Document:

EX-10.2

 Exhibit 10.2 

FORM OF 
 CHANGE IN
CONTROL AGREEMENT 
 This AGREEMENT is made effective as of _____________, 2022 (“Effective Date”), by and between
EVERETT CO-OPERATIVE BANK, a Massachusetts chartered stock savings bank (the “Bank”) and
                     (“Executive”). Any reference to the “Company” herein shall mean ECB BANCORP, INC. or
any successor thereto. The Company has executed this Agreement solely for purposes of guaranteeing the performance of the Bank hereunder. 

BACKGROUND 
 A. To encourage the
Executive’s dedication to his assigned duties in the face of potential distractions arising from the prospect of a “Change in Control” the Bank wishes to provide a payment to the Executive in the event the Executive’s employment
is terminated involuntarily without “Cause” or voluntarily for “Good Reason” concurrent with or within twenty four (24) months after a Change in Control. 

B. The Bank employs the Executive in a position of trust and confidence, and the Executive has or will become acquainted with the Bank’s Business, its
officers and employees, its strategic and operating plans, its business practices, processes, and relationships, the needs and expectations of its customers and prospective customers, and its trade secrets and other property, including Confidential
Information as defined in herein. 
 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)	 The term of this Agreement shall commence as of the Effective Date and shall continue thereafter for a
period of             (        ) years. 

  

	 	(b)	 Commencing on the first anniversary of this Agreement (the “Anniversary Date”) and continuing
on each Anniversary Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is always
            (        ) years provided, however, that in order for this Agreement to renew, the Compensation Committee of the Board of
Directors of the Bank (the “Committee”) must take the following actions within the time frames set forth below prior to each Anniversary Date: (i) at least sixty (60) days prior to the Anniversary Date, have the Chief Executive
Officer of the Bank conduct a comprehensive performance evaluation and review of Executive and present his evaluation to the Committee for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the Committee minutes. If the decision is not to renew this Agreement, then the Bank shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”) at least thirty (30) 

	 	
days and not more than sixty (60) days prior to any Anniversary Date, such that this Agreement shall terminate at the end of twenty four (24) months following such Anniversary Date.

  

	 	(c)	 Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement
to effect a transaction which would be considered a Change in Control as defined herein, then the term of this Agreement shall be extended and shall terminate twenty four (24) months following the date on which the Change in Control occurs. The
initial term and all renewals thereafter shall be referred to as the “Term” under this Agreement. 

 2. DEFINITIONS
The following words and terms shall have the meanings set forth below for purposes of this Agreement. 
  

	 	(a)	 Change in Control means a change in control of the Bank or Company, as defined in Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations promulgated thereunder, including the following: 

  

	 	(i)	 Change in ownership: A change in ownership of the Bank or the Company occurs on the date any one person
or group of persons accumulates ownership of more than 50% of the total fair market value or total voting power of the Bank or the Company; or 

  

	 	(ii)	 Change in effective control: A change in effective control occurs when either (i) any one person or
more than one person acting as a group acquires within a twelve (12)-month period ownership of stock of the Bank or Company possessing 35% or more of the total voting power of the Bank or Company; or (ii) a majority of the Bank’s or
Company’s Board of Directors is replaced during any 12-month period by Directors whose appointment or election is not endorsed in advance by a majority of the Bank’s or Company’s Board of
Directors (as applicable), or 

  

	 	(iii)	 Change in ownership of a substantial portion of assets: A change in the ownership of a substantial
portion of the Bank’s or Company’s assets occurs if, in a twelve (12)-month period, any one person or more than one person acting as a group acquires assets from the Bank or Company having a total gross fair market value equal to or
exceeding 40% of the total gross fair market value of the Bank’s or Company’s entire assets immediately before the acquisition or acquisitions. For this purpose, “gross fair market value” means the value of the Bank’s or
Company’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets. 

  

	 	(b)	 Good Reason means a termination by Executive, without Executive’s express written consent, if any
of the following occurs: 

  
 2 

	 	(i)	 a material reduction in Executive’s base compensation, except for across-the-board reductions similarly affecting all or substantially all of the Bank’s executive officers; 

  

	 	(ii)	 a material reduction in Executive’s authority, duties or responsibilities; 

 

	 	(iii)	 a relocation of Executive’s principal place of employment by more than twenty (25) miles from the
Bank’s main office location as of the date of this Agreement; or 

  

	 	(iv)	 any other action or inaction that constitutes a material breach of this Agreement by the Bank.

 Notwithstanding the foregoing, prior to any termination of employment for Good Reason, Executive must
first provide written notice to the Board within ninety (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 thirty
(30) days of the date the Board received the written notice from Executive, but the Bank may waive its right to cure. 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 thirty (30) day cure period, then Executive may deliver a notice of termination for Good Reason at any time within sixty (60) days following the
expiration of such cure period. 
  

	 	(c)	 Termination for Cause means 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)	 incompetence (in determining incompetence, the acts or omissions shall be measured against standards generally
prevailing in the savings institutions industry); 

  

	 	(iv)	 breach of fiduciary duty involving personal profit; 

 

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

  

	 	(vi)	 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 

  
 3 

	 	
conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; any
material violation of the code of ethics or business conduct of the Bank or the Company, or 

  

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

Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall
have been delivered to Executive a Notice of Termination as described in Section 4 of this Agreement. 
  

	 	(d)	 Disability means any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months that renders the Executive unable to engage in any substantial gainful activity. 

 

	 	(e)	 Separation from Service means the Executive’s termination of employment with the Bank within the
meaning of Section 409A of the Internal Revenue Service and the Regulations promulgated thereunder. 

 3. BENEFITS UPON
TERMINATION 
  

	 	(a)	 If during the term of this Agreement, a Change of Control occurs and within twenty four (24) months
following the Change of Control either the Executive’s employment is terminated for any reason other than for death, Disability, or Cause, or the Executive resigns for Good Reason within twenty four (24) months following the Change of
Control, the Executive shall be entitled to: 

  

	 	(i)	 receive a lump sum cash severance payment equal to          times the
sum of: (i) Executive’s then current base salary and (ii) the average of his cash bonus earned over the three (3) years immediately preceding the Change in Control. Years in which no bonus was earned shall not be included for
purposes of calculating the average in this paragraph (a)(i); 

  

	 	(ii)	 continue participation in the Bank’s health insurance plans (to the extent permitted by the plan and law)
in which the Executive was participating as his Date of Termination, until the earlier of 18 months following the Date of Termination or the procurement by the Executive of health insurance coverage pursuant to another plan. In the event continued
participation in the Bank’s health insurance plans is not permitted under plans or by law, the Executive will receive a lump sum cash payment equal to the cost of Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage for 18 months
following the Date of Termination; and 

  

	 	(iii)	 his Accrued Obligations (as defined below). 

  
 4 

 Any payments to Executive under Section 3(a)(i) shall be made in a lump sum within ten
(10) days following Executive’s termination of employment and reduced for applicable withholding taxes. Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof in the event of Executive’s
termination for Cause or termination of employment due to Executive’s death or Disability. 
 For purposes of this Agreement,
“Accrued Obligations” are defined as: Executive’s earned but unpaid base salary and Executive’s earned but unpaid annual bonus and/or long term incentive compensation (cash and stock) as of his date of termination of
employment. 
  

	 	(b)	 In the event any payment or distribution of any type to or for the benefit of Executive made by the
Bank, any person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company’s assets in connection with a “change in control” (within the meaning of Code Section 280G and the
regulations thereunder) or any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of the Agreement or otherwise (the “Total Payments”), would otherwise exceed the amount that could be
received by Executive without the imposition of an excise tax under Code Section 4999 (the “Safe Harbor Amount”), then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate
present value, as determined in accordance with the applicable provisions of Code Section 280G and the regulations thereunder, does not exceed the greater of: (i) the Safe Harbor Amount, or (ii) the greatest after-tax amount payable to Executive after taking into account any excise tax imposed under Code Section 4999 on the Total Payments. 

4. NOTICE OF TERMINATION 
  

	 	(a)	 Following a Change in Control, any termination of employment shall be communicated by Notice of Termination.
For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate 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. 

  

	 	(b)	 “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 30 days from the date Notice of Termination is given. 

  
 5 

 5. RESTRICTIVE COVENANTS 
  

	 	(a)	 Non-Competition and
Non-Solicitation. The benefits provided to Executive under this Agreement are specifically conditioned on Executive’s covenant that, during Executive’s employment and for a period of one
(1) year following the Executive’s termination of employment with the Bank, Executive will not, without the written consent of the Bank, either directly or indirectly: 

 

	 	(i)	 solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like
circumstances would expect) to have the effect of causing any officer or employee of the Bank or any affiliate of the Bank, to terminate his employment and accept employment or become affiliated with, or provide services for compensation in any
capacity whatsoever to, any business which operates an insured depository institution that competes with the Bank or any affiliate of the Bank, within twenty-five (25) miles of the Bank’s headquarters (the “Restricted
Territory”). 

  

	 	(ii)	 become an officer, employee, consultant, director, independent contractor, agent, joint venturer, partner or
trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other business that operates an insured
depository institution that competes with the Bank or any affiliate of the Bank, that is: (A) headquartered within the Restricted Territory, determined on the earlier of the date of occurrence of the event or the effective date of termination
of employment; or (B) has one or more banking offices, but is not headquartered within the Restricted Territory, but in the latter case, only if Executive would be employed to directly solicit business or have other direct solicitation
responsibilities or solicitation duties within the Restricted Territory, and in either case, this sub-section 5(a)(ii) shall apply following Executive’s termination of employment only if Executive is
entitled to receive the severance benefits described in Section 3 of this Agreement. 

 For purposes of this
Agreement, “Customer” includes any person or entity who, during the twelve month period prior to the date of Executive’s termination of employment, is or was a customer of the Bank. Notwithstanding the foregoing, the word
“Customer” shall not include any person who is a member of the Executive’s immediate family, defined to include the Executive’s spouse; parents and spouse’s parents; grandparents and spouse’s grandparents;
siblings and spouse’s siblings; aunts and uncles and spouse’s aunts and uncles; children and spouse’s children, including adoptive children; and the spouses and children, including adoptive children, of any of the Executive’s
family members noted above. 

  
 6 

	 	(b)	 Unauthorized Disclosure and Confidential Information. While employed by the Bank,
and continuing after the date the Executive’s employment is terminated for any reason, Executive shall not, directly or indirectly, use any Confidential Information (as hereinafter defined) other than pursuant to Executive’s employment by
and for the benefit of the Bank, or disclose to anyone outside of the Bank any such Confidential Information. 

 The term
“Confidential Information” as used throughout this Agreement shall mean all trade secrets, proprietary information and other data or information (and any tangible evidence, record or representation thereof), whether prepared, conceived or
developed by an employee of the Bank (including Employee) or received by The Bank from an outside source, which is in the possession of the Bank (whether or not the property of the Bank), which in any way relates to the business conducted or, to
Executive’s knowledge, contemplated, by the Bank during the period of Executive’s employment, which is maintained in confidence by the Bank or which might permit the Bank or its Customers to obtain a competitive advantage over competitors
who do not have access to such trade secrets, proprietary information, or other data or information. Without limiting the generality of the foregoing, Confidential Information shall include: 

 

	 	(i)	 any idea, improvement, index, trading program, database, invention, innovation, development, technical data,
design, formula, device, pattern, concept, computer program, software, firmware, source code, object code, algorithm, subroutine, object module, schematic, model, diagram, flow chart, manual, compilation of information, or work in process, or parts
thereof, and any and all revisions and improvements relating to any of the foregoing (in each case whether or not reduced to tangible form); and 

  

	 	(ii)	 the name of any Customer, Executive or consultant, marketing or sales material, plan or survey, business plan
or opportunity, investment plan or strategy, business proposal, financial record, Customer record or business record or other record or information relating to the business conducted or, to Executive’s knowledge, contemplated, by the Bank
during the period of Executive’s employment. 

 Notwithstanding the foregoing, the term Confidential Information
shall not apply to information which the Bank has voluntarily disclosed to the public without restriction or which has otherwise lawfully entered the public domain, or which Executive can demonstrate was known to him prior to the start of his
employment with the Bank through a source other than the Bank or any of its employees or affiliates. 
 Executive understands that the Bank
from time to time has in its possession information (including computer programs and databases) which represent information which is claimed by others to be proprietary and which the Bank has agreed to keep confidential. Executive agrees that all
such information shall be Confidential Information for purposes of this Agreement. 

  
 7 

	 	(c)	 Equitable Relief. Executive agrees that any breach of Executive’s obligations set forth in
this Section 5 will cause irreparable damage to the Bank and in the event of such breach the Bank or its successor shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable
relief to prevent the violations of Executive’s obligations hereunder. 

  

	 	(d)	 Periods of Noncompliance and Reasonableness of Periods. The Company, the Bank and the
Executive acknowledge and agree that the restrictions and covenants contained in this Section 5 are reasonable in view of Executive’s advantageous knowledge of and familiarity with the business of the Bank and its Customers. Notwithstanding
anything contained herein to the contrary, if the scope of any restriction or covenant contained in Section 5 is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or covenant to its full extent,
then such restriction or covenant shall be enforced to the maximum extent permitted by law. The parties hereby acknowledge and agree that a court of competent jurisdiction may reform or blue pencil the Agreement to the fullest extent permitted by
law to enforce this Agreement. 

 6. SOURCE OF PAYMENTS 

It is intended by the parties hereto that all payments provided in this Agreement shall be paid in cash or check from the general funds of the
Bank. The Company, however, guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be
paid or provided by the Company. 
 7. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS 

This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement (written or oral) between the
Bank, Company and Executive. 
 8. NO ATTACHMENT 
  

	 	(a)	 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 affect any
such action shall be null, void, and of no effect. 

  

	 	(b)	 This Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank and their
respective successors and assigns. 

 9. MODIFICATION AND WAIVER 

 

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

  

	 	(b)	 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 

 10. 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. 

11. 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. 

12. GOVERNING LAW/DISPUTES 
 The validity,
interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts, unless superseded or preempted by Federal law as now or hereafter in effect. 

Except as set forth in Section 5 of this Agreement to the contrary, any dispute or controversy arising under or in connection with this
Agreement (unless prohibited by law) shall be settled exclusively by arbitration, conducted before a single arbitrator, mutually acceptable to Executive and the Bank, sitting in a location selected by the Bank within twenty-five (25) miles of
the main office of the Bank in Everett, Massachusetts, 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. 
 13. REQUIRED PROVISION 

In the event this Section 13 is in conflict with the other terms of this Agreement, this Section 13 shall prevail. Any payments made
to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

14. SECTION 409A 
 To the extent necessary
to ensure compliance with Code Section 409A (“Section 409A”), the provisions of this Section 14 shall govern in all cases over any contrary or conflicting provision in this Agreement. 

 

	 	(a)	 It is intended that this Agreement comply with the requirements of Section 409A and all guidance
issued thereunder by the U.S. Internal Revenue Service with respect to any nonqualified deferred compensation subject to Section 409A. This Agreement shall be interpreted and administered to maximize the exemptions from Section 409A and,
to the extent this Agreement provides for deferred compensation subject to Section 409A, to comply with Section 409A and to avoid the imposition of tax, interest and/or penalties upon Executive under

  
 9 

	 	
Section 409A. The Bank does not, however, assume any economic burdens associated with Section 409A. Although the Bank intends to administer this Agreement to prevent taxation under
Section 409A, it does not represent or warrant that this Agreement complies with any provision of federal, state, local, or non-United States law. The Bank, any affiliates of the Bank, and their
respective directors, officers, employees and advisers will not be liable to the Executive (or any other individual claiming a benefit through the Executive) for any tax, interest, or penalties the Executive may owe as a result of this Agreement.
Neither the Bank nor any affiliate of the Bank has any obligation to indemnify or otherwise protect the Executive from any obligation to pay taxes under Section 409A. 

 

	 	(b)	 The payment described in Section 3 above is intended to be exempt from Section 409A as either
a short-term deferral within the meaning of the final regulations under Section 409A or under the two-times exception of Treasury Reg. §1.409A-1(b)(9)(iii).

  

	 	(c)	 To the extent necessary to comply with Section 409A, in no event may the Executive, directly or
indirectly, designate the taxable year of payment. 

  

	 	(d)	 To the extent necessary to comply with Section 409A, references in this Agreement to
“termination of employment” or “terminates employment” (and similar references) shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i) and any governing Internal Revenue Service
guidance and Treasury regulations (“Separation from Service”), and no payment subject to Section 409A that is payable upon a termination of employment shall be paid unless and until (and not later than applicable in compliance with
Section 409A) the Executive incurs a Separation from Service. In addition, if the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) at the time of the Executive’s Separation from Service, any
nonqualified deferred compensation subject to Section 409A that would otherwise have been payable on account of, and within the first six months following, the Executive’s Separation from Service, and not by reason of another event under
Section 409A(a)(2)(A), will become payable on the first business day after six months following the date of the Executive’s Separation from Service or, if earlier, the date of the Executive’s death. 

15. SUCCESSOR TO THE BANK 
 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. 

  
 10 

 IN WITNESS WHEREOF, the Bank and the Company (as guarantor) have caused this Agreement to be
executed by their duly authorized officers, and Executive has signed this Agreement, on this ___ day of _____________, 2022. 
  

			
	EVERETT CO-OPERATIVE BANK
		
	By:	 	    
		 	Duly authorized officer
	
	ECB BANCORP, as guarantor
		
	By:	 	    
		 	Duly authorized officer
	
	EXECUTIVE
		
	By:	 	    
		 	

  
 11EX-10.4

 Exhibit 10.4 

EVERETT CO-OPERATIVE BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

FOR RICHARD J. O’NEIL, Jr. 

Effective January 1, 2018 

 TABLE OF CONTENTS 
  

							
	 	  	PAGE	 
	 ARTICLE I - PURPOSE
	  	 	1	 
	 ARTICLE II - DEFINITIONS
	  	 	1	 
	 2.1
	 	Actuarial Equivalent	  	 	1	 
	 2.2
	 	Beneficiary	  	 	1	 
	 2.3
	 	Board	  	 	1	 
	 2.4
	 	Cause	  	 	1	 
	 2.5
	 	Code	  	 	1	 
	 2.6
	 	Compensation	  	 	1	 
	 2.7
	 	Change in Control	  	 	2	 
	 2.8
	 	Disability	  	 	2	 
	 2.9
	 	Effective Date	  	 	2	 
	 2.10
	 	ERISA	  	 	2	 
	 2.11
	 	Final Average Compensation	  	 	2	 
	 2.12
	 	Interest Rate	  	 	3	 
	 2.13
	 	Mortality Table	  	 	3	 
	 2.14
	 	Normal Retirement Age	  	 	3	 
	 2.15
	 	Normal Retirement Date	  	 	3	 
	 2.16
	 	Participant	  	 	3	 
	 2.17
	 	Plan	  	 	3	 
	 2.18
	 	Plan Benefit	  	 	3	 
	 2.19
	 	Separation from Service	  	 	3	 
	 2.20
	 	Specified Employee	  	 	3	 
	 2.21
	 	Target Percentage	  	 	3	 
	 ARTICLE III - PARTICIPATION
	  	 	4	 
	 ARTICLE IV - BENEFITS
	  	 	4	 
	 4.1
	 	Plan Benefit	  	 	4	 
	 4.2
	 	Vesting	  	 	4	 
	 4.3
	 	Separation from Service Prior to Normal Retirement Age	  	 	4	 
	 4.4
	 	Forfeiture of Benefits	  	 	4	 
	 4.5
	 	Disability Benefit	  	 	4	 
	 4.6
	 	Death Benefit	  	 	4	 
	 4.7
	 	Change in Control	  	 	5	 
	 4.8
	 	Time of Payment	  	 	5	 
	 ARTICLE V - BENEFICIARY DESIGNATION
	  	 	5	 
	 5.1
	 	Beneficiary Designation	  	 	5	 
	 5.2
	 	Changing Beneficiary	  	 	5	 
	 5.3
	 	No Beneficiary Designation	  	 	5	 
	
5.4                   
 
	 	Effect of Payment	  	 	6	 
	 ARTICLE VI - ADMINISTRATION
	  	 	6	 
	 6.1 Administration
	  	 	6	 

							
	 6.2
	 	 Agents
	  	 	6	 
	 6.3
	 	 Binding Effect of Decisions
	  	 	6	 
	 ARTICLE VII - CLAIMS PROCEDURE
	  	 	6	 
	 7.1 Claim Procedures
	  	 	6	 
	 ARTICLE VIII - AMENDMENT AND TERMINATION OF PLAN
	  	 	7	 
	 ARTICLE IX - MISCELLANEOUS
	  	 	8	 
	 9.1
	 	 Unfunded Plan
	  	 	8	 
	 9.2
	 	 Unsecured General Creditor
	  	 	8	 
	 9.3
	 	 Trust Fund
	  	 	8	 
	
9.4                
	 	 Nonassignability
	  	 	8	 
	 9.5
	 	 Not a Contract of Employment
	  	 	8	 
	 9.6
	 	 Participant Cooperation
	  	 	9	 
	 9.7
	 	 Governing Law
	  	 	9	 
	 9.8
	 	 Validity
	  	 	9	 
	 9.9
	 	 Successors
	  	 	9	 
	 9.10
	 	 Notices
	  	 	9	 
	 9.11
	 	 Compliance with Code Section 409A
	  	 	9	 
	 9.12
	 	 Entire Agreement
	  	 	10	 

  

 EVERETT CO-OPERATIVE BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

FOR RICHARD O’NEIL 

ARTICLE I -PURPOSE 
 The
purpose of this Supplemental Executive Retirement Plan for Richard J. O’Neil, Jr. (the “Plan”), established herein by Everett Co-operative Bank, located in Everett, Massachusetts (the
“Employer”), is to provide current tax planning opportunities and supplemental funds upon retirement, disability, or death for Richard J. O’Neil, Jr. (“Participant”). In addition, it is intended that the Plan will aid in
retaining Participant and reward his prior service with the Employer by providing Participant with these benefits. The Plan is intended to comply with Code Section 409A. 

ARTICLE II -DEFINITIONS 
  

	2.1	 Actuarial Equivalent 

“Actuarial Equivalent” means the actuarial adjustment necessary to convert Participant’s benefit into a different form or
payment period so that the total value of Participant’s benefit remains equal based on the Mortality Table and Interest Rate regardless of the form of benefit or the commencement date. 

 

	2.2	 Beneficiary 

“Beneficiary” means the person, persons or entity last designated by the Participant to receive any benefits payable after
Participant’s death pursuant to Article V of the Plan. 
  

	2.3	 Board 

“Board” means the Board of Directors of Employer. 
  

	2.4	 Cause 

“Cause” means deliberate dishonesty of the Participant with respect to the Employer, gross negligence, gross neglect, or the
commission of a felony or gross-misdemeanor which results in any material adverse effect on Employer. 
  

	2.5	 Code 

“Code” means the Internal Revenue Code of 1986, as amended, and including all guidance and regulations promulgated thereunder. 

 

	2.6	 Compensation 

“Compensation” means Participant’s base salary and bonus paid by Employer in a calendar year including any amount contributed by
Employer on Participant’s behalf pursuant to a salary reduction agreement and which is not includable in the Participant’s gross income under Code Sections 125,132(f), 402(e)(3) and 402(h), and excluding any taxable employee benefits of
any kind that are not excluded from gross income under Code Section 132. 

  
 1 

	2.7	 Change in Control 

“Change in Control” means any of the following if the event occurs after the date first above-written: 

(i) 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. 
 (ii) 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. 

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

	2.8	 Disability 

“Disability” and “Disabled” mean Participant is: 

(b) Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or 

(c) By reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer; or

 (d) Determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board. 

 

	2.9	 Effective Date 

“Effective Date” means January 1, 2018. 
  

	2.10	 ERISA 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended and including all guidance and regulations promulgated
thereunder. 
  

	2.11	 Final Average Compensation 

“Final Average Compensation” means the average of Participant’s Compensation for the final three (3) consecutive calendar
years of employment prior to a Separation from Service. 

  
 2 

	2.12	 Interest Rate 

“Interest Rate” for a month is the applicable interest rate determined using the first, second, and third segment rates for that
month under section 417(e)(3)(D). The applicable interest rate is specified by the Commissioner in revenue rulings, notices, or other guidance published in the Internal Revenue Bulletin. 

 

	2.13	 Mortality Table 

“Mortality Table” means the mortality table determined under Code Section 430(h)(3)(A) applied without any reduction for death
before Participant’s Normal Retirement Date. 
  

	2.14	 Normal Retirement Age 

“Normal Retirement Age” means age sixty-seven (67). 
  

	2.15	 Normal Retirement Date 

“Normal Retirement Date” means the first day of the month coincident with or next following the date on which Participant has a
Separation from Service on or after attaining Normal Retirement Age. 
  

	2.16	 Participant 

“Participant” means Richard O’Neil. 
  

	2.17	 Plan 

“Plan” means this Everett Co-Operative Bank Supplemental Executive Retirement Plan for
Richard O’Neil as set forth in this document, as the same may be amended from time to time. 
  

	2.18	 Plan Benefit 

“Plan Benefit” means the annual benefit payment for Participant calculated as described in 4.1 of this Plan. 

 

	2.19	 Separation from Service 

“Separation from Service” means the Participant’s “termination of employment” with Employer and all affiliated and
subsidiary entities that are considered to be part of a controlled group with the Employer pursuant to Code Section 414(b) or (c), except that in applying Code Section 1563 “fifty percent” shall be substituted for “eighty
percent.” Whether a “termination of employment” has occurred is determined based on whether the facts and circumstances indicate that the Employer and the Participant reasonably anticipate that no further services will be performed
after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of
bona fide services performed (whether as an employee or independent contractor) over the immediately preceding thirty-six (36) months (or the full period of services to the Employer if the Participant has
been providing services to the Employer for less than thirty-six (36) months). 
  

	2.20	 Specified Employee 

“Specified Employee” means a specified employee as defined in Code Section 409A(a)(2)(B). 

 

	2.21	 Target Percentage 

“Target Percentage” means 60% of Final Average Compensation when used to calculate Participant’s benefit under this Plan. 

  
 3 

 ARTICLE III - PARTICIPATION 

Participant shall be eligible to participate, and shall commence participation, in the Plan on the Effective Date. 

ARTICLE IV - BENEFITS 
  

	4.1	 Plan Benefit 

Upon Participant’s Normal Retirement Date and subject to Section 4.7, Employer shall commence to pay to Participant the Plan Benefit
which is a monthly benefit equal to the Target Percentage of Final Average Compensation offset by the total of the Employer portion of Participant’s Social Security benefits at Normal Retirement Date, the Actuarial Equivalent of the portion of
Participant’s CBERA Plan A 401 (k) balance attributable to the Employer’s matching contributions payable as a single life annuity at Normal Retirement Date, and Participant’s benefits paid under the Employer’s CBERA Plan C
pension plan payable as a single life annuity with ten (10) years guaranteed at Normal Retirement Date. Such benefit shall be paid in the form of an Actuarial Equivalent 10-year certain and life annuity.

  

	4.2	 Vesting 

Participant shall vest in his Plan Benefit immediately. 
  

	4.3	 Separation from Service Prior to Normal Retirement Age 

Subject to Section 4.7 of this Plan, if Participant has a Separation from Service prior to Normal Retirement Age, Employer shall pay to
Participant a benefit equal to the Plan Benefit described in Section 4.1 of this Plan calculated as of the date of Separation from Service. Payments shall commence on the Participant’s Normal Retirement Date. 

 

	4.4	 Forfeiture of Benefits 

Notwithstanding anything in this Plan to the contrary, the payment of benefits under this Plan may, at the discretion of the Board, be
discontinued, and such benefits forfeited if Participant is involuntarily Separated from Service for Cause. 
  

	4.5	 Disability Benefit 

If Participant becomes Disabled, Employer shall pay to Participant a benefit equal to the Actuarial Equivalent of the Plan Benefit described in
Section 4.1 of this Plan, assuming the Participant continued to perform services for Employer to Normal Retirement Age and that the Participant’s Compensation increased each year by five percent (5%) from date of Disability to Normal
Retirement Age. This benefit shall be calculated assuming that Participant would have continued to contribute to the retirement plans offsetting the Plan Benefit in 4.1 at the same rate, and these plans would provide a six percent (6%) return on
investment. Such payments shall commence on the first day of the month following the date the Participant is determined to be Disabled. 
  

	4.6	 Death Benefit 

Prior to Commencement of Benefits. If Participant dies prior to the commencement of benefits under this Plan, Employer shall pay to the
Beneficiary a benefit equal to the Actuarial Equivalent of the Plan Benefit described in Section 4.1 of this Plan, assumed to be payable at Normal Retirement Date, and assuming the Participant continued to perform services for Employer to
Normal Retirement Age and that the Participant’s Compensation increased each year by five percent (5%) from date of death to Normal Retirement Age. This benefit shall be calculated assuming that Participant would have continued to contribute to
the retirement plans offsetting the Plan Benefit in 4.1 at the same rate, and these plans would provide a six percent (6%) return on investment. Such benefit shall be paid in a single lump sum within ninety (90) days of the Participant’s
date of death. 

  
 4 

 (a) During Distribution of Benefits. If the Participant dies after any benefit distributions
have commenced under this Agreement, but before receiving all distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts the benefits would have been distributed to the Participant had
the Participant survived. 
  

	4.7	 Change in Control 

Notwithstanding anything in this Plan to the contrary, in the event of a Change in Control of the Bank, prior to commencement of benefits under
this Plan, the Participant shall be entitled to a benefit equal to the Actuarial Equivalent of the Plan Benefit described in Section 4.1 of this Plan, assumed to be payable at Normal Retirement Date, and assuming the Participant continued to
perform services for Employer to Normal Retirement Age and that the Participant’s Compensation increased each year by five percent (5%) from the date of the Change in Control to Normal Retirement Age. This benefit shall be calculated assuming
that Participant would have continued to contribute to the retirement plans offsetting the Plan Benefit in 4.1 at the same rate, and these plans would provide a six percent (6%) return on investment. Such benefit shall be paid in a single lump sum
within ninety (90) days of the Change in Control. 
  

	4.8	 Time of Payment 

Notwithstanding anything in this Plan to the contrary, if Participant is a Specified Employee on the date of Separation from Service (except
due to death), the Participant shall not receive a distribution of any amount under this Plan, until the first day of the seventh month following the date of Separation from Service. In the event a distribution must be delayed, the first payment
shall include an amount equal to the sum of the monthly payments which would have been paid to the Participant but for the payment deferral mandated pursuant to this Section. 

ARTICLE V - BENEFICIARY DESIGNATION 
  

	5.1	 Beneficiary Designation 

Participant shall have the right, at any time, to designate one (1) or more persons or entities as Beneficiary (both primary as well as
secondary) to whom benefits under this Plan shall be paid in the event of the Participant’s death prior to complete distribution of the Participant’s vested benefit. Each Beneficiary designation shall be in a written form prescribed by the
Employer and shall be effective only when filed with the Employer during the Participant’s lifetime. 
  

	5.2	 Changing Beneficiary 

Any Beneficiary designation may be changed by Participant without the consent of the previously named Beneficiary by the filing of a new
Beneficiary designation with the Employer. The filing of a new designation shall supersede all designations previously filed. If the Participant’s Compensation is community property, any Beneficiary designation shall be valid or effective only
as permitted under applicable law. 
  

	5.3	 No Beneficiary Designation 

If any Participant fails to designate a Beneficiary in the manner provided above, if the designation is void, or if the Beneficiary dies before
the Participant or before complete distribution of the Participant’s benefits, the Participant’s Beneficiary shall be the person in the first of the following classes in which there is a survivor: 

(a) The Participant’s surviving spouse; 

(b) The Participant’s children in equal shares, except that if any of the children predecease the Participant with
surviving issue, then such issue shall take by right of representation; 
 (c) The Participant’s estate. 

  
 5 

	5.4	 Effect of Payment 

Payment to the Beneficiary shall completely discharge the Employer’s obligations to the Participant and Beneficiary under this Plan. 

ARTICLE VI - ADMINISTRATION 
  

	6.1	 Administration 

The Plan shall be administered by the Employer through its authorized officers, who shall have the authority to make, amend, interpret and
enforce all appropriate rules and regulations for the administration of the Plan and decide or resolve, in their sole discretion, any and all questions, including interpretations of the Plan, as may arise in such administration. 

 

	6.2	 Agents 

The Employer may employ agents and delegate to them such administrative duties as it sees fit, and may consult with counsel who may be counsel
to the Employer. 
  

	6.3	 Binding Effect of Decisions 

The decision or action of the Employer with respect to any question arising out of or in connection with the administration, interpretation and
application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 

ARTICLE VII - CLAIMS PROCEDURE 
  

	7.1	 Claim Procedures 

Any person claiming a benefit (“Claimant”) under the Plan shall present the request in writing to the Administrative Committee. 

(a) Initial Claim Review. If the claim is wholly or partially denied, the Administrative Committee will, within ninety
(90) days (one hundred eighty (180) days in special circumstances) after the receipt of such claim, provide the Claimant with written notice of the denial setting forth in a manner calculated to be understood by the Claimant: 

(i) The specific reason or reasons for which the claim was denied; 

(ii) Specific reference to pertinent provisions of the Plan, rules, procedures or protocols upon which the Board relied to deny
the claim; 
 (iii) A description of any additional material or information that the Claimant may file to perfect the claim
and an explanation of why this material or information is necessary; 
 (iv) An explanation of the Plan’s claims review
procedure and the time limits applicable to such procedure and a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination upon review. 

If special circumstances require an extension of time for processing the claim, the Claimant will be notified within the initial ninety
(90) day review period of the special circumstances requiring the extension and the date by which the Administrative Committee expects to render a decision. 

In addition, notwithstanding the foregoing, if the claim relates to a disability determination (“Disability Claim”), the decision
shall be rendered within forty-five (45) days after receipt of the claim, which may be extended 

  
 6 

 
twice by an additional thirty (30) days per extension for matters beyond the control of the Administrative Committee. The claimant will be notified in writing of any such extension(s) before
the end of the applicable decision period, as well as the circumstances requiring the extension, the date by which a decision on the claim is expected to be rendered and such other information required by ERISA. 

(b) Review of Claim. If a claim for benefits is denied, in whole or in part, the Claim- ant may request to have the claim
reviewed. The Claimant will have sixty (60) days (one hundred and eighty (180) days in the case of a Disability Claim) after receiving notice of the adverse benefit determination in which to request a review. The request must be in writing
and delivered to the Administrative Committee. If no such review is requested, the initial decision of the Administrative Committee will be considered final and binding. 

The Administrative Committee’s decision on review shall be sent to the Claimant in writing and shall include specific reasons for the
decision, written in a manner calculated to be understood by the Claimant, as well as specific references to the pertinent Plan provisions, rules, procedures or protocols upon which the Administrative Committee relied to deny the appeal. The
Administrative Committee shall consider all information submitted by the Claimant, regardless of whether the information was part of the original claim. The decision shall also include a statement of the Claimant’s right to bring an action
under Section 502(a) of ERISA if the claim is denied on review. 
 The Administrative Committee’s decision on review shall be made
not later than sixty (60) days (forty-five (45) days in the case of a Disability Claim) after its receipt of the request for review, unless special circumstances, such as the need to hold a hearing, require a longer period of time, in
which case a decision shall be rendered as soon as possible but not later than one hundred and twenty (120) days after receipt of the claimant’s request for review ninety (90) days in the case of a Disability Claim). If the
Administrative Committee generates any new evidence during the process of reviewing a Disability Claim, the claimant shall be provided with such new evidence in sufficient time to respond to the new evidence within the review period. If special
circumstances require an extension of time for processing, the Claimant will be notified within the initial sixty (60) day period of the special circumstances requiring the extension and the date by which the Administrative Committee expects to
render a decision. 
 The decision on review shall be in writing and shall include specific reasons for the decision written in a manner
calculated to be understood by the claimant with specific reference to the provisions of the Plan on which the decision is based and other information required by ERISA, as well as an explanation of the claimant’s right to submit the claim for
binding arbitration in the event of an adverse determination on review (or legal action in the case of a Disability claim). 
 (c)
Exhaustion of Plan’s Claims and Review Procedures Required; Limitations on Legal Actions. The Plan’s claims and appeal procedures described above must be exhausted with respect to any claim of any kind relating to the Plan. If any legal
action is permitted to be filed with respect to a Disability Claim under the Plan, such action must be brought by the claimant no later than one (1) year after the Administrative Committee’s denial of the claim on review, regardless of any
state or federal statutes establishing provisions relating to limitations on actions. 
 ARTICLE VIII - AMENDMENT AND TERMINATION OF PLAN

 The Board may, in its sole discretion and at any time, amend or terminate the Plan by a written instrument subject to the following:

 (a) No amendment or termination shall adversely affect the benefits of Participants which have already accrued and vested,
the benefits of any Participant who had a Separation from Service prior to the amendment or termination, or the benefits of any Participant who has died; and 

(b) Any amendment to, or termination of, the Plan, including any change in the timing or form of payment of benefits, including
the total liquidation of the Plan, shall comply with Code Section 409A. 

  
 7 

 ARTICLE IX - MISCELLANEOUS 

 

	9.1	 Unfunded Plan 

This Plan is an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly
compensated employees” within the meaning of Sections 201, 301, and 401 of ERISA, and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. The Board may terminate the Plan and make no further benefit payments or
remove certain employees as Participants if it is determined by the United States Department of Labor, a court of competent jurisdiction, or an opinion of counsel that the Plan constitutes an employee pension benefit plan within the meaning of
Section 3(2) of ERISA which is not so exempt. 
  

	9.2	 Unsecured General Creditor 

Participant and his or her Beneficiaries, heirs, successors, and assigns shall have no secured legal or equitable rights, interest or claims in
any property or assets of the Employer, nor shall they be beneficiaries of, or have any rights, claims or interests in, any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Employer. Such
policies, annuity contracts or other assets of the Employer shall not be held in any trust for the benefit of Participant, his Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the
obligations of the Employer under this Plan. Any and all of the Employer’s assets and policies shall be, and remain, the general, unpledged, unrestricted assets of the Employer. The Employer’s obligation under the Plan shall be an unfunded
and unsecured promise to pay money in the future. 
  

	9.3	 Trust Fund 

In its discretion, the Employer may establish one (1) or more trusts, with such trustees as the Employer may approve, for the purpose of
providing for the payment of benefits owed under this Plan. Although such a trust shall be irrevocable, its assets shall be held for payment to the Employer’s general creditors in the event of insolvency or bankruptcy. To the extent any
benefits provided under this Plan with respect to Participants are paid from any such trust, the Employer shall have no further obligation to pay them. If not paid from the trust, such benefits shall remain the obligation solely of the Employer.

  

	9.4	 Nonassignability 

Participant shall not have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, 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 Participant, nor shall they be transferable by operation of law in the event of the Participant’s
bankruptcy or insolvency. 
 Notwithstanding the above paragraph, the Employer may accelerate the time for paying benefits to someone other
than the Participant to the extent necessary to fulfill a domestic relations order (as defined in Code Section 414(p)(l)(B)). 
  

	9.5	 Not a Contract of Employment 

This Plan shall not constitute a contract of employment between the Employer and any Participant. Nothing in this Plan shall give Participant
the right to be retained in the service of the Employer or to interfere with the right of the Employer to discipline or discharge the Participant at any time. 

  
 8 

	9.6	 Participant Cooperation 

Participant shall cooperate with the Employer by furnishing any and all information requested by the Employer in order to facilitate the
payment of benefits hereunder, and by taking such physical examinations as the Employer may deem necessary and taking such other action as may be requested by the Employer. 
  

	9.7	 Governing Law 

The provisions of this Plan shall be construed and interpreted according to the laws of the Commonwealth of Massachusetts except as preempted
by federal law and in accordance with and subject to any applicable federal laws to which the Employer may be subject as an FDIC insured institution. 
  

	9.8	 Validity 

If any provision of this Plan is 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. 
  

	9.9	 Successors 

The provisions of this Plan shall bind and inure to the benefit of the Employer and its successors and assigns. The term successors 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 Employer, and successors of any such corporation or other
business entity. 
  

	9.10	 Notices 

All notices shall be in writing, and shall be sufficiently given if delivered to the Employer at its principal place of business, or to the
Participant at his last known address as shown in the Employer’s records, in person, by Federal Express or similar receipted delivery, or, if mailed, postage prepaid, by certified mail, return receipt requested. The date of such mailing shall
be deemed the date of notice, demand or consent. 
  

	9.11	 Compliance with Code Section 409A 

All provisions in this document shall be interpreted, to the extent possible, to be compliant with Code Section 409A. However, in the
event any provision of this Plan is determined to not be in compliance with Code Section 409A and any regulations or other guidance promulgated thereunder, such provision shall be null and void to the extent of such noncompliance. 

  
 9 

	9.12	 Entire Agreement 

This Plan constitutes the entire understanding and agreement with respect to the subject matter contained herein. There are no agreements,
understandings, restrictions, representations or warranties among any Participant and the Employer pertaining to the subject matter hereof, other than those as set forth or provided for herein. 

 

			
	EVERETT CO-OPERATIVE BANK
		
	By:	 	/s/ Joseph Sachetta
		
	Dated:	 	12/19/2018
	
	RICHARD J. O’NEIL, JR.
	
	/s/ Richard J. O’Neil, Jr.
		
	Dated:	 	12/19/2018

  
 10 

 EVERETT CO-OPERATIVE BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR RICHARD J. O’NEIL JR. 

AMENDMENT NO. 1 
 1.
Everett Co-operative Bank, a Massachusetts corporation (“Employer”) entered into the Supplemental Executive Retirement Plan for Richard J. O’Neil, Jr. (the “Plan”) with Richard J.
O’Neil, Jr. (“Executive”) effective as of January 1, 2018. 
 2. Pursuant to Article 8 of the Plan, the Board of
Directors of Employer may amend the Plan by written instrument provided such amendment does not adversely affect the benefits which have already accrued or vested. 

3. The Board of Directors desires to improve the clarity of administration of the Plan by deleting the phrase “with ten (10) years
guaranteed” from the end of the first sentence of Section 4.1. 
 4. The Plan is hereby amended as follows as of February 1,
2019- 
 (a) Section 4.1 shall be amended by replacing its text in its entirety with the following: 

“Upon Participant’s Normal Retirement Date and subject to Section 4.7, Employer shall commence to pay to
Participant the Plan Benefit which is a monthly benefit equal to the Target Percentage of Final Average Compensation offset by the total of the Employer portion of Participant’s Social Security benefits at Normal Retirement Date, the Actuarial
Equivalent of the portion of Participant’s CBERA Plan A 401(k) balance attributable to the Employer’s matching contributions payable as a single life annuity at Normal Retirement Date, and Participant’s benefits paid under the
Employer’s CBERA Plan C pension plan payable as a single life annuity at Normal Retirement Date. Such benefit shall be paid in the form of an Actuarial Equivalent 10-year certain and life annuity.”

 5. Except as amended herein, all provisions of the Plan remain in full force and effect. 

IN WITNESS WHEREOF, this Amendment No. 1 is adopted as of February 1, 2019. 

 

			
	EVERETT CO-OPERATIVE BANK
		
	By:	 	/s/ Joseph Sachetta
	Title:	 	Chairman of the Board
		
	Dated:	 	01/24/2019
	
	RICHARD J. O’NEIL, JR.
	
	/s/ Richard J. O’Neil, Jr.
		
	Dated:	 	01/24/19

 AMENDMENT NO. 1 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]