Document:

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                                                                  EXHIBIT 10.4.1

                                                                 August 22, 2002

                         BENJAMIN FRANKLIN SAVINGS BANK
                          SALARY CONTINUATION AGREEMENT

      THIS AGREEMENT is adopted this 22nd day of August, 2002, by and between
BENJAMIN FRANKLIN SAVINGS BANK, a state-chartered bank located in Franklin,
Massachusetts along with its holding company, BENJAMIN FRANKLIN BANCORP M.H.C.
(collectively the "COMPANY"), and THOMAS R. VENABLES (the "EXECUTIVE").

                                  INTRODUCTION

      To encourage the Executive to remain an employee of the Company, the
Company is willing to provide salary continuation benefits to the Executive. The
Company will pay the benefits from its general assets.

                                    AGREEMENT

      The Company and the Executive agree as follows:

                                   ARTICLE 1.
                                   DEFINITIONS

      Whenever used in this Agreement, the following words and phrases shall
have the meanings specified:

      1.1. ACTUARIAL EQUIVALENT shall mean a benefit of equivalent current value
to the benefit which could otherwise have been provided to the Executive,
computed on the basis of the discount rates, mortality tables and other
assumptions then being used by SBERA in determining the actuarial equivalent of
payments being made by SBERA to its Retirement Plan beneficiaries.

      1.2. "CHANGE OF CONTROL" means (a) a reorganization, merger, consolidation
or other form of corporate transaction or series of transactions, other than a
merger or consolidation in which individuals who are directors of the Company
immediately prior to the transaction will continue to represent at least
two-thirds of the directors of the institution resulting from the merger or
consolidation, or (b) a liquidation or dissolution of the Company, or (c) the
sale of more than 50% of the assets of the Company to any person or entity not
controlled by or under common control with the Company (unless such
reorganization, merger, consolidation or other corporate transaction,
liquidation, dissolution or sale is subsequently abandoned).

      1.3. "CODE" means the Internal Revenue Code of 1986, as amended.

      1.4. "DISABILITY" means the Executive's suffering a sickness, accident or
injury to such an extent that he is receiving long-term benefits from the
carrier of any individual or group disability insurance policy covering the
Executive, or from the Social Security Administration. The

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Executive must submit proof to the Company of the carrier's or Social Security
Administration's determination upon the request of the Company.

      1.5. "EFFECTIVE DATE" means June 1, 2002.

      1.6. "FINAL PAY" means the reported total pay (total W-2 compensation,
including bonuses, if any) paid to the Executive by the Company for the last
full calendar year. Final Pay shall be increased by the amount of any pay
reduction contributions (i) to cash or deferred arrangements under Section
401(k) of the Code, (ii) to a cafeteria plan under Section 125 of the Code, or
(iii) to a nonqualified deferred compensation plan. Final Pay shall not be
increased by any reimbursed expenses, credits or benefits under any plan of
deferred compensation to which the Company contributes, or any additional cash
compensation or compensation payable in a form other than cash.

      1.7. "INVOLUNTARY EARLY TERMINATION" means any termination, prior to
Normal Retirement Age, of the Executive's employment with the Company for
reasons other than an approved leave of absence, Termination for
Specially-Defined Cause (as defined in Article 5.1), Disability, Voluntary Early
Termination or Death.

      1.8. "NORMAL RETIREMENT AGE" means the Executive's 65th birthday.

      1.9. "NORMAL RETIREMENT DATE" means the later of the Normal Retirement Age
or the date on which Termination of Employment, as defined below, occurs.

      1.10. "TERMINATION OF EMPLOYMENT" means that the Executive ceases to be
employed by the Company for any reason, voluntary or involuntary, other than by
reason of a leave of absence approved by the Company.

      1.11. "VOLUNTARY EARLY TERMINATION" means that the Executive, prior to
Normal Retirement Age, has terminated employment with the Company for reasons
other than Termination for Specially-Defined Cause, Disability, Involuntary
Early Termination, Death or leave of absence approved by the Company.

                                   ARTICLE 2.
                                LIFETIME BENEFITS

      2.1. NORMAL RETIREMENT BENEFIT. Upon Termination of Employment on or after
the Normal Retirement Age for reasons other than death, the Company shall pay to
the Executive the benefit described in this Section 2.1 in lieu of any other
benefit under this Agreement.

            2.1.1 AMOUNT OF BENEFIT. The annual amount of the Normal Retirement
      Benefit under this Section 2.1 is 75 percent of the Executive's Final Pay,
      as defined in Section 1.6, at the Normal Retirement Date, less the
      following:

                  (a) SOCIAL SECURITY BENEFITS. The amount of annual unreduced
            primary (not family) retirement benefits under the United States
            Social Security Act, but only if the Executive would be eligible for
            Social Security Benefits if application

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            were made as of the Executive's Normal Retirement Date, assuming
            that the Executive had earnings at or above the maximum contribution
            and benefit base under Section 230 of the United States Social
            Security Act for the Executive's working career; and

                  (b) COMPANY QUALIFIED PLAN BENEFITS. The annual annuity
            benefit the Executive would be entitled to receive from the
            Company's contribution to the Executive's 401(k) plan as of the
            Executive's Termination of Employment.

            2.1.2 PAYMENT OF BENEFIT. The Company shall pay the Normal
      Retirement Benefit determined in Section 2.1.1 to the Executive in 12
      equal monthly installments commencing with the month following the
      Executive's Normal Retirement Date, paying the Normal Retirement Benefit
      to the Executive for a period of 20 years.

            2.1.3 BENEFIT INCREASES. Commencing on the first anniversary of the
      first benefit payment, and continuing on each subsequent anniversary, the
      Company's Board of Directors, at its sole discretion, may increase the
      benefit.

      2.2 VOLUNTARY EARLY TERMINATION BENEFIT. Upon a Voluntary Early
Termination, the Company shall pay to the Executive the benefit described in
this Section 2.2 in lieu of any other benefit under this Agreement.

            2.2.1 AMOUNT OF BENEFIT. The Voluntary Early Termination Benefit is
      the dollar amount equal to the liability then accrued on the books of the
      Company for the costs of benefits payable pursuant to the provisions of
      this Agreement, which shall be reported to the Executive on an annual
      basis by the Company.

            2.2.2 PAYMENT OF BENEFIT. The Company shall pay the Voluntary Early
      Termination Benefit to the Executive in a lump sum within 30 days
      following Voluntary Early Termination. However, if such Voluntary Early
      Termination occurs after a Change of Control, the lump sum benefit under
      this Section 2.2 shall be payable at the Normal Retirement Age. The
      Executive may petition the Company to pay this benefit in another manner
      and the Company, in its sole discretion, may accept or deny said petition.

      2.3 INVOLUNTARY EARLY TERMINATION BENEFIT. Upon an Involuntary Early
Termination, the Company shall pay to the Executive the benefit described in
this Section 2.3 in lieu of any other benefit under this Agreement.

            2.3.1 AMOUNT OF BENEFIT. The Involuntary Early Termination Benefit
      is the present value of the stream of payments of the amount the Executive
      would have received as the Normal Retirement Benefit set forth in Section
      2.1.1, assuming that the Executive had remained employed by the Company
      until the Normal Retirement Age and that the Executive's Final Pay would
      have increased five percent (5%) per year from Involuntary Early
      Termination to the Normal Retirement Age.

            2.3.2 PAYMENT OF BENEFIT. The Company shall pay the Involuntary
      Early

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      Termination Benefit to the Executive in a lump sum at the Normal
      Retirement Age. The Executive may petition the Company to pay this benefit
      in another manner and the Company, in its sole discretion, may accept or
      deny said petition.

      2.4 DISABILITY BENEFIT. If the Executive or the Company terminates
employment due to Disability prior to Normal Retirement Age, the Company shall
pay to the Executive the benefit described in this Section 2.4 in lieu of any
other benefit under this Agreement.

            2.4.1 AMOUNT OF BENEFIT. The annual amount of the Disability Benefit
      is the Normal Retirement Benefit set forth in Section 2.1.1, assuming that
      the Executive's Final Pay would have increased five percent (5%) per year
      from Termination of Employment due to Disability to the Normal Retirement
      Age.

            2.4.2 PAYMENT OF BENEFIT. The Company shall pay the Disability
      Benefit to the Executive in 12 equal monthly installments commencing with
      the month following the Normal Retirement Age, paying the Disability
      Benefit determined to the Executive for a period of 20 years. The
      Executive may petition the Company to pay this benefit in another manner
      and the Company, in its sole discretion, may accept or deny said petition.

            2.4.3 BENEFIT INCREASES. Benefit payments may be increased as
      provided in Section 2.1.3.

      2.5 If the Executive's employment terminates before the Executive's Normal
Retirement Age, the Executive may elect to request the Board to permit early
payment of the benefit. If the Executive so elects and the Board consents, he
may commence to receive the Actuarial Equivalent of such benefit at an earlier
date. In the event that the Executive requests permission to commence receiving
the Actuarial Equivalent of his benefit before his Normal Retirement Age and the
Board has not agreed to permit such early payment by a date which is thirty (30)
days after the election was made, the Executive may request the Board to
reconsider its decision. If the Board has not agreed to permit such early
payment by a date which is thirty (30) days after the request for
reconsideration was made, the Executive shall have the right to receive upon
written application to the Company the Actuarial Equivalent of such benefit,
less a penalty of 7%.

                                   ARTICLE 3.
                                 DEATH BENEFITS

         3.1 DEATH DURING ACTIVE SERVICE. If the Executive dies while in the
active service of the Company, the Company shall pay to the Executive's
beneficiary the benefit described in this Section 3.1. This benefit shall be
paid in lieu of the benefits under Article 2.

            3.1.1 AMOUNT OF BENEFIT. The annual amount of the Death Benefit
      under this Section 3.1 is the Normal Retirement Benefit amount described
      in Section 2.1.1, assuming that the Executive's Final Pay would have
      increased five percent (5%) per year from the Executive's death to the
      Normal Retirement Age.

            3.1.2 PAYMENT OF BENEFIT. The Company shall pay the Death Benefit to
      the

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      Executive's beneficiary in 12 equal monthly installments commencing with
      the month following the Executive's death, paying the Death Benefit to the
      Executive's beneficiary for a period of 20 years. The Executive's
      beneficiary may petition the Company in accordance with the provisions of
      Section 2.5 to pay the present value of this death benefit in a lump sum.

      3.2 DEATH DURING PAYMENT OF A LIFETIME BENEFIT. If the Executive dies
after any Lifetime Benefit payments have commenced under Article 2 of this
Agreement but before receiving all such payments, the Company shall pay the
remaining benefits to the Executive's beneficiary at the same time and in the
same amounts they would have been paid to the Executive had the Executive
survived.

      3.2 DEATH AFTER TERMINATION OF EMPLOYMENT BUT BEFORE PAYMENT OF A LIFETIME
BENEFIT COMMENCES. If the Executive is entitled to a Lifetime Benefit under
Article 2 of this Agreement, but dies prior to the commencement of said benefit
payments, the Company shall pay the same benefit payments to the Executive's
beneficiary that the Executive was entitled to prior to death except that the
benefit payments shall commence on the first day of the month following the date
of the Executive's death.

                                   ARTICLE 4.
                                  BENEFICIARIES

      4.1 BENEFICIARY DESIGNATIONS. The Executive shall designate a beneficiary
by filing a written designation with the Company. The Executive may revoke or
modify the designation at any time by filing a new designation. However,
designations will only be effective if signed by the Executive and received by
the Company during the Executive's lifetime. The Executive's beneficiary
designation shall be deemed automatically revoked if the beneficiary predeceases
the Executive, or if the Executive names a spouse as beneficiary and the
marriage is subsequently dissolved. If the Executive dies without a valid
beneficiary designation, all payments shall be made to the Executive's estate.

      4.2 FACILITY OF PAYMENT. If a benefit is payable to a minor, to a person
declared incompetent, or to a person incapable of handling the disposition of
his or her property, the Company may pay such benefit to the guardian, legal
representative or person having the care or custody of such minor, incompetent
person or incapable person. The Company may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the
benefit. Such distribution shall completely discharge the Company from all
liability with respect to such benefit.

                                   ARTICLE 5.
                               GENERAL LIMITATIONS

      5.1 TERMINATION FOR SPECIALLY-DEFINED CAUSE. Notwithstanding any provision
of this Agreement to the contrary, the Company shall not pay any benefit under
this Agreement if the Company terminates the Executive's employment for:

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            (a) The willful and continued failure by the Executive to
      substantially perform his duties with the Company (other than any such
      failure resulting from incapacity due to physical or mental illness),
      after a demand for specific performance is delivered to the Executive by
      the Board which identifies individual goals and objectives which must be
      accomplished to remedy the Executive's performance, as well as provides
      rationale as to the reason the Board believes that he has not historically
      substantially performed his duties;

            (b) Commission of a felony or of a gross misdemeanor involving moral
      turpitude; or

            (c) Fraud, dishonesty or willful violation of any law or significant
      Company policy committed in connection with the Executive's employment and
      resulting in an adverse effect on the Company. For purposes of this
      paragraph, no act, or failure to act, on the Executive's part shall be
      considered "willful" unless done, or omitted to be done, by him not in
      good faith and without reasonable belief that his action or omission was
      in the best interest of the Company.

Notwithstanding the foregoing, the Executive shall not be deemed to have been
terminated for Specially-Defined Cause unless and until there have been
delivered to him a copy of a resolution duly adopted by the affirmative vote of
not less than two-thirds (2/3) of the entire authorized membership of the Board
at a meeting of the Board called and held for the purpose (after reasonable
notice and an opportunity for the Executive, together with counsel, to be heard
before the Board), finding that in the good faith opinion of the Board he was
guilty of conduct set forth above in clauses 5.1 (a), (b) or (c) and specifying
the particulars thereof in detail.

      5.2 SUICIDE OR MISSTATEMENT. The Company shall not pay any benefit under
this Agreement if the Executive commits suicide within three years after the
date of this Agreement. In addition, the Company shall not pay any benefit under
this Agreement if the Executive has made any material misstatement of fact on an
employment application or resume provided to the Company, or on any application
for any benefits provided by the Company to the Executive.

      5.3 COMPETITION AFTER TERMINATION OF EMPLOYMENT. The Company shall not pay
any benefit under this Agreement if the Executive, without the prior written
consent of the Company, engages in, becomes interested in, directly or
indirectly, as a sole proprietor, as a partner in a partnership, or as a
substantial shareholder in a corporation, or becomes associated with, in the
capacity of employee, director, officer, principal, agent, trustee or in any
other capacity whatsoever, any enterprise headquartered in the town of Franklin,
Massachusetts or any town contiguous to Franklin, Massachusetts, which is, or
may deemed to be, competitive with any business carried on by the Company as of
the date of termination of the Executive's employment or retirement. This
section shall not apply following an Involuntary Early Termination or after a
Change of Control.

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                                   ARTICLE 6.
                           CLAIMS AND REVIEW PROCEDURE

      6.1 CLAIMS PROCEDURE. An Executive or beneficiary ("CLAIMANT") who has not
received benefits under the Agreement that he or she believes should be paid
shall make a claim for such benefits as follows:

            6.1.1 INITIATION - WRITTEN CLAIM. The claimant initiates a claim by
      submitting to the Company a written claim for the benefits.

            6.1.2 TIMING OF COMPANY RESPONSE. The Company shall respond to such
      claimant within 45 days after receiving the claim. If the Company
      determines that special circumstances require additional time for
      processing the claim, the Company can extend the response period by an
      additional 45 days by notifying the claimant in writing, prior to the end
      of the initial 45-day period, that an additional period is required. The
      notice of extension must set forth the special circumstances and the date
      by which the Company expects to render its decision.

            6.1.3 NOTICE OF DECISION. If the Company denies part or all of the
      claim, the Company shall notify the claimant in writing of such denial.
      The Company shall write the notification in a manner calculated to be
      understood by the claimant. The notification shall set forth:

                  (a) The specific reasons for the denial;

                  (b) A reference to the specific provisions of the Agreement on
            which the denial is based;

                  (c) A description of any additional information or material
            necessary for the claimant to perfect the claim and an explanation
            of why it is needed;

                  (d) An explanation of the Agreement's review procedures and
            the time limits applicable to such procedures; and

                  (d) A statement of the claimant's right to bring a civil
            action under ERISA Section 502(a) following an adverse benefit
            determination on review.

      6.2 REVIEW PROCEDURE. If the Company denies part or all of the claim, the
claimant shall have the opportunity for a full and fair review by the Company of
the denial, as follows:

            6.2.1 INITIATION - WRITTEN REQUEST. To initiate the review, the
      claimant, within 60 days after receiving the Company's notice of denial,
      must file with the Company a written request for review.

            6.2.2 ADDITIONAL SUBMISSIONS - INFORMATION ACCESS. The claimant
      shall then have the opportunity to submit written comments, documents,
      records and other information relating to the claim. The Company shall
      also provide the claimant, 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
      claim for benefits.

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            6.2.3 CONSIDERATIONS ON REVIEW. In considering the review, the
      Company shall take into account all materials and information the claimant
      submits relating to the claim, without regard to whether such information
      was submitted or considered in the initial benefit determination.

            6.2.4 TIMING OF COMPANY RESPONSE. The Company shall respond in
      writing to such claimant within 45 days after receiving the request for
      review. If the Company determines that special circumstances require
      additional time for processing the claim, the Company can extend the
      response period by an additional 45 days by notifying the claimant in
      writing, prior to the end of the initial 45-day period, that an additional
      period is required. The notice of extension must set forth the special
      circumstances and the date by which the Company expects to render its
      decision.

            6.2.5 NOTICE OF DECISION. The Company shall notify the claimant in
      writing of its decision on review. The Company shall write the
      notification in a manner calculated to be understood by the claimant. The
      notification shall set forth:

                  (a) The specific reasons for the denial;

                  (b) A reference to the specific provisions of the Agreement on
            which the denial is based;

                  (c) 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 claim for benefits;
            and

                  (d) A statement of the claimant's right to bring a civil
            action under ERISA Section 502(a).

                                   ARTICLE 7.
                           AMENDMENTS AND TERMINATION

      This Agreement may be amended or terminated only by a written agreement
signed by the Company and the Executive.

                                   ARTICLE 8.
                                  MISCELLANEOUS

      8.1 BINDING EFFECT. This Agreement shall bind the Executive and the
Company, and their beneficiaries, survivors, executors, successors,
administrators and transferees.

      8.2 NO GUARANTEE OF EMPLOYMENT. This Agreement is not an employment policy
or contract. It does not give the Executive the right to remain an employee of
the Company, nor does it interfere with the Company's right to discharge the
Executive. It also does not require the Executive to remain an employee nor
interfere with the Executive's right to terminate employment at any time.

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      8.3 NON-TRANSFERABILITY. Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.

      8.4 REORGANIZATION. The Company shall not merge or consolidate into or
with another company, or reorganize, or sell substantially all of its assets to
another company, firm, or person unless such succeeding or continuing company,
firm, or person agrees to assume and discharge the obligations of the Company
under this Agreement. Upon the occurrence of such event or upon a Change of
Control, the term "COMPANY" as used in this Agreement shall be deemed to refer
to the successor or survivor company.

      8.5 TAX WITHHOLDING. The Company shall withhold any taxes that are
required to be withheld from the benefits provided under this Agreement.

      8.6 APPLICABLE LAW. The Agreement and all rights hereunder shall be
governed by the laws of the Commonwealth of Massachusetts, except to the extent
preempted by the laws of the United States of America.

      8.7 UNFUNDED ARRANGEMENT. The Executive and beneficiary are general
unsecured creditors of the Company for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Company to pay such
benefits. The rights to benefits are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors. Any insurance on the Executive's life is a general
asset of the Company to which the Executive and beneficiary have no preferred or
secured claim.

      8.8 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the Company and the Executive as to the subject matter hereof. No rights
are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

      8.9 ADMINISTRATION. The Company shall have powers which are necessary to
administer this Agreement, including but not limited to:

            (a) Establishing and revising the method of accounting for the
      Agreement;

            (b) Maintaining a record of benefit payments; and

            (c) Establishing rules and prescribing any forms necessary or
      desirable to administer the Agreement.

      8.10 NAMED FIDUCIARY. The Company shall be the named fiduciary and plan
administrator under this Agreement. It may delegate to others certain aspects of
the management and operational responsibilities including the employment of
advisors and the delegation of ministerial duties to qualified individuals.

      8.11 RABBI TRUST. Upon a Change of Control, the Company shall, as soon as
possible, but in no event later than 30 days following the Change of Control,
make an irrevocable contribution to a trust (the "Rabbi Trust") in an amount
that is sufficient, as determined by an actuary appointed by the trustee of the
Rabbi Trust (the "Trustee"), to pay the Executive or his

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beneficiary the full benefits to which he would be entitled pursuant to the
terms of this Agreement in the event of an Involuntary Early Termination
occurring as of the date on which the Change of Control occurred assuming the
Board had agreed to pay such benefits to the Executive or his beneficiary, on an
Actuarial Equivalent basis, as of the date of the Change of Control. Within the
same time period following a Change of Control, the Company shall make a further
irrevocable contribution to the Rabbi Trust in an amount sufficient to pay for
the Trustee's fees and for actuarial, accounting, legal and other professional
or administrative services necessary to implement the terms of this Agreement
following a Change of Control. Such amount shall be determined by the Trustee's
estimate of its fees (as provided in the Rabbi Trust agreement) and by estimates
obtained by the Trustee from the independent actuaries, accountants, lawyers and
other appropriate professional and administrative personnel who provided such
services to the Trust or the Company immediately before the Change of Control.
The Rabbi Trust shall be established by the Company and shall conform
substantially with the Model Rabbi Trust found at IRS Revenue Procedure 92-64.

      IN WITNESS WHEREOF, the parties to this Agreement set forth above consent
to the terms of this Agreement.

                                         BENJAMIN FRANKLIN SAVINGS BANK

                                         By ___________________________
                                         Title ________________________

                                         BENJAMIN FRANKLIN BANCORP M.H.C.

                                         By ___________________________
                                         Title ________________________

                                         EXECUTIVE:

                                         ______________________________
                                         Thomas R. Venables

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                             BENEFICIARY DESIGNATION

                         BENJAMIN FRANKLIN SAVINGS BANK
                          SALARY CONTINUATION AGREEMENT

                               THOMAS R. VENABLES

I designate the following as beneficiary of any Death Benefits under this
Agreement:

Primary: _______________________________________________________________________

________________________________________________________________________________

Contingent: ____________________________________________________________________

________________________________________________________________________________

NOTE: TO NAME A TRUST AS BENEFICIARY, PLEASE PROVIDE THE NAME OF THE TRUSTEE(s)
      AND THE EXACT NAME AND DATE OF THE TRUST AGREEMENT.

I understand that I may change these beneficiary designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved.

Signature __________________________

Date _______________________________

Received by the Company this ______ day of _________________, 2002.

By _________________________________

Title ______________________________

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                                                                  EXHIBIT 10.4.2

                         BENJAMIN FRANKLIN SAVINGS BANK

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                         EFFECTIVE AS OF JANUARY 1, 2000

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                         BENJAMIN FRANKLIN SAVINGS BANK

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

1.    Purpose.

      The purpose of the Benjamin Franklin Savings Bank Supplemental Executive
Retirement Plan (the "Plan") is to provide supplemental retirement benefits to
certain executives of Benjamin Franklin Savings Bank (hereinafter called the
"Bank"), who have been designated by the Board of Directors of the Bank as being
eligible to participate in the Plan.

2.    Definitions.

      2.1 "Accrued Benefit" shall mean the benefit amount the Participant would
be entitled to under Section 3.1, commencing at his Normal Retirement Date.

            (a) In the event of (i) death, (ii) disability, (iii) termination of
employment, (iv) early retirement, or (v) merger, consolidation or sale, as the
case may be, the benefit to which the Participant will be entitled shall be
determined by first (A) multiplying the Participant's Benefit Computation Base
by a fraction, not to exceed (1), the numerator of which is the actual number of
months of the Participant's employment with the Bank, and the denominator of
which is 180 months, and then (B) reducing the adjusted Benefit Computation Base
by the offsets in Section 3.1(a)(i) through (a)(iv), as modified by (b) below.

            (b) If the Participant employment terminates for any reason prior to
his Normal Retirement Date, in calculating his Accrued Benefit, (i) the offset
for Primary Social Security retirement benefit shall be calculated on the basis
of the amount projected to be payable at the Participant's Social Security
normal retirement age assuming continued earnings by the Participant at the rate
in effect at termination of employment until the Participant's Social Security
normal retirement age; (ii) the offset for any qualified defined benefit plan
shall

<PAGE>

be calculated on the basis of the Participant's accrued benefit in said plan
upon termination of employment projected to be payable at the Participant's
Normal Retirement Date; (iii) the offset for any benefits arising from employer
contributions attributable to the account balances of the Participant arising
from the Bank's 401(k) plan shall also be calculated on the basis of the
Participant's account balance in such plan upon termination of employment
projected to be payable at the Participant's Normal Retirement Date using an
investment return assumption of 6% per annum; and (iv) the offset for any other
non-qualified supplemental retirement plan shall be calculated on the basis of
the Participant's accrued benefit in said plan upon termination of employment
projected to be payable at the Participant's Normal Retirement Date.

      2.2 "Bank" shall mean the Benjamin Franklin Savings Bank, a Massachusetts
corporation, and any affiliated entity, successor organization, parent,
subsidiary or holding company.

      2.3 "Benefit Computation Base" shall mean the average of the Participant's
annual compensation (including base salary, bonus, and any salary reduction
amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986,
as amended) paid during the 36 consecutive calendar months during the
Participant's last ten years of employment by the Bank in which such
compensation is the highest.

      2.4 "Board of Directors" shall mean the Board of Directors of the Bank in
office from tune to time.

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      2.5 "Cause" shall mean

            (a) willful misconduct by the Participant which is materially and
demonstratively injurious to the Bank;

            (b) continued and willful failure by the Participant to
substantially perform his duties after written demand for performance is
delivered (specifically describing the manner in which he has not substantially
performed his duties), except in the case of disability; or

            (c) criminal or civil conviction of the Participant, a plea of nolo
contendere by the Participant or conduct by the Participant that would
reasonably be expected to result in material injury to the reputation of the
Bank if he were retained in his position with the Bank.

      2.6 "Normal Form" under the Plan shall mean the 15-year installment
payment, payable monthly.

      2.7 "Normal Retirement Date" shall mean the first day of the month
coincident with or next following a Participant's 65th birthday.

      2.8 "Participant" shall mean an executive of the Bank who has been
designated by the Board of Directors of the Bank as being eligible to
participate in the Plan. The initial Participants are listed on Schedule A
attached hereto.

3.    Benefits.

      3.1 Normal Retirement Benefit.

            (a) If a Participant shall continue in the employment of the Bank
until his Normal Retirement Date, he shall be entitled to a Normal Retirement
Benefit, determined as of the effective date of his actual retirement and
continuing in the same amount for 15 years,

                                       3
<PAGE>

payable monthly, in the annual amount of 65% of his Benefit Computation Base
(hereinafter defined), reduced by the sum of (i), (ii), (iii) and (iv) below.

                  (i) Fifty percent (50%) of the Participant's annual Primary
      Social Security retirement benefit projected to be payable as of the
      Participant's Social Security normal retirement age;

                  (ii) The annual amount of benefits payable to the Participant
      (or his beneficiary) at his Normal Retirement Date calculated on a single
      life annuity basis from any qualified defined benefit pension plan
      maintained and funded by the Bank, as such plan or plans may be amended or
      modified from time to time;

                  (iii) The annual amount of benefits payable to the Participant
      at his Normal Retirement Date on an installment basis over 15 years
      attributable to the portion of the account balances of the Participant
      arising from employer contributions (but excluding the portion of such
      balances arising from employee pre-tax and post-tax contributions) at the
      date of determination, from the Bank's 401(k) plan maintained by the Bank,
      as such plan may be modified from time to time;

                  (iv) The annual amount of benefits payable to the Participant
      at his Normal Retirement Date on an installment basis over 15 years from
      any other non-qualified supplemental retirement plan maintained and funded
      by the Bank, as such plan or plans may be amended or modified from time to
      time.

            (b) If a Participant has (or will have) completed fewer than 15
years (or 180 months) of service with the Bank as of his Normal Retirement Date,
then the Normal Retirement Benefit shall be the amount determined by first (i)
multiplying his Benefit

                                       4
<PAGE>

Computation Base by a fraction, not to exceed one (1), the numerator of which is
the actual number of months of the Participant's employment with the Bank, and
the denominator of which is 180 months and then (ii) reducing the adjusted
Benefit Computation Base by the offsets in (a)(i) through (a)(iv) above.

      3.2 Death of Participant.

            (a) If a Participant dies while employed by the Bank but prior to
the commencement of the payment of benefits under this Plan, the Bank will pay
to the Participant's named beneficiary on a monthly basis, for a period of 15
years, commencing on the first day of the month next following the delivery to
the Bank of a death certificate, an annual amount equal to the Participant's
Accrued Benefit as of the Participant's date of death.

            (b) If a Participant dies following the commencement of the payment
of benefits pursuant to the Normal Form under this Plan but prior to full
payment of his benefits under this Plan, the remaining benefits shall continue
to the named beneficiary of the Participant until all such benefits have been
paid under the Normal Form.

            (c) If a Participant dies following the termination of his
employment with the Bank and prior to the commencement of the payment of
benefits under this Plan, the Bank shall pay to the Participant's named
beneficiary an annual benefit which shall be the Participant's Accrued Benefit
as of the date of his termination of his employment. Such benefits shall be
payable monthly, commencing on the first day of the month next following the
Participant's Normal Retirement Date, or any date prior to his Normal Retirement
Date approved by the Bank, and continuing for 15 years.

                                       5
<PAGE>

            (d) The Bank, in its sole discretion, may pay any death benefit to a
Participant's beneficiary in a lump sum in an amount equal to the present value
of the Participant's Accrued Benefit in (a) or (c) above, or the remainder of
the benefits in (b) above.

            (e) The Participant may designate, in writing to the Bank, one or
more beneficiaries. If no beneficiary is so named or if no named beneficiary is
living at the time a payment is due, benefit payments shall be made, when due,
to the Participant's estate.

      3.3 Disability Prior to Retirement.

            (a) In the event a Participant shall become disabled, the Bank will
pay no disability benefits hereunder. Disability benefits (if any) will be paid
to the Participant through such long-term disability insurance program as may be
sponsored by the Bank. Upon the later of the Participant's attainment of his
Normal Retirement Date or cessation of benefits under the Bank's long-term
disability insurance program, the Participant shall commence receiving payment
of his Accrued Benefit determined as of the date of the disability. Such Accrued
Benefit shall be paid monthly for 15 years. The Bank, in its sole discretion,
may pay the present value of the Participant's Accrued Benefit to him in a lump
sum at any time.

            (b) In the event a Participant returns to work with the Bank after
terminating employment because of disability, he shall again be eligible to
continue to participate in this Plan as though such disability had not occurred;
provided, however, that if he has previously received a distribution of his
Accrued Benefit, any future benefit payable to him under the Plan shall be
reduced by the value of any prior distribution.

      3.4 Early Retirement, Termination of Service or Discharge. Except to the
extent otherwise provided in Sections 4.2 and 4.3, in the event that a
Participant's employment with

                                       6
<PAGE>

the Bank is terminated, voluntarily or involuntarily, before the Participant
attains his Normal Retirement Date, for reasons other than death or disability,
the Participant shall be entitled to an annual benefit, which shall be his
Accrued Benefit as of the date of his termination of employment. Such benefit
shall be payable monthly, commencing on the first day of the month next
following the Participant's Normal Retirement Date and continuing for 15 years.
Subject to the consent of the Bank, the Participant may request early
commencement of such benefit provided in this Section 3.5 at any date between
age 55 and age 65 if he has completed at least ten years of service with the
Bank.

      3.5 Lump Sum Payment. In lieu of receiving payments in the Normal Form,
subject to approval by the Bank, a Participant may elect at least 12 months
prior to the month in which payments are to begin, a lump sum equal to the
present value of his Accrued Benefit. Present value shall be determined using an
interest assumption of 6%.

      3.6 Interest. Any payment that is required to be made hereunder that is
delayed beyond the date specified in this Plan shall bear interest at a variable
rate which shall be the rate of interest on one year U.S. Treasury Bills
determined at the first auction of each calendar year or part thereof for which
interest is to be applied to any obligation hereunder.

4.    Vesting and Other Limitations.

      4.1 Vesting. Each Participant is fully vested in his Accrued Benefit at
all times.

      4.2 Employment by Competition. Anything to the contrary in this Plan
notwithstanding, in the event that at any time within the three-year period
after a Participant's termination of employment with the Bank, the Participant
shall compete with the business of the Bank, then all payments which might
otherwise be due and payable hereunder shall be

                                       7
<PAGE>

immediately forfeited and all rights of the Participant and his beneficiary
hereunder shall become void. The provisions of this Section 4.2 shall not apply
in the event the Participant's termination of employment occurs after any merger
or acquisition of the Bank with or by another corporation.

      A Participant will be deemed to have competed with the business of the
Bank if he, directly or indirectly, whether as partner, shareholder (other than
as the owner of less than 2% of the outstanding capital stock of a publicly
traded corporation), consultant, agent, employee, co-venturer, or otherwise, or
through any Person (as hereafter defined),

            (a) competes in the Bank's market area (defined as the area within
15 miles of any branch or facility of the Bank) with, or is employed in such
market area by a Person which competes with, the banking or any other business
conducted by the Bank during the period of his employment,

            (b) attempts to hire any employee of the Bank, assists in such
hiring by any other Person, or encourages any such employee to terminate his
relationship with the Bank, or

            (c) solicits or encourages any customer of the Bank to terminate its
relationship with the Bank or to conduct with any other Person any business or
activity which such customer conducts or could conduct with the Bank.

      For purposes of this Plan, the term "Person" shall mean an individual, a
corporation, an association, a partnership, an estate, a trust and any other
entity or organization, and shall include an affiliate office within the Bank's
"market area" as defined in Section 4.2(a) above of a Person which headquarters
or parent organization is located outside the "market area" as so defined.

                                       8
<PAGE>

      4.3 Forfeiture. Anything to the contrary in this Plan notwithstanding,
benefits under this Plan shall be immediately forfeited and all rights of a
Participant and his beneficiary hereunder shall become null and void, if the
Participant's employment with the Bank is terminated for Cause.

      4.4 Operation of Law on Bank's Obligations. In the event that any
governmental entity promulgates any statute, rule, regulation, policy or order
which restricts or prohibits the Bank from making payments to the Participants
under this Plan or affects any operation of the Plan, then the Bank's
obligations to make payments to the Participants (or their beneficiaries)
hereunder shall terminate or be restricted or suspended (consistent with such
law or binding regulation, policy or order) for so long as such restriction or
prohibition applies to the Bank. Nothing in this Plan is intended to require or
shall be construed as requiring the Bank to do or fail to do any act in
violation of any applicable law or binding regulation, policy or order.
Provisions other than payment provisions which are found to be invalid or
illegal will not be given effect and the Plan will be enforced as if those
provisions had never been inserted.

5.    Administration.

      5.1 Administrator. The Board of Directors is charged with the
administration and operation of the Plan.

      5.2 Powers of Administration. The Board of Directors shall have all such
discretionary powers and authority as are necessary to discharge its duties,
including but not limited to, the interpretation and construction of all
provisions of the Plan and the determination of all questions of fact,
eligibility, participation, benefits and all other related or incidental
matters. The Board of Directors shall, in its sole discretion, decide all such

                                       9
<PAGE>

questions in accordance with the terms of the Plan and the applicable law, and
its good faith decision will be binding on the Board of Directors, the Bank, the
Participants and all other interested parties.

      5.3 Delegation. The Board of Directors may authorize any other person to
execute any documents or authorize payments on its behalf. The Board of
Directors may also delegate to any other person or persons, severally or
jointly, the responsibility for the preparation and filing of all disclosure
material and reports which the Board of Directors is required to file by law.

      5.4 Rules and Regulations. The Board of Directors, subject to the
provisions of the Plan, may adopt such rules and regulations as it deems
necessary to carry out the provisions of the Plan.

      5.5 Claims Procedure. In the event that benefits under this Plan are not
paid to a Participant (or his beneficiary in the case of the Participant's
death), and such person feels entitled to receive them, a claim shall be made in
writing to the Bank within 60 days after written notice from the Bank to the
Participant or his beneficiary or personal representative that payments are not
being made or are not to be made under this Plan. Such claim shall be reviewed
by the Board of Directors. If the claim is approved or denied, in full or in
part, the Board of Directors shall provide a written notice of approval or
denial within 60 days from the date of receipt of the claim setting forth the
specific reason for denial, specific reference to the provision of this Plan
upon which the denial is based, and any additional material or information
necessary to perfect the claim, if any. Also, such written notice shall indicate
the steps to be taken if a review of the denial is desired. If a claim is denied
(a claim shall be

                                       10
<PAGE>

deemed denied if the Board of Directors does not take action within the
aforesaid 60-day period) and a review is desired, the Participant (or
beneficiary in the case of the Participant's death), shall notify the Board of
Directors in writing within 20 days. In requesting a review, the Participant or
his beneficiary may review this Plan or any document relating to it and submit
any written issues and comments he may feel appropriate. In its sole discretion
the Board of Directors shall then review the claim and provide a written
decision within 60 days. This decision likewise shall state the specific reasons
for the decision and shall include reference to specific provisions of this Plan
on which the decision is based.

      Any decision of the Board of Directors shall be binding on the
Participant, his personal representative, or any beneficiary.

6.    Miscellaneous.

      6.1 Alienability. Neither the Participants nor any beneficiary thereof
under this Plan shall have any power or right to transfer, assign, anticipate,
hypothecate, mortgage, commute, modify, or otherwise encumber any of the
benefits payable hereunder, nor shall any of said benefits be subject to seizure
for the payment of any debts, judgments, alimony or separate maintenance, owed
by the Participants or their beneficiaries or any of them, or be transferable by
operation of law in the event of bankruptcy or otherwise.

      6.2 Participation in Other Plans. Nothing contained in this Plan shall be
construed to alter, abridge, or in any manner affect the rights and privileges
of the Participants to participate in and be covered by any pension, profit
sharing, group insurance, bonus or any employee plan or plans which the Bank may
have or hereafter have.

                                       11
<PAGE>

      6.3 Funding.

            (a) The Bank reserves the right at its sole and exclusive discretion
to insure or otherwise provide for the obligations of the Bank undertaken by
this Plan or to refrain from same, and to determine the extent, nature and
method thereof, including the establishment of one or more trusts. Should the
Bank elect to insure this Plan, in whole or in part, through the medium of
insurance or annuities, or both, the Bank shall be the owner and beneficiary of
the policy or annuity. At no time shall the Participants be deemed to have any
right, title or interest in or to any specified asset or assets of the Bank, or
any trust or escrow arrangement, including, but not by way of restriction, any
insurance or annuity contracts or the proceeds therefrom.

            (b) Any such policy, contract or asset shall not in any way be
considered to be security for the performance of the obligations of this Plan.

            (c) If the Bank purchases a life insurance or annuity policy on the
life of a Participant, the Participant agrees to sign any papers that may be
required for that purpose and to undergo any medical examination or tests (at
the Bank's expense) which may be necessary, and generally cooperate with the
Bank in securing such policy.

            (d) To the extent a Participant acquires a right to receive benefits
under this Plan, such right shall be equivalent to the right of an unsecured
general creditor of the Bank.

      6.4 Reorganization. In the event the Bank shall merge or consolidate into
or with another corporation or in the event of the sale of substantially all of
its assets to another Person, if a Participant and such corporation or Person do
not agree that the Participant shall continue in the employ of such corporation
or Person, or such corporation or Person does not

                                       12
<PAGE>

so agree to assume and discharge the obligations under this Plan, the Bank shall
pay to the Participant immediately prior to the consummation of the merger,
consolidation or sale, in one lump sum, the present value of his Accrued Benefit
as of the date of such merger, consolidation or sale.

      6.5 Benefits and Burdens. This Plan shall be binding upon and inure to the
benefit of the Participants and their personal representatives, the Bank, and
any successor organization which shall succeed to substantially all of the
Bank's assets and business without regard to the form of such succession.

      6.6 Jurisdiction. This Plan shall be construed, administered and enforced
in accordance with the laws of the Commonwealth of Massachusetts to the extent
not preempted by the Employee Retirement Income Security Act of 1974, as
amended.

      6.7 Gender. Any reference in this Plan to the masculine shall be deemed to
include the feminine where the context so requires.

7.    Plan Amendments and Termination.

      7.1 Right to Amend or Terminate. The Bank reserves the right to make from
time to time any amendment to the Plan. The Bank further reserves the right to
terminate the Plan at any time. Notwithstanding the foregoing, in no event shall
any amendment or termination result in the reduction of the Accrued Benefit of
any Participant earned prior to the date of amendment or termination.

      7.2 Action by Bank. Any action by the Bank under this Plan may be made by
resolution of the Board of Directors of the Bank.

                                       13
<PAGE>

      IN WITNESS WHEREOF, the Bank has caused this Plan to be duly executed by
its duly authorized officer and its Corporate Seal affixed at Franklin,
Massachusetts this 21st day of August, 2000.

                                               BENJAMIN FRANKLIN SAVINGS BANK

/s/ Kenneth B. Osborn                          By: /s/ Stephen F. Banks
-----------------------                            -----------------------------
Witness                                            Title Senior Vice President

                                       14
<PAGE>

                                   SCHEDULE A

         Kenneth B. Osborn
         George A. Danello
         Patrick E. Niro
         Stephen F. Banks

                                       15

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