Document:

EX-10.2

 Exhibit 10.2 

RANDOLPH SAVINGS BANK 

EMPLOYEE STOCK OWNERSHIP PLAN 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE I - THE PLAN
	  	 	2	  
	 1.01
	  	 Interpretation of Plan Document
	  	 	2	  
	 1.02
	  	 Exclusive Benefit
	  	 	2	  
		
	 ARTICLE II - DEFINITIONS
	  	 	3	  
	 2.01
	  	 “Account”
	  	 	3	  
	 2.02
	  	 “Affiliated Company”
	  	 	3	  
	 2.03
	  	 “Allocation Date”
	  	 	3	  
	 2.04
	  	 “Beneficiary”
	  	 	3	  
	 2.05
	  	 “Board”
	  	 	3	  
	 2.06
	  	 “Committee”
	  	 	3	  
	 2.07
	  	 “Company”
	  	 	4	  
	 2.08
	  	 “Compensation”
	  	 	4	  
	 2.09
	  	 “Dividend Account”
	  	 	4	  
	 2.10
	  	 “Effective Date”
	  	 	5	  
	 2.11
	  	 “Employee”
	  	 	5	  
	 2.12
	  	 “Entry Date”
	  	 	5	  
	 2.13
	  	 “Hour of Service”
	  	 	5	  
	 2.14
	  	 “Limitation Year”
	  	 	7	  
	 2.15
	  	 “Member”
	  	 	7	  
	 2.16
	  	 “One-Year Break in Service”
	  	 	7	  
	 2.17
	  	 “Participating Company”
	  	 	7	  
	 2.18
	  	 “Period of Service”
	  	 	7	  
	 2.19
	  	 “Period of Severance”
	  	 	9	  
	 2.20
	  	 “Plan”
	  	 	9	  
	 2.21
	  	 “Plan Year”
	  	 	9	  
	 2.22
	  	 “Stock”
	  	 	9	  
	 2.23
	  	 “Trust”
	  	 	9	  
	 2.24
	  	 “Trustee”
	  	 	10	  
	 2.25
	  	 “Year of Vesting Service”
	  	 	10	  
		
	 ARTICLE III - MEMBERSHIP
	  	 	11	  
	 3.01
	  	 Eligibility for Membership
	  	 	11	  
	 3.02
	  	 Determination of Eligibility by the Committee
	  	 	11	  
	 3.03
	  	 Duration of Membership
	  	 	11	  
	 3.04
	  	 Unpaid Leaves of Absence
	  	 	11	  
		
	 ARTICLE IV - CONTRIBUTIONS
	  	 	13	  
	 4.01
	  	 Company Contribution
	  	 	13	  
	 4.02
	  	 Payment of Contributions
	  	 	13	  
	 4.03
	  	 Reversion of Certain Contributions
	  	 	13	  
	 4.04
	  	 Member’s Contributions
	  	 	14	  

  
 (i) 

							
	 ARTICLE V - MEMBERS’ ACCOUNTS
	  	 	15	  
	 5.01
	  	 Maintenance of Accounts
	  	 	15	  
	 5.02
	  	 Compensation Schedule
	  	 	16	  
	 5.03
	  	 Allocation of Company Contributions
	  	 	16	  
	 5.04
	  	 Allocation of Forfeitures
	  	 	16	  
	 5.05
	  	 Valuation of Assets Other than Stock
	  	 	17	  
	 5.06
	  	 Allocation of Trust Assets Other than Stock
	  	 	17	  
	 5.07
	  	 Dividends on Stock
	  	 	18	  
	 5.08
	  	 Distributions and Forfeitures
	  	 	18	  
	 5.09
	  	 Limitations on Allocations
	  	 	19	  
		
	 ARTICLE VI - BENEFITS
	  	 	22	  
	 6.01
	  	 Restrictions on Payments and Distributions
	  	 	22	  
	 6.02
	  	 Retirement
	  	 	22	  
	 6.03
	  	 Disability Retirement
	  	 	22	  
	 6.04
	  	 Death Benefits
	  	 	23	  
	 6.05
	  	 Termination of Employment Prior to Retirement or Death
	  	 	25	  
	 6.06
	  	 Reemployment
	  	 	26	  
	 6.07
	  	 Manner and Timing of Distributions
	  	 	27	  
	 6.08
	  	 Discharge of Trustee’s Obligations to Make Payment
	  	 	29	  
	 6.09
	  	 Special Distribution from Account and Dividend Account
	  	 	29	  
		
	 ARTICLE VII - AMENDMENT AND TERMINATION
	  	 	31	  
	 7.01
	  	 Right to Amend or Terminate
	  	 	31	  
	 7.02
	  	 Amendment for Tax Exemption
	  	 	31	  
	 7.03
	  	 Liquidation of Trust in Event of Termination
	  	 	31	  
	 7.04
	  	 Termination of Plan and Trust
	  	 	32	  
		
	 ARTICLE VIII - ADMINISTRATION OF THE PLAN
	  	 	33	  
	 8.01
	  	 Named Fiduciaries
	  	 	33	  
	 8.02
	  	 Appointment of Committee
	  	 	33	  
	 8.03
	  	 Powers of Committee
	  	 	34	  
	 8.04
	  	 Action by Committee
	  	 	34	  
	 8.05
	  	 Discretionary Action
	  	 	34	  
	 8.06
	  	 Evidence on Which Committee May Act
	  	 	35	  
	 8.07
	  	 Employment of Agents
	  	 	35	  
	 8.08
	  	 Compensation and Expense of Committee
	  	 	36	  
	 8.09
	  	 Indemnification
	  	 	36	  
	 8.10
	  	 Claims Procedure
	  	 	36	  
	 8.11
	  	 Claims Procedure for Disability Determinations
	  	 	39	  
		
	 ARTICLE IX - THE TRUST
	  	 	45	  
	 9.01
	  	 Trust Agreement
	  	 	45	  
	 9.02
	  	 Exercise of Voting Rights
	  	 	45	  
	 9.03
	  	 Tender Offer or Exchange Offer
	  	 	46	  

  
 (ii) 

							
	 ARTICLE X - THE COMPANY
	  	 	48	  
	 10.01
	  	 Powers of the Company
	  	 	48	  
	 10.02
	  	 No Contract of Employment
	  	 	48	  
	 10.03
	  	 Liability of Company
	  	 	48	  
	 10.04
	  	 Action by Company
	  	 	48	  
	 10.05
	  	 Successor to Business of Company
	  	 	49	  
	 10.06
	  	 Dissolution of the Company
	  	 	49	  
		
	 ARTICLE XI - ESOP LOANS
	  	 	50	  
	 11.01
	  	 ESOP Loan
	  	 	50	  
	 11.02
	  	 Use of ESOP Loan Proceeds
	  	 	50	  
	 11.03
	  	 Terms and Conditions
	  	 	50	  
	 11.04
	  	 Collateral for ESOP Loan
	  	 	51	  
	 11.05
	  	 Suspense Accounts
	  	 	51	  
		
	 ARTICLE XII - TOP-HEAVY PROVISIONS
	  	 	53	  
	 12.01
	  	 Article Controls
	  	 	53	  
	 12.02
	  	 Definitions
	  	 	53	  
	 12.03
	  	 Top-Heavy Status
	  	 	56	  
	 12.04
	  	 Minimum Benefit
	  	 	56	  
	 12.05
	  	 Termination of Top-Heavy Status
	  	 	57	  
		
	 ARTICLE XIII - ADDITIONAL PARTICIPATING COMPANIES
	  	 	58	  
	 13.01
	  	 Participation
	  	 	58	  
	 13.02
	  	 Effective Date
	  	 	58	  
	 13.03
	  	 Administration
	  	 	58	  
	 13.04
	  	 Termination
	  	 	58	  
	 13.05
	  	 Allocation of Forfeitures
	  	 	58	  
	 13.06
	  	 Contributions
	  	 	58	  
		
	 ARTICLE XIV - MISCELLANEOUS
	  	 	60	  
	 14.01
	  	 Spendthrift Provision
	  	 	60	  
	 14.02
	  	 Appointment of Person to Receive Payment
	  	 	60	  
	 14.03
	  	 Construction
	  	 	60	  
	 14.04
	  	 Impossibility of Performance
	  	 	61	  
	 14.05
	  	 Definition of Words
	  	 	61	  
	 14.06
	  	 Titles
	  	 	61	  
	 14.07
	  	 Merger or Consolidation
	  	 	61	  
	 14.08
	  	 Special Provisions for Certain Leased Employees
	  	 	61	  
	 14.09
	  	 USERRA and HEART ACT
	  	 	62	  
	 14.10
	  	 Correction Methods
	  	 	63	  
	 14.11
	  	 Writings
	  	 	63	  
		
	 ARTICLE XV - DIRECT ROLLOVERS
	  	 	64	  
	 15.01
	  	 Application of this Article
	  	 	64	  
	 15.02
	  	 Definitions
	  	 	64	  

  
 (iii) 

							
	 ARTICLE XVI - MINIMUM DISTRIBUTION REQUIREMENTS
	  	 	66	  
	 16.01
	  	 General Rules
	  	 	66	  
	 16.02
	  	 Time and Manner of Distribution
	  	 	67	  
	 16.03
	  	 Required Minimum Distributions During Member’s Lifetime
	  	 	68	  
	 16.04
	  	 Required Minimum Distributions After Member’s Death
	  	 	68	  
	 16.05
	  	 Definitions
	  	 	68	  
		
	 ARTICLE XVII - CHANGE IN CONTROL
	  	 	70	  
	 17.01
	  	 Definition of Change in Control; Pending Change in Control
	  	 	70	  
	 17.02
	  	 Vesting on Change in Control
	  	 	73	  
	 17.03
	  	 Repayment of Share Acquisition Loan
	  	 	73	  
	 17.04
	  	 Plan Termination After Change in Control
	  	 	73	  
	 17.05
	  	 Amendment of Article XVII
	  	 	73	  

  
 (iv) 

 RANDOLPH SAVINGS BANK 

EMPLOYEE STOCK OWNERSHIP PLAN 

WHEREAS, in connection with the conversion of Randolph Bancorp, a Massachusetts mutual holding company, from the mutual to the stock form of
organization, Randolph Savings Bank wishes to recognize the contribution being made to the successful operation of its business by its employees and desires to reward such contribution by establishing an employee stock ownership plan for its
employees (and the employees of participating affiliated entities as hereinafter defined), who are or shall hereafter become eligible as participants under the plan enacted hereunder. 

NOW, THEREFORE, in consideration of the foregoing, Randolph Savings Bank hereby adopts the Randolph Savings Bank Employee Stock Ownership Plan
as hereinafter provided effective                     . 

 ARTICLE I - THE PLAN 

1.01 Interpretation of Plan Document. The Plan and the Trust are established for the purpose of providing retirement and other benefits
to the Employees of the Company in the form of deferred stock bonuses and is established for the exclusive benefit of the eligible Employees and their Beneficiaries. The Plan is hereby designated as an employee stock ownership plan within the
meaning of Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”) and Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended from time to time (the
“Code”) and as such is designed to invest primarily in qualified employer securities. Reference to a specific Section of the Code or ERISA shall include such provisions, any valid regulation or ruling promulgated thereunder and any
provision of future law that amends, supplements or supersedes such provision. So far as possible, this Plan document shall be interpreted in a manner consistent with these purposes and with the intent of the Company that the Plan established
hereunder and the related trust shall satisfy those provisions of the Code and ERISA relating to exempt employees’ plans and trusts. 

1.02 Exclusive Benefit. Except as expressly authorized in Section 4.03, in no event shall the corpus or income of the Plan be paid
or diverted to the Company or be used for any purpose other than the exclusive benefit of the Members or their Beneficiaries; provided, however, that neither the use of qualifying employer securities held by the Plan as a pledge, as collateral or
otherwise, to secure any ESOP Loan pursuant to Article XI nor any subsequent loss of such securities in connection with a default of such loan nor the use of any assets of the Trust to pay interest on or to repay such loan pursuant to Article
XI shall constitute a violation of this provision. 

  
 2 

 ARTICLE II - DEFINITIONS 

Whenever used herein, unless the context clearly indicates otherwise, the following words shall have the following meanings: 

2.01 “Account” means the account established and maintained for each Member pursuant to Article V. 

2.02 “Affiliated Company” means (a) a corporation which, together with the Company, is a member of a controlled group of
corporations (as defined in Section 414(b) of the Code), (b) a trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the Code) with the Company, (c) a corporation,
partnership or other entity which, together with the Company, is a member of an affiliated service group (as defined in Section 414(m) of the Code) or (d) any other entity required to be aggregated with the Company pursuant to regulations
promulgated under Section 414(o) of the Code. For purposes of determining an Employee’s Hours of Service, Periods of Eligibility Service, Years of Vesting Service and the occurrence of a One-Year Break in Service, any period of employment
with an Affiliated Company shall be deemed to be employment with the Company. 
 2.03 “Allocation Date” means December 31 and
any other date which the Committee in its sole discretion may select. 
 2.04 “Beneficiary” means the person or persons designated
pursuant to the provisions of Section 6.04 of this Plan to receive distribution of such Member’s share upon his death. 
 2.05
“Board” means the board of directors of the Company in office from time to time. 
 2.06 “Committee” means the ESOP
Committee constituted under Article VIII of this Plan in office from time to time. 

  
 3 

 2.07 “Company” means Randolph Savings Bank, or any successor to all or a major portion
of its business which adopts and continues the Plan and the Trust pursuant to Section 10.05. 
 2.08 “Compensation” of a
Member for any period includes all wages and other compensation reported on Box 1 of Form W-2 and shall include all amounts which would have been paid to the Member as Compensation but for an election by such Member under Section 125, 132(f) or
401(k) of the Code, but excludes (a) all contributions or benefits under this Plan or any other qualified retirement plan, (b) any compensation paid prior to the Member’s Entry Date, (c) reimbursements and other expense
allowances, fringe benefits (cash or non-cash), moving expenses, deferred compensation and welfare benefits, and (d) all non-cash compensation. A Member’s Compensation for any Limitation Year shall not be taken into account for any purpose
of the Plan, to the extent that such Compensation exceeds $265,000 (as adjusted by the Commissioner for increases in the cost-of-living in accordance with Section 401(a)(17)(B) of the Code). The cost-of-living adjustment in effect for a
calendar year applies to any period, not exceeding 12 months, beginning in such calendar year over which compensation is determined (determination period). If a determination period consists of fewer than 12 months, the annual compensation limit
will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. 

2.09 “Dividend Account” means the account established and maintained for each Member pursuant to Article V for the purpose of
holding dividends paid by Randolph Bancorp, Inc. with respect to allocated shares of Stock held in the Trust. This Dividend Account shall be fully vested and nonforfeitable at all times. 

  
 4 

 2.10 “Effective Date” means
            , 2016, the effective date of the Plan. 
 2.11 “Employee”
means any person who is employed by the Company or a Participating Company as a common law employee at the time such person’s services are rendered to the Company or a Participating Company, has federal income tax withheld by the Company or a
Participating Company at such times, and who receives a Form W-2 from the Company or a Participating Company in the ordinary course with respect to such service. An Employee’s employment shall be deemed to have commenced on the date on which he
first performs an Hour of Service as an Employee. An individual classified by the Company or a Participating Company as performing service in a nonemployee capacity (including, but not limited to, an individual classified as an independent
contractor, or consultant) shall not be considered an “Employee” for purposes of the Plan (regardless of the status of the individual for income tax withholding or other purposes) for any period during which he is so classified even if
such classification is later changed for any reason. 
 2.12 “Entry Date” means the Effective Date and the first day of each
calendar month thereafter. 
 2.13 “Hour of Service” means: 

(a) Each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Company or an Affiliated Company.
These hours shall be credited to the Employee for the Computation Period or Periods in which duties are performed; 
 (b) Each hour for
which an Employee is paid, or entitled to payment, by the Company or an Affiliated Company on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation,

  
 5 

 
holiday, illness, incapacity (including disability), layoff, jury duty or other leave of absence; provided that no more than 501 Hours of Service shall be credited under this paragraph with
respect to any single continuous period of absence for which no duties are performed. Hours under this paragraph shall be calculated and credited pursuant to Section 2530.200b-2(b) and (c) of the Department of Labor Regulations which are
incorporated herein by this reference; 
 (c) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or
agreed to by the Company or an Affiliated Company. The same Hours of Service shall not be credited both under paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). These hours shall be credited to the Employee for
the Plan Year to which the award or agreement pertains rather than the Plan Year in which the award, agreement or payment is made; and 

(d) Each hour for which an Employee is credited pursuant to Section 3.04; 

(e) Solely for purposes of determining whether a One-Year Break in Service, as defined in Section 2.16, has occurred in a Plan Year, an
individual who is absent from work for maternity or paternity reasons shall receive credit for the Hours of Service which would otherwise have been credited to such individual but for such absence, or in any case in which such hours cannot be
determined, eight Hours of Service per day of such absence. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence: (i) by reason of the pregnancy of the individual; (ii) by reason of the
birth of the child of the individual; (iii) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual; or (iv) for purposes of caring for such child for a period beginning
immediately following such birth or placement. The total number of hours treated as Hours of Service under this paragraph (e) by reason of any one such pregnancy or 

  
 6 

 
placement shall not exceed 501 hours. Hours of Service credited under this paragraph (e) shall be credited in the first Computation Period in which such crediting is necessary to prevent a
One-Year Break in Service. 
 2.14 “Limitation Year” means the 12-consecutive-month period ending on December 31 of each
year. 
 2.15 “Member” means any Employee who is eligible to participate in the Plan as determined under Article III of this
Plan. 
 2.16 “One-Year Break in Service” means any Plan Year during which an Employee has not completed or been credited with
more than 500 Hours of Service. 
 2.17 “Participating Company” means an Affiliated Company which has adopted this Plan. 

2.18 “Period of Service” means a period of employment commencing on the Employee’s Employment Commencement Date or Reemployment
Commencement Date, whichever is applicable, and ending on the Employee’s Severance from Service Date. For purposes of this Section, the following definitions shall apply: 

(a) “Employment Commencement Date” means the date on which the Employee first performs an Hour of Service. 

(b) “Reemployment Commencement Date” means the first date, following a Period of Severance that is not required to be taken into
account under the service spanning rules described below in this Section, on which the Employee performs an Hour of Service. 
 (c)
“Severance from Service Date” means the earlier of: 
 (i) The date on which an Employee incurs a termination from
employment by reason of a quit, retirement, discharge or death; or 

  
 7 

 (ii) The first anniversary of the first date of a period in which an Employee
remains absent from employment (with or without pay) with the Company or an Affiliated Company for any reason other than a quit, retirement, discharge or death, such as vacation, holiday, sickness, disability, leave of absence or layoff.
Notwithstanding the foregoing, the Severance from Service Date of an Employee who is absent from employment beyond the first anniversary of the first day of absence for maternity or paternity reason is the second anniversary of the first day of such
absence. 
 Periods of Service shall generally be aggregated unless such Periods of Service may be disregarded under Section 410(b)(5) or 411(a)(4) of
the Code. In determining a Period of Service, the Plan shall take into account the following Periods of Severance, if any: 

(1) The Period of Severance from the date on which an Employee incurs a Severance from Service Date by reason of a quit,
discharge or retirement to the date on which such Employee performs an Hour of Service, provided that such Hour of Service is performed within 12 months of the Severance from Service Date; and 

(2) The Period of Severance from the date on which an Employee incurs a Severance from Service Date by reason of a quit,
discharge or retirement during an absence from employment of 12 months or less for any reason other than a quit, discharge, retirement or death, to the date on which such Employee performs an Hour of Service provided that such Hour of Service is
performed within 12 months of the date on which such Employee was first absent from employment. 
 For purposes of measurement, a period of Service may be
divided into 12-month periods, each constituting a one-year Period of Service. A one-year Period of Service determined for eligibility purposes shall be referred to herein as a “Period of Eligibility Service,” which shall be credited only
at the end of the 12-month period and an Employee shall not be deemed to accumulate proportionate amounts of such Periods of Eligibility Service during the period. 

  
 8 

 2.19 “Period of Severance” means a continuous period of time that begins on an
Employee’s Severance from Service Date, and ends when an Employee returns to employment with the Company or an Affiliated Company. 

In the case of an Employee who is absent from work for maternity or paternity reason beyond the first anniversary of the first day of such
absence, a Period of Severance begins on the second anniversary of the first day of such absence. The period of absence between the first and second anniversaries of the first day of absence from work for maternity or paternity reason is neither a
Period of Service nor a Period of Severance. 
 A one-year Period of Severance shall be determined on the basis of a 12-consecutive-month
period, beginning on the Severance from Service Date and ending on the first anniversary of such date, provided that the Employee during such 12-consecutive-month periods does not perform an Hour of Service. 

2.20 “Plan” means the “Randolph Savings Bank Employee Stock Ownership Plan” as set forth herein, and as it may be amended
from time to time. 
 2.21 “Plan Year” means the fiscal year of the Trust, being the 12-consecutive-month period ending on
December 31 of each year, except that the Plan Year ending December 31, 2016 shall only cover the period from the Effective Date to December 31, 2016. 

2.22 “Stock” means shares of the voting common stock of Randolph Bancorp, Inc. 

2.23 “Trust” means the sum of the assets held in the trust or trusts established pursuant to the Plan plus all contributions made
hereunder and held by the Trustee in a trust or trusts created pursuant hereto, increased by gains, profits, or income thereon and decreased by any losses thereon, by any expenses properly incurred in the administration of the Plan and Trust paid
therefrom, and by any payments made therefrom under the Trust. 

  
 9 

 2.24 “Trustee” means the trustee or trustees appointed by the Company as Trustee(s) of
the Trust in accordance with Article IX. 
 2.25 “Year of Vesting Service” for any Employee means each Plan Year during which
such Employee is credited with at least 1,000 Hours of Service. All Years of Vesting Service shall be credited to an Employee, except that Years of Vesting Service credited before an Employee’s
18th birthday shall be excluded. 

  
 10 

 ARTICLE III - MEMBERSHIP 

3.01 Eligibility for Membership. Each Employee employed on the Effective Date who has attained age 21 and has completed a Period
of Eligibility Service shall become a Member on the Effective Date. Each other Employee, including each future Employee, shall become a Member under the Plan on the Entry Date coincident with or next following the date on which he attains age 21
and completes one Period of Eligibility Service. 
 3.02 Determination of Eligibility by the Committee. The determination of
an Employee’s eligibility for membership under the Plan shall be made by the Committee from the Company’s records, and the Committee’s decisions on these matters shall be conclusive and binding upon all persons. 

3.03 Duration of Membership. A Member shall continue as an active Member until his employment with the Company is terminated and,
except as otherwise provided in Article V, shall cease to be an active Member entitled to share in contributions hereunder immediately upon such termination of employment. A former active Member shall once again become an active Member on the
date on which he again becomes an Employee of the Company. 
 3.04 Unpaid Leaves of Absence. In the case of an Employee who leaves
the Company to enter the armed services of the United States of America and who returns to its employ at or before the expiration of 90 days after the date on which he is first entitled to be released from active duty in the armed services (or at
such later date as the Company may approve or as may be required by law) or an Employee who, with the approval of the Company and without pay, is absent from work on account of sickness, temporary disability, temporary layoff, jury duty, vacation or
for any other similar reason, shall be credited by the Committee with the number of Hours of Service obtained by multiplying the number of hours in his regular work week immediately prior to the date such absence began by the duration (in weeks) of
the absence. For 

  
 11 

 
purposes of granting leaves of absence and determining the number of credited hours, Employees in similar circumstances shall be treated alike in accordance with the standards set forth in
Section 8.05. Nothing herein contained shall restrain the Company’s right to terminate the employment of any Employee, whether or not during a leave of absence. 

  
 12 

 ARTICLE IV - CONTRIBUTIONS 

4.01 Company Contribution. For each Plan Year, the Company shall contribute to the Trust that amount of cash and/or that number of
shares of Stock as may be voted by the Board as a regular contribution to the Trust. The amount of the Company contributions to the Trust for any Plan Year, when added to any contributions made with respect to that Plan Year under any other
qualified plan to which the Company contributes, shall not exceed the maximum amount deductible for Federal income tax purposes for the Company’s fiscal year beginning in the Plan Year with respect to which such contributions are made.
Notwithstanding the foregoing, if the Plan borrows money to acquire shares of Stock, the Company shall contribute cash to the Plan at such times and in such amounts as are necessary to enable the Plan to meet its obligations under any such loan. In
the event that any contribution made by the Company is in excess of the maximum amount deductible for Federal income tax purposes for the Company’s fiscal year beginning in the Plan Year, such excess contribution shall be carried over to a
subsequent fiscal year of the Company when it can be deducted from the Company’s income. 
 4.02 Payment of Contributions. The
contributions made by the Company to the Trust for each Plan Year shall be paid into the Trust at such time or times as the Company determines but not later than the time required by law in order for the Company to obtain a deduction of the amount
of such payment for Federal income tax purposes. 
 4.03 Reversion of Certain Contributions. Except as otherwise expressly provided
in Section 4.01, all contributions made by the Company pursuant to Sections 4.01 shall be made upon the condition that such contributions are fully deductible for Federal income tax purposes. In the event that any such deduction is disallowed
in whole or in part, then the Company may direct the Trustee to return such contribution (to the extent disallowed) to the Company at any time within the 12-month period commencing on the date of disallowance. In the event the 

  
 13 

 
Company shall make a contribution hereunder on the basis of a mistake of fact, the Company may direct the Trustee to return such contribution to the Company at any time within the 12-month period
commencing on the date of contribution. 
 4.04 Member’s Contributions. Contributions by Members shall not be permitted. 

  
 14 

 ARTICLE V - MEMBERS’ ACCOUNTS 

5.01 Maintenance of Accounts. The Committee shall maintain a book Account for each Member for the purpose of recording his interest in
the Trust. The Account of each Member shall be credited as of each Allocation Date with such Member’s share of Company contributions, his share of any forfeitures, and his share of the net increase or decrease in the Trust assets by reason of
any changes in the value of the Trust assets other than Stock, any earnings on the Trust assets, and any expenses charged against the Trust. Each Member’s Account shall be in two parts (Part A and Part B). Part A shall consist of
that number of shares representing the Member’s share of the Stock (other than Stock held in a suspense account pursuant to Article XI) held by the Trust, and Part B shall consist of that number of dollars representing the
Member’s share of the other assets of the Trust. In maintaining the Accounts of Members and the parts thereof, the Committee shall direct the Trustee to adopt such accounting methods or make such equitable adjustments as the Committee
determines to be necessary or appropriate as long as such methods or adjustments are consistent with the standards set forth in this Plan. The Committee shall direct the Trustee to maintain adequate records of the cost basis of all shares of Stock
allocated to each Member’s Account. In the event that Trust assets other than Stock are used to acquire Stock, the Committee shall direct the Trustee to debit Part B of the Account of each Member and to credit the acquired Stock to
Part A of the Account of each Member in proportion to such Member’s share of the assets so used. In the event Stock is disposed of in return for such other assets, the Committee shall direct the Trustee to debit Part A of the Account
of each Member and to credit the acquired assets to Part B of the Account of each Member in proportion to such Member’s share of the disposed Stock. Notwithstanding the foregoing, the Committee shall also direct the Trustee to maintain a
Dividend Account for each Member to which shall be allocated each Member’s share of dividends paid by Randolph Bancorp, Inc. with respect to allocated shares of Stock held in the Trust. 

  
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 5.02 Compensation Schedule. As soon as practicable after the end of each Plan Year, the
Company shall deliver to the Committee a schedule showing the name of each Member (a) who was an Employee on the last day of the Plan Year and who was credited with at least 1,000 Hours of Service during such Plan Year, or (b) who retired,
became disabled or died (within the meaning of Section 6.02 to 6.04) during such Plan Year, and opposite the name of each such Member the amount of Compensation paid to him during such Plan Year. The schedule shall also contain such other
information as the Committee may reasonably require for the proper administration of the Plan and Trust. 
 5.03 Allocation of Company
Contributions. Once the total contributions have been made by the Company for the Plan Year and the Company has provided the schedule required to be furnished to the Committee pursuant to Section 5.02, and after the Account balances of the
Members have been adjusted as provided in Section 5.06 and forfeitures determined and allocated under Section 5.04, the Committee shall allocate a portion of the sum of Company contributions to the Account of each Member listed on said
schedule, which amount shall bear the same ratio to the sum of Company contributions as the Compensation of each Member shown on said schedule bears to the total Compensation listed for all such Members. 

5.04 Allocation of Forfeitures. Any amounts forfeited by Members pursuant to Section 6.05(d) shall be allocated, as of the end of
each Plan Year, to the Accounts of Members who are entitled to share in the Company contributions for such Plan Year on the same basis as that described in Section 5.03 for the allocation of the Company contributions to the Trust. 

  
 16 

 5.05 Valuation of Assets Other than Stock. As of each Allocation Date, the Trustee shall
determine the total net worth of the Trust assets (other than Stock) by evaluating all of such assets and its liabilities (other than liabilities covered by Article XI) as of that date, but excluding from the assets (a) the amount of the
contributions made by the Company with respect to the period which includes said Allocation Date, and (b) any dividends on allocated shares of Stock which accrued after the preceding Allocation Date (“Current Dividends”). In
determining the net worth of such Trust assets, the Trustee shall value such Trust assets at their fair market value and shall determine the fair market value of assets with no readily ascertainable market value on any reasonable basis it deems
appropriate. There shall be included as of the Allocation Date, without implied limitation, income on hand, income accrued, dividends payable but not paid, and uninvested cash, whether income or principal; and there shall be deducted as of the
Allocation Date, without implied limitation, liabilities accrued (other than liabilities covered by Article XI). A determination by the Trustee of the fair market value of any of the Trust assets, or of the net worth of said Trust assets, shall
be conclusive and binding upon all persons. 
 5.06 Allocation of Trust Assets Other than Stock. The net worth of such Trust assets
as determined on each Allocation Date pursuant to Section 5.05 shall be compared with the total of all amounts standing to the credit of Part B of the Accounts all Members of the Plan, as of such Allocation Date, excluding from Part B
of the Accounts of said Members any Current Dividends and any amounts credited from the contributions of the Company with respect to the period ending with said Allocation Date. The excess or deficiency of such net worth as so compared with the
total Part B account balances of the Accounts of all Members shall be credited or charged to Part B of the Accounts of all such Members in the proportion that each such Part B account balance bears to the total of all such Part B
account balances. Current 

  
 17 

 
Dividends shall be credited to the Dividend Account of each Member. Prior to the time that the Current Dividends are reinvested in shares of Stock or distributed in cash to Members, they shall be
invested in a short-term money market vehicle or other similar cash equivalents. Dividend Accounts shall be adjusted each Allocation Date in a manner similar to the adjustments to Part B of the Members’ Accounts as prescribed by this
Section 5.06. 
 5.07 Dividends on Stock. At the sole discretion of the Company, dividends on allocated shares of Stock held
under the Trust on the record date may be (a) paid in cash directly to the Members, (b) paid to the Trustee and distributed in cash to the Members no later than 90 days after the close of the Plan Year in which paid, or (c) paid to
the Trustee and allocated to the Members’ Accounts as provided in Section 5.06. Members may elect to receive any Current Dividends allocated to their Dividend Accounts in cash within 90 days after the close of the Plan Year in which paid,
or reinvested in shares of Stock. A Member who fails to make an affirmative dividend election shall be deemed to have elected to reinvest the Current Dividends in shares of Stock. If any dividend on allocated shares of Stock is to be distributed in
cash to the Members, the Committee shall direct the Trustee to follow the provisions of Section 5.06 in determining the amount of cash which is to be distributed to each Member. Dividends on unallocated shares of Stock held under the Trust on
the record date shall be paid to the Trustee and applied towards payments on an ESOP Loan described in Article XI. 
 5.08 Distributions
and Forfeitures. Whenever a distribution is made to or in behalf of a Member in accordance with the provisions of Article VI, such Member’s Accounts shall be charged with the amount of such distribution. Whenever a Member shall forfeit
all or any portion of the amount standing to the credit of his Accounts in accordance with the provisions of Section 6.05, such Member’s Accounts shall be charged with the amount of such forfeiture. 

  
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 In the event that a Member forfeits a portion of his Accounts pursuant to Section 6.05(d),
such forfeiture shall be made with respect to the various types of assets in his Accounts on the following basis: 
 (a) such forfeiture
shall first be made with respect to assets other than Stock, if any; 
 (b) to the extent that such forfeiture exceeds the amount of assets
available under (a), it shall next be made with respect to Stock, if any, which had not been released to the Member’s Accounts from a Suspense Account established pursuant to Article XI; and 

(c) to the extent that such forfeiture exceeds the amount of assets available under (a) and (b), it shall be made with respect to any
other Stock credited to the Member’s Accounts. 
 5.09 Limitations on Allocations. Notwithstanding anything hereinabove to the
contrary, the amount credited to the Account of any Member for any Limitation Year pursuant to Section 5.03 (dealing with Company contributions), or this Section 5.09 or as a forfeiture pursuant to Section 5.04 shall be reduced to the
extent that such amount would cause 
 (a) the amount of such Member’s nondeductible contributions under any other qualified plan
maintained by the Company or any affiliate (within the meaning of Sections 414(b), (c), (m) and (o) of the Code and subject to Section 415(h) thereof), plus 

(b) the Company contributions and the forfeitures credited to the accounts of such Member under the Plan and any other defined contribution
plan maintained by the Company or any affiliate (within the meaning of Sections 414(b), (c), (m) and (o) of the Code and subject to Section 415(h) thereof) for such Limitation Year to exceed the lesser of 

  
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 (A) $53,000, as adjusted pursuant to Section 415(d) of the Code, or 

(B) One-hundred percent of such Member’s compensation (determined in accordance with Treasury Regulations
Section 1.415(c)-2(d)(4) for such Limitation Year. 
 The compensation limit referred to in (B) above shall not apply to any
contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. 

For purposes of this Section 5.09, the Company and all Affiliated Companies shall be considered one employer, and the limitations shall
be applicable to the total benefits received from the Company and all Affiliated Companies. Furthermore, in determining what is an Affiliated Company for this purpose, the phrase “more than 50%” shall be substituted for “at least
80%” each place it appears in Section 1563(a)(i) of the Code. 
 If the amount allocated to a Member’s Accounts exceeds the
maximum permissible amount permitted by this Section 5.09, the error shall be corrected in accordance with the correction methods under the Employee Plans Compliance Resolution System. 

Solely for purposes of this Section 5.09, a Member’s “compensation” as used herein shall also include the following items
of compensation if they are paid after the Member’s severance from employment with the Company, provided that such compensation is paid by the later of
2 1⁄2 months after severance from employment with the Company or the end of the Limitation Year that includes the date of severance from employment, and such
amounts would have been included in the definition of compensation if they were paid prior to the Member’s severance from employment: 

(1) Compensation for services during the Member’s regular working hours, or compensation outside the Member’s regular
working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, if such payment would have been made if the Member had continued in employment with the Company; 

  
 20 

 (2) Payment for unused accrued bona fide sick, vacation or other leave, but only
if the Member would have been able to use the leave if employment had continued; and 
 (3) Payment under a nonqualified
deferred compensation plan, but only if the payment would have been paid to the Member at the same time if the Member had continued in employment with the Company and only to the extent that the payment is includible in the Member’s gross
income. 
 Other post-severance payments not described above shall not be considered “compensation” under this Section 5.09. 

Notwithstanding the foregoing, if no more than one-third of the Company contributions for any Limitation Year are allocated to the group of
Members consisting of Highly Compensated Employees (within the meaning of Section 414(q) of the Code), Company contributions applied to the repayment of interest on such ESOP Loan (as defined in Article XI) and forfeitures of Stock acquired
with the proceeds of such loan allocated to a Member’s Account shall be disregarded in determining the maximum amount that can be allocated to his Account under this Section 5.09. 

  
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 ARTICLE VI - BENEFITS 

6.01 Restrictions on Payments and Distributions. No shares of Stock or other property of the Trust shall be paid out or distributed by
the Trustee except (a) for the purchase or other acquisition of Stock or other appropriate investments, (b) for defraying the expenses, including taxes, if any, of administering the Plan and Trust as elsewhere provided herein, (c) for
the repayment of loans or indebtedness or satisfaction of obligations incurred in connection with loans made to the Trust or indebtedness incurred by it, (d) for the purpose of making distributions to or for the benefit of Members in accordance
with the provisions of this Article VI or Section 5.07, or (e) for the return of Company contributions pursuant to Sections 1.03 or 4.03. 

All benefits payable under the Plan shall be paid or provided for solely from the Trust, and the Company, Committee and Trustee assume no
liability or responsibility therefor. 
 6.02 Retirement. Upon retirement of a Member, which shall be deemed to mean any termination
of his employment with the Company at or after his attainment of age 55, for a reason other than the disability or death of such Member, the Committee shall direct the Trustee to distribute, in accordance with the provisions of Section 6.07,
the full amount standing to the credit of such Member’s Account and Dividend Account. A Member shall become fully vested in his Account upon his attainment of age 55. 

6.03 Disability Retirement. If a Member is disabled, the Committee shall direct the Trustee to distribute, in accordance with the
provisions of Section 6.07, the full amount standing to the credit of such Member’s Account and Dividend Account. A Member is considered disabled for purposes of this Plan if he becomes eligible to receive Social Security disability
benefits. 

  
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 6.04 Death Benefits. 

(a) Upon the death of any Member who has a surviving spouse, the Committee shall direct the Trustee to distribute the full amount standing to
the credit of such Member’s Account and Dividend Account to the Member’s surviving spouse, unless the exception provided by paragraph (b) of this Section 6.04 applies. 

(b) The requirement of paragraph (a) of this Section 6.04 shall not apply if (i) the Member elects to designate a Beneficiary
other than his spouse and (A) his spouse consents to such election in a writing that acknowledges the effect of the election, (B) such election designates a Beneficiary which may not be changed without the consent of the spouse (or the
consent of the spouse expressly permits designations by the Member without any requirement of further consent by the spouse), and (C) the spouse’s consent acknowledges the effect of the election and is witnessed by a notary public or a
representative of the Plan, or (ii) it is established to the satisfaction of the Committee that the consent of the surviving spouse could not have been obtained because there is no spouse, because the spouse cannot be located, or because of
other circumstances prescribed by regulations under Section 417(a)(2) of the Code. 
 A former spouse shall be treated as a surviving
spouse to the extent benefits must be paid to such former spouse upon the Member’s death pursuant to a qualified domestic relations order (as defined in Section 414(p) of the Code), except that no consent shall be required from such former
spouse with respect to the designation of a Beneficiary to receive benefits not subject to said order. 
 (c) If, and only if, a Member is
permitted under this Section 6.04 to designate a Beneficiary other than his surviving spouse, then such Member’s Account and Dividend Account shall be distributed in accordance with this paragraph (c) of Section 6.04. Such a

  
 23 

 
Member shall have the right to designate one or more Beneficiaries, including contingent Beneficiaries, entitled to receive the amount payable in behalf of such Member under the provisions of
this Plan in the event of death. Such designation shall be made in writing in such manner as the Committee shall determine. A Member may change such designation from time to time, and may revoke such designation, provided, however, that any
subsequent designation must meet the requirements of this Section 6.04. Upon the death of any Member, the Committee shall distribute, for the benefit of such Member’s Beneficiaries and in accordance with the provisions of
Section 6.07, the full amount standing to the credit of the Member’s Account. If a Member dies without having designated a Beneficiary, or if none of the designated Beneficiaries survives the Member, or if the Committee is in doubt as to
the effective status of a Beneficiary designation, all amounts payable in behalf of the Member shall be distributed to: 
  

	 	(a)	his spouse, 

  

	 	(b)	his natural and adopted children, per stirpes, 

  

	 	(c)	his parents, in equal shares, 

  

	 	(d)	his brothers and sisters, in equal share, 

  

	 	(e)	his executors and administrators. 

 The amount payable shall be paid to the first-named person surviving the
Member or class with one or more persons surviving the Member, in the order named, to the exclusion of all subsequently-named persons and classes. If a Beneficiary entitled to receive any amount payable on behalf of a Member under the Plan dies
prior to having received the entire amount, the undistributed balance, together with any accumulated interest thereon, shall be distributed to the estate of such Beneficiary in accordance with Section 6.07. 

  
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 6.05 Termination of Employment Prior to Retirement or Death. 

(a) If a Member’s employment with the Company and all Affiliated Companies is terminated under circumstances other than as provided in
Sections 6.02 through 6.04, such Member shall be entitled to a benefit equal to the amount standing to the credit of his Dividend Account and the vested percentage standing to the credit of his Account determined in accordance with the following
schedule: 
  

			
	 Years of Vesting Service
	  	Percentage Vested
		  	
		  	
		  	

 A Member absent from the employ of the Company on an absence with respect to which he is credited with Hours
of Service pursuant to Section 3.04 shall not be considered to have terminated his employment for purposes of this Section. 
 (b) The
benefit determined in accordance with the provisions of this Section 6.05 shall never be adjusted or altered in any fashion on account of any Years of Vesting Service which the Member completes upon any reemployment with the Company, except as
provided in Section 6.06. 
 (c) The determination of the amount to which such Member is entitled in accordance with this
Section 6.05 shall be made by the Committee and communicated to the Trustee, and the Committee’s determination shall be conclusive and binding upon all persons. Distribution of such benefit shall be made in accordance with the provisions
of Section 6.07. 
 (d) Any amounts standing to the credit of a Member’s Account to which he is not entitled at the time of his
termination of employment with the Company and all Affiliated 

  
 25 

 
Companies shall be forfeited by him the earlier of (a) the date the Member receives a total distribution of his vested account balances from the Plan or (b) the date he incurs five
consecutive One-Year Breaks in Service. Amounts forfeited pursuant to this paragraph shall be allocated to the Accounts of remaining Members in accordance with the provisions of Section 5.04 as of the end of the Plan Year in which the
forfeiture occurs. 
 6.06 Reemployment. If a terminated Member is reemployed by the Company, he shall again become a Member upon
reemployment pursuant to Section 3.03. Except as provided below, all future Company contributions on his behalf shall be credited to his Account, and all his prior Years of Vesting Service shall be restored for the purpose of calculating the
vested portion of such Account. 
 If such a terminated Member was not 100 percent vested under Section 6.05(a) at the time of his
prior termination, the following special provisions shall apply: 
 (a) If such a terminated Member is reemployed after incurring five or
more consecutive One Year Breaks in Service, he shall have no right to the previously forfeited portion of his Account. 
 (b) If such a
terminated Member is reemployed before incurring five consecutive One Year Breaks in Service, the full amount, if any, which was forfeited from his Account as a result of his prior termination shall be restored to his Account as of the last day of
the Plan Year which contains the date of reemployment. In order to effect the restoration of previously forfeited amounts to a Member’s Account, the Committee shall have the authority to direct the Trustee to use any unallocated amounts for
said purpose. In making such restoration, the Committee shall direct the Trustee to first utilize any available forfeitures, and then Company contributions. 

  
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 6.07 Manner and Timing of Distributions. 

(a) Whenever a Member’s Account and Dividend Account become distributable pursuant to Sections 6.02 through 6.05 hereof to such Member or
his Beneficiary, distribution of said Accounts shall be made by the payment of the full amount distributable in one lump sum, in cash or in shares of Stock or partially in cash and partially in shares of Stock as selected by such Member or his
Beneficiary in writing; provided, however, that the Committee shall direct the Trustee to distribute cash in lieu of fractional shares. Distributions shall generally be processed on a quarterly basis on such date selected by the Committee with
respect to terminated Members (or Beneficiaries in the case of deceased Members) who have returned their distribution forms to the Committee at least 15 days (or such other period permitted by the Committee) prior to the quarterly distribution date.
If cash is to be distributed in lieu of shares of Stock, the Trustee may either sell such shares at fair market value to Randolph Bancorp, Inc. or on the open market and distribute the cash proceeds (net of selling expenses) or utilize cash already
held in the Trust. 
 (b) Whenever during any Plan Year, the amount standing to the credit of a Member’s Accounts become distributable
pursuant to Sections 6.02 through 6.05, the Committee shall direct the Trustee to distribute the vested portion of the Member’s Accounts within a reasonable time after such separation of service or death. Such distributions may commence less
than 30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations is given, provided that: 

(i) the Committee clearly informs the Member that the Member has a right to a period of at least 30 days after receiving the
notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and 

(ii) the Member, after receiving the notice, affirmatively elects a distribution. 

  
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 (c) Notwithstanding any provision elsewhere herein to the contrary, in order to comply with
Sections 401(a)(14), 411(a)(11), 414(p) and 417 of the Code, the following provisions shall apply: 
 (i) If a Member’s
aggregate account balance to be distributed upon disability or severance under Section 6.03 or 6.05 is greater than $1,000, such Account shall not be distributed in whole or in part until the Member attains age 65, dies or requests a
distribution in writing whichever is earliest. If a Member’s aggregate account balance to be distributed upon disability or severance under Section 6.03 or 6.05 does not exceed $1,000, the Committee shall direct the Trustee to distribute
such Account directly to the Member in a lump sum payment. 
 (ii) In no event (unless the Member otherwise consents in
writing) shall the distribution of a Member’s account begin later than the 60th day after the close of the Plan Year in which the later of the following events occurs: 

(A) the Member’s 65th birthday; or 

(B) the tenth anniversary of the date on which the Member first became a Member; or 

(C) the Member’s termination of employment with the Company. 

  
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 (iii) If, and to the extent that, any portion of a Member’s Account is
payable to a former spouse or dependent pursuant to a qualified domestic relations order within the meaning of Sections 401(a)(13)(B) and 414(p) of the Code, the provisions of said order shall govern the distribution thereof. Distribution may be
made to the alternate payee under a qualified domestic relations order with respect to the Member prior to the time such Member’s Account otherwise becomes distributable if such Member would have been entitled to receive such amount under this
Article VI had he terminated employment with the Company. 
 6.08 Discharge of Trustee’s Obligations to Make Payment. Whenever
the Trustee is required to make any payment or payments to any person in accordance with the provisions of this Article VI or Article VII, the Committee shall notify the Trustee in writing of such person’s last known address as it appears
in the Company’s records; and the obligation of the Trustee to make such payment or payments shall be fully discharged by mailing the same to the address specified by the Committee. 

6.09 Special Distribution from Account and Dividend Account. 

(a) For the first Plan Year in which a Member attains age 55 and completes at least ten years of Plan membership, and for the five succeeding
Plan Years, such Member may elect to receive an amount from his Account and Dividend Account not exceeding his Diversified Investment Amount determined as of the end of the Plan Year. Such election must be filed in writing with the Committee during
the 90 day period immediately following the end of the Plan Year to which it relates. 
 (b) For purposes of (a) above, a Member’s
Diversified Investment Amount for each Plan Year is equal to (i) 25 percent of the sum of (A) the portion of the Member’s account 

  
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balances as of the end of the Plan Year attributable to Stock, and (B) amounts previously distributed to the Member pursuant to this Section 6.09, minus (ii) amounts previously
distributed to the Member pursuant to this Section 6.09. The portion of the Member’s account balance attributable to Stock shall be determined by multiplying the number of shares of Stock held in his Account and Dividend Account by a
fraction the numerator of which is the number of shares of Stock allocated under the Plan to the Accounts and Dividend Accounts of all Members (not to exceed the number of shares of Stock held under the Plan as of the end of the Plan Year) and the
denominator of which is the total number of shares of Stock allocated under the Plan to the Accounts and Dividend Accounts of all Members as of the end of the Plan Year. 

(c) Any distribution required to be made under this Section 6.09 shall be made no later than 180 days after the end of the Plan Year to
which such distribution relates. 
 (d) Notwithstanding anything to the contrary above, 50 percent shall be substituted for 25 percent in
(b)(i) above for the last Plan Year for which the Member may make an election under this Section 6.09. 
 (e) Notwithstanding anything
to the contrary above, if the fair market value (determined as of the date immediately preceding the first day a Member is eligible to make an election under (a) above) of the portion of a Member’s account balance attributable to Stock
acquired by the Plan is $500 or less, then the provisions of this Section 6.09 shall not be applicable to such Member and he shall not be eligible to receive a distribution from his Account and Dividend Account pursuant to this
Section 6.09. 

  
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 ARTICLE VII - AMENDMENT AND TERMINATION 

7.01 Right to Amend or Terminate. The Company reserves the right at any time and from time to time to amend the Plan, or discontinue or
terminate the Plan and the Trust by delivering to the Trustee a copy of an amendment or appropriate Board’s resolution of discontinuance or termination certified by an officer of the Company. Notwithstanding the foregoing, and except as
provided in Section 7.02 or as permitted by the Code or ERISA, the Company shall not have any power to amend or terminate this Plan in such manner as would cause or permit any of the Trust assets to be diverted to purposes other than for the
exclusive benefit of the Employees of the Company or their Beneficiaries or would cause a reduction in the amount theretofore credited to any Member’s Account and Dividend Account or would cause or permit any portion of the Trust assets to
revert to or become the property of the Company; and provided further that the rights and responsibilities of the Trustee with respect to the Trust assets shall not be altered in any manner without its written consent. 

7.02 Amendment for Tax Exemption. The Company reserves the right to amend the Plan and the Trust in such manner as may be necessary or
advisable so that the Plan and may qualify and continue to qualify as a tax-qualified plan and that the Trust may qualify and continue to qualify as an exempt employees’ trust under the provisions of the Code as now in force or as it may
hereafter be changed or amended; and any such amendment may be made retroactively. 
 7.03 Liquidation of Trust in Event of
Termination. In the event of termination or partial termination (within the meaning of Section 411(d)(3) of the Code) of the Plan and the Trust, or complete discontinuance of contributions thereto by the Company, the rights of all Members
(or, in the case of a partial termination, the Members affected thereby) to amounts theretofore credited to their accounts shall be fully vested and nonforfeitable. In the event of 

  
 31 

 
such termination, partial termination or discontinuance, the Trustee shall hold the assets of the Trust in accordance with the provisions of the Plan and distribute such assets from time to time
to Members entitled thereto in accordance with such provisions; provided that the Committee in its discretion may direct the Trustee to apply the amount standing to the credit of an affected Member’s Account and Dividend Account for his
benefit, in accordance with Section 6.07, at any time after such termination, partial termination or discontinuance but prior to the time when such Member would otherwise become entitled thereto under the Plan. In the event that the Company
shall terminate the Trust at any time prior to the complete distribution of all property held by the Trustee pursuant to such provisions, the Trustee shall (a) pay the liabilities, if any, of the Trust; (b) value the remaining assets of
the Trust as of the date of termination and adjust the Accounts of the Members in accordance with Sections 5.05 and 5.06; and (c) distribute the assets of the Trust in Stock or partly in Stock and partly in cash to and among the Members in
liquidation in proportion to the amounts standing to the credit of their respective Accounts and Dividend Accounts under the Trust as of the termination date. 

7.04 Termination of Plan and Trust. The Plan and the Trust hereunder shall in any event terminate whenever all property held by the
Trustee shall have been distributed in accordance with the terms hereof. 

  
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 ARTICLE VIII - ADMINISTRATION OF THE PLAN 

8.01 Named Fiduciaries. The named fiduciaries with respect to the Plan shall be the Company, the Committee and the Trustee. The
responsibilities of the named fiduciaries shall be allocated as provided herein, and each such fiduciary shall have only those responsibilities and obligations that are specifically imposed upon it by this Plan document and the Trust agreement. It
is intended that each of the named fiduciaries shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under the Plan and shall not be responsible for any act or omission of any other fiduciary. The
Company and the Committee, as named fiduciaries, shall be entitled to delegate all or any part of their fiduciary responsibilities and obligations to any other person or entity. In the event of any such delegation, (a) the named fiduciary shall
not be liable for any act or omission of the person to whom the responsibility has been delegated as long as the selection and retention of such person is prudent and (b) the person to whom the fiduciary powers and obligations are delegated
shall be responsible only for the proper exercise of the powers, duties, responsibilities and obligations that have been specifically delegated to him. 

8.02 Appointment of Committee. The Company shall appoint a Committee of three or more persons, any or all of whom may be officers or
Employees of the Company or any other individuals, to be known as an “ESOP Committee.” The Committee is the Plan Administrator for all purposes of ERISA. The members of the Committee shall serve at the pleasure of and may be removed by the
Company. Vacancies in the Committee arising by resignation, death, removal or otherwise shall be filled by the Company. The number of members of the Committee shall be as designated by the Company from time to time. The Trustee shall accept and may
rely upon a certification by the Company as to the number and identity of the individuals comprising the Committee from time to time. 

  
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 8.03 Powers of Committee. The Committee is hereby vested with all the discretionary powers
and authority necessary in order to carry out its duties and responsibilities in connection with the administration of the Plan and the Trust as herein provided, and is authorized to make such rules and regulations as it may deem necessary or
desirable to carry out the provisions of the Plan and the Trust. The Committee shall determine, in its sole discretion, any question arising in the administration, interpretation and application of the Plan and the Trust, including, without
limitation, any questions of fact and any questions submitted by the Trustee on a matter necessary for it properly to discharge its duties; and the decision of the Committee shall be conclusive and binding on all persons. 

8.04 Action by Committee. The Committee shall act by a majority of its members at the time in office and such action may be taken by
vote at a meeting or in writing without a meeting. The Committee may by such majority action authorize any one or more of its members, or any other person, to execute any direction or document or take any other action on behalf of the Committee, and
in such event any one of the members of the Committee may certify in writing to the Trustee or any other person the taking of such action and the name or names of the persons so authorized, including himself. The execution of any direction,
document, or certificate in behalf of the Committee by any of its members shall constitute his certification of his authority with respect thereto, and the Trustee or other person shall be protected in accepting and relying upon any such direction,
document, or certificate and is released from inquiry into the authority of any of the members of the Committee. 
 8.05 Discretionary
Action. Wherever under the provisions of this Plan the Committee is given any discretionary power or powers, such power or powers shall not be exercised in such manner as to cause any discrimination in favor of or against any Employee or class
of Employees. 

  
 34 

 8.06 Evidence on Which Committee May Act. In taking any action or determining any fact or
question which may arise under the Plan and the Trust, the Committee may, with respect to the affairs of any the Company or its Employees, rely upon any statement by the Company with respect thereto. In the event that any dispute may arise regarding
the distribution of any sums or regarding any act to be performed by the Committee or the Trustee, the Committee may in its sole discretion direct that such distribution be retained or postponed or direct the postponement of the performance of such
act until actual adjudication of such dispute shall have been made in a court of competent jurisdiction, or until the Company, the Committee or the Trustee shall have been indemnified against loss to the satisfaction of the Committee; provided,
however, that in the event of any such dispute, the Committee may rely upon and act in accordance with any directions received from the Company. 

8.07 Employment of Agents. The Committee may employ agents, including, but not limited to, custodians, record keepers, accountants,
consultants or attorneys, to exercise and perform such of the powers and duties of the Committee hereunder as the Committee may delegate to them, and otherwise to render such services to the Committee as the Committee may determine, and the
Committee may enter into agreements setting forth the terms and conditions of such service. The compensation of such agents shall be an expense chargeable in accordance with Section 8.08. The Committee shall be fully protected in delegating any
such power or duty to, or in acting upon the advice of, any such agent, in whole or in part, and except as may be required by Federal law, shall not be liable for any act or omission of any such agent, the Committee’s only duty being to use
reasonable care in the selection and retention of any such agent. 

  
 35 

 8.08 Compensation and Expense of Committee. The members of the Committee shall serve
without compensation for services as such, but all expenses of the Committee, shall be paid by the Trust; provided, the Company, in its sole discretion, may elect to pay all or any portion of such expenses. Such expenses shall include any expenses
incident to the functioning of the Trust, including but not limited to attorneys’ fees and the compensation of other agents, accounting and clerical charges, expenses, if any, of being bonded as required by ERISA, and other costs of
administering the Plan and the Trust. 
 8.09 Indemnification. The Company shall indemnify and hold harmless each member of the
Committee from and against any and all claims, losses, damages, expenses (including reasonable attorneys’ fees approved by the Company), and liability (including any reasonable amounts paid in settlement with the Company’s approval),
arising from any act or omission of such member, except with respect to a matter as to which such member shall have been judicially determined (or determined by the majority vote of disinterested members of the Board in the event such matter shall
have been compromised or settled) not to have acted in good faith in the reasonable belief that the action or omission of such member was in the best interest of the Members and Beneficiaries of the Trust. 

8.10 Claims Procedure. 

(a) If a Member, Beneficiary, alternate payee, or their authorized representative (hereinafter the “Claimant”) asserts a right to a
benefit under the Plan which has not been received, the Claimant must file a claim for such benefit with the Committee on forms provided by the Committee. The Committee shall render its decision on the claim within 90 days after its receipt of the
claim. 

  
 36 

 If special circumstances apply, the 90-day period may be extended by an additional 90 days;
provided, written notice of the extension is provided to the Claimant during the initial 90-day period and such notice indicates the special circumstances requiring an extension of time and the date by which
the Committee expects to render its decision on the claim. 
 If the Committee wholly or partially denies the claim, the Committee shall
provide written notice to the Claimant within the time limitations of the immediately preceding paragraph. Such notice shall set forth: 

(i) the specific reasons for the denial of the claim; 

(ii) specific reference to pertinent provisions of the Plan on which the denial is based; 

(iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such
material or information is necessary; 
 (iv) a description of the Plan’s claims review procedures, and the time
limitations applicable to such procedures; and 
 (v) a statement of the Claimant’s right to bring a civil action under
Section 502(a) of ERISA if the claim denial is appealed to the Committee and the Committee fully or partially denies the claim. 
 (b)
A Claimant whose application for benefits is denied may request a full and fair review of the decision denying the claim by filing, in accordance with such procedures as the Committee may establish, a written appeal which sets forth the documents,
records and other information relating to the claim within 60 days after receipt of the notice of the denial from the 

  
 37 

 
Committee. In connection with such appeal and upon request by the Claimant, a Claimant may review (or receive free copies of) all documents, records or other information relevant to the
Claimant’s claim for benefit, all in accordance with such procedures as the Committee may establish. If a Claimant fails to file an appeal within such 60-day period, he shall have no further right to appeal. 

(c) A decision on the appeal by the Committee shall include a review by the Committee that takes into account all comments, documents, records
and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The Committee shall render its decision on the appeal not later than 60
days after the receipt by the Committee of the appeal. If special circumstances apply, the 60-day period may be extended by an additional 60 days; provided, written notice of the extension is provided to the Claimant during the initial 60-day period
and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim on appeal. 

If the Committee wholly or partly denies the claim on appeal, the Committee shall provide written notice to the Claimant within the time
limitations of the immediately preceding paragraph. Such notice shall set forth: 
 (i) the specific reasons for the denial
of the claim; 
 (ii) specific reference to pertinent provisions of the Plan on which the denial is based; 

(iii) a statement of the Claimant’s right to receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and 
 (iv) a statement
of the Claimant’s right to bring a civil action under Section 502(a) of ERISA. 

  
 38 

 (d) In no event may a claim for benefits be filed by a Claimant more than 120 days after the
applicable “Notice Date,” as defined in (i) through (iii) below. 
 (i) In any case where benefits are
paid to the Claimant as a lump sum, the Notice Date shall be the date of payment of the lump sum. 
 (ii) In any case where
the Committee (prior to the filing of a claim for benefits under this Section 8.10) determines that an individual is not entitled to benefits from the Plan and the Committee provides written notice to such individual of its determination, the
Notice Date shall be the date of the individual’s receipt of such notice. 
 (iii) In any case where the Committee
provides an individual, in connection with a distributable event under the Plan, a written statement of the vested account balance as of a specific date, the Notice Date shall be the latest date of the individual’s receipt of such notice. 

In no event may any legal proceeding regarding entitlement to benefits or any aspect of benefits under the Plan be commenced later than the
earliest of (i) two years after the applicable Notice Date; or (ii) one year after the date a Claimant receives a decision from the Committee regarding his appeal, or (iii) the latest date otherwise prescribed by applicable law. 

8.11 Claims Procedure for Disability Determinations 

(a) If a Member, Beneficiary, alternate payee, or their authorized representative (hereinafter the “Claimant”) asserts a right to a
benefit on account of disability under the Plan which has not been received, the Claimant must file a claim for such benefit with the Committee on forms provided by the Committee. The Committee shall render its decision on the claim within 45 days
after its receipt of the claim. 

  
 39 

 If special circumstances apply, the 45-day period may be extended by an additional 30 days if
necessitated by matters beyond the control of the Plan. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant before the end of the original 45-day period. This 30-day period may be extended for
an additional 30-day period if necessitated by matters beyond the control of the Plan. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant before the end of the first 30-day period. 

Each notice of an extension shall be given in writing and shall describe 

(i) the circumstances for the extension, 

(ii) the date by which a decision is expected, 

(iii) the requirements for benefit eligibility, 

(iv) the unresolved issues preventing a decision, 

(v) the additional information needed to resolve the issues, 

(vi) the date by which the additional information must be provided (which shall not be less than 45 days after the notice is
provided). 
 (vii) a statement that (A) if a Claimant fails to submit the requested information within the time
specified in accordance with (vi) above, the claim decision will be made based on the information available for review and (B) the review period (as extended) will be tolled until the end of the time specified in (vi) above or, if
earlier, the date the information is received. 

  
 40 

 If the Committee wholly or partially denies the claim, the Committee shall provide written notice
to the Claimant within the time limitations of the immediately preceding paragraph. Such notice shall set forth: 
 (viii)
the specific reasons for the denial of the claim; 
 (ix) specific reference to pertinent provisions of the Plan on which the
denial is based; 
 (x) a description of any additional material or information necessary to perfect the claim and an
explanation of why such material or information is necessary; 
 (xi) a description of the Plan’s claims review
procedures, and the time limitations applicable to such procedures; 
 (xii) a statement of the Claimant’s right to
bring a civil action under Section 502(a) of ERISA if the claim denial is appealed to the Committee and the Committee fully or partially denies the claim; 

(xiii) notification of the right to receive, without charge, upon request, a copy of any internal rules, guidelines, protocols,
or other similar criteria used as a basis for the denial; and 
 (xiv) if the denial is based on a medical necessity or
experimental or similar exclusion or limit, notification of the right to receive, upon request, an explanation of the scientific or clinical judgment that was used in applying the terms of the Plan to the medical circumstances. 

(b) A Claimant whose application for benefits is denied may request a full and fair review of the decision denying the claim by filing, in
accordance with such procedures as the Committee may establish, a written appeal which sets forth the documents, records and other 

  
 41 

 
information relating to the claim within 180 days after receipt of the notice of the denial from the Committee. In connection with such appeal and upon request by the Claimant, a Claimant may
review (or receive free copies of) all documents, records or other information relevant to the Claimant’s claim for benefit, all in accordance with such procedures as the Committee may establish. If a Claimant fails to file an appeal within
such 180-day period, he shall have no further right to appeal. 
 (c) A decision on the appeal by the Committee shall include a review by
the Committee that takes into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination.
The Committee shall render its decision on the appeal not later than 45 days after the receipt by the Committee of the appeal. If special circumstances apply, the 45-day period may be extended by an additional 45 days; provided, written notice of
the extension is provided to the Claimant during the initial 45-day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim on appeal.

 If the Committee wholly or partly denies the claim on appeal, the Committee shall provide written notice to the Claimant within the time
limitations of the immediately preceding paragraph. Such notice shall set forth: 
 (i) the specific reasons for the denial
of the claim; 
 (ii) specific reference to pertinent provisions of the Plan on which the denial is based; 

  
 42 

 (iii) a statement of the Claimant’s right to receive, upon request and free
of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; 

(iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA; 

(v) notification of the right to receive, without charge, upon request, a copy of any internal rules, guidelines, protocols, or
other similar criteria used as a basis for the denial; and 
 (vi) if the denial is based on a medical necessity or
experimental or similar exclusion or limit, notification of the right to receive, upon request, an explanation of the scientific or clinical judgment that was used in applying the terms of the Plan to the medical circumstances. 

(d) In no event may a claim for benefits be filed by a Claimant more than 120 days after the applicable “Notice Date,” as defined in
(i) through (iii) below. 
 (i) In any case where benefits are paid to the Claimant as a lump sum, the Notice Date
shall be the date of payment of the lump sum. 
 (ii) In any case where the Committee (prior to the filing of a claim for
benefits under this Section 8.11) determines that an individual is not entitled to benefits from the Plan and the Committee provides written notice to such individual of its determination, the Notice Date shall be the date of the
individual’s receipt of such notice. 
 (iii) In any case where the Committee provides an individual, in connection with
a distributable event under the Plan, a written statement of the vested account balance as of a specific date, the Notice Date shall be the latest date of the individual’s receipt of such notice. 

  
 43 

 In no event may any legal proceeding regarding entitlement to benefits or any aspect of benefits
under the Plan be commenced later than the earliest of (i) two years after the applicable Notice Date; or (ii) one year after the date a Claimant receives a decision from the Committee regarding his appeal, or (iii) the latest date
otherwise prescribed by applicable law. 

  
 44 

 ARTICLE IX - THE TRUST 

9.01 Trust Agreement. The Company shall have in effect an agreement with one or more individuals or with a corporate trustee or
trustees selected by the Company to manage and operate the Trust and to receive, hold, invest and disburse the contributions and other income of the Trust in accordance with the Plan. The Company may modify any such agreement from time to time to
accomplish the purposes of the Plan, and the Company may remove any Trustee and appoint any successor or successors. The Trustee shall pay from the Trust any expenses incident to the operation of the Plan or the Trust to the extent authorized by the
Company in accordance with the applicable provisions of ERISA and this Plan. 
 9.02 Exercise of Voting Rights. 

(a) Except as otherwise provided in subsection (b), the Trustee is hereby authorized to vote upon the Stock and any other securities
comprising the Trust or otherwise consent to or request any action on the part of the issuer of such securities, and to give general and special proxies or powers of attorney, with or without power of substitution, and to participate in
reorganizations, recapitalizations, consolidations, mergers and similar transactions with respect to such securities; to deposit such securities (if any) in a voting trust, or with any protective or like committee, or with a Trustee, or with
depositories designated thereby; and generally to exercise any of the powers of an owner with respect to such securities which the Trustee deems to be for the best interest of the Trust to exercise. 

(b) Each Member shall have the power to instruct the Trustee as to how the Stock (including any fractional shares) held in his Account and
Dividend Account should be voted at all stockholders’ meetings. The Trustee shall vote such Stock in accordance with such instructions. To facilitate such right, the Trustee, with the assistance of the Committee, shall deliver to each Member a
copy of all proxies, notices and other information which Randolph 

  
 45 

 
Bancorp, Inc. distributes to its shareholders generally and the Committee shall establish such procedures for the collection of Members’ instructions in the voting of such Stock and the
timely transmission of such instructions to the Trustee as it shall determine to be appropriate. Any such Stock with respect to which voting instructions have been sought but have not been timely received by the Trustee shall not be voted by the
Trustee. Any Stock with respect to which the Trustee has the power to vote but which has not been allocated to the accounts of any Member shall be voted by the Trustee in the same proportion as the Trustee is directed to vote the Stock with respect
to which instructions have been received up to 24 hours before the commencement of the shareholders’ meeting. In the event no shares have been allocated, the Trustee shall vote all shares of unallocated Stock as directed by the Committee.
Members do not acquire ownership of Stock held by the Trustee for their account unless and until the Trustee delivers to them in accordance with Article VI hereof, stock certificates which have been registered in their names on the stock books
of Randolph Bancorp, Inc. 
 9.03 Tender Offer or Exchange Offer. In the event of a tender offer or exchange offer by any person
(including the Company or Randolph Bancorp, Inc.) for any or all shares of Stock held in the Trust, each Member shall have the right and shall be afforded the opportunity to direct in writing whether the Stock (including any fractional shares)
allocable to his Account and Dividend Account shall be tendered or exchanged in response to such offer. The Trustee shall act with respect to such Stock in accordance with such written instructions. Any Stock held by the Trustee which is not yet
allocable to any Member’s Account and Dividend Account and any Stock with respect to which written instructions have been sought but have not been timely received by the Trustee shall be tendered or exchanged in the same proportion as the Stock
which is allocable to the Members’ Accounts and Dividend Accounts and with respect to which 

  
 46 

 
written instructions have been timely received is being tendered or exchanged. To facilitate the foregoing right of the Members, the Committee shall distribute or cause to be distributed to each
Member substantially the same information as may be distributed to the stockholders of Randolph Bancorp, Inc. in connection with such offer and the Committee shall establish such procedures for the collection of Members’ instructions with
respect to such Stock and the timely transmission of such instructions to the Trustee as it shall determine to be appropriate. 

  
 47 

 ARTICLE X - THE COMPANY 

10.01 Powers of the Company. The Company shall have the power to amend or terminate the Plan and the Trust as provided in Article VII,
to appoint and remove members of the Committee as provided in Article VIII, to appoint and remove the Trustee as provided in Article IX, and to do such other acts and things as are provided elsewhere herein. 

10.02 No Contract of Employment. Neither the Plan nor the Trust shall not be construed as creating any contract of employment between
the Company and any Member, Employee or other person, and nothing herein contained shall give any person the right to be retained in the employ of the Company or otherwise restrain the Company’s right to deal with its employees, including
Members and Employees, and their hiring discharge, layoff, compensation, and all other conditions of employment in all respects as though the Plan and the Trust did not exist. 

10.03 Liability of Company. Subject to its agreement to indemnify the Committee as provided in Section 8.09 and except as
otherwise provided by applicable Federal law, neither the Company nor any person acting on behalf of the Company shall be liable for any act or omission on the part of any member of the Committee or the Trustee, or for any act performed or the
failure to perform any act by any person with respect to the Plan or Trust, the Company’s only duty being to use reasonable care in the selection of the members of the Committee and the Trustee. 

10.04 Action by Company. Whenever under the terms of this Plan the Company is permitted or required to take any action, such action
shall be taken by the Board or by any committee or officer of the Company thereunto duly authorized, by the Board or otherwise. In such event, any such committee or officer may certify to the Trustee or any person the taking of such action and the
name and names of the officers so authorized, including himself. The 

  
 48 

 
execution of any direction, document or certificate on behalf of the Company by any of its officers shall constitute his certification of his authority with respect thereto, and the Trustee or
other person shall be protected in accepting and relying upon any such direction, document or certificate and are released from inquiry into the authority of any officer of the Company. 

10.05 Successor to Business of Company. Unless this Plan and the Trust be sooner terminated, a successor to the business of the
Company, by whatever form or manner resulting, may continue the Plan and the Trust by executing an appropriate supplemental agreement and such successor shall ipso facto succeed to all the rights, powers and duties of the Company hereunder. The
employment of any Employee who has continued in the employ of such successor shall not be deemed to have been terminated or severed for any purposes hereunder by reason of such succession. 

10.06 Dissolution of the Company. In the event that the Company is dissolved by reason of bankruptcy or insolvency or otherwise,
without any provision being made for the continuation of this Plan and the Trust by a successor to the business of the Company, the Plan and the Trust hereunder shall terminate, and the Trustee shall proceed in the same manner as though the Plan and
the Trust were being terminated by the Company as provided in Section 7.03. 

  
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 ARTICLE XI - ESOP LOANS 

11.01 ESOP Loan. For purposes of this Article XI, an “ESOP Loan” means a loan made to the Trust by a party in interest
(as that term is defined in Section 3(14) of ERISA) or a loan to the Trust which is guaranteed or otherwise secured by a party in interest and which, in either case, satisfies all of the requirements for an exempt loan under
Section 408(b)(3) of ERISA and Section 4975(d)(3) of the Code and all applicable regulations thereunder (such statutes and regulations being collectively referred to herein as the “ESOP Rules”). 

11.02 Use of ESOP Loan Proceeds. The Plan is designed to invest primarily in Stock and the Trustee is authorized and directed pursuant
to the Plan document and the Trust agreement to acquire shares of Stock to the extent such Stock is reasonably available. To effectuate this purpose, the Trustee is authorized to enter into ESOP Loans and to apply the proceeds thereof to the
acquisition of shares of Stock or to the repayment of such ESOP Loans or a prior ESOP Loan. All shares of Stock acquired with the proceeds of an ESOP Loan shall while held by the Trustee be free from any put, call or other option, or any buy-sell or
similar arrangement. Any actions by the Trustee under this Section shall be at the direction of the Committee. 
 11.03 Terms and
Conditions. Any such ESOP Loan shall be upon such terms and conditions, consistent with the ESOP Rules and this Article XI, as the Committee shall determine. Such terms and conditions shall, in addition to those terms and conditions
required by the ESOP Rules, include the following: 
 (a) the recourse of the lender against the Trust shall be limited to one or more of
the following: (i) any collateral given for the ESOP Loan, (ii) Company contributions made subsequent to the date of the ESOP Loan, and (iii) earnings attributable to such collateral or the investment of such contributions; 

  
 50 

 (b) the aggregate of all payments under the ESOP Loan by the Trust shall not exceed the aggregate
of items (ii) and (iii) under (a) above at the date of any such payment; 
 (c) in the event of a default under an ESOP Loan,
the value of Trust assets transferred to the lender shall not exceed the amount of the default, provided further that if the lender is a party in interest a transfer of Trust assets upon default shall be made only if, and to the extent of, the
Trust’s failure to meet the ESOP Loan’s payment schedule; 
 (d) the interest rate must not be in excess of a reasonable rate;

 (e) the ESOP Loan must be for a specific term and may not be payable at the demand of any person, except in the case of default. 

11.04 Collateral for ESOP Loan. The Committee is hereby authorized to direct the Trustee to collateralize an ESOP Loan by giving a
security interest in all or any portion of the Stock acquired with the proceeds of said Loan (or the proceeds of a previous ESOP Loan repaid by said Loan). No other Trust assets may be so used as collateral. In the event that Stock is used by the
Trustee as collateral for an ESOP Loan, such Stock shall be released from such encumbrance at an annual rate which is geared to the rate of total repayment (principal plus interest) of the ESOP Loan or the rate of principal repayment of the ESOP
Loan provided that all applicable requirements of the ESOP Rules shall be satisfied. 
 11.05 Suspense Accounts. All Stock acquired
with the proceeds of an ESOP Loan shall be credited to a Suspense Account rather than allocated among the Members’ Accounts. In the event there is more than one ESOP Loan outstanding, two or more Suspense Accounts shall be established as
provided herein. If such Stock is being used as collateral, it shall be withdrawn from the Suspense Account at the same time and on the same basis as it is released from encumbrance. If such Stock is not used as collateral, it shall be withdrawn
from the Suspense 

  
 51 

 
Account as if it had been so used and was being released from encumbrance at a rate geared to the repayment of the ESOP Loan. If, during any Plan Year, Stock is withdrawn from the Suspense
Account, it shall be allocated among the Members’ Accounts in accordance with the provisions of Section 5.03. 
 No Member shall
have any interest in, or rights with respect to, any Stock while it is held in a Suspense Account. In the event that any Stock held in a Suspense Account is sold, the proceeds may be used to repay the ESOP Loan to the extent permitted by applicable
law, and any excess amount (including any shares of Stock released from encumbrance by reason of such repayment) shall be allocated among the Accounts and Dividend Accounts of all Members in proportion to the aggregate value (Part A plus
Part B) of each such Member’s Account and Dividend Account. 

  
 52 

 ARTICLE XII - TOP-HEAVY PROVISIONS 

12.01 Article Controls. Any provisions of the Plan to the contrary notwithstanding, the provisions of this Article XII shall
control the Plan to the extent required to cause the Plan to comply with the requirements imposed by Section 416 of the Code. 
 12.02
Definitions. Where the following words and phrases appear in this Article XII, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary: 

(a) Account Balance. As of any Valuation Date, the aggregate amount credited to an individual’s account or accounts under the Plan
and all other qualified defined contribution plans maintained by the Company or an Affiliated Company increased by (i) the aggregate distributions made to such individual from the Plan or any other such plan during a five-year period ending on
the Determination Date, and (ii) the amount of any contributions due as of the Determination Date immediately following such Valuation Date. The amount of Account balances of a Member as of the Determination Date shall be increased by the
distributions made with respect to the Member under the Plan and any plan in the Aggregation Group during the one-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan which,
had it not been terminated, would have been in the Aggregation Group. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “five-year
period” for “one-year period.” 
 (b) Accrued Benefit. As of any Valuation Date, the present value of the cumulative
accrued benefit (excluding the portion thereof which is attributable to rollover or transfer contributions made by or on behalf of such individual to such plan from another qualified plan sponsored by an entity other than the Company or an
Affiliated Company, to 

  
 53 

 
proportional subsidies, or to ancillary benefits) of an individual under an qualified defined benefit plan maintained by the Company or an Affiliated Company increased by (i) the aggregate
distributions made to such individual from such plan within a five-year period ending on the Determination Date and (ii) the estimated benefit accrued by such individual between such Valuation Date and the Determination Date immediately
following such Valuation Date. The Accrued Benefit of Non-Key Employees shall be determined under (A) the method, if any, that uniformly applies for accrual purposes under all defined benefit plans maintained by the Company and Affiliated
Company, or (B) if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Section 411(b)(1)(C) of the Code. The Accrued Benefit of a Member as of the Determination Date shall be
increased by the distributions made with respect to the Member under the Plan and any plan in the Aggregation Group during the one-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a
terminated plan which, had it not been terminated, would have been in the Aggregation Group. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting
“five-year period” for “one-year period.” 
 (c) Aggregation Group. The group of qualified plans (whether or not
terminated) maintained by the Company and each Affiliated Company consisting of (i) each plan in which a Key Employee participates and each other plan which enables a plan in which a Key Employee participates to meet the requirements of
Sections 401(a)(4) or 410 of the Code, or (ii) each plan in which a Key Employee participates, each other plan which enables a plan in which a Key Employee participates to meet the requirements of Sections 401(a)(4) or 410 of the Code, and any
other plan which the Committee elects to include as a part of such group; provided, however, that the Committee may not elect to include a plan if its inclusion would cause the group to fail the requirements of Sections 401(a)(4) and 410 of the
Code. 

  
 54 

 (d) Determination Date. For the first Plan Year of any plan, the last day of such Plan
Year, and for each subsequent Plan Year of such plan, the last day of the preceding Plan Year. If two or more plans are being aggregated, they shall be aggregated by adding together the results for each plan as of the Determination Dates for such
plans that fall within the same calendar year. 
 (e) Former Key Employee. With respect to any Plan Year, any individual who was a
Key Employee in a previous Plan Year but who is not a Key Employee with respect to such Plan Year. For purposes of this definition, a beneficiary (who would not otherwise be a Key Employee) of a deceased former Key Employee shall be deemed to be a
Former Key Employee in substitution for such deceased Former Key Employee. 
 (f) Key Employee. With respect to any Plan Year, any
employee (and any beneficiary of a deceased employee) of the Company or an Affiliated Company who is a “Key Employee” as determined in accordance with Section 416(i)(1) of the Code. 

(g) Non-Key Employee. With respect to any Plan Year, any employee of the Company or an Affiliated Company who is not a Key Employee.

 (h) Plan Year. With respect to any plan, the annual accounting period used by such plan for annual reporting purposes. 

(i) Valuation Date. With respect to any Plan Year, the most recent date within the 12-month period ending on a Determination Date as of
which the Trust fund established was valued and the net income (or loss) thereof allocated to Members’ accounts. 

  
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 12.03 Top-Heavy Status. The Plan shall be deemed to be top-heavy if, as of any
Determination Date, (i) the sum (computed in accordance with Section 416(g) of the Code and the regulations promulgated thereunder) of the Account Balances of Key Employees under the Plan exceeds 60 percent of the sum of the Account
Balances of all individuals (excluding Former Key Employees and individuals who have not performed any services for the Company or an Affiliated Company at any time during the one-year period ending on the Determination Date) under the Plan unless
an Aggregation Group including the Plan is not top-heavy or (ii) an Aggregation Group including the Plan is top-heavy. An Aggregation Group shall be deemed to be top-heavy as of a Determination Date if the sum (computed in accordance with
Section 416(g)(2)(B) of the Code and the regulations promulgated thereunder) of the Account Balances of the Key Employees under all defined contribution plans included in the Aggregation Group and the Accrued Benefit of all Key Employees under
all defined benefit plans included in the Aggregation Group exceeds 60 percent of the sum of the Account Balances and the Accrued Benefit of all individuals (excluding the Account Balances and the Accrued Benefit of former Key Employees and
individuals who have not performed any services for the Company or an Affiliated Company at any time during the one-year period ending on the Determination Date) under such plans. The foregoing determination shall be made by the Committee. 

12.04 Minimum Benefit. If the Plan is determined to be top-heavy for a Plan Year, then each Member who is a Non-Key Employee and who is
an Eligible Employee as of the last day of such Plan Year shall be entitled to a minimum contribution which, when added to the amount of any Company contributions and forfeitures allocated under this Plan and all other defined contribution plans
maintained by the Company or an Affiliated Company will cause the sum of such contributions to equal the lesser of (i) 3 percent of such Eligible Employee’s compensation 

  
 56 

 
(within the meaning of Section 415 of the Code) for such Plan Year, or (ii) the percentage at which contributions are made for the Key Employee for whom such percentage is the highest
for such Plan Year. 
 12.05 Termination of Top-Heavy Status. If the Plan has been top-heavy for one or more Plan Years and
thereafter ceases to be top-heavy, the provisions of this Article XII shall cease to apply to the Plan effective as of the day following the Determination Date on which the Plan is determined to no longer be top-heavy. 

  
 57 

 ARTICLE XIII - ADDITIONAL PARTICIPATING COMPANIES 

13.01 Participation. Any Affiliated Company may become a Participating Company by vote of the board of directors of such Affiliated
Company adopting the Plan and the Trust as a plan and trust for the benefit of its employees. 
 13.02 Effective Date. The
participation of any Participating Company shall take effect as of the date specified in its action to adopt the Plan and the Trust. 

13.03 Administration. Each Participating Company shall be deemed the “Company” with respect to its Employees and shall have
and exercise all the rights, powers, and duties thereof with respect to the Plan as applied to itself and its Employees and that part of the Trust which represents the Accounts of Members employed by it. Subject to Sections 13.04 and 13.06, each
Participating Company hereby authorizes Randolph Savings Bank to exercise on its behalf all such rights, powers, and duties, including amendment or termination of the Plan. 

13.04 Termination. If the Plan shall be terminated by any one Participating Company, the Trust shall be valued and assets representing
the Accounts of all Members employed by such Participating Company shall be segregated into a separate trust and held subject to the provisions of the Plan and all rights, powers, and duties of the Company with respect to such separate trust shall
be exercised by such Participating Company. 
 13.05 Allocation of Forfeitures. Whenever part or all of the Account of any Member
shall be forfeited by him and reallocated among the Accounts of the remaining eligible Members pursuant to Sections 5.04 and 6.05(d), such amount shall be reallocated to the Accounts of all eligible Members, regardless of whether they are Employees
of the Participating Company which last employed the former Member whose Account (or part thereof) is being forfeited. 
 13.06
Contributions. Each participating employer, including the Company and each Participating Company, shall make contributions hereunder, on behalf of its Employees, in 

  
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accordance with Section 4.01, and as determined by such participating employer. All contributions made by a Participating Company with respect to any fiscal year of such Participating
Company shall be made no later than the date specified in Section 4.02 and shall be allocated pursuant to the provisions of Section 5.03. 

  
 59 

 ARTICLE XIV - MISCELLANEOUS 

14.01 Spendthrift Provision. Beneficial interests of Members or their Beneficiaries in the Trust shall not be assignable nor subject to
attachment nor receivership, nor shall they pass to any trustee in bankruptcy or be reached or applied by any legal process for the payment of any obligations of any such person, except as otherwise provided under Section 401(a)(13) of the
Code. 
 14.02 Appointment of Person to Receive Payment. Upon the appointment by a court having jurisdiction of a legal
representative for a Member or Beneficiary, following a judicial determination that such Member or Beneficiary is of unsound mind, any payment or distribution hereunder shall thereafter be made to such legal representative. In the event any amount
shall become payable hereunder to any person (or his Beneficiary or estate), and if after written notice from the Committee mailed to such person’s last known address as shown on the Company’s records, such person or his personal
representative shall not have presented himself to the Committee or notified the Committee in writing of his address within one year after the mailing of such notice, then the Committee shall in its discretion appoint one or more of the spouse or
blood relatives of such person to receive such amount, including any amount thereafter becoming due to such person (or his estate), in the proportions determined by the Committee. Any action of the Committee hereunder shall be binding and conclusive
upon all persons. 
 14.03 Construction. In any question of interpretation or other matter of doubt, the Committee, the Trustee and
the Company may rely upon the opinion of counsel for the Company or any other attorney-in-law designated by the Company. The provisions of this Plan shall be construed, administered and enforced according to the laws of the United States and, to the
extent permitted by such laws, by the laws of the Commonwealth of Massachusetts. All contributions to the Trust shall be deemed to be made in the Commonwealth of Massachusetts. 

  
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 14.04 Impossibility of Performance. In case it becomes impossible for the Company, the
Committee or the Trustee to perform any act under this Plan and the Trust, that act shall be performed which in the judgment of the Company, the Committee or the Trustee, respectively, will most nearly carry out the intent and purpose of this Plan
and the Trust. All parties who are in any way interested in this Plan and the Trust shall be bound by any acts performed under such condition. 

14.05 Definition of Words. Feminine or neuter pronouns shall be substituted for those of the masculine form, and the plural shall be
substituted for the singular, in any place or places herein where the context may require such substitution or substitutions. 
 14.06
Titles. The titles of articles and sections are included only for convenience and shall not be construed as a part of this Plan or in any respect affecting or modifying its provisions. 

14.07 Merger or Consolidation. In the event that this Plan is merged with or consolidated with any other plan, or the assets or
liabilities accrued under this Plan are transferred to any other plan, each Member’s benefit under such other plan shall be at least as great immediately after such merger, consolidation or transfer (if such plan were then to terminate) as the
benefit to which he would have been entitled under this Plan immediately before such merger, consolidation or transfer (if the Plan were then to terminate). 

14.08 Special Provisions for Certain Leased Employees. A “leased employee” shall receive credit for Hours of Service, Periods
of Eligibility Service and Years of Vesting Service for the entire period during which he is a leased employee of the Company or an Affiliated Company as if he were an Employee of the Company or an Affiliated Company; provided, however, that a
leased employee shall not be an Employee eligible to participate in the Plan as 

  
 61 

 
long as he remains a leased employee. For purpose of this Section 14.08, the term “leased employee” means any person (a) who is not an Employee of the Company or an Affiliated
Company and (b) who pursuant to an agreement between the Company or an Affiliated Company and any other person (a “leasing organization”) has performed services for the Company or an Affiliated Company on a substantially full-time
basis for a period of at least one year and such services are performed under the primary direction or control by the Company or an Affiliated Company. Notwithstanding the foregoing, if leased employees constitute less than 20 percent of the
Company’s and Affiliated Company’s nonhighly compensated work force within the meaning of Section 414(n)(5) of the Code, a person who is covered by a money purchase pension plan maintained by the leasing organization which provides a
nonintegrated employer contribution rate of at least 10 percent of compensation, immediate participation and full and immediate vesting shall not be considered a “leased employee.” 

14.09 USERRA and HEART ACT. 

(a) Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credits with respect to qualified military
service shall be provided in accordance with Section 414(u) of the Code. 
 (b) (i) An individual receiving a differential wage payment
from the Company, as defined in Section 3401(h)(2) of the Code, shall be treated as an Employee of the Company, (ii) the differential wage payment is treated as Compensation, and (iii) the Plan shall not be treated as failing to meet
the requirements of any provision described in Section 414(u)(1)(C) of the Code by reason of any contribution or benefit which is based on the differential wage payment. 

  
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 (c) The Beneficiaries of a Member who dies while performing qualified military service shall be
entitled to any additional benefits provided under the Plan as if the Member resumed service with the Company and then terminated employment on account of death. 

(d) A Member who dies or becomes disabled while performing qualified military service shall be treated as if the Member had resumed employment
in accordance with the Member’s reemployment rights under Section 414(u) of the Code on the date before the actual date of death or disability (as the case may be) and terminated employment on the actual date of death or disability (as the
case may be). Accordingly, such Member shall receive vesting service during his period of qualified military service and shall receive employer contributions for such service to the extent required by Section 414(u) of the Code. 

14.10 Correction Methods. The Company may make any corrections under the Plan necessary to retain the qualified status of the Plan and
the Trust under Code Sections 401(a) and 501(a). Such corrections shall include, but not be limited to, any corrections described in the Internal Revenue Service’s Employee Plans Compliance Resolution System. 

14.11 Writings. Whenever under the terms of the Plan a Member, former Member, Beneficiary or alternate payee is required to make a
claim, request, election or direction in writing, such claim, request, election or direction may be made in such other form allowable by the Committee on a nondiscriminatory basis. 

  
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 ARTICLE XV - DIRECT ROLLOVERS 

15.01 Application of this Article. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a
distributee’s election under this Article, a distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by
the distributee in a direct rollover. 
 15.02 Definitions. Whenever used in this Article, the following words shall have the
following meanings: 
 (a) Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any
portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for
the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent
such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer
securities); and a hardship distribution. Any amount that is distributed on account of hardship shall not be eligible rollover distribution and the distributee may not elect to have any portion of such a distribution paid directly to an eligible
retirement plan. A direct trustee-to-trustee transfer to an individual retirement account described in Section 408(a) or Section 408A of the Code or an individual retirement annuity described in Section 408(b) of the Code established
for purposes of receiving a distribution on behalf of a non-spouse beneficiary shall also be considered an eligible rollover distribution. 

  
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 (b) Eligible retirement plan: An eligible retirement plan is an individual retirement
account described in Section 408(a) or Section 408A of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity plan described in
Section 403(b) of the Code, a qualified trust described in Section 401(a) of the Code that accepts the distributee’s eligible rollover distribution and an eligible plan under Section 457(b) of the Code which is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from the Plan. The definition of eligible
retirement plan shall also apply in the case of a distribution to a surviving spouse or surviving non-spouse beneficiary, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in
Section 414(p) of the Code; provided however that in the case of an eligible rollover distribution to a surviving non-spouse beneficiary, an eligible retirement plan is an individual retirement account described in Section 408(a) or
Section 408A (“IRA”) of the Code and an individual retirement annuity described in Section 408(b) of the Code that will be treated as an inherited IRA pursuant to the provisions of Section 402(c)(11) of the Code. 

(c) Distributee: A distributee includes an employee or former employee. In addition, the employee’s or former employee’s
surviving spouse or surviving non-spouse beneficiary and the employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are
distributees with regard to the interest of the spouse, non-spouse beneficiary or former spouse. In the case of a rollover to a non-spouse beneficiary, the determination of any required minimum distribution under Section 401(a)(9) of the Code
that is ineligible for rollover shall be made in accordance with Notice 2007-7, Q&A 17 and 18, 2007-5 I.R.B. 395. 
 (d) Direct
rollover: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 

  
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 ARTICLE XVI - MINIMUM DISTRIBUTION REQUIREMENTS 

16.01 General Rules. 

(a) Precedence. The requirements of this Article will take precedence over any inconsistent provisions of the Plan. 

(b) Requirements of Treasury Regulations Incorporated. All distributions required under this Article will be determined and made in
accordance with the Treasury regulations under Section 401(a)(9) of the Internal Revenue Code. 
 16.02 Time and Manner of
Distribution. 
 (a) Required Beginning Date. The Member’s entire interest will be distributed, or begin to be distributed,
to the Member no later than the Member’s Required Beginning Date. 
 (b) Death of Member Before Distributions Begin. If the
Member dies before distributions begin, the Member’s entire interest will be distributed as follows: 
 (i) By
December 31 of the calendar year containing the fifth anniversary of the Member’s death. 
 (ii) If the
Member’s surviving spouse is the Member’s sole Designated Beneficiary and the surviving spouse dies after the Member but before distributions to the surviving spouse begin, this Section 16.02(b) will apply as if the surviving spouse
were the Member. 
 For purposes of this Section 16.02(b) and Section 16.04, unless Section 16.02(b)(ii) applies,
distributions are considered to begin on the Member’s Required Beginning Date. If Section 16.02(b)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under
Section 16.02(b)(i). 

  
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 (c) Forms of Distribution. Unless the Member’s interest is distributed in a single
sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with Sections 16.03 and 16.04 of this Article. 

16.03 Required Minimum Distributions During Member’s Lifetime. 

(a) Amount of Required Minimum Distribution for each Distribution Calendar Year. During the Member’s lifetime, the minimum amount
that will be distributed for each Distribution Calendar Year is the lesser of: 
 (i) the quotient obtained by dividing the
Member’s account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Member’s age as of the Member’s
birthday in the Distribution Calendar Year; or 
 (ii) if the Member’s sole Designated Beneficiary for the Distribution
Calendar Year is the Member’s spouse, the quotient obtained by dividing the Member’s account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the
Treasury regulations, using the Member’s and spouse’s attained ages as of the Member’s and spouse’s birthdays in the Distribution Calendar Year. 

(b) Lifetime Required Minimum Distributions Continue Through Year of Member’s Death. Required minimum distributions will be
determined under this Section 16.03 beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Member’s date of death. 

  
 67 

 16.04 Required Minimum Distributions After Member’s Death. If the Member dies on or
after the date distributions begin, his remaining account balance shall be distributed to his Beneficiary in a lump sum as soon as practicable. 

16.05 Definitions. 
 (a)
Designated Beneficiary. The individual who is designated as the Beneficiary under Section 6.04 of the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and
Section 1.401(a)(9)-4, Q&A-1, of the Treasury regulations. 
 (b) Distribution Calendar
Year. A calendar year for which a minimum distribution is required. For distributions beginning before the Member’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the
Member’s Required Beginning Date. For distributions beginning after the Member’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 16.02(b). The required
minimum distribution for the Member’s first Distribution Calendar Year will be made on or before the Member’s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum
distribution for the Distribution Calendar Year in which the Member’s Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 

(c) Life Expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury
regulations. 
 (d) Member’s Account Balance. The account balance as of the last valuation date in the calendar year immediately
preceding the Distribution Calendar Year (valuation 

  
 68 

 
calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date
and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in
the Distribution Calendar Year if distributed or transferred in the valuation calendar year. 
 (e) Required Beginning Date.
Distribution of benefits to a Member who attains age 70 1⁄2 shall begin no later than the April 1 next following the calendar year in which such Member
(i) attains age 70 1⁄2 or (ii) terminates employment with the Company and all Affiliated Employers, whichever is later. Clause (ii) shall not
apply in the case of a Member who is a “Five Percent Owner” at any time during the Plan Year ending in the calendar year in which the Member attains age
70 1⁄2. If the Member becomes a Five Percent Owner during any subsequent Plan Year, the required distribution date shall be April 1 of the calendar year
following such Plan Year. For purposes of this subsection, a Five Percent Owner is defined in Section 416(i)(1)(B)(i) of the Code. 

  
 69 

 ARTICLE XVII - CHANGE IN CONTROL 

17.01 Definition of Change in Control; Pending Change in Control. 

(a) A Change in Control shall be deemed to have occurred upon the happening of any of the following events: 

(i) any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than Randolph Bancorp, Inc., any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of Randolph Bancorp, Inc. or any of its subsidiaries),
together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly
or indirectly, of securities of Randolph Bancorp, Inc. representing 40 percent or more of the combined voting power of Randolph Bancorp, Inc.’s then outstanding securities having the right to vote in an election of Randolph Bancorp, Inc.’s
Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from Randolph Bancorp, Inc.); or 

(ii) persons who, as of the Effective Date, constitute the Board of Directors of Randolph Bancorp, Inc. (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of such Board of Directors, provided that any person becoming a
director of Randolph Bancorp, Inc. subsequent to the date hereof shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either (A) a vote of at least a majority of
the Incumbent Directors or (B) a vote of at least a majority of the Incumbent Directors 

  
 70 

 
who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with
an actual or threatened election contest relating to the election of members of the Board of Directors of Randolph Bancorp, Inc. or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of
Randolph Bancorp, Inc., including by reason of an agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 

(iii) the consummation of (A) any consolidation or merger of Randolph Bancorp, Inc. where the stockholders of Randolph
Bancorp, Inc., immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the
aggregate more than 50 percent of the voting shares of the company or entity issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), and the entity which results from such consolidation or merger
agrees in writing to assume and perform Randolph Bancorp, Inc.’s and the Company’s obligations under the Plan or (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged
by any party as a single plan) of all or substantially all of the assets of Randolph Bancorp, Inc. or of the Bank. 
 Notwithstanding the
foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing, solely as the result of an acquisition of securities by Randolph Bancorp, Inc. that, by reducing the number of shares of Voting Securities
outstanding, 

  
 71 

 
increases the proportionate number of shares of Voting Securities beneficially owned by any person to 40 percent or more of the combined voting power of all then outstanding Voting Securities;
provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a
result of an acquisition of securities directly from Randolph Bancorp, Inc.) and immediately thereafter beneficially owns 25 percent or more of the combined voting power of all then outstanding Voting Securities, then a “Change in Control”
shall be deemed to have occurred for purposes of the foregoing clause (i). 
 (b) A Pending Change in Control shall be deemed to have
occurred upon the happening of any of the following events: 
 (i) approval by the stockholders of Randolph Bancorp, Inc. of
a transaction, or a plan for the consummation of a transaction, which, if consummated, would result in a Change in Control; 

(ii) approval by the Board of Directors of Randolph Bancorp, Inc. of a transaction, or a plan for the consummation of a
transaction, which, if consummated, would result in a Change in Control; 
 (iii) the commencement of a tender offer (within
the meaning of section 14(d)(i) of the Exchange Act, as amended) for securities issued by Randolph Bancorp, Inc., which, if completed, would result in a Change in Control; 

(iv) the furnishing or distribution of a proxy statement or other document, whether or not in opposition to management,
soliciting proxies, consents or authorizations (within the meaning of section 14 of the Exchange Act) in respect of securities issued by Randolph Bancorp, Inc. in favor of any election, transaction or other action which, if effected, would result in
a Change in Control. 

  
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 17.02 Vesting on Change in Control. Notwithstanding any other provision of the Plan, upon
the effective date of a Change in Control, the Account of each person who would then, upon termination of the Plan, be entitled to a benefit, shall be fully vested and nonforfeitable. 

17.03 Repayment of Share Acquisition Loan. Notwithstanding any other provision of the Plan, upon the occurrence of a Change in Control,
the Committee shall direct the Trustee to sell a sufficient number of shares of Stock to repay any outstanding ESOP Loan, all remaining shares of Stock which had been unallocated (or the proceeds from the sale thereof, if applicable) shall be
allocated among the accounts of all individuals with undistributed Account balances on the effective date of such Change in Control who are employed by the Company on the effective date of such Change in Control. Such allocation of shares of Stock
or proceeds shall be in proportion to the balance credited to their Accounts immediately prior to such allocation. 
 17.04 Plan
Termination After Change in Control. Notwithstanding any other provision of the Plan, after repayment of the loan and allocation of shares of Stock or proceeds as provided in Section 17.03, the Plan shall be terminated and all amounts shall
be distributed as soon as practicable. 
 17.05 Amendment of Article XVII. Notwithstanding any other provision of the Plan, this
Article XVII of the Plan may not be amended after the earliest date on which a Change in Control or Pending Change in Control occurs, except to the extent any amendment is required by the Internal Revenue Service as a condition to the continued
treatment of the Plan as a tax-qualified plan under section 401(a) of the Code. 

  
 73 

 IN WITNESS WHEREOF this amended and restated Plan is executed for and on behalf of the Company by
its duly authorized officer this      day of              , 2016. 
  

			
	RANDOLPH SAVINGS BANK
		
	By:	 	  

	Title:	 	  

  
 74EX-10.3

 Exhibit 10.3 
  

 
 March 22, 2013 

Mr. James P. McDonough 
 550 Liberty Street #1004 

Braintree, MA 02184 
 Dear Jim: 

Randolph Bancorp and Randolph Savings Bank (collectively the “Bank”) are pleased to offer you the full-time position of President
and Chief Executive Officer (“CEO”) of Randolph Savings Bank and Randolph Bancorp, reporting to the Bank’s Board of Directors (the “Board”). We are excited about the prospect of having you join our team, and look forward to
the addition of your professionalism and experience to help the Bank achieve its goals. This letter summarizes the initial terms of your employment. 

1. Position/Duties/Director and Corporator Status/Start Date and Salary. 

(a) As President and CEO of the Bank, you will undertake and assume the responsibilities, and have those powers and authorities, which are
customarily associated with such positions, and as the Board shall from time to time reasonably prescribe, including without limitation, that you be the public face of the Bank and that you will attend such meetings and conferences within the
banking industry and local community and business organizations in promotion of the Bank, as you determine necessary or the Board recommends. You agree that you will devote your full working time and efforts to the performance of your duties on
behalf of the Bank and will comply with the Bank’s written policies and the direction of the Board; provided, however, that nothing in the foregoing provision is intended to prevent you from participating in board, community or eleemosynary
activities. The Bank will use its best efforts to ensure your election or appointment as a corporator of Randolph Bancorp and as a member of the respective Boards of Randolph Bancorp and Randolph Savings Bank, and to have you re-elected or
re-appointed at any required times during your employment with the Bank. Your being elected or appointed to the Board positions identified in the sentence immediately preceding and remaining in these capacities while an employee is a material term
of this letter agreement. In the event your employment with the Bank terminates for any reason, you shall be deemed to have resigned effective as of the termination date, from all (i) officer, director/trustee and/or corporator positions with
the Bank and (ii) officer, director/trustee and/or corporator positions of any Bank affiliates or subsidiaries, as applicable. 
 (b)
We would expect you to begin employment on April 15, 2013. Your salary will be at an initial monthly rate of $27,083.33 (or an annualized rate of $325,000.00), paid in accordance with such customary payroll practices of the Bank as are
established or modified from time to time. Your salary may be subject to adjustment in accordance with any salary review practices utilized by the Bank. 

  
 

 

 Mr. James P. McDonough 

March 22, 2013 
  Page
 2
 of 16 
  

 2. Benefits. You will be eligible to participate in benefits programs to the same
extent as, and subject to the same terms, conditions and limitations applicable to, other Bank employees of similar rank and tenure. Your participation in the Bank’s benefits plans shall be subject to (a) the terms and conditions of the
applicable plan documents; (b) generally applicable Bank policies; and (c) the discretion of the Board or any administrative or other committee provided for in, or contemplated by, each such plan. The Bank may alter, add to, modify or
delete its employee benefits plans at any time it determines in its sole judgment to be appropriate. 
 3. Expense Reimbursement. The
Bank will pay or reimburse you for reasonable travel and entertainment or other reasonable business expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder in accordance with and subject to the
Bank’s expense reimbursement policies and practices. 
 4. Vacation. You will be eligible to receive up to six (6) weeks of
paid vacation per each full calendar year of employment with the Bank, with vacation time to be accrued and taken subject to and in accordance with the Bank’s vacation policies and practices. 

5. Car Allowance. During your employment, the Bank will provide you with a car allowance payment in the amount of $750.00 per month,
subject to and in accordance with any Bank policies and procedures applicable to said payment. 
 6. STIP. You also shall be eligible
to participate in the Bank’s STIP program available to senior Bank executives of similar rank and tenure. 
 All payments to be
provided in Sections 2-6 above shall be subject to any applicable federal, state, and local withholding, payroll and other taxes. 
 7.
At-Will Employment. Your employment with the Bank will be on an “at-will” basis, which means that either you or the Bank may terminate the employment relationship at any time, for any or no reason, with or without Cause, and with or
without prior notice. Notwithstanding the preceding sentence, this offer letter is intended to create a binding agreement of the parties regarding the employment relationship and any termination, resignation or other cessation of the relationship,
including, without limitation, the post-employment compensation, and benefits described herein. 
 8. FDIA and FDIC Requirements.
Your employment with the Bank shall be suspended if you are suspended or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act
(FDIA) (12 U.S.C. § 1818(e)(3) and (g)(1) unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Bank may in its discretion (i) pay you all or part of the compensation withheld during such
suspension and/or (ii) reinstate any or all of its obligations which were suspended. Your employment with the Bank may also be terminated as a matter of law if (a) you are removed or permanently prohibited from participating in the conduct
of the Bank’s affairs by an order issued under 

 Mr. James P. McDonough 

March 22, 2013 
  Page
 3
 of 16 
  

 
Section 8(e)(4) or (g)(1) of the FDIA; (b) the Bank is in default as defined in Section 3(x)(1) of the FDIC; or (c) except to the extent your continued employment is necessary
for the continued operation of the Bank, at such time as the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority of Section 13(c) of the Federal Deposit Insurance Act or the Director approves a
supervisory merger of the Bank to resolve problems related to its operations or determines the Bank to be in an unsafe or unsound condition. 

9. Severance. Notwithstanding the at-will relationship between you and the Bank, if your employment is terminated by the Bank without
Cause or you resign for Good Reason, you will be eligible to receive severance in the form of salary continuation at your monthly base salary rate in effect as of your date of termination for a period of twelve (12) months following your
termination, payable in accordance with the Bank’s payroll practices at the time (the “Severance’”). Your eligibility to receive the Severance is conditioned upon your entering into and not revoking a Release Agreement in a form
similar to that which is attached as Exhibit A, and your compliance with your obligations under the Bank’s Non-Solicitation and Non-Disclosure Agreement (the “Non-Solicitation Agreement”), in the form attached as
Exhibit B. In the event you breach your obligations under the Non-Solicitation Agreement, you will have no right to receive, and the Bank shall not pay you. any Severance that has yet to be paid following the date of such breach;
provided, however, that the Bank shall give you notice of any claimed breach and shall consider any information you provide establishing the absence of such breach before implementing the above-reference discontinuation of severance payments. Such
cessation of payments shall be in addition to, and not in lieu of, any and all other remedies, whether at law or in equity, available to the Bank for such breach. 

The Bank may only terminate your employment for “Cause” upon a resolution adopted in good faith by two-thirds (2/3) of the
Board (excluding you) that Cause exists; provided, however, that no termination of your employment shall be for Cause until there shall have been delivered to you a copy of a written notice setting forth the grounds for Cause and
specifying the particulars thereof in reasonable detail; and provided further that you shall have the opportunity to respond to such notice within five (5) business days of your receipt of thereof, which response the Board shall
consider in advance of taking any action. 
 For purposes of this letter, your resignation for “Good Reason” shall occur if
(a) you provide written notice, which notice sufficiently details the alleged Good Reason, to the Board that you intend to resign due to any of the following, which shall have occurred without your prior written consent: (i) a substantial
reduction in the nature or scope of your title, position, authorities, duties or reporting relationships that are inconsistent with the role of President of the Bank; (ii) a material breach by the Bank of this letter agreement, defined to
include without limitation the Bank’s failure to elect or appoint you a corporator of Randolph Bankcorp and a director of each of the Randolph Savings Bank and/or Randolph Bancorp Board of Directors ; (iii) a material reduction in your
base salary; and (b) the Board does not cure such alleged Good Reason within thirty (30) days of receipt of your notice. 

 Mr. James P. McDonough 

March 22, 2013 
  Page
 4
 of 16 
  

 For purposes of this letter agreement, “Cause” shall mean any one or more of the
following: (i) substantial and continuing neglect or inattention to your duties; (ii) willful misconduct or gross negligence in connection with the performance of your duties, breach of fiduciary duty, or dishonesty or disloyalty; (iii
) the commission of an act of embezzlement, fraud or deliberate disregard of the rules or policies of the Bank; (iv) any conduct by you, which in the opinion of the Board, is materially detrimental or embarrassing to the Bank; or
(v) the conviction of a felony or any crime involving any financial impropriety or engaging in moral turpitude. 
 10. 409A
Covenant. Notwithstanding anything in this letter agreement to the contrary, in the event that any payment or right to payment provided under this letter agreement is deemed to constitute non-qualified deferred compensation subject to
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), this letter agreement will be interpreted in a manner consistent with Section 409A and, in the event that any provision that is necessary for compliance
with Section 409A is determined by the Bank, in its sole discretion, to have been omitted, such omitted provision will be deemed included herein and is hereby incorporated as part of this letter agreement. Notwithstanding anything to the
contrary herein, a termination of employment will not be deemed to have occurred for purposes of any provision of this letter agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such
termination is also a “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each payment made under this letter agreement will be designated as a “separate
payment” within the meaning of the Section 409A of the Code 
 11. Indemnification. You will be entitled to indemnification
to the extent permitted by law and in accordance with and subject to the Bank’s Amended and Restated By-Laws dated April 12, 2011, including as subsequently amended. 

12. No Further Obligations/Taxes. Except as set forth in this or other applicable agreements, the Bank shall have no other obligations
to you upon the cessation of your employment other than payment for any accrued but unused vacation through the termination date; reimbursement for any outstanding business expenses incurred by you, subject to this letter and the Bank’s
reimbursement policies and practices; and any other compensation, bonus and benefits earned but not yet received by you, subject to any applicable benefit plans, policies or practices. Except as otherwise set forth herein, all payments and benefits
described herein will be subject to applicable federal, state and local tax withholdings. 
 13. No Conflicting
Obligations/Non-Disclosure Agreement. The Bank requires you to verify that your acceptance of our offer to become employed by the Bank and your fulfillment of your duties and responsibilities as President of the Bank will not breach any
agreement entered into by you prior to employment with the Bank (i.e., you have not entered into any agreements with previous employers or other third parties that are in conflict with your obligations to the Bank). Please provide us with a
copy of any potentially conflicting agreements for our review. You will also be required to sign the Non-Solicitation Agreement as a condition of your employment with the Bank. 

 Mr. James P. McDonough 

March 22, 2013 
  Page
 5
 of 16 
  

 14. Arbitration. Except for any request by the Bank or by you for temporary,
preliminary or permanent injunctive relief from a court of competent jurisdiction to enforce or enjoin any portion of the Non-Solicitation Agreement (which right shall remain in full force and effect following the termination of your employment with
the Bank), you and the Bank agree that in the event a dispute arises concerning, relating to, or arising out of this letter agreement, your employment with the Bank or the termination of your employment with the Bank, including but not limited to,
any claims arising out of M.G.L. ch. l51B, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Family and Medical Leave Act, the Small Necessities Leave Act, the
Massachusetts Civil Rights Act (M.G.L. ch. 12), or any other federal, state or local statute, regulation or ordinance that provides protection against employment discrimination, harassment or retaliation; any claims under the Fair Labor
Standards Act or M.G.L. ch. 149 or any other federal, state or local statute, regulation or ordinance that provides protection against wage and hour and/or wage payment violations; any claims under the federal or state equal pay act; any tort
and/or privacy claims, including those under the Massachusetts Privacy Statute (M.G.L. ch. 214), all such disputes shall be submitted to binding arbitration before an arbitrator experienced in employment law. Said arbitration will be conducted
in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”). Subject to the exception above enabling the Bank or you to pursue litigation to enforce or challenge the
Nondisclosure Agreement, arbitration as provided in this section shall be the exclusive, final and binding remedy for any such dispute and will be used instead of any court action, which is hereby expressly waived. The Federal Arbitration Act shall
govern the interpretation and enforcement of such arbitration proceeding. The arbitrator shall apply the substantive law (and the Jaw of remedies, if applicable) of the Commonwealth of Massachusetts, or federal law, if Massachusetts law is
preempted. The arbitration shall be conducted in Boston, Massachusetts, unless otherwise mutually agreed. YOU ACKNOWLEDGE AND UNDERSTAND THAT BY AGREEING TO ARBITRATE, YOU ARE WAIVING ANY RIGHT TO BRING AN ACTION AGAINST THE BANK IN A COURT OF LAW,
EITHER STATE OR FEDERAL, AND THE RIGHT TO ATRIAL BY JURY, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT. 
 15.
Miscellaneous. This letter agreement and the Non-Solicitation Agreement set forth the complete and sole understanding regarding the terms of your employment and supersede any and all other agreements, negotiations, discussions, proposals or
understandings, whether oral or written, previously entered into, discussed or considered by the parties. The letter agreement shall be construed and governed by the laws of the Commonwealth of Massachusetts, without giving effect to the conflicts
of laws principles thereof. This letter may not be modified except by a written agreement signed by you and the Board. 
 [INTENTIONALLY
LEFT BLANK] 

 Mr. James P. McDonough 

March 22, 2013 
  Page
 6
 of 16 
  

 Jim, we are very pleased to have you join the Bank. We look forward to receiving a signed
copy of this letter from you as soon as possible acknowledging that you have accepted this offer of employment. 
  

	
	Sincerely,
	
	 /s/ Richard C. Pierce

	Richard C. Pierce
	Chairman of the Board of Directors
	Randolph Bancorp and Randolph Savings Bank

  

															
	Accepted and Agreed to as of the	  	 22
	  	of	  	 March    
	 	,	  	 2013
	  		  	
		  	Day	  		  	Month	 		  	Year	  		  	

  

	
	 /s/ James P. McDonough

	James P. McDonough

 EXHIBIT A 

RELEASE AGREEMENT 

[DATE] 
 VIA HAND DELIVERY

 James P. McDonough 
 550 Liberty Street, #1004

 Braintree, MA 02184 
  

	 	Re:	Severance Agreement and Release 

 Dear Jim: 

This letter summarizes the terms of your separation from employment with Randolph Bancorp and Randolph Savings Bank (collectively the
“Bank”) and the severance agreement and release between you and the Bank (the “Agreement. The purpose of this Agreement is to establish an amicable arrangement for ending your employment relationship, to release the Bank from any
claims and to permit you to receive severance pay and related benefits. With these understandings and in exchange for the promises by you and the Bank as set forth below, you and the Bank agree as follows. 

1. Employment Status and Final Payments: 

(a) Your termination from employment with the Bank will be effective as of [DATE], (the “Termination Date”). As of the
Termination Date, your salary will cease, and any entitlement you have or might have under a Bank-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law, or as otherwise described below. 

(b) You hereby acknowledge that as of the Termination Date, you have been paid all wages earned but unpaid, all vacation time accrued but
unused as of the Termination Date, and all other payments and benefits enumerated in Sections 2 through 6 of the employment letter agreement between you and the Bank dated March 22, 2013, accrued and/or earned as of the Termination Date.

 (c) The Termination Date shall be the date of the “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”) and the Bank will present you with information on COBRA under separate cover. 

 2. Consideration: In exchange for, and in consideration of, your full execution of this Agreement
and after the seven-day revocation period set forth in Section 10 has expired unexercised by you, the Bank agrees as follows: 
 (a)
Severance Pay: The Bank will pay you severance payments in accordance with Section 9 of the letter agreement dated March     , 2013, for a period of twelve (12) months following the Termination Date at your
current gross base salary rate of [        ] Dollars [($        )] per week less applicable taxes. Severance payments shall be made in accordance with the Bank’s
then regular payroll practices and timing. 
 (b) Payments: The payments set forth in this Section 2 shall be subject to all
applicable federal, state and/or local withholding and/or payroll taxes. 
 3. Release: In exchange for the amounts described in
Section 2, which arc in addition to anything of value to which you are entitled to receive, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, you and your representatives, agents, estate, heirs,
successors and assigns, absolutely and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Bank Releasees (defined to include the Bank and/or any of its parents, subsidiaries or affiliates, predecessors, successors or
assigns, and its and their respective current and/or former partners, directors, shareholders/stockholders, officers, employees, attorneys and/or agents, all both individually and in their official capacities), from any and all actions or causes of
action, suits, claims, complaints, contracts, liabilities, agreements, promises, torts, debts, damages, controversies, judgments, rights and demands, whether existing or contingent, known or unknown, suspected or unsuspected, which arise out of your
employment with, change in employment status with, and/or separation of employment from, the Bank. This release is intended by you to be all encompassing and to act as a full and total release of any claims, whether specifically enumerated herein or
not, that you may have or have had against the Bank Releasees arising from conduct occurring up to and through the date of this Agreement, including, but not limited to. any claims arising from any federal, state or local law, regulation or
constitution dealing with either employment, employment benefits or employment discrimination such as those laws or regulations concerning discrimination on the basis of race, color, creed, religion, age, sex, sex harassment, sexual orientation,
national origin, ancestry, genetic carrier status, handicap or disability, veteran status, any military service or application for military service, or any other category protected under federal or state law; any contract, whether oral or written,
express or implied, including without limitation, any letter offering employment and any stock option agreement(s); any tort; any claim for equity or other benefits; or any other statutory and/or common law claim. You not only release and discharge
the Bank Releasees from any and all claims as stated above that you could make on your own behalf or on behalf of others, but also those claims that might be made by any other person or organization on your behalf, and you specifically waive any
right to recover any damage awards as a member of any class in a case in which any claim(s) against the Bank Releasees are made involving any matters. Notwithstanding the foregoing, this Release is not intended to and does not release any rights you
may have to workers’ compensation benefits, unemployment benefits, vested pension or retirement benefits, vested or such other rights as are non-waivable by you as a matter of law. 

 4. Waiver of Rights and Claims Under the Age Discrimination in Employment Act of 1967: Since you
are 40 years of age or older, you are being informed that you have or may have specific rights and/or claims under the Age Discrimination in Employment Act of 1967 (ADEA) and you agree that: 

(a) in consideration for the amounts described in Section 2 of this Agreement, which you are not otherwise entitled to receive, you
specifically and voluntarily waive such rights and/or claims under the ADEA you might have against the Bank Releasees to the extent such rights and/or claims arose prior to the date this Agreement was executed; 

(b) you understand that rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by you; 

(c) you are advised that you have at least 21 days within which to consider the terms of this Agreement and to consult with or seek advice
from an attorney of your choice or any-other person of your choosing prior to executing this Agreement, and you acknowledge that you have not been subject to any undue or improper influence interfering with the exercise of your free will in deciding
whether to consult with counsel; 
 (d) you are further advised that you may revoke your acceptance of the terms of this Agreement for a
period of 7 days after you sign it; 
 (e) you have carefully read and fully understand all of the provisions of this Agreement, and you
knowingly and voluntarily agree to all of the terms set forth in this Agreement; and 
 (f) in entering into this Agreement you are not
relying on any representation, promise or inducement made by the Bank or its attorneys with the exception of those promises described in this document. 

5. Period for Review and Consideration of Agreement: 

(a) You acknowledge that you were informed and understand that you have twenty-one (21) days to review this Agreement and consider its
terms before signing it. 
 (b) The 21 -day review period will not be affected or extended by any revisions, whether material or immaterial,
that might be made to this Agreement. 

 6. Accord and Satisfaction: The payments set forth herein shall be complete and unconditional
payment, settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Bank Releasees to you, including, without limitation, all claims for back wages, salary, vacation pay, draws, incentive pay, bonuses, stock and
stock options, commissions, severance pay, reimbursement of expenses, motor vehicle expenses, moving expenses, any and all other forms of compensation or benefits, attorney’s fees, or other costs or sums. 

7. Bank Files, Documents and Other Property: You agree that on or before the Termination Date you will return to the Bank all Bank property and
materials and any and all other information or property previously or currently held or used by you that is or was related to your employment with the Bank (‘“Bank Property”). You represent that you have not and will not take by
download or otherwise any Bank Property. You agree that in the event that you discover any Bank Property in your possession, whether in electronic form or otherwise, after the Termination Date, you will immediately return such materials to the Bank.

 8. Future Conduct: 
 (a)
Nondisparagement: You agree not to make disparaging comments to any person or entity concerning the Bank, its officers, directors or employees; the products, services or programs provided or to be provided by the Bank; the business affairs,
operation, management or the financial condition of the Bank; or the circumstances surrounding your employment and/or separation of employment from the Bank. 

(b) Confidentiality of this Agreement: You agree that you shall not disclose, divulge or publish, directly or indirectly, any
information regarding the substance, terms or existence of this Agreement and/or any discussion or negotiations relating to this Agreement, to any person or organization other than your immediate family and accountants or attorneys when such
disclosure is necessary for the accountants or attorneys to render professional services. Prior to any such disclosure that you may make, you shall secure from your attorney or accountant their agreement to maintain the confidentiality of such
matters. 
 (c) Disclosures: Nothing herein shall prohibit or bar you from providing truthful testimony in any legal proceeding or in
communicating with any governmental agency or representative or from making any truthful disclosure required, authorized or permitted under law; provided, however, that in providing such testimony or making such disclosures or communications, you
will use your best efforts to ensure that this Section is complied with to the maximum extent possible. Notwithstanding the foregoing, nothing in this Agreement shall bar or prohibit you from contacting, seeking assistance from or participating in
any proceeding before any federal or state administrative agency to the extent permitted by applicable federal, state and/or local law. However, you nevertheless will be prohibited to the fullest extent authorized by law from obtaining monetary
damages in any agency proceeding in which you do so participate. 

 9. Representations and Governing Law: 

(a) This Agreement sets forth the complete and sole agreement between the parties and supersedes any and all other agreements or
understandings, whether oral or written, regarding the subject matter contained herein; provided, however, that this Section 9 will not apply to the Non-Solicitation and Non-Disclosure Agreement between you and the Bank, which shall remain in
full force and effect in accordance with its terms. This Agreement may not be changed, amended, modified, altered or rescinded except upon the express written consent of the Bank and you. 

(b) If any provision of this Agreement, or part thereof, is held invalid, void or voidable as against public policy or otherwise, the
invalidity shall not affect other provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions and parts thereof of this Agreement are declared to be severable. Any waiver of any
provision of this Agreement shall not constitute a waiver of any other provision of this Agreement unless expressly so indicated otherwise. The language of all parts of this Agreement shall in all cases be construed according to its fair meaning and
not strictly for or against either of the parties. 
 (c) This Agreement and any claims arising out of this Agreement (or any other claims
arising out of the relationship between the parties) shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and shall in all respects be interpreted, enforced and governed under the internal and domestic
laws of Massachusetts, without giving effect to the principles of conflicts of laws of such state. 
 (d) You represent that you have not
been subject to any retaliation or any other form of adverse action by the Bank Releasees for any action taken by you as an employee of the Bank or resulting from your exercise of or attempt to exercise any statutory rights recognized under federal,
state or local law. 
 (e) You may not assign any of your rights or delegate any of your duties under this Agreement. The rights and
benefits of this Agreement shall inure to the benefit of the Bank’s successors and assigns. 
 10. Effective Date: After signing this
letter, you may revoke this Agreement for a period of seven (7) days following said execution. The Agreement shall not become effective or enforceable and no payments will be made pursuant to this Agreement until this revocation period has
expired (“Effective Date’*). 
 If this letter correctly states the agreement and understanding we have reached, please
indicate your acceptance by countersigning the enclosed copy and returning it to me. 
  

			
	Very truly yours.
	
	Randolph Bancorp and Randolph Savings Bank
		
	By:	 	  

	Title:	 	  

 I REPRESENT THAT I HAVE READ THE FOREGOING AGREEMENT, THAT I FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH
AGREEMENT AND THAT I AM KNOWINGLY AND VOLUNTARILY EXECUTING THE SAME. IN ENTERING INTO THIS AGREEMENT, I DO NOT RELY ON ANY REPRESENTATION, PROMISE OR INDUCEMENT MADE BY THE BANK OR ITS REPRESENTATIVES WITH THE EXCEPTION OF THE CONSIDERATION
DESCRIBED IN THIS DOCUMENT. 
  

	
	Accepted and Agreed to:
	
	  
 James P. McDonough

	
	Date:                     

 IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 

PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 

I, James P. McDonough, acknowledge that I was informed and understand that I have 21 days within which to consider the attached Severance
Agreement and Release, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to and am requesting
to enter into the Agreement prior to the expiration of the 21 day period. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	James P. McDonough

 EXHIBIT B 

NON-SOLICITATION AND NON-DISCLOSURE AGREEMENT 

NOW, THEREFORE, in consideration my employment or continued employment with Randolph Bancorp and Randolph Savings Bank (collectively the
“Bank”), and for other good and valuable consideration, I hereby covenant and agree as follows: 
 ARTICLE I 

Non-Disclosure 
 1.1 I
agree that I will not, at any time, whether during or after the termination of my employment, without first obtaining the written approval of the Bank’s Board of Directors, or of such officer or individual as the Board of Directors of the Bank
may from time to time designate, divulge or disclose to any person or entity outside of the Bank, whether by private communications or by public address or publication, or otherwise, any confidential information, except to the extent that such
disclosure is necessary to perform my duties and fulfill my responsibilities as an employee of the confidential information. All original and copies of any confidential information or other written materials relating to the business of the Bank,
however and whenever produced, shall be the sole property of the Bank and shall be surrendered by me to the Bank upon termination of my employment. 

1.2 I shall keep confidential all matters entrusted to me and shall not use or attempt to use any confidential information, including
confidential information related to third parties which the Bank is obligated to maintain as confidential, except as may be required in the ordinary course of performing my duties as an employee of the Bank, nor shall I use any confidential
information in any manner which may injure or cause loss or may be calculated to injure or cause loss to the Bank, whether directly or indirectly. 

ARTICLE II 

Non-Solicitation Of Customers 

2.1 I agree that during the Restriction Term, regardless of the reasons for my termination from employment, I will not directly or indirectly,
alone or as a consultant, partner, officer, director, employee, joint venturer, lender or stockholder of any entity, solicit or do business in any banking or similar capacity with any customer of the Bank who was a Bank customer during the course of
my employment with the Bank. 
 ARTICLE III 

Non-Solicitation Of Employees 

3.1 I agree that during the Restriction Term, regardless of the reasons for my termination, I will not directly or indirectly, alone or as a
consultant, partner, officer, director, employee, joint venturer, lender or stockholder of any entity, recruit, solicit or hire any Bank employee, agent, representative or consultant. 

 ARTICLE IV 

Non-interference with Bank Management or Corporate Governance 

4.1 I agree that for a period of one (1) year following my separation from the Bank, regardless of the reasons for my termination, I will
refrain from directly or indirectly participating or attempting to participate in. interfering with or influencing the management or corporate governance of the Bank. 

ARTICLE V 
 Bank Property

 5.1 I agree that during my employment I shall not make, use or permit to be used any Bank Property otherwise than for the benefit of
the Bank. The term “Bank Property” shall include all notes, memoranda, reports, lists, records, rolodexes. business plans, software programs, marketing plans, customer lists, credit and/or calling cards, keys, access cards, documentation
or other materials of any nature and in any form, whether written, printed, electronic or in digital format or otherwise, relating to any matter within the scope of the business of the Bank or concerning any of its dealings or affairs, and any other
Bank property in my possession, custody or control. I further agree that I shall not. after the termination of my employment, use or permit others to use any such Bank Property. I acknowledge and agree that all Bank Property shall be and remain the
sole and exclusive property of the Bank. Immediately upon the termination of my employment I shall deliver all Bank Property in my possession, and all copies thereof, to the Bank. 

ARTICLE VI 
 Employment
At-Will 
 6.1 I understand that this Agreement does not alter my status as an “at-will” employee of the Bank. Accordingly, I
understand that either the Bank or I may terminate my employment at any time, for any or no reason, with or without prior notice, subject, however, to the terms and conditions of that certain employment letter between me and the Bank dated March
2013. 
 ARTICLE VII 

General Provisions 
 7.1 I
agree that this Agreement shall be binding upon me irrespective of the duration of my employment or other association with the Bank, the reasons for the cessation of my employment or other association with the Bank, or the amount of my wages and/or
salary. 
 7.2 This Agreement sets forth the complete, sole and entire agreement between the parties with respect to the subject matter
herein and supersedes any and all other agreements, negotiations, discussions, proposals, or understandings, whether oral or written, previously entered into, discussed or considered by the parties. No modification or variation to this Agreement
shall be deemed valid unless in writing and signed by the Bank’s Board of Directors. 

 7.3 This Agreement shall be binding upon my heirs, executors, administrators and legal
representatives, and shall inure to the benefit of the successors and assigns of the Bank. 1 shall not assign this Agreement. 
 7.4 I agree
that any breach of this Agreement by me will cause irreparable damage to the Bank and in the event of such breach the Bank shall have, in addition to any and all remedies of law. the right to an injunction, specific performance or other equitable
relief to prevent the violations of my obligations hereunder. 
 7.5 Any waiver by the Bank of a breach of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach of such provision or any other provision hereof. 
 7.6 I agree that
each provision and the subparts of each provision herein shall be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of any of the other clauses of the Agreement.
Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise, so as to be unenforceable by law, such provision or provisions shall be
construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear. I hereby further agree that the language of all parts of this
agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against either of the parties. 

7.7 I acknowledge and agree that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts and shall in all respects be interpreted, enforced and governed under the internal and domestic laws of such state, without giving effect to the principles of conflicts of laws of such state. 

I REPRESENT THAT I HAVE READ THE FOREGOING AGREEMENT, THAT I FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND THAT I AM KNOWINGLY AND
VOLUNTARILY ENTERING INTO THIS AGREEMENT. NO PROMISES OR REPRESENTATIONS (OTHER THAN THE REPRESENTATIONS SET FORTH HEREIN) HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. 

 

									
	Name:	 		 		    		 	
		 	  
 James P. McDonough
	 		    		 	
					
	Employee:	 		 		    	Date:	 	
		 	  
 Signature

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