Document:

EX-10.8

 Exhibit 10.8 

COLONIAL FEDERAL SAVINGS BANK 

POST-RETIREMENT DEATH BENEFIT ONLY PLAN 

AS AMENDED AND RESTATED 

ARTICLE I 
 PURPOSE AND
SPECIFICATIONS 
 The purpose of this Death Benefit Only Plan (the “Plan”) is to provide the selected Executive of Colonial
Federal Savings Bank (the “Bank”) with a death benefit to his or her named beneficiary in the event of the Executive’s death. This program is intended to be exempt from the requirements of Internal Revenue Code Section 409A. The
Plan was originally effective as of January 1, 2015 (the “Effective Date”) and is amended and restated as of July 1, 2021. 

ARTICLE II 
 DEFINITIONS

 2.1    “Base Salary’’ shall mean the Executive’s base annual salary excluding
incentive and discretionary bonuses and other non-regular forms of compensation, before reductions for contributions to or deferrals under any pension, deferred compensation or benefit plans sponsored by the
Bank. 
 2.2    “Beneficiary” shall mean one or more persons, trusts, estates or other entities,
designated in accordance with Article IV, that are entitled to receive a benefit under the Plan after the death of the Executive. 

2.3    “Cause” shall mean conduct by the Executive, determined by the Bank to be: (a) gross
negligence or willful malfeasance in the performance of his duties; (b) actions or omissions that harm the Bank and are undertaken or omitted knowingly or arc criminal or fraudulent or involve material dishonesty or moral turpitude;
(c) being indicted in a court of law for any felony or for a crime involving misuse or misappropriation of Bank funds; or (d) breach of fiduciary duty to the Bank. 

2.4    “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time. Reference
to any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation that amends, supplements or replaces such section or subsection. 

2.5    “Death Benefit” shall mean a total benefit equal to four times (4x) the Executive’s Base
Salary in effect at the earlier of (i) the date of the Executive’s Termination of Employment (other than for Cause) or (ii) the date of the Executive’s death; offset by the amount payable under any Executive Split Dollar Plan in
which Executive participates and any employer-provided benefit under a group term replacement plan sponsored by the Bank. 

2.6    “Executive” shall mean Michael E. McFarland, who is employed by the Bank. The Executive
shall also mean the “Insured” as referenced on Exhibit A. 
 2.7    “Plan Administrator”
shall mean the Bank or its designee. The Executive may not vote in any Bank decision relating solely to his or her individual benefits under this Plan. 

 2.8    “Termination of Employment” shall mean the
Executive ceasing to be employed by the Bank for any reason whatsoever, other than by reason of an approved leave of absence. 
 ARTICLE
IlI 
 PARTICIPATION 

3.1    Commencement of Participation. The Executive shall participate under the Plan upon the later of the adoption
of this Plan document or upon satisfaction of the requirements of Section 3.2 below. 
 3.2    Required
Documentation and Related Conditions of Eligibility. In no event shall the Executive commence participation before filling out all documentation and taking any other steps required by the Plan Administrator as a condition of participating in the
Plan. Such steps may include the filling out of a lite insurance consent form (as defined in Code Section 101(j)) or such other steps as are required as a condition to the Bank’s purchase of life insurance on the life of the Executive.

 ARTICLE IV 

BENEFICIARIES 

4.1    Designation. The Executive shall have the right to designate, on forms provided by the Plan Administrator, a
Beneficiary to receive the benefits provided under the Plan in the event of the Executive’s death, and shall have the right at any time to revoke such designation or to substitute another such Beneficiary. Any such change shall be effective on
the date of written notice from the Executive naming a new or additional Beneficiary. Such notice shall be delivered to the Plan Administrator. 

4.2    Absence of Valid Designation. If, upon the death of the Executive, there is no valid designation of
Beneficiary on file, the Plan Administrator shall designate the Executive’s surviving spouse as Beneficiary, or if there is no surviving spouse, the Executive’s children, in equal shares per stirpes, or if none, the
Executive’s estate. 
 4.3    Facility of Payment. If a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his or her property, the Plan Administrator may pay such benefit to the guardian, legal representative, or person having the care or custody of such minor, incompetent person or
incapable person. The Plan Administrator may require proof of incompetence, minority, or guardianship as it may deem appropriate prior to distribution of benefit. Such distribution shall completely discharge the Bank from all liability with respect
to such benefit. 
 ARTICLE V 

PLAN BENEFITS 
 5.1
    Death Benefit. If the Executive dies while employed with the Bank, or has a Termination of Employment (other than for Cause) on or after age sixty-seven (67) and then dies, his Beneficiary shall receive the Death
Benefit in a single lump sum payment within ninety (90) days following the Executive’s date of death. If the Executive has a Termination of Employment prior to age sixty-five (65) and then dies, the Executive shall not be entitled to
a Death Benefit under the terms of this Plan. 
 ARTICLE VI 

ADMINISTRATION OF THE PLAN 

6.1    Power and Duties of the Plan Administrator. The Plan Administrator shall have the duty to manage and
administer the Plan in accordance with the terms and provisions of this Article, and shall have the power: 

 (a)    To construe and interpret the terms and
provisions of the Plan; and 
 (b)    To establish rules and prescribe any forms necessary or desirable
to administer the Plan. 
 All constructions, interpretations, and determinations made by the Bank in connection with the administration of
this Plan shall be final, binding and conclusive subject, however, to timely request for review pursuant to the terms and conditions of that Section hereof entitled “Claims Procedure and Review.” 

6.2    Named Fiduciary. 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. 

6.3    Record and Reports. The Plan Administrator shall keep a record of all actions taken and shall keep all other
books of account, records, and other data that may be necessary for proper administration of the Plan and shall be responsible for supplying all information and reports to the Internal Revenue Service, Department of Labor, Executives, Beneficiaries,
and others as required by law. 
 6.4    Payment of Expenses. All expenses of administration shall be paid by the
Bank. Such expenses shall include any expenses incident to the functioning of the Plan Administrator, including, but not limited to, fees of accountants, legal counsel, and other specialists and their agents, and other costs of administering the
Plan. 
 6.5    Claims Procedure and Review. Claims for benefits under the Plan shall be filed on forms supplied
by the Bank. Written or electronic notice of the disposition of a claim shall be furnished to the claimant within ninety (90) days after the application therefore is filed, unless special circumstances require an extension of time (not to
exceed 90 additional days) for processing the claim. In the event the claim is denied, the reasons for the denial shall be specifically set forth, pertinent provisions of the Plan shall be cited and, where appropriate, an explanation as to how the
claimant can perfect the claim and whether further material or information is necessary. 
 If a Beneficiary has been denied a benefit or
feels aggrieved by any other action of the Bank, the Beneficiary shall be entitled upon written request to the Bank, to receive a written or electronic notice of such action, together with a full and clear statement of the reason for the action.

 If the claimant wishes further consideration of his or her position, he or she may obtain a form from the Bank on which to request a
hearing. Such form, together with a written statement of the claimant’s position, shall be filed with the Bank no later than sixty (60) days after receipt of the written notification provided for in the paragraph above and in the paragraph
preceding it. The claimant or his or her duly authorized representative may review pertinent documents and submit issues and comments in writing. 

The decisions on review shall be furnished to the claimant within the time limit described in the preceding paragraph. It shall include
specific reasons for the decision, expressed in a manner calculated to be understood by the claimant and shall specifically refer to pertinent Plan provisions on which it is based. The claimant shall be advised that if he or she wishes to pursue his
or her claim further, he or she may file suit in federal or state court and that the court will decide who should pay court costs and legal fees. 

This Section 6.5 is based on Section 2560.503-1 of the Department of Labor Regulations. If
any provision of this Section 6.5 conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 

 ARTICLE VII 

AMENDMENT AND TERMINATION 

7.1    The Bank reserves the right to amend this Plan at any time, for any or no reason, in its sole discretion; provided,
however, that any change to the Plan shall be prospective only in its operation if it would diminish or eliminate any benefit currently being paid to the Executive’s Beneficiary. The Plan shall automatically terminate without notice upon the
occurrence of any of the following events: (1) the total cessation of the business of the Bank; (2) the bankruptcy, receivership or dissolution of the Bank; (3) while the Executive is living by written notice thereof by either the
Bank or the Executive to the other; (4) Termination of Employment prior to age sixty-seven (67); or (5) upon distribution of the Death Benefit in accordance with Article V. Notwithstanding the foregoing, the Bank may not terminate this
Plan or amend it in any way detrimental the Executive following a Change in Control. For these purposes, a Change in Control shall be defined as (i) a change in ownership of the Corporation, (ii) a change in the effective control of the
Corporation or (iii) a change in the ownership of a substantial portion of the assets of the Corporation, as defined for purposes of Section 409A of the Code; provided, however, that a Change in Control will not be deemed to have occurred
as a result of the Bank’s mutual holding company reorganization and/or minority stock issuance or any second-step conversion of the Bank’s mutual holding company from the
mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company. For purposes of this Plan, the term “Corporation” is
defined to include the Bank, any holding company of the Bank and their successors. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

8.1    Binding Effect. This Plan shall bind the Executive and the Bank and their respective beneficiaries,
survivors, executors, administrators, successors, transferees, and assigns. 
 8.2    In formation to be Furnished.
The Executive and his Beneficiary shall provide the Plan Administrator with such information and evidence, and shall sign such documents, as may reasonably be requested from time to time for the purpose of administration of the Plan. 

8.3    Limitation on Executive’s Rights. Participation in the Plan shall not give the Executive the right to
be retained in the Bank’s employ, or any right or interest in the benefits provided under the Plan other than as herein provided. The Bank reserves the right to dismiss the Executive without any liability for any claim either against the Plan,
except to the extent herein provided, or against the Bank. 
 8.4    Applicable Law. The Plan shall be construed,
administered and enforced according to the laws of the State of Massachusetts, except to the extent the law of such state is superseded by the Employee Retirement Income Security Act of 1974, as amended from time to time, or other federal laws. 

8.5    Receipt and Release. Any payment to any Beneficiary in accordance with the provisions of the Plan shall be,
to the extent thereof, in full satisfaction of all claims against the Plan Administrator and the Bank; and the Bank may require such Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. 

 8.6    Nonassignability. None of the benefits, payments, proceeds
or claims of the Executive or Beneficiary shall be subject to any claim of any creditor of the Executive or Beneficiary and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any creditor of such
person, nor shall the Executive or Beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which may be payable under the Plan. 

8.7    Benefits Solely from General Assets. The benefits provided by the Plan shall be paid solely from the general
assets of the Bank. No Executive, Beneficiary or other person shall have any claim against, right to, or security or other interest in, any specific fund, account, insurance policy, or other asset of the Bank with respect to benefits under the Plan.

 8.8    Notices. Any notice, consent or demand required or permitted to be given under the provisions of this
Plan by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party, or by mailing the same, by United States certified mail, postage prepaid,
to such party, addressed to his or her last known address as shown on the records of the Bank. The date of such mailing shall be deemed the date of such mailed notice, consent or demand. 

8.9    Tax Withholding. Any benefits payable to a Beneficiary under the Plan shall be reduced to the extent of any
withholding of the Beneficiary’s income taxes by the Bank as required by law. 
 8.10    Entire Agreement.
This Plan constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Plan other than those specifically set forth herein. 

IN WITNESSWHEREOF, the parties hereto execute this Plan as of the Effective Date written above. 

 

			
	EXECUTIVE:	  	COLONIAL FEDERAL SAVINGS BANK
		
	/s/ Michael McFarland                                	  	By:    /s/ Susan
Shea                                     
	Michael McFarland	  	Title: Treasurer and COOEX-10.9

 Exhibit 10.9 

AMENDED AND RESTATED 

COLONIAL FEDERAL SAVINGS BANK 

SPLIT DOLLAR AGREEMENT 

THIS AGREEMENT is made and entered into as of this 1st day of July, 2021, by and between
COLONIAL FEDERAL SAVINGS BANK, a savings association located in Quincy, Massachusetts (the “Company”), and Michael E. McFarland (the “Director”). This Agreement shall append the Split Dollar Endorsement entered into on even date
herewith or as subsequently amended, by and between the aforementioned parties. This Agreement is an amendment and restatement of the Agreement originally effective as of January 1, 2002, which was amended as of May 20, 2008, and
January 20, 2010. This amendment and restatement shall not by itself change any previous beneficiary designation or executed Split Dollar Policy Endorsement relating to the Agreement. 

INTRODUCTION 
 To
encourage the Director to remain serving on the Board of Directors of the Company, the Company is willing to divide the death proceeds of a life insurance policy on the Director’s life. The Company will pay life insurance premiums from its
general assets. 
 AGREEMENT 

The Company and the Director agree as follows: 

Article 1 
 General
Definitions 
 The following terms shall have the meanings specified: 

1.1    “Insurer” means each life insurance carrier in which there is a Split Dollar Policy Endorsement attached
to this Agreement. 
 1.2    “Policy” means the specific life insurance policy issued by the Insurer. 

1.3    “Insured” means the Director. 

1.4    “Normal Retirement Age” means the Director’s
70th birthday. 
 1.5    “Termination of Service” means
the Director ceasing to serve on the Board of Directors of the Company for any reason whatsoever, other than by reason of an approved leave of absence. 

1.6    “Plan Year” means a twelve-month period commencing on January 1 and ending on December 31 of
each year. The initial Plan Year shall commence on the effective date of this Agreement. 
 1.7    “Effective
Date” shall mean January 1, 2002. 
 1.8    “Net Death Proceeds” means the total death proceeds of
the Policy minus the cash surrender value. 

 Article 2 

Policy Ownership/Interests 

2.1    Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of
ownership. The Company shall be the direct beneficiary of an amount equal to the greater of: a) the cash surrender value of the policy, or b) the aggregate premiums paid on the Policy by the Company less any outstanding indebtedness to the Insurer,
plus any remaining Net Death Proceeds of the Policy after the Director’s interest has been paid in accordance with Section 2.2 below. 

2.2    Director’s Interest. The Director’s interest in the Net Death Proceeds of the Policy shall be as follows:
(i) from the Effective Date until the beginning of the next Plan Year, the Director’s interest in the Net Death Proceeds of the Policy shall be limited to the sum of $50,000; (ii) commencing at the beginning of the next Plan Year and at
the beginning of each subsequent Plan Year thereafter until the Director reaches Normal Retirement Age, the Director’s interest in the Net Death Proceeds of the Policy shall be increased by $10,000 per Plan Year. The foregoing notwithstanding,
(a) the Director’s interest in the Net Death Proceeds of the Policy shall not, under any circumstances, increase after the Director’s Termination of Service, it being agreed that the Director’s interest shall be permanently fixed
at the amount payable as of the date of the Director’s Termination of Service, and (b) the Director’s interest in the Net Death Proceeds of the Policy shall not exceed $250,000 under any circumstances. The Director shall have the
right to name the beneficiary of the Director’s interest in the Net Death Proceeds of the Policy, and shall also have the right to elect and change settlement options that may be permitted. 

2.3    Option to Purchase. The Company shall not sell, surrender or transfer ownership of the Policy while this Agreement
is in effect without first giving the Director or the Director’s transferee the option to purchase the Policy 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 Policy. This provision shall not impair the right of the Company to terminate this Agreement. 

2.4    Comparable Coverage. Upon execution of this Agreement, the Company shall maintain the Policy in full force and
effect and in no event shall the Company amend, terminate or otherwise abrogate the Director’s interest in the Policy, unless the Company replaces the Policy with a comparable insurance policy to cover the benefit provided under this Agreement
and executes a new Split Dollar Policy Endorsement for said comparable insurance policy. The Policy or any comparable policy shall be subject to the claims of the Company’s creditors. 

Article 3 
 Premiums

 3.1    Premium Payment. The Company shall pay any premiums due on the Policy. 

3.2    Economic Benefit. The Company shall determine the economic benefit attributable to the Director based on the amount
of the current term rate for the Director’s age multiplied by the aggregate death benefit payable to the Director’s beneficiary. The “current term rate” is the minimum amount required to be imputed under Revenue Rulings 64-328
and 66-110, or any subsequent applicable authority. 
 3.3    Imputed Income. The Company shall impute the economic
benefit to the Director on an annual basis. 

 3.4    Cash Payment. The Company shall annually pay to the Director an
amount necessary to pay the federal and state income taxes attributable to the imputed income from the economic benefit and to the additional cash payments under this section. In calculating the cash payments due from the Company, the Company shall
assume a marginal income tax rate of 35%. If the Director is in service as a member of the Board of Directors on the date the Director reaches the Normal Retirement Age, the cash payments shall continue until the Director’s death. In the event
the Director experiences a Termination of Service prior to the Normal Retirement Age, the cash payments shall cease as of the date of such occurrence. 

Article 4 
 Assignment

 The Director may assign without consideration all of the Director’s interests in the Policy and in this Agreement to any person,
entity or trust. In the event the Director transfers all of the Director’s interest in the Policy, then all of the Director’s interest in the Policy and in the Agreement shall be vested in the Director’s transferee, who shall be
substituted as a party hereunder and the Director shall have no further interest in the Policy or in this Agreement. 
 Article 5 

Insurer 
 The Insurer shall
be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in accordance with the Policy shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be bound by or
be deemed to have notice of the provisions of this Agreement. 
 Article 6 

Claims Procedure 

6.1    Claims Procedure. A Participant or beneficiary (“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: 
 6.l
..1    Initiation—Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the benefits. 

6.1.2    Timing of Company Response. The Company shall respond to such claimant within 90 days after
receiving the claim. If the Company determines that special circumstances require additional time for processing the claim the Company can extend the response period by an additional 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 Company expects to render its decision. 

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

(a)    The specific reasons for the denial, 

 (b)    A reference to the specific provisions of the
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. 
 6.2    Review Procedure. If the Company denies part or all of
the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 

6.2.1    Initiation—Written Request. To initiate the review, the claimant, within 60 days after
receiving the Company’s notice of denial, must file with the Company a written request for review. 

6.2.2    Additional Submissions—Information Access. The claimant shall then have the opportunity to
submit written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

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

6.2.4    Timing of Company Response. The Company shall respond in writing to such claimant within 60 days
after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying the claimant in writing,
prior to 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 Company expects to render its
decision. 
 6.2.5    Notice of Decision. The Company shall notify the claimant in writing of its
decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(a)    The specific reasons for the denial, 

(b)    A reference to the specific provisions of the 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 (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 

 (d)    A statement of the claimant’s right to bring
a civil action under ERISA Section 502(a). 
 Article 7 

Amendments and Termination 

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

Article 8 
 Miscellaneous

 8.1    Binding Effect .This Agreement shall bind the Director and the Company and their beneficiaries, survivors,
executors, administrators and transferees, and any Policy beneficiary. 
 8.2    No Guarantee of Service. This Agreement
is not a contract for services. It does not give the Director the right to remain in the service of the Company, nor does it interfere with the shareholders’ rights to replace the Director. It also does not require the Director to remain in the
service of the Company nor interfere with the Director’s right to terminate services at any time. 

8.3    Applicable Law. The Agreement and all rights hereunder shall be governed by and construed according to the laws of
the State of Massachusetts, except to the extent preempted by the laws of the United States of America. 

8.4    Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell
substantially all of its assets to another company, firm or person unless such succeeding or continuing company, firm or person agrees to assume and discharge the obligations of the Company. 

8.5    Notice. Any notice, consent or demand required or permitted to be given under the provisions of this Split Dollar
Agreement by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified mail,
postage prepaid, to such party, addressed to his or her last known address as shown on the records of the Company. The date of such mailing shall be deemed the date of such mailed notice, consent or demand. 

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

8.7    Administration. The Company shall have powers which are necessary to administer this Agreement, including but not
limited to: 
 (a)    Interpreting the provisions of this Agreement; 

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

 (c)    Maintaining a record of benefit payments; and

 (d)    Establishing rules and prescribing any forms necessary or desirable to administer this
Agreement. 
 8.8    Named Fiduciary. The Company shall be the named fiduciary and plan administrator under the
Agreement. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the plan including the Service of advisors and the delegation of ministerial duties to qualified individuals. 

IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written. 

 

			
	DIRECTOR:	  	COMPANY:
	 	  	Colonial Federal Savings Bank
		
	/s/ Michael E. McFarland
                                    	  	/s/ James M. O’Leary,
Jr.                                        

	Michael E. McFarland	  	By: James M. O’Leary, Jr.
	 	  	Title:    Chairman of the Board

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]