Document:

EX-10.3

 Exhibit 10.3 

EXHIBIT C 
 INDEMNITY, SUBROGATION AND
CONTRIBUTION AGREEMENT 
 THIS INDEMNITY, SUBROGATION and CONTRIBUTION AGREEMENT dated as of February 20, 2019 (this
“Agreement”), among SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY, an Irish company (“STX”), SEAGATE HDD CAYMAN, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the
“Borrower”), and each of the Subsidiaries of STX listed on Schedule I hereto (each such Subsidiary and STX collectively referred to as, the “Guarantors”) and THE BANK OF NOVA SCOTIA, as administrative agent (in such
capacity, the “Administrative Agent”) for the Finance Parties (as defined in the Credit Agreement referred to below). 
 W I
T N E S S E T H: 
 WHEREAS reference is made to (a) the Credit Agreement dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among STX, the Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent, and (b) the U.S.
Guarantee Agreement dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “U.S. Guarantee Agreement”), among the Guarantors and the Administrative Agent. Capitalized terms used
herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 WHEREAS the Lenders have
agreed to make Loans to the Borrower, and the Issuing Banks have agreed to issue Letters of Credit for the account of the Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. The Guarantors have
guaranteed the Obligations pursuant to the U.S. Guarantee Agreement. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit are conditioned on, among other things, the execution and delivery by the Borrower
and the Guarantors of an agreement in the form hereof. 
 NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as
the Guarantors may have under applicable law (but subject to Section 3), the Borrower agrees that in the event a payment shall be made by any Guarantor under the U.S. Guarantee Agreement, the Borrower shall indemnify such
Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment. 

SECTION 2. Contribution and Subrogation. Each Guarantor (a “Contributing Guarantor”)
agrees (subject to Section 3) that, in the event a payment shall be made by any other Guarantor under the U.S. Guarantee Agreement and such other Guarantor (the “Claiming Guarantor”) shall not have been
fully indemnified by the Borrower as provided in Section 1, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment multiplied by a fraction of which the numerator
shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to
Section 12, the date of the Supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the
rights of such Claiming Guarantor under Section 1 to the extent of such payment. 

 Notwithstanding anything in this Agreement or any other Loan Document to the contrary, no CFC
Subsidiary or Qualified CFC Holding Company shall be a Contributing Guarantor with respect to payments by any Claiming Guarantor to satisfy any Obligations of a U.S. Loan Party. 

SECTION 3. Subordination. Notwithstanding any provision of this Agreement to the contrary, all rights of each of the Guarantors
under Sections 1 and 2, and all other rights of each of the Guarantors in respect of indemnity, contribution or subrogation from any other Loan Party under applicable law or otherwise, shall be fully subordinated to the
prior payment in full in cash of all the Loan Document Obligations that are then due and payable whether at maturity, by acceleration or otherwise. No failure on the part of the Borrower or any other Guarantor to make the payments required by
Sections 1 and 2 (or any other payments required under applicable law or otherwise) shall in any respect limit the 
obligations and liabilities of any Guarantor with respect to its obligations hereunder, and
each Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder. 
 SECTION 4.
Termination. This Agreement shall terminate on the Termination Date (as defined in Section 9 of the U.S. Guarantee Agreement). In the event that a Guarantor ceases to be a Subsidiary pursuant to a transaction permitted under the Loan
Documents, such Guarantor shall be released from its obligations under this Agreement without further action. Upon release of a Guarantor from its obligations under this Agreement pursuant to this Section 4, and at the sole expense of such
Guarantor, the Administrative Agent shall execute and deliver to such Guarantor such documents as such Guarantor may reasonably request to evidence such termination or release. This Agreement shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Finance Party or Guarantor upon the bankruptcy or reorganization of the Borrower, any Guarantor or otherwise. 

SECTION 5. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK. 
 SECTION 6. No Waiver; Amendment. (a) No failure on the part of the
Administrative Agent or any Guarantor to exercise, and no delay in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by the Administrative
Agent or any Guarantor preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. None of the Administrative
Agent and the Guarantors shall be deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by such parties. 

  
 2 

 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to a written agreement entered into among the Borrower, the Guarantors and the Administrative Agent, subject to any consent required in accordance with Section 9.02 of the Credit Agreement. 

SECTION 7. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 9.01 of the
Credit Agreement. All communications and notices hereunder to each Guarantor shall be given to it as provided in the U.S. Guarantee Agreement, with a copy to the Borrower. 

SECTION 8. Binding Agreement; Assignments. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the successors and assigns of such party, and all covenants, promises and agreements by or on behalf of the parties that are contained in this Agreement shall bind and inure to the benefit of
their respective successors and assigns. Neither the Borrower nor any Guarantor may assign or transfer any of its rights or obligations hereunder (and any such attempted assignment or transfer shall be void) without the consent required in
accordance with Section 9.02 of the Credit Agreement. 
 SECTION 9. Survival of Agreement;
Severability. (a) All covenants and agreements made by the Borrower and each Guarantor herein and in the certificates or other instruments prepared or delivered in connection with this Agreement or the other Loan Documents shall be
considered to have been relied upon by the Administrative Agent, the other Finance Parties and each Guarantor and shall survive the execution and delivery of the Loan Documents and the making by the Lenders of the Loans and the issuance of the
Letters of Credit by the Issuing Banks and regardless of any investigation made by the Finance Parties, or on their behalf and notwithstanding that any Finance Party may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect until the Termination Date has occurred. 

(b) In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 10. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract and shall become effective as provided in Section 8. This Agreement shall be effective with
respect to any Guarantor when a counterpart bearing the signature of such Guarantor shall have been delivered to the Administrative Agent. Delivery of an executed signature page to this Agreement by facsimile or Adobe .pdf transmission shall be as
effective as delivery of a manually signed counterpart of this Agreement. 

  
 3 

 SECTION 11. Rules of Interpretation. The
rules of interpretation specified in Section 1.03 of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 12.
Additional Guarantors. Pursuant to Section 5.13 of the Credit Agreement and the Guarantee Requirement, each Subsidiary Loan Party that is formed or acquired after the Effective Date, and that is required to execute the U.S.
Guarantee Agreement, is required to execute this Agreement. Upon execution and delivery, after the date hereof, by the Administrative Agent and such a Subsidiary Loan Party of an instrument in the form of Annex 1 hereto, such
Subsidiary Loan Party shall become a Guarantor hereunder with the same force and effect as if originally named as a Guarantor hereunder. The execution and delivery of any instrument adding an additional Guarantor as a party to this Agreement shall
not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 

[Signature Pages Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized officers as of the date first appearing above. 
  

			
	 SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

		
	 By:
	 	 /s/ William David Mosley

	 Name:
	 	 William David Mosley

	 Title:
	 	 Chief Executive Officer

		
	 By:
	 	 /s/ Gianluca Romano

	 Name:
	 	 Gianluca Romano

	 Title:
	 	 Chief Financial Officer and

		 	 Executive Vice President

	
	 SEAGATE HDD CAYMAN

		
	 By:
	 	  

	 Name:
	 	 Michael J. Small

	 Title:
	 	 Vice President and Assistant Secretary

		
	 By:
	 	  

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized officers as of the date first appearing above. 
  

			
	 SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

		
	 By:
	 	  

	 Name:
	 	 William David Mosley

	 Title:
	 	 Chief Executive Officer

		
	 By:
	 	  

	 Name:
	 	 Gianluca Romano

	 Title:
	 	 Chief Financial Officer and

		 	 Executive Vice President

	
	 SEAGATE HDD CAYMAN

		
	 By:
	 	 /s/ Michael J. Small

	 Name:
	 	 Michael J. Small

	 Title:
	 	 Vice President and

		 	 Assistant Secretary

		
	 By:
	 	  

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized officers as of the date first appearing above. 
  

			
	 SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

		
	 By:
	 	  

	 Name:
	 	 William David Mosley

	 Title:
	 	 Chief Executive Officer

		
	 By:
	 	  

	 Name:
	 	 Gianluca Romano

	 Title:
	 	 Chief Financial Officer and

		 	 Executive Vice President

	
	 SEAGATE HDD CAYMAN

		
	 By:
	 	  

	 Name:
	 	 Michael J. Small

	 Title:
	 	 Vice President and

		 	 Assistant Secretary

		
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 THE BANK OF NOVA SCOTIA, 

as Administrative Agent, 
  

			
	 By:
	 	 /s/ Jason Rinne

	 Name:
	 	 Jason Rinne

	 Title:
	 	 Director

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE DATA STORAGE TECHNOLOGY 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Authorized Signatory

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE GLOBAL TECHNOLOGY 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Authorized Signatory

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY (US) HOLDINGS, INC. 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY INTERNATIONAL 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY (IRELAND) 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY LLC 

By: Seagate Technology (US) Holdings, Inc. as Managing Member 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Assistant Treasurer

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE lNTERNATIONAL (JOHOR) SON. BHD. 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Authorized Signatory

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE TECHNOLOGY (THAILAND) LIMITED 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Authorized Signatory

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 SEAGATE SINGAPORE INTERNATIONAL HEADQUARTERS PTE. LTD. 

 

			
	 By:
	 	 /s/ Walter Chang

	 Name:
	 	 Walter Chang

	 Title:
	 	 Authorized Signatory

 Signature Page for the Indemnity, Subrogation and Contribution Agreement 

 Schedule I to the 

Indemnity, Subrogation and 
 Contribution Agreement 

Address for all Guarantors 
 c/o Seagate Technology 

10200 S. De Anza Blvd. 
 Cupertino, California 95014

 Attention: Walter Chang 
 Email:
walter.chang@seagate.com 
  

			
	 Guarantor
	 	 Jurisdiction of Organization

		
	 Seagate Technology Public Limited Company
	 	 Ireland

		
	 Seagate Technology
	 	 Cayman Islands

		
	 Seagate Global Technology
	 	 Cayman Islands

		
	 Seagate Data Storage Technology
	 	 Cayman Islands

		
	 Seagate Technology (US) Holdings, Inc.
	 	 Delaware

		
	 Seagate Technology International
	 	 Cayman Islands

		
	 Seagate Technology (Ireland)
	 	 Cayman Islands

		
	 Seagate Technology LLC
	 	 Delaware

		
	 Seagate International (Johor) Sdn Bhd.
	 	 Malaysia

		
	 Seagate Technology (Thailand) Limited
	 	 Thailand

		
	 Seagate Singapore International Headquarters Pte. Ltd.
	 	 Singapore

 Annex 1 to the 

Indemnity, Subrogation and 
 Contribution Agreement 

SUPPLEMENT 
 THIS SUPPLEMENT dated as
of [    ] (this “Supplement”), to the Indemnity, Subrogation and Contribution Agreement dated as of February , 2019 (as the same may be amended, supplemented or otherwise modified from time to time, the
“Indemnity, Subrogation and Contribution Agreement”), among SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY, an Irish company (“STX”), SEAGATE HDD CAYMAN, an exempted company incorporated with limited liability under the
laws of the Cayman Islands (the “Borrower”), and each of the Subsidiaries of STX listed on Schedule I thereto (each such Subsidiary and STX collectively referred to as, the “Guarantors”) and THE BANK OF NOVA SCOTIA,
as administrative agent (in such capacity, the “Administrative Agent”) for the Finance Parties (as defined in the Credit Agreement referred to below). 

W I T N E S S E T H: 

WHEREAS reference is made to (a) the Credit Agreement dated as of February , 2019 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among STX, the Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent, and (b) the U.S. Guarantee Agreement dated as of
February , 2019 (as amended, supplemented or otherwise modified from time to time, the “U.S. Guarantee Agreement”), among the Guarantors and the Administrative Agent. Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution Agreement and the Credit Agreement. 

WHEREAS the Borrower, STX and the other Guarantors have entered into the Indemnity, Subrogation and Contribution Agreement in order to
induce the Lenders to make Loans and the Issuing Banks to issue Letters of Credit. Pursuant to Section 5.13 of the Credit Agreement and the Guarantee Requirement, each Subsidiary Loan Party that is formed or acquired after the Effective Date,
and that is required to execute the U.S. Guarantee Agreement, is required to execute the Indemnity, Subrogation and Contribution Agreement. Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional
Subsidiaries may become Guarantors under the Indemnity, Subrogation and Contribution Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary Loan Party (the “New Guarantor”) is
executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and the Issuing Banks to
issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. 
 NOW,
THEREFORE, the Administrative Agent and the New Guarantor agree as follows: 

 SECTION 1. In accordance with Section 12 of the Indemnity, Subrogation and
Contribution Agreement, the New Guarantor by its signature below becomes a Guarantor under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Guarantor, and the New Guarantor
hereby agrees to all the terms and provisions of the Indemnity, Subrogation and Contribution Agreement applicable to it as a Guarantor thereunder. Each reference to a “Guarantor” in the Indemnity, Subrogation and Contribution Agreement
shall be deemed to include the New Guarantor. The Indemnity, Subrogation and Contribution Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Guarantor represents and warrants to the Finance Parties that this Supplement has been duly authorized, executed and
delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken
together, bear the signatures of the New Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile or Adobe .pdf transmission shall be as effective as delivery of a manually signed counterpart of
this Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall
remain in full force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Indemnity, Subrogation and Contribution Agreement shall not in any way be affected or impaired (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity,
Subrogation and Contribution Agreement. All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature below, with a copy to the Borrower. 

SECTION 8. The New Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent (but subject to Section 9.03(a) of the
Credit Agreement). 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed
this Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day and year first above written. 
  

			
	 [NAME OF NEW GUARANTOR]

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	 Address:
	 	

 
			
	
	 THE BANK OF NOVA SCOTIA, as Administrative Agent,

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Signature Page for Supplement to the Indemnity, Subrogation and Contribution AgreementExhibit 10.2

 

TWO-YEAR CHANGE IN CONTROL AGREEMENT

 

This Change in Control
Agreement (the “Agreement”) is made effective as of the ___ day of _____, 2019 (the “Effective Date”),
by and between Pioneer Bank, a New York-chartered stock savings bank (the “Bank”) and ______________ (the “Executive”).
Any reference to the “Company” shall mean Pioneer Bancorp, Inc., the newly-formed the stock holding company
of the Bank, or any successor thereto.

 

RECITALS

 

WHEREAS, Executive
is currently employed as an executive officer of the Bank;

 

WHEREAS, the
Bank desires to assure itself of the Executive’s continued active participation in the business of the Bank; and

 

WHEREAS, in
order to induce Executive to remain in the employ of the Bank and in consideration of Executive’s agreeing to remain in the
employ of the Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that his employment
with the Bank is terminated under specified circumstances.

 

NOW THEREFORE,
in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties
hereby agree as follows:

 

		1.	TERM OF AGREEMENT

 

(a)          Two
Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and will continue through
December 31, 2020 (the “Term”). Commencing on January 1, 2020 and continuing on each January 1st
thereafter (the “Renewal Date”), the Term will extend automatically for one additional year, so that the Term
will be two (2) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least
sixty (60) days prior to such Renewal Date notifies the other of its intent not to extend the same. In the event that notice not
to extend is given by either the Bank or the Executive, this Agreement will terminate as of the last day of the then current Term.
For avoidance of doubt, any extension to the Term will become the “Term” for purposes of this Agreement.

 

At least thirty (30)
days prior to the Renewal Date, the disinterested members of the Board of Directors of the Bank (the “Board”)
will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to take action
regarding non-renewal of the Agreement, and the results thereof will be included in the minutes of the Board’s meeting.

 

(b)          Change
in Control. Notwithstanding the foregoing, in the event the Bank or the Company has entered into an agreement to effect
a transaction that would be considered a Change in Control as defined under Section 5 hereof, the Term of this Agreement will be
extended automatically so that it is scheduled to expire no less than two (2) years beyond the effective date of the Change in
Control, subject to extensions as set forth above.

 

     

     

    

 

		2.	DEFINITIONS

 

(a)          Base
Salary. Executive’s “Base Salary” for purposes of this Agreement shall mean the annual rate of base salary
paid to Executive by the Bank.

 

(b)          Change
in Control. For purposes of this Agreement, the term “Change in Control” means: (i) a change in the ownership
of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial
portion of the assets of the Corporation as defined in accordance with Code Section 409A. For purposes of this Section 2(b), the
term “Corporation” is defined to include the Bank, the Company or any of their successors, as applicable.

 

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

 

A change
in the effective control of the Corporation occurs on the date that either (A) any one person, or more than one person acting as
a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) 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 Corporation possessing 30 percent
or more of the total voting power of the stock of the Corporation, or (B) a majority of the members of the Board is replaced during
any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election, provided that this subsection “(B)” is inapplicable where a majority stockholder
of the Corporation is another corporation.

 

A change
in a substantial portion of the Corporation’s assets occurs on the date that any one person or more than one person acting
as a group (as defined in Treasury Regulation 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 Corporation that have a total gross fair
market value equal to or more than 40 percent of the total gross fair market value of (A) all of the assets of the Corporation,
or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with
such assets. For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements
of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

 

    	2

     

    

 

Notwithstanding anything
herein to the contrary, a Change in Control will not be deemed to have occurred for purposes of this Agreement in connection with
the Bank’s mutual holding company reorganization and/or minority stock offering of the Company. Similarly, a Change in Control
for purposes of this Agreement will not be deemed to have occurred in the event of a second-step conversion of the Bank’s
mutual holding company from mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company.

 

(c)          Code.
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(d)          Good
Reason shall mean a termination by Executive following a Change in Control if, without Executive’s express written consent,
any of the following occurs:

 

		(i)	a material reduction in Executive’s Base Salary;

 

		(ii)	a material reduction in Executive’s authority, duties
or responsibilities from the position and attributes associated with Executive’s executive position with the Bank in effect
as of the Effective Date or any successor executive position, as mutually agreed to by the Bank and Executive;

 

		(iii)	the Bank requiring Executive to be based at any office
or location resulting in an increase in Executive’s commute of 35 miles or more; or

 

		(iv)	a material breach of this Agreement by the Bank;

 

provided, however, that prior to any termination
of employment for Good Reason, Executive must first provide written notice to the Bank (or its successor) within 90) days following
the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right
to remedy the condition within 30 days of the date the Bank received the written notice from Executive. If the Bank remedies the
condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition.
If the Bank does not remedy the condition within such 30-day cure period, then Executive may deliver a Notice of Termination for
Good Reason at any time within 60 days following the expiration of such cure period.

 

(e)          Termination
for Cause shall mean termination because of, in the good faith determination of the Board, Executive’s:

 

(i)          material
act of dishonesty or fraud in performing Executive’s duties on behalf of the Bank;

 

(ii)         willful
misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation
of the Bank;

 

(iii)        breach
of fiduciary duty involving personal profit;

 

(iv)        intentional
failure to perform stated duties under this Agreement after written notice thereof from the Board;

 

    	3

     

    

 

(v)        willful
violation of any law, rule or regulation (other than traffic violations or similar offenses which results only in a fine or other
non-custodial penalty) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving
moral turpitude, or any violation of a final cease-and-desist order; or any violation of the policies and procedures of the Bank
as outlined in the Bank’s employee handbook, which would result in termination of the Bank employees, as from time to time
amended and incorporated herein by reference; or

 

(vi)        material
breach by Executive of any provision of this Agreement.

 

 

		3.	BENEFITS UPON TERMINATION

 

(a)          If
Executive’s employment by the Bank shall be terminated subsequent to a Change in Control and during the term of this Agreement
by (i) the Bank for other than Cause, or (ii) Executive for Good Reason, then the Bank shall:

 

 (1) pay Executive,
or in the event of Executive’s subsequent death, Executive’s beneficiary or beneficiaries or estate, as applicable,
a cash severance amount equal to two (2) times the sum of: (i) Executive’s base salary in effect as of the Date of Termination;
and (ii) the highest rate of bonus earned by Executive from the Bank in any one of the three calendar years immediately preceding
the year in which the termination occurs, payable by lump sum within ten (10) business days of the Date of Termination; and 

 

(2) cause to
be continued at no cost to Executive, non-taxable medical and dental coverage substantially identical to the coverage maintained
by the Bank for Executive prior to Executive’s termination for twenty-four (24) months. Notwithstanding the foregoing, if
applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees),
or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits
would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal
to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business
days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder
of such insurance coverage) cannot be provided for the foregoing reasons.  

 

		4.	NOTICE OF TERMINATION

 

Any purported termination
by the Bank or by Executive in connection with or following a Change in Control shall be communicated by Notice of Termination
to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice
which shall indicate the Date of Termination and, in the event of termination by Executive, the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated. “Date of Termination” shall mean
the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall be immediate). In no event
shall the Date of Termination exceed thirty (30) days from the date the Notice of Termination is given.

 

    	4

     

    

 

		5.	SOURCE OF PAYMENTS

 

All payments provided
in this Agreement shall be timely paid in cash or check from the general funds of the Bank.

 

		6.	NO ATTACHMENT

 

Except as required
by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment,
encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

 

		7.	ENTIRE AGREEMENT; MODIFICATION AND WAIVER

 

(a)          This
Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and
Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of
a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer
benefits than those available to her without reference to this Agreement.

 

(b)          This
Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

 

(c)          No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other
than that specifically waived.

 

		8.	SEVERABILITY

 

If, for any reason,
any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the
full extent consistent with law continue in full force and effect.

 

    	5

     

    

 

		9.	HEADINGS FOR REFERENCE ONLY

 

The headings of sections
and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement.

 

		10.	GOVERNING LAW

 

This Agreement shall
be governed by the laws of the State of New York but only to the extent not superseded by federal law.

 

		11.	ARBITRATION

 

Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil
litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank
and Executive, sitting in a location selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance
with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in
effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

 

		12.	PAYMENT OF LEGAL FEES

 

To the extent that
such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive
pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided
that the dispute or interpretation has been resolved in Executive’s favor, and such reimbursement shall occur no later than
sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor.

 

		13.	OBLIGATIONS OF BANK

 

The termination of
Executive’s employment, other than following a Change in Control, shall not result in any obligation of the Bank under this
Agreement.

 

		14.	SUCCESSORS AND ASSIGNS

 

The
Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all
or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s
obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such
succession or assignment had taken place.

   

		 15. 	 CERTAIN APPLICABLE
                                         LAW 

   

 (a)          The
Bank may terminate Executive’s employment at any time, but any termination by the Bank other than termination for Cause
shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right
to receive compensation or other benefits under this Agreement for any period after Executive’s termination for Cause. 

 

    	6

     

    

 

 (b)          In
no event shall the Bank (nor any affiliate) be obligated to make any payment pursuant to this Agreement that is prohibited by
Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable
law. 

   

 (c)          Notwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes “non-qualified
deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive’s termination of employment, then such payments or benefits will be payable only upon the Executive’s “Separation
from Service.” For purposes of this Agreement, a “Separation from Service” will have occurred if the
Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the Date of Termination
(whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of
the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the
definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). 

   

 (d)          If
Executive is a “Specified Employee” (i.e., a “key employee” of a publicly traded company within
the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered
due to Executive’s Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of
the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service. Rather,
any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump
sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the
manner specified in this Agreement. 

   

 (e)          If
such cash payment pursuant Section 3(a)(2) would violate the requirements of Treasury Regulation Section 1.409A-3(j), the Executive’s
cash payment in lieu of the continued health insurance or welfare benefits as required by this Agreement will be payable at the
same time the related premium payments would have been paid by the Bank and for the duration of the applicable coverage period. 

 

[Signature Page Follows]

 

    	7

     

    

 

SIGNATURES

 

IN WITNESS WHEREOF,
the Bank has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, as of
the Effective Date.

 

	 	PIONEER BANK
	 	 
	 	By:	            
	 	 
	 	EXECUTIVE
	 	 

 

    	8

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