Document:

Exhibit 10.14

 Exhibit 10.14 
 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 PEOPLES FEDERAL SAVINGS BANK 
 DIRECTOR RETIREMENT AGREEMENT 
 THIS DIRECTOR RETIREMENT AGREEMENT (the “Agreement”) is adopted this 29th day of November, 2004, by and between PEOPLES FEDERAL SAVINGS BANK, a federally-chartered corporation located in Boston,
Massachusetts (the “Bank”), and MAURICE H. SULLIVAN III (the “Director”). 
 To encourage
the Director to remain a member of the Bank’s Board of Directors, the Bank is willing to provide retirement benefits to the Director. The Bank will pay the benefits from its general assets. 
 The Bank and the Director agree as provided herein. 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	 “Accrual Balance” means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles
(“GAAP”), for the Bank’s obligation to the Director under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106 (“FAS
106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual Balance shall be reported by the Bank to the
Director on Schedule A. 

  

	1.2	 “Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of
the Director determined pursuant to Article 4. 

  

	1.3	 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes,
signs and returns to the Plan Administrator to designate one or more Beneficiaries. 

  

	1.4	 “Change in Control” means: 

 (a) There occurs a “Change in Control” of the Bank, as defined or determined by either the Bank’s primary federal regulator or under regulations promulgated by such
regulator; 
 (b) As a result of, or in connection with, any merger or other business combination, sale of assets
or contested election, wherein the persons who were

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 
non-employee directors of the Bank before such transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank; 
 (c) The Bank transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of
the Bank; 
 (d) The Bank is merged or consolidated with another corporation or entity and, as a result of such
merger or consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank; or 
 (e) The Bank sells or transfers more than a fifty percent (50%) equity interest in the Bank to another person or entity
which is not an affiliate of the Bank, excluding a sale or transfer to a person or persons who are employed by the Bank. 
 Notwithstanding anything in this Agreement to the contrary, in no event shall the conversion of the Bank from mutual to stock form (including, without limitation, through the formation of a stock holding
company) or the reorganization of the Bank into the mutual holding company form of organization constitute a Change in Control for purposes of this Agreement. 
  

	1.5	 “Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.6	 “Disability” means the Director’s suffering a sickness, accident or injury which has been determined by the insurance carrier
of any individual or group disability insurance policy covering the Director, or by the Social Security Administration, to be a disability rendering the Director totally and permanently disabled. The Director must submit proof to the Plan
Administrator of the insurance carrier’s or Social Security Administration’s determination upon the request of the Plan Administrator. 

  

	1.7	 “Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six
and one quarter percent (6.25%). However, the Plan Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP. 

  

	1.8	 “Early Termination” means the Termination of Service before Normal Retirement Age for reasons other than death, Disability,
Termination for Cause or following a Change in Control. 

  

	1.9	 “Early Termination Date” means the month, day and year in which Early Termination occurs. 

  

	1.10	 “Effective Date” means December 1, 2004. 

  

	1.11	 “Normal Retirement Age” means the Director’s 70th birthday. 

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	1.12	 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service. 

  

	1.13	 “Plan Administrator” means the plan administrator described in Article 8. 

  

	1.14	 “Plan Year” means each twelve-month period commencing on the Effective Date. 

  

	1.15	 “Termination for Cause” has that meaning set forth in Article 5. 

  

	1.16	 “Termination of Service” means that the Director ceases to be a member of the Bank’s Board of Directors for any reason,
voluntarily or involuntarily, other than by reason of a leave of absence approved by the Bank or a Termination for Cause. 

 Article 2 
 Benefits During Lifetime 
  

	2.1	 Normal Retirement Benefit. Upon Termination of Service on or after the Normal Retirement Age for reasons other than death, the Bank shall pay
to the Director the benefit described in this Section 2.1 in lieu of any other benefit under this Article. 

  

	 	2.1.1	 Amount of Benefit. The annual benefit under this Section 2.1 is Thirty-two Thousand Eleven Dollars ($32,011). 

  

	 	2.1.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s Normal Retirement Date. The annual benefit shall be paid to the Director for ten (10) years. 

  

	2.2	 Early Termination Benefit. Upon Early Termination, the Bank shall pay to the Director the benefit described in this Section 2.2 in lieu
of any other benefit under this Article. 

  

	 	2.2.1	 Amount of Benefit. The annual benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year
during which the Early Termination Date occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Accrual Balance. 

  

	 	2.2.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s attainment of Normal Retirement Age. The annual benefit shall be paid to the Director for ten (10) years. 

  

	2.3	 Disability Benefit. Upon Termination of Service due to Disability prior to Normal Retirement Age, the Bank shall pay to the Director
the benefit described in this Section 2.3 in lieu of any other benefit under this Article. 

  

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 Director Retirement Agreement 
  
  

	 	2.3.1	 Amount of Benefit. The annual benefit under this Section 2.3 is the Disability Benefit set forth on Schedule A for the Plan Year
during which the Termination of Service occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Accrual Balance. 

  

	 	2.3.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s attainment of Normal Retirement Age. The annual benefit shall be paid to the Director for ten (10) years. 

  

	2.4	 Change in Control Benefit. Upon a Change in Control, followed by the Director’s Termination of Service within twelve (12) months,
the Bank shall pay to the Director the benefit described in this Section 2.4 in lieu of any other benefit under this Article. 

  

	 	2.4.1	 Amount of Benefit. The annual benefit under this Section 2.4 is the Change in Control Benefit set forth on Schedule A for the
Plan Year during which Termination of Service occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Normal Retirement Benefit amount described in Section 2.1.1. 

  

	 	2.4.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following Termination of Service. The annual benefit shall be paid to the Director for ten (10) years. 

 Article 3 
 Death Benefits 
  

	3.1	 Death During Active Service. If the Director dies while in the active service of the Bank, the Bank shall pay to the Beneficiary the benefit
described in this Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 

  

	 	3.1.1	 Amount of Benefit. The benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  

	 	3.1.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Beneficiary in twelve (12) equal monthly installments commencing on the
first day of the month following the date of the Director’s death. The annual benefit shall be paid to the Beneficiary for a period of ten (10) years. 

  

	3.2	 Death During Payment of a Benefit. If the Director dies after any benefit payments have commenced under Article 2 of this Agreement, but
before receiving all such payments, the Bank shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. 

  

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 Director Retirement Agreement 
  
  

	3.3	 Death After Termination of Service But Before Payment of a Benefit Commences. If the Director is entitled to any benefit
payments under Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Bank shall pay the same benefit payments to the Beneficiary that the Director was entitled to prior to death except that the benefit
payments shall commence on the first day of the month following the date of the Director’s death. 

 Article 4 
 Beneficiaries 
  

	4.1	 Beneficiary Designation. The Director shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable
under this Agreement upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Bank in which the Director participates.

  

	4.2	 Beneficiary Designation: Change. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and
delivering it to the Plan Administrator or its designated agent. The Director’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the
marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures,
as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last
Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator prior to the Director’s death. 

  

	4.3	 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in
writing by the Plan Administrator or its designated agent. 

  

	4.4	 No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the
Director, then the Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be paid to the personal representative of the Director’s estate. 

  

	4.5	 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	 	 
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 the benefit. Any payment of a benefit shall be a payment for the account of the Director and the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.

 Article 5 
 General Limitations 
  

	5.1	 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this
Agreement if the Bank’s Board of Directors terminates the Director’s service for: 

  

	 	(a)	 Personal dishonesty; 

  

	 	(b)	 Incompetence; 

  

	 	(c)	 Willful misconduct; 

  

	 	(d)	 Any breach of fiduciary duty involving personal profit; 

  

	 	(e)	 Intentional failure to perform stated duties; or 

  

	 	(f)	 Willful violation of any law, rule, regulation (other than traffic violations or similar offenses), or final cease and desist order.

  

	5.2	 Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Director commits suicide within two years after the
Effective Date. In addition, the Bank shall not pay any benefit under this Agreement if the Director has made any material misstatement of fact on any application for life insurance owned by the Bank on the Director’s life.

  

	5.3	 Competition After Termination of Service. The Bank shall not pay any benefit under this Agreement if the Director, within twelve
(12) months following Termination of Service, without the prior written consent of the Bank, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a
corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee, or in any other capacity whatsoever, any enterprise conducted in the marketing area of the Bank, which enterprise is, or may deemed
to be, competitive with any business carried on by the Bank as of the date of termination of the Director’s service or retirement. This section shall not apply following a Change in Control. 

  

	5.4	 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, to the extent any benefit would create an excise
tax under the excess

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	 	 
parachute rules of Section 280G of the Code, the Bank shall reduce the benefit paid under this Agreement to the maximum benefit that would not result in any such excise tax.

 Article 6 
 Claims and Review Procedures 
  

	6.1	 Claims Procedure. A Director or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes
should be paid shall make a claim for such benefits as follows: 

  

	 	6.1.1	 Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits.

  

	 	6.1.2	 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim.
If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision. 

  

	 	6.1.3	 Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of
such denial. The Plan Administrator 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 Agreement 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 Agreement’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 Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair
review by the Plan Administrator of the denial, as follows: 

  

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

  

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 Director Retirement Agreement 
  
  

	 	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 Plan Administrator 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 Plan Administrator 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 Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the
request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision.

  

	 	6.2.5	 Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator 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 Agreement 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 Bank and the Director. 
 Notwithstanding the previous paragraph in this Article 7, the Bank may amend or terminate this Agreement at any time if,
pursuant to legislative, judicial or regulatory action, continuation

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 
of the Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other significantly detrimental
ramifications to the Bank (other than the financial impact of paying the benefits). Upon such amendment or termination the Bank shall pay benefits to the Director as if Early Termination occurred on the date of such amendment or termination,
regardless of whether Early Termination actually occurs. 
 Article 8 
 Administration of Agreement 
  

	8.1	 Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board of Directors of the
Bank, or such committee or person(s) as the Board of Directors of the Bank shall appoint. The Director may be a member of the Plan Administrator. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret
and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement.

  

	8.2	 Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as
it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank. 

  

	8.3	 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Director or Beneficiary
shall be deemed to have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions, including but not limited to the Discount Rate. 

  

	8.4	 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	8.5	 Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan
Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Termination of Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require.

  

	8.6	 Annual Statement. The Plan Administrator shall provide to the Director, within 120 days after the end of each Plan Year, a statement setting
forth the benefits payable under this Agreement. 

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 Article 9 
 Miscellaneous 
  

	9.1	 Binding Effect. This Agreement shall bind the Director and the Bank, and their beneficiaries, survivors, executors, successors,
administrators and transferees. 

  

	9.2	 No Guarantee of Service. This Agreement is not an employment policy or contract. It does not give the Director the right to remain a director
of the Bank, nor does it interfere with the Bank’s right to terminate the Director’s service. It also does not require the Director to remain a director nor interfere with the Director’s right to terminate service at any time.

  

	9.3	 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  

	9.4	 Tax Withholding. The Bank shall withhold any taxes that, in its reasonable judgment, are required to be withheld from the benefits provided
under this Agreement. The Director acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). 

  

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

  

	9.6	 Unfunded Arrangement. The Director and Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by
creditors. Any insurance on the Director’s life is a general asset of the Bank to which the Director and Beneficiary have no preferred or secured claim. 

  

	9.7	 Successors. The Bank shall not merge or consolidate into or with another company, 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 Bank under this Agreement. Upon the occurrence of such event, the term “Bank” as used in this
Agreement shall be deemed to refer to the successor or survivor company. 

  

	9.8	 Entire Agreement. This Agreement constitutes the entire agreement between the Bank 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. 

  

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 Director Retirement Agreement 
  
  

	9.9	 Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the
masculine gender includes the feminine and use of the singular includes the plural. 

  

	9.10	 Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this
Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank. 

  

	9.11	 Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any
of its provisions. 

  

	9.12	 Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect
the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein. 

  

	9.13	 Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if
in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

  

					
		  	 Peoples Federal Savings Bank
	  	
		  	 435 Water Street
	  	
		  	 Boston, MA 02135
	  	

 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. 
 Any
notice or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director. 
  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 IN WITNESS WHEREOF, the Director and a duly authorized representative of
the Bank have signed this Agreement. 
  

							
	DIRECTOR:	 		 	BANK:
			
		 		 	PEOPLES FEDERAL SAVINGS BANK
				
	 /s/ Maurice H. Sullivan III
	 		 	 By:
	 	 /s/ Maurice H. Sullivan, Jr.

	 Maurice H. Sullivan III
	 		 	 Title:
	 	 Chairman

  

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 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
 BENEFICIARY DESIGNATION FORM 
  
 I, Maurice H. Sullivan III, designate
the following as beneficiary of benefits under the Agreement payable following my death: 
  

				
	 Primary:
	  		
	  
	  	            	% 
	  
	  	            	% 
		
	 Contingent:
	  		
	  
	  	            	% 
	  
	  	            	% 

 Notes:

	 	•	 	 Please PRINT CLEARLY or TYPE the names of the beneficiaries. 

  

	 	•	 	 To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

  

	 	•	 	 To name your estate as beneficiary, please write “Estate of _[your name]_”. 

  

	 	•	 	 Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 I understand that I may change these beneficiary designations by delivering a new written designation to
the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand that these designations will be automatically revoked if the beneficiary predeceases me, or, if I
have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

									
	 Name:
	  	  
	  		  		 	
					
	 Signature:
	  	  
	  	 Date:
	  	  
	 	

 Received by the Plan Administrator this      day of
                    , 20    . 
  

			
	 By:
	 	  

		
	 Title:
	 	  

 FIRST AMENDMENT TO 
 DIRECTOR RETIREMENT AGREEMENT 
 First
Amendment, dated as of December 16, 2008 (the “Amendment”), to the Director Retirement Agreement, dated as of November 29, 2004 (as amended, the “Director Retirement Agreement”), by and among Peoples Federal Savings
Bank (the “Bank”) and Maurice H. Sullivan III (the “Director”). Capitalized terms which are not defined herein shall have the same meaning as set forth in the Director Retirement Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the parties desires to amend the Director Retirement Agreement to comply with the final regulations issued in April 2007 by the Internal Revenue Service under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, pursuant to Article 7 of the Director
Retirement Agreement, the parties to the Director Retirement Agreement desire to amend the Director Retirement Agreement; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby acknowledged, the Bank and the Director hereby
amend the Director Retirement Agreement as follows: 
 Section 1. Amendment to Section 1.6 of the
Director Retirement Agreement. Section 1.6 of the Director Retirement Agreement is hereby amended to read in its entirety as follows: 
 ““Disability” means the Director: (i) 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 can be expected to last for a continuous period of not less than twelve (12) months. Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability
insurance covering employees of the Bank, provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Director
must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.” 
 Section 2. Amendment to Section 1.16 of the Director Retirement Agreement. Section 1.16 of the Director Retirement Agreement is hereby amended to read in its entirety as follows:

 “Termination of Service” shall be construed to mean a Separation from Service, as defined in this
Section 1.16, with the Bank’s Board of Directors for reasons other than a bona fide leave of absence that does not exceed six months, a Termination for Cause or death. Whether a Separation from Service has occurred shall be determined in
accordance with the requirements of Section 409A of the Code, and shall mean the Director’s retirement or termination of service from the Board of Directors following a resignation from the Board of Directors or failure to be

 
reappointed or reelected to the Board of Directors. For these purposes, a Director shall not be deemed to have a Separation from Service if the Director serves on the Board of the Bank or any
member of a controlled group of corporations with the Bank within the meaning of Treasury Regulation §1.409A-1(a)(3).” 
 Section 3. New Section 2.5 of the Director Retirement Agreement. Section 2.5 of the Director Retirement Agreement is hereby added to read in its entirety as follows: 
 “Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of
the Accrual Balance into the Director’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the
Director’s Accrual Balance, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.” 
 Section 4. New Section 2.6 of the Director Retirement Agreement. Section 2.6 of the Director Retirement Agreement is hereby amended to read in its entirety as
follows: 
 “Change in Form or Timing of Distributions. For distribution of benefits under this
Article 2, the Director and the Bank may, subject to the terms of Article 7, amend the Agreement to delay the timing or change the form of distributions. Any such amendment: 
  

	 	(a)	 may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

  

	 	(b)	 must, for benefits distributable under Sections 2.1 and 2.2, be made at least twelve (12) months prior to the first scheduled distribution;

  

	 	(c)	 must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from
the date the first distribution was originally scheduled to be made; and 

  

	 	(d)	 must take effect not less than twelve (12) months after the amendment is made.” 

 Section 5. Amendment to Article 7 of the Director Retirement Agreement. Article 7 of the Director Retirement
Agreement is hereby amended to read in its entirety as follows: 
 “7.1 Amendments and Termination
Generally. This Agreement may be amended or terminated only by a written agreement signed by the Bank and the Director. If the Bank’s Board of Directors, however, determines that the Director is no longer a member of a select group of
management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death, Disability or retirement, the Bank may terminate this Agreement. In the event of such termination, the benefit shall be the Accrual Balance
determined as of the date the Agreement is terminated; provided, however, that except as provided in Section 7.2, the termination of this Agreement shall not cause a distribution of

  

 2 

 
benefits under this Agreement. Rather, in the event of such termination, benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3. 

Additionally, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its
auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated thereunder. 
 7.2 Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if the
Bank terminates this Agreement in the following circumstances: 
 (a) Within thirty (30) days before a
Change in Control, provided that all distributions are made no later than twelve (12) months following such irrevocable termination of this Agreement and further provided that all of the arrangements sponsored by the Bank that would be
aggregated with this Agreement under Treasury Regulation §1.409A-1(c)(2) are terminated so the Director and all participants under the other aggregated arrangements are required to receive all amounts of compensation deferred under
the terminated arrangements within twelve (12) months of the date the Bank irrevocably takes all necessary action to terminate such arrangements; 
 (b) With twelve (12) months of a dissolution of the Bank taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that
the amounts deferred under this Agreement are included in the Director’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a
substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practicable; or 
 (c) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulation §1.409A-1(c) if the Director participated in such
arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) no payments are made within twelve (12) months of the
termination of the arrangements other than payments that would be payable under the terms of the arrangements if the termination had not occurred, (iii) all termination distributions are made no later than twenty-four (24) months following
such termination, and (iv) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the
Agreement; 
 the Bank may distribute the Accrual Balance, determined as of the date of the termination of the
Agreement, to the Director in a lump sum subject to the above terms.” 
  

 3 

 Section 6. Amendment to Section 9.4 of the Director Retirement
Agreement. Section 9.4 of the Director Retirement Agreement is hereby amended to read in its entirety as follows: 
 “Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be withheld, including but limited to taxes owed under Section 409A of the Code and regulations
thereunder, from the benefits provided under this Agreement. The Director acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). Further, the Bank shall satisfy
all applicable reporting requirements, including those under Section 409A of the Code and regulations thereunder.” 
 Section 7. Effectiveness. This Amendment shall be deemed effective as of the date first above written, as if executed on such date. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Director Retirement Agreement, all of which are ratified and affirmed in all respects
and shall continue in full force and effect and shall be otherwise unaffected. 
 Section 8. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of Massachusetts, except to the extent preempted by the laws of the United
States of America. 
 Section 9. Compliance with Section 409A. This Agreement shall be
interpreted and administered consistent with Section 409A of the Code. 
  

 4 

 IN WITNESS WHEREOF, the Bank has duly executed this Amendment as of the day
and year first written above. 
  

			
	PEOPLES FEDERAL SAVINGS BANK
		
	By:	 	 /s/ Thomas J. Leetch

	Name:	 	Thomas J. Leetch
	Title:	 	President & CEO
	
	DIRECTOR
	
	 /s/ Maurice H. Sullivan III

	Maurice H. Sullivan III

  

 5Exhibit 10.15

 Exhibit 10.15 
 PEOPLES FEDERAL SAVINGS BANK 
 SPLIT DOLLAR PLAN 

 Pursuant to due authorization by its Board of Directors, the undersigned, PEOPLES FEDERAL SAVINGS BANK, a
federally chartered corporation located in Boston, Massachusetts (the “Bank”), did constitute, establish and adopt the following Split Dollar Plan (the “Plan”), effective December 1, 2004. 
 The purpose of this Plan is to attract, retain, and reward Employees, by dividing the death proceeds of certain life
insurance policies which are owned by the Bank on the lives of the participating Employees with the designated beneficiary of each insured participating Employee. 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	 “Bank” means Peoples Federal Savings Bank and any of its subsidiaries, parent corporations (now in existence or hereafter formed or
acquired) or affiliates that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor. 

  

	1.2	 “Bank’s Interest” means the benefit set forth in Section 3.2. 

  

	1.3	 “Beneficiary” means each designated person, or the estate of a deceased Participant, entitled to benefits, if any, upon the death
of a Participant. 

  

	1.4	 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that a Participant completes,
signs and returns to the Plan Administrator to designate one or more Beneficiaries. 

  

	1.5	 “Board” means the Board of Directors of the Bank as constituted from time to time. 

  

	1.6	 “Change in Control” means: 

 (a) There occurs a “Change in Control” of the Bank, as defined or determined by either the Bank’s primary federal regulator or under regulations promulgated by such
regulator; 
 (b) As a result of, or in connection with, any merger or other business combination, sale of assets
or contested election, wherein the persons who were non-employee directors of the Bank before such transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank; 

 (c) The Bank transfers all or substantially all of its assets to another
corporation or entity which is not an affiliate of the Bank; 
 (d) The Bank is merged or consolidated with
another corporation or entity and, as a result of such merger or consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank; or

 (e) The Bank sells or transfers more than a fifty percent (50%) equity interest in the Bank to another
person or entity which is not an affiliate of the Bank, excluding a sale or transfer to a person or persons who are employed by the Bank. 
 Notwithstanding anything in this Plan to the contrary, in no event shall the conversion of the Bank from mutual to stock form (including, without limitation, through the formation of a stock holding
company) or the reorganization of the Bank into the mutual holding company form of organization constitute a Change in Control for purposes of this Plan. 
  

	1.7	 “Disability” means the Participant’s suffering a sickness, accident or injury which has been determined by the insurance
carrier of any individual or group disability insurance policy covering the Participant, or by the Social Security Administration, to be a disability rendering the Participant totally and permanently disabled. Upon the request of the Plan
Administrator, the Participant must submit proof to the Plan Administrator of the insurance carrier’s or Social Security Administration’s determination. 

  

	1.8	 “Election to Participate” means the form required by the Plan Administrator of an eligible Employee to indicate acceptance of
participation in this Plan. 

  

	1.9	 “Employee” means an active employee of the Bank. 

  

	1.10	 “Insured” means the individual Participant whose life is insured. 

  

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

 

	1.12	 “Normal Retirement Age” means the Participant attaining age 65. 

  

	1.13	 “Normal Retirement Date” means the later of Normal Retirement Age or the date of Termination of Employment for any reason other
than Termination for Cause. 

  

	1.14	 “Participant” means an Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the
Plan, (iii) who signs an Election to Participate and a Beneficiary Designation Form, (iv) whose signed Election to Participate and Beneficiary Designation Form are accepted by the Plan Administrator, (v) who commences participation in
the Plan, and (vi) whose Participation has not terminated. 

	1.15	 “Participant’s Interest” means the benefit set forth in Section 3.1. 

  

	1.16	 “Policy” means the individual insurance policy or policies adopted by the Plan Administrator for purposes of insuring a
Participant’s life under this Plan. 

  

	1.17	 “Plan Administrator” means the plan administrator described in Article 10. 

  

	1.18	 “Termination of Employment” means the termination of Participant’s service before Normal Retirement Age for reasons other than
(i) death; (ii) Disability; (iii) Change in Control followed within twelve (12) months by the Participant’s Termination of Employment; or (iv) a leave of absence approved by the Bank. 

  

	1.19	 “Termination for Cause” means that the Participant’s employment with the Bank has been or is terminated by the Board for any
of the following reasons: 

 (a) Personal dishonesty; 
 (b) Incompetence; 
 (c) Willful misconduct; 
 (d) Any breach of fiduciary duty
involving personal profit; 
 (e) Intentional failure to perform stated duties or; 
 (f) Willful violation of any law, rule, regulation (other than traffic violations or similar offenses), or final cease and
desist order. 
 ARTICLE 2 
 PARTICIPATION 
  

	2.1	 Selection by Plan Administrator. Participation in the Plan shall be limited to those Employees of the Bank selected by the Plan
Administrator, in its sole discretion, to participate in the Plan. 

  

	2.2	 Enrollment Requirements. As a condition to participation, each selected Employee shall complete, execute and return to the Plan Administrator
(i) an Election to Participate, and (ii) a Beneficiary Designation Form. In addition, the Plan Administrator shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

  

	2.3	 Eligibility; Commencement of Participation. Provided an Employee selected to participate in the Plan has met all enrollment requirements set
forth in this Plan and required by the Plan Administrator, that Employee will become a Participant, be covered

	 	 
by the Plan and will be eligible to receive benefits at the time and in the manner provided hereunder, subject to the provisions of the Plan. 

  

	2.4	 Termination of Participation. A Participant’s rights under this Plan shall automatically cease and his or her participation in this Plan
shall automatically terminate upon a Termination for Cause or Termination of Employment. In the event that the Bank decides to maintain the Policy after the Participant’s termination of participation in the Plan, the Bank shall be the direct
beneficiary of the entire death proceeds of the Policy. 

  

	2.5	 Disability. If the Participant’s employment with the Bank is terminated because of the Participant’s Disability, the Bank shall
maintain the Policy in full force and effect and, in no event, shall the Bank amend, terminate or otherwise abrogate the Participant’s Interest in the Policy. However, the Bank may replace the Policy with a comparable insurance policy to cover
the benefit provided under this Plan. 

  

	2.6	 Retirement. If the Participant remains in the continuous employ of the Bank, upon the Participant’s Normal Retirement Date, the Bank
shall maintain the Policy in full force and effect and in no event shall the Bank amend, terminate or otherwise abrogate the Participant’s Interest in the Policy. However, the Bank may replace the Policy with a comparable insurance policy to
cover the benefit under this Plan. 

  

	2.7	 Change in Control. If the Participant’s employment with the Bank is terminated within twelve (12) months after a Change in Control, other
than a Termination for Cause, the Bank shall maintain the Policy in full force and effect and in no event shall the Bank amend, terminate or otherwise abrograte the Participant’s Interest in the Policy. However, the Bank may replace the Policy
with a comparable insurance policy to cover the benefit provided under this Plan. 

 ARTICLE 3

 POLICY OWNERSHIP/INTERESTS 
  

	3.1	 Participant’s Interest. The Participant, or the Participant’s assignee, shall have the right to designate the Beneficiary of an
amount of death proceeds equal to Seventy-Five Thousand Dollars ($75,000), subject to: 

  

	 	(a)	 Forfeiture of Participant’s rights upon Termination for Cause; 

  

	 	(b)	 Forfeiture of Participant’s rights upon Termination of Employment; or 

  

	 	(c)	 Forfeiture of the Participant’s rights and interest hereunder that the Bank may reasonably consider necessary to conform with applicable law
(including the Sarbanes-Oxley Act of 2002). 

  

	3.2	 Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise all incidents of ownership except that the Bank
shall not sell, surrender or transfer ownership of a Policy so long as a Participant has an interest in the Policy as described in Section 3.1. This provision shall not impair the right of the Bank, subject to Article 9, to

	 	 
terminate this Plan. With respect to each Policy, the Bank shall be the beneficiary of the remaining death proceeds of the Policy after the Participant’s Interest is determined according to
Section 3.1. 

 ARTICLE 4 
 PREMIUMS 
  

	4.1	 Premium Payment. The Bank shall pay all premiums due on all Policies. 

  

	4.2	 Economic Benefit. The Plan Administrator shall determine the economic benefit attributable to any Participant based on the amount of the
current term rate for the Participant’s age multiplied by the aggregate death benefit payable to the Participant’s Beneficiary. The “current term rate” is the minimum amount required to be imputed under Internal Revenue Notice
2002-8, or any subsequent applicable authority. 

  

	4.3	 Imputed Income. The Bank shall impute the economic benefit to the Participant on an annual basis, by adding the economic benefit to the
Participant’s Form W-2, or if applicable, Form 1099. 

 ARTICLE 5 
 BENEFICIARIES 
  

	5.1	 Beneficiary. Each Participant shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable under
the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of the Bank in which the Participant participates.

  

	5.2	 Beneficiary Designation; Change. A Participant shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and
delivering it to the Plan Administrator or its designated agent. The Participant’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Participant or if the Participant names a spouse as Beneficiary
and the marriage is subsequently dissolved. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and
procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on
the last Beneficiary Designation Form filed by the Participant and accepted by the Plan Administrator prior to the Participant’s death. 

  

	5.3	 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in
writing by the Plan Administrator or its designated agent. 

	5.4	 No Beneficiary Designation. If the Participant dies without a valid designation of beneficiary, or if all designated Beneficiaries predecease
the Participant, then the Participant’s surviving spouse shall be the designated Beneficiary. If the Participant has no surviving spouse, the benefits shall be made payable to the personal representative of the Participant’s estate.

  

	5.5	 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of 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 the benefit. Any payment of a benefit shall be a payment for the account
of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

 ARTICLE 6 
 ASSIGNMENT 
 Any Participant may irrevocably assign without consideration all or part of such Participant’s Interest in this Plan to
any person, entity or trust. In the event a Participant shall transfer all or part of such Participant’s Interest, then all or part of that Participant’s Interest in this Plan shall be vested in his or her transferee, who shall be
substituted as a party hereunder, and that Participant shall have no further interest in this Plan. 
 ARTICLE 7

 INSURER 
 The Insurer shall be bound only by the terms of its given Policy. Any payments the 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 Insurer shall not be bound by or deemed to have notice of the provisions of this Plan. The Insurer shall have the right to rely on the Plan Administrator’s representations with regard to any
definitions, interpretations or Policy interests as specified under this Plan. 
 ARTICLE 8 
 CLAIMS AND REVIEW PROCEDURE 
  

	8.1	 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: 

  

	 	8.1.1	 Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits.

  

	 	8.1.2	 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If the
Plan Administrator

	 	 
determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision.

  

	 	8.1.3	 Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of
such denial. The Plan Administrator 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. 

  

	8.2	 Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair
review by the Plan Administrator of the denial, as follows: 

  

	 	8.2.1	 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice
of denial, must file with the Plan Administrator a written request for review. 

  

	 	8.2.2	 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 Plan Administrator 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. 

  

	 	8.2.3	 Considerations on Review. In considering the review, the Plan Administrator 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. 

  

	 	8.2.4	 Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving
the request for review. If the Plan Administrator determines that special circumstances require additional

	 	 
time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision. 

  

	 	8.2.5	 Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator 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 9 
 AMENDMENTS AND TERMINATION 
  

	9.1	 Amendment or Termination of Plan. Except as otherwise provided in Sections 2.5 through 2.7, or as otherwise agreed to in writing, the Bank
may amend or terminate this Plan for all Participants or for any Participant at any time prior to a Participant’s death. Such amendment or termination shall be by written notice to the Participant(s). In the event that the Bank decides to
maintain the Policy after the Participant’s termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy. 

  

	9.2	 Option to Purchase Upon Termination. If the Bank exercises the right to terminate the Plan or a Participant’s participation in the Plan,
the Bank shall not sell, surrender or transfer ownership of a Policy without first giving a Participant or the Participant’s transferee the option to purchase the Policy for a period of sixty (60) days from written notice of such
intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. 

  

	9.3	 Waiver of Participation. A Participant may, in the Participant’s sole and absolute discretion, waive his or her rights under the Plan at
any time. Any waiver permitted under this Section 9.3 shall be in writing and delivered to the Plan Administrator. 

 ARTICLE 10 
 ADMINISTRATION 
  

	10.1	 Plan Administrator Duties. This Plan shall be administered by a Plan Administrator which shall consist of the Board, or such committee or
persons as the Board may choose. Members of the Plan Administrator may be Participants under this Plan. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and
regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. 

  

	10.2	 Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to them such administrative duties as it
sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank. 

  

	10.3	 Binding Effect of Decisions. The decision or action of the Plan Administrator 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 and conclusive and binding upon all persons having any interest in the Plan. 

  

	10.4	 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	10.5	 Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan
Administrator on all matters relating to the Compensation of its Participants, the date and circumstances of the retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Plan
Administrator may reasonably require. 

 ARTICLE 11 
 MISCELLANEOUS 
  

	11.1	 Binding Effect. This Plan shall bind each Participant and the Bank, their beneficiaries, survivors, executors, administrators and transferees
and any Beneficiary. 

  

	11.2	 No Guarantee of Employment. This Plan is not an employment policy or contract. It does not give a Participant the right to remain an Employee
of the Bank, nor does it interfere with the Bank’s right to discharge a Participant. It also does not require a Participant to remain an Employee nor interfere with a Participant’s right to terminate employment at any time.

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

  

	 	11.4	 Successors. The Bank shall not merge or consolidate into or with another company, 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 Bank under this Plan. Upon the occurrence of such event, the term “Bank” as used in this Plan shall be deemed
to refer to the successor or survivor company. 

  

	 	11.5	 Notice. Any notice or filing required or permitted to be given to the Plan Administrator under this Plan shall be sufficient if in writing
and hand-delivered, or sent by registered or certified mail, to the address below: 

  

	
	 Peoples Federal Savings Bank

	 435 Water Street

	 Boston, MA 02135

 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 or the receipt for registration or certification. 
 Any notice or filing required or permitted to be
given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	11.6	 Entire Agreement. This Plan, along with a Participant’s Election to Participate, Beneficiary Designation Form and any agreement in
writing between the Bank and any Participant, constitute the entire agreement between the Bank and the Participant as to the subject matter hereof. No rights are granted to the Participant under this Plan other than those specifically set forth
herein. 

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

  

			
	PEOPLES FEDERAL SAVINGS BANK
		
	 By:
	 	 /s/ Maurice H. Sullivan, Jr.

		
	 Title:
	 	 Chairman

 FIRST AMENDMENT 
 TO THE 
 PEOPLES FEDERAL SAVINGS BANK 

SPLIT DOLLAR PLAN 
 DATED DECEMBER 1, 2004 
 THIS AMENDMENT is adopted this      day of
                    , 20    , by and between PEOPLES FEDERAL SAVINGS BANK, a federally-chartered corporation located in Boston,
Massachusetts (the “Bank”). 
 On December 1, 2004, the Bank executed the PEOPLES FEDERAL SAVINGS
BANK SPLIT DOLLAR PLAN (the “Plan”). 
 According to the terms of Section 9.1, the undersigned
hereby amends, in part, said Plan for the purpose of increasing the Participant’s interest in the Policy, and to add a definition for Net Death Proceeds. Therefore, 
 Section 1.20 shall be added to the Plan as follows: 
 1.20 “Net Death Proceeds” means the total death proceeds of the Policy minus the greater of (i) the cash surrender value or (ii) the aggregate premiums paid by the Bank.

 Section 2.4 of the Plan shall be deleted in its entirety and replaced by the new Section 2.4
as follows: 
 2.4 Termination of Participation. A Participant’s rights under this Plan
shall automatically cease and his or her participation in this Plan shall automatically terminate upon a Termination for Cause. In the event that the Bank decides to maintain the Policy after the Participant’s termination of participation in
the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy. 
 Section 2.6 of the Plan shall be deleted in its entirety and replaced by the new Section 2.6 as follows: 
 2.6 Participant’s Interest in the Policy. The Bank shall maintain the Policy in full force and effect and in no event shall the Bank amend, terminate or otherwise abrogate the
Participant’s Interest in the Policy. However, the Bank may replace the Policy with a comparable insurance policy to cover the benefit under this Plan. 

 Section 3.1 of the Plan shall be deleted in its entirety and
replaced by the new Section 3.1 as follows: 
 3.1 Participant’s Interest. The
Participant, or the Participant’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds equal to One Hundred Fifty Thousand Dollars ($150,000) provided that such benefit shall not exceed the Net Death
Proceeds and shall be subject to: 
  

	 	(a)	 Forfeiture of Participant’s rights upon Termination for Cause; 

  

	 	(b)	 Forfeiture of the Participant’s rights and interest hereunder that the Bank may reasonably consider necessary to conform with applicable law
(including the Sarbanes-Oxley Act of 2002.) 

 IN WITNESS OF THE ABOVE, the Bank hereby
consents to this First Amendment. 
  

			
	BANK:
	
	Peoples Federal Savings Bank
		
	By	 	  

		
	Its

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