Document:

EX-10.14

 Exhibit 10.14 

PCSB BANK 
 TRUSTEE FEE
DEFERRAL PLAN 
 ARTICLE I 

PURPOSE 
 The
purpose of this Trustee Fee Deferral Plan (the “Plan”) is for PCSB Bank (the “Bank”) to provide current tax planning opportunities as well as supplemental funds for retirement for Trustees. The Plan shall be effective
December 16, 2015. The Plan is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder. The Plan is also intended to qualify as a “top
hat” plan for purposes of the Employee Retirement Income Security Act of 1974, as amended. 
 ARTICLE II 

DEFINITIONS 
 For
the purposes of this Plan, the following terms may have the meanings indicated, unless the context clearly indicates otherwise: 

Account. “Account” means the account maintained under the Plan by the Bank in the Participant’s name. 

Account Balance. “Account Balance” means the balance of the Participant’s Account as of the applicable
distribution date. 
 Bank. “Bank” means PCSB Bank, or any successor to the business thereof, and any affiliated or
subsidiary corporations designated by the Board. 
 Beneficiary. “Beneficiary” means the person or persons (and
their heirs) designated as Beneficiary by the Participant to whom the deceased Participant’s benefits are payable. If no Beneficiary is so designated, then the Participant’s spouse, if living, will be deemed the Beneficiary. If the
Participant’s spouse is not living, then the children of the Participant will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no living children, then the estate of the Participant will be deemed the Beneficiary.

 Beneficiary Designation Form. The “Beneficiary Designation Form” shall mean the Beneficiary Designation Form
attached hereto as Exhibit C. 
 Board. “Board” means the Board of Trustees of the Bank. 

Change in Control. “Change in Control” shall mean (a) a change in the ownership of the Bank, (b) a change in
the effective control of the Bank, or (c) a change in the ownership of a substantial portion of the assets of the Bank as defined in accordance with Code Section 409A. 

(a) 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 Bank 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. 

 (b) A change in the effective control of the Bank occurs on the date that either
(i) 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 Bank possessing 30 percent or more of the total voting power of the stock of the Bank, or (ii) a majority of the members of the Board is replaced during any 12-month period by Trustees 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 “(ii)” is inapplicable where a majority shareholder of the Bank is another corporation. 

(c) A change in a substantial portion of the Bank’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 Bank that have a total
gross fair market value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Bank, or (ii) 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. 
 Code. “Code” means the Internal Revenue Code of 1986, as amended. 

Committee. “Committee” means the Committee appointed to administer the Plan pursuant to Section 6.1 below. 

Deferral Contribution. “Deferral Contribution” means the amount of Trustee Fees a Participant elects to defer under
Article IV of the Plan. 
 Disability. “Disability” means the Participant: 

(a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death, or last for a continuous period of not less than 12 months; or 
 (b) by
reason of any medically determinable physical or mental impairment which can be expected to result in death, or last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the Participant’s employer. 
 (c) is determined to be
disabled by the Social Security Administration. 
 Election Form. “Election Form” means the election form attached
to this Plan as Exhibit A and incorporated herein by reference. 
 Notice of Adjustment of Deferral Contribution. “Notice
of Adjustment of Deferral Contribution” means the election form attached to this Plan as Exhibit B and incorporated herein by reference.  

Participant. “Participant” means any member of the Board who completes an Election Form. 

  
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 Plan Year. “Plan Year” means the period from January 1 to
December 31. 
 Separation from Service. “Separation from Service” or “Separates from Service” means
the Participant’s death, retirement or termination from service from the Board of the Bank following the Participant’s resignation or a failure to be reappointed or reelected to the Board. For these purposes, a Participant shall not be
deemed to have a Separation from Service until the Participant no longer serves on the Board of the Bank, the Bank’s holding company, or any member of a controlled group of corporations with the Bank or holding company within the meaning of
Treasury Regulation §1.409A-1(a)(3). Whether a Participant has had a Separation from Service shall be determined in accordance with the requirements of Treasury Regulation 1.409A-1(h). 

Trustee. “Trustee” means a non-employee Trustee of the Bank. 

Trustee Fees. “Trustee Fees” means the annual and periodic fees paid to the Participant for services rendered on the
Board or any Board committee. 
 Unforeseeable Emergency. “Unforeseeable Emergency” means a severe hardship to the
Participant resulting from: 
 (a) an illness or accident of – 

(i) the Participant, 

(ii) the Participant’s spouse, or 

(iii) the Participant’s “dependent” (as defined in Code Section 152(a)); 

(b) loss of the Participant’s property due to casualty; or 

(c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s
control. The term “Unforeseeable Emergency” shall be construed consistent with Code Section 409A and the Treasury Regulations and other guidance issued thereunder. 

ARTICLE III 

ELIGIBILITY AND VESTING 

3.1 Eligibility. The Plan is available to non-employee members of the Board. Each Trustee who is eligible to participate in the
Plan shall enroll in the Plan by completing the Election Form. A Trustee’s participation in the Plan shall commence as of the date specified in the Election Form. 

3.2 Vesting. Each Participant shall be 100% vested in his or her Account Balance. 

ARTICLE IV 
 DEFERRAL
CONTRIBUTIONS AND ACCOUNT 
 4.1 Initial Deferral Election. Each Participant shall have the right to elect to defer a
fixed percentage of the Trustee Fees to which the Participant would otherwise be entitled, with such Deferral Contribution to be deferred and paid at the times and in the manner herein stated. Each new Participant electing to make a Deferral
Contribution shall execute and deliver to the Bank the Election Form. Such 

  
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election shall be applicable only to Trustee Fees earned for services rendered after the date of such election. A Participant’s deferral election shall be made no later than
December 30th of the year prior to the year for which such election is effective, or with respect to a Participant who first becomes eligible during a Plan Year, within 30 days following the Participant’s initial eligibility date. 

4.2 Changes to Deferral Election. Each Participant’s Deferral Contribution shall continue in effect until revoked,
provided, however, that every election to defer Trustee Fees shall be irrevocable as to Trustee Fees earned for services performed prior to the date of such revocation. Changes or revocation of the Participant’s Deferral Contribution shall made
in writing in the form of Notice of Adjustment of Deferral Contribution attached hereto as Exhibit B, which shall be effective upon the January 1st of the year stated therein, provided this
form is executed and delivered to the Bank by December 30th of the previous calendar year. 

4.3 Account. The Bank shall maintain for each Participant an Account to which the Participant’s Deferral Contributions
shall be credited thereto as of the last day of the month during which the Trustee Fees would have been paid to the Participant, if not deferred. 

4.4 Earnings Rate. As of the last day of the Plan Year, the Bank shall credit each Participant’s Account with interest
equal to the prime rate as reported in The Wall Street Journal on the first business day of the Plan Year, compounded annually, provided however, such crediting rate shall never be less than three percent (3%) or greater than ten percent (10%).

 4.5 Unsecured Creditor. The Participant’s interest in his or her Account is limited to the right to receive payments
under the Plan, and the Participant’s position is that of a general unsecured creditor of the Bank. 
 ARTICLE V 

DISTRIBUTION OF BENEFITS 

5.1 Distribution of Account Balance. The Participant’s Account Balance shall be distributed to the Participant in
accordance with this Article V, and shall commence or be paid within 30 days following the event that triggers distribution. All subsequent payments of the Participant’s Account Balance shall be paid in the manner specified in the Plan. All
distributions under the Plan shall be made in cash. 
 5.2 Election of Time and Form of Distribution. 

(a) Time of Payment. Subject to Section 5.1, the Participant may elect for the payment of his or her Account
Balance to be triggered upon either: (i) the Participant’s Separation from Service; or (ii) a specified date by completing the Election Form. If the Participant does not designate a time of payment pursuant to this
Section 5.2(a), then the distribution of the Participant’s Account Balance shall be triggered upon his or her Separation from Service. 

(b) Form of Payment. Subject to Section 5.1, the Participant may elect for his or her Account Balance to be
distributed following his or her Separation from Service or specified date in either a lump sum or equal monthly installments over a designated period by completing the Election Form. If the Participant does not designate the manner in which his or
her Account Balance will be paid, the Account Balance shall be distributed to the Participant in a lump sum. 

  
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 5.3 Death, Disability and Change in Control. In the event of the earlier of:
(i) the Participant’s death; (ii) the Participant’s Disability or (iii) a Change in Control prior to the Participant’s Separation from Service or specified date elected by the Participant pursuant to Section 5.2,
the Participant (or the Participant’s Beneficiary) shall be paid his or her Account Balance in a lump sum within 30 days thereafter. 

5.4 Hardship Distributions. Upon a finding that the Participant has suffered an Unforeseeable Emergency, the Committee may, in
its sole discretion, make distributions from the Participant’s Account prior to the time specified for payment of benefits under the Plan. The amount of such distribution shall 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 Participant’s assets, to the extent that the asset liquidation would not itself cause severe financial hardships. If a hardship
distribution is approved, it shall be paid in a lump-sum within 30 days following the Unforeseeable Emergency event which triggers payment, and the Participant’s Account Balance shall be reduced by an amount equal to the hardship distribution.

 5.5 Modification of Time and Form of Payment of Account Balance. In the event a Participant desires to modify the time or
form of payment of his or her Account Balance, the Participant may do so on a written form provided by the Bank, 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 Participant’s death, Disability, 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 such 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. 
 5.6 Code Section 409A. The Plan shall be
interpreted to comply with or be exempt from Code Section 409A, and all provisions of the Plan shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Each payment that is
payable pursuant to this Plan is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). 

ARTICLE VI 

ADMINISTRATION 

6.1 Committee; Duties. This Plan shall be administered by the Committee, which, unless otherwise provided by the Board, shall be
the Benefits Committee. The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of
this Plan, as may arise in connection with the Plan. A majority vote of the Committee members shall control any decision. 

  
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 6.2 Agents. The Committee may, from time to time, employ other agents and delegate
to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Bank. 
 6.3
Binding Effect of Decisions. The decision or action of the Committee in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules of regulations promulgated
hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 
 6.4 Indemnity of
Committee. The Bank shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, except in the case of
gross negligence or willful misconduct. 
 ARTICLE VII 

CLAIMS PROCEDURE 

7.1 Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under
the Plan shall present the request in writing to the Committee, which shall respond in writing within 30 days. 
 7.2 Denial of
Claim. If the claim or request is denied, the written notice of denial shall state: 
 (a) The reasons for denial,
with specific reference to the Plan provisions on which the denial is based. 
 (b) A description of any additional material
or information required and an explanation of why it is necessary. 
 (c) An explanation of the Plan’s claim review
procedure. 
 7.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within 30
days may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation,
examine pertinent documents, and submit issues and comments in writing. 
 7.4 Final Decision. The decision on review shall
normally be made within 60 days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be 120 days. The decision shall be in writing and shall state the reasons and
the relevant Plan provisions. 
 7.5 Arbitration. If a claimant continues to dispute the benefit denial based upon completed
performance of this Plan or the meaning and effect of the terms and conditions thereof, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the
parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the
award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 

  
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 ARTICLE VIII 

AMENDMENT AND TERMINATION OF PLAN 

8.1 Amendment. Notwithstanding anything herein contained to the contrary, the Board reserves the exclusive right to freeze or to
amend the Plan at any time, provided that no amendment to the Plan shall be effective to decrease or to restrict the amount accrued to the date of such amendment. 

8.2 Complete Termination. Subject to the requirements of Code Section 409A, in the event of complete termination of the
Plan, the Plan shall cease to operate and the Bank shall pay out to the Participant his or her entire Account Balance as of the date of termination of the Plan. Such complete termination of the Plan shall occur only under the following circumstances
and conditions: 
 (a) The Board may terminate the Plan 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 amounts deferred under the Plan are included in the Participant’s gross income in the latest of: (i) the calendar year in
which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable. 

(b) The Board may terminate the Plan by irrevocable action within the 30 days preceding, or 12 months following, a Change in
Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Participant and all participants under substantially similar arrangements are required to
receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the irrevocable termination of the arrangements. For these purposes, “Change in Control” shall be defined in accordance with the
Treasury Regulations under Code Section 409A. 
 (c) The Board may terminate the Plan provided that: (i) the
termination and liquidation 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 Plan under Treasury Regulations Section 1.409A-1(c) if
the Participant covered by this Plan 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 arrangement if the termination had not occurred are
made within 12 months of the termination of the arrangement; (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 Participant participated in both arrangements, at any time within three years following the date of termination of the arrangement. 

ARTICLE IX 

MISCELLANEOUS 

9.1 Unfunded Plan. This Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits
for members of the Board. This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who have elected to participate in the Plan. Participants are members of
the Board who, by virtue of their position, are uniquely informed as to the Bank’s operations and have the ability to materially affect the Bank’s profitability and operations. 

  
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 9.2 Trust Fund. The Bank shall be responsible for the payment of all benefits
provided under the Plan. At its discretion, the Bank may establish one or more rabbi trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits. Such rabbi trust or trusts may be irrevocable,
but the assets thereof shall be subject to the claims of the Bank’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further obligation with respect thereto, but to the
extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Bank. 
 9.3 Payment to Participant, Legal
Representative or Beneficiary. Any payment to any Participant or the legal representative, Beneficiary, or to any guardian or committee appointed for such Participant or Beneficiary in accordance with the provisions hereof, shall, to the
extent thereof, be in full satisfaction of all claims hereunder against the Bank, which may require the Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release
thereof in such form as shall be determined by the Bank. 
 9.4 Nonassignability. Neither a Participant nor any other person
shall have any right to commute, sell, assign, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable
and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 9.5
Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and
invalid provision had never been inserted herein. 
 9.6 Notice. Any notice or filing required or permitted to be given to the
Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee or the Secretary of the Bank. Such notice shall be deemed given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
 9.7
Successors. The provisions of this Plan shall bind and inure to the benefit of the Bank and its successors and assigns. The term “successors” as used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Bank, and successors of any such corporation or other business entity. 

9.8 Payment of Employment and Code Section 409A Taxes. Any distribution under this Plan shall be reduced by the amount of
any taxes required to be withheld from such distribution, if any. This Plan shall 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, such payments shall 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. 
 9.9
Acceleration of Payments. Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated
hereunder by the Bank, in accordance with 

  
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the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Department of the Treasury. 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) to apply certain offsets in satisfaction of a
debt of the Participant to the Bank; (vi) in satisfaction of certain bona fide disputes between the Participant and the Bank; or (vii) for any other purpose set forth in the Treasury Regulations and subsequent guidance. 

9.10 12 U.S.C. § 1828(k). Any payments made to the Participant pursuant to this Plan or otherwise are subject to and
conditioned upon compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations promulgated thereunder. 

9.11 Governing Law. The Plan is established under, and will be construed according to, the laws of the State of
New York, to the extent such laws are not preempted by the ERISA or the Code and regulations published thereunder. 
 [Signature Page to
Follow] 

  
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 IN WITNESS WHEREOF, the Bank, acting through its authorized officer, has adopted this
Plan. 
  

							
		 		 	PCSB BANK
				
	 12/16/15
	 		 	By:	 	 /s/ Ruth Leser

	Date	 		 		 	

  
 10EX-10.15

 Exhibit 10.15 

PCSB BANK 
 TRUSTEE
SUPPLEMENTAL LIFE INSURANCE PLAN 
 THIS TRUSTEE SUPPLEMENTAL LIFE INSURANCE PLAN (“Plan”) is made and entered into this 1st day of July, 2016, by PCSB Bank, a New York chartered mutual savings bank with its principal office located in Yorktown Heights, New York (the “Bank”) for the benefit of its non-employee
trustees (“Trustees”) who are selected to and who participate in the Plan. 
 INTRODUCTION 

The Bank wishes to attract and retain highly qualified Trustees. To further this objective, the Bank is willing to divide the death proceeds
of certain life insurance policies which are owned by the Bank on the lives of the participating Trustees with the designated beneficiary of each insured participating Trustees. The Bank will pay the life insurance premiums from its general assets.

 Article 1 

Definitions 
 Whenever used
in this Plan, the following terms shall have the meanings specified: 
 1.1 “Compensation Committee” means either
the Compensation Committee designated from time to time by the Bank’s Board of Trustees or a majority of the Bank’s Board of Trustees, either of which shall hereinafter be referred to as the Compensation Committee. 

1.2 “Trustee” means a non-employee trustee of the Bank. 

1.3 “Insured” means a Trustee who is designated by the Compensation Committee as eligible to participate in this Plan
and who elects in writing to participate in the Plan by executing an Election to Participate attached hereto as Exhibit A, and a Split Dollar Endorsement attached hereto as Exhibit B. 

1.4 “Insurer” means the insurance company issuing the life insurance policy on the life of the Insured. 

1.5 “Policy” or “Policies” means the individual insurance policy or policies adopted by the
Compensation Committee for purposes of insuring a Trustee’s life under this Plan. 
 1.6 “Plan” means this
instrument, including all amendments thereto. 

 Article 2 

Participation 
 2.1
Eligibility to Participate. The non-employee Trustees of the Bank shall be eligible to participate. 
 2.2 Participation.
An eligible Trustee may participate in this Plan by executing an Election to Participate and a Split Dollar Endorsement for each Policy or Policies under which the Trustee is the Insured. The Split Dollar Endorsement shall bind the Trustee and
his or her beneficiaries, assigns and transferees, to the terms and conditions of this Plan. A Trustee’s participation in the Plan is limited to those Policies where he or she is the Insured. 

2.3 Termination of Participation. A Trustee’s rights under this Plan shall cease and his or her participation in this Plan
shall terminate if either of the following events occur: (i) the Trustee’s service with the Bank is terminated for reasons other than death or (ii) the plan is terminated per Article 8. In the event that the Bank decides to maintain
the Policy or Policies after the Trustee’s termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy or Policies. 

Article 3 
 Policy
Ownership/Interests 
 3.1 Trustee’s Interest. Unless or until the Trustee’s rights under the Plan shall
terminate as provided in Section 2.3, with respect to the Policy or Policies, the Trustee or the Trustee’s assignee shall have the right to designate the beneficiary of the following death benefit amounts: 

(a) Death Benefit. If the Trustee was in the service of the Bank as a non-employee Trustee at the time of death, the
death benefit shall be the lesser of: (i) One Hundred Thousand Dollars ($100,000.00), or (ii) the Net Death Benefit. 

(b) Net Death Benefit. The “Net Death Benefit” shall be the net amount at risk under the Policy or Policies
covering the Trustee’s life as of the Trustee’s date of death. For purposes of this Plan, “net amount at risk” shall mean, as of any date, the difference between the cash surrender value of the Policy and the total proceeds
payable under the Policy upon the death of the Insured. 
 3.2 Bank’s Interest. The Bank is the sole owner of the
Policies and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the Policies to the extent of each Policy’s cash surrender value plus any death benefits remaining after applying those amounts
explicitly assigned to the Trustee’s beneficiary pursuant to Section 3.1 above. In addition, the Bank may replace each Policy with a comparable insurance policy to cover the benefit provided under this Plan and the Bank and the Trustee
shall execute a new Split Dollar Endorsement for each new Policy. Each new Policy or any comparable policy shall be subject to the claims of the Bank’s creditors. Any Policies subject to this Plan shall be treated as “bank owned life
insurance (“BOLI”) subject to the provisions and limitations set forth in the Interagency Statement on the Purchase and Risk Management of Life Insurance (OCC 2004-56). 

  
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 Article 4 

Premiums and Economic Benefit 

4.1 Premium Payment. The Bank shall pay all premiums due on all Policies, so long as the Bank chooses to maintain the Policies
in force.  
 4.2 Economic Benefit. Annually, the Trustee will recognize a taxable benefit equal to (a) the
current term rate for the Insured’s age, multiplied by (b) the net death benefit payable to the Insured’s beneficiary. The Bank (or its administrator) will timely report to the Trustee the amount of such imputed income each year on
IRS Form 1099-MISC or its equivalent. The Bank intends that this Plan will be subject to taxation under the “economic benefit regime” set forth in Treasury Regulation section 1.61-22(d), such that the Trustee shall have taxable income
equal to the annual cost of the current life insurance coverage provided by the Policy or Policies.  
 Article 5 

Assignment 
 With the
Bank’s written consent, a Trustee may assign without consideration all interests in his or her Policy or Policies and in this Plan to any person, entity or trust. In the event a Trustee shall transfer all of his or her interest in a Policy or
Policies, then all of that Trustee’s interest in his or her Policy or Policies and in the Plan shall be vested in his or her transferee, who shall be substituted as a party hereunder, and that Trustee shall have no further interest in his or
her Policy or Policies or in the this Plan. 
 Article 6 

Insurers 
 Each Insurer
shall be bound only by the terms of their corresponding Policy. Any payments an Insurer makes or actions it takes in accordance with a Policy shall fully discharge it from all claims, suits and demands of all persons relating to that Policy. The
Insurers shall not be bound by the provisions of this Plan. The Insurers shall have the right to rely on the Bank’s representations with regard to any definitions, interpretations, or Policy interests as specified under this Plan. 

Article 7 
 Claims
Procedure 
 7.1 Claims Procedure. Any person or entity (“claimant”) who has not received benefits under the
Plan that he or she believes should be paid shall make a claim for such benefits as follows: 
 7.1.1 Initiation
– Written Claim. The claimant initiates a claim by submitting to the Bank’s Human Resource Manager a written claim for the benefits. 

  
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 7.1.2 Timing of Bank Response. The Bank shall respond to such claimant
within 90 days after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 90 days by notifying the claimant in writing,
prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision. 

7.1.3 Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of
such denial. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(a) The specific reasons for the denial; 

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

(c) A description of any additional information or material necessary for the claimant to perfect the claim and an explanation
of why it is needed; 
 (d) An explanation of the Plan’s review procedures and the time limits applicable to such
procedures; and 
 (e) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a)
following an adverse benefit determination on review. 
 7.2 Review Procedure. If the Bank denies part or all of the claim, the
claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows: 
 7.2.1
Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Bank’s notice of denial, must file with the Bank’s Human Resource Manager a written request for review. 

7.2.2 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit
written comments, documents, records and other information relating to the claim. The Bank shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant
to the claimant’s claim for benefits. 
 7.2.3 Considerations on Review. In considering the review,
the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

7.2.4 Timing of Bank Response. The Bank shall respond in writing to such claimant within 60 days after receiving
the request for review. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to 

  
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the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its
decision. 
 7.2.5 Notice of Decision. The Bank shall notify the claimant in writing of its decision on review. The
Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(a) The specific reasons for the denial; 

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

(c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of,
all documents, records and other information relevant to the claimant’s claim for benefits; and 
 (d) A statement of
the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 8 

Amendments and Termination 

8.1 Amendment or Termination of Plan. The Bank may amend or terminate the Plan at any time and may amend or terminate a
Trustee’s rights under the Plan at any time prior to a Trustee’s death by written notice to the Trustee. Additionally, the Bank may sell, surrender, exchange, or transfer the insurance Policy or Policies purchased under this Plan at any
time. If the Bank decides to sell, surrender, transfer, or exchange the Policies while this Agreement is in effect, the Bank will first give the Trustee or the Trustee’s transferee the option to purchase the Policies for a period of 60 days
from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policies. 

8.2 Waiver. A Trustee may, in the Trustee’s sole and absolute discretion, waive his or her rights under the Plan at any
time. Any waiver permitted under this section 8.2 shall be in writing and delivered to the Board of Trustees of the Bank. 

Article 9 
 Miscellaneous

 9.1 Binding Effect. This Plan, in conjunction with each Split Dollar Endorsement, shall bind each Trustee and the Bank,
their beneficiaries, survivors, executors, administrators and transferees and any Policy beneficiary. This Plan and the payment of any benefits hereunder shall be binding on any and all successors to the Bank. 

9.2 Governing Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of
New York, except to the extent preempted by the laws of the United States of America. 

  
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 9.3 Notice. Any notice, consent or demand required or permitted to be given
hereunder shall be in writing and shall be signed by the party giving such notice, consent or demand. If such notice, consent or demand is mailed to a party hereto, it shall be sent by United States certified mail, FedEx (or other reputable
overnight delivery service) to such party’s last known address as shown on the Bank’s records. The date of the mailing shall be deemed to be the date of the notice, consent or demand. 

9.4 Entire Agreement. This Plan, along with the Split Dollar Endorsement, constitutes the entire agreement between the Bank and
the Trustee as to the subject matter hereof. No rights are granted to the Trustee by virtue of this Plan other than those specifically set forth herein. 

9.5 Administration. The Compensation Committee of the Bank’s Board of Trustees shall have all powers which are necessary to
administer this Plan, including but not limited to: 
 (a) Interpreting the provisions of the Plan, in its sole
discretion; 
 (b) Establishing and revising the method of accounting for the Plan; 

(c) Maintaining a record of benefit payments; and 

(d) Establishing rules and prescribing any forms necessary or desirable to administer the Plan. 

9.6 Designated Fiduciary. For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be
the named fiduciary and plan administrator under the Plan. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Plan, including the employment of advisors and the delegation of
ministerial duties to qualified individuals. 

  
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 IN WITNESS WHEREOF, the Bank executes this Plan as of the day and date indicated above.

  

			
	PCSB BANK
		
	By	 	 /s/ Joseph D. Roberto

		 	President and Chief Executive Officer

  
 7

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