Document:

EX-10.6

 Exhibit 10.6 

BLUE FOUNDRY BANK 

EXECUTIVE DEFERRED COMPENSATION AGREEMENT 

THIS EXECUTIVE DEFERRED COMPENSATION AGREEMENT (the “Agreement”) is made and entered into effective as of December 1,
2020, by and between BLUE FOUNDRY BANK (the “Bank”) and JAMES D. NESCI (the “Executive”). 

WHEREAS, the purpose of the Agreement is to provide additional deferred benefits to the Executive, who is a member of senior
management, who the Bank expects to contribute significantly to the success of the Bank and whose continued service is vital to the Bank’s continued growth and success; and 

WHEREAS, this Agreement is intended to be an unfunded, non-qualified deferred compensation plan
that complies with Sections 451 and 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder and is also intended to be a “top hat” plan within the meaning of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). 
 ARTICLE I 

DEFINITIONS 
 When used in
this Agreement, the following words and phrases will have the following meanings unless the context clearly indicates otherwise: 
  

	1.1	 “Account” means an account to which the Bank will credit and debit all contributions made
pursuant to the Agreement, as well as any earnings or losses and any distributions. The Bank will utilize the Account solely as a device for the determination and measurement of the amounts owed to the Executive pursuant to the Agreement. The
Executive’s Account will not constitute or be treated as a trust fund of any kind. 

  

	1.2	 “Account Balance” means the balance of the Executive’s Account as of the applicable
distribution date. 

  

	1.3	 “Administrator” means the Board of Directors, provided, however, the Board of Directors may
designate a committee of the Board of Directors as the Administrator. 

  

	1.4	 “Beneficiary” means the person or persons (and, if applicable, their heirs) designated by the
Executive as the beneficiary to whom the Executive’s benefits are payable upon his death. The beneficiary designation will be made on the form attached hereto as Exhibit A (or another form acceptable to the Administrator) and filed with the
Administrator. If no Beneficiary is so designated, then the Executive’s Spouse, if living, will be deemed the Beneficiary. If the Executive’s Spouse is not living at the time of the Executive’s death or dies prior to payment to her of
the Survivor’s Benefit, then the Children of the Executive will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no living Children, then the Executive’s estate will be deemed the Beneficiary. For this
purpose, the term “Children” means the Executive’s children, or the issue of any deceased 

 
Children, then living at the time payments are due the Children under this Agreement. The term “Children” includes both natural and adopted children, as well as stepchildren. Also, for
this purpose, the term “Spouse” means the individual to whom the Executive is legally married at the time of the Executive’s death, provided, however, that the term “Spouse” shall not refer to an individual to whom the
Executive is legally married at the time of death if the Executive and the individual have entered into a formal separation agreement (provided that the separation agreement does not provide otherwise or state that the individual is entitled to a
portion of the benefits hereunder) or initiated divorce proceedings. 
  

	1.5	 “Board of Directors” means the Board of Directors of the Bank. 

 

	1.6	 “Change in Control” shall mean any of the following events: (i) a change in the ownership
of the Bank or any holding company of the Bank (the “Company”); (ii) a change in the effective control of the Company or Bank; or (iii) a change in the ownership of a substantial portion of the assets of the Company or Bank, as
described below: 

  

	 	(a)	 A change in ownership occurs on the date that any one person, or more than one person acting as a group (as
defined in Treasury Regulations section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank or the Company that, together with stock held by such person or group, constitutes more than 50% of the
total fair market value or total voting power of the stock of the Bank or the Company. 

  

	 	(b)	 A change in the effective control of the Company or Bank occurs on the date that either (A) any one
person, or more than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vi)(B)) acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company or Bank possessing 30% or more of the total voting power of the stock of the Company or Bank, or (B) a majority of the members of the
Bank’s or the Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s or the
Company’s Board of Directors prior to the date of the appointment or election, provided that this subsection is inapplicable where a majority shareholder of the corporation is another corporation. 

 

	 	(c)	 A change in the ownership of a substantial portion of the Bank’s or the Company’s assets occurs on
the date that any one person or more than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company or Bank that have a total gross fair market value equal to or more than 40% of the total
gross fair market value of all of the assets of the Company. For purposes of this Agreement, “gross fair market value” means the value of the assets of the Company or Bank, or the value of the assets being disposed of, without regard to
any liabilities associated with such assets. 

	 	(d)	 For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the
requirements of Treasury Regulations section 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance. 

 

	 	(e)	 Notwithstanding anything in this Agreement to the contrary, the reorganization of the Bank as the wholly-owned
subsidiary of a holding company in a standard conversion or mutual holding company reorganization shall not be deemed to be a Change in Control. Further, in the event of the reorganization of the Bank as a wholly-owned subsidiary of a stock holding
company in a standard conversion or as a wholly-owned or majority owned subsidiary in a mutual holding company reorganization, then this Section 1.6 shall apply equally to a Change in Control of the Bank or the holding company of the Bank (or
to a change in control of the mutual holding company in the event the Bank is owned by a mid-tier holding company that is the majority-owned or wholly owned subsidiary of the mutual holding company.

  

	1.7	 “Separation from Service” means the Executive’s death or other termination of employment
with the Bank within the meaning of Code Section 409A. No Separation from Service will be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of the leave does not exceed six months or, if longer,
so long as the Executive’s right to reemployment is provided by law or contract. If the leave exceeds six months and the Executive’s right to reemployment is not provided by law or by contract, then the Executive will have a Separation
from Service on the first day immediately following the six-month period. 

Whether a Separation from Service 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 that date (whether as an employee or as an independent contractor)
would permanently decrease to less than 50% of the average level of bona fide services performed over the immediately preceding 36 months (or the lesser period of time in which the Executive performed services for the Bank). The determination
of whether the Executive has had a Separation from Service will be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A. 

1.8 “Specified Employee” means an individual who also satisfies the definition of “key employee” as that term is defined in Code
Section 416(i) (without regard to paragraph (5) thereof). 
 1.9 “Survivor’s Benefit” means the benefit payable to the
Executive’s Beneficiary in accordance with Section 2.5 of the Agreement following the Executive’s death. 

 1.10 “Unforseeable Emergency” means a severe financial hardship to the Executive resulting
from an illness or accident of the Executive, the Executive’s spouse, dependent (as defined in Code Section 152 without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)) or beneficiary; loss of the Executive’s property due
to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the service
provider. Following are examples of items that will qualify as an Unforseeable Emergency: (i) the imminent foreclosure of or eviction from the Executive’s primary residence; (ii) the need to pay for medical expenses, including
nonrefundable deductibles, as well as the costs of prescription drug medication; (iii) the need to pay for the funeral expenses of a spouse, a beneficiary or a dependent. The purchase of a home and payment of college tuition are not
Unforseeable Emergencies. Whether the Executive has an Unforseeable Emergency within the meaning of Code Section 409A is to be determined based on the relevant facts and circumstances, but in any case, a distribution on account of an
Unforseeable Emergency may not be made to the extent that the emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Executive’s assets, to the extent the liquidation of such
assets would not cause severe financial hardship. 
 ARTICLE II 

BENEFITS 
  

	2.1	 Vesting. The Executive will be 100% vested in his Account Balance. 

 

	2.2	 Annual and Discretionary Contributions. On December
31st of each year, the Bank will credit the Executive’s Account with a contribution of not less than Fifty Thousand Dollars ($50,000). The Bank will only make the contribution if the
Executive remains employed by the Bank as of the last day of the year. The Bank may, but is not obligated to, make additional discretionary contributions to the Executive’s Account from time to time. The Bank will credit any discretionary
contributions at such times and in such amounts as determined at the sole discretion of the Board of Directors or the Compensation Committee of the Board of Directors. The Bank will credit the Account with an annual rate of interest equal to the
Prime Rate (as reported in the Wall Street Journal on the first business day of the year) plus two percent (2%), compounded monthly. The Board of Directors may, in its discretion, change the rate used to credit interest on the Account from time to
time. 

  

	2.3	 Account. The Bank will maintain an Account for the Executive to which it will credit all amounts
allocated thereto in accordance with Section 2.2 of the Agreement. The Bank will adjust the Account no less often than annually to reflect the credits and debits made to the Account. The Bank will continue to make adjustments to the Account as
long any amount remains credited to the Account for the Executive’s benefit. The amounts allocated to the Account and the adjustments made to the Account will comprise the entire Account at any time. At its sole discretion, the Bank may
establish a rabbi trust into which the Bank may contribute assets, subject to the claims of the Bank’s creditors in the event of the Bank’s “insolvency,” as defined in the trust agreement, until the contributed assets are paid to
the Executive or the Executive’s Beneficiary. The Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken 

	 	
by this Agreement or to refrain from funding the same and to determine the extent, nature, and method of any informal funding. Should the Bank elect to fund this Agreement, including in whole or
in part, through the purchase of life insurance products, the Bank reserves the absolute right, in its sole discretion, to terminate the funding at any time, in whole or in part. 

 

	2.4	 Benefit on Separation from Service. Upon Executive’s Separation from Service, the Executive will be
entitled to the Account Balance. The Bank will pay the benefit under this Section 2.4 within 30 days of the Executive’s Separation from Service in a single lump sum payment. Notwithstanding the foregoing, if the Executive is a Specified
Employee and payment of the Account Balance is triggered due to the Executive’s Separation from Service (other than due to death), then solely to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made
during the first six (6) months following the Executive’s Separation from Service. Rather, any payment that would otherwise be paid to the Executive during that period will be accumulated and paid to the Executive in a lump sum on the
first day of the seventh month following the Separation from Service. 

  

	2.5	 Survivor’s Benefit. 

 

	 	(a)	 If the Executive dies prior to a Separation from Service or prior to the date payments commence to the
Executive, the Executive’s Beneficiary will be entitled to the Account Balance, payable in a single lump sum within 30 days of the Executive’s death. 

 

	 	(b)	 If the Executive dies following a Separation of Service and after the commencement of benefit payments, the
Executive’s Beneficiary will be entitled to the remaining Account Balance (if any), payable in a single lump sum within 30 days of the Executive’s death. 

 

	2.6	 Benefit Payable on Separation from Service within Two Years Following a Change in Control. In the event
a Change in Control occurs followed by the Executive’s Separation from Service within two (2) years, the Executive will become entitled to the Account Balance, payable in a single lump sum within 30 days following the Executive’s
Separation from Service, subject to the rules applicable to a Specified Employee, as set forth in Section 2.4 of the Agreement. 

  

	2.7	 Hardship Distributions. Upon a finding that ae Executive has suffered an Unforeseeable Emergency, the
Administrator may, in its sole discretion, make distributions from the Executive’s Account prior to the time specified for payment of benefits under the Agreement. The amount of the distribution will be limited to the amount necessary to
satisfy the Unforeseeable Emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution. The amounts necessary to satisfy the Unforeseeable Emergency will be determined after taking into account the extent to
which the hardship is, or can be, relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Executive’s assets, to the extent that the asset liquidation would not itself cause severe financial hardships.
If a hardship distribution is approved, it will be paid in a lump-sum within 30 days following the Unforeseeable Emergency event which triggers payment, and the Executive’s Account Balance will be reduced
by an amount equal to the hardship distribution. 

	2.8	 Modification of Time and Form of Payment of Account Balance. In the event the Executive and the Bank
desire to modify the time or form of payment of the Executive’s Account Balance, the parties may do so provided that: 

  

	 	(a)	 the subsequent election shall not be effective for at least 12 months after the date on which the subsequent
election is made; 

  

	 	(b)	 except for payments upon the Executive’s death, the first of a stream of payments for which the subsequent
election is made shall be deferred for a period of not less than five (5) years from the date on which the payment would otherwise have been made; and 

  

	 	(c)	 for payments scheduled to be made on a specified date or to commence under a fixed schedule, the subsequent
election must be made at least 12 months before the date of the first scheduled payment. 

 ARTICLE III 

BENEFICIARY DESIGNATION 

The Executive may make an initial designation of a primary Beneficiary and, if necessary, secondary Beneficiaries, upon initial participation
in the Agreement by completion of a Beneficiary form substantially in the form attached as Exhibit A, and will have the right to change the designation, at any subsequent time. Any designation of a Beneficiary will become effective only when
received by the Administrator. 
 ARTICLE IV 

PARTICIPANT’S RIGHT TO ASSETS, 

ALIENABILITY AND ASSIGNMENT PROHIBITION 

At no time will the Executive be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The
rights of the Executive, any Beneficiary, or any other person claiming through the Executive under this Agreement, will be solely those of an unsecured general creditor of the Bank. the Executive, the Beneficiary, or any other person claiming
through the Executive, will only have the right to receive from the Bank those payments so specified under this Agreement. Neither the Executive nor any Beneficiary under this Agreement will have any power or right to transfer, assign, anticipate,
hypothecate, mortgage, commute, modify or otherwise encumber in advance 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
Executive or his Beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. 

 ARTICLE V 

ERISA PROVISIONS 
  

	5.1	 Named Fiduciary and Administrator. The Bank will be the “Named Fiduciary” and Administrator of
this Agreement. As Administrator, the Bank will be responsible for the management, control and administration of the Agreement as established herein. The Administrator may delegate to others certain aspects of the management and operational
responsibilities of the Agreement, including the employment of advisors and the delegation of ministerial duties to qualified individuals. 

  

	5.2	 Claims Procedure and Arbitration. In the event that benefits under this Agreement are not paid to the
Executive (or to his Beneficiary in the case of his death) and the claimant(s) feel he or they are entitled to receive the benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are
refused. The Administrator will review the written claim and, if the claim is denied, in whole or in part, it shall provide in writing, within thirty (30) days of receipt of such claim, its specific reasons for the denial, reference to the
provisions of this Agreement upon which the denial is based, and any additional material or information necessary for the claimants to perfect the claim. The written notice by the Administrator will further indicate the additional steps that must be
undertaken by claimants if an additional review of the claim denial is desired. 

 If claimants desire a second review,
they must notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Agreement or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In
its sole discretion, the Administrator will then review the second claim and provide a written decision within thirty (30) days of receipt of the claim. This decision will state the specific reasons for the decision and shall include reference
to specific provisions of this Agreement upon which the decision is based. 
 No claimant will institute any action or proceeding in any
state or federal court of law or equity or before any administrative tribunal or arbitrator for a claim for benefits under the Agreement until the claimant has first exhausted the provisions set forth in this Section 5.2. 

ARTICLE VI 

MISCELLANEOUS 
  

	6.1	 No Effect on Employment Rights. Nothing contained herein will confer upon the Executive the right to be
retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with the Executive without regard to the existence of the Agreement. 

 

	6.2	 State Law. The Agreement is established under, and will be construed according to, the laws of the State
of New Jersey, to the extent such laws are not preempted by ERISA and valid regulations published thereunder or any other federal law. 

	6.3	 Severability and Interpretation of Provisions. The Bank will have full power and authority to interpret,
construe and administer this Agreement and the Bank’s interpretation and construction thereof and actions thereunder will be binding and conclusive on all persons for all purposes. No employee or representative of the Bank will be liable to any
person for any actions taken or omitted in connection with the interpretation and administration of this Agreement unless attributable to his own willful misconduct or lack of good faith. In the event that any of the provisions of this Agreement or
portion hereof are held to be inoperative or invalid by any court of competent jurisdiction, or in the event that any provision is found to violate Code Section 409A and would subject the Executive to additional taxes and interest on the
amounts deferred hereunder, or in the event that any legislation adopted by any governmental body having jurisdiction over the Bank would be retroactively applied to invalidate this Agreement or any provision hereof or cause the benefits under this
Agreement to be taxable, then: (1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability of the remaining provisions will not be
affected thereby. In the event that the intent of any provision shall need to be construed in a manner to avoid taxability, this construction will be made by the Administrator in a manner that would manifest to the maximum extent possible the
original meaning of such provisions. 

  

	6.4	 Incapacity of Recipient. If a benefit is payable to a minor, to a person declared incompetent, or to a
person incapable of handling the disposition of his property, the Bank may pay the benefit to the guardian, legal representative or person having the care or custody of the minor, incompetent person or incapable person. The Bank may require proof of
incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. The distribution will completely discharge the Bank for all liability with respect to the benefit. 

 

	6.5	 Unclaimed Benefit. The Executive will keep the Bank informed of his current address and the current
address of his Beneficiaries. If the location of the Executive is not made known to the Bank, the Bank shall delay payment of the Executive’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank
shall only be obligated to hold the benefit payment(s) for the Executive until the expiration of three (3) years. Upon expiration of the three (3) year period, the Bank may discharge its obligation by payment to the Executive’s
Beneficiary. If the location of the Executive’s Beneficiary is not known to the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of any benefits provided for such the Executive and/or
Beneficiary under this Agreement. 

  

	6.6	 Gender. Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read
and construed as in the masculine, feminine or neuter gender, whenever they should so apply. 

	6.7	 Effect on Other Corporate Benefit Plans. Nothing contained in this Agreement will affect the right of
the Executive to participate in or be covered by any qualified or nonqualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future
compensation structure. 

  

	6.8	 Inurement. This Agreement will be binding upon and shall inure to the benefit of the Bank, its
successors and assigns, and the Executive, his successors, heirs, executors, administrators, and Beneficiaries. 

  

	6.9	 Acceleration of Payments. Except as specifically permitted under this Section 6.9 or in other
sections of this Agreement, no acceleration of the time or schedule of any payment may be made under this Agreement. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury
Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with requirements and conditions of
the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the Federal Government; (iii) in compliance with
ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of certain distributions to avoid a
non-allocation year under Code Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of the Executive to the Bank; (vii) in satisfaction of certain bona fide disputes between
the Executive and the Bank; or (viii) for any other purpose set forth in the Treasury Regulations and subsequent guidance. 

  

	6.10	 Headings. Headings and sub-headings in this Agreement are
inserted for reference and convenience only and will not be deemed a part of this Agreement. 

  

	6.11	 12 U.S.C. §1828(k). Any payments made to the Executive pursuant to this Agreement or
otherwise are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder. 

  

	6.12	 Payment of Employment and Code Section 409A Taxes. Any distribution under this
Agreement will be reduced by the amount of any taxes required to be withheld from the distribution. This Agreement will permit the acceleration of the time or schedule of a payment to pay employment-related taxes as permitted under Treasury
Regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the regulations and other guidance
promulgated thereunder. In the latter case, the payments will not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A. 

 

	6.13	 Legal Fees. In the event the Executive retains legal counsel to enforce any of the terms of the
Agreement, the Bank will pay his legal fees and related expenses reasonably incurred by him, but only if the Executive prevails in an action seeking legal and/or equitable relief against the Bank. 

	6.14	 Entire Understanding. This Agreement sets forth the entire understanding of the Bank and the Executive
with respect to the matters contemplated hereby, and any previous agreements or understandings between them regarding the subject matter hereof are merged into and superseded by this Agreement. 

ARTICLE VII 

AMENDMENT/TERMINATION 
  

	7.1	 This Agreement may be amended or modified at any time, in whole or part, with the mutual written consent of the
Executive and the Bank. Notwithstanding anything to the contrary herein, the Agreement may be amended without the Executive’s consent to the extent necessary to comply with existing tax laws or changes to existing tax laws or to amend or
terminate the Agreement in accordance with Section 7.2 of the Agreement or in any other manner that does not affect the Executive’s benefits under the Agreement. 

 

	7.2	 Termination of Agreement. 

 

	 	(a)	 Partial Termination. The Board of Directors, at its discretion, may partially terminate the Agreement by
freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the Agreement, or potential payments thereunder, would not be in the best interests of the Bank. 

 

	 	(b)	 Complete Termination. Subject to the requirements of Code Section 409A, in the event of complete
termination of the Agreement, the Agreement will cease to operate and the Bank will pay out to the Executive his benefits as if the Executive. A complete termination of the Agreement may occur only under the following circumstances and conditions:

  

	 	(i)	 The Board of Directors may terminate the Agreement within 12 months of a corporate dissolution taxed under Code
Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the benefit is included in the Executive’s (or his Beneficiary’s) gross income (and paid to the Executive or his Beneficiary)
in the latest of (i) the calendar year in which the Agreement 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. 

  

	 	(ii)	 The Board of Directors may terminate the Agreement by Board of Directors action taken within the 30 days
preceding or 12 months following a Change in Control, provided that the Agreement shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Executive and all participants under
substantially similar arrangements are required to receive all amounts payable under the terminated arrangements within 12 months of the date of the termination of the arrangements. 

	 	(iii)	 The Board of Directors may terminate the Agreement at any time provided that (i) the termination does not
occur proximate to a downturn in the financial health of the Bank, (ii) all arrangements sponsored by the Bank that would be aggregated with this Agreement under Treasury Regulations
Section 1.409A-1(c) if the Executive was also covered by any of those other arrangements are also terminated; (iii) no payments other than payments that would be payable under the terms of the
arrangements if the termination had not occurred are made within 12 months of the termination of the arrangement (e.g., the Executive’s benefit); (iv) all payments are made within 24 months of the termination of the arrangements; and
(v) the Bank does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the Executive participated in both
arrangements, at any time within three years following the date of termination of the arrangement. 

 [signature page
follows] 

 IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed, effective as of the
day and date first above written. 
  

							
	ATTEST:	  		  	BLUE FOUNDRY BANK
				
	 [Signature illegible]
	  		  	By:	  	/s/ Robert T. Goldstein
	 December 28, 2020
	  		  	Title:	  	Chairman, Compensation Committee
	Date	  		  	Date:	  	December 28, 2020
			
	ATTEST:	  		  	JAMES D. NESCI
				
	 [Signature illegible]
	  		  	By:	  	/s/ James D. Nesci
				
	 December 28, 2020
	  		  	Date:	  	December 28, 2020
	Date	  		  		  	

 Exhibit A 

BLUE FOUNDRY BANK 

EXECUTIVE DEFERRED COMPENSATION PLAN 

BENEFICIARY DESIGNATION FORM 
 PART
III: BENEFICIARY DESIGNATION 
 In accordance with the terms of the Blue Foundry Bank Executive Deferred Compensation Agreement, I hereby
designate the following Beneficiary(ies) to receive any death benefits under the Agreement: 
  

			
	 PRIMARY BENEFICIARY:
	  	
		
	 Name:_________________________________
	  	 % of Benefit:___________________

		
	 Name:_________________________________
	  	 % of Benefit:___________________

		
	 Name:_________________________________
	  	 % of Benefit:___________________

	
	 SECONDARY BENEFICIARY (if all Primary Beneficiaries
pre-decease the Executive):

		
	 Name:_________________________________
	  	 % of Benefit:___________________

		
	 Name:_________________________________
	  	 % of Benefit:___________________

		
	 Name:_________________________________
	  	 % of Benefit:___________________

 This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this
Beneficiary Designation is revocable. 
  

					
	  
	 		  	  

	Date	 		  	Executive’s SignatureEX-10.7

 Exhibit 10.7 

BOILING SPRINGS SAVINGS BANK 

DIRECTOR RETIREMENT PLAN II 

INTRODUCTION 
 The purpose of the Boiling
Springs Savings Bank Retirement Plan II (the “Plan”) is to recognize and provide specified benefits to eligible directors of Boiling Springs Savings Bank (the “Bank”) for services and contributions to the Bank that contribute
materially to the continued growth, development and future business success of the Bank. The Plan is also intended to encourage eligible directors to remain members of the Board of Directors of the Bank (the “Board”). 

This Plan shall be unfunded for tax purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to
time. 
 Article 1 

Definitions 
 1.1.
Definitions. Whenever used in this Plan, the following words and phrases shall have the meanings specified herein; 
 1.1.1
“Annual Benefit” means the annual benefit set forth in subsection 2.1.1. 
 1.1.2 “Change in Control”
means any of the following if the event occurs after the date first above-written: 
  

	 	(a)	 There occurs a “change in control” of the Bank, as defined or determined either by the Bank’s
primary banking regulator or under regulations promulgated by it. 

  

	 	(b)	 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 cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

 

	 	(c)	 The Bank transfers substantially all of its assets to another corporation or entity which is not an affiliate
of the Bank. 

  

	 	(d)	 The Bank is merged or consolidated with another corporation or entity and, as a result of such merger or
consolidation, less than 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 of the Code and the Treasury Regulations promulgated
thereunder. 

 1.1.3 “Code” means the Internal Revenue Code of 1986, as amended, and the
regulations or any other authoritative guidance issued thereunder. 
 1.1.4 “Disability” means that a Participant is unable
to perform all of the material functions of a member of the Board as a result of injury or illness which is expected to result in the Participant’s death or continue for a period of not less than twelve (12) consecutive months, the result
of which is Termination of Service. A duly licensed physician selected by the Board will determine if a Participant has a Disability. 

1.1.5 “Effective Date” means May 1, 2018. 

1.1.6 “Normal Retirement Age” means age 70. 

1.1.7 “Normal Retirement Date” means the later of the date: (i) a Participant attains Normal Retirement Age or
(ii) a Participant experiences a Termination of Service. 
 1.1.8 “Participant” means an active member of the Board
who is listed on Appendix A hereto. After the Effective Date, active members of the Board can only become Participants upon written resolution of the Board. 

1.1.9 “Termination of Service” means a Participant ceases to be a member of the Board for any reason whatsoever, other than
by reason of an approved leave of absence. Notwithstanding the preceding; a Termination of Service shall not include any event that does not qualify as a “Separation from Service” under Code section 409A. 

1.1.10 “Termination for Cause” means the termination of the Participant’s duties as director of the Board for the
reasons set forth in Section 5.1 hereof. 
 1.1.11 “Year of Service” means each twelve (12) month period during
which a director has served on the Board. Any approved leave of absence will be included for purposes of determining a director’s continuous Board service under this Plan. 

Article 2 
 Retirement
Benefits 
 2.1. Normal Retirement Benefit. Upon Termination of Service, after having completed ten (10) full continuous
Years of Service, for reasons other than death, Disability or a Change in Control, the Bank shall pay to each Participant the Annual Benefit described in this Section 2.1. 

2.1.1 Amount of Benefit. The Annual Benefit under this Section 2.1 is Twenty Five Thousand Dollars ($25,000), payable for a period
of ten (10) years and resulting in a total benefit of Two Hundred and Fifty Thousand Dollars ($250,000). 
 2.1.2 Payment of
Benefit. The Bank shall distribute the benefit under this Section 2.1 in one hundred and twenty (120) substantially equal monthly installments commencing on the first business day of the month following a Participant’s Normal
Retirement Date. 

  
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 2.2. Disability Benefit. If a Participant has a Disability upon Termination of
Service and the Director has ten (10) full continuous Years of Service at the time of the Participant’s Disability determination, the Bank shall pay to the Participant the benefit described in Section 2.1. 

2.2.l Amount of Benefit. The Annual Benefit under this Section 2.2 is equal to the Normal Retirement Benefit in Section 2.1.1
of this Plan. 
 2.2.2 Payment of Benefit. The Bank shall distribute the benefit under this Section 2.2 in one hundred and
twenty (120) substantially equal monthly installments commencing on the first business day of the month following a Participant’s Termination of Service. 

2.3. Change in Control Benefit. In the event a Participant experiences a Termination of Service within twenty four (24) months
following a Change in Control, the Bank shall pay the Participant the benefit described in this Section 2.3, in lieu of any other benefit provided for under this Plan. 

2.3.l Amount of Benefit. The benefit under this Section 2.3 is equal to the full Normal Retirement Benefit in Section 2.1,
determined regardless of a Participant’s continuous Years of Service. 
 2.3.2 Payment of Benefit. The Bank shall pay the
present value of the total benefit in Section 2.3.1 to the Participant in a lump sum no more than thirty (30) days after the date of the Termination of Service. The discount rate for determining such present value shall be the applicable
federal midterm rate in effect for the month in which such Termination of Service occurs, plus one and one-half (1-1/2 %) percent. The present value adjustment reflects
the payment in the form of a lump sum rather than in installments. 
 2.4. Acceleration of Payment. In the event a Change in Control
occurs after a Participant’s Termination of Service, and the Participant, or in the event of the Participant’s death, and the Participant’s beneficiary, has not received the total benefit to which the Participant (or the
Participant’s beneficiary) is entitled under this Article 2, or Article 3, as the case may be, the present value of the balance of the benefit to which the Participant (or the Participant’s beneficiary) is entitled shall be paid to the
Participant, or the Participant’s beneficiary, as the case may be, in a single lump sum payment no more than thirty (30) days following such Change in Control. Such present value shall be determined based on the same discount rate applied
in determining present value under subsection 2.3.2 hereof. This Section shall be of no force or effect if, at the time an accelerated payment becomes due hereunder, such payment would result in penalties to the recipient under Code section 409A.

 Article 3 
 Death
Benefit 
 3.1. Death During Active Service. If a Participant dies while in the active service on the Board after having
completed ten (10) full continuous Years of Service, the Bank shall pay to the Participant’s beneficiary the benefit described in this Section 3.1. 

  
 3 

 3.1.1 Amount of Benefit. The present value of the total Normal Retirement Benefit in
Section 2.1. The discount rate for determining such present value shall be the applicable federal mid-term rate in effect for the month in which the Participant’s death occurs, plus one and one-half (1-1/2 %) percent. The present value adjustment reflects the payment in the form of a lump sum rather than in installments. 

3.1.2 Payment of Benefit. The Bank shall pay the Death Benefit within thirty (30) days of the Bank’s notification of the
Participant’s death. 
 3.2. Death After Termination of Service and Before Attainment of Normal Retirement Age. If a Participant
dies after the Participant’s Termination of Service but before benefit payments have commenced under this Plan and the Participant has completed ten (10) full continuous Years of Service on the Board, the Participant’s beneficiary
shall receive the Death Benefit provided in Section 3.1 of this Plan. Such benefit shall be paid at the same time and in the same manner as set forth in Sections 3.1.1 and 3.1.2 of the Plan. 

3.3. Death During Benefit Period If a Participant dies after benefit payments have commenced under this Plan but before receiving all
such payments, the Bank shall present value the remaining benefits and pay them in a lump sum to the Participant’s beneficiary within (30) days of the Bank’s notification of the Participant’s death. 

Article 4 
 Beneficiaries

 4.1. Beneficiary Designations. Participants shall designate a beneficiary by filing a written designation with the Board.
Participants may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by a Participant and accepted by the Board during the Participant’s lifetime. A Participant’s
beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Participant, or if the Participant names a spouse as beneficiary and the marriage is subsequently dissolved. If a Participant dies without a valid
beneficiary designation, all payments shall be made to the Participant’s surviving spouse, if any, and if none, to the Participant’s surviving children and the descendants of any deceased child by right of representation, and if no
children or descendants survive, to the Participant’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 the Participant’s property, the Bank 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 Board 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 Bank from all liability
with respect to such benefit. 
 Article 5 

General Limitations 

Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay benefits under this Plan in the event of a Termination
for Cause as defined in Section 5.1. 

  
 4 

 5.l. Termination for Cause. Except in the case of any benefit payable hereunder
following a Change in Control, no benefits shall be payable under this Plan either before or after a Participant’s death if the Bank terminates the Participant’s duties as a director of the Board due to the Participant’s personal
dishonesty, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or infractions), or final cease-and-desist order, or gross negligence in matters of material importance to the Bank. 

Article 6 
 Amendments
and Termination 
 6.1. The Bank, acting by the Board, may amend or modify this Plan at any time; provided, however, that no such
amendment or modification shall reduce the benefit earned by a Participant under the terms of this Plan as of the date such amendment or modification is adopted, without written consent from the Participant or, in the event of a Participant’s
death, the Participant’s beneficiary. Notwithstanding the foregoing, any amendment to or modification of the definition of “Change in Control” in subsection 1.1.2 of Section 1.1 hereof or the terms of Section 2.3 or 2.4
hereof shall become effective only upon the written consent of each Participant or, in the event of a Participant’s death, the Participant’s beneficiary. 

6.2. The Bank, acting by the Board, reserves the right to terminate this Plan at any time. However, except as approved in writing by each
Participant, or in the event of a Participant’s death, the Participant’s beneficiary upon termination of this Plan any vested benefits then accrued shall remain payable under the terms of this Plan to the extent then accrued. 

6.3. In the event the consent of a Participant’s beneficiary is required pursuant to Section 6.1 or 6.2 hereof and there is more
than one such beneficiary such consent shall be deemed to have been given if a majority in interest of all such beneficiaries have given such consent. 

Article 7 
 Miscellaneous

 7.1. Tax Withholding. If required by law, the Bank shall withhold taxes that must be withheld from the benefits provided under
this Plan. 
 7.2. Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of State of New Jersey,
except to the extent preempted by the laws of the United States of America. 
 7.3. Unfunded Arrangement. All Participants and
beneficiaries are general unsecured creditors of the Bank for the payment of benefits under this Plan. The benefits represent the mere promise by the Bank to pay such benefits, and the obligation to pay benefits shall be treated as an item of
indebtedness by the Bank to each Participant or the Participant’s beneficiary. All benefits provided for hereunder shall be paid from the general assets of the Bank. Participants and beneficiaries shall have no equitable or security rights
under this Plan in any specific assets of the Bank. Any insurance on a Participant’s life is a general asset of the Bank to which Participants and beneficiaries have no preferred or secured claim. The rights to benefits hereunder are not
subject in any manner to anticipation, alienation, sale, transfer assignment, pledge, encumbrance, attachment or garnishment by creditors. 

  
 5 

 Except as provided in Section 7.7 of this Plan, the Bank shall have no obligation to set aside,
earmark, or entrust any fund or money with which to pay its obligations under this Plan. 
 7.4. Administration. The Board shall have
powers which are necessary to administer this Plan, and its determinations shall be conclusive on the Bank, Participants, and any other persons claiming benefits under this Plan. The Board’s administrative authority shall include but not be
limited to: 
 7.4.1 Interpreting the provisions of the Plan; 

7.4.2 Establishing and revising the method of accounting for the Plan; 

7.4.3 Maintaining a record of benefit payments; and 

7.4.4 Establishing rules and prescribing any forms necessary or desirable to administer the Plan. 

Nothing in this Plan shall be deemed to create any obligation on the part of the Bank to nominate any Participant for
re-election by the Board. 
 7.5. Bona Fide Deferred Compensation Plan. It is intended that
this Plan be and remain a bona fide deferred compensation plan for purposes of Part 359 of Federal Deposit Insurance Corporation (“FDIC”) Rules as defined by the provisions of FDIC Rule 359.l(d) and the terms of this Plan shall be so
construed in the event of any ambiguity. 
 7.6. Compliance with Code Section 409A. It is the intent of the Bank
that the Plan and all amounts payable to Participants under the Plan meet the requirements of Section 409A of the Code to the extent applicable to the Plan and such payments. In the event that the stock of the Bank or of any affiliate of the
Bank becomes tradable on an established securities market or otherwise, then, if a Participant is a “Specified Employee” under Section 409A the Code, any payment made hereunder following a Termination of Service other than on account
of a Participant’s Disability or death shall be made no earlier than the date which is six (6) months after the Participant’s Termination of Service date. For purposes of the preceding sentence, Specified Employee shall mean, with
respect to the Bank or such affiliate, a “key employee” as defined in Code section 416(i) (without regard to paragraph (5) thereof). 

7.7. Rabbi Trust Following Change in Control. If, at any time, the Board reasonably believes that a Change in Control is likely to
occur within thirty (30) days, then the Board shall direct that, before any such Change in Control becomes effective, cash or property having a value at least equal to the present value of benefits that would be payable upon or following the
occurrence of a Change in Control shall be contributed to a trust satisfying the requirements of the Internal Revenue Service Revenue Procedure 92-64, as amended, which trust has a competent institutional
trustee that is independent of the Bank and of any other party, directly or indirectly, to the Change in Control transaction. Any such trust shall be irrevocable, except that trust shall become revocable if, within one year following the
establishment of such trust (or earlier as agreed by the Participants in writing), the Change in Control has not occurred and no Change in Control is then reasonably imminent. 

  
 6 

 7.8. Regulatory Exclusions. 

7.8.1 Notwithstanding anything herein to the contrary, any payments made hereunder pursuant to the Plan, or otherwise, shall be subject to and
conditioned upon compliance with 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. 
 7.8.2 Notwithstanding any other
provision, distributions under this Plan shall not be made to any Participant who has been removed pursuant to 12 U.S.C. § 1818(e). 

7.8.3 To the extent that any payment(s), if made, to a Participant pursuant to the terms of this Plan would be treated as an
‘‘Excess Parachute Payment” under Section 280G of the Code, the Bank shall reduce or delay such payment(s) to the extent that it would not be an Excess Parachute Payment. 

7.9 Alienability and Assignment Prohibition. Neither Participants nor any beneficiaries under this Plan shall have any power or right
to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance 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 a Participant or beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event a Participant or any beneficiary attempts assignment, communication, hypothecation,
transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate. 
 7.10 Claims
Procedures and Arbitration. In the event that benefits under this Plan are not paid to a Participant (or to the Participant’s Beneficiary in the case of the Participant’s death) and such claimants feel they are entitled to receive such
benefits, then a written claim must be made to the Bank within sixty (60) days from the date payments are refused. The Bank shall review the written claim and, if the claim is denied, in whole or in part, it shall provide in writing, within
ninety (90) days of receipt of such claim, the specific reasons for such denial, reference to the provisions of this Plan upon which the denial is based, and any additional material or information necessary to perfect the claim. Such writing by
the Bank shall further indicate the additional steps which must be undertaken by claimants if an additional review of the claim denial is desired. 

If claimants desire a second review, they shall notify the Bank in writing within sixty (60) days of the first claim denial. Claimants may
review this Plan, any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion, the Bank shall then review the second claim and provide a written decision within sixty
(60) days of receipt of such claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this Plan upon which the decision is based. 

  
 7 

 If claimants continue to dispute the benefit denial based upon completed performance of this
Plan or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to a Board of Arbitration for final arbitration. Said Board of Arbitration shall consist of one member selected by the claimant, one member
selected by the Administrator and the third member selected by the first two members. The Board of Arbitration shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they, their heirs, personal
representatives, successors and assigns shall be bound by the decision of such Board of Arbitration with respect to any controversy properly submitted to it for determination. 

7.11 Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, no individual acting as an employee or
agent of the Bank, or as a member of the Board of Directors, shall be liable to a Participant or any other person for any claim, loss, liability or expense incurred in connection with the Plan, except that in the event that the Bank denies a claim
for a benefit hereunder and it is later determined that such benefit is due and payable to a Participant, either under the procedures provided for herein or by a court of appropriate jurisdiction or otherwise, then the Participant shall be entitled
to reimbursement by the Bank of any cost incurred by the Participant in obtaining such benefit, including reasonable attorneys’ fees. 

7.12 Successors and Assigns. This Plan shall be a contractual obligation of any successor(s) to the Bank and shall be legally
enforceable as if it were in force by the Bank, at all times. 
 7.13 Severability. In the event any provision of this Plan shall be
held illegal, invalid or unenforceable such holding or determination shall not invalidate or render unenforceable any other provision herein 

7.14. Incapacity. In the event a Participant is declared incompetent and a conservator or other person legally charged with the
Participant’s care or the Participant’s estate is appointed, any benefits under the Plan to which such Participant is entitled shall be paid to such conservator or other person legally charged with the care of the Participant or the
Participant’s estate. 
 IN WITNESS THEREOF, the Bank has caused this Plan to be executed by its duly authorized representative effective as of
May 1, 2018. 
  

			
	BOILING SPRINGS SAVINGS BANK
		
		 	BY: /s/ Robert E. Stillwell 
		 	 Robert E. Stillwell, Chief Executive Officer

On behalf of the Board of Directors of the Bank

  
 8 

 BOILING SPRINGS SAVINGS BANK 

DIRECTOR RETIREMENT PLAN II 

BENEFICIARY DESIGNATION 
 As a Participant
in the Boiling Springs Savings Bank Director Retirement Plan II, I hereby designates the following Beneficiary(ies) to receive any guaranteed payments or death benefits under such Plan, following my death: 

 

					
	PRIMARY BENEFICIARY:	  	 	  	
			
	 	  	 	  	
			
	SECONDARY BENEFICIARY:	  	 	  	
			
	 	  	 	  	

 This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect.

 Such Beneficiary Designation is revocable. 
  

							
	DATE:                     20	 		 	
				
	 	 		 		 	 
	(WITNESS)	 		 		 	Name of Participant
				
	 	 		 		 	
				
	(WITNESS)	 		 		 	 
		 		 		 	Signature of Participant

  
 9

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