Document:

EXHIBIT 10.7

 Exhibit 10.7: Form of Supplemental Director Retirement Agreements between Newport Federal Savings Bank and Peter Crowley,
William R. Harvey, Michael Hayes, Robert S. Lazar, Michael S. Pinto, Alicia S. Quirk, Peter W. Rector and Barbara Saccucci 
 Newport Federal Savings Bank
entered into supplemental director retirement agreements with Directors Crowley, Harvey, Hayes, Lazar, Pinto, Quirk, Rector and Saccucci which are substantially identical in all material respects (except as noted below) as the attached Form of
Supplemental Director Retirement Agreement. 
 Parties to Supplemental Director Retirement Agreement: 
 Newport Federal Savings Bank and Peter Crowley (1) 
 Newport Federal Savings Bank and William R. Harvey (2) 
 Newport Federal Savings Bank and Michael Hayes (3) 
 Newport Federal Savings Bank and Robert S. Lazar (4) 
 Newport Federal Savings Bank and Michael S. Pinto (5) 
 Newport Federal Savings Bank and Alicia S. Quirk (6) 
 Newport Federal Savings Bank and Peter W. Rector(7) 
 Newport Federal Savings Bank and Barbara Saccucci (8) 
  

	 	(1)	Mr. Crowley’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit,
which is $3,000.00. 

  

	 	(2)	Mr. Harvey’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit,
which is $4,000.00. 

  

	 	(3)	Mr. Hayes’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit, which
is $3,000.00. 

  

	 	(4)	Mr. Lazar’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit, which
is $3,000.00. 

  

	 	(5)	Mr. Pinto’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit, which
is $3,000.00. 

  

	 	(6)	Ms. Quirk’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit, which
is $3,000.00. 

  

	 	(7)	Mr. Rector’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit,
which is $5,000.00. 

  

	 	(8)	Ms. Saccucci’s Supplemental Director Retirement Agreement is substantially identical to Exhibit 10.7 except as to the amount of the Supplemental Annual Pension Benefit,
which is $3,000.00. 

 Exhibit 10.7 
 FORM OF 
 SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
 THIS AGREEMENT, made and entered into this ___ day of ______________, 200_ (hereinafter the “Effective Date”), by Newport Federal
Savings Bank, (hereinafter referred to as the “Bank”), a bank organized and existing under the laws of Rhode Island, and _____________________ hereinafter referred to as the “Director”). 
 WHEREAS, the Director has performed his/her duties as a director of the Bank in an efficient and capable manner; and 
 WHEREAS, the Bank is desirous of retaining the services of the Director and rewarding him/her for his/her performance and his/her career with the
Bank; and 
 WHEREAS, to retain the services of the Director and to reward him/her for his/her performance and career with the Bank,
the Board of Directors has agreed to provide the Director with a supplemental retirement benefit as described in this Agreement. 
 NOW,
THEREFORE, for the value received and in consideration of the mutual covenants contained herein, the parties agree as follows: 
  

	1.	Normal Retirement Supplemental Pension 

 Upon
the Director’s retirement on or after attaining age seventy (70) (hereafter “Normal Retirement
Age”), the Bank shall pay the Director a supplemental annual pension benefit equal to $_______ payable in equal monthly installments, commencing with the first month after the Director’s retirement, and continuing for a period of ten
(10) years. 

	2.	Early Retirement or Termination 

 If the
Director retires after attaining the age of 65 or his/her service with the Bank is otherwise terminated without cause prior to attaining Normal Retirement Age, and the Director has completed at least ten (10) years of service, then the Bank
will pay the Director a supplemental annual pension payable in equal monthly installments, commencing with the first month after such early retirement or termination of service, and continuing for 10 years, in an amount as indicated on the following
schedule: 
  

				
	 Age at Early Retirement or Termination
	  	% of Normal Retirement
Pension	 
	 Less than 65
	  	0	%
	 65
	  	10	%
	 66
	  	15	%
	 67
	  	30	%
	 68
	  	50	%
	 69
	  	75	%

 Should the Director be terminated for cause all supplemental annual pension benefits under the Agreement shall be
forfeited. For purposes of this Agreement the Director shall be deemed to have been terminated for cause if he shall be convicted by a court of law for fraud, misappropriation, embezzlement or any other crime related to the Bank or his service by
the Bank is terminated pursuant to a determination by the Bank’s regulator(s) that the Director has engaged in a willful violation of any federal or state statute or regulation, or bank policy for which such regulatory agency(ies) requires the
termination of the service of the Director. 
  

	3.	Death or Disability 

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

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 b. Upon the death of the Director while receiving any supplemental pension benefit payments as provided
in this Agreement, the Director’s designated beneficiary shall receive the remaining equal monthly payments which would have been due the Director. 
 c. If the Director ceases to perform duties as a Director because of permanent disability, the Director will be treated as actively performing duties as a Director, for purposes of this Agreement, while such
disability continues. In such event, payments hereunder will commence upon the Director’s attainment of Normal Retirement Age in accordance with Section 1 of this Agreement, or as described under Section 2 of the Agreement. The
Director will be considered permanently disabled when the Director is no longer capable of performing the material aspects of his or her duties for the Bank as a result of physical and/or mental impairment. The Director shall be considered to be no
longer permanently disabled at such time as he or she returns to work to perform duties as a Director. 
 In the event there is a
disagreement as to whether the Director is permanently disabled, the Bank and the Director (or his or her physical representative) each shall select a physician. If the physicians are in disagreement, they shall select a third physician. A majority
opinion of the three physicians as to disability shall be binding on all of the parties hereto. 
 d. If the Director shall have failed to
make an effective designation of beneficiary in writing, or if the individual or individuals so designated shall die prior to receiving all payments required to be made to them hereunder and there is no designated alternate beneficiary, then in such
event the remaining payments shall be made first to the Director’s surviving spouse, second the Director’s surviving children, equally per stirpes if there is no surviving spouse, and finally to the estate of the Director if there are
neither a surviving spouse nor surviving children. The Director shall have the right at all times to revoke or change his/her beneficiary designation by completing a new designation in writing. 
  

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	4.	Assignment 

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

	5.	Independent Arrangement 

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

	6.	Non-Trust or Fiduciary Obligation 

 The
rights of the Director under this Agreement (including the right to payment from the Bank) and of any beneficiary of the Director or of any other person who may acquire such rights shall be solely those of an unsecured creditor of the Bank. The
Bank’s obligation to pay the supplemental pension provided for under this Agreement is an unfunded promise by the Bank. 
 The Bank may,
but need not, set aside or invest funds, to meet its liability under this Agreement. Title to and beneficiary ownership of any assets, whether cash, investments, life insurance, or otherwise, which the Bank may purchase or designate to pay the
benefits described hereunder shall at all times remain in the Bank, and the Director shall have no property interest whatsoever in any of these assets or any other assets of the Bank. 
  

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 Any insurance policy on the life of the Director or any other asset acquired by the Bank in connection
with the obligations assumed by it hereunder shall not be deemed to be held under any trust for the benefit of the Director or his/her beneficiaries or to be security for the performance of the obligations of the Bank, but shall be, and remain, a
general, unpledged, unrestricted asset of the Bank. 
 Nothing contained in the Agreement and no action taken pursuant to the provisions of
the Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Bank and the Director or his/her beneficiaries. Any funds which may be invested under this Agreement shall continue for all purposes to
be a part of the general funds of the Bank, and no person, other than the Bank, shall, by virtue of the provisions of this Agreement, have any interest in such funds. 
  

	7.	Change in Control 

 a. If the Director’s
service with the Bank is involuntarily terminated within two years after a change in control of the Bank, payment hereunder will commence immediately in monthly amounts equal to the amount which would have been payable as if the Director were
performing duties as a Director until Normal Retirement Age. 
 b. Change in control shall be deemed to have occurred at such time as
(1) the Bank is converted from a mutual savings bank to an entity which issues stock and is owned by its shareholders, (2) individuals who, as of the beginning of any twenty-four (24) month period, constitute Board of Directors
(“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors, provided that any individual becoming a Director subsequent to the beginning of such period whose election or nomination for election was
approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, (3) a merger, consolidation, acquisition or other corporate
transaction occurs that has the effect of transferring a controlling influence over management of the Bank to a natural person, corporate or other business entity other than its current management or Directors, or (4) a completed liquidation or
dissolution of the Bank or sale or other disposition of all or substantially all of 

  

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the assets of the Bank is consummated, other than to individuals or entities who were the beneficial owners of the Bank immediately prior to such sale or
disposition. 
  

	8.	Arbitration 

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

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

  

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

  

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	9.	Taxes 

 a. The Bank shall have the right to
deduct from all amounts to be paid by the Bank to the Director under the Agreement any taxes required by law to be withheld. 
 b. The
Director should consult his/her own legal and tax advisors concerning personal tax consequences of being eligible for, and receiving benefit payments under, the Agreement. 
  

	10.	Miscellaneous Provisions 

 a. This Agreement
shall be binding upon and inure to the benefit of any successor of the Bank and any such successor shall be deemed substituted for the Bank under the terms of this Agreement. 
 b. This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto. 
 c. This Agreement shall be governed and construed in accordance with the law of the State of Rhode Island. 
 d. The benefits provided by the Bank to the Director pursuant to this Agreement are in the nature of a fringe benefit and shall in no event be construed
to affect or limit the Director’s current or prospective salary increases, cash bonuses or profit-sharing distributions or credits or his right to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group,
bonus or other compensation or fringe benefit plan. 
  

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 e. The Plan Administrator shall be the Chairman of the Board or his/her designee. In the event a dispute
arises over benefits payable under this Agreement and benefits are not paid to the Director (or to his estate in the case of the Director’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be
made to the Plan Administrator within sixty (60) days from the date payments are refused. The Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, it shall provide in writing within sixty
(60) days of receipt of such claim its specific reasons for such denial, reference to the provisions of the Agreement upon which the denial is based and any additional material or information necessary to perfect the claim. Such written notice
shall further indicate the additional steps to be taken by claimants if a further review of the claim denial is desired. A claim shall be deemed to have been denied if the Plan Administrator fails to take any action within the aforesaid sixty-day
period. 
 If claimants desire a second review they shall notify the Plan Administrator in writing within ninety (90) days of the first
claim denial. Claimants may review this Agreement or any documents relating thereto and submit any written issues and comments they may feel appropriate. In its sole discretion, the Plan Administrator shall then review the second claim and provide a
written decision within sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and shall include reference to specific provisions of this Agreement upon which the decision is based.

 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by it duly authorized representative, on the day
and year first above written. 
  

			
		
	  	 	 (L.S.)

	 Director
	 	
		
	  	 	 (L.S.)

	 [Authorized Representative]
	 	

  

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 BENEFICIARY STATEMENT 
 I, _________________, hereby name as a beneficiary under the Supplemental Director Retirement Agreement dated ____________________, 200_ as follows:

  

			
	 Primary:
	  	_______________________
		
	 Secondary:
	  	 Estate

  

			
		
	Signed:	 	  
		
	Dated:	 	  

 RESOLUTION OF THE 
 PERSONNEL COMMITTEE BOARD OF DIRECTORS OF 
 NEWPORT FEDERAL SAVINGS BANK 
 WHEREAS, the Board of Directors of Newport Federal Savings Bank (the “Bank”) maintains the Supplemental Executive Retirement Agreements
and the Supplemental Director Retirement Agreements for certain executives and outside directors of the Bank (collectively the “Agreements”) for the purpose of providing these individuals with a supplemental retirement benefit upon
attainment of Normal Retirement Age (as such term is defined in each of the Agreements); and 
 WHEREAS, this Committee wishes to
amend the Agreement to revise the definition of a Change in Control. 
 NOW, THEREFORE, BE IT RESOLVED, that the Agreements shall be,
and hereby are, amended as follows: 
 First Change 
 Effective January 1, 2006, Section 7(b) of the Supplemental Executive Retirement Agreement and Section 7(b) of the Supplemental Director Retirement Agreement shall each be deleted and replaced with the
following new Section 7(b): 
 a. A Change in Control shall be deemed to have occurred upon the earlier of the following events:

  

	 	i.	Merger: The Company merges into or consolidates with another entity, or merges another entity into the Company, and as a result less than a majority of the combined voting
power of the resulting entity immediately after the merger or consolidation is held by persons who were members of the Company immediately before the merger or consolidation; 

  

	 	ii.	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for
election by the members) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

  

	 	iii.	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

 For purposes of this provision “Company” shall mean any holding company of the Bank.
Notwithstanding anything in this Agreement, in no event shall a mutual to stock conversion of the Bank constitute a “Change in Control” for purposes of this Agreement. 
 Second Change 
 Effective January 1, 2006, the first sentence in
Section 7(a) of the Agreement shall be amended to refer to a Change in Control of the Company instead of a Change in Control of the Bank. 
 CERTIFICATION 
 I, William R. Harvey, Corporate Secretary of Newport Federal Savings Bank certify that the above resolution
was unanimously adopted by the Personnel Committee of the Board of Directors of Newport Federal Savings Bank at a duly held meeting of the Committee on February 15, 2006. 
  

	
	
	 /s/ William R. Harvey

	Corporate SecretaryEXHIBIT 10.8

 Exhibit 10.8 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”), made this 14th day of
October, 2005, by and between, Newport Federal Savings Bank, a federally chartered savings bank (the “Bank”), and Kevin McCarthy (the “Executive”). 
 WHEREAS, Executive serves in a position of substantial responsibility; 
 WHEREAS, the Bank wishes to assure the services of Executive for the period provided in this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Bank on a full-time basis for said period. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows: 
 1. Employment. Executive is employed as the President and Chief Executive Officer of the
Bank. Executive shall perform all duties and shall have all powers which are commonly incident to the offices of President and Chief Executive Officer or which, consistent with those offices, are delegated to him by the Board of Directors of the
Bank. During the term of this Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Bank and in such capacity will carry out such duties and responsibilities reasonably appropriate
to that office. 
 2. Location and Facilities. Executive will be furnished with the working facilities and staff customary for
executive officers with the title and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Bank, or at such other
site or sites customary for such offices. 
 3. Term. 
  

	 	a.	The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective Date”) and ending on the
third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3. 

  

	 	b.	Commencing December 2006 and each December thereafter, the disinterested members of the boards of directors of the Bank may extend the Agreement an additional year such that the
remaining term of the Agreement shall be thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 19 of this Agreement. The Board of Directors of the Bank
(the “Board”) will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be included in the minutes of the Board’s
meeting. The Board of Directors of the Bank shall give notice to Executive as soon as possible after such review as to whether the Agreement is to be extended. 

 4. Base Compensation. 
  

	 	a.	The Bank agrees to pay Executive during the term of this Agreement a base salary at the rate of $210,000 per year, payable in accordance with customary payroll practices.

	 	b.	The Board shall review the rate of Executive’s base salary at least annually based upon factors they deem relevant, and may maintain or increase his base salary, provided that
no such action shall reduce the rate of base salary below the rate in effect on the Effective Date. 

  

	 	c.	In the absence of action by the Board, Executive shall continue to receive base salary at the annual rate specified on the Effective Date or, if another rate has been established
under the provisions of this Section 4, the rate last properly established by action of the Board under the provisions of this Section 4. 

 5. Bonuses. Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Bank may award from time to time to senior management employees pursuant
to bonus plans or otherwise. 
 6. Benefit Plans. Executive shall be entitled to participate in such life insurance, medical,
dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time by the Bank for the benefit of their employees. 
 7. Vacation and Leave. 
  

	 	a.	Executive shall be entitled to vacations and other leave in accordance with policy for senior executives, or otherwise as approved by the Board. 

  

	 	b.	In addition to paid vacations and other leave, Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment for such
additional periods of time and for such valid and legitimate reasons as the Board may, in its discretion, determine. Further, the Board may grant to Executive a leave or leaves of absence, with or without pay, at such time or times and upon such
terms and conditions as the Board in its discretion may determine. 

 8. Expense Payments and Reimbursements.
Executive shall be reimbursed for all reasonable out-of-pocket business expenses that he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Bank.

 9. Automobile Allowance. During the term of this Agreement, Executive shall be entitled to use of an automobile provided by
the Bank, including insurance, maintenance and work-related fuel expenses, or, in the alternative and the sole discretion of the Bank, the Executive shall be entitled to an automobile allowance which would approximate the expense of a Bank-provided
automobile and related insurance, maintenance and fuel costs. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile as may be established by the Bank from time to time, and the Bank shall annually
include on Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile. 
 10.
Loyalty and Confidentiality. 
  

	 	a.	During the term of this Agreement, Executive: (i) shall devote all his time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided,
however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Bank or any of its subsidiaries or
affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation and (ii) shall not engage in any business or activity contrary to the business affairs or
interests of the Bank or any of its subsidiaries or affiliates. 

  

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	 	b.	Nothing contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities or interests of any business dissimilar from
that of the Bank, or, solely as a passive, minority investor, in any business. 

  

	 	c.	Executive agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Bank; the names or addresses of any of its borrowers,
depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Bank or its subsidiaries or affiliates to which he may be exposed during the course of his employment. Executive
further agrees that, unless required by law or specifically permitted by the Board in writing, he will not disclose to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally
known to the public, nor shall he employ such information in any way other than for the benefit of the Bank. 

 11.
Termination and Termination Pay. Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances: 
  

	 	a.	Death. Executive’s employment under this Agreement shall terminate upon his death during the term of this Agreement, in which event Executive’s estate shall be
entitled to receive the compensation due to Executive through the last day of the calendar month in which his death occurred. 

  

	 	b.	Retirement. This Agreement shall be terminated upon Executive’s retirement under the retirement benefit plan or plans in which he participates pursuant to Section 6
of this Agreement or otherwise. 

  

	 	c.	Disability. 

  

	 	i.	The Board or Executive may terminate Executive’s employment after having determined Executive has a Disability. For purposes of this Agreement, “Disability” means a
physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and that results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the
Bank (or, if there are no such plans in effect, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board shall determine whether or not
Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that they reasonably believe to be relevant. As a condition to any benefits, the Board may
require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate. 

  

	 	ii.	 In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate. The Bank will pay Executive, as Disability
pay, an amount equal to seventy-five percent (75%) of Executive’s bi-weekly rate of base salary in effect as of the date of his termination of employment due to Disability. Disability payments will be made on a monthly basis and will
commence on the first day of the month following the effective date of Executive’s termination of employment for Disability and end on the earlier of: (A) the date he returns to full-time employment at the Bank in the same capacity as he
was employed prior to his termination for Disability; (B) his death; (C) upon his attainment of age 65 or (D) the date this Agreement would have expired had Executive’s employment not terminated by reason of disability. Such
payments shall be reduced by the amount of any 

  

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short- or long-term disability benefits payable to Executive under any other disability programs sponsored by the Bank. In addition, during any period of
Executive’s Disability, Executive and his dependents shall, to the greatest extent possible, continue to be covered under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) of the
Bank, in which Executive participated prior to his Disability on the same terms as if Executive were actively employed by the Bank. 

  

	 	d.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately terminate his employment at any time, for “Cause.” Executive
shall have no right to receive compensation or other benefits for any period after termination for Cause except for vested benefits. Termination for Cause shall mean termination because of, in the good faith determination of the Board,
Executive’s: 

  

	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence; 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties under this Agreement; 

  

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

  

	 	(7)	Material breach by Executive of any provision of this Agreement. 

  

	 	ii.	Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause by the Bank unless there shall have been delivered to Executive a copy of a resolution
duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of such Board called and held for the purpose of finding that, in the good faith opinion of the Board, Executive was guilty of the conduct
described above and specifying the particulars thereof. 

  

	 	e.	Voluntary Termination by Executive. In addition to his other rights to terminate under this Agreement, Executive may voluntarily terminate employment during the term of this
Agreement upon at least sixty (60) days prior written notice to the Board. Following a voluntary termination of employment under this Section 11(e), Executive will be subject to the restrictions set forth in Sections 11(g)(i) and 11(g)(ii)
of this Agreement for a period of one (1) year from his termination date. 

  

	 	f.	Without Cause or With Good Reason. 

  

	 	i.	 In addition to termination pursuant to Sections 11(a) through 11(e), the Board may, by written notice to Executive, immediately terminate his employment at any time
for a reason other than Cause (a termination “Without Cause”) and Executive may, by 

  

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written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good
Reason,” as defined below (a termination “With Good Reason”). 

  

	 	ii.	Subject to Section 12 of this Agreement, in the event of termination under this Section 11(f), Executive shall be entitled to receive his base salary for the remaining
term of the Agreement paid in one lump sum within ten (10) calendar days of such termination. Also, in such event, Executive shall, for the remaining term of the Agreement, continue to participate in any benefit plans of the Bank that provide
health (including medical and dental) and life insurance coverage, upon terms and conditions no less favorable than the most favorable terms and conditions provided to senior executives of the Bank during such period. In the event that the Bank is
unable to provide such coverage by reason of Executive no longer being an employee, the Bank shall provide Executive with comparable coverage on an individual policy basis. 

  

	 	iii.	“Good Reason” shall exist if, without Executive’s express written consent, the Bank materially breaches any of its obligations under this Agreement. Without
limitation, such a material breach shall be deemed to occur upon any of the following: 

  

	 	(1)	A material reduction in Executive’s responsibilities or authority in connection with his employment with the Bank; 

  

	 	(2)	Assignment to Executive of duties of a non-executive nature or duties for which he is not reasonably equipped by his skills and experience; 

  

	 	(3)	Failure of Executive to be nominated or renominated to the Board to the extent Executive is a Board member prior to the Effective Date; 

  

	 	(4)	A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in Section 12 of this Agreement, any reduction in salary
or material reduction in benefits below the amounts to which Executive was entitled prior to the Change in Control; 

  

	 	(5)	Termination of incentive and benefit plans (other than the Bank’s tax-qualified plans), programs or arrangements, or reduction of Executive’s participation to such an
extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date; 

  

	 	(6)	A requirement that Executive relocate his principal business office or his principal place of residence outside of the area consisting of a twenty-five (25) mile radius from
the current main office and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

  

	 	(7)	Liquidation or dissolution of the Bank. 

  

	 	iv.	 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans maintained by the Bank as part of a good
faith, overall reduction or elimination of such plans or plans or benefits thereunder applicable to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law) shall
not constitute an event of Good Reason or a material breach of this Agreement, provided 

  

 5 

	 	 
that benefits of the type or to the general extent as those offered under such plans prior to such reduction or elimination are not available to other
officers of the Bank or any company that controls either of them under a plan or plans in or under which Executive is not entitled to participate. 

  

	 	g.	Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the contrary, following a termination by the Bank or Executive pursuant
to Section 11(f): 

  

	 	i.	Executive’s obligations under Section 10(c) of this Agreement will continue in effect; and 

  

	 	ii.	During the period ending on the first anniversary of such termination, Executive shall not serve as an officer, director or employee of any bank or its subsidiaries or affiliates
holding company, bank, savings association, savings and loan holding company, or mortgage company (any of which, a “Financial Institution”) which Financial Institution offers products or services competing with those offered by the Bank
from any office within fifty (50) miles from the main office or any branch of the Bank and shall not interfere with the relationship of the Bank, its subsidiaries or affiliates and any of their employees, agents, or representatives.

  

	 	h.	To the extent Executive is a member of the Board, on the date of termination of employment with the Bank, Executive shall resign from the Board immediately following such
termination of employment with the Bank. Executive shall be obligated to tender such resignation regardless of the method or manner of termination, and such resignation shall not be conditioned upon any event or payment. 

 12. Termination in Connection with a Change in Control. 
  

	 	a.	For purposes of this Agreement, a “Change in Control” means any of the following events: 

  

	 	i.	Merger: The Bank merges into or consolidates with another entity, or merges another entity into the Bank, and as a result less than a majority of the combined voting power of
the resulting entity immediately after the merger or consolidation is held by persons who were members of the Bank immediately before the merger or consolidation; 

  

	 	ii.	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Bank’s Board of Directors at the beginning of the two-year period
cease for any reason to constitute at least a majority of the Bank’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by
the members) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

	 	iii.	Sale of Assets: The Bank sells to a third party all or substantially all of its assets. 

  

	 	b.	 Termination. If within the period ending two (2) years after a Change in Control, (i) the Bank shall terminate Executive’s employment Without
Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Bank shall, within ten calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to 2.99 times
Executive’s average Annual Compensation over the five (5) most recently completed calendar years ending with the year immediately preceding the effective date of the Change in Control. In determining Executive’s average Annual
Compensation, Annual Compensation 

  

 6 

	 	 
shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted
stock or stock option awards, commissions, bonuses (whether paid or accrued for the applicable period), as well as, retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s
benefit during any such year, profit sharing, employee stock ownership plan and other retirement contributions or benefits, including to any tax-qualified plan or arrangement (whether or not taxable) made or accrued on behalf of Executive of such
year. The cash payment made under this Section 12(b) shall be made in lieu of any payment also required under Section 11(f) of this Agreement because of a termination in such period. Executive’s rights under Section 11(f )
are not otherwise affected by this Section 12. Also, in such event, Executive shall, following his termination of employment, continue to participate in any benefit plans of the Bank that provide health (including medical and dental) and life
insurance coverage upon terms no less favorable than the most favorable terms provided to senior executives during such period. In the event that the Bank is unable to provide such coverage by reason of Executive no longer being an employee, the
Bank shall provide Executive with comparable coverage on an individual policy. The medical, dental and life insurance coverage or other arrangement provided under this Section 12(b) shall cease upon the earlier of: (i) the Executive’s
death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the expiration of thirty-six (36) months from his termination of employment. 

  

	 	c.	The provisions of Section 12 and Sections 14 through 25, including the defined terms used in such sections, shall continue in effect until the later of the expiration of this
Agreement or two years following a Change in Control. 

  

	 	d.	Notwithstanding anything in this Section 12, a “Change in Control” for purposes of this Agreement shall not include any corporate restructuring transaction by the
Bank in mutual or stock form, including but not limited to a mutual to stock conversion or mutual holding company reorganization or minority stock offering, provided that the Board of Directors of the Bank immediately preceding such transaction
constitutes at least a majority of the Board of Directors of the Bank after such transaction. 

 13. Indemnification and
Liability Insurance. 
  

	 	a.	Indemnification. The Bank agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related thereto, to the fullest extent
permitted under applicable law and regulations against any and 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 Executive of the Bank or any of its subsidiaries (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities) such expenses and liabilities to include, but not be limited to,
judgments, court cost, and attorney’s fees and the costs of reasonable settlements, such settlements to be approved by the Board, if such action is brought against Executive in his capacity as an Executive or director of the Bank or any of its
subsidiaries. Indemnification for expenses shall not extend to matters for which Executive has been terminated for Cause. Nothing contained herein shall be deemed to provide indemnification prohibited by applicable law or regulation. Notwithstanding
anything herein to the contrary, the obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years. 

  

	 	b.	Insurance. During the period in which indemnification of Executive is required under this Section, the Bank shall provide Executive (and his heirs, executors, and
administrators) with coverage under a directors’ and officers’ liability policy at the expense of the Bank, at least equivalent to such coverage provided to directors and senior executives of the Bank. 

  

 7 

 14. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Bank shall
reimburse Executive for all out-of-pocket expenses, including, without limitation, reasonable attorney’s fees, incurred by Executive in connection with successful enforcement by Executive of the obligations of the Bank to Executive under this
Agreement. Successful enforcement shall mean the grant of an award of money or the requirement that the Bank take some action specified by this Agreement: (i) as a result of court order; or (ii) otherwise by the Bank following an initial
failure of the Bank to pay such money or take such action promptly after written demand therefor from Executive stating the reason that such money or action was due under this Agreement at or prior to the time of such demand. 
 15. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 12 of this Agreement, either
alone or together with other payments and benefits which Executive has the right to receive from the Bank, would constitute a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to Section 12
shall be reduced or revised, in the manner determined by Executive, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Section 12 being non-deductible to the Bank pursuant to
Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The determination of any reduction in the payments and benefits to be made pursuant to Section 12 shall be based upon the opinion of the
Bank’s counsel or independent public accountants which such opinion shall be paid for by the Bank. In the event that the Bank and/or Executive do not agree with the opinion of such counsel or independent accountants, (i) the Bank shall pay
to Executive the maximum amount of payments and benefits pursuant to Section 12, as selected by Executive, but only to the extent that such opinion indicates there is a high probability that such payments and benefits do not result in any of
such payments and benefits being non-deductible to the Bank and subject to the imposition of the excise tax imposed under Section 4999 of the Code and (ii) the Bank may request, and Executive shall have the right to demand that the Bank
request, a ruling from the IRS as to whether the disputed payments and benefits pursuant to Section 12 have such consequences. Any such request for a ruling from the IRS shall be promptly prepared and filed by the Bank, but in no event later
than thirty (30) days from the date of the opinion of counsel or independent accountants referred to above, and shall be subject to Executive’s approval prior to filing, which shall not be unreasonably withheld. The Bank and Executive
agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any such rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. Nothing
contained herein shall result in a reduction of any payments or benefits to which Executive may be entitled upon termination of employment other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in
Section 12 below zero. 
 16. Injunctive Relief. If there is a breach or threatened breach of Section 11(g) of this
Agreement or the prohibitions upon disclosure contained in Section 10(c) of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and that the Bank shall be entitled to injunctive relief restraining
Executive from such breach or threatened breach, but such relief shall not be the exclusive remedy hereunder for such breach. The parties hereto likewise agree that Executive, without limitation, shall be entitled to injunctive relief to enforce the
obligations of the Bank under this Agreement. 
 17. Successors and Assigns. 
  

	 	a.	This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly or indirectly, by merger, consolidation,
purchase or otherwise, all or substantially all of the assets or stock of the Bank. 

  

	 	b.	Since the Bank is contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating his rights or duties hereunder without first
obtaining the written consent of the Bank. 

 18. No Mitigation. Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset 

  

 8 

 
or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment. 
 19. Notices. All notices, requests, demands and other communications in connection with this Agreement shall be made in writing and shall
be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Bank at their principal business offices and to
Executive at his home address as maintained in the records of the Bank. 
 20. No Plan Created by this Agreement. Executive and
the Bank expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income Security
Act or any other law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that such a plan was so created by this Agreement shall be deemed a
material breach of this Agreement by the party making such an assertion. 
 21. Amendments. No amendments or additions to this
Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
 22. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of Rhode Island shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or
otherwise. 
 23. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 24.
Headings. Headings contained herein are for convenience of reference only. 
 25. Entire Agreement. This Agreement,
together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than written agreements with respect to
specific plans, programs or arrangements described in Sections 5 and 6. 
 26. Required Provisions. In the event any of the
foregoing provisions of this Section 26 are in conflict with the terms of this Agreement, this Section 26 shall prevail. 
  

	 	a.	The Bank may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice Executive’s right to
compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 7 hereinabove. 

  

	 	b.	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the
notice are dismissed, the Bank may, in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were
suspended. 

  

	 	c.	 If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or
8(g)(1) of the Federal Deposit 

  

 9 

	 	 
Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the
order, but vested rights of the contracting parties shall not be affected. 

  

	 	d.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1) all obligations of the Bank under this contract
shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	e.	All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of
the institution: (i) by the Director of the OTS (or his designee), the FDIC or the Resolution Trust Corporation, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related
to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

  

	 	f.	Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and 12 C.F.R.
Section 545.121 and any rules and regulations promulgated thereunder. 

 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on October 14, 2005. 
  

									
	 ATTEST:
	 		 	NEWPORT FEDERAL SAVINGS BANK
				
	/s/ Judy Tucker	 		 	 By:
	 	 /s/ Peter W. Rector

	 Witness
	 		 		 	For the Entire Board of Directors
			
	 WITNESS:
	 		 	EXECUTIVE
				
	/s/ Judy Tucker	 		 	 By:
	 	 /s/ Kevin M. McCarthy

		 		 		 	Kevin McCarthy

  

 10 

 PROPOSED 
 AMENDMENT TO THE 
 NEWPORT FEDERAL SAVINGS BANK 
 EMPLOYMENT AGREEMENT 
 WHEREAS,
                         (the “Executive”) entered into an employment agreement with Newport Federal Savings
Bank (the “Bank”) effective October 15, 2005 (the “Agreement”); and 
 WHEREAS, in connection with the mutual
to stock conversion of the Bank, the Bank and the Executive desire to amend the Agreement to include Newport Bancorp, Inc. as a guarantor of the payments under the Agreement and to facilitate some ministerial changes; and 
 WHEREAS, the Agreement provides that the Agreement may be amended or modified at any time prior to a Change in Control by means of a written
instrument signed by the parties. 
 NOW, THEREFORE, the Bank and the Executive hereby agree to amend the Agreement as follows:

 FIRST CHANGE 
 Effective                         , 2006, the first paragraph of the Agreement shall be amended to add the
following sentence to the end of the paragraph: 
 “Newport Bancorp, Inc., the holding company of the Bank (the “Holding
Company”) will serve as guarantor under this Agreement.” 
 SECOND CHANGE 
 Effective
                        , 2006, all references in the Agreement to “Change in Control of the Bank or the Holding
Company” shall be replaced with “Change in Control of the Holding Company”. 
 THIRD CHANGE 
 Effective
                        , 2006, Section 12(a) shall be deleted in its entirety and replaced with the following new
Section 12(a): 
 “For purposes of this Agreement, a “Change in Control” means the occurrence of any one of the following
events: 
 (1) Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the
Company, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or
consolidation. 

 (2) Acquisition of Significant Share Ownership: The Company files, or is required to file, a
report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have
become the beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company
directly or indirectly beneficially owns 50% or more of its outstanding voting securities. 
 (3) Change in Board Composition: During
any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided,
however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (ÿ) of the directors who were directors at
the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; 
 (4) Sale of
Assets: The Company sells to a third party all or substantially all of its assets. 
 Notwithstanding anything in this Section 2, a
“Change in Control” for purposes of this Agreement shall not include any corporate restructuring transaction by the Bank in mutual or stock form, including but not limited to a mutual to stock conversion.” 
 FOURTH CHANGE 
 Effective
                        , 2006, the following Section 27 shall be added to the Agreement: 
  

	“27.	Source of Payments. 

  

	 	a.	All payments provided for in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and
provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company.

  

	 	b.	 Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive
under the Employment Agreement in effect between Executive and the Company (the “Company Agreement”), such compensation payments and benefits paid by the Company will be subtracted from any amount due simultaneously to 

  

 2 

	 	 
Executive under similar provisions of this Agreement. Payments pursuant to this Agreement and the Company Agreement shall be allocated in proportion to the
level of activity and the time expended on such activities by Executive as determined by the Company and the Bank.” 

 IN WITNESS WHEREOF, the Bank has caused this Amendment to the Agreement to be executed by its duly authorized officer, and Executive has signed this Amendment, on the      day of
                    , 2006. 
  

					
	 ATTEST:
	 		 	NEWPORT FEDERAL SAVINGS BANK
	  
  
	 		 	  
  

		 		 	 For the Board of Directors

			
	 WITNESS:
	 		 	EXECUTIVE
	  
  
	 		 	  
  

  

 3

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