Document:

EX-10.6

 Exhibit 10.6 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (this “Agreement”) is made as of the ___ day of ____________, 2020, by and among Eastern
Bank Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a
Massachusetts-chartered bank (the “Bank”), and [_____________________] (the “Executive”) residing in Massachusetts. MHC, Eastern Bankshares, and the Bank are sometimes referred to collectively in this Agreement as
“Eastern”. Eastern and the Executive are sometimes referred to individually in this Agreement as a “Party” and collectively as the “Parties”. 

1.    Plan of Stock Issuance. Eastern and the Executive expect that after the date of this Agreement, Eastern will
file a Plan of Conversion (the “Plan”) with the Division of Banks of the Commonwealth of Massachusetts pursuant to 209 CMR 33.00 (the “Regulations”) on or about [________________] (the
“Filing”). Pursuant to the Plan, and subject to the terms and conditions therein, Eastern will reorganize into a publicly traded bank holding company and conduct a public offering of its common stock to eligible depositors of the
Bank and others (the “Stock Offering”). Upon the completion of the Stock Offering, the Bank will be a wholly-owned subsidiary of Eastern Bankshares and MHC will cease to exist. Immediately prior to the completion of the Stock
Offering, MHC will transfer to Eastern Bankshares all the capital stock of the Bank, resulting in the Bank being a wholly-owned subsidiary of Eastern Bankshares and an indirect, majority owned subsidiary of MHC. The Stock Offering and the related
reorganization in which the Bank becomes a wholly-owned subsidiary of Eastern Bankshares are sometimes referred to collectively in this Agreement as the “Reorganization.” 

2.    Purpose. Eastern considers it essential to the best interests of its shareholders to promote and preserve the
continuous employment of key management personnel. The boards of directors of the Bank and Eastern Bankshares, and the board of trustees of MHC (collectively, the “boards”) recognize that, as is the case with many corporations, the
possibility of a Change in Control (as defined in Section 3 hereof) exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of key management personnel
to the detriment of Eastern and the shareholders of Eastern Bankshares after the Reorganization. Therefore, the boards have determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of
members of Eastern’s key management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control. Nothing in this Agreement shall
be construed to alter any at-will employment relationship or to create an express or implied contract of employment for a particular term. Except as otherwise agreed in writing between the Executive and
Eastern, the Executive shall not have any right to be retained in the employ of Eastern for any particular term. 

3.    Change in Control; Potential Change in Control. As used in this Agreement: 

(a)    the term “Parent Company” means the MHC (prior to the Reorganization), Eastern
Bankshares (upon the completion of the Reorganization) or any other entity that is the ultimate holding company of the Bank, controlling, directly or indirectly through one or more intermediaries, a majority of the Voting Securities (as defined
below) issued by the Bank. 

  
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 (b)    the term “Combination
Counterparty” means Parent Company, or if there is no Parent Company, the term “Combination Counterparty” means the Bank. 

(c)    the term “Change in Control” means the consummation by Eastern, in a single
transaction or series of related transactions, of any of the following events: 
 (i)    the merger,
consolidation or other business combination or similar reorganization of Parent Company or the Bank, whether in one or a series of related steps (the “Combination”), if, immediately following the effectiveness of the Combination,
either (A) less than two-thirds of the board of trustees or directors or other governing body (the “Surviving Board”) of the entity paying the transaction consideration in such
Combination, whether cash and/or securities, is composed of individuals who, immediately prior to effectiveness of the Combination, were serving on the board of trustees or directors or other governing body of the Combination Counterparty, or
(B) less than sixty percent (60%) of the combined voting power of the securities having the right to vote in an election of the Surviving Board is beneficially owned (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended), directly or indirectly, by persons who, immediately prior to effectiveness of such Combination, were shareholders of the Combination Counterparty; or 

(ii)    a person or persons acting in concert, other than Parent Company, has or have become the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of twenty-five percent (25%) or more of the combined voting power of the
securities having the right to vote in an election of the board of directors of Parent Company or the Bank (“Voting Securities”); provided, however, that this clause (b) shall not apply to beneficial ownership of Eastern
Bankshares’s or the Bank’s Voting Securities held by an entity of which Parent Company directly or indirectly beneficially owns fifty percent (50%) or more of its outstanding Voting Securities; or 

(iii)    during any period of two consecutive years, individuals who constitute the board of trustees or
directors of Parent Company (or, if Parent Company ceases to be the beneficial owner (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of a majority of the
Voting Securities of the Bank, the Bank) at the beginning of such two-year period cease for any reason to constitute at least a majority of the board of trustees or directors of Parent Company or the Bank, as
applicable; provided, however, that for purposes of this sentence, an individual shall be deemed to have been a trustee or director at the beginning of such period if such individual was elected, or nominated for election, by the board of trustees
or directors of Parent Company or the Bank, as applicable, by a vote of at least two-thirds of the trustees or directors who were trustees or directors at the beginning of the
two-year period or were so elected or nominated by such trustees or directors; or 

  
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 (iv)    the sale of all or substantially all of the
assets of Parent Company or the Bank to any person, group or entity; or 
 (v)    any other transaction
that the board of trustees or directors or other governing body of Parent Company or, if there is no Parent Company, the Bank determines, whether before or after a Proposed Change in Control, constitutes a Change in Control for purposes of this
Agreement. 
 For avoidance of doubt, the Reorganization will not constitute a Change in Control. 

(d)    the term “Potential Change in Control” means the occurrence of any of the following
events: 
 (i)    Parent Company or the Bank enters into an agreement, the consummation of which would
result in the occurrence of a Change in Control; or 
 (ii)    the board of trustees or directors or
other governing body of Parent Company or, if there is no Parent Company, the Bank adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

4.    Terminating Event; Cause; Good Reason; Disability. As used in this Agreement: 

(a)    the term “Terminating Event” means the occurrence, (x) if a Potential Change
in Control has occurred and is continuing, or (y) within eighteen (18) months after a Change in Control, of (i) termination of the Executive’s employment by Eastern for any reason other than death, Disability (as defined in this
Section), or Cause (as defined in this Section), or (ii) resignation of the Executive from the employ of Eastern for Good Reason (as defined in this Section); 

(b)    the term “Cause” means any one or more of the following: 

(i)    a material act of willful misconduct by the Executive in connection with the performance of his/her
duties, including, without limitation, misappropriation of funds or property of Eastern; or 

(ii)    the conviction of the Executive for, or plea of nolo contendere by the Executive to, any felony or
a misdemeanor involving deceit, dishonesty, or fraud; or 
 (iii)    the commission by the Executive of
any misconduct, whether or not related to Eastern or any of its affiliates, that has caused, or would reasonably be expected to cause, material detriment or damage to Eastern’s or any of its affiliates’ reputation, business operation or
relation with its employees, customers, vendors, suppliers or regulators; or 
 (iv)    continued,
willful and deliberate non-performance by the Executive of his duties (other than by reason of the Executive’s physical or 

  
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mental illness, incapacity or disability) that has continued for more than thirty (30) days following written notice providing the details of such
non-performance from the Chairman or the Chief Executive Officer of Parent Company or the Bank, as the case may be; or 

(v)    willful failure to cooperate with a bona fide internal investigation or an investigation by
regulatory or law enforcement authorities, after being instructed by Eastern to cooperate, or the deliberate destruction of or deliberate failure to preserve documents or other materials that the Executive should reasonably know to be relevant to
such investigation, after being instructed by Eastern to preserve such documents, or the willful inducement of others to fail to cooperate or to fail to produce documents or other materials; or 

(vi)    removal or prohibition of the Executive from participating in the conduct of Eastern’s affairs
by order issued under applicable law and regulations by a federal or state banking agency having authority over Eastern; 

(c)    the term “Good Reason” means that an Executive has complied with the “Good
Reason Process” following the occurrence of any of the following events: 
 (i)    a material
diminution, not consented to by the Executive, in the Executive’s responsibilities, authorities or duties, from the responsibilities, authorities or duties exercised by the Executive as of immediately prior to a Potential Change in Control; or

 (ii)    any material reduction in the Executive’s annual compensation or benefits, as in effect
immediately prior to a Potential Change in Control or as the same may be increased from time to time thereafter, except for across-the-board reductions similarly
affecting all or substantially all of Eastern’s executive officers; or 
 (iii)    the relocation of
the Eastern offices at which the Executive is principally employed as of the date hereof (the “Current Offices”) to any other location more than 25 miles from the Current Offices, or the requirement by Eastern for the Executive to
be based at a location more than 25 miles from the Current Offices, except for required travel on Eastern’s business to an extent substantially consistent with the Executive’s business travel obligations during the twelve (12)-month period
immediately preceding the Change in Control; or 
 (iv)    any material breach of this Agreement by
Eastern, including without limitation the failure of Parent Company or the Bank to obtain a satisfactory agreement from any successor to fully assume such entity’s obligations and to perform under this Agreement, as contemplated in
Section 16(c) hereof, in a form reasonably acceptable to the Executive; 
 (d)    the term
“Good Reason Process” means that (i) the Executive reasonably determines in good faith that a Good Reason condition has occurred; (ii) the Executive notifies Eastern in writing of the occurrence of the Good Reason
condition within sixty 

  
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(60) days of the Executive having a reasonable basis to conclude that a Good Reason condition has occurred; (iii) the Executive cooperates in good faith with Eastern’s efforts, for a
period not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive
terminates his employment within 60 days after the end of the Cure Period, provided, however, that if Eastern cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred; and 

(e)    the term “Disability” means any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months that renders the Executive unable to engage in any substantial gainful activity. 

5.    Change in Control Payment. If a Terminating Event occurs, subject to the Executive signing a
separation agreement, in substantially the form attached as Exhibit A (the “Separation Agreement and Release”), and the Separation Agreement and Release becoming irrevocable, all within sixty (60) days after the
Date of the Termination, then the following shall occur: 
 (a)    Eastern shall pay to the Executive an
amount equal to the sum of two (2) times (i) the Executive’s annual base salary in effect immediately prior to the Terminating Event (or the Executive’s annual base salary in effect immediately prior to the Change in Control, if
greater), plus (ii) the greater of (x) the Executive’s targeted annual bonus for the year in which the Termination Event occurs and (y) the average of the Executive’s bonuses for the three (3) years immediately
preceding the year in which the Termination Event occurs, payable in one lump-sum payment, less applicable tax withholdings, within sixty (60) days following the Date of Termination (as hereinafter
defined); and 
 (b)    if the Executive was participating in Eastern’s group health and dental
plans immediately prior to the Executive’s termination and elects COBRA health continuation, then Eastern shall pay to the Executive a monthly cash payment for eighteen (18) months or the Executive’s COBRA health continuation period,
whichever ends earlier, in an amount equal to the monthly employer contribution that Eastern would have made to provide health and dental insurance to the Executive if the Executive had remained employed by Eastern. Eastern shall use commercially
reasonable efforts to provide for such payments in a manner that allows the Executive to exclude such payments from income, unless the Executive’s COBRA health continuation period ends prior to the end of the eighteen-month payment period or
Eastern reasonably determines such payment to be discriminatory under Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”). 

Notwithstanding the foregoing, if a court of competent jurisdiction or an arbitrator determines that during his employment or within twenty-four
(24) months thereafter, the Executive willfully and materially failed to substantially comply with any restrictive covenant contained in the Separation Agreement and Release or willfully and materially failed to substantially comply with any
material obligation under this Agreement, the Executive shall be obligated promptly to 

  
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refund the net amount of any payments or benefits paid or provided under the terms of this Agreement after payment of all federal, state, and local income, excise and employment taxes imposed on
the Executive as a result of the Executive’s receipt of the payments, such net amount to be determined by taking into account any federal, state, or local income, excise, or employment tax benefits or relief available to the Executive as a
result of such repayment. Eastern may take appropriate legal action to seek to recover any such payments and benefits from the Executive or his estate. 

6.    Additional Limitation. 

(a)    Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any
compensation, payment, or distribution by Eastern 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 the 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. §1.280G-1,
Q&A-24(b) or (c). 
 (b)    For purposes of this
Section 6, 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. 
 (c)    The determination as to whether a reduction in the Aggregate
Payments shall be made pursuant to Section 6(a) shall be made by a nationally recognized accounting firm selected by Eastern (the “Accounting Firm”), which shall provide detailed supporting calculations both to Eastern and the
Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by Eastern or the Executive. Any determination by the Accounting Firm shall be binding upon Eastern and
the Executive. 

  
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 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, Eastern 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 on account of the Executive’s separation from service would be considered deferred compensation subject to the twenty percent (20%) 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 (i) six (6)
months and one (1) day after the Executive’s separation from service, and (ii) the Executive’s death. 

(b)    The parties intend that this Agreement will be administered in accordance with Section 409A of
the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.
The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. 
 (c)    All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by Eastern 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. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(d)    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). 
 (e)    Eastern 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 non-qualified deferred compensation subject to
Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

  
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 8.    Term. This Agreement shall take effect on the date first
set forth above and shall terminate (a) if Eastern notifies the Executive in writing that MHC’s board of trustees has decided not to proceed with the Filing, or (b) if Eastern has previously made the Filing, the earliest of
(i) Eastern’s written notification to the Executive within ten days after MHC’s board of trustees terminates the Plan in accordance with the Regulations prior to the completion of the Stock Offering; (ii) the termination of the
Executive’s employment prior to a Change in Control for any reason other than the occurrence of a Terminating Event, (iii) the termination of the Executive’s employment after a Change in Control for any reason other than the
occurrence of a Terminating Event, and (iv) the date which is eighteen (18) months after a Change in Control if the Executive is then still employed by Eastern. For purposes of this Section, notification via email shall constitute written
notification. 
 9.    Withholding. All payments made by Eastern to the Executive under this Agreement shall be
net of any tax or other amounts required to be withheld by Eastern under applicable law. 
 10.    Notice and Date of
Termination. 
 (a)    Notice of Termination. During the term of this Agreement, any purported
termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section 10. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(b)    Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of the Executive’s Disability or by Eastern with Cause, the date on which Notice of Termination
is given; (iii) if the Executive’s employment is terminated by the Executive without Good Reason or by Eastern without Cause, thirty (30) days after the date on which a Notice of Termination is given, and (iv) if the
Executive’s employment is terminated by the Executive with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of
Termination to Eastern, Eastern may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by Eastern for purposes of this Agreement. 

11.    No Mitigation. Eastern agrees that, if the Executive’s employment by Eastern is terminated
during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by Eastern pursuant to Section 5 hereof. Further, the amount of any payment
provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to Eastern, or
otherwise. 

  
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 12.    Arbitration of Disputes. Any controversy or claim arising
out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claim of unlawful employment discrimination whether
based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. Eastern shall be fully
responsible for paying all filing costs, fees and expenses of the AAA and the arbitrator(s). In the event that any person or entity other than the Executive or Eastern may be a party with regard to any such controversy or claim, such controversy or
claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 12 shall be specifically
enforceable. Notwithstanding the foregoing, this Section 12 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such
relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 12. 

13.    Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce
Section 12 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any
such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect
to personal jurisdiction or service of process. 
 14.    Entire Agreement. Except for the agreements and plans
referenced in Section 21 below, which shall continue in full force and effect, this Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements
between the parties concerning such subject matter. 
 15.    Cooperation Covenant. Both during and after the
Executive’s employment, the Executive shall cooperate fully with Eastern and with any legal counsel, expert or consultant Eastern may retain to assist in connection with any judicial proceedings, arbitration, administrative proceeding,
governmental investigation, examination, inquiry or internal audit in which Eastern or any of its affiliates, may be or become involved, including full disclosure of all relevant information and truthfully testifying on Eastern’s behalf (or, at
the request of Eastern, on behalf of any such affiliate of Eastern) in connection with any such proceeding or investigation. Eastern shall pay all of the Executive’s travel and other reasonable expenses associated with such cooperation, and, in
the event the Executive is then no longer employed with Eastern, shall use all commercially reasonable efforts to schedule such cooperation such that it does not conflict with the Executive’s professional or personal commitments. In addition,
in the event Executive is no longer employed by Eastern and did not receive payment under this Agreement, Eastern shall pay Executive a reasonable hourly rate for any such cooperation. 

  
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 16.    Assignment; Successors and Assigns. 

(a)    The Executive may not make any assignment of this Agreement or any interest herein, by operation of
law or otherwise, without the prior written consent of Eastern. 
 (b)    This Agreement shall inure to
the benefit of and be binding upon Eastern and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death prior to the completion by Eastern of all payments due to
the Executive under this Agreement, Eastern shall continue such payments to the Executive’s beneficiary designated in writing to Eastern prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such
designation). 
 (c)    Each of Parent Company, Eastern Bankshares and the Bank shall require its
successors (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of its business and/or assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that Eastern would be required to perform it if no such succession had taken place. Failure by one or more of Parent Company, Eastern Bankshares and the Bank to obtain such assumption and agreement immediately prior to the effectiveness of any such
succession shall constitute a breach of this Agreement and the provisions of Section 4(c)(v) hereof shall apply. As used in this Agreement, the respective terms “Parent Company”, “MHC”, “Eastern Bankshares” and
“the Bank” shall mean any successor to their respective businesses and/or assets that assumes, by operation of law or otherwise, their respective obligations under this Agreement. 

17.    Enforceability. If any portion or provision 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. The agreement of the Executive contained in Section 15 hereof is of a special, unique and extraordinary character,
and the obligations of the Executive set forth therein shall therefore be enforceable both at law and in equity, by injunction or otherwise. The rights and remedies of the parties hereunder shall be cumulative and not alternative and shall not be
exhausted by any one or more uses thereof. 
 18.    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. 

  
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 19.    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 Eastern, or to Eastern at its main office, attention of Chief Executive Officer of the Bank. 

20.    Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by duly authorized representatives of Eastern. 
 21.    Effect on Other Plans. An election by the Executive
to resign after a Change in Control under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of Eastern’s benefit plans, programs, or
policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under Eastern’ benefit plans, programs or policies except as otherwise provided in Section 5 hereof, and except that the Executive shall have no
rights to any severance benefits under any severance pay plan of Parent Company, Eastern Bankshares, or the Bank. If the Executive is party to an agreement with Eastern providing for change in control payments or severance benefits, the Executive
may receive payment under this Agreement or such other agreement, but not both. The Executive shall elect the agreement under which the Executive desires to receive severance payments and benefits in the event of a Change in Control. 

22.    Governing Law; Regulatory Restrictions. 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 regard for the conflicts of law principles thereof, and by and subject to any federal law to which Parent Company, Eastern Bankshares or the Bank is subject as an
FDIC-insured depository institution or a depository institution holding company. In addition to the foregoing: 

(a)    In no event shall Eastern be obligated to make any payment pursuant to this Agreement that is
prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law. 

(b)    In no event shall Eastern be obligated to make any payment pursuant to this Agreement if: 

(i)    Parent Company or the Bank is in default as defined in Section 3(x) (12 U.S.C. sec. 1818(x)(1))
of the Federal Deposit Insurance Act, as amended; or 
 (ii)    the FDIC enters into an agreement to
provide assistance to or on behalf of Parent Company or the Bank under the authority contained in Section 13(c) (12 U.S.C. sec. 1823(c)) of the Federal Deposit Insurance Act, as amended. 

23.    Interpretations. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or
resolved against any Party, whether under any rule of construction or otherwise. No Party to this Agreement shall be considered the draftsman. The Parties acknowledge and agree that this Agreement has been reviewed, negotiated, and accepted by each
Party and their respective attorneys and shall be construed and interpreted according to the 

  
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ordinary meaning of the words used so as fairly to accomplish the purposes and intentions of the Parties. Wherever used herein, a pronoun in the masculine gender shall be considered as including
the feminine gender unless the context clearly indicates otherwise. The captions contained in this Agreement are for reference purposes only and are not part of this Agreement. 

24.    Counterparts; Delivery. This Agreement and any signed agreement or instrument entered into in connection
with this Agreement, and any amendment or waiver hereto or thereto, may be executed by means of a facsimile machine or by e-mail delivery of a “.pdf” format data file and in one or more counterparts,
each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. Signatures delivered by facsimile machine or e-mail
delivery of a “.pdf” format data file shall have the same effect as originals. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of
a “.pdf” format data file to deliver a signature to this Agreement and any signed agreement or instrument entered into in connection with this Agreement or any amendment or waivers hereto or thereto or the fact that any signature or
agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation of a contract and each
party hereto forever waives any such defense. 
 25.    Allocation of Obligations of Eastern. The
obligations of Eastern under this Agreement are intended to be the joint and several obligations of the Bank, Eastern Bankshares and Parent Company, which shall allocate these obligations with each other in a manner agreed upon by them. 

26.    Acknowledgments of Executive. The Executive acknowledges that the Executive has carefully read this
Agreement and understands and agrees to all its terms. The Executive further acknowledges that the Executive has voluntarily entered into this Agreement, that the Executive has not relied upon any representation or statement, written or oral, other
than those set forth in this Agreement, and that the Executive has been advised that the Executive should consult with an attorney before signing this Agreement and has had an opportunity to consult with an attorney if the Executive wished to do so.

 [Remainder of Page Intentionally Left Blank; Signature Page to Follow] 

  
 12 

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

			
	EASTERN BANK CORPORATION

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANKSHARES, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANK

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EXECUTIVE

 
			
		
	By:	 	 

 [Change in Control Agreement Signature Page] 

  
 13 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (this “Agreement”) is entered into as of ___________ __, _____by and among Eastern Bank
Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a
Massachusetts-chartered bank (the “Bank”), and ___________ (the “Executive”). MHC, Eastern Bankshares, and Eastern are sometimes referred to collectively in this Agreement as “Eastern”. Eastern and
the Executive are sometimes referred to individually in this Agreement as a “Party” and collectively as the “Parties”. Any capitalized term used in this Agreement and not otherwise defined shall have the meaning set
forth in the Change in Control Agreement (as defined below). For purposes of this Agreement, the term “Eastern” shall also include the Parent Company (as defined in the Change in Control Agreement) and each of its affiliates,
subsidiaries, and each of their predecessors. 
 Recitals 

WHEREAS, the Executive is as of the date hereof the [describe the Executive’s position] of Eastern; 

WHEREAS, Executive and Eastern entered into a Change in Control Agreement, effective as of __________ __, 2020 (the “Change in Control
Agreement”); 
 WHEREAS, in connection with [describe change in control transaction and agreement] [(the “Transaction
Agreement”) (the “Transaction”),] the Executive’s employment with Eastern will terminate as of [______] (such date, the “Separation Date”); and 

WHEREAS, the Executive and Eastern desire to enter into this Agreement to set forth the terms and conditions of the Executive’s
employment termination. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 Agreement 

1.    Resignation; Return of Property. 

1.1    Resignation. The Executive hereby resigns from Eastern (i) as an employee of Eastern, (ii) as the
[_______] of Eastern, and (iii) in any and all other positions that the Executive may hold with any parent, subsidiary, affiliate, or related party of Eastern, in each case, effective as of the Separation Date. 

1.2    Return of Property. The Executive represents that the Executive has returned, or will within ten
(10) business days of the Separation Date return, to Eastern, as applicable, all property belonging to Eastern, including but not limited to any leased vehicle, laptop, cell phone, keys, access cards, phone cards and credit cards. 

  
 Page 1 of 8 

 2.    Separation Terms. If: (i) the Executive timely enters into this
Agreement and a Release in substantially the form attached hereto as Exhibit AA (the “Release”) and the Executive does not revoke the Release, then in consideration of the Executive entering into this Agreement and the
Release (and not revoking it) and agreeing to fully abide by their terms, and in full satisfaction of any and all obligations of Eastern to the Executive, except for those provisions of the Change in Control Agreement and any other agreements or
plans that shall survive after the Separation Date, as described in Section 4.2 hereof, Eastern shall provide to the Executive the compensation set forth in Section 5 of the Change in Control Agreement, in accordance with its terms. 

3.    Restrictive Covenants. 

3.1    Non-Competition. 

3.1.1    For twelve (12) months after the Separation Date, the Executive 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 Section 3.1.3 hereof. 

3.1.2    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 offers one or more products or services that, as of the Separation Date, compete with one or more products or services then offered, or
one or more proposed products or services then under active development, by Eastern (the “Competitive Products or Services”), provided that the Executive was actively involved at any time during the two years preceding the
Transaction in the development, delivery, supervision or oversight of the Competitive Products or Services, including by providing senior administrative support or supervision (the “Designated Services”), if such entity’s
executive headquarters or main office is located in any of the following counties (collectively, the “Designated Region”): the Massachusetts counties of Suffolk, Essex, Middlesex, Norfolk, Plymouth, Worcester, Bristol and
Barnstable; the New Hampshire counties of Hillsborough, Merrimack, Rockingham and Stratford; and Providence County, Rhode Island.1 For avoidance of doubt, “Competing Business” shall not
include any business that primarily engages in providing asset manager services or underwrites insurance products. 

3.1.3    Nothing in this Agreement shall prohibit the Executive from (x) owning bonds,
non-voting preferred stock or less than one percent (1%) 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 employment or consulting services to a business that is not a Competing Business; or (z) providing services to a business that is a Competing Business, whether as an employee or
consultant, if (i) the Executive provides Designated Services from an office located outside of the Designated Region; (ii) the services provided by the Executive for the Competing Business do not relate primarily to the 

 

	1 	 NTD. Eastern may expand the Designated Region in this Agreement to include any metropolitan statistical area
(MSA) from which the Parent Company’s depository subsidiaries, on a consolidated basis, obtain more than 20% of their total deposits as of the end of the fiscal quarter immediately preceding the Separation Date.

  
 Page 2 of 8 

 
delivery of Competitive Products or Services in the Designated Region that would reasonably be expected to utilize the Executive’s knowledge of the market in the Designated Region, or of
existing or prospective customers of Eastern, gained while the Executive provided Designated Services to Eastern; and (iii) the Executive is and remains in compliance with the provisions of Section 3.2 of this Agreement. 

3.2    Non-Solicitation. For twenty-four (24) months after the
Separation Date, the Executive shall not hire or attempt to hire any employee of Eastern, assist in such hiring by any other person or entity, encourage any such employee to terminate [his/her] relationship with Eastern, or call upon, solicit,
divert, or attempt to solicit or divert from Eastern any of its customers of which Executive was aware, or should have been aware, during the term of Executive’s employment with Eastern. 

3.3    Confidentiality. At all times after the Separation Agreement, the Executive may not disclose Confidential
Information of Eastern, except for purposes consistent with the administration and performance of the Executive’s obligations hereunder, or as required by law, provided that written notice of any legally required disclosure shall be given to
Eastern, to the extent legally permissible, as soon as reasonably practicable prior to any such disclosure and the Executive shall reasonably cooperate with Eastern to protect the confidentiality thereof pursuant to applicable law or regulation. For
purposes of this Agreement, “Confidential Information” includes all confidential and proprietary information of Eastern, including without limitation, financial information, business plans, prospects, customer lists, and
opportunities (such as lending relationships, financial product developments, or possible acquisition or dispositions of businesses or facilities) which have been discussed or considered by the management of Eastern or any of its affiliates, but
does not include any information which has become part of the public domain by means other than Executive’s nonobservance of Executive’s obligations under this Agreement. 

3.4    Reasonableness of Restrictions. Executive acknowledges and agrees that (i) the Executive’s
services to Eastern are unique and extraordinary; (ii) the restrictive covenants in this Agreement are essential elements of this Agreement and are reasonable given Executive’s access to Eastern’s Confidential Information and the
substantial knowledge and goodwill the Executive has acquired with respect to the business of Eastern as a result of [his/her] employment with Eastern, and the unique and extraordinary services provided by the Executive to Eastern; (iii) the
restrictive covenants contained in this Agreement are reasonable in time, territory, and scope, and in all other respects; and (iv) enforcement of the restrictions contained herein and therein will not deprive the Executive of the ability to
earn a reasonable living. 
 3.5    Judicial Modification. Should any part or provision of this Section 3 be
held invalid, void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement. The Parties further agree
that if any portion of this Section 3 is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, or other restrictions are deemed to be invalid or unreasonable in scope, the invalid or
unreasonable terms shall be replaced by terms that are valid and enforceable and that come closest to expressing the intention of such invalid or unenforceable terms. 

  
 Page 3 of 8 

 3.6    Enforcement. The Executive acknowledges and agrees that
Eastern will suffer irreparable harm in the event that the Executive breaches any of the Executive’s obligations under this Section 3 and that monetary damages would be inadequate to compensate Eastern for such breach. Accordingly, the
Executive agrees that, in the event of a breach by the Executive of any of the Executive’s obligations under this Section 3, Eastern will be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive
relief, and expedited discovery for the purpose of seeking relief, in order to prevent or to restrain any such breach. The Executive agrees to waive any requirement for the securing or posting of any bond in connection with such remedies. 

4.    General Provisions. 

4.1    No Admission of Liability. No action taken by Eastern or the Executive hereto, either previously or in
connection with this Agreement, shall be deemed or construed to be an acknowledgment or admission by any party of any fault or liability whatsoever to the other party or to any third party. 

4.2    Integration. This Agreement, including all documents referenced herein, contains the complete, final, and
exclusive agreement of the Parties relating to the terms and conditions of the Executive’s service and the termination of that service, and supersedes all prior and contemporaneous oral and written employment agreements or arrangements between
the Parties; provided, however, that (a) Sections 5, 6, 7, 9, 11, 12, 13, and 15-26 of the Change in Control Agreement shall survive in accordance with the terms thereof after the Separation Date and are
hereby incorporated by reference; and provided further that [_______________]2 shall survive after the Separation Date. 

[remainder of page left intentionally blank; signature page follows] 

 
  

	2 	 NTD. This section will be modified to reference any right that the Executive has under any other agreements or
benefit plan that by its terms expressly survives the Separation. 

  
 Page 4 of 8 

 IN WITNESS WHEREOF, Eastern and the Executive have executed this Agreement to be
effective as of the date set forth above. 
  

			
	EASTERN BANK CORPORATION

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANKSHARES, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANK

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EXECUTIVE

 
			
		
	By:	 	 
	Name:	 	 

  
 [Signature Page to
Separation Agreement and Release] 

 EXHIBIT AA 

RELEASE 
 Pursuant to
Section 2 of the Separation and Release Agreement (the “Agreement”) by and between Eastern Bank Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern
Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a Massachusetts-chartered bank (the “Bank”), and ___________ (the “Executive”) as a condition to receiving the
payment referenced in Section 2 of the Agreement (the “Payment”), the Executive has agreed to execute this Release in accordance with the terms and conditions below. Capitalized terms not defined herein shall have the meaning
set forth in the Agreement. 
 In consideration of the receipt of the Payment, the Executive, on behalf of the Executive’s heirs,
executors, administrators, successors and assigns, hereby fully, finally and forever releases and discharges Eastern, all parent, subsidiary, related and affiliated companies, as well as its and their successors and predecessors, assigns,
officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are referred to throughout this Release as the “Parties”), of and from all claims, demands, actions, causes of action, suits, damages,
losses, and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the execution date of this Release. Specifically included in this waiver and release are, among other things, any and all claims of
alleged employment discrimination, either as a result of the separation of the Executive’s employment or otherwise, under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, the Family and Medical Leave Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act, any other federal, state or local statute, rule, ordinance, or regulation, as well as any claims for alleged wrongful
discharge, negligent or intentional infliction of emotional distress, breach of contract, fraud, defamation, or any other unlawful behavior, the existence of which is specifically denied by the Parties. The foregoing list is intended to be
illustrative rather than inclusive. The Executive waives the rights and claims to the extent set forth above, and the Executive also agrees not to institute, or have instituted, a lawsuit against the Parties based on any such waived claims or
rights. 
 Nothing in this Release, however, shall be construed to prohibit the Executive from filing a charge or participating in any
investigation or proceeding conducted by the Equal Employment Opportunity Commission or comparable state or local agency. Notwithstanding the foregoing, the Executive waives [his/her] right to recover monetary or other damages as a result of any
charge or lawsuit filed by the Executive or by anyone else on the Executive’s behalf, including a class or collective action, whether or not the Executive is named in such proceeding. Further, nothing in this Release is intended to waive the
Executive’s entitlement to: (1) any payments or benefits described in Section 2 of the Agreement; (2) any payments, benefits or other rights provided for in the Change in Control Agreement, (3) any earned but unpaid
compensation or benefits from Eastern or any of its affiliates; and (4) vested or accrued benefits under any tax-qualified or nonqualified employee benefit plan sponsored by Eastern or any of its affiliates, or shares or other equity awards
(vested or unvested) under Eastern’s stock plans.3 Finally, this Release does not waive claims that the Executive could make, if available, for unemployment or workers’ compensation.

  
  

	3 	 NTD. This Release will be modified to reference any right that the Executive has under any other agreements or
benefit plan that by its terms expressly survives the Separation. 

  
 Page 6 of 8 

 The Executive acknowledges and represents that, other than the consideration set forth in
the Agreement and the payments and benefits provided for in the Change in Control Agreement, Eastern has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest,
severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to the Executive through the Separation
Date.4 In addition, the Executive acknowledges and agrees that except as set forth in the Agreement or the Change in Control Agreement, [his/her] participation in all benefits and incidents of
employment, including, but not limited to, the accrual of bonuses, vacation, and paid time off, will cease as of the Separation Date. 
 The
Executive fully understands the meaning and intent of this Release, including but not limited to, its final and binding effect. 
 The
Executive acknowledges that [he/she] has carefully read and reviewed this Release and has been advised to seek the advice of an attorney, or other counsel, and [he/she] has had an opportunity to consult with and receive counsel from an attorney
concerning the terms of this Release. 
 The Executive understands and is satisfied with the terms and contents of this Release and
knowingly and voluntarily has signed [his/her] name to the same as a free act and deed, and no promises or representations have been made to the Executive by any person to induce the Executive to sign this Release other than the express terms set
forth herein, in the Agreement, and in the Change in Control Agreement. The Executive agrees that this Release shall be binding upon the Executive and [his/her] agents, attorneys, personal representatives, heirs, and assigns. The Executive
acknowledges that the Executive has been given a period of at least 45 days from date of receipt within which to consider and sign this Release. To the extent the Executive has executed this Release less than 45 days after its delivery to the
Executive, the Executive hereby acknowledges that the Executive’s decision to execute this Agreement prior to the expiration of such 45-day period was entirely voluntary. 

The Executive acknowledges that [he/she] will be given seven (7) days from the date the Executive signs this Release to change [his/her]
mind and revoke the Release. If the Executive does not revoke this Release within seven (7) days of the Executive’s signing, this Release will become final and binding on the day following such seven (7) day period. 

 
  

	4 	 NTD: This language to be revised to carve out any other final compensation owed to Executive that will not have
been paid by the Separation Date. 

  
 Page 7 of 8 

 The Executive acknowledges that the Release will not be effective, and no benefits shall be
provided hereunder, until the seven (7) day revocation period described herein has expired. 
 Any notice to revoke this Release will
be deemed properly given or made if personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid to Eastern at its principal business office, to the attention of the President and Chief Executive Officer. 

By executing this Release, I acknowledge that I have had the opportunity to consult with an attorney of my choice; that I have carefully
reviewed and considered this Release; that I understand the terms of the Release; and that I voluntarily agree to them. 
  

									
					
	 	 		 		 		 	 
	 Date
	 		 		 		 	[Name]

  
 Page 8 of 8EX-10.7

 Exhibit 10.7 
  

 
 

 
 SUPPLEMENTAL EXECUTIVE 

RETIREMENT PLAN 

Eastern Bank Confidential 

PLAN DOCUMENT 
 Restated
Effective January 1, 2014 

 EASTERN BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

TABLE OF CONTENTS 
  

							
	Section 1	  	Definitions	  	 	1	 
			
	Section 2	  	Eligibility to participate	  	 	5	 
			
	2.1	  	Criteria for eligibility	  	 	5	 
	2.2	  	First Participation Date	  	 	5	 
			
	Section 3	  	Employer contributions and Accounts	  	 	5	 
			
	3.1	  	Employer contributions	  	 	5	 
	3.2	  	Election of Measurement Funds	  	 	5	 
			
	Section 4	  	Payment rules	  	 	6	 
			
	4.1	  	Election of form and starting date of Retirement benefits	  	 	6	 
	4.2	  	30 Day election rule for new Participants	  	 	6	 
	4.3	  	Transition exception for Participants who joined prior to January 1, 2009	  	 	7	 
	4.4	  	1 year / 5 year rule postponement rule	  	 	7	 
	4.5	  	Return to service	  	 	7	 
	4.6	  	Required general release	  	 	7	 
	4.7	  	Tax withholding	  	 	8	 
	4.8	  	Acceleration of benefits generally prohibited	  	 	8	 
			
	Section 5	  	Special defined benefit and BEP rules	  	 	8	 
			
	5.1	  	Defined benefits	  	 	8	 
	5.2	  	BEP participation	  	 	8	 
			
	Section 6	  	Vesting and other rules	  	 	8	 
			
	6.1	  	Vesting rules	  	 	8	 
	6.2	  	First 13 months of Participation	  	 	9	 
	6.3	  	Committee discretion	  	 	9	 
	6.4	  	Wrongful Conduct	  	 	9	 
			
	Section 7	  	Death of Participant	  	 	9	 
			
	7.1	  	Pre-retirement death benefit	  	 	9	 
	7.2	  	Designation of beneficiaries	  	 	9	 
	7.3	  	Post-retirement death benefit	  	 	10	 

  
 2 

							
			
	Section 8	  	Wrongful Conduct	  	 	10	 
			
	8.1	  	Wrongful conduct	  	 	10	 
			
	Section 9	  	Change in Control	  	 	11	 
			
	9.1	  	No special provision	  	 	11	 
			
	Section 10	  	Funding and trust provisions	  	 	11	 
			
	10.1	  	Unfunded plan	  	 	11	 
	10.2	  	Establishment of the trust	  	 	11	 
	10.3	  	Distributions from the trust	  	 	11	 
	10.4	  	Liabilities of participating Affiliates	  	 	11	 
			
	Section 11	  	Administration of the Plan	  	 	12	 
			
	11.1	  	Compensation Committee duties	  	 	12	 
	11.2	  	Agents and attorneys	  	 	12	 
	11.3	  	Binding Effect of Decisions	  	 	12	 
	11.4	  	Indemnity of Committee	  	 	12	 
			
	Section 12	  	Claims procedures	  	 	13	 
			
	12.1	  	Presentation of claim	  	 	13	 
	12.2	  	First review and notification of initial decision.	  	 	13	 
	12.3	  	Review of a denied claim	  	 	13	 
	12.4	  	Decision on review	  	 	14	 
	12.5	  	Legal action	  	 	14	 
			
	Section 13	  	Amendment and termination	  	 	14	 
			
	13.1	  	Right to amend or terminate	  	 	14	 
	13.2	  	Payment of benefits after Plan termination	  	 	14	 
	13.3	  	Permissible payouts due to Plan termination	  	 	14	 
			
	Section 14	  	General provisions	  	 	15	 
			
	14.1	  	No guarantee of benefits	  	 	15	 
	14.2	  	No enlargement of Employee rights	  	 	15	 
	14.3	  	Spendthrift provision	  	 	15	 
	14.4	  	Incapacity of recipient	  	 	15	 
	14.5	  	Delay of payment for Key Employees	  	 	16	 
	14.6	  	Corporate successors	  	 	16	 
	14.7	  	Unclaimed benefit	  	 	16	 
	14.8	  	Limitations on liability	  	 	16	 
	14.9	  	Gender	  	 	16	 
	  14.10	  	Interpretation	  	 	16	 
	  14.11	  	Applicable law	  	 	17	 

  
 3 

 EASTERN BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

Eastern Bank (the “Bank”) is the sponsor of the Eastern Bank Supplemental Executive Retirement Plan (the “Plan”). Under
the Plan, the Bank provides supplementary retirement benefits to attract, retain and motivate its senior executives. The Plan was restated on February 27, 2008 due to the enactment of Internal Revenue Code Section 409A (“Section
409A”) and to provide for its conversion from defined benefit to defined contribution format. It has been amended since and this restatement is adopted to incorporate the terms of those amendments in a single document, and to eliminate Plan
provisions which are no longer relevant. This document also makes other administrative and design changes which the Committee deems desirable and consistent with its goals to promote the long term growth of the Bank. 

Section 1    Definitions 

When used in this Plan, the following words have the meanings below unless the context clearly indicates otherwise: 

“409A DC Plan” shall mean the Eastern Bank 409A Deferred Compensation Plan. 

“Account” is a bookkeeping entry only, and is used solely as a device for the measurement and determination of the amounts to be
paid to a Participant who is covered under the Plan, or his or her designated Beneficiary. The Account shall reflect Employer contributions, payments to the Participant (and, if applicable, to a Beneficiary), and deemed investment gains and losses
from Measurement Funds. 
 “Affiliate” means any subsidiary of the Bank or any entity which would be considered a member of a
“controlled group” with the Bank, within the meaning of Section 414 of the Code. 
 “Bank” means Eastern Bank, a
Massachusetts business organization, and any successor to substantially all of its assets or business. 
 “Beneficiary” means one
or more persons, trusts, estates or other entities, designated in accordance with Section 7 to receive pre-retirement death benefits, or as a named contingent Beneficiary of the form of Plan benefit
payable to the Participant after Retirement. 
 “BEP Benefit” means the annual benefit, if any, payable under the Benefit
Equalization Plan adopted by the Bank (the “BEP”), effective January 1, 1996, as it may be amended from time to time. 

“Board” means the Board of Directors of the Bank, which has delegated responsibilities for this Plan to the Compensation Committee.
For this purpose, it is recognized that the Board is delegated all authority to act for and on behalf of any Affiliate whose employees participate in this Plan, and each Affiliate is deemed to have authorized the Board to act on its behalf in all
manners respecting this Plan. Action by the Compensation Committee, or its designee, in all respects shall be deemed to be authorized by the Board, unless expressly prohibited by the bylaws of the Bank or law or express vote of the Board. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” or “Compensation Committee” means those persons serving as members of the Compensation Committee of the Board,
as appointed and in effect from time to time. For this purpose, it is recognized that these persons are delegated all authority to act for and on behalf of the Bank, and any Affiliate whose employees participate in this Plan is deemed to have
authorized the Compensation Committee to act on its behalf in all manners respecting this Plan. 

 “Committee Agent” means the Executive Vice President, Director Human Resources and
Charitable Giving. As described in Section 11.2, the Committee Agent has various responsibilities, and is the person with whom elections and designations meant for the Committee should be filed. 

“Compensation” means base salary plus any annual incentive award earned under a short term incentive plan (including any such
amounts deferred by the Participant into any deferred compensation plan sponsored by the Bank or under Code Sections 125 or 401(k)), and any special bonus. All compensation shall be recognized in the year in which it is earned, rather than in the
year in which it is paid, and shall be prorated over the entire year in which it is earned. Compensation excludes any amounts earned or payable under any other benefit plan, any severance or other post-employment arrangement, and any long term
incentive plan or similar agreement of the Bank or its Affiliates, including specifically and without limitation, the Eastern Bank Long Term Incentive Plan. 

“Confidential Information” means, without limitation, financial information, business plans, prospects, customer lists, and
opportunities (such as lending relationships, financial product developments, or possible acquisition or dispositions of businesses or facilities) which have been discussed or considered by the management of EBC, the Bank or any of its Affiliates,
but does not include any information which has become part of the public domain by means other than Participant’s nonobservance of obligations under either the written policies of, or a signed agreement with, the Bank or an Affiliate. 

“Contribution Percentage” is a percentage of Compensation which the Committee determines shall be contributed to an Account for a
Participant in the Plan. 
 “Default Payment Form” for Participants who are entitled to a Plan payment and do not make a different
Retirement payment election under Section 4 means: 
 (1)    for Participants who are covered under the Plan and
who Retire, payments in the Yearly Installment Method for 10 years, with commencement of payments starting on or about April 30 of the year following Retirement, based on the Account value at the end of the preceding month, and annual anniversaries
of that date. 
 (2)    for Participants who are covered under the Plan and who have a Separation from Service prior to
Retirement, a lump sum payment of the vested Accrued Benefit paid within 60 days following the Separation from Service. If the 60 day period overlaps 2 calendar years, the timing of the payment shall be solely in the discretion of the Committee
without regard to any preference of the Participant. If a release or other signed commitment of the Participant is required before payment, the special timing rule of Section 4.6 applies. 

“Disability” shall mean a determination by the Committee of a Participant’s inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous period of at least 12 months. 

“Early Retirement Date” means the later of a Participant’s 60th birthday or the completion of 5 Years of Service. If earlier,
Early Retirement Date means the later of a Participant’s 55th birthday or completion of 10 Years of Service. A Participant may have only one Early Retirement Date under the Plan and it may not be changed after participation starts. 

  
 2 

 “EBC” means Eastern Bank Corporation, the parent corporation of the Bank. 

“Effective Date” means, for this restated document, January 1, 2014, unless another effective date is specified for any provision.
Unless specifically stated otherwise, the rights of or with respect to any Participant will be governed by the terms of the Plan as in effect at the date of the Participant’s Separation from Service. 

“Election Form” means one or more forms or other written communication, accepted by the Committee or its agent, to record a
Participant’s instructions with respect to the payment mode of his vested Accrued Benefit. 
 “Employee” means an individual
employed by the Bank or an Affiliate. 
 “Employer” means the Bank and any Affiliate whose Employees participate in the Plan. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Final Regulations” means the regulations interpreting Code Section 409A promulgated on or about April 10, 2007, and as they
may be amended or added to from time to time. 
 “Guidance” means IRS Notice 2005-1, the
proposed regulations under Section 409A promulgated in 2005, IRS Notice 2006-79, the Final Regulations, and any future written interpretation of Section 409A issued by the Treasury or Internal
Revenue Service, except that Guidance will not be binding if counsel retained by the Bank determines, in writing, that it is not a correct interpretation of Section 409A or that an alternate interpretation is permissible. The Plan will be
interpreted in a permissive fashion based on Guidance, with the goal that no event occurs which would be deemed a plan failure under Section 409A, and that the Committee have the fullest power permitted by Guidance or law to interpret or
restructure the Plan and elections to prevent the occurrence of such plan failures. 
 “Late Retirement Date” is the Separation
from Service date of a Participant who continues employment after Normal Retirement Date. 
 “Measurement Fund”, for Participants
who are covered under the Plan, means a notational factor which permits their Account to track the performance of a mutual fund, market index, savings instrument, or other designated investment or portfolio of investments. Measurement Funds shall be
provided which are similar to those in use under the 409A DC Plan and administered in similar manner, as set forth in Section 3.2. 

“Normal Retirement Date” means the date of a Participant’s 65th birthday. 

“Participant” means any Employee who meets the eligibility requirements and is designated as a Participant, as set forth in
Section 2. 
 “Plan” means this Eastern Bank Supplemental Executive Retirement Plan, as it may be amended from time to time.

 “Plan Year” means the calendar year. 

“Qualified Plan” means the Savings Banks Employees Retirement Association Pension Plan, a defined benefit pension plan, as adopted
by the Bank. 

  
 3 

 “Retirement” or “Retire” means a Separation from Service on or after a
Participant’s Normal Retirement Date, Early Retirement Date, or Late Retirement Date. A Separation from Service for other reasons will not be a Retirement. 

“Retirement Date” means the date on which occurs a Participant’s Retirement. 

“Section 409A” means Section 409A of the Code, as interpreted according to the Guidance. 

“Separation from Service” shall be determined in accordance with Section 409A, and shall generally mean a complete
discontinuance of service for the Bank, its Affiliates, and any other entity with which it must be aggregated under Section 409A for this purpose. Performance of duties after retirement for the Bank or an Affiliate solely as a non-Employee member of the Board, or as a Trustee, or as a Corporator, will not be considered continued service. 

“Vesting Computation Period” is 12 months in duration, measured from the Participant’s first Hour of Service and each annual
anniversary of that date. 
 “Yearly Installment Method”, for Participants who are covered under the Plan, shall mean level annual
installments for a period of years selected by the Participant, not to exceed 20, or for 10 Years if benefits are paid in the Default Payment Form. Each annual installment shall be paid on or about the 12 month anniversary of the initial installment
payment. The installment to be paid in any Plan Year shall be determined by multiplying the Vested Account balance at the end of the month preceding payment by a fraction, the numerator of which is 1, and the denominator of which is the remaining
number of yearly payments due the Participant. By way of example, if the Participant elects to receive 10 yearly installments, the first payment shall be 1/10 of the Account (at the end of the month preceding payment), the second payment shall be one-ninth (1/9) of the Account (at the end of the month preceding payment), the third payment shall be one-eighth (1/8) of the Account (at the end of the month preceding
payment), etc. Each yearly installment shall be paid as soon as reasonably possible and no later than 60 days after the date elected by the Participant and no sooner than after a Separation from Service. If the 60 day period overlaps 2 calendar
years, the timing of the payment shall be solely in the discretion of the Compensation Committee without regard to any preference of the Participant. If a release or other signed commitment of the Participant is required before payment, the special
timing rule of Section 4.6 applies. 
 “Years of Service” shall mean, for purposes of determining whether a Participant has
reached either of the Retirement Dates, a Vesting Computation Period in which 1,000 or more Hours of Service are credited, except that credit for the 5th or 10th (as applicable) year will not be credited until the last day of the Vesting Computation
Period in which the 5th or 10th (as applicable) Year is earned, regardless of when the 1,000 hours in that period are completed. Service will be credited with predecessor employers provided that employment was transferred to the Bank or an affiliate
in connection with the Bank’s merger or purchase of assets or stock of a predecessor employer under rules similar to those in the Qualified Plan. Because attainment of a Retirement Date may affect the starting date and mode of payment of Plan
benefits, the Compensation Committee may NOT credit a Participant with additional Years of Service for this purpose. 

  
 4 

 Section 2    Eligibility to participate 

 

	2.1	 Criteria for eligibility 

The Chief Executive Officer is a Participant. Other Participants must be recommended by the Chief Executive Officer and approved by the
Compensation Committee. A Participant must be an Employee with management or supervisory duties, as determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

 

	2.2	 First participation date 

Participation for a new Employee who is offered participation in an employment letter will commence on the first day of employment.
Participation for any other Employee will commence the on the first day of the Plan Year following designation by the Compensation Committee unless a different date is designated. 

 

	2.3	 Discontinuance of eligibility 

At any time, the Committee may determine to discontinue credit for future service of a Participant, but shall not reduce the Account or deprive
it of future deemed earnings or losses. A Participant shall be considered a Participant until all benefits to which he or his Beneficiary is entitled have been paid. 

Section 3    Employer contributions and Accounts 
  

	3.1	 Employer contributions 

The Committee will determine for each such Participant, in its sole discretion a Contribution Percentage for current and future deemed
contributions to the Account. It may also supplement this in its sole discretion with a starting balance or additional contributions. Unless determined otherwise, the default Contribution Percentage is 20%. 

 

	3.2	 Election of Measurement Funds 

(a)    The Committee shall debit or credit a Participant’s Account in accordance with the deemed investment
performance of Measurement Funds selected by the Participant. The Committee shall use the services of a third party administrator, and operate this feature in a manner similar to the operation of the 409A DC Plan. 

(b)    A Participant’s election of any such Measurement Fund and the crediting or debiting of such amounts to an
Account is not an actual investment of his or her Account in any such Measurement Fund. 
 (c)    To designate
Measurement Funds, and to change designations, the Participant must comply with such procedures as the Committee may establish from time to time. Procedures may provide for completion of paper forms, or for “paperless” electronic
transactions. Procedures may provide for next business day processing of instructions (provided that instructions are received on a previous business day and prior to an established time) or for processing at less frequent intervals. Procedures may
limit the number of times a Participant may submit instructions during a given period of time, and may require that instructions be limited to whole percentage or minimum dollar amounts. 

  
 5 

 (d)    If the Committee (or its designated third party administrator)
receives no instructions, or incomplete instructions, as to the desired Measurement Funds to be used for an Account, the undesignated portion of the Account will be deemed to be invested in the Eastern Bank Deposit Rate Measurement Fund, or, if that
Measurement Fund is not in use, in whatever money market Measurement Fund is then in use by the Plan, as determined by the Committee in its discretion. 

(e)    No Participant shall have any rights in or to investments within a Measurement Fund. No amounts deferred or
contributed to this Plan, nor any investment increment, are “plan assets” within the meaning of Department of Labor regulations. The Participant shall at all times remain an unsecured creditor of the Employer and the Trust. 

 

	3.3	 Hold Harmless Condition 

As a condition to participation, each Participant agrees to hold harmless the Plan Committee, the Compensation Committee, the Directors,
Trustees and Corporators, and the Employer, and the Trustee, their agents and representatives, from any losses or damages of any kind relating to (i) the investment performance of the Measurement Funds, and (ii) any discrepancy between the
credits and debits to the Participant’s Account based on the performance of the Measurement Funds and what the credits and debits otherwise might have been in the case of an actual investment in the Measurement Funds. 

Section 4     Payment rules 
  

	4.1	 Election of form and starting date of Retirement benefits 

(a)    The Account of a Participant will be paid in the manner and at the time specified as the Default Payment Form,
unless the Participant makes a timely election under Section 4.2 of an alternate form or time. 
 (b)    Although
payment elections are designated by Participants, it is expressly intended that these be considered as Employer designations for purposes of section 409A and not elective deferrals of compensation by Participants. A designation to receive current
compensation in lieu of a Plan contribution is expressly prohibited. 
 (c)    Payments may be in a lump sum or the
Yearly Installment Form but no election may specify that payment occur prior to a Severance from Service. The initial payment must start no later than December 31 of the calendar year in which the Participant reaches age 70 or, if later, Separates
from Service. 
 (d)    Notwithstanding any election in this Section 4, if a Participant has a Separation from
Service which is prior to a Retirement Date, the vested value of his Account will be paid in a lump sum within 60 days of Separation from Service. If the 60 day period overlaps 2 calendar years, the timing of the payment shall be solely in the
discretion of the Committee without regard to any preference of the Participant. 
 (e)    If a release or other signed
commitment of the Participant is required before payment, the special timing rule of Section 4.6 applies. 
  

	4.2	 30 Day election rule for new Participants 

A new Participant who does not want to receive Retirement benefits in the Default Payment Form shall have 30 days after being designated as a
Participant to elect that benefits be paid in a lump sum or in 

  
 6 

 
a permitted Yearly Installment Method. It is intended that this election comply with §1.409A-2(a)(5) of the Final Regulations and that all amounts
credited to the Account in the first 13 months of participation, including deemed investment experience, will be subject to the vesting provisions of Section 6.2. 
  

	4.3	 Transition exception for Participants who joined prior to January 1, 2009 

Participants prior to January 1, 2009 were permitted to make payment elections in accordance with Guidance, in some cases substantially after
participation had started, and these elections shall be observed and remain in force. 
  

	4.4	 1 year / 5 year postponement rule 

(a)    A Participant may file with the Committee an election to postpone the payment date of any or all payments. 

(b)    The postponement election will not apply to any payments scheduled to occur within the 12 months following the
filing of the election, and the period of postponement must be for at least 5 years following the date on which the payment was originally scheduled. 

(c)    Payments under any Yearly Installment Method will be administered so that each payment is considered a separate
payment for purposes of this election. For example, if a Yearly Installment election is scheduled for 10 years, the 1 year / 5 year postponement election need not be made with respect to all 10 scheduled payments, and may be made with respect
to any 1 or more of them. An election under this 1 year / 5 year postponement rule must accordingly be made at least 12 months prior to the originally scheduled payment date for the payment which is intended to be postponed. The payment date
for any such postponed payment must be at least 5 years following the date on which it was originally scheduled to be paid. 
  

	4.5	 Return to service 

Unless payments are deferred in a timely manner under the 1 year / 5 year rule of Section 4.4, payments must commence or continue
as scheduled if a Participant returns to service with the Employer after a Separation from Service. 
  

	4.6	 Required general release 

(a)    Committee may require a release 

Prior to payment under the Plan, the recipient of payments may be required, in the discretion of the Committee, to execute a general release,
in form satisfactory to the Committee, of any and all claims against the Bank, its officers, directors, employees, and Affiliates. Any exception granted by the Compensation Committee to this rule will not be precedent for other exceptions. 

(b)    Participant not to control payment timing 

In the event that a Participant is requested to execute a release of claims prior to payment from the Plan, the following special rules shall
apply, retroactive to payments that could have been made on or after April 1, 2011: 
 (i) A release may not be required unless the time
allowed for consideration and rescission of the release is no more than 60 days from the earliest possible payment date for the payment; and 

  
 7 

 (ii) If the 60 day period overlaps two calendar years, any payments which were to be made in
the first calendar year shall be paid in the second calendar year and not later than the expiration of the 60 day period. 
  

	4.7	 Tax withholding 

The Employer may withhold taxes from any Account or payment to the extent permitted by Section 409A. 

 

	4.8	 Acceleration of benefits generally prohibited 

The Committee shall have discretion to accelerate any payments due to a Participant or Beneficiary, but only if such acceleration would be
permissible under Section 409A(a)(3). 
 Section 5    Special defined benefit and BEP rules 

 

	5.1	 Defined benefits 

Defined benefit pensions accrued in this Plan prior to January 1, 2009 for Participants who qualified and elected such benefits under rules
then in effect shall continue to be paid in accordance with said rules. 
  

	5.2	 BEP participation 

(a)    For any Participant who is first designated to participate in the Plan on or after January 1, 2014, the BEP benefit
shall be frozen as of the participation date in this Plan and paid from the BEP in accordance with its rules. BEP Benefits (if any) of persons who participated in the Plan prior to January 1, 2014 will be administered according to the Plan document
in effect before this restatement. 
 (b)    As provided in the BEP, no Participant in this Plan may also accrue new
benefits under the BEP. 
 Section 6    Vesting and other rules 

 

	6.1	 Vesting rules 

(a)    An Accrued Benefit will be fully vested if the Participant reaches Normal Retirement Date or Early Retirement Date,
or dies or suffers Disability prior to a Separation from Service. 
 (b)    The following schedule will determine the
Vested percentage of any Accrued Benefit for any other Participant at the time of a Separation from Service: 
  

						
	 Years of Service
	  	Vested Percentage of Accrued Benefit
	 less than 5 Years
	  	 	 	0	%
	 5 Years
	  	 	 	50	%
	 6 Years
	  	 	 	60	%
	 7 Years
	  	 	 	70	%
	 8 Years
	  	 	 	80	%
	 9 Years
	  	 	 	90	%
	 10 or more Years
	  	 	 	100	%

  
 8 

	6.2	 First 13 months of Participation 

Notwithstanding other provisions in this Section 6 and elsewhere in the Plan, for new Participants first designated on or after February
8, 2012, all amounts credited to an Account under Section 4.2 in the first 13 months of participation, including deemed investment experience, will be forfeited if the Participant incurs a Separation from Service in his initial 13 months of
participation. If, however, the reason for said Separation is death or Disability within this initial 13 months, the Participant will not forfeit said amounts, which shall be payable in a lump sum within 60 days of such event, and with no discretion
permitted of the Participant to designate the payment year if the 60 days overlaps two calendar years, and in compliance with §1.409A-2(a)(5) of the Final Regulations. 

 

	6.3	 Committee discretion 

The Committee, in its sole discretion, may restore some or all of any forfeiture except for forfeitable amounts if a Participant has made an
election under Section 4.2 within 30 days following his designated initial participation date. It may also establish a different written vesting schedule for any Participant. 

 

	6.4	 Wrongful Conduct 

The rules in Section 8, which require forfeiture of vested benefits for Wrongful Conduct, take precedence over this Section 6. 

Section 7    Death of Participant 
  

	7.1	 Pre-retirement death benefit 

A Participant who dies prior to a Separation from Service will be 100% vested in his Account. 

(a)    The Account shall be paid to the Beneficiary in a lump sum on January 1 of the calendar year following the year of
the Participant’s death, or within the 60 days following that date. 
 (b)    A Participant may designate a
different form of payment than a lump sum and/or a later starting date for the payment, provided that the election is made in a manner consistent with electing the time and form of payment under the rules set forth in Section 4. Any election of
an alternate form or starting date will not be effective if a Participant dies prior to a Retirement Date. 
 (1)    The
commencement date for paying death benefits may not be later than the 5th calendar year following the year of the Participant’s death. 

(2)    The available alternate forms to pay death benefits are payments of the Account in a Yearly Installment Method for
a period of no more than 10 years. 
 (3)    A properly designated Beneficiary Form accepted by the Committee with
another form of payment which complies with Guidance will govern over any contrary provision herein. 
  

	7.2	 Designation of beneficiaries 

(a)    Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well
as contingent) to receive any benefits payable under the Plan upon the death of a Participant. 

  
 9 

 (b)    A Participant shall designate his or her Beneficiary by
completing and signing a Beneficiary designation form, and returning it to the Committee. Filings may be made at the office of the Committee Agent. No designation or change in designation of a Beneficiary shall be effective until received and
acknowledged in writing by the Committee. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary designation form and the Committee’s rules and procedures, as
in effect from time to time. Upon the acceptance by the Committee of a new Beneficiary designation form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary designation
form filed by the Participant and accepted by the Committee prior to his or her death. 
 (c)    If a Participant fails
to designate a Beneficiary as provided in this Section 7 or, if all designated Beneficiaries predecease the Participant, then the Participant’s surviving spouse shall be deemed to be his or her Beneficiary, or, if the Participant has no
surviving spouse, the benefits remaining under the Plan shall be payable to the executor or personal representative of the Participant’s estate. 

(d)    If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the
Committee shall have the right, exercisable in its discretion, to cause the Employer to withhold such payments until the matter is resolved to the Committee’s satisfaction. 

(e)    The payment of benefits under the Plan to a person believed in good faith by the Committee to be a valid
Beneficiary shall fully and completely discharge the Employer and the Committee from all further obligations under this Plan with respect to the Participant. If a Beneficiary cannot be located, the procedures in Section 14.7 related to missing
Participants and Beneficiaries shall apply. 
  

	7.3	 Post-retirement death benefit 

If a Participant has commenced receiving payments, the death benefit, if any, shall consist of any remaining amounts due to the Beneficiary
pursuant to the form of payment elected by the Participant under Section 5. 
 Section 8    Wrongful Conduct 

 

	8.1	 Wrongful conduct 

(a)    Notwithstanding any other provision of this Plan and subject to the benefit recapture rule of Section 8.1(b),
all benefits under the Plan of a Participant (and his Beneficiary), including vested Accrued Benefits, shall be forfeited if: 

(1)    the Participant is dismissed from employment (or resigns at the request of the Bank or any Affiliate) for fraud,
dishonesty, embezzlement, criminal misbehavior or other gross misconduct, or if, subsequent to the Participant’s Separation from Service, the Committee determines that such misconduct did occur during employment; or 

(2)    during employment or the following twenty-four (24) months, the Participant, without the express prior written
consent of the Bank, solicits any officer, trustee, director, or employee of the Bank or its affiliates to leave his or her employment, or calls upon, solicits, diverts, or attempts to solicit or divert from the Bank or an Affiliate any of its
customers of which the Participant was aware, or should have been aware, during the term of his employment; or 

  
 10 

 (3)    during employment, or at any time thereafter, the Participant
discloses to any other person (except as required by applicable law or in the good faith performance of Participant’s duties and responsibilities pursuant to and during his employment with the Bank) or uses for his own benefit or gain, or the
benefit or gain of any entity other than the Bank or any of its Affiliates, any Confidential Information. 
 (b)    If a
Participant or Beneficiary has received payments at a rate faster than the rate that would otherwise be payable under Yearly Installment Method over 20 years, and there subsequently occurs an event under this Section 8.1 which would result in a
forfeiture of the benefits under this Plan, then the Participant or Beneficiary shall be liable to the Bank to return an amount which equals the amount by which the benefits actually paid exceed the benefits which would have been payable if payments
had been made in the form specified above up to the date of such forfeiture. 
 (c)    Any forfeiture of benefits under
this Section 8.1 will not relieve the Participant of any obligations under any separate agreement with the Bank or employing Affiliate, nor deprive the Bank or employing Affiliate of any available remedy under such agreement. 

Section 9    Change in Control 
  

	9.1	 No special provision 

(a)    The Plan contains no special provision accelerating vesting or payment in the event of a change in control. Payments
will be made according to the Plan rules which apply in the event of Retirement, Death, or other Separation from Service. 

(b)    The Committee retains the discretionary right to terminate the Plan and accelerate payments under Section 13.

 Section 10    Funding and trust provisions 
  

	10.1	 Unfunded plan 

This Plan shall be unfunded, as such term is used in Revenue Ruling 60-3. To the extent that a
Participant acquires a right to receive payments from the Bank under this Plan, such right shall not be greater than the right of any unsecured general creditor of the Bank. 
  

	10.2	 Establishment of the trust 

The Bank has established the Trust, which it administers as a “rabbi trust” in material compliance with IRS Revenue Procedure 92-64. Assets of the Trust shall at all times be available to creditors of the Bank. The Trust shall at all times conform with the requirements of Code Section 409A(b). 

 

	10.3	 Distributions from the trust 

The Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Employer’s obligations under this Plan. 
  

	10.4	 Liabilities of participating Affiliates 

(a)    To the extent permitted by IRS Notice 2000-56, the Plan and Trust shall be
administered so that the Bank may contribute assets to the Trust with respect to any Participant who (i) provides 

  
 11 

 
services to a participating Affiliate, and (ii) for whom the Affiliate has not paid sufficient amounts to the Trust to match Plan liabilities for its Participants, or for whom the Affiliate
cannot pay the Vested Account at the time provided in this Plan due to bankruptcy or other financial difficulty. 

(b)    Amounts contributed by the Bank to the Trust under this Section 10.4 will be subject to claims of the
Bank’s creditors (in addition to being subject to the claims of the Affiliate’s creditors). At termination of the Trust, assets contributed by the Bank (and any deemed investment increment) with respect to Participants of the Affiliate
will revert to the Bank to the extent not needed to satisfy liabilities of the Plan. 
 (c)    The Bank guarantees the
payment of any obligation under this Plan to the Participants of any Affiliate which cannot make the payment due to insolvency or other reason. This obligation shall be interpreted in a manner consistent with Berry v. US, 593 F. Supp. 820
(M.D.N.C. 1984) and IRS PLR200450032. It shall be of no effect and void in the event that the Internal Revenue Service determines that a guarantee of an affiliate’s obligations would cause any Participant to have an “economic benefit”
that would trigger current taxation. 
 Section 11    Administration of the Plan 

 

	11.1	 Compensation Committee duties 

This Plan shall be administered by the Compensation Committee. The Committee has the discretion and authority to (i) interpret and enforce
all rules and procedures for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. When making a determination or calculation, the
Committee shall be entitled to rely on information furnished by a Participant or the Employer. 
  

	11.2	 Agents and attorneys 

(a)    The Executive Vice President, Human Resources and Charitable Giving, shall be deemed the Agent of the Committee, and
charged with the creation and collection of Participant forms and Beneficiary designations, and empowered to execute amendments approved by the Committee. Filing of any form or designation with the Agent is an effective filing with the Committee.

 (b)    In the administration of this Plan, the Committee may, from time to time, require that the Bank employ third
parties and may delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Bank. 

 

	11.3	 Binding Effect of Decisions 

The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation
and application of the Plan and the rules established by the Committee shall be final and conclusive and binding upon all persons having any interest in the Plan. 
  

	11.4	 Indemnity of Committee 

The Bank shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated,
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such Employee. This
indemnification shall be in addition to, and not in limitation of, any other indemnification protections of the Committee. 

  
 12 

 Section 12    Claims procedures 

 

	12.1	 Presentation of claim. 

Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”)
may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60
days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the
Claimant. 
  

	12.2	 First review and notification of initial decision. 

The Committee may consider the claim as a Committee of the whole, or may designate one or more of its members or an officer of the Bank to make
an initial decision on the claim. Within a reasonable time, the Claimant shall be notified in writing: 
 (a)    that
the Claimant’s requested determination has been made, and that the claim has been allowed in full; or 

(b)    that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested
determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 
 (1)    the
specific reason(s) for the denial of the claim, or any part of it; 
 (2)    specific reference(s) to pertinent
provisions of the Plan upon which such denial was based; 
 (3)    a description of any additional material or
information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and 

(4)    an explanation of the claim review procedure set forth in Section 12.3 below. 

 

	12.3	 Review of a denied claim. 

Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly
authorized representative): 
 (a)    may review pertinent documents; 

(b)    may submit written comments or other documents; and/or 

(c)    may request a hearing, which the Committee, in its sole discretion, may grant. 

  
 13 

	12.4	 Decision on review. 

The Committee shall render its decision on review promptly, and not later than 60 days after the filing of a written request for review of the
denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision must be written in a manner calculated to be
understood by the Claimant, and it must contain: 
 (a)    specific reasons for the decision; 

(b)    specific reference(s) to the pertinent Plan provisions upon which the decision was based; and 

(c)    such other matters as the Committee deems relevant. 

 

	12.5	 Legal action. 

A Claimant’s compliance with the foregoing provisions of this Section 12 is a mandatory prerequisite to a Claimant’s right to
commence any legal action with respect to any claim for benefits under this Plan. 
 Section 13    Amendment and termination

  

	13.1	 Right to amend or terminate 

(a)    The Committee may amend or discontinue the Plan at any time without prior notice of intent, provided that no
amendment of the Plan or discontinuance of it (meaning a full termination or a significant cut back in future accrual rates) will deprive any active Participant of the right to receive benefits which have vested under the Plan as of the date of such
amendment or discontinuance. 
 (b)    The Committee shall have the right, in its sole discretion but consistent with
Guidance, to modify any benefit election form or to alter any form of payment so that it be consistent with Section 409A and so that penalties thereunder not be applicable. Each Participant in the Plan delegates such authority to the Committee,
including its Agent, as a condition of participation. 
  

	13.2	 Payment of benefits after Plan termination 

After termination or discontinuance of the Plan, vested Accrued Benefits will be paid at such time as they would have been paid if the Plan had
continued. However, the Committee may decide to accelerate the pay out of the vested Accrued Benefits, provided that the acceleration is in compliance with Section 13.3. 
  

	13.3	 Permissible payouts due to Plan termination 

(a)    Change in Control 

The Compensation Committee may require lump sum payouts if it votes to liquidate the Plan with respect to all Participants who experience the
Change in Control Event (and all other plans, methods, programs, and other arrangements that would be aggregated with this Plan under §1.409A-1(c) of the Final Regulations if the Participants had
deferrals of compensation under all such agreements) within the 30 days preceding or 12 months following a Change in Control as defined in Code Section 409A. Payouts must be completed within 12 months of the date of Plan termination with
respect to all Participants who experience the Change in Control Event. 

  
 14 

 (b)    Termination of Plan and all similar plans 

The Committee may require lump sum payouts after Plan termination which is not triggered by a Change in Control as defined in Code
Section 409A, but only if: 
 (1)    The termination does not occur proximate to a material downturn in the
financial health of the Employer (interpreted in a manner consistent with Guidance); and 
 (2)    the Employer
terminates all other plans, methods, programs, and other arrangements that would be aggregated with this Plan under §1.409A-1(c) of the Final Regulations (if the Participants had deferrals of compensation under all such agreements); and 

(3)    The Employer does not adopt a new plan that would be aggregated with any terminated and liquidated plan under §1.409A-1(c)(2) if the same Participant participated in both plans, at any time within three years following the date the Employer takes all necessary action to irrevocably terminate and liquidate the plan; and

 (4)    during the 12 months year following the Plan termination, no payouts are made other than those which would
have been paid without regard to the Plan termination; and 
 (5)    all payouts are made within 24 months of the Plan
termination. 
 (c)    The Committee may also authorize payouts after Plan termination in any other situation authorized
by the Guidance. 
 Section 14    General provisions 

 

	14.1	 No guarantee of benefits 

Nothing contained in the Plan shall constitute a guarantee by the Bank or any other person or entity that the assets of the Bank will be
sufficient to pay any benefit hereunder. 
  

	14.2	 No enlargement of Employee rights 

No Participant shall have any right to receive a distribution or contributions made under the Plan except in accordance with the terms of the
Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Employer. 
  

	14.3	 Spendthrift provision 

No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other
obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
  

	14.4	 Incapacity of recipient 

If any person entitled to a distribution under the Plan is deemed by the Committee to be incapable of personally receiving and giving a valid
receipt for such payment, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Committee may provide for such payment or any part thereof to be made to the
Participant’s Beneficiary. 

  
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	14.5	 Delay of payment for Key Employees 

If at any time stock of the Employer is publicly traded on an established securities market or otherwise, payment shall be deferred for any
Participant who is a Key Employee until after Separation from Service for 6 months, but only to the extent required by Section 409A(a)(2)(B). At the expiration of the applicable extension period, deferred payments shall be paid in a single
payment. A Key Employee is as defined in Code Section 416(i) without regard to paragraph 5 thereof, and as further described in Section 409A(a)(2)(B)(i). 
  

	14.6	 Corporate successors 

The Plan shall not be automatically terminated by a transfer or sale of assets of the Bank or by the merger or consolidation of the Bank into
or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue the Plan. In the event that the
Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated in compliance with Section 13. 
  

	14.7	 Unclaimed benefit 

Each Participant shall keep the Committee informed of his current address and the current address of his Beneficiary. Neither the Committee nor
the Employer shall be obliged to search for any Participant or Beneficiary beyond the sending of a registered letter to such last known address. If the Participant or Beneficiary fails to claim such amount or make his or her location known to the
Committee within 3 years thereafter, then, except as otherwise required by law, the Committee shall have the right to direct that the amount payable shall be deemed to be a forfeiture and paid to the Employer, except that the dollar amount of the
forfeiture, unadjusted for deemed gains or losses in the interim, shall be paid by the Employer if a claim for the benefit is made within 6 years of that date by the Participant or the Beneficiary to whom it was payable. 

 

	14.8	 Limitations on liability 

The sole right of a Participant is to receive such benefit as may be owed under the terms of this Plan. 

 

	14.9	 Gender 

The masculine shall include the feminine, and the singular shall include the plural, as the context dictates. 

 

	14.10	 Interpretation 

The Plan shall constitute an unfunded “top hat plan”, as such term is commonly used to describe a plan referred to in Sections
201(2), 301(a) (3) and 401(a) (1) of ERISA. It is intended that no operation of the Plan would be deemed a Plan “failure” within the meaning of Section 409A. Any question of Plan interpretation shall be resolved in a manner
which is consistent with the foregoing definition. 

  
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	14.11	 Applicable law 

The Plan shall be governed by and construed in accordance with ERISA. To the extent that state law is referred to, the law shall be that of the
Commonwealth of Massachusetts. 
 In witness whereof, this restated Plan document is executed by an authorized officer of the Bank. 

 

									
		  		  	Eastern Bank Compensation Committee	  	
					
	 12/31/13        
	  		  	by:	 	 

  
	  	
	Date	  		  		 	Nancy Huntington Stager	  	
		  		  		 	 Committee Agent, and
 Executive Vice
President,
 Human Resources and Charitable Giving
	  	

  
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