Document:

EX-10.8

 Exhibit 10.8 
  

 
 BENEFIT EQUALIZATION PLAN 

Eastern Bank Confidential 

PLAN DOCUMENT 

Effective January 1, 2014 

 EASTEN BANK BENEFIT EQUALIZATION PLAN 

TABLE OF CONTENTS 
  

							
	 Section 1
	  	Definitions	  	 	1	 
			
	 Section 2
	  	Eligibility To Participate	  	 	3	 
			
	 2.1
	  	Criteria for Eligibility	  	 	3	 
			
	 Section 3
	  	Calculation and payment of Plan Benefit	  	 	3	 
			
	 3.1
	  	Calculation	  	 	3	 
	 3.2
	  	Payment of Plan Benefit after Separation from Service or death	  	 	4	 
	 3.3
	  	Retirements prior to January 1, 2009	  	 	4	 
	 3.4
	  	Acceleration of benefits generally prohibited	  	 	4	 
	 3.5
	  	Delay of Payment for Key Employees	  	 	4	 
			
	 Section 4
	  	Benefits of Excluded Executives	  	 	4	 
			
	 Section 5
	  	Change in Control	  	 	5	 
			
	 5.1
	  	No special provision	  	 	5	 
			
	 Section 6
	  	Funding, Trust provisions, and transfers from other non-qualified plans	  	 	5	 
			
	 6.1
	  	Unfunded plan	  	 	5	 
	 6.2
	  	Establishment of the Trust	  	 	5	 
	 6.3
	  	Distributions from the Trust	  	 	5	 
	 6.4
	  	Transfers from other non-qualified deferred compensation plans	  	 	5	 
	 6.5
	  	Liabilities of participating Affiliates	  	 	6	 
			
	 Section 7
	  	Administration of the Plan	  	 	6	 
			
	 7.1
	  	Plan Committee duties	  	 	6	 
	 7.2
	  	Agents and attorneys	  	 	6	 
	 7.3
	  	Binding effect of decisions	  	 	7	 
	 7.4
	  	Indemnity of Committees	  	 	7	 
			
	 Section 8
	  	Claims procedures	  	 	7	 
			
	 8.1
	  	Presentation of claim	  	 	7	 
	 8.2
	  	Notification of decision	  	 	7	 
	 8.3
	  	Review of a denied claim	  	 	8	 
	 8.4
	  	Decision on review	  	 	8	 
	 8.5
	  	Legal action	  	 	8	 

  
 2 

							
			
	 Section 9
	  	Amendment and termination	  	 	8	 
			
	 9.1
	  	Right to amend or terminate	  	 	8	 
	 9.2
	  	Payment of benefits after Plan termination	  	 	8	 
	 9.3
	  	Permissible payouts due to Plan termination	  	 	9	 
			
	 Section 10
	  	General provisions	  	 	9	 
			
	 10.1
	  	No guarantee of benefits	  	 	9	 
	 10.2
	  	No enlargement of Employee rights	  	 	10	 
	 10.3
	  	Spendthrift provision	  	 	10	 
	 10.4
	  	Incapacity of recipient	  	 	10	 
	 10.5
	  	Delay of payment for Key Employees	  	 	10	 
	 10.6
	  	Corporate successors	  	 	10	 
	 10.7
	  	Unclaimed benefit	  	 	10	 
	 10.8
	  	Limitations on liability	  	 	10	 
	 10.9
	  	Gender	  	 	11	 
	   10.10
	  	Interpretation	  	 	11	 
	   10.11
	  	Applicable law	  	 	11	 

  
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 EASTERN BANK 

BENEFIT EQUALIZATION PLAN 

Eastern Bank (the “Bank”) maintains the Eastern Bank Benefit Equalization Plan (the “Plan) for the purpose of supplementing
pension income of certain employees whose defined benefit pensions from the Bank’s qualified plan are limited due to Internal Revenue Service provisions. 

The Plan has previously been amended to comply with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986
(“Code”) and to clarify various provisions. This document restates the Plan in its entirety, effective as of January 1, 2014. 

This restatement is intended to comply with Section 409A. No benefit shall be reduced in this Plan below the amount accrued as of
December 31, 2013, and the Plan shall continue to have only one form of payment, without regard to employee election and without any postponement or acceleration of payment terms as in effect prior to this restatement. 

 

	Section 1	 Definitions 

When used in this Plan, the following words have the meanings below unless the context clearly indicates otherwise: 

“Actuarial Equivalent” means a lump sum equivalent of a benefit, computed with the actuarial factors as in use under the Qualified
Plan. 
 “Affiliate” means any subsidiary of the Bank or any entity which would be considered a member of a “controlled
group” with the Bank, within the meaning of Section 414 of the Code. No Affiliate of the Bank may participate in the Plan unless specifically named by the Bank. 

“Bank” means Eastern Bank, a Massachusetts business organization, and any successor to substantially all of its assets or business.

 “Beneficiary” means the person or persons designated by the Participant under the Qualified Plan. In the absence of such
designation, the Beneficiary will be determined under the default provisions of the Qualified Plan. 
 “Board” means the Board of
Directors of the Bank, which has delegated responsibilities for this Plan to the Compensation Committee. For this purpose, it is recognized that the Board is delegated all authority to act for and on behalf of any Affiliate whose employees
participate in this Plan, and each Affiliate is deemed to have authorized the Board to act on its behalf in all manners respecting this Plan. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” or “Compensation Committee” means those persons serving as members of the Compensation Committee of the Board,
as appointed and in effect from time to time. For this purpose, it is recognized that these persons are delegated all authority to act for and on behalf of the Bank, and any Affiliate whose employees participate in this Plan is deemed to have
authorized the Compensation Committee, and its appointed Plan Committee, to act on its behalf in all manners respecting this Plan. 

“Committee Agent” means the Executive Vice President, Human Resources and Charitable Giving. As described in Section 7.2, the
Committee Agent has various responsibilities, and is the person with whom elections and designations meant for the Committee should be filed. 

 “Compensation” for purposes of determining benefits under this Plan, shall be as
defined in the Qualified Plan, except that amounts deferred pursuant to a deferral election under a non-qualified plan shall be credited to the period or periods in which the related services were performed,
rather than to the period or periods in which the amounts are paid; and payments made from a long-term incentive plan are entirely excluded. 

“Effective Date” means, for this restated document, January 1, 2014, unless another effective date is specified for any provision.
All provisions required by Section 409A shall be effective as of January 1, 2005, unless another effective date is required by the Guidance. Unless specifically stated otherwise, the rights of or with respect to any Participant will be governed
by the terms of the Plan as in effect at the date of the Participant’s Separation from Service. 
 “EIG” means Eastern
Insurance Group, LLC, an Affiliate. 
 “Employee” means an individual employed by the Bank or an Affiliate. 

“Employer” means the Bank and any Participating Affiliate. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Excluded Executive” means an Employee who would qualify for participation in this Plan except for the Bank’s policy that
participants in Senior Level SERPs may not participate. Employees who have been allocated deferred Employer contributions solely for service to EIG prior to 2012 are not Excluded Executives. 

“Final Regulations” means the regulations interpreting Code Section 409A promulgated on or about April 10, 2007, and as they
may be amended or added to from time to time. 
 “Guidance” means IRS Notice 2005-1, the proposed regulations under
Section 409A promulgated in 2005, IRS Notice 2006-79, the Final Regulations, and any future written interpretation of Section 409A issued by the Treasury or Internal Revenue Service, except that
Guidance will not be binding if counsel retained by the Bank determines, in writing, that it is not a correct interpretation of Section 409A or that an alternate good faith interpretation is permissible. The Plan will be interpreted in a
permissive fashion based on Guidance, with the goal that no election or payment be deemed a plan failure under Section 409A and that the Compensation Committee and the Plan Committee have the fullest power permitted by Guidance or law to
interpret or restructure the Plan and elections to prevent the occurrence of such plan failures. 
 “Participant” means any
Employee or of a Participating Affiliate who meets the eligibility requirements and is designated as a Participant, as set forth in Section 2. 

“Participating Affiliates” are Affiliates which have been granted permission by the Bank to participate in the Plan. These include:
Eastern Bank & Trust Company (during such period when it was a separate legal entity prior to its merger with the Bank), and Eastern Investment Advisors, Inc. Effective as of January 1, 2012, EIG was granted such permission. 

“Plan” means this Eastern Bank Benefit Equalization Plan, as it may be amended from time to time. 

“Plan Benefit” means the benefit earned at any point in time and calculated in accordance with Section 3. 

  
 2 

 “Plan Committee” means a Committee of the following senior officers of the Bank,
as they serve from time to time: the Chief Executive Officer, the President, the Chief Financial Officer, and the Executive Vice President, Human Resources and Charitable Giving. The role of the Plan Committee is described in Section 9 and
elsewhere in this Plan. As described in Section 7.2, the Executive Vice President, Human Resources and Charitable Giving is also the agent of the Plan Committee. 

“Plan Year” means the same fiscal period in use by the Qualified Plan. 

“Qualified Plan” means the Savings Banks Employees Retirement Association Pension Plan, a defined benefit pension plan, as adopted
by the Bank. 
 “Section 409A” means Section 409A of the Code, as interpreted according to the Guidance. 

“Senior Level SERP” is a non-qualified deferred compensation plan under which the Employer contributes amounts in addition to
employee deferrals. The following are not considered to be Senior Level SERPs: The Eastern Bank 409A Long Term Incentive Plan, the Eastern Bank 409A Deferred Compensation Plan, and, for participation in years prior to January 1, 2012, the
Eastern Insurance Group, LLC Supplemental Executive Retirement Plan. 
 “Separation from Service” shall be determined in
accordance with Section 409A, and shall generally mean a complete discontinuance of service for the Bank, its Affiliates, and any other entity with which it must be aggregated under Section 409A for this purpose. Performance of duties
after Retirement for the Bank or an Affiliate, solely as a non-Employee member of the Board, or as a Trustee, or as a Corporator, will not be considered continued service. 

“Trust” means the trust which is established under Section 6.2 as a separate instrument. It is intended that the Trust function
as a “rabbi trust,” meeting the material requirements of Internal Revenue Procedure 92-64, and that it not be a trust described in Code Section 402(b). 

“Trustee” means the Trustee of the Trust. 
  

	Section 2	 Eligibility To Participate 

 

	2.1	 Criteria for Eligibility 

(a) It is intended under this restated Plan document that participation be limited to a select group of management or highly compensated
Employees, as determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 (b) An Employee will be considered a
Participant and potentially eligible for a Plan Benefit only if his Compensation exceeds the limit set forth in Code Section 401(a)(17) at any point in his career. No formal designation is required for an Employee who has met this criteria to
become a Participant. 
 (c) Participant status does not assure an individual a Plan Benefit under Section 3. 

(d) An Excluded Executive may not participate. If a current Participant is selected to participate in a Senior Level SERP, the administration
of his Plan Benefit under this Plan will be frozen and administered as provided in Section 4. 
  

	Section 3	 Calculation and payment of Plan Benefit 

 

	3.1	 Calculation 

  
 3 

 The Plan Benefit of a Participant, if any, is determined as follows at the time of his
Separation from Service: 
 (a) The Actuarial Equivalent of his accrued benefit in the Qualified Plan is determined, subject to the
limitations of Code Section 415 and using Compensation subject to the limits of Code Section 40l(a)(17). 
 (b) The Actuarial
Equivalent of his accrued benefit in the Qualified Plan is determined without regard to the limitations of Code Sections 415 and using Compensation without regard to the limits of Code Section 401(a)(17). 

(c) If the amount in clause (b) is larger than the amount in clause (a), the difference is the Plan Benefit. However, if the Separation
from Service occurred at a time when the Participant was not vested under the rules of the Qualified Plan, the Plan Benefit is forfeited. 
  

	3.2	 Payment of Plan Benefit after Separation from Service or death 

Participants are not allowed to select a form or time of payment. The Earned Benefit, if any, will be paid on January 15 following the year of
Separation from Service or death. 
  

	3.3	 Retirements prior to January 1, 2009 

Participants who have retired prior to January 1, 2009 will continue to receive benefits, if any, as provided in the Plan at the time of their
Separation from Service and not as provided under the benefit formula and payment modes specified in this restated Plan. 
  

	3.4	 Acceleration of benefits generally prohibited 

The Compensation Committee shall have discretion to accelerate any payments due to a Participant or Beneficiary, but only if such acceleration
would be permissible under Guidance. The fact that an event is a permissible acceleration event does not require the Compensation Committee to authorize the payment. 
  

	3.5	 Delay of Payment for Key Employees 

For any Participant who is a “key employee”, payment shall be deferred after separation from service for 6 months, but only to the
extent required by Code Section 409A(a)(2)(B). At the expiration of the applicable extension period, deferred payments shall be paid in a single payment. The term “key employee” as defined in Code Section 416(i) without regard to
paragraph 5 thereof, and as further described in Code Section 409A(a)(2)(B)(i). 
  

	Section 4	 Benefits of Excluded Executives 

(a) If a Participant is selected for participation in a Senior Level SERP of the Bank or any of its Affiliates, participation in this Plan
shall be “frozen”, based on service and Compensation, and calculated in the same manner as a vested accrued benefit under the Qualified Plan. The calculation date for this “frozen” benefit shall be December 31: 

(1) of the year preceding the year in which participation in the Senior Level SERP starts, provided that the Executive was designated by the
Bank prior to the start of that year; or 

  
 4 

 (2) of the year in which participation in the Senior Level SERP starts, if participation in
the Senior Level SERP commences on a date other than January I, (i.e. a mid-year designation by the Bank). 
 (b) The Plan Benefit is
determined without regard to the amounts accumulated in any Senior Level SERP or any other deferred compensation plan of the Bank or any Affiliate. The “frozen” Plan Benefit shall be subject to the same actuarial adjustment as provided for
in the Qualified Plan. 
 (c) This provision is effective as of January 1, 2014. The terms of the Plan prior to this restatement, providing
for a “frozen benefit” converted to individual account form, shall not apply to any Participant who is named to a Senior Level SERP after the Effective Date of this restatement. 

 

	Section 5	 Change in Control 

 

	5.1	 No special provision 

(a) The Plan contains no special provision accelerating vesting or payment in the event of a change in control. 

(b) The Compensation Committee retains the discretionary right to terminate the Plan and accelerate payments under Section 9. 

 

	Section 6	 Funding, Trust provisions, and transfers from other non-qualified plans 

 

	6.1	 Unfunded plan 

This Plan shall be an unfunded obligation, as provided in IRS Revenue Ruling 60-31. It is not a
“funded” plan within the meaning of Department of Labor regulations. To the extent that a Participant acquires a right to receive payments from this Plan, such right shall not be greater than the right of any unsecured general creditor of
his or her Employer. 
  

	6.2	 Establishment of the Trust 

The Bank has established the Trust, which it administers as a “rabbi trust” in material compliance with IRS Revenue Procedure 92-64. Assets of the Trust shall at all times be available to creditors of the Bank. The Trust shall at all times conform with the requirements of Code Section 409A(b). 

 

	6.3	 Distributions from the Trust 

The Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Employer’s obligations under this Plan. 
  

	6.4	 Transfers from other non-qualified deferred compensation plans 

(a) Liabilities with respect to amounts under other non-qualified deferred compensation plans may be
transferred to this Plan. 
 (b) Any such transfer of liabilities must meet the requirements of the transferring plan, if any, and the
requirements of this Plan and Guidance. Payment elections must remain in effect and not be altered in any manner which would violate Section 409A. 

  
 5 

	6.5	 Liabilities of participating Affiliates 

(a) To the extent permitted by IRS Notice 2000-56, the Plan and Trust shall be administered so that the
Bank may contribute assets to the Trust with respect to any Participant who (i) provides services to a participating Affiliate, and (ii) for whom the Affiliate has not paid sufficient amounts to the Trust to match Plan liabilities for its
Participants, or for whom the Affiliate cannot pay the Vested Account at the time provided in this Plan due to bankruptcy or other financial difficulty. 

(b) Amounts contributed by the Bank to the Trust under this Section 6.5 will be subject to claims of the Bank’s creditors (in
addition to being subject to the claims of the Affiliate’s creditors). At termination of the Trust, assets contributed by the Bank (and any deemed investment increment) with respect to Participants of the Affiliate will revert to the Bank to
the extent not needed to satisfy liabilities of the Plan. 
 (c) The Bank guarantees the payment of any obligation under this Plan to the
Participants of any Affiliate which cannot make the payment due to insolvency or other reason. This obligation shall be interpreted in a manner consistent with Berry v. US, 593 F. Supp. 820 (M.D.N.C. 1984) and IRS PLR200450032. It shall be of
no effect and void in the event that the Internal Revenue Service determines that a guarantee of an affiliate’s obligations would cause any Participant to have an “economic benefit” that would trigger current taxation. 

 

	Section 7	 Administration of the Plan 

 

	7.1	 Plan Committee duties 

(a) This Plan shall be administered by the Plan Committee except when powers or responsibilities are allocated to the Compensation Committee.
The Compensation Committee reserves the right to overrule any decision of the Plan Committee. 
 (b) Except where authority is reserved to
the Compensation Committee, the Plan Committee has the discretion and authority to enforce all rules and procedures and administer the Plan. When making a determination or calculation, the Plan Committee shall be entitled to rely on information
furnished by a Participant or the Employer. 
 (c) A Participant who is also serving on the Plan Committee shall not vote or act on any
matter relating solely to himself or herself. 
  

	7.2	 Agents and attorneys 

(a) The Executive Vice President, Human Resources and Charitable Giving shall be deemed the Agent of the Plan Committee and the Compensation
Committee. She is charged with the creation and collection of Election Forms, Beneficiary designations, and other forms, and is empowered to execute Plan amendments approved by the Compensation Committee. Filing of any form or designation with the
Agent is an effective filing with the appropriate Committee. 
 (b) In the administration of this Plan, the Committee may, from time to
time, require that the Bank employ third parties and may 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. 

  
 6 

	7.3	 Binding effect of decisions 

The decision or action of a Committee with respect to any question arising out of or in connection with the administration, interpretation and
application of the Plan and the rules established by such Committee shall be final and conclusive and binding upon all persons having any interest in the Plan. 
  

	7.4	 Indemnity of Committees 

The Bank shall indemnify and hold harmless the members of the Compensation Committee and the Plan Committee, and any Employee to whom the
duties of a Committee may be delegated, 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 a Committee or any of its
members or any such Employee. This indemnification shall be in addition to, and not in limitation of, any other indemnification protections. 
  

	Section 8	 Claims procedures 

 

	8.1	 Presentation of claim. 

(a) Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a
“Claimant”) may deliver to the “appropriate Committee”, as described in clause (b), a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the
contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise
occurred. The claim must state with particularity the determination desired by the Claimant. 
 (b) The “appropriate Committee”
for Plan participants shall be the Plan Committee, except that if a member of the Plan Committee, or a Beneficiary of such member, is a Claimant, the appropriate Committee is the Compensation Committee. 

 

	8.2	 Notification of decision. 

The “appropriate Committee” shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in
writing: 
 (a) that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or 

(b) that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice
must set forth in a manner calculated to be understood by the Claimant: 
 (1) the specific reason(s) for the denial of the claim, or any
part of it; 
 (2) specific reference(s) to pertinent provisions of the Plan upon which such denial was based; 

(3) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such
material or information is necessary; and 
 (4) an explanation of the claim review procedure set forth in Section 8.3 below. 

  
 7 

	8.3	 Review of a denied claim. 

Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly
authorized representative): 
 (a) may review pertinent documents; 

(b) may submit written comments or other documents; and/or 

(c) may request a hearing, which the Committee, in its sole discretion, may grant. 

 

	8.4	 Decision on review. 

The Committee shall render its decision on review promptly, and not later than 60 days after the filing of a written request for review of the
denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision must be written in a manner calculated to be
understood by the Claimant, and it must contain: 
 (a) specific reasons for the decision; 

(b) specific reference(s) to the pertinent Plan provisions upon which the decision was based; and 

(c) such other matters as the Committee deems relevant. 
  

	8.5	 Legal action. 

A Claimant’s compliance with the foregoing provisions of this Section 8 is a mandatory prerequisite to a Claimant’s right to
commence any legal action with respect to any claim for benefits under this Plan. 
  

	Section 9	 Amendment and termination 

 

	9.1	 Right to amend or terminate 

(a) The Compensation Committee may amend or discontinue the Plan at any time without prior notice of intent. 

(b) No amendment of the Plan will deprive any active Participant of the right to receive benefits which have Vested under the Plan as of the
date of such amendment or discontinuance. 
 (c) The Committee shall have the right, in its sole discretion but consistent with Guidance, to
modify any benefit election form or to alter any form of payment so that it be consistent with Section 409A and so that penalties thereunder not be applicable. Each Participant in the Plan delegates such authority to the Committee, including its
Agent, as a condition of participation. 
  

	9.2	 Payment of benefits after Plan termination 

After termination or discontinuance of the Plan, Vested Accounts will be paid at such time as they would have been paid if the Plan had
continued. However, the Compensation Committee may decide to accelerate the pay out of the Vested Accounts, provided that the acceleration is in compliance with Section 9.3. 

  
 8 

	9.3	 Permissible payouts due to Plan termination 

 

	 	(a)	 Change in Control 

The Compensation Committee may require lump sum payouts if it votes to liquidate the Plan with respect to all Participants who experience the
Change in Control Event (and all other plans, methods, programs, and other arrangements that would be aggregated with this Plan under §1.409A-l(c) of the Final Regulations if the Participants had deferrals of compensation under all such
agreements) within the 30 days preceding or 12 months following a Change in Control as defined in Code Section 409A. Payouts must be completed within 12 months of the date of Plan termination with respect to all Participants who experience the
Change in Control Event. 
  

	 	(b)	 Termination of Plan and all similar plans 

The Compensation Committee may require lump sum payouts after Plan termination which is not triggered by a Change in Control as defined in Code
Section 409A, but only if: 
 (1) The termination does not occur proximate to a downturn in the financial health of the Employer; and

 (2) the Employer terminates all other plans, methods, programs, and other arrangements that would be aggregated with this Plan under
§1.409A-l(c) of the Final Regulations (if the Participants had deferrals of compensation under all such agreements); and 
 (3)
The Employer does not adopt a new plan that would be aggregated with any terminated and liquidated plan under §1.409A-l(c)(2) if the same Participant participated in both plans, at any time within three
years following the date the Employer takes all necessary action to irrevocably terminate and liquidate the plan; and 
 (4) during the 12
months year following the Plan termination, no payouts are made other than those which would have been paid without regard to the Plan termination; and 

(5) all payouts are made within 24 months of the Plan termination. 
  

	 	(c)	 The Compensation Committee may also authorize payouts after Plan termination in any other situation authorized
by the Guidance. 

  

	Section 10	 General provisions 

 

	I0.1	 No guarantee of benefits 

Nothing contained in the Plan shall constitute a guarantee by the Bank or any other Employer, person or entity that the assets of the Employer
will be sufficient to pay any benefit hereunder. 

  
 9 

	10.2	 No enlargement of Employee rights 

No Participant shall have any right to receive a distribution or contributions made under the Plan except in accordance with the terms of the
Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Employer. 
  

	I0.3	 Spendthrift provision 

No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other
obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
  

	I0.4	 Incapacity of recipient 

If any person entitled to a distribution under the Plan is deemed by the Plan Committee to be incapable of personally receiving and giving a
valid receipt for such payment, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Plan Committee may provide for such payment or any part thereof to be made to the
Participant’s Beneficiary. 
  

	I0.5	 Delay of payment for Key Employees 

If at any time stock of the Employer is publicly traded on an established securities market or otherwise, payment shall be deferred for any
Participant who is a Key Employee until after Separation from Service for 6 months, but only to the extent required by Section 409A(a)(2)(B). At the expiration of the applicable extension period, deferred payments shall be paid in a single
payment. A Key Employee is as defined in Code Section 416(i) without regard to paragraph 5 thereof, and as further described in Section 409A(a)(2)(B)(i). 
  

	I0.6	 Corporate successors 

The Plan shall not be automatically terminated by a transfer or sale of assets of the Bank or any affiliate or by the merger or consolidation
of the Bank or any Affiliate into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue
the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan may be terminated in compliance with Section 9. 
  

	I0.7	 Unclaimed benefit 

Each Participant shall keep the Plan Committee informed of his current address and the current address of his Beneficiary. Neither the Plan
Committee nor the Employer shall be obliged to search for any Participant Beneficiary beyond the sending of a registered letter to such last known address. If the Participant or Beneficiary fails to claim such amount or make his or her location
known to the Plan Committee within 3 years thereafter, then, except as otherwise required by law, the Plan Committee shall have the right to direct that the amount payable shall be deemed to be a forfeiture and paid to the Employer, except that the
dollar amount of the forfeiture, unadjusted for deemed gains or losses in the interim, shall be paid by the Employer if a claim for the benefit is made within 6 years of that date by the Participant or the Beneficiary to whom it was payable. 

 

	I0.8	 Limitations on liability 

The sole right of a Participant is to receive such benefit as may be owed under the terms of this Plan. 

  
 10 

	10.9	 Gender 

The masculine shall include the feminine, and the singular shall include the plural, as the context dictates. 

 

	10.10	 Interpretation 

The Plan shall constitute an unfunded “top hat plan”, as such term is commonly used to describe a plan referred to in Sections
201(2), 301(a)(3) and 401(a)(I) of ERISA. It is intended that no operation of the Plan would be deemed a Plan “failure” within the meaning of Section 409A. Any question of Plan interpretation shall be resolved in a manner which is
consistent with the foregoing definition. 
  

	10.11	 Applicable law 

The Plan shall be governed by and construed in accordance with ERISA. To the extent that state law is referred to, the law shall be that of the
Commonwealth of Massachusetts. 
 In witness whereof, this restated Plan document is executed by an authorized officer of the Bank. 

 

							
		 		 	        Eastern Bank Compensation Committee
				
	12/31/13                                    
	 		 	by:	 	

	Date	 		 		 	Nancy Huntington Stager
		 		 		 	Committee Agent, and
		 		 		 	Executive Vice President,
		 		 		 	Human Resources and Charitable Giving

  
  

  
 11 

 EASTERN BANK BENEFIT EQUALIZATION PLAN 

Amendment Permitting Postponement Elections 
  

 
 Eastern Bank (the “Bank”) maintains the
Eastern Bank Benefit Equalization Plan (the “Plan”) for the purpose of supplementing pension income of certain employees whose defined benefit pensions from the Bank’s qualified defined benefit plan are limited by certain provisions
of the Internal Revenue Code of 1986, as amended (the “Code”). 
 The Plan is intended to comply with Section 409A (“Section 409A”)
of the Code and was most recently restated effective as of January 1, 2014. 
 The Plan presently requires that Earned Benefits of a Participant will be
paid in a lump sum in January following the year of Separation from Service or death. It does not does not allow Participants the right to postpone the time of payment. 

The Bank wishes to provide flexibility to Participants so that they may elect to postpone the starting date of payment of the Earned Benefit, subject to
Section 409A. The Bank also wishes to permit those who elect a deferred starting date to have the additional flexibility of choosing whether payment will be made in lump sum or installments. 

Now therefore, the following amendment is adopted: 

Section 3.2 is amended to read: 
  

	3.2	 Payment of Plan Benefit after Separation from Service or death 

Participants are not allowed to select a form or time of payment. The Earned Benefit, if any, will be paid on January 15 following the year of Separation from
Service or death. However, a Participant may elect to postpone some or all of the Separation from Service benefit, the death benefit, or both, as provide in Section 3.6. as provided in Section 3.7, the Participant may elect that the
postponed benefit be paid in the form of a lump sum or Yearly Installment Method. 
 A new Section 3.6 is added: 

 

	3.6	 1 year / 5 year rule postponement rule 

(a)    Provided that the lump sum equivalent of his Earned Benefit is at least $50,000, a Participant may file with the
Plan Committee a one-time election to postpone the payment date of a designated portion or all of the payment which is scheduled in Section 3.2. Any postponement election must be in writing and accepted
by the Plan Committee. The election may apply to a Separation from Service Payment, the death benefit payment, or both, as the Participant designates. 

(b)    The postponement election will not apply to any payments scheduled to occur within the full calendar year which
follows the year in which the election is filed. For example, to postpone a January 2019 payment the election must be made not later than December 31, 2017. 

 (c)    The postponed payment date for a Separation from Service payment
must be no earlier than February 1 after five full years from the scheduled payment date. Payment will be made within 60 days thereafter. For example, if a 2017 election is made to postpone a January 2019 Separation from Service payment, the
postponed payment date may not be earlier than February 1, 2024. 
 (d)    The starting date of the first postponed
payment for a Separation from Service must be no later than February of the 10th year following when it would otherwise have been paid. For example, the first postponed payment date for a
Separation from Service that occurred in 2018, where payment would have been made in 2019, may be no later than February 2028. 

(e)    Postponed payments for Separation from Service may be in the form of a lump sum or the Yearly Installment Method
described in section 3.7 below. 
 (f)    Subject to the one year advance election requirement of Section 3.6(b),
the postponed payment date in the event of death prior to a Separation from Service is not subject to the five year delay required in Section 3.6(c). The sole postponement election for death payments is to select a Yearly Installment Method, of
up to 10 years, rather than a lump sum. If Yearly Installments are elected, they will start in February of the year following death. 

(g)    Postponed amounts will be invested in the form of a hypothetical Account as described in new Section 3.8,
subject to deemed gains or losses of hypothetical investments (“Measurement Finds”) selected by the Participant. 
 A new Section 3.7 is
added: 
  

	3.7	 Form of payment of postponed benefit 

(a)    The postponed benefit payment may be paid in a lump sum or in the Yearly Installment Method described herein, with a
maximum period of installments equal to 10. 
 (b)    Yearly Installment Method shall mean level annual installments for
a period of years selected by the Participant, not to exceed 10. Each annual installment shall be paid on or about the 12 month anniversary of the initial installment payment. The installment to be paid shall be determined by multiplying the Account
balance at the end of the month preceding payment by a fraction, the numerator of which is 1, and the denominator of which is the remaining number of yearly payments due the Participant. By way of example, if the Participant elects to receive 10
yearly installments, the first payment shall be 1/10 of the Account (at the end of the month preceding payment), the second payment shall be one-ninth (1/9) of the Account (at the end of the month preceding
payment), the third payment shall be one-eighth (1/8) of the Account (at the end of the month preceding payment), etc. Each yearly installment shall be paid as soon as reasonably possible and no later
than 60 days after the date elected by the Participant. 
 (c)    As permitted by Guidance, payments in the Yearly
Installment Method will be administered so that each payment is considered a separate payment. 

 (d)    In the event of death after payments start, payments will
continue to the beneficiary in the same form without acceleration. 
 A new Section 3.8 is added: 

 

	3.8	 Election of Measurement Funds 

(a)    The Plan Committee, in its sole discretion, shall debit or credit a Participant’s Account in accordance with
the deemed investment performance of Measurement Funds selected by the Participant. A Participant’s election of any such Measurement Fund and the crediting or debiting of such amounts to an Account is not an actual investment of his or her
Account in any such Measurement Fund. 
 (b)    “Measurement Fund” means a notational factor which tracks the
performance of a mutual fund, market index, savings instrument, exchange traded fund, or other designated investment or portfolio of investments. Measurement funds may also include portfolios administered by the Wealth Management Division of the
Bank which are geared towards investment goals expressed by a Participant or Beneficiary. Measurement Funds are selected by the Plan Committee. The Compensation Committee retains discretionary authority to review or reject any Measurement Fund in
its sole discretion. 
 (c)    To designate Measurement Funds, and to change designations, the Participant must comply
with such procedures as the Plan Committee may establish from time to time. 
  

	 	(1)	 Procedures may provide for completion of paper forms, or for “paperless” electronic transactions.

  

	 	(2)	 Procedures may provide for next business day processing of instructions (provided that instructions are
received on a previous business day and prior to an established time) or for processing at less frequent intervals. 

  

	 	(3)	 Procedures may limit the number of times a Participant may submit instructions during a given period of time,
and may require that instructions be limited to whole percentage or minimum dollar amounts. 

(d)    If the Plan Committee receives no instructions, or incomplete instructions, as to the desired Measurement Funds to
be used for an Account, the undesignated portion of the Account will be deemed to be invested in the Eastern Bank Deposit Rate Measurement Fund, or, if that Measurement Fund is not in use, in whatever money market Measurement Fund is then in use by
the Plan, as determined by the Plan Committee in its discretion. 
 (e)    No Participant shall have any rights in or to
investments within a Measurement Fund. No amounts deferred or contributed to this Plan, nor any investment increment, are “plan assets” within the meaning of Department of Labor regulations. The Participant shall at all times remain an
unsecured creditor of the Employer and the Trust. 

 (f)    As a condition to making a postponement election and utilization
of Measurement Funds, each Participant agrees to hold harmless the Plan Committee, the Compensation Committee, the directors, trustees and corporators, and the Employer, and the Trustee, their agents and representatives, from any losses or damages
of any kind relating to (i) the investment performance of the Measurement Funds, and (ii) any discrepancy between the credits and debits to the Participant’s Account based on the performance of the Measurement Funds and what the
credits and debits otherwise might have been in the case of an actual investment in the Measurement Funds. 
 In witness whereof, this restated Plan
document is executed by an authorized officer of the Bank. 
  

							
		 		 		 	Eastern Bank Compensation Committee
				
	December 30, 2016	 		 	by:	 	 

  

		 		 		 	Nancy Huntington Stager
		 		 		 	Committee Agent, and
		 		 		 	Executive Vice President,
		 		 		 	Human Resources and Charitable GivingEX-10.9

Table of Contents

 Exhibit 10.9 
  

 
 

 
  
 OUTSIDE DIRECTORS’ RETAINER

 CONTINUANCE PLAN 
  

Eastern Bank Confidential 
  

PLAN DOCUMENT 
  

 
 Effective January 1, 2017 

Table of Contents

 EASTERN BANK 

OUTSIDE DIRECTORS’ RETAINER CONTINUANCE PLAN 

Table of Contents 
  

							
	Section 1	  	Definitions	  	 	1	 
			
	Section 2	  	Eligibility	  	 	2	 
			
	   2.1
	  	 Five Years of Service required for participation
	  	 	2	 
	   2.2
	  	 Service with Acquired Companies or as Trustee counts for eligibility
	  	 	3	 
			
	Section 3	  	Plan Benefit	  	 	3	 
			
	   3.1
	  	 For Retirements on or after January 1, 2014
	  	 	3	 
	   3.2
	  	 For Retirements prior to January 1, 20 14
	  	 	3	 
	   3.3
	  	 Section 409A compliance
	  	 	3	 
			
	Section 4	  	Waiver of Unearned Retainer	  	 	4	 
			
	Section 5	  	Death Benefit	  	 	4	 
			
	   5.1
	  	 Death while in payment status
	  	 	4	 
	   5.2
	  	 Death prior to retirement
	  	 	4	 
	   5.3
	  	 Beneficiary designation
	  	 	4	 
	   5.4
	  	 Acceleration
	  	 	4	 
			
	Section 6	  	Change in Control	  	 	4	 
			
	   6.1
	  	 Not a payment event
	  	 	4	 
	   6.2
	  	 Additional Years of Service credit
	  	 	5	 
	   6.3
	  	 Forfeiture of benefit
	  	 	5	 
			
	Section 7	  	Unfunded Plan	  	 	5	 
			
	   7.1
	  	 Unfunded plan
	  	 	5	 
	   7.2
	  	 Use of trust
	  	 	6	 
	   7.3
	  	 Distributions from the trust
	  	 	6	 
			
	Section 8	  	Amendment and Termination	  	 	6	 
			
	   8.1
	  	 Amendment and Plan freezes
	  	 	6	 
	   8.2
	  	 Termination and acceleration of payments
	  	 	6	 
			
	Section 9	  	Administration and claims	  	 	7	 
			
	   9.1
	  	 Action by the Bank
	  	 	7	 
	   9.2
	  	 Committee authority
	  	 	7	 
	   9.3
	  	 Arbitration
	  	 	7	 

  
 2 

Table of Contents

							
	Section 10	  	Miscellaneous	  	 	8	 
			
	 10.1
	  	 No guarantee of continued Board membership
	  	 	8	 
	 10.2
	  	 Nonassignment
	  	 	8	 
	 10.3
	  	 Governing law; severability
	  	 	8	 
	 10.4
	  	 Section 409A compliance
	  	 	8	 

  
 3 

Table of Contents

 EASTERN BANK 

OUTSIDE DIRECTORS’ RETAINER CONTINUANCE PLAN 

Eastern Bank (the “Bank”) maintains the Eastern Bank Outside Directors’ Retainer Continuance Plan (the “Plan”) for
the purpose of providing pension income to outside directors who retire from service. 
 The Plan was previously amended on October 25,
2007 to comply with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986 (“Code”) and to clarify various provisions. It was subsequently amended and then restated effective as of January 1, 2014. 

This restatement, effective as of January 1, 2017, expands the scope of the Plan’s death benefit to persons other than surviving spouses,
provides for eligibility (not benefit) credit for services as a Trustee with the Bank, and makes clear that the Bank’s new retirement policy for Directors does not dictate the timing of payments, which continue to be triggered by an actual
Separation from Service (within the meaning of Section 409A) and death. 
 No benefit shall be reduced due to this restatement. As
restated, the Plan is intended to continue its compliance with Section 409A and shall be interpreted and administered in that manner. 
  

	Section 1	 Definitions. 

Acquired Company means any company which has been acquired by or merged into a member of the Bank Group. 

Bank means Eastern Bank, a Massachusetts business organization, and any successor to substantially all of its assets or business. 

Bank Group means the Bank and any company under common control or affiliated with the Bank, as described in Internal Revenue Code
Section 414. 
 Benefidary means an individual, trust, or entity designated under Section 5 to receive death benefits under
the Plan. 
 Benefit Period is a consecutive period of calendar years following the calendar year of the Participant’s
Retirement or Death. The number of consecutive years is the lesser of 10 or the total Years of Service credited to the Participant. Years of Service with an Acquired Company will not be credited for this purpose. 

Board means the Board of Directors of the Bank. The Board retains authority to amend or terminate the Plan, and may delegate authority
to the Committee. 
 Change in Control is a change in the ownership or effective control of the Bank and shall be interpreted under
Section 409A. 
 Committee means the Nominating and Governance Committee of the Bank. The Committee shall interpret the Plan and
resolve any disputes as provided in Section 9. 
 Committee Agent is the Executive Vice President, Human Resources and
Charitable Giving. 

  
 1 

Table of Contents

 Outside Director means an elected director of the Bank who has at no time been an
officer or employee of the Bank Group or of an Acquired Company. 
 Participant is an Outside Director who is eligible for the Plan
under Section 2. 
 Section 409A means Internal Revenue Code Section 409A, including its relevant
regulations and other guidance. 
 Trustee means a member of the Board of Trustees of Eastern Bank Corporation, the parent of the
Bank. 
 Retirement or Retires means a complete and good faith termination of services under a paid affiliation with the Bank
Group and shall be determined under the “separation from service” rules in Section 409A. Payments are not initiated unless services have terminated and there is a good faith determination at the time that a “separation from
service” has occurred. The Retirement Practice for Outside Directors, as in effect from time to time, is an internal rule which requires that Directors retire no late than a “specified date.” The Retirement Practice does not dictate
the timing of payments under this Plan, which are triggered solely by an actual Separation from Service or death. For reference only, the “specified date” under the Retirement Practice is: 

 

	 	•	 	 for Outside Directors first retained on or after January 1,2017, the December 31 of the year in which
occurs the earlier of age 72 or 20 Years of Service, counting for this purpose service as a Trustee as well as Outside Director Service. 

  

	 	•	 	 for Outside Directors retained prior to January 1,2017, December 31 of the year in which occurs the
later of age 70 or 20 Years of Service, (counting for this purpose service as a Trustee as well as Outside Director) but in no event later than December 31 of the year of attaining age 72. 

Total Retainers means the gross total of annual Board retainers for Outside Directors during each calendar year of the Outside
Director’s service as an Outside Director. For any calendar year during which two levels of Board retainer are in effect, the higher level will be used unless the Outside Director retired prior to the implementation of that higher level.
Meeting fees and other retainers and payments in addition to the Board retainer are not included. 
 Year of Service is a period of
twelve continuous months of service as an Outside Director of the Bank or of an Acquired Company, provided that if, upon the date the Outside Director’s service terminates, the time elapsed from the close of the last full Year of Service to the
date of termination is less than 12 months but greater than 6 months, then the Outside Director shall receive credit for a full Year of Service for that final period of service. As provided in Section 2 and in the definition of Benefit Period,
Years of Service with an Acquired Company or as a Trustee are credited solely for purposes of the 5 year waiting period to join the Plan and not for purposes of determining the Plan Benefit or the Benefit Period. 

 

	Section 2	 Eligibility 

  

	2.1	 Five Years of Service required for participation 

Each Outside Director qualifies as a Participant in the Plan after completion of 5 Years of Service. 

  
 2 

Table of Contents

	2.2	 Service with Acquired Companies or as Trustee counts for eligibility 

In no event would participation be earlier than the first day of service as an Outside Director. However, solely for purposes of eligibility
for participation, and not for determining the Benefit Period or the Plan Benefit: 
  

	 	(a)	 Years of Service as an Outside Director of an Acquired Company will be credited; 

 

	 	(b)	 Service as a Trustee of the Bank will be credited. 

 

	Section 3	 Plan Benefit 

  

	3.1	 For Retirements on or after January 1,2014 

(a) During each year of the Benefit Period, a payment will be made equal to an amount determined by dividing the Total Retainers by the number
of years in the Benefit Period. 
  

			
	Example:	  	Director retires in 2017 at age 70 with 25 Years of Service. The Total Retainers during those 25 years are $937,500. Her Benefit Period, due to 25 Years of Service, is the maximum 10 years. In each year of the Benefit Period her
payment will be $93,750($937,500/10 = $93,750).
		
	Example:	  	Director retires in 2020 at age 72 with 18 Years of Service. The Total Retainers during those 18 years equals $675,000. Her Benefit Period, due to 18 Years of Service, is the maximum 10 years. In each year of the Benefit Period, her
payment will be $67,500 ($675,000/10 = $67,500).
		
	Example:	  	Director retires in 2020 at age 72 with 3 Years of Service as an Outside Director and 12 years as a Trustee. The Total Retainers for the 3 years as an Outside Director equals $150,000. The combined Trustee and Outside Director
service, totaling 15 years, is greater than the required 5 years for eligibility, thus making this retiring Director eligible as a Participant. Her Benefit Period is 3 years due to 3 Years of Service as an Outside Director. In each year of the
Benefit Period, her payment will be $50,000 ($150,000/3 = $50,000).

 (b) In the case of Directors who were retained by the Bank prior to January 1,2014. the amount paid
during each year of the Benefit Period will be no less than the amount that would have been paid if calculated under the previous Plan retirement formula. 
  

	3.2	 For Retirements prior to January 1,2014 

The amount to be paid in each year of the Benefit Period will be calculated in accordance with the Plan immediately prior to this restatement.

  

	3.3	 Section 409A compliance 

This restatement is not intended to accelerate or make any impermissible change in the timing of payments for benefits accrued prior to
January 1,2014 and shall be interpreted and administered in such manner. The payment practice shall comply in all respects with the Section 409A requirement for 

  
 3 

Table of Contents

 
payments in a designated calendar year. Although the Plan does not permit Participants to defer its payments, if such deferral ever were allowed, payments are deemed to occur for purposes of
Section 409A on January 1 of each scheduled payment year, although they will be made on or about the time the Bank pays its annual retainer for the year unless the Bank elects to pays such amounts at a different time during the calendar
year. 
  

	Section 4	 Waiver of Unearned Retainer 

If a Participant Retires or dies while in service, the Bank waives recovery of any annual retainer fee paid with respect to that calendar year,
and such waived amount shall not offset amounts owed under this Plan. 
  

	Section 5	 Death Benefit 

 

	5.1	 Death while in payment status 

If a Participant dies after payments have started, the Beneficiary shall receive the equivalent yearly amount as a 100% survivor benefit for
the remainder of the Participant’s Benefit Period. 
  

	5.2	 Death prior to retirement 

If a Participant dies prior to Retirement, his or her Beneficiary shall be entitled to a 100% survivor benefit, based on Years of Service and
Total Retainers through the Year of the Participant’s death. Payment of this survivor benefit shall be without actuarial reduction and commence as of the calendar year following the calendar year of the death of the Outside Director, and no
earlier than the calendar year in which the Outside Director would have attained age 50. 
  

	5.3	 Beneficiary designation 

A Participant may designate one or more individuals, trusts, or other entities to receive death benefits under the Plan. An individual
Beneficiary may similarly designate one or more Beneficiaries to receive payments to which he or she was entitled in the event of death. In the event of death without a valid Beneficiary Form, the default Beneficiary under the Plan shall be the
estate of the person entitled to payment, e.g. the estate of the Participant if the Participant has died without a valid Beneficiary form and the estate of the Beneficiary if the Beneficiary has died without a valid Beneficiary form. 

 

	5.4	 Acceleration 

To the extent permitted under Section 409A, a Beneficiary may elect to accelerate payment of a death benefit into a lump sum. 

 

	Section 6	 Change in Control. 

 

	6.1	 Not a payment event 

A Change in Control itself is not a payment event unless the Plan is terminated under Section 8.2(a) and benefit payments are accelerated
in accordance with Section 409A. 

  
 4 

Table of Contents

	6.2	 Additional Years of Service credit 

In the event of a Change in Control of the Bank, each Outside Director, including those not yet qualified as Participants will be credited with
additional Years of Service up to 10. 
  

	6.3	 Forfeiture of benefit. 

 

	 	(a)	 Termination for Cause. 

Notwithstanding the above, if a Participant is terminated (or resigns at the request of the Bank) for fraud, embezzlement, criminal
misbehavior, or other cause, including but not limited to violation of the Eastern Bank Corporation / Eastern Bank Code of Conduct as in effect on the date of such violation, or if, subsequent to the Outside Director’s termination, the Bank
determines that such misconduct did occur with respect to any member of the Bank Group, then all rights and interests of the Participant and his spouse under this Plan shall be irrevocably forfeited. 

 

	 	(b)	 Confidentiality and Non-Solicitation of Employees.

 Any benefits under this Plan will be irrevocably forfeited by an Participant and his spouse if the Participant at any
time, prior to or after Retirement, without the express prior written consent of the Board: 
 (1) solicits any officer, trustee, director,
corporator, or employee of the Bank Group to leave his or her employment; or 
 (2) discloses to any other person (except as required by
applicable law or in connection with the performance of the director’s duties and responsibilities), or uses for his or her own benefit or gain, any confidential information of the Bank obtained by him or her incident to service as a director.
The term “confidential information” includes, without limitation, financial information, business plans, prospects, customer lists, and opportunities (such as lending relationships, financial product developments, or possible acquisition
or dispositions of businesses or facilities) which have been discussed or considered by the management of the Bank or the Board, but does not include any information which has become part of the public domain by means other than the
Participant’s nonobservance of the provisions hereunder. 
 If any portion or provision of this provision is determined to be overly
broad or inconsistent with applicable law, it shall be construed so that, to the extent permitted by applicable law, it shall remain valid and enforceable. 
  

	Section 7	 Unfunded Plan. 

 

	7.1	 Unfunded plan 

The Plan shall be “unfunded”, as described in Internal Revenue Service Ruling 60-3. To the
extent that a Participant acquires a right to receive payments from the Bank under this Plan, such right shall not be greater than the right of any unsecured general creditor of the Bank. 

  
 5 

Table of Contents

	7.2	 Use of trust 

The Bank may utilize a Trust, which it administers as a “rabbi trust” in material compliance with IRS Revenue Procedure 92-64. Assets of the Trust shall at all times be available to creditors of the Bank. The Trust shall at all times conform with the requirements of Code Section 409A(b). 

 

	7.3	 Distributions from the trust 

The Bank’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Bank’s obligations under this Plan. 
  

	Section 8	 Amendment and Termination. 

 

	8.1	 Amendment and Plan freezes 

(a) The Bank may amend this Plan, subject to any required regulatory approval and the provisions of Section 409A. 

(b) No amendment shall alter or impair the rights of any Participant (whether or not in pay status) with respect to Plan Benefits earned
through the year of the amendment, or of any surviving spouse who is currently receiving payments, except with the consent of such party. 

(c) The Bank may freeze this Plan at any time without the consent of any current or retired Participant or any spouse. In the event of a
freeze, the benefits earned by each Participant based on Years of Service as of the date of the freeze shall continue to be a liability of the Bank and shall be administered under the payment terms of this Plan without acceleration or postponement
that would violate Section 409A. 
  

	8.2	 Termination and acceleration of payments 

 

	 	(a)	 Change in Control terminations 

The Bank may require lump sum payouts of the actuarial equivalent of earned benefits if it votes to terminate the Plan due to a Change in
Control for Participants affected thereby and terminates all other plans, methods, programs, and arrangements that would be aggregated under Section 409A. The vote must be irrevocable and occur within the 30 days preceding or 12 months
following the Change in Control. Payouts must be completed within 12 months of the date of Plan termination with respect to all Participants who experience the Change in Control Event. 

 

	 	(b)	 Other terminations 

The Bank may require lump sum payouts after a Plan termination which is not triggered by a Change in Control, but only if: 

(1) The termination does not occur proximate to a material downturn in the financial health of the Bank (interpreted in a manner consistent
with Guidance); and 
 (2) the Bank Group terminates all other plans, methods, programs, and other arrangements that would be aggregated
with this Plan under Section 409A; and 

  
 6 

Table of Contents

 (3) No member of the Bank Group adopts a new plan that would be aggregated with any
terminated and liquidated plan under Section 409A at any time within three years following the date the Bank takes all necessary action to irrevocably terminate and liquidate this Plan; and 

(4) during the 12 months year following the Plan termination, no payouts are made other than those which would have been paid without regard
to the Plan termination; and 
 (5) all payouts are made within 24 months of the Plan termination. 

 

	 	(c)	 The Bank may also authorize payouts after Plan termination in any other situation authorized by the Guidance.

  

	Section 9	 Administration and claims 

 

	9.1	 Action by the Bank 

Whenever this Plan requires action by the Bank, it means action of its Board of Directors or its designated Committee acting in accordance with
bylaws, charter and applicable banking regulations. 
  

	9.2	 Committee authority 

The Committee is empowered: 
 (1)
to interpret the Plan and to make decisions with respect to any benefit requests by a Participant or surviving spouse, 
 (2) to implement
actions on behalf of the Board, and 
 (3) to approve amendments to the Plan which do not add material liabilities to the Bank and which are
intended for the purpose of government compliance or to facilitate Plan administration. 
  

	9.3	 Arbitration 

(a) If a Participant or surviving spouse disagrees with the Bank’s decision on benefits, he or she may submit the matter to final and
binding arbitration within 90 days of receipt of a written decision of the Bank which contains an explanation for the decision with reference to pertinent facts and Plan provisions. Failure to initiate arbitration within said 90 days will cause the
complaining party to be permanently bound by the Bank’s decision. 
 (b) Arbitration shall be conducted in Boston, Massachusetts in
accordance with Commercial Rules of the American Arbitration Association (“AAA”) and shall be conducted by one arbitrator. If the parties are not able to agree upon the selection of an arbitrator within 30 days of commencement of an
arbitration proceeding by service of a demand for arbitration, the arbitrator shall be selected by AAA. 
 (c) Judgment may be entered on
the arbitrator’s award in any court of competent jurisdiction. 
 (d) The arbitrator shall have no authority to award punitive,
consequential, or special damages and may award only the amount of Plan benefit which the arbitrator deems to have been wrongfully denied by the Bank’s decision, together with interest at a rate equal to the lesser of 6% per annum or the
applicable statutory rate in Massachusetts for judgments. 

  
 7 

Table of Contents

 (e) Each party shall be responsible for their own attorney’s fees, regardless of
outcome. The costs of the arbitration proceeding and any proceeding in court to confirm or vacate any arbitration award, as applicable, shall be borne by the unsuccessful party. 

 

	Section 10	 Miscellaneous 

 

	10.1	 No guarantee of continued Board membership. 

This Plan does not guarantee any Outside Director the right to continue to serve on the Board or to be nominated for reelection or to be
retained by any other member of the Bank Group. 
  

	10.2	 Nonassignment 

Outside Directors shall have no right to assign, alienate, pledge, hypothecate, encumber or dispose of the right to receive payments under this
Plan, nor shall such payments be subject to pledge, attachment or claims of creditors. Such payments and the rights thereto are expressly declared to be nonassignable and nontransferable. In the event of any attempted assignment or transfer, the
Bank shall not be bound thereby and the Bank shall be relieved of its liability hereunder by making payments in accordance with this Plan to the parties designed to receive payments under this Plan. 

 

	10.3	 Governing law; severability. 

This Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Any provision of this Agreement
which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. This Plan does not cover “employees” of the Bank Group and is not an
employee benefit plan under ERISA. 
  

	10.4	 Section 409A compliance. 

The Plan shall be administered and interpreted so that it complies with Section 409A, including specifically its prohibition of:
(i) distributions prior to events described in Section 409A(a)(2), (ii) acceleration of benefits except as permitted in Section 409A(a)(3), and elections which do not meet the requirements of Section 409A(a)(4). The Plan is an
unfunded Plan and no amounts shall be set aside in off shore vehicles prohibited by Code Section 409A(b)(1) or restricted from creditors due to changes in the Bank’s financial condition as described in Code Section 409A(b)(l). Any
provision in this Plan which would trigger a plan failure under Code Section 409A(a)(l) or income inclusion under Code Section 409A(c) is of no effect and void. 

As approved at a meeting of the Board on December 15, 2016. 

Attest: 

	
	 

  

	Nancy Huntington Stager
	Committee Agent and
	Executive Vice President, Human Resources and Charitable Giving

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]