agreement") and agree as follows: 1. Pro p rietar y Information. I agree that all information, whether or not in writing, concerning the Company's business, technology, business relationships or financial affairs that the Company has not released to the general public (collectively, "Pro p riet ary Information") and all tangible embodiments thereof are and will be the exclusive property of the Company. By way of illustration, Proprietary Information may include information or material that has not been made generally available to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information, including strategies,
methods, customer or business partner identities or other information about customers, business partners, prospect identities or other information about prospects, or market analyses or projections; (c)financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; (d) operational information, including plans, specifications, manuals, forms, templates, software, strategies, designs, methods, procedures, data, reports, discoveries, inventions, improvements, concepts, ideas, know - how and trade secrets, and other Developments (as defined below); and (e) personnel information, including personnel lists, reporting or organizational structure, resumes,
personnel data, performance evaluations and termination arrangements or documents. Proprietary Information also includes information received in confidence by the Company from its customers, suppliers, business partners or other third parties. 2. Reco g nition of Com p an v 's Rights. I will not, at any time, without the Company's prior written permission, either during or after my employment, disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used any Proprietary Information for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the Company and use my reasonable best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will
deliver to the Company all copies and other tangible embodiments of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination of my employment. 3. Ri gh ts of Others . I understand that the Company is now and may hereafter be subject to nondisclosure or confidentiality agreements with third persons that require the Company to protect or refrain from use or disclosure of proprietary information. I agree to be bound by the

	
	terms of such agreements in the event I have access to such proprietary information. I understand
that the Company strictly prohibits me from using or disclosing confidential or proprietary
information belonging to any other person or entity (including any employer or former
employer), in connection with my employment. In addition, I agree not to bring any confidential
information belonging to any other person or entity onto Company premises or into Company
workspaces.
4. Commitment to Company; Avoidance of Conflict of Interest. While an employee of the
Company, I will devote my full-time efforts to the Company's business and i will not, directly or
indirectly, engage in any other business activity, except as expressly authorized in writing and in
advance by a duly authorized representative of the Company. I will advise an authorized officer
of the Company or his or her designee at such time as any activity of either the Company or
another business presents me with a conflict of interest or the appearance of a conflict of interest
as an employee of the Company. i will take whatever action is reasonably requested of me by the
Company to resolve any conflict or appearance of conflict which it finds to exist.
5. Documents and Other Materials. I will keep and maintain adequate and current records of
all Proprietary Information and Company-related developments developed by me during my
employment, which records will be available to and remain the sole property of the Company at
all times.
All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks,
layouts, charts, quotations and proposals, or other written, photographic or other tangible
material containing Proprietary Information, whether created by me or others, which come into
my custody or possession, are the exclusive property of the Company to be used by me only in
the performance of my duties for the Company. Any property situated on the Company's
premises and owned by the Company, including without limitation computers, disks and other
storage media, filing cabinets or other work areas, is subject to inspection by the Company at any
time with or without notice. In the event of the termination of my employment for any reason, I
will deliver to the Company all Company property and equipment in my possession, custody or
control, including all files, letters, notes, memoranda, reports, records, data, sketches, drawings,
notebooks, layouts, charts, quotations and proposals, or other written, photographic or other
tangible material containing Pro I rietary information, and other materials of any nature pertaining
to the Proprietary Information of the Company and to my work, and will not take or keep in my
possession any of the foregoing or any copies.
6. Nonsolicitation and Noncompetition.
In order to protect the Company's Proprietary Information and goodwill, during my employment
and for a period of: (i) one year following the date of the cessation of my employment with the
Company (the "Last Date of Employment") or such shorter period as the Company designates in
writing to me in connection with the ending of my employment relationship; or (ii) two years
following the Last Date of Employment if I breach my fiduciary duty to the Company or if 1
have unlawfully taken, physically or electronically, property belonging to the Company (in either
case the "Restricted Period"):
2
2 terms of such agreements in the event I have access to such proprietary information. I understand that the Company strictly prohibits me from using or disclosing confidential or proprietary information belonging to any other person or entity (including any employer or former employer), in connection with my employment. In addition, I agree not to bring any confidential information belonging to any other person or entity onto Company premises or into Company workspaces. 4. Commitment to Com p an y; Avoidance of Conflict of Interest. While an employee of the Company, I will devote my full - time efforts to the Company's business and I will not, directly or indirectly, engage in any other business activity, except as expressly authorized in writing
and in advance by a duly authorized representative of the Company. I will advise an authorized officer of the Company or his or her designee at such time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company. I will take whatever action is reasonably requested of me by the Company to resolve any conflict or appearance of conflict which it finds to exist. 5. Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and Company - related developments developed by me during my employment, which records will be available to and remain the sole property of the Company at all times.
All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, or other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my custody or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the Company. Any property situated on the Company's premises and owned by the Company, including without limitation computers, disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice. In the event of the termination ofmy employment for any reason, I will deliver to the
Company all Company property and equipment in my possession, custody or control, including all files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, or other written, photographic or other tangible material containing Proprietary Information, and other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. 6. Nonsolicitation and Noncom p etition . In order to protect the Company's Proprietary Information and goodwill, during my employment and for a period of: (i) one year following the date of the cessation of my employment with the Company (the "Last Date
of Em p lo ym ent") or such shorter period as the Company designates in writing to me in connection with the ending of my employment relationship; or (ii) two years following the Last Date of Employment if I breach my fiduciary duty to the Company or if I have unlawfully taken, physically or electronically, property belonging to the Company (in either case the "Restricted Period"):

	
	(a) I shall not, directly or indirectly, in any manner, other than for the benefit of the
Company, solicit or transact any business with any of the customers of the Company. For
purposes of this Agreement, customers shall include (i) then current customers to which the
Company provided products or services during the 12 months prior to the Applicable Date (the
"One Year Lookback") and (ii) customer prospects that the Company solicited during the One
Year Lookback and with which I had significant contact or about which I learned confidential
information in the course of my employment. The "Applicable Date" means (i) as applied to my
activities after my employment ends, the Last Date of Employment and (ii) as applied to my
activities during my employment, the date of such activities.
(b) I shall not, directly or indirectly, in any manner, solicit, entice or attempt to
persuade any employee or consultant of the Company to leave the Company for any reason or
otherwise participate in or facilitate the hire, directly or through another entity, of any person
who is then employed or engaged by the Company.
(c) I shall not, directly or indirectly, whether as owner, partner, shareholder, director,
manager, consultant, agent, employee, co-venturer or otherwise, anywhere in the geographic
areas in which, at any time during the two years that immediately preceded the Applicable Date
(the "Two Year Lookback"), I provided services or had a material presence or influence, provide
any of the types of services that I provided to the Company during the Two Year Lookback, in
connection with any business that is, in whole or in part, engaged in, or actively preparing to be
engaged in, the Business. For purposes of this Agreement: "Business" shall mean, as of the
Applicable Date, the business of the Company as previously or currently conducted, or as
planned to be conducted in the future, including, without limitation, the performance of any
services related to the foregoing. Notwithstanding the foregoing, I shall not be subject to the
restrictions of this Section 6(c) after my employment with the Company ends (nor entitled to the
Noncompetition Consideration set forth below) if the Company terminates my employment
without Cause pursuant to Section 3(d) of my Employment Agreement with the Company, the
Company lays me off, or if i terminate my employment with the Company subject to the Good
Reason provisions of Section 3(e) of my Employment Agreement with the Company. For its
part, the Company agrees to provide the Noncompetition Consideration to me during the period
of my post-employment obligations under this Section 6(c); provided, however, that the
Company may waive its rights under this Section 6(c) pursuant to Section 15 below and in such
event, the Company shall not be obligated to provide the Noncompetition Consideration. The
"Noncompetition Consideration" consists of payments to me for the post-employment portion of
the Restricted Period (but for not more than 12 months following the end of my employment) at
the rate of fifty percent (50%) of the highest annualized base salary paid to me by the Company
within the Two-Year Lookback. I acknowledge that this covenant is necessary because the
Company's legitimate business interests cannot be adequately protected solely by the other
covenants in this Agreement.) further acknowledge and agree that any payments I receive
pursuant to this Section 6(c) shall reduce (and shall not be in addition to) any severance or
separation pay that I am otherwise entitled to receive from the Company pursuant to an
agreement, plan or otherwise.
7. Prior Agreements. I hereby represent that, except as I have fully disclosed previously in
writing to the Company, I am not bound by the terms of any agreement with any previous or
current employer or other party to refrain from using or disclosing any trade secret or
3
3 (a) I shall not, directly or indirectly, in any manner, other than for the benefit of the Company, solicit or transact any business with any of the customers of the Company. For purposes of this Agreement, customers shall include (i) then current customers to which the Company provided products or services during the 12 months prior to the Applicable Date (the "One Year Lookback") and (ii) customer prospects that the Company solicited during the One Year Lookback and with which I had significant contact or about which I learned confidential information in the course of my employment. The "A pp licable Date" means (i) as applied to my activities after my employment ends, the Last Date of Employment and (ii) as applied to my activities during my
employment, the date of such activities. (b) I shall not, directly or indirectly, in any manner, solicit, entice or attempt to persuade any employee or consultant of the Company to leave the Company for any reason or otherwise participate in or facilitate the hire, directly or through another entity, of any person who is then employed or engaged by the Company. (c) I shall not, directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co - venturer or otherwise, anywhere in the geographic areas in which, at any time during the two years that immediately preceded the Applicable Date (the "Two Year Lookback"), I provided services or had a material presence or influence, provide any of the types of services
that I provided to the Company during the Two Year Lookback, in connection with any business that is, in whole or in part, engaged in, or actively preparing to be engaged in, the Business. For purposes of this Agreement: "Business" shall mean, as of the Applicable Date, the business of the Company as previously or currently conducted, or as planned to be conducted in the future, including, without limitation, the performance of any services related to the foregoing. Notwithstanding the foregoing, I shall not be subject to the restrictions of this Section 6(c) after my employment with the Company ends (nor entitled to the Noncompetition Consideration set forth below) if the Company terminates my employment without Cause pursuant to Section 3(d) ofmy
Employment Agreement with the Company, the Company lays me off, or ifl terminate my employment with the Company subject to the Good Reason provisions of Section 3(e) of my Employment Agreement with the Company. For its part, th e Company agrees t o provide th e Noncompetitio n Consideratio n t o m e during th e period of my post - employment obligations under this Section 6(c);provided, however, that the Company may waive its rights under this Section 6(c) pursuant to Section 15 below and in such event, the Company shall not be obligated to provide the Noncompetition Consideration. The "Noncom p etition Consideration" consists of payments to me for the post - employment portion of the Restricted Period (but for not more than 12 months
following the end ofmy employment) at the rate of fifty percent (50%) of the highest annualized base salary paid to me by the Company within the Two - Year Lookback. I acknowledge that this covenant is necessary because the Company's legitimate business interests cannot be adequately protected solely by the other covenants in this Agreement. I further acknowledge and agree that any payments I receive pursuant to this Section 6(c) shall reduce (and shall not be in addition to) any severance or separation pay that I am otherwise entitled to receive from the Company pursuant to an agreement, plan or otherwise. 7. Prior A gr eements . I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by the terms of
any agreement with any previous or current employer or other party to refrain from using or disclosing any trade secret or

	
	confidential or proprietary information in the course of my employment with the Company or to
refrain from competing, directly or indirectly, with the business of such employer or any other
party. I further represent that my performance of all the terms of this Agreement as an employee
of the Company does not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by me in confidence or in trust prior to my employment
with the Company. I will not disclose to the Company or induce the Company to use any
confidential or proprietary information or material belonging to any previous employer or others.
8. Remedies Upon Breach. I understand that the restrictions contained in this Agreement are
necessary for the protection of the business and goodwill of the Company and I consider them to
be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company
substantial and irrevocable damage and therefore, in the event of such breach, the Company, in
addition to such other remedies which may be available, will be entitled to specific performance
and other injunctive relief, without the posting of a bond. I further acknowledge that a court may
render an award extending the Restricted Period as one of the remedies in the event of my
violation of this Agreement. In the event of litigation involving a claim of breach of this
Agreement, the prevailing party with respect to such claim shall be entitled to recover his or its
reasonable attorney's fees and costs with respect to such claim from the non-prevailing party.
9. Use of Voice. Image and Likeness. I give the Company permission to use any and all of
my voice, image and likeness, with or without using my name, in connection with the products
and/or services of the Company, for the purposes of advertising and promoting such products
and/or services and/or the Company, and/or for other purposes deemed appropriate by the
Company in its reasonable discretion, except to the extent prohibited by law.
10. No Employment Obligation. I understand that this Agreement does not create an
obligation on the Company or any other person to continue my employment. I acknowledge that,
unless otherwise agreed in a formal written employment agreement signed on behalf of the
Company by an authorized officer, my employment with the Company is at will and therefore
may be terminated by the Company or me at any time and for any reason, with or without cause.
11. Survival and Assignment by the Company. I understand that my obligations under this
Agreement will continue in accordance with its express terms regardless of any changes in my
title, position, duties, salary, compensation or benefits or other terms and conditions of
employment. I further understand that my obligations under this Agreement will continue
following the termination of my employment regardless of the manner of such termination and
will be binding upon my heirs, executors and administrators. The Company will have the right to
assign this Agreement to its affiliates, successors and assigns. I expressly consent to be bound by
the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or
affiliate to whose employ I may be transferred without the necessity that this Agreement be re-
signed at the time of such transfer.
12. Notice of Resignation. If I elect to resign from my employment with the Company, I
agree to provide the Company with written notification of my resignation at least two (2) weeks
prior to my intended resignation date. Such notice shall include information in reasonable detail
about my post-employment job duties and other business activities, including the name and
address of any subsequent employer and/or person or entity with whom or which I intend to
4
4 confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of such employer or any other party. I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others. 8. Remedies U p on Breach. I understand that the restrictions contained in this Agreement are
necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief, without the posting of a bond. I further acknowledge that a court may render an award extending the Restricted Period as one of the remedies in the event ofmy violation of this Agreement. In the event oflitigation involving a claim of breach of this Agreement, the prevailing party with respect to such claim shall be entitled to recover his or its reasonable
attorney's fees and costs with respect to such claim from the non - prevailing party. 9. Use of Voice , Ima g e and Likeness. I give the Company permission to use any and all of my voice, image and likeness, with or without using my name, in connection with the products and/or services of the Company, for the purposes of advertising and promoting such products and/or services and/or the Company, and/or for other purposes deemed appropriate by the Company in its reasonable discretion, except to the extent prohibited by law. 10. No Employment Obligation. I understand that this Agreement does not create an obligation on the Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment
agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be terminated by the Company or me at any time and for any reason, with or without cause. 11. Survival and Assi gnm ent b y the Com p an y . I understand that my obligations under this Agreement will continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue following the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. The Company
will have the right to assign this Agreement to its affiliates, successors and assigns. I expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement be re signed at the time of such transfer. 12. Notice of Resi gn ation . If I elect to resign from my employment with the Company, I agree to provide the Company with written notification of my resignation at least two (2) weeks prior to my intended resignation date. Such notice shall include information in reasonable detail about my post - employment job duties and other business activities, including the name and address of any subsequent employer
and/or person or entity with whom or which I intend to

	
	engage in business activities during the Restricted Period and the nature of my job duties and
other business activities. The Company may elect to waive all or part of the two (2) week notice
period in its sole discretion, and such waiver shall not result in a termination by the Company for
purposes of this Agreement or any other agreement I may have with the Company.
13. Post-Employment Notifications. During the Restricted Period, I will notify the Company
of any change in my address and of each subsequent employment or business activity.
14. Disclosures During Restricted Period. 1 will provide a copy of this Agreement to any
person or entity with whom i may enter into a business relationship, whether as an employee,
consultant, partner, coventurer or otherwise, prior to entering into such business relationship
during the Restricted Period.
15. Waiver; Reduction of Restricted Period by Company. The Company and I acknowledge
and agree that the Company may unilaterally waive my post-employment noncompetition
obligations under Section 6(c), and in the event that such a waiver occurs before the obligation to
pay Noncompetition Consideration takes effect, the Company is not required to pay me the
Noncompetition Consideration or any other post-employment payments under this Agreement.
No waiver of any of my obligations under this Agreement shall be effective unless made in
writing by the Company. The failure of the Company to require my performance of any term or
obligation of this Agreement, or the waiver of any breach of this Agreement, shall not prevent
the Company's subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach. Notwithstanding anything to the contrary in Section 6, the Company may
reduce the length of the Restricted Period by providing written notice to me of such reduction in
connection with the ending of my employment relationship.
16. Severability. In case any provisions (or portions thereof) contained in this Agreement
shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect the other provisions of this Agreement, and this
Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. If, moreover, any one or more of the provisions contained in this
Agreement shall for any reason be held to be excessively broad as to duration, geographical
scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable
to the extent compatible with the applicable law as it shall then appear.
17. Choice of Law and Jurisdiction. This Agreement will be deemed to be made and entered
into in the Commonwealth of Massachusetts, and will in all respects be interpreted, enforced and
governed under the laws of the Commonwealth of Massachusetts. I hereby consent to the
exclusive jurisdiction of the state and federal courts situated within Mavarhusetts for purposes
of enforcing this Agreement or for any other lawsuit relating to or arising under this Agreement,
and I hereby waive any objection that i might have to personal jurisdiction or venue in those
courts, provided, however, the Company and I agree that all civil actions relating to Section 6(c)
of this Agreement shall be brought in the county of Suffolk and that the superior court or the
business litigation session of the superior coat shall have exclusive jurisdiction.
18. independence of Obligations. My obligations under this Agreement are independent of
any obligation, contractual or otherwise, the Company has to me. The Company's breach of any
5
5 engage in business activities during the Restricted Period and the nature of my job duties and other business activities. The Company may elect to waive all or part of the two (2) week notice period in its sole discretion, and such waiver shall not result in a termination by the Company for purposes of this Agreement or any other agreement I may have with the Company. 13. Post - Em p lo ym ent Notifications. During the Restricted Period, I will notify the Company of any change in my address and of each subsequent employment or business activity. 14. Disclosures Durin g Restricted Period. I will provide a copy of this Agreement to any person or entity with whom I may enter into a business relationship, whether as an employee, consultant, partner,
coventurer or otherwise, prior to entering into such business relationship during the Restricted Period. 15. Waiver; Reduction of Restricted Period b y Com p an y . The Company and I acknowledge and agree that the Company may unilaterally waive my post - employment noncompetition obligations under Section 6(c), and in the event that such a waiver occurs before the obligation to pay Noncompetition Consideration takes effect, the Company is not required to pay me the Noncompetition Consideration or any other post - employment payments under this Agreement. No waiver of any of my obligations under this Agreement shall be effective unless made in writing by the Company. The failure of the Company to require my performance of any term or obligation of
this Agreement, or the waiver of any breach of this Agreement, shall not prevent the Company's subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. Notwithstanding anything to the contrary in Section 6, the Company may reduce the length of the Restricted Period by providing written notice to me of such reduction in connection with the ending of my employment relationship. 16. Severabilit y . In case any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 17. Choice of Law and Jurisdiction. This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts, and will in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby consent to the exclusive jurisdiction of the state and federal courts situated within Massachusetts for purposes of
enforcing this Agreement or for any other lawsuit relating to or arising under this Agreement, and I hereby waive any objection that I might have to personal jurisdiction or venue in those courts, provided, however, the Company and I agree that all civil actions relating to Section 6(c) of this Agreement shall be brought in the county of Suffolk and that the superior court or the business litigation session of the superior court shall have exclusive jurisdiction. 18. Ind ep endence of Obli g ations . My obligations under this Agreement are independent of any obligation, contractual or otherwise, the Company has to me. The Company's breach of any

	
	such obligation shall not be a defense against the enforcement of this Agreement or otherwise
limit my obligations under this Agreement.
19. Protected Disclosures. I understand that nothing contained in this Agreement limits my
ability to communicate with any federal, state or local governmental agency or commission,
including to provide documents or other information, without notice to the Company. I also
understand that nothing in this Agreement limits my ability to share compensation information
concerning myself or others, except that this does not permit me to disclose compensation
information concerning others that I obtain because my job responsibilities require or allow
access to such information.
20. Defend Trade Secrets Act of 2016.1 understand that pursuant to the federal Defend Trade
Secrets Act of 2016, I shall not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state,
or local government official, either directly or indirectly, or to an attomey; and (ii) solely for the
purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
21. Other Agreements: Amendment. This Agreement supplements and does not supersede
any other confidentiality, assignment of inventions or restrictive covenant agreement between the
Company and me. To the extent that this Agreement addresses other subject matters, this
Agreement supersedes any other agreements between the Company and me with respect to such
subject matters. This Agreement may be amended only in a written agreement executed by a
duly authorized officer of the Company and me.
[Remainder of Page Intentionally Left Blank]
6
6 such obligation shall not be a defense against the enforcement of this Agreement or otherwise limit my obligations under this Agreement. 19. Protected Disclosures. I understand that nothing contained in this Agreement limits my ability to communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Company. I also understand that nothing in this Agreement limits my ability to share compensation information concerning myself or others, except that this does not permit me to disclose compensation information concerning others that I obtain because my job responsibilities require or allow access to such information. 20. Defend Trade Secrets Act of 2016. I
understand that pursuant to the federal Defend Trade Secrets Act of 2016, I shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 21. Other A gr eements : Amendment. This Agreement supplements and does not supersede any other confidentiality, assignment of inventions or restrictive covenant agreement between the Company and me. To the extent
that this Agreement addresses other subject matters, this Agreement supersedes any other agreements between the Company and me with respect to such subject matters. This Agreement may be amended only in a written agreement executed by a duly authorized officer of the Company and me. [Remainder of Page Intentionally Left Blank]

	
	I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY
SIGNING BELOW, I CERTIFY THAT (I) I WAS PROVIDED WITH THIS AGREEMENT
AT LEAST TEN (10) BUSINESS DAYS BEFORE THE EFFECTIVE DATE OF THIS
AGREEMENT AND (II) I HAVE BEEN ADVISED BY THE COMPANY THAT I HAVE
THE RIGHT TO CONSULT WITH COUNSEL PRIOR TO SIGNING THIS AGREEMENT.
I ACKNOWLEDGE AND AGREE THAT THE TERMS OF THIS AGREEMENT
WILL APPLY TO MY ENTIRE SERVICE RELATIONSHIP WITH THE COMPANY,
INCLUDING WITHOUT LIMITATION ANY PERIOD OF SERVICE PRIOR TO THE DATE
OF MY SIGNATURE BELOW.
IN WITNESS WHEREOF, the undersigned has executed this Agreement as a sealed
instrument and it shall become effective upon the later of (i) the full execution by both parties; or
(ii) ten (10) business days after the Company provided me with notice of this Agreement.
E UTIV
Si
Date:
Michael W. McCurdy
9491°0 9 -
COMPANY
BROOKLINE BANCORP, INC.
Name: Pa errault
Title: Chairman and CEO
BROOICLINE BANK
Name: Paul .
Title: Director
BANK RHODE ISLAND
Name: Pa
Title: Director
Date: q/a 912 094
I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT (I) I WAS PROVIDED WITH THIS AGREEMENT AT LEAST TEN (10) BUSINESS DAYS BEFORE THE EFFECTIVE DATE OF THIS AGREEMENT AND (11) I HAVE BEEN ADVISED BY THE COMPANY THAT I HAVE THE RIGHT TO CONSULT WITH COUNSEL PRIOR TO SIGNING THIS AGREEMENT. I ACKNOWLEDGE AND AGREE THAT THE TERMS OF THIS AGREEMENT WILL APPLY TO MY ENTIRE SERVICE RELATIONSHIP WITH THE COMPANY, INCLUDING WITHOUT LIMITATION ANY PERIOD OF SERVICE PRIOR TO THE DATE OF MY SIGNATURE BELOW. IN WITNESS WHEREOF, the undersigned has executed this Agreement as a sealed instrument and it shall become effective upon the later of (i) the full execution by both parties; or (ii) ten (10) business days after the
Company provided me with notice of this Agreement. EXECUTIV Sign / M - 1c - h. _ a e Wl M _ c _ C _ u rd _ y _ ---- Date: q / a o 2 / D ;;; L - j COMPANY BROOKLINE BANCORP, INC. .c2? -
 > Title: Chairman and CEO BROOKLINE BANK Title: Director BANK RHODE ISLAND Title: Director Date : Cf / <X62. / d - 03 -- /

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