Document:

EX-10.5

 Exhibit 10.5 

EVERETT CO-OPERATIVE BANK 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

This Nonqualified Deferred Compensation Plan (the “Plan”) is adopted May 1,2021, by and between Everett Co-operative Bank (the “Bank”), a Massachusetts banking corporation, and John Citrano (the “Executive”). 

RECITALS: 
 A. The
Executive is employed by the Bank. 
 B. The Bank recognizes the valuable services the Executive has performed for the Bank and wishes to
encourage the Executive’s continued employment and to provide the Executive with additional incentive to achieve corporate objectives. 

C. The Bank fishes to provide the terms and conditions upon which the Bank shall pay additional retirement benefits to the Executive. 

D. The Bank intends this Plan shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified
deferred compensation arrangement, maintained primarily to provide supplemental retirement benefits for the Executive, a member of a select group of management or highly compensated employees of the Bank; and as such, is intended to be exempt from
the provisions of Parts 2, 3, and 4 of Title I of the Employee Retirement Income Security Act of 1974 by operation of Sections 201(2), 301(a)(3) and 401(a)(1) thereof. 

E. The Bank and the Executive intend this Plan shall at all times comply in form and operation with all applicable law, including, to the
extent applicable, the requirements of Internal Revenue Code Section 409A and will be administered, operated and construed in accordance with this intention. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the Bank and the Executive agree as follows: 

ARTICLE 1 
 DEFINITIONS

 This Article provides definitions of terms used throughout this Plan, and whenever used herein in a capitalized form, except as
otherwise expressly provided, the terms shall be deemed to have the following meanings; 
 1.1 “Account” shall mean a
bookkeeping account established and maintained by the Bank on behalf of the Executive and shall be used solely as a device to measure and determine the amounts to be paid to the Executive or his Beneficiary under the terms of the Plan. The Account
balance shall include amounts credited by the Bank in accordance with Article 2 and interest thereon as determined in Article 3. The Plan Administrator or plan recordkeeper shall establish additional subaccounts that the Plan Administrator considers
necessary to reflect the entire interest of the Executive under the Plan. 
 1.2 “Affiliate” shall mean any
corporation, partnership, joint venture, association, or similar organization or entity, other than the Bank, that is a member of a controlled group of corporations in which the Bank is a member, as defined in Code Section 414(b) and all other
trade or business (whether or not incorporated) under common control of or with the Bank, as defined in Code Section 414(c). 

1.3 “Bank” shall mean Everett Co-operative Bank, and its successors and assigns
unless otherwise provided in this Plan, or any other corporation or business organization which, with the consent of Everett Cooperative Bank, or its successors or assigns, assumes the Bank’s obligations under this Plan, or any Affiliate

  
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whichagrees, with the consent of Everett Co-operative Bank, or its successors or assigns, to become a party to the Plan. 

1.4 “Beneficiary” or “Beneficiaries” shall mean the person(s), trust(s) or other entity or entities
designated by the Executive, in accordance with the procedures established by the Plan Administrator, to receive applicable payments in the event of the death of the Executive prior to the Executive’s receipt of the entire amount credited to
his Account 
 1.5 “Beneficiary Designation Form” shall mean the form established from time to time by the Plan
Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 

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

1.7 “Cause” shall mean conduct by the Executive determined by the Bank to be: 

(a) gross negligence or willful malfeasance in the performance of the Executive’s duties; or 

(b) 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 
 (c) the commission by the Executive of any misconduct, whether or not related to the Bank
or any of its affiliates, that has caused, or would reasonably be expected to cause, material detriment or damage to the Bank or any of its affiliates’ reputation, business operation or relation with its employees, customers, vendors, suppliers
or regulators; or 
 (d) continued, willful and deliberate non-performance by the
Executive of his duties (other than by reason of the Executive’s physical or 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 the Bank, as the case may be; or 

(e) willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement
authorities, after being instructed by the Bank to cooperate, or the 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 the Bank to preserve such documents, or the willful inducement of others to fail to cooperate or to fail to produce documents or other materials; or 

(f) removal or prohibition of the Executive from participating in the conduct of the Bank’s affairs by order issued under
applicable law and regulations by a federal or state banking agency having authority over the Bank. 
 1.8 “Change in
Control” shall mean any of the following: 
 (a) A Change in Control occurs as defined or determined either by the
Bank’s primary banking regulator or under regulations promulgated by the primary banking regulator. 
 (b) A Change in
Control occurs as a result of, or in connection with, any merger or other business combination, sale of assets or contested election, the persons who were Directors of the Bank before such transaction or event ceases to constitute a majority of the
Board of Directors of the Bank or any successor to the Bank. 
 (c) A Change in Control occurs if the Bank transfers
substantially all of its assets to another corporation or entity which is not an affiliate of the Bank. 

  
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 (d) A Change in Control occurs if the Bank is merged or consolidated with
another corporation or entity and, as a result of such merger or consolidation, less then a majority of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank. 

A Change in Control shall not occur solely as a result of a conversion of the Bank from the mutual to the stock form of organization or a
reorganization of the Bank into the mutual holding company form of ownership. The definition of Change in Control shall be construed to be consistent with the requirements of Section 409A and the Treasury Regulations promulgated thereunder.

 1.9 “Claimant” shall mean the Executive or a Beneficiary who believes that he or she is entitled to a benefit
under this Plan or is being denied a benefit to which he or she is entitled hereunder. 
 1.10 “Code” shall mean the
U.S. Internal Revenue Code of 1986 and the Treasury Regulations or other authoritative guidance issued thereunder, as amended from time to time. 

1.11 “Company Contribution” shall mean the amounts credited on behalf of the Executive by the Bank to the
Executive’s Account under the terms of the Plan. 
 1.12 “Disabled” or “Disability” means the
Executive: 
 (a) is unable 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 can be expected to last for a continuous period of not less than twelve (12) months; or 

(b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank;
or 
 (c) if determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board. 

1.13 “Effective Date” shall mean May 1,2021. 

1.14 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time,
and the regulations and guidance promulgated thereunder. 
 1.15 “Plan” shall mean this Nonqualified Deferred
Compensation Plan, evidenced by this written instrument, as amended from time to time. For purposes of applying Code Section 409A requirements, the benefit of the Executive under this Plan is a nonelective account balance plan under Treasury
Regulation §1.409A-l(c)(2)(i)(B). 
 1.16 “Plan Administrator” shall
mean the Bank’s Compensation Committee or its designee. The Executive may not vote in any Bank decision relating solely to his individual benefits under this Plan. 

1.17 “Plan Year” shall mean, for the first Plan Year, the period beginning on the Effective Date of the Plan and ending
December 31 of such calendar year; and thereafter shall mean a twelve (12) month period beginning January 1 of each calendar year and continuing through December 31 of such calendar year. 

1.18 “Retirement Age” shall mean age sixty-seven (67). 

1.19 “Section 409A” shall mean Code Section 409A and the Treasury Regulations or other
authoritative guidance issued thereunder. 

  
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 1.20 “Separation from Service” or “Separates
from Service” shall mean the Executive has experienced a termination of employment witihi the Bank. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Bank and
the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would
permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six
(36) month period (or the full period during which the Executive performed services for the Bank, if that is less than thirty-six (36) months). 

1.21 “Specified Employee” shall mean the Executive meets the definition of a “key employee” as such term is
defined in Code Section 416(i)(l)(A)(i), (ii) or (iii) (without regard to the Treasury Regulations thereunder and Section 416(i)(5)). However, the Executive is not a Specified Employee unless any stock of the Bank is publicly traded on an
established securities market or otherwise, as defined in Treasury Regulation §1.897-l(m). If the Executive is a key employee at any time during the twelve (12) months ending on December 31, the
identification date, the Executive is a Specified Employee for the twelve (12) month period ending on the first day of the fourth month following the identification date. The determination of the Executive as a Specified Employee shall be made
by the Plan Administrator in accordance with Code Section 416(i) and the “specified employee” requirements of Section 4G9A. 

1.22 ‘Treasury Regulation” or “Treasury Regulations” shall mean regulations promulgated by the Internal
Revenue Service for the U.S. Department of the Treasury, as they may be amended from time to time. 
 1.23 “Year of
Plan Participation” shall mean a twelve (12) month period during which the Executive is employed on a full-time basis by the Bank, inclusive of any approved leaves of absence, beginning on the Effective Date. 

ARTICLE 2 
 COMPANY
CONTRIBUTIONS 
 2.1 Company Contributions. Company Contributions for a particular Plan Year, if made, shall be
credited to the Executive’s Account on January 1st of such Plan Year, based on the prior year performance. The Bank intends for an annual Company Contribution amount, if any, to be equal
to ten percent (10%) of the Executive’s salary and bonus but may credit additional contributions at its discretion. The Bank may make additional Company Contributions to be credited to the Executive’s Account at such time or times
established by the Bank in its sole discretion. 
 ARTICLE 3 

INTEREST CREDITING 

3.1 Crediting of Interest. For the purpose of determining the interest to be credited to the Executive’s Account under the
Plan, the Bank shall assume that the Executive’s Account is invested in such a manner that it earns a rate of interest equal to the “Interest Crediting Rate,” as described in Section 3.2. This amount accrued by the Bank as
additional deferred compensation shall be a part of the Bank’s obligation to the Executive. The determination of interest credited to the Executive’s Account shall in no way affect the ability of the general creditors of the Bank to reach
the assets of the Bank in the event of the insolvency or bankruptcy of the Bank or place the Executive in a secured position ahead of the general creditors of the Bank. There is no requirement that any assets of the Bank shall be invested in any
particular manner. Interest hereunder shall be credited to the Executive’s Account effective as of the date the Account first has a positive balance and continuing through the date the Account balance is fully paid to the Executive. 

3.2 Interest Crediting Rate. The annual Interest Crediting Rate for a Plan Year shall be benchmarked to the 10-Year Treasury Rate as of December 1st of the preceding calendar year. The benchmark shall remain unchanged unless and until the Bank determines, in its sole
discretion, to prospectively modify the benchmark effective for a subsequent Plan Year(s). The Bank shall review the Interest Crediting Rate described in this Section on an annual basis. 

  
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 ARTICLE 4 

VESTING/FORFEITURES/TAXES 

4.1 Vesting. The Executive becomes vested in his Account in accordance with the following schedule: 

 

					
	 Complete
 Years of
Plan
 Participation
	  	Percent
Vested	 
	 Less than 4
	  	 	0	% 
	 4 but less than 5
	  	 	20	% 
	 5 but less than 6
	  	 	40	% 
	 6 but less than 7
	  	 	60	% 
	 7 but less than 8
	  	 	80	% 
	 8 or more
	  	 	100	% 

 4.2 Acceleration of Vesting. Notwithstanding the foregoing vesting schedule, the Executive shall
automatically become one hundred percent (100%) vested in his Account upon the earliest of the following events to occur while the Executive is employed by the Bank; (a) Disability; (b) death; or (c) a Change in Control. Additionally, the
Bank may accelerate the Executive’s vesting at any time in its discretion, provided that the acceleration complies with Section 409A. 

4.3 Forfeiture. Notwithstanding any other provision to the contrary herein, in the event the Executive’s employment is
terminated for Cause, no benefits of any kind will be due or payable by the Bank under the terms of this Plan and all rights of the Executive, his Beneficiary, executors, or administrators, or any other person, to receive payments thereof shall be
forfeited. Additionally, the Executive will forfeit any portion of his Account that not vested upon his Separation from Service. 

4.4 Removal. Notwithstanding any provision of this Plan to the contrary, the Bank shall not distribute any benefit under this
Plan if the Executive is subject to a final removal or prohibition order issued by an appropriate banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

4.5 Taxes and Withholding. Company Contributions and interest credited thereon are subject to the Federal Insurance Contribution
Act (FICA) and the Federal Unemployment Tax Act (FUTA) to the extent provided under applicable Code provisions, and benefits payable under the Plan are subject to all applicable federal, state, city, income, employment or other taxes as may
be required to be withheld or paid. The Executive is responsible for the payment of all tax liabilities relating to any such benefits. 

ARTICLE 5 
 PAYMENT OF
BENEFITS 
 5.1 Payments in General. 

(a) Amount of Benefit. The Executive (or, in the event of the death of the Executive, the Executive’s Beneficiary)
shall be entitled to receive the Executive’s vested Account balance as of the earliest payment event to occur under Article 5. 

(b) Source of Payments. All payments made under the Plan shall be made in cash firom the Bank’s general assets.

 (c) Calculation of Installments. For purposes of calculating installments in the first calendar year of the payout
period, the Account balance shall be annuitized over the installment period using the Interest Crediting Rate in effect at that time. In subsequent calendar years of the payout period, the amount of monthly installments shall be recalculated each
January l51, by annuitizing the remaining balance over the remaining installment period using the updated Interest Crediting Rate for that calendar year. 

  
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 5.2 Separation from Service. 

(a) Prior to Retirement Age. In the event the Executive Separates from Service prior to Retirement Age (other
than for Cause, death, or within six (6) months following a Change in Control), the Bank shall pay to the Executive his Account balance as of the date the Executive attains Retirement Age and applying the vesting percentage pursuant to
Section 4.1 as in effect as of the date of Separation from Service. Payment shall be made in monthly installments over a period of ten (10) years. The first installment shall be paid on the first day of the month following
Retirement Age, with subsequent installments paid on the first day of each month thereafter and calculated in accordance with Section 5.1(c). 

(b) On or After Retirement Age. In the event the Executive Separates from Service (other than for Cause or death)
on or after Retirement Age, the Bank shall pay to the Executive his vested Account balance, calculated as of the date of Separation from Service, in monthly installments over a period of ten (10) years. The first installment shall be paid on
the first day of the month following the date of Separation from Service, with subsequent installments paid on the first day of each month thereafter and calculated in accordance with Section 5.1(c). 

(c) Following a Change in Control. In the event the Executive’s title, job description and
incentive compensation have been diminished and the Executive Separates from Service (other than for Cause or death) within six (6) months following a Change in Control and prior to Retirement Age, the Bank shall pay to the Executive
his vested Account balance, calculated as of the date of Separation from Service, in a lump sum. The payment shall be made within thirty (30) days following the date of Separation from Service. 

5.3 Death. 

(a) While Employed. In the event of the Executive’s death while employed by the Bank, the Bank shall pay to the
Executive’s Beneficiary the Executive’s vested Account balance, calculated as of the date of death, in a lump sum. The payment shall be made within thirty (30) days following the date of the Executive’s death. 

(b) Death During Installments. In the event of the Executive’s death after installments have commenced under
Article 5 but prior to receiving all installments owed hereunder, the Bank shall pay any remaining installments to the Executive’s Beneficiary in a lump sum. The payment shall be made within thirty (30) days following the date of the
Executive’s death. 
 (c) Death During a Delay. In the event of the Executive’s death after becoming
entitled to a benefit but prior to the commencement of payment owed for such benefit, the Bank shall pay to the Executive’s Beneficiary the Executive’s vested Account balance, calculated as of the date of death, in a lump sum. The payment
shall be made within thirty (30) days following the date of the Executive’s death. 
 5.4 Restrictions on Time of
Payment. Solely to the extent necessary to avoid penalties under Section 409A, payments to be made as a result of a Separation from Service (excluding death) under this Article may not commence earlier than six (6) months after the
Executive’s Separation from Service if, pursuant to Section 409A, the Executive is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraph, any amounts otherwise payable during the six
months shall be accumulated and paid in a lump sum on the first day of the seventh month following Separation from Service. With respect to installment payments, all remaining payments shall be paid as originally scheduled. 

5.5 Accelerations. Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or
schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank (without any direct or indirect election on the part of the Executive), in accordance with the provisions of Treasury
Regulation §1.409A-3(j)(4) and any subsequent guidance 

  
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issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with the provisions of Treasury Regulation
§1.409A-3(j)(4) in the following circumstances: (a) in limited cashouts (but not in excess of the limit under Code Section 402(g)(1)(B)); (b) to pay employment-related taxes; or (c) to pay
any taxes that may become due at any time that the Plan fails to meet the requirements of Section 409A (but in no case shall such payments exceed the amount to be included in income as a result of the faUure to comply with the requirements of
Section 409A). 
 5.6 Rights of Executive and Beneficiary. 

(a) Creditor Status of Executive and Beneficiary. The Plan constitutes the unfunded, unsecured promise of the Bank to
make payments to the Executive or his Beneficiary in the future and shall be a liability solely against the general assets of the Bank. The Bank shall not be required to segregate, set aside or escrow any amounts for the benefit of the Executive or
his Beneficiary. The Executive and his Beneficiary shall have the status of a general unsecured creditor of the Bank and may look only to the Bank and its general assets for payment of benefits under the Plan. 

(b) Investments. In its sole discretion, the Bank may acquire insurance policies, annuities or other financial vehicles
for the purpose of providing future assets of the Bank to meet its anticipated liabilities under the Plan. Such policies, annuities or other investments shall at all times be and remain unrestricted general property and assets of the Bank. The
Executive and his designated Beneficiary shall have no rights, other than as general creditors, with respect to such policies, annuities or other acquired assets, In the event that the Bank purchases an insurance policy or policies insuring the life
of the Executive or another employee, to allow the Bank to recover or meet the cost of providing benefits, in whole or in part, hereunder, neither the Executive nor his Beneficiary shall have any rights whatsoever in said policy or the proceeds
therefrom. 
 5.7 Discharge of Obligations. The payment to the Executive or his Beneficiary of the Account in full shall
discharge all obligations of the Bank to the Executive or his Beneficiary under the Plan with respect to the Executive’s Account. 

ARTICLE 6 
 BENEFICIARY
DESIGNATION 
 6.1 Designation of Beneficiaries. 

(a) The Executive may designate any person or persons (who may be named contingently or successively) to receive any benefits
payable under the Plan upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form
prescribed by the Plan Administrator, and shall be effective only when filed with the Plan Administrator during the Executive’s lifetime. 

(b) In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is
no living Beneficiary validly named by the Executive, the Bank shall pay the benefit payment to the Executive’s spouse, if then living and if the spouse is not then living to the Executive’s then living descendants, if any, per
stirpes, and if there are no living descendants, to the Executive’s estate. In determining the existence or identity of anyone entitled to a benefit payment, the Bank may rely conclusively upon information supplied by the Executive’s
personal representative, executor, or administrator. 
 (c) The Executive’s designation of a Beneficiary will not be
revoked or changed automatically by any future marriage or divorce. Should the Executive wish to change the designated Beneficiary in the event of a future marriage or divorce, the Executive will have to do so by means of filing a new Beneficiary
Designation Form with the Plan Administrator. 

  
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 (d) If a question arises as to the existence or identity of anyone entitled
to receive a death benefit payment under the Plan, or if a dispute arises with respect to any death benefit payment under the Plan, the Bank may distribute the payment to the Executive’s estate without liability for any tax or other
consequences, or may take any other action which the Bank deems to be appropriate. 
 6.2 Information to be furnished by Executive
and Benefidary; Inability to Locate Executive or Beneficiary. Any communication, statement or notice addressed to the Executive or to a Benefidary at his or her last post office address as shown on the Bank’s records shall be binding on the
Executive or Benefidary for all purposes of the Plan. The Bank shall not be obliged to search for the Executive or Beneficiary beyond the sending of a registered letter to such last known address. 

6.3 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a
person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having
care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to payment of the benefit. Any distribution of a benefit shall
be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such distribution amount. 

ARTICLE 7 
 PLAN
ADMINISTRATION 
 7.1 Plan Administrator Duties. The Plan Administrator shall be responsible for the management,
operation, and administration of the Plan. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by the Bank, the Executive, or Benefidary. No provision of this Plan shall be construed
as imposing on the Plan Administrator any fiduciary duty under ERISA or other law, or any duty similar to any fidudary duty under ERISA or other law. 

7.2 Plan Administrator Authority. The Plan Administrator shall enforce this Plan in accordance with its terms, shall be charged
with the general administration of this Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 

(a) To construe and interpret the terms and provisions of this Plan and to recondle any inconsistency, in its sole and absolute
discretion; 
 (b) To compute and certify the amount payable to the Executive and his Beneficiaries; to determine the time
and manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted; 
 (c) To
maintain all records that may be necessary for the administration of this Plan; 
 (d) To provide for the disdosure of all
information and the filing or provision of all reports and statements to the Executive, Beneficiaries, and governmental agendes as shall be required by law; 

(e) To make and publish such rules for the regulation of this Plan and procedures for the administration of this Plan so long
as no such rules or procedures are not inconsistent with the terms hereof; 
 (f) To administer this Plan’s claims
procedures; 
 (g) To approve the forms and procedures for use under this Plan; and 

(h) To employ such persons or organizations, including without limitation, actuaries, attorneys, accountants, independent
fiduciaries, recordkeepers and administrative consultants, to render advice or perform services with respect to the responsibilities of the Plan Administrator under the Plan. 

  
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 7.3 Binding Effect of Decision. The decision or action of the Plan
Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all
persons having any interest in this Plan. 
 7.4 Agents. In the administration of this Plan, the Plan Administrator may employ
agents and 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, 

7.5 Compensation and Expenses. The Plan Administrator shall serve without compensation for services rendered hereunder. The Plan
Administrator is authorized at the expense of the Bank to employ such legal counsel and/or Plan recordkeeper as it may deem advisable to assist in the performance of its duties hereunder. Expenses and fees in connection with the
administration of this Plan shall be paid by the Bank. 
 7.6 Compliance with Section 409A. 

(a) Notwithstanding anything contained herein to the contrary, the interpretation and distribution of the Executive’s
benefits under the Plan shall be made in a manner and at such times as to comply with all applicable provisions of Section 409A and the regulations and guidance promulgated thereunder, or an exception or exclusion therefrom to avoid the
imposition of any accelerated or additional taxes. Any defined terms shall be construed consistent with Section 409A and any terms not specifically defined shall have the meaning set forth in Section 409A. 

(b) The intent of this Section is to ensure that the Executive is not subject to any tax liability or interest penalty, by
reason of the application of Code Section 409A(a)(l) as a result of any failure to comply with all the requirements of Section 409A, and this Section shall be interpreted in light of, and consistent with, such requirements. This Section
shall apply to distributions under the Plan, but only to the extent required in order to avoid taxation of, or interest penalties on, the Executive under Section 409A. These rules shall also be deemed modified or supplemented by such other
rules as may be necessary, from time to time, to comply with Section 409A. 
 ARTICLE 8 

AMENDMENT AND TERMINATION 

8.1 Amendment. This Plan may be amended by the Bank at any time in its discretion and with respect to any provisions hereof, and
all parties hereto or claiming any interest hereunder shall be bound by such amendment; provided, however, that no such amendment shall deprive the Executive or a Beneficiary of a benefit amount accrued hereunder prior to the date of the amendment
without the written consent of the Executive or Beneficiary. However, the Bank may unilaterally amend this Plan without the consent of the Executive or Benefidary to ensure that the Plan is characterized as a
“top-hat” plan of deferred compensation maintained for a select group of management or highly compensated employees as described under ERISA Sections 201(2), 301(a)(3), and 401(a)(1), or to conform
the Plan to the provisions of Section 409A or any other applicable law (including but not limited to ERISA, banking regulations, and the Code). 

8.2 Plan Suspension. Although the Bank anticipates that it will continue the Plan for an indefinite period of time, there is no
guarantee it will do so. The Bank reserves the right to suspend the operation of the Plan for a fixed or indeterminate period of time, in its sole discretion. In the event of a suspension of the Plan, during the period of the suspension, the Bank
shall continue all aspects of the Plan other than crediting of Company Contributions. Benefit distributions will continue to be made during the period of the suspension in accordance with Article 5. 

8.3 Plan Termination and Liquidation under Section 409A. Notwithstanding anything to the contrary in
Section 8.2, the Bank may terminate and liquidate the Plan as described under Treasury Regulation §1.409A- 3(j)(4)(ix). Any acceleration of the payment of benefits due to Plan termination and liquidation shall comply with the following
subparagraphs, but only as permitted in accordance with Section 409A and Treasury Regulation §1.409A-3(j)(4)(ix). In the event of such termination and liquidation, the Bank shall pay to the Executive

  
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his vested Account balance, calculated as of the date of the termination of the Plan. After deduction of estimated expenses in liquidating and paying Plan benefits, the Bank may accelerate
payment to the Executive subject to the terms below: 
 (a) Upon the Bank’s termination of this and all other
arrangements that would be aggregated with this Plan, pursuant to Treasury Regulation §1.409A-l(c) (“Similar Arrangements”), provided that: (i) the termination does not occur proximate to a
downturn in the financial health of the Bank; (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination; and (iii) the Bank does not adopt
any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan. 

(b) Upon the Bank’s dissolution taxed under Code Section 331, or with approval of abankruptcy court, provided that
the amounts deferred under the Plan are included in the Executive’s gross income in the latest of; (i) the calendar year on which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial
risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable; or 
 (c)
Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of the Plan and further provided that all the
Bank’s Similar Arrangements are terminated so the Executive and all participants in the Similar Arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the
termination of the Plan. 
 ARTICLE 9 

CLAIMS PROCEDURE 
 9.1
Claims Procedure. This Article is based on Department of Labor Regulation Section 2560.503-1. If any provision of this Article conflicts with the requirements of those regulations, the
requirements of those regulations will prevail. For purposes of this Article, references to Disability benefit claims are intended to describe a claim needing a determination of Disability only if and to the extent that such claim requires an
independent determination by the Plan Administrator that the Executive is or is not suffering from a Disability. If the determination of Disability is based entirely on a determination made by another party, such as the Social Security
Administration or another federal or state agency or an insurer with respect to a disability insurance policy covering the Executive, the claim shall not be treated as a Disability claim for purposes of the special provisions of this Article that
apply to claims for which an independent determination of Disability is required. A Claimant who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 

(a) Initiation - Written Claim. The Claimant initiates a claim by submitting a written request for the benefits to the
Plan Administrator. The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained.
If the claim relates to Disability benefits, the Plan Administrator shall ensure that all claims and appeals for Disability benefits are adjudicated in a manner designed to ensure the independence and impartiality of the persons involved in making
the decision. 
 (b) Timing of Bank Response. 

(i) Claims That Do Not Require a Determination of Disability. If the claim is for a benefit other than a Disability claim, the Plan
Administrator shall notify the Claimant within ninety (90) days after receiving the claim if the claim is allowed or denied. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the
Plan Administrator can extend the response period by an additional ninety (90) days by notifying the Claimant in writing prior to the end of the initial 90-day period that an additional period is
required. Any notice of extension must 

  
 10 

 
set forth the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render its decision, such extension not to extend beyond the day which
is one hundred eighty (180) days after the day the claim is filed. 
 (ii) Claims Requiring a Determination of Disability. If
the claim relates to a determination of Disability, and the claim requires an independent determination by the Plan Administrator of the Executive’s Disability status, the Plan Administrator shall notify the Claimant of the Plan’s
adverse benefit determination within a reasonable period of time, but no later than forty-five (45) days after receipt of the claim. If, due to matters beyond the control of the Plan, the Plan Administrator needs additional time to process a
claim, the Claimant will be notified, within forty-five (45) days after the Plan Administrator receives the claim, of those circumstances and of when the Plan Administrator expects to make its decision, but not beyond seventy-five
(75) days after receipt of the claim. If, prior to the end of the extension period, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making the determination may be
extended for up to one hundred five (105) days after the Plan Administrator receives the claim, provided that the Plan Administrator notifies the Claimant of the circumstances requiring the extension and the date as of which the Plan expects to
render a decision. The extension notice shall specifically explain the standards on which entitlement to a Disability benefit is based, the unresolved issues that prevent a decision on the claim and the additional information needed from the
Claimant to resolve those issues, and the Claimant shall be afforded at least forty-five (45) days within which to provide the specified information. 

(c) Notice of Decision. If the Plan Administrator denies the claim, in whole or in part, the Plan Administrator shall notify the
Claimant in writing, or by electronic communication, of such denial. Any electronic notification shall comply with the standards imposed by 29 CFR 2520.104b-l(c)(l)(i), (iii), and (iv), The Plan Administrator
shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 
  

	 	(i)	 The specific reasons for the denial; 

 

	 	(ii)	 A reference to the specific provisions of the Plan or insurance contract on which the denial is based:

  

	 	(iii)	 Notice that the Claimant has a right to request a review of the claim denial and an explanation of the
Plan’s review procedures and the time limits applicable to such procedures; 

  

	 	(iv)	 A statement of the Claimanf s right to bring a dvil action under ERISA Section 502(a) following an adverse
benefit determination, and a description of any time limit that applies under the Plan for bringing such an action. 

  

	 	(v)	 In the case of an adverse benefit determination with respect to Disability benefits, on the basis of the Plan
Administrator’s independent determination of the Executive’s Disability status, the Plan Administrator will provide: 

(A) A discussion of the decision, including an explanation of the basis for disagreeing with or not following: 

(1) The views presented by the Claimant of health care professionals treating the Claimant and vocational professionals who
evaluated the Claimant; 

  
 11 

 (2) The views of medical or vocational experts whose advice was obtained on
behalf of the Plan in connection with a Claimant’s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and 

(3) A Disability determination regarding the Claimant presented by the Claimant made by the Social Security Administration.

 (B) If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion
or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimanf s medical circumstances, or a statement that such explanation will be provided free of charge upon request;

 (C) Either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied
upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar aiteria of the Plan do not exist; and 

(D) A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the Claimant’s claim for benefits. Whether a document, record, or other information is relevant to a claim for benefits shall be determined by Department of Labor Regulation Section 2560.503-l(m)(8). 
 (E) The Plan Administrator shall write the notification
in a culturally and linguistically appropriate manner (as described in Department of Labor Regulation Section 2560.503-l(o)). 

9.2 Review Procedure. If the Plan Administrator denies the claim, in whole or in part, the Claimant shall have the opportunity
for a full and fair review of the claim and the adverse benefit determination as follows: 
 (a) Initiation - Written
Request. 
 (i) Claims That Do Not Require a Determination of Disability. To initiate the review of the denial,
the Claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. 

(ii) Claims Requiring a Determination of Disability. To initiate the review of the denial involving a claim for a
Disability benefit the Claimant, within forty-five (45) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. If the initial claim for Disability benefits
requires an independent determination by the Plan Administrator of the Executive’s Disability status, prior to such review of the denied claim, the Claimant shall be given, free of charge, any new or additional evidence considered, relied upon,
or generated by the Plan, insurer, or other person making the benefit determination in connection with the claim, or any new or additional rationale, as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit
determination on review is required to be provided, to give the Claimant a reasonable opportunity to respond prior to that date. 

(b) Timing of Bank Response. The Plan Administrator shall respond in writing to such Claimant within sixty
(60) days, or forty-five (45) days for a Disability claim, after receiving the request for review. If the reviewer determines that special circumstances require additional time for processing the claim, tiie reviewer can extend the
response period by an additional sixty (60) days, or forty-five (45) days for a Disability claim, by notifying the Claimant in writing, prior to the end of the initial 60-day, or 45-day 

  
 12 

 
(as applicable), period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the reviewer expects to render its decision.

 (c) Additional Submissions - Information Access. On appeal, the Claimant shall be given the opportunity to submit
written comments, documents, records, and other information relating to the daim, as well as to request and receive, without charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in
applicable ERISA regulations) to the claim, In considering the review, all comments, documents, records and other information submitted by the Claimant relating to the claim shall be taken into account, without regard to whether such information was
submitted or considered in the initial benefit determination. 
 (d) Additional Considerations for Review of a Disability
Claim. Additional considerations shall be required in the case of a Disability claim. For example, the claim will be reviewed by an appropriate named fiduciary of the Plan who did not make the initial determination that is subject of the appeal,
nor by a subordinate of the individual who made the determination, and the review shall be made without deference to the initial adverse benefit determination. If the initial adverse benefit determination was based in whole or in part on a medical
judgment, the reviewer will consult with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment. The health care professional who is consulted on appeal will not be the same
individual who was consulted during the initial determination or the subordinate of such individual. If the Plan Administrator obtained the advice of medical or vocational experts in making the initial adverse benefits determination (regardless of
whether the advice was relied upon), the Plan Administrator will identify such experts. 
 (e) Notice of Decision. The
Plan Administrator shall notify the Claimant in writing, or by electronic communication, of the decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall
set forth: 
  

	 	(i)	 The reviewer’s decision; 

 

	 	(ii)	 The specific reasons for the denial; 

 

	 	(iii)	 A reference to the specific provisions of the Plan or insurance contract on which the decision is based;

  

	 	(iv)	 A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s daim for benefits; 

  

	 	(v)	 A statement describing any voluntary appeal procedures offered by the Plan; and 

 

	 	(vi)	 A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) which shall
describe any applicable contractual limitations period that applies to the Claimant’s right to bring such an action, including the calendar date on which the contractual limitations period expires for the claim. 

 

	 	(vii)	 In the case of an adverse benefit decision with respect to Disability benefits: 

(A) A discussion of the decision, including an explanation of the basis for disagreeing with or not following: 

(1) The views presented by the Claimant of health care professionals treating the Claimant and vocational professionals who
evaluated the Claimant; 

  
 13 

 (2) The views of medical or vocational experts whose advice was obtained on
behalf of the Plan in connection with a Claimant’s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and 

(3) A Disability determination regarding the Claimant presented by the Claimant made by the Social Security Administration.

 (B) If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion
or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon
request; 
 (C) Either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan
relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; and 

(D) The Plan Administrator shall write the notification in a culturally and linguistically appropriate maimer (as described in
Department of Labor Regulation Section 2560.503-l(o)). 
 9.3 Calculation of Time
Periods. For purposes of the time periods specified in this Article, the period of time during which a benefit determination is required to be made begins at the time a claim is filed in accordance with the Plan procedures without regard to
whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all information necessary, the period for making the determination shall be tolled from the
date the notification is sent to the Claimant until the date the Claimant responds. 
 9.4 Exhaustion of Remedies. A Claimant
must follow the claims review procedures under this Plan and exhaust his or her administrative remedies before taking any legal action with respect to any claim for benefits under the Plan. 

9.5 Failure of Plan to Follow Procedures. Except for a Disability claim, if the Plan fails to establish or follow
the claims procedures required by this Article, a Claimant shall be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to immediately pursue any available remedy under ERISA Section 502(a) on the
basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. In the case of a claim for Disability benefits, if the Plan fails to strictly adhere to all the requirements of this
Article with respect to a Disability claim, the Claimant is deemed to have exhausted the administrative remedies available under the Plan, and shall be entitled to pursue any available remedies under ERISA Section 502(a) on the basis that the
Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim, except where the violation was: (a) de minimis; (b) nonprejudicial; (c) attributable to good cause or matters beyond the
Plan’s control; (d) in the context of an ongoing good- faith exchange of information; and (e) not reflective of a pattern or practice of non-compliance. The Claimant may request a written
explanation of the violation from the Plan, and the Plan must provide such explanation within ten (10) days, including a specific description of its bases, if any, for asserting that the violation should not cause the administrative remedies to
be deemed exhausted. If a court rejects the Claimant’s request for immediate review on the basis that the Plan met the standards for the exception, the claim shall be considered as re-filed on appeal upon
the Plan’s receipt of the decision of the court. Within a reasonable time after the receipt of the decision, the Plan shall provide the claimant with notice of the resubmission. 

9.6 Arbitration. If the Claimant continues to dispute the benefit denial based upon completed performance of the Plan or the
meaning and effect of the terms and conditions thereof, then the Claimant must submit the dispute to an arbitrator for final arbitration. The arbitrator shall be selected by mutual agreement of the Bank and the Claimant. The arbitrator shall operate
under any generally recognized set of arbitration rules. The 

  
 14 

 
parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such arbitrator with respect to any controversy properly
submitted to it for determination. Where a dispute arises as to the Bank’s discharge of the Executive for Cause, such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision
thereunder. 
 ARTICLE 10 MISCELLANEOUS 

10.1 Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

10.2 Nonassignability. Neither the Executive nor any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part hereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments,
alimony, or separate maintenance owed by the Executive or any other person, be transferable by operation of law in the event of the Executive’s or any other person’s bankruptcy or insolvency, or be transferable to a spouse as a result of a
property settlement or otherwise. If the Executive, Beneficiary, or successor in interest is adjudicated bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate, or
convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of the Executive,
Beneficiary, or successor in interest in such maimer as the Plan Administrator shall direct 
 10.3 Not a Contract of
Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Bank and the Executive. Nothing in this Plan shall be deemed to give the Executive the right to be retained in the
service of the Bank as an employee or to interfere with the right of the Bank to discipline or discharge the Executive at any time. 

10.4 Governing Law. The Plan shall be administered, construed and governed in all respects under and by the laws of the
Commonwealth of Massachusetts, without reference to the principles of conflicts of law (except and to the extent preempted by applicable federal law). 

10.5 Notice. Any notice, consent, or demand required or permitted to be given to the Bank or Plan Administrator under this Plan
shall be sufficient if in writing and hand delivered, or sent by registered or certified mail to the Bank’s principal business office. Any notice, consent, or demand required or permitted to be given to the Executive or Beneficiary under this
Plan shall be sufficient if in writing and hand delivered, or sent by mail to the last known address of the Executive or Beneficiary, as appropriate. Any notice or filing shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark or on the receipt for registration or certification. 
 10.6 Coordination with Other
Benefits. The benefits provided for the Executive or his Beneficiary under this Plan are in addition to any other benefits available to the Executive under any other plan or program for employees of the Bank. This Plan shall supplement and shall
not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided herein. 
 10.7
Unclaimed Benefits. In the case of a benefit payable on behalf of the Executive, if the Plan Administrator is unable to locate the Executive or Beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Bank
upon the Plan Administrator’s determination. Notwithstanding the foregoing, if, subsequent to any such forfeiture, the Executive or Beneficiary to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan
benefit shall be paid by the Plan Administrator to the Executive or Beneficiary, without interest, from the date it would have otherwise been paid. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto execute this Plan as of the date first written
above. 
  

									
		 		 		 	Everett Co-operative Bank
				
	 /s/ John A. Citrano
	 		 	By:	 	 /s/ Joseph Sachetta

	John A. Citrano	 		 		 	
		 		 		 	Its:	 	 Chairman of the Board

  
 16 

 SCHEDULE A 

Everett Go-operative Bank 

Nonqualified Deferred Compensation Plan 

Beneficiary Designation 

(Please Print or Type Information) 
 I, John
Citrano, hereby designate the following to receive amounts payable by reason of my death: 
  

 
  

 
  

 
  

 
  

 
  

					
	Information Concerning Primary Beneficiary	 		  	
			
	          
	 		  	          

	Street Address	 		  	Social Security Number*
			
	          
	 		  	          

	City, State, Zip Code	 		  	Date of Birth*
	
	 *  Will not be applicable for corporate trustee or in certain other
cases.

			
	          
	 		  	          

	Signature of Employee	 		  	Date
			
	          
	 		  	
	Print Name (employee)	 		  	

 SCHEDULE AEX-10.6

 Exhibit 10.6 

Everett Co-operative Bank 

Supplemental Executive Retirement Plan 

Revised as of January 1, 2014 

 Table of Contents 

 

							
	 SECTION 1-
	 	STATEMENT OF PURPOSE	  	 	1	 
			
	 SECTION 2-
	 	DEFINITIONS	  	 	1	 
			
	 SECTION 3-
	 	PLAN ADMINISTRATION	  	 	2	 
			
	 SECTION 4-
	 	ELIGIBILITY AND PARTICIPATION	  	 	4	 
			
	 SECTION 5-
	 	RETIREMENT BENEFIT	  	 	5	 
			
	 SECTION 6-
	 	DISABILITY BENEFIT AND AUTHORIZED LEAVE OF ABSENCE	  	 	6	 
			
	 SECTION 7-
	 	BANK-OWNED LIFE INSURANCE	  	 	6	 
			
	 SECTION 8-
	 	ADMINISTRATOR	  	 	7	 
			
	 SECTION 9-
	 	AMENDMENT	  	 	7	 
			
	 SECTION 10-
	 	MISCELLANEOUS	  	 	7	 
			
	 SECTION 11-
	 	CONSTRUCTION	  	 	9	 

  

 Section 1 - Statement of Purpose 

This Plan is designed and implemented for the purpose of providing to a limited group of key management or highly compensated employees of Everett Co-Operative Bank (“the Bank”) who are largely responsible for the Bank’s success the opportunity to receive supplemental executive retirement benefits, thereby increasing the incentive of such key
employees to remain in the employ of the Bank and to make the Bank more profitable. Special payments shall be made to Participants upon retirement and are intended to provide Participants with additional financial security. 

It is the Bank’s intention that the Plan and all elections, deferrals, rights and features, notwithstanding any written terms or provisions to the
contrary, be operated in good faith compliance with Internal Revenue Code Section 409A. 
 The Plan has been restated effective as of December 31,
2007 to comply with final regulations promulgated under Code Section 409A. 
 Section 2 - Definitions 

2.1 “Accrued Benefit” means a Participant’s normal retirement benefit, as described in Section 5.1 hereof, multiplied by a fraction, the
numerator of which is the Participant’s total number of Years of Service at the time of determination, and the denominator of which is the aggregate number of Years of Service the Participant would have accumulated at his or her Normal
Retirement Date. 
 2.2 “Actuarial Equivalent” means, with respect to a given benefit, any other benefit provided under the terms of the Plan which
has the same present or equivalent value on the date the given benefit payment commences, as determined by the Bank. 
 2.3 “Administrator” means
the person(s) or entity designated by the Board to administer the Plan on behalf of the Bank. 
 2.4 “Bank” means Everett Cooperative Bank,
including any subsidiaries, successors and assigns thereto. 
 2.5 “Beneficiary” means any person or persons designated by a Participant in writing
on a form satisfactory to the Bank. In the absence of any living designated beneficiary, a deceased Participant’s Beneficiary shall be the deceased Participant’s then living spouse, if any, for his or her life; if none, or from and after
such spouse’s death, then the living children of the deceased Participant, if any, in equal shares, for their joint and survivor lives; and if none, or after their respective joint and survivor lives, the estate of the deceased Participant.

 2.6 “Board” means the Board of Directors of the Bank, or any committee of such Board that is authorized to oversee, administer and amend the
Plan. 
 2.7 “Disability” means a situation where a Participant (i) is unable 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 can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an

  
 1 

 
accident and health plan covering employees of the Bank. The Disability of a Participant shall be determined by a licensed physician selected by the Bank. 

2.8 “Effective Date” means November 1, 2005. 
 2.9
“Employee” means an employee of the Bank or subsidiary. 
 2.10 “Employer” means the Bank and any successors that shall maintain this
Plan. The Employer is a corporation, with principal offices in the Commonwealth of Massachusetts. 
 2.11 “High Recognized Compensation” means the
average of the Employee’s highest five consecutive years’ Recognized Compensation. 
 2.12 “Normal Retirement Date” means the date on
which a Participant attains age 65 with a minimum of five (5) years of participation in the Plan. 
 2.13 “Participant” means an Employee
selected by the Board for participation in the Plan in accordance with Section 4 hereof, and who has not for any reason become ineligible to participate further in this Plan. An individual shall be deemed to continue as a Participant until all
benefits payable to the Participant under this Plan have been distributed. 
 2.14 “Plan” means The Everett
Co-operative Bank Supplemental Executive Retirement Plan as contained in this document, including all amendments thereto. 

2.15 “Plan Participation Agreement” means a written agreement between a Participant and the Bank in substantially the form attached hereto as Exhibit
A. 
 2.16 “Plan Year” means the twelve month period commencing on January 1 of each year and ending the following December 31. The initial
Plan Year shall be November 1 through December 31, 2005. 
 2.17 “Recognized Compensation” means the base salary and bonus for the year
to which a Participant is entitled. 
 2.18 “Year of Service” means a period of twelve consecutive months during which a Participant is employed by
the Bank. Unless otherwise provided in his or her Plan Participation Agreement, in determining a Participant’s Years of Service, he or she shall receive credit for service from and after his or her most recent employment commencement date. 

Section 3 - Plan Administration 
 3.1 Powers and
duties of the Administrator. The Employer shall appoint the Plan Administrator, who shall administer the Plan for the exclusive benefit of the Participants and their Beneficiaries, subject to the specific terms of the Plan. The Administrator
shall administer the Plan in accordance with its terms and shall have the power and discretion to construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation, and application of the
Plan. The Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan; provided,

  
 2 

 
however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied. The Administrator
shall have all powers necessary or appropriate to accomplish his duties under this Plan. 
 The Administrator shall be charged with the duties of the general
administration of the Plan, including, but not limited to, the following: 
 (a) The discretion to determine all questions relating to the
eligibility of Employees to participate or remain a Participant hereunder and to receive benefits under the Plan; 
 (b) To compute and make
determinations with respect to the amount of benefits to which any Participant shall be entitled hereunder; 
 (c) To authorize and make
nondiscretionary or otherwise directed disbursements to Participants; 
 (d) To maintain all necessary records for the administration of the
Plan; 
 (e) To interpret the provisions of the Plan and to make and publish such rules for the regulation of the Plan as are consistent with
the terms hereof; 
 (t) To prepare and implement a procedure to notify employees that they have been selected as eligible to participate in
the Plan; 
 (g) To assist any Participant regarding his rights, benefits, or elections available under the Plan. 

3.2 Records and Reports. The Administrator shall keep a record of all actions taken and shall keep all other books of account, records, and other data
that may be necessary for proper administration of the Plan and shall be responsible for supplying all information and reports to the Employer, Participants and Beneficiaries. 

3.3 Participant Statement. The Administrator shall provide each Participant each Plan Year a statement indicating that Participant’s current and
projected retirement benefit under the Plan. 
 3.4 Information from Employer. To enable the Administrator to perform his functions, the Employer
shall supply full and timely information to the Administrator on all matters relating to the compensation of all Participants, their retirement, death, disability, or termination of employment, and such other pertinent facts as the Administrator may
require. The Administrator may rely upon such information as is supplied by the Employer and shall have no duty or responsibility to verify such information. 

3.5 Claims Procedure. Claims for benefits under the Plan may be filed with the Administrator on forms supplied by the Employer. Written or electronic
notice of the disposition of a claim shall be furnished to the claimant within 90 days after the claim is filed. If additional time (up to 90 days) is required by the Administrator to process the claim, written notice shall be provided to the
claimant within the initial 90 day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Administrator expects to render a determination. 

  
 3 

 In the event the claim is denied in whole or in part, the notice shall set forth in language calculated to
be understood by the claimant (i) the specific reason or reasons for the denial, (ii) specific reference to pertinent Plan provisions on which the denial is based, (iii) 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 (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a
statement of the claimant’s right, if any, to bring a civil action under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), following an adverse benefit determination on review. 

3.6 Claims Review Procedure. Any Employee, former Employee, or Beneficiary who has been denied a benefit by a decision of the Administrator pursuant to
Section 3.5 shall be entitled to request the Administrator to give further consideration to his claim by filing with the Administrator a request for a hearing. Such request, together with a written statement of the reasons why the claimant
believes his claim should be allowed, shall be filed with the Administrator no later than 60 days after receipt of the written notification provided for, in Section 3.5. The claimant shall be provided, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits. The Administrator shall then conduct a hearing within the next 60 days, at which the claimant shall have an
opportunity to submit comments, documents, records and other information relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination. 

The Administrator shall make a final decision as to the allowance of the claim within 60 days of receipt of the appeal (unless there has been an extension due
to special circumstances, provided the delay and the special circumstances occasioning it are communicated to the claimant in writing within the 60 day period), and a decision shall be rendered as soon as possible but not later than 120 days after
receipt of the request for review; provided, however, in the event the claimant fails to submit information necessary to make a benefit determination on review, such period shall be tolled from the date on which the extension notice is sent to the
claimant until the date on which the claimant responds to the request for additional information. The decision on review shall be written or electronic and, in the case of an adverse determination, shall include specific reasons for the decision, in
a manner calculated to be understood by the claimant, and specific references to the pertinent Plan provisions on which the decision is based. The decision on review shall also include (i) a statement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits, and (ii) a statement describing any voluntary appeal procedures offered by
the Plan, and a statement of the claimant’s right, if any, to bring an action under Section 502(a) of ERISA and shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision
is based. 
 Section 4 - Eligibility and Participation 

4.1 Eligibility. The Board, in its sole discretion, shall select the Employees of the Bank who are eligible to become Participants and shall determine
whether Participant shall be a member of Tier 1 or Tier 2. 
 4.2 Participation. The Board or its designee shall notify those Employees selected for
participation of the benefits available under the Plan. An eligible Employee becomes a Participant in the Plan upon the execution and delivery by him or her and the Bank of a Plan Participation Agreement. 

  
 4 

 Section 5 - Retirement Benefit 

5.1 Normal Retirement Benefit. If a Participant is employed by the Bank until his or her Normal Retirement Date and, if in the calendar year prior to
retirement, such Participant furnishes a not less than sixty days written notice of the date of retirement, the Participant shall be entitled to receive as a normal retirement benefit annual payments equal to the Participant’s Unit Credit for
each Year of Service, multiplied by his or her High Recognized Compensation This normal retirement benefit shall be payable in equal monthly installments commencing on the first day of the month following the Participant’s actual retirement and
continuing for the remainder of the Participant’s life. The Unit Credit for Participants shall be as follows: 
 Tier 1 Participants
..50% (one-half percent) 
 Tier 2 Participants .25%
(one-quarter percent) 
 Notwithstanding the preceding language in this Section 5.1, the annual normal
retirement benefit payable to Elizabeth P. Jones shall be Fifty-thousand Dollars ($50,000.00), to Marjorie A. White shall be twenty five thousand Dollars ($25,000.00), and to Joseph A. Keohane shall be ten thousand Dollars ($10,000.00) payable in
equal monthly installments commencing on the first day of the month following each of the Participant’s actual retirement and continuing for the remainder of the Participant’s life. 

5.2 Death after Retirement. If a Participant should die after actual retirement but prior to the completion of
one-hundred-twenty (120) monthly retirement payments, such monthly payments shall be continued to the Participant’s Beneficiary until the completion of a combined total of one hundred twenty
(120) monthly payments. 
 5.3 Alternate Form of Payment. The Bank may, in its sole and absolute discretion, approve a retiring
Participant’s request of an alternate form of payment of the benefit, which shall in all events satisfy the requirements of Code Section 409A, in which case such payment(s) shall be in the amount of the Actuarial Equivalent of the benefit
otherwise payable hereunder. 
 5.4 Forfeiture of Benefits. If a Participant terminates employment with the Bank prior to attaining his or her Normal
Retirement Date, other than by reason of death or Disability, such Participant shall not be entitled to any benefits under this Plan. 
 5.5 Withholding
Taxes Employer shall deduct from any payment of benefits the amount of any federal, state or local income or employment taxes required to be withheld or paid with respect to the distribution. 

5.6 Death While Employed After Normal Retirement Date. A Participant whose employment with the Bank continues after his or her Normal Retirement Date
and who dies while so employed shall be deemed to have retired immediately prior to such Participant’s death. 
 5.7 Specified Employee. Any
distribution to a specified employee resulting from actual retirement shall not be made before the date that is six months after the date of actual retirement or, if earlier, the date of death. For this purpose, specified employees shall have the
meaning set forth in Code Section 409A and Regulation l.409A-l(i). 

  
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 Section 6 -Disability Benefit and Authorized Leave of Absence 

6.1 Disability Benefit. Notwithstanding anything to the contrary herein, if a Participant’s employment with the Bank is terminated prior to
attaining his or her Normal Retirement Date as a result of the Participant’s Disability, then, for purposes of this Plan, it shall be deemed that the Participant has remained in the employ of the Bank until the earliest to occur of:
(a) the Participant’s death; (b) the Participant’s attaining his or her Normal Retirement Date; or (c) the cessation of the Participant’s Disability and the failure of the Participant to return to active employment with
the Bank within a reasonable time after recovery from the Disability. 
 6.2 Authorized Leave of Absence. A Participant’s employment with the
Bank shall not be deemed to have terminated for purposes of this Plan during any authorized leave of absence. 
 Section 7 - Bank-Owned Life
Insurance (“BOLI”) 
 7.1 Bank Owns All Rights. In the event that, in its discretion, the Bank purchases a life insurance policy or
policies insuring the life of any Participant to allow the Bank to informally finance and/or recover, in whole or in part, the cost of providing the benefits hereunder, neither the Participant nor any Beneficiary shall have any rights whatsoever
therein. The Bank shall be the sole owner and beneficiary of any such policy or policies and shall possess and may exercise all incidents of ownership therein, except in the event of the establishment of and transfer of said policy or policies to a
trust by the Bank as described in Section 10 hereof. 
 7.2 Participant Cooperation. If the Bank decides to purchase a life insurance policy or
policies on any Participant, the Bank will so notify such Participant. Such Participant shall consent to being insured for the benefit of the Bank and shall take whatever actions may be necessary to enable the Bank to timely apply for and acquire
such life insurance and to fulfill the requirements of the insurance carrier relative to the issuance thereof as a condition of eligibility to participate in the Plan. 

7.3 Participant Misrepresentation. If: (a) any Participant is required by this Plan to submit information to any insurance carrier; and
(b) the Participant makes a material misrepresentation in any application for such insurance; and (c) as a result of that material misrepresentation the insurance carrier is not required to pay all or any part of the proceeds provided
under that insurance, then the Participant’s (or the Participant’s Beneficiary’s) rights to any benefits under this Plan may be, at the sole discretion of the Board, reduced to the extent of any reduction of proceeds that is paid by
the insurance carrier because of such material misrepresentation. 
 7.4 Suicide. Notwithstanding any other term or provision of the Plan or the Plan
Participation Agreement, if a Participant dies by reason of suicide and if the Bank’s receipt of insurance proceeds is as a result reduced, then the Participant’s (or the Participant’s Beneficiary’s) rights to any benefits under
this Plan may be, at the sole discretion of the Board, reduced to the extent of any reduction of proceeds that is paid by the insurance carrier. 

  
 6 

 Section 8 - Administrator 

8.1 Resignation. The Administrator may resign at any time by written notice to the Board, which shall be effective thirty (30) days after receipt
of such notice unless the Administrator and the Board agree otherwise. 
 8.2 Removal. The Administrator may be removed by the Board on thirty
(30) days notice or upon shorter notice accepted by the Administrator. 
 8.3 Appointment of Successor. If the Administrator resigns or is
removed, a successor shall be appointed, in accordance with Section 7.4, by the effective date of resignation or removal under this Section 7. If no such appointment has been made, the Administrator may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of the Administrator in connection with the proceeding shall be allowed as administrative expenses of the Bank. 

8.4 Successor Administrator. If the Administrator resigns or is removed in accordance with Section 7.1 or 7.2, the Board may appoint any third
party as successor Administrator. The appointment shall be effective when accepted in writing by the new Administrator. The new Administrator shall have all of the rights and powers of the former Administrator. 

Section 9- Amendment 

9.1 Amendment. The Employer shall have the right at any time to amend or terminate this Plan. However, no amendment shall be effective so as to reduce
the amount of any Participant’s Accrued Benefit, to delay the payment of any amount to a Participant beyond the time that such amount would be payable without regard to such amendment or to cause any income to be recognized by reason of Code
Section 409A. 
 9.2 Cessation of Accrual of Benefits. The Bank shall have the right at any time to notify the Participants that benefits will no
longer accrue under the Plan. Upon any such notice, retirement benefits payable to a Participant at Normal Retirement Date shall be based on the Participant’s Accrued Benefit at the date of the notice referred to in the preceding sentence. 

Section 10 - Miscellaneous 
 10.1 Nonalienation of
Benefits. No right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right or benefit
under this Plan or any Plan Participation Agreement shall be void. No such right or benefit shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled thereto. No amount of the benefit will,
prior to payment, be subject to garnishment, attachment, execution or levy of any kind, and will not be transferable by operation of law in the event of the bankruptcy, insolvency or death of the employee. If a Participant or any Beneficiary
hereunder shall become bankrupt, or attempt to anticipate, alienate, sell assign, pledge, encumber, or charge any right hereunder, then such right or benefit shall, in the discretion of the Board, cease and terminate, and in such event, the Board
may hold or apply the same or any part thereof for the benefit of the Participant or his or her Beneficiary, spouse, children, or other dependents, or any of them in such manner and in such amounts and proportions as the Board may deem proper. 

  
 7 

 10.2 Unsecured Liability. The obligation of the Bank to make payments hereunder to a Participant
shall constitute an unsecured liability of the Bank. Such payments shall be made from the general funds of the Bank and the Bank shall not be required to establish or maintain any special or separate fund, to purchase or acquire life insurance on a
Participant’s life, or otherwise to segregate assets to assure that such payments shall be made. Neither a Participant nor any other person shall have any interest in any particular asset of the Bank by reason of its obligations hereunder and
the right of any of them to receive payments under this Plan shall be no greater than the right of any other unsecured general creditor of the Bank. Nothing contained in the Plan shall create or be construed as creating a trust of any kind or any
other fiduciary relationship between the Bank and a Participant or any other person. 
 10.3 No Contract of Employment This Plan shall not be deemed
to constitute a contract between the Bank and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right
to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge may have upon him or her as a Participant of this Plan.

 10.4 Designation of Beneficiary. Each Participant shall file with the Bank a notice in writing, in a form acceptable to the Board, designating one
or more Beneficiaries to whom payments becoming due by reason of or after his or her death shall be made. Participants shall have the right to change the Beneficiary or Beneficiaries so designated from time to time; provided, however, that no such
change shall become effective until received in writing and acknowledged by the Bank. 
 10.5 Payment to Incompetents. The Bank shall make the
payments provided herein directly to the Participant or Beneficiary entitled thereto or, if such Participant or Beneficiary has been determined by a court of competent jurisdiction to be mentally or physically incompetent, then payment shall be made
to the duly appointed guardian, committee or other authorized representative of such Participant or Beneficiary. The Bank shall have the right to make payment directly to a Participant or Beneficiary until it has received actual notice of the
physical or mental incapacity of such Participant or Beneficiary and actual notice of the appointment of a duly authorized representative of his or her estate. Any payment to or for the benefit of a Participant or Beneficiary shall be a complete
discharge of all liability of the Bank, therefore. 
 10.6 Interpretation. The interpretation and construction of the Plan by the Administrator, and
any action taken hereunder, shall be binding and conclusive upon all parties in interest. The Administrator shall not be liable to any person for any action taken or omitted to be taken in connection with the interpretation, construction or
administration of the Plan, so long as such action or omission be made in good faith. 
 10.7 Authority to Appoint a Committee. The Board, within its
discretion, shall have the authority to appoint a committee of not less than three (3) of its members, which shall have authority over the Plan in lieu of the entire Board. 

10.8 Authority to Establish a Trust. The Board shall have the right at any time to establish a trust to which the Bank may transfer from time to time
certain assets to be used by said trustee(s) to satisfy some or all of the Bank’s obligations and liabilities under the Plan. All assets held by such trust shall be subject to the claims of the Bank’s creditors in the event of the
Bank’s Insolvency (as defined 

  
 8 

 
herein). The Bank shall be considered “Insolvent” for purposes of said trust if: (a) the Bank is unable to pay its debts as they become due; or (b) the Bank is subject to a
pending proceeding as a debtor under the United States Bankruptcy Code. 
 10.9 Binding Effect. Obligations incurred by the Bank pursuant to this Plan
shall inure to the benefit of the Participant, his or her Beneficiaries, personal representatives, heirs, and legatees. 
 10.10 Entire Plan. This
document and any amendments hereto contain all the terms and provisions of the Plan and shall constitute the entire Plan, any other alleged terms or provisions being of no effect. 

10.11 Merger, Consolidation or Acquisition. In the event of a merger or consolidation of the Bank with another corporation or entity, or the sale or
lease of all or substantially all of the Bank’s assets to another corporation or entity, or the acquiring by another corporation or entity of a right to elect at least thirty percent (30%) of the Board, then and in such event the obligations
and responsibilities of the Bank under this Plan shall be assumed by any such successor or acquiring corporation or entity, and all of the rights, privileges and benefits of the Participants hereunder shall continue. 

Section 11 - Construction 
 11.1 Construction of
this Plan This Plan shall be construed and enforced according to the laws of the Commonwealth of Massachusetts, other than its laws respecting choice of law. 

11.2 Gender and Number. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender, and the singular shall
include the plural, unless the context clearly indicates to the contrary. 
 11.3 Headings. All headings used in this Plan are for convenience of
reference only and are not part of the substance of this Plan. 
 11.4 Enforceability. If any term or condition of this Plan shall be invalid or
unenforceable to any extent or in any application, then the remainder of the Plan, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of the Plan shall be
valid and enforced to the fullest extent and in the broadest application permitted by law. 
 11.5 Uniformity. All provisions of this Plan shall be
interpreted and applied in a uniform, nondiscriminatory manner. In the event of any conflict between the terms of this Plan and any summaries or other descriptions of this Plan, the Plan provisions shall control. 

  
 9 

 IN WITNESS WHEREOF, this restated Plan, having been duly approved and adopted by the Board
of Directors of the Bank, is executed by the duly authorized officers of the Bank as of the restatement effective date. 
  

			
	Everett Co-Operative Bank
		
	By:	 	 /s/ Elizabeth P. Jones

		 	Elizabeth P. Jones, President

  
 10

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