Document:

Exhibit 10.0

 Exhibit 10 
 EXECUTION COPY 
 CAMPELLO BANCORP, INC. 
 (a Maryland Corporation) 
 Up to 2,300,000 Shares 
 (Subject to Increase Up to 2,645,000 Shares) 
 COMMON STOCK ($0.01 Par Value) 
 Subscription Price $10.00 Per Share 
 AGENCY AGREEMENT 
 Dated as of September 11, 2008 
 Stifel, Nicolaus & Company, Incorporated 
 650 Madison Avenue

 10th Floor 
 New York, New York 10022 
 Ladies and Gentlemen: 
 The Community Bank, a Massachusetts
co-operative bank (the “Bank”), Campello Bancorp, a Massachusetts mutual holding company and the current owner of 100% of the common stock of the Bank (the “MHC”) and Campello Bancorp, Inc., a Maryland corporation organized to be
the successor to the MHC (the “Holding Company,” and collectively with the Bank, the MHC and each of their respective subsidiaries, the “Primary Parties”) hereby confirm, jointly and severally, their agreement with Stifel,
Nicolaus & Company, Incorporated (the “Agent”), as follows: 
 Section 1. The Offering. On
April 17, 2008, the Board of Directors of each of the Bank and MHC, adopted a Plan of Conversion and Reorganization, amended on June 19, 2008 and September 9, 2008 (the “Plan”) which provides for the conversion of the MHC
from the mutual to the capital stock form of organization through the merger of MHC with the Bank, the issuance of all of the Bank’s outstanding common stock to the Holding Company and the issuance of all of the outstanding common stock of the
Holding Company in the Offerings (defined below) (the “Conversion”). Upon completion of the Conversion, the Bank will be a wholly owned subsidiary of the Holding Company. As part of the Plan, the Holding Company is offering up to 2,300,000
shares (subject to an increase up to 2,645,000 shares) (the “Shares”) of common stock, par value $0.01 per share (the “Common Stock”), in (i) a subscription offering (the “Subscription Offering”), and, if
necessary, (ii) a direct community offering (the “Community Offering”) and (iii) a syndicated community offering (the “Syndicated Community Offering” and collectively with the Subscription Offering and the Community
Offering, the “Offerings”), in connection with the Conversion. The Plan also provides that the Company shall 

 
contribute shares in an amount of up to 4.75% of the Shares of its Common Stock sold in the Offerings (the “Foundation Shares”) and cash in an
amount of up to 0.25% of the value of the Shares of its Common Stock sold in the Offerings, to a charitable foundation to be established by the Holding Company (the “Charitable Foundation”). References to the Bank herein shall include the
Bank in its current form and post-Conversion as a wholly-owned subsidiary of the Holding Company, as applicable. 
 Upon the completion of
the Offerings, the purchasers of Shares in the Offerings will own up to 95.5% of the outstanding Common Stock and the Charitable Foundation will own up to 4.5% of the outstanding Common Stock. The Holding Company will issue the Shares at a purchase
price of $10.00 per share (the “Purchase Price”). If the number of Shares is increased or decreased in accordance with the Plan, the term “Shares” as used herein shall mean such greater or lesser number, where applicable.

 In the Subscription Offering, non-transferable rights to subscribe for between 1,700,000 and 2,300,000 Shares (subject to an increase up
to 2,645,000 Shares) of the Common Stock (“Subscription Rights”) will be granted, in the following order of priority: (1) the Bank’s depositors with account balances of at least $50.00 as of the close of business on
December 31, 2006 (“Eligible Account Holders”); (2) the Bank’s depositors, other than directors or officers of the Bank or corporators of MHC, and their associates, with account balances of at least $50.00 as of the close of
business on March 31, 2008 (“Supplemental Eligible Account Holders”); (3) the Bank’s or the Holding Company’s tax-qualified employee stock benefit plans; and (4) the Bank’s employees, officers and directors
and the corporators of MHC (the “Bank Participants”), subject to the priorities and purchase limitations set forth in the Plan. The Holding Company may offer Shares, if any, remaining after the Subscription Offering in a Community Offering
on a priority basis to natural persons and trusts of natural persons residing within the Massachusetts municipalities of Abington, Acushnet, Attleborough, Barnstable, Berkley, Bourne, Brewster, Bridgewater, Brockton, Carver, Chatham, Dennis,
Dighton, Duxbury, E. Bridgewater, Eastham, Easton, Fairhaven, Falmouth, Freetown, Halifax, Hanover, Hanson, Harwich, Kingston, Lakeville, Mansfield, Marion, Marshfield, Mashpee, Mattapoisett, Middleborough, North Attleborough, Norton, Norwell,
Orleans, Pembroke, Plymouth, Plympton, Provincetown, Raynham, Rehoboth, Rochester, Rockland, Sandwich, Scituate, Taunton, Truro, Wareham, Wellfleet, West Bridgewater, Whitman and Yarmouth, and then to the general public. In the event a Community
Offering is held, it may be held at any time during or immediately after the Subscription Offering. Depending on market conditions, Shares available for sale but not subscribed for in the Subscription Offering or purchased in the Community Offering
may be offered in the Syndicated Community Offering to selected members of the general public through a syndicate of registered broker-dealers managed by the Agent which are members of the Financial Industry Regulatory Authority (“FINRA”).

 It is acknowledged that the number of Shares to be sold in the Offerings may be increased or decreased as described in the Prospectus (as
hereinafter defined); that the purchase of Shares in the Offerings is subject to maximum and minimum purchase limitations as described in the Prospectus; and that the Holding Company may reject, in its sole discretion, in whole or in part, any
subscription received in the Community Offering and Syndicated Community Offering. 
  

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 The Holding Company has filed with the U.S. Securities and Exchange Commission (the
“Commission”) a Registration Statement on Form S-1 (File No. 333-152391) in order to register the Shares under the Securities Act of 1933, as amended (the “1933 Act”), and the regulations promulgated thereunder (the
“1933 Act Regulations”), and has filed such amendments thereto as have been required to the date hereof (the “Registration Statement”). The prospectus, as amended, included in the Registration Statement at the time it initially
became effective is hereinafter called the “Prospectus,” except that if any prospectus relating to the Offerings is filed by the Holding Company pursuant to Rule 424(b) or (c) of the 1933 Act Regulations differing from the prospectus
included in the Registration Statement at the time it initially becomes effective, the term “Prospectus” shall refer to the prospectus filed pursuant to Rule 424(b) or (c) from and after the time said prospectus is filed with the
Commission and shall include any amendments and supplements thereto from and after their dates of effectiveness or use, respectively. 
 In
accordance with Chapter 167H, Section 9 of the Massachusetts General Laws and Chapter 33 of the Massachusetts Administration Code (the “Conversion Regulations”), the MHC and the Bank have filed with the Massachusetts Division of Banks
(the “Division”) an Application for Conversion (the “Conversion Application”) and the MHC and the Bank have filed with the Federal Deposit Insurance Corporation (the “FDIC”) an Interagency Bank Merger Act Application
(the “Merger Application). In connection with the Conversion, the Holding Company filed with the Federal Reserve Bank of Boston (the “FRB”) applications on Form FRY-3 and Form FRY-4 (the “BHC Application,” and together with
the Conversion Application and the Merger Application, the “Applications”), for the Holding Company to become a bank holding company with respect to the Bank. 
 Concurrently with the execution of this Agreement, the Holding Company is delivering to the Agent copies of the Prospectus dated September 11, 2008 of the Holding Company to be used in the Subscription Offering
and Community Offering (if any), and, if necessary, will deliver copies of the Prospectus and any prospectus supplement for use in a Syndicated Community Offering. 
 Section 2. Appointment of Agent. Subject to the terms and conditions of this Agreement, the Primary Parties hereby appoint the Agent to consult with, advise and assist the Primary Parties in
connection with the sale of the Shares in the Offerings. 
 On the basis of the representations and warranties of the Primary Parties
contained in, and subject to the terms and conditions of, this Agreement, the Agent accepts such appointment and agrees to use its best efforts to assist the Primary Parties with the solicitation of subscriptions and purchase orders for the Shares
and agrees to consult with and advise the Primary Parties as to the matters set forth in Section 2 of the amended and restated letter agreement, effective as of April 23, 2008, between the MHC, the Bank and Agent (the “Letter
Agreement”) (a copy of which is attached hereto as Exhibit A). It is acknowledged by the Primary Parties that the Agent shall not be obligated to purchase any Shares and shall not be obligated to take any action which is inconsistent
with any applicable law, regulation, decision or order. Except as provided in the last paragraph of this Section 2 and Section 13 hereof, the appointment of the Agent to provide services hereunder shall terminate upon consummation of the
Offerings. 
  

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 If selected broker-dealers are used to assist in the sale of Shares in the Syndicated Community Offering,
the Primary Parties hereby, subject to the terms and conditions of this Agreement, appoint the Agent to manage such broker-dealers in the Syndicated Community Offering. On the basis of the representations and warranties of the Primary Parties
contained in, and subject to the terms and conditions of, this Agreement, the Agent accepts such appointment and agrees to manage the selling group of broker-dealers in the Syndicated Community Offering. 
 Section 3. Refund of Purchase Price. In the event that the Offerings are not consummated for any reason, including but not limited to
the inability to sell a minimum of 1,700,000 Shares during the Offerings (including any permitted extension thereof) or such other minimum number of Shares as shall be established consistent with the Plan and the Conversion Regulations, this
Agreement shall terminate and any persons who have subscribed for or ordered any of the Shares shall have refunded to them the full amount which has been received from such person, together with interest, if applicable, as provided in the Prospectus
and the Plan. Upon termination of this Agreement, neither the Agent nor the Primary Parties shall have any obligation to the other except that (i) the Primary Parties shall remain liable for any amounts due pursuant to Sections 4, 9, 11 and 12
hereof, unless the transaction is not consummated due to the breach by the Agent of a warranty, representation or covenant; and (ii) the Agent shall remain liable for any amount due pursuant to Sections 11 and 12 hereof, unless the transaction
is not consummated due to the breach by the Primary Parties of a warranty, representation or covenant. 
 Section 4. Fees.
In addition to the expenses specified in Section 9 hereof, as compensation for the Agent’s services under this Agreement, the Agent has received or will receive the following fees from the Primary Parties: 
 (a) A conversion and depositor vote advisory and administrative services fee of $50,000 paid as follows: (i) $12,500 was paid upon execution of the
Letter Agreement, (ii) $25,000 will be paid in connection with the initial filing of the Registration Statement, and (iii) $12,500 will be paid upon final approval by the Board of Directors of the Holding Company to commence the Offerings.

 (b) A sales fee of one percent (1.0%) of the dollar amount of the Shares sold in the Subscription Offering and Community Offering,
excluding (i) additional Shares sold pursuant to Section 4(c) below, (ii) Shares purchased by the Bank’s officers, directors, or employees (or members of their immediate families), (iii) Shares purchased by any tax-qualified
or non-qualified employee benefit plans of the Bank or the officers, directors or employees (or members of their immediate families), and (iv) the Foundation Shares, which fee shall be paid at Closing (as defined in Section 5). For
purposes of this Agreement, “immediate family” includes an officer’s, director’s or employee’s spouse, parents, siblings and children who live in the same house as the officer, director or employee. 
 (c) If any of the Shares remain unsubscribed after the Subscription Offering and Community Offering, at the request of the Holding Company, Agent, as
sole manager, will form a group of approved broker-dealer firms (the “Assisting Brokers”) in accordance with 

  

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Section 2 hereof for purposes of the Syndicated Community Offering. The fees payable by the Holding Company pursuant to this Section 4(c) will not
exceed six percent (6.0%) of the aggregate dollar amount of the Shares sold in the Syndicated Community Offering. Of such fee, the Agent will receive one percent (1.0%) of the aggregate dollar amount of the Shares sold pursuant to this
Section 4(c) as a management fee, and the Primary Parties will pay the remainder to the Assisting Brokers, which may include the Agent, in amounts relating to the number of Shares sold by such Assisting Brokers pursuant to this
Section 4(c). All such fees payable under this Section 4(c) shall be in addition to all fees payable under Section 4(a) and 4(b) and shall be paid at Closing (as defined in Section 5). A form of Assisting Brokers Agreement is
attached hereto as Exhibit B. 
 In the event that the Holding Company is required to resolicit subscribers for Shares in the
Subscription Offering and Community Offering and the Agent is required to provide significant additional services in connection with such a resolicitation, the Primary Parties and the Agent shall mutually agree to the dollar amount of additional
compensation due to the Agent, if any, which shall not exceed $50,000. Until any agreement called for by this paragraph is reached, the Agent shall not incur any expenses relating to any resolicitation in an amount that would cause the total
expenses incurred by the Agent that are reimbursable by the Primary Parties pursuant to Section 9 hereof to be greater than those permitted without the prior written consent of the Holding Company or the Bank, which consent shall not be
unreasonably withheld. 
 If this Agreement is terminated in accordance with the provisions of Section 3 or 14 hereof and the sale of
the Shares is not consummated, the Agent shall not be entitled to receive the fees set forth in Sections 4(b)-(c), but the Agent will be entitled to retain the advisory and administrative services fee of $50,000 set forth in Section 4(a) and
the Primary Parties will reimburse the Agent for its reasonable expenses pursuant to Section 9 hereof. 
 Section 5.
Closing. If the minimum number of Shares required to be sold in the Offerings on the basis of the most recently updated Appraisal (as defined in Section 6(k)) are subscribed for at or before the termination date of the Offerings
(which may be extended), and the other conditions (including those in Section 10) to the completion of the Conversion are satisfied, the Holding Company agrees to issue the Shares against payment therefor and issue and contribute the Foundation
Shares on the Closing Time (as hereinafter defined) by the means authorized by the Plan and to deliver certificates evidencing ownership of the Shares and the Foundation Shares in such authorized denominations and registrations directly to the
purchasers thereof or as instructed as promptly as practicable after the Closing Time. The closing (the “Closing”) shall be held at the offices of special counsel to the Primary Parties, or at such other place as shall be agreed upon among
the Primary Parties and the Agent, at 10:00 a.m., Eastern Standard Time, on the business day selected by the Holding Company which business day shall be no less than two business days following the giving of prior notice by the Holding Company to
the Agent or at such other time as shall be agreed upon by the Primary Parties and the Agent. At the Closing, the Primary Parties shall deliver to the Agent by wire transfer in same-day funds the commissions, fees and expenses owing to the Agent as
set forth in Sections 4 and 9 hereof and the opinions required hereby and other documents deemed reasonably necessary for the Agent, including those required by Section 10 hereof, shall be executed and delivered to effect the sale of the Shares
as contemplated hereby and pursuant to the terms of the Prospectus. The 

  

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Holding Company shall notify the Agent when funds shall have been received for the minimum number of Shares of the Common Stock. The hour and date upon which
the Holding Company shall release the Shares and the Foundation Shares for delivery in accordance with the terms hereof is referred to herein as the “Closing Time.” 
 The Agent shall have no liability to any party for the records or other information provided by the Primary Parties (or their respective agents) to the
Agent for use in allocating the Shares. Subject to the limitations of Section 11 hereof, the Primary Parties shall indemnify and hold harmless the Agent for any liability arising out of the allocation of the Shares in accordance with
(i) the Plan generally, and (ii) the records or other information provided to the Agent by the Primary Parties (or their respective agents). 
 Section 6. Representations and Warranties of the Primary Parties. The Primary Parties jointly and severally represent and warrant to the Agent that, except as disclosed in the Prospectus:

 (a) Each of the Primary Parties has all such power, authority, authorizations, approvals and orders as may be required to enter into this
Agreement. At the Closing Time, each of the Primary Parties will have all such power, authority, authorizations, approvals and orders as may be required to carry out the provisions and conditions hereof and to issue and sell the Shares and issue the
Foundation Shares as provided herein and as described in the Prospectus. Subject to the receipt of corporator, member and regulatory approval, the consummation of the Conversion and the Offerings, the execution, delivery and performance of this
Agreement and the Letter Agreement and the consummation of the transactions herein contemplated, including the establishment and funding of the Charitable Foundation, have been duly and validly authorized by all necessary corporate action on the
part of the Primary Parties and, as of the Closing Time, will have been duly and validly authorized by all necessary corporate action on the part of each of the Primary Parties. This Agreement has been validly executed and delivered by each of the
Primary Parties, and is a valid, legal and binding obligation of each of the Primary Parties, in each case enforceable in accordance with its terms, except to the extent, if any, that the provisions of Sections 11 and 12 hereof may be unenforceable
as against public policy, and except to the extent that such enforceability may be limited by bankruptcy laws, insolvency laws, or other laws affecting the enforcement of creditors’ rights generally, or the rights of creditors of savings
institutions insured by the FDIC (including the laws relating to the rights of the contracting parties to equitable remedies). 
 (b) The
Registration Statement was declared effective by the Commission on September 11, 2008; and no stop order has been issued with respect thereto and no proceedings related to the Prospectus have been initiated or to the knowledge of the Primary
Parties threatened by the Commission. At the time the Registration Statement, including the Prospectus contained therein (including any amendment or supplement thereto), became effective, the Registration Statement complied as to form in all
material respects with the 1933 Act and the 1933 Act Regulations, and the Registration Statement, including the Prospectus (including any amendment or supplement thereto), any Blue Sky Application or any Sales Information (as such terms are defined
in Section 11 hereof) authorized by the Primary Parties for use in connection with the Offerings did not contain any untrue statement of a material fact or omit to state any 

  

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material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. At the time any Rule 424(b) or (c) Prospectus was filed with the Commission and at the Closing Time referred to in Section 5, the Registration Statement, including the Prospectus contained therein (including any amendment or
supplement thereto), any Blue Sky Application or Sales Information (as such terms are defined in Section 11 hereof) authorized for use by any of the Primary Parties in connection with the Offerings, will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the representations and
warranties in this Section 6(b) shall not apply to statements or omissions made in reliance upon and in conformity with written information furnished to the Primary Parties by the Agent expressly regarding the Agent for use in the Prospectus
under the captions “Market for the Common Stock” and “The Conversion and Offering—Plan of Distribution; Selling Agent Compensation” or for use in any Blue Sky Applications (as defined below) or any Sales Information (as
defined below). 
 (c) At the time of filing the Registration Statement and at the date hereof, the Holding Company was not, and is not, an
ineligible issuer, as defined in Rule 405. At the time of the filing of the Registration Statement and at the time of the use of any issuer free writing prospectus, as defined in Rule 433(h), the Holding Company met the conditions required by Rules
164 and 433 for the use of a free writing prospectus. If required to be filed, the Holding Company has filed any issuer free writing prospectus related to the offered Shares at the time it is required to be filed under Rule 433 and, if not required
to be filed, will retain such free writing prospectus in the Holding Company’s records pursuant to Rule 433(g) and if any issuer free writing prospectus is used after the date hereof in connection with the offering of the Shares the Holding
Company will file or retain such free writing prospectus as required by Rule 433. 
 (d) As of the Applicable Time (as defined below),
neither (i) the Issuer Represented General Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time and the Statutory Prospectus (as defined below), all considered together (collectively, the “General
Disclosure Package”), nor (ii) any individual Issuer Represented Limited Use Free Writing Prospectus (as defined below), when considered together with the General Disclosure Package, included any untrue statement of a material fact or
omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from any
Prospectus included in the Registration Statement relating to the offered Shares or any Issuer Represented Free Writing Prospectus (as defined below) based upon and in conformity with written information furnished to the Primary Parties by the Agent
specifically for use therein. As used in this paragraph and elsewhere in this Agreement: 
 (1) “Applicable Time” means each and
every date when a potential purchaser submitted a subscription or otherwise committed to purchase Shares. 
  

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 (2) “Statutory Prospectus”, as of any time, means the Prospectus relating to the offered
Shares that is included in the Registration Statement relating to the offered Shares immediately prior to that time, including any document incorporated by reference therein. 
 (3) “Issuer Represented Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433(h) under the
1933 Act Regulations, relating to the offered Shares that is required to be filed with the Commission by the Holding Company. The term does not include any writing exempted from the definition of prospectus pursuant to clause (a) of
Section 2(a)(10) of the 1933 Act, without regard to Rule 172 or Rule 173 under the 1933 Act Regulations. 
 (4) “Issuer
Represented General Free Writing Prospectus” means any Issuer Represented Free Writing Prospectus that is intended for general distribution to prospective investors. 
 (5) “Issuer-Represented Limited Use Free Writing Prospectus” means any Issuer Represented Free Writing Prospectus that is not an Issuer
Represented General Free Writing Prospectus. The term Issuer-Represented Limited Use Free Writing Prospectus also includes any “bona fide electronic road show,” as defined in Rule 433 under the 1933 Act Regulations, that is made available
without restriction pursuant to Rule 433(d)(8)(ii) under the 1933 Act Regulations or otherwise, even though not required to be filed with the Commission. 
 (e) Each Issuer Represented Free Writing Prospectus, as of its date of first use and at all subsequent times through the completion of the Offerings and sale of the offered Shares or until any earlier date that the
Holding Company notified or notifies the Agent (as described in the next sentence), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement
relating to the offered Shares, including any document incorporated by reference therein that has not been superseded or modified. If at any time following the date of first use of an Issuer Represented Free Writing Prospectus there occurred or
occurs an event or development as a result of which such Issuer Represented Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement relating to the offered Shares or included or would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Holding Company has
notified or will notify promptly the Agent so that any use of such Issuer Represented Free Writing Prospectus may cease until it is amended or supplemented and the Holding Company has promptly amended or will promptly amend or supplement such Issuer
Represented Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing two sentences do not apply to statements in or omissions from any Issuer Represented Free Writing Prospectus based upon and in
conformity with written information furnished to the Primary Parties by the Agent specifically for use therein. 
 (f) The Plan has been duly
adopted by the Board of Directors of the Bank. The Plan and the information statement with respect to the special meeting of the members of the Bank to approve the Conversion (the “Information Statement”) have been reviewed and deemed
complete by the Division and the Division has authorized the Bank to distribute the Information Statement to the members of the Bank. 
  

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 (g) The Conversion Application has been reviewed and deemed complete by the Division. On or prior to the
Closing Date, the Conversion Application will be approved by the Division. The Conversion Application, the Prospectus and the Information Statement did and will comply as to form in all material respects with the Conversion Regulations and any other
applicable rules and regulations of the Division and the FDIC (except as modified or waived by the Division or the FDIC, as applicable). At the time of the approval and at all times subsequent thereto until the Closing Date, the Conversion
Application, the Information Statement and the Prospectus (including any amendment or supplement thereto), did not and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that representations or warranties in this subsection (g) shall not apply to statements or omissions made in
reliance upon and in conformity with written information furnished to the Primary Parties by the Agent expressly regarding the Agent for use in the Prospectus under the captions “Market for the Common Stock” and “The Conversion and
Offering—Plan of Distribution; Selling Agent Compensation” or for use in any Blue Sky Applications or any Sales Information. 
 (h)
No order has been issued by the Division, the FDIC, the FRB, the Commission, or any other state or federal regulatory authority, preventing or suspending the use of the Registration Statement or the Prospectus and no action by or before any such
government entity to revoke any approval, authorization or order of effectiveness related to the Conversion or Offerings is pending or, to the knowledge of the Primary Parties, threatened. 
 (i) To the knowledge of the Primary Parties, no person has, or at the Closing Time will have, sought to obtain review of the final action of any state or
federal regulatory authority in approving the Plan, the Conversion or the Applications, pursuant to the Conversion Regulations, the BHC Act or any other statute or regulation. 
 (j) The Holding Company has filed the BHC Application with the FRB and as of the Closing Date, the FRB will have approved the Holding Company’s
acquisition of the Bank. The MHC and the Bank have filed the Merger Application with the FDIC and as of the Closing Date, the FDIC will have approved the merger of MHC and the Bank, with the Bank being the surviving entity. At the time the BHC
Application is approved by the FRB and the Merger Application is approved by the FDIC, and at all times subsequent thereto until the Closing Time, the BHC Application and the Merger Application each complied and will comply as to form in all
material respects with all applicable rules and regulations and did not and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. 
 (k) RP Financial, LC., which prepared the appraisal of the
aggregate pro forma market value of the Common Stock on which the Offerings were based (the “Appraisal”), has advised the Primary Parties in writing that it is independent with respect to each of the Primary Parties within the meaning of
the Conversion Regulations and the Primary Parties believe RP Financial, LC. to be an expert in preparing appraisals of savings institutions. 
  

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 (l) KPMG LLP, which certified the financial statements filed as part of the Registration Statement and
the Applications, as applicable, has advised the Primary Parties that it is an independent registered public accounting firm within the meaning of the Code of Ethics of the American Institute of Certified Public Accountants (the “AICPA”),
that it is registered with the Public Company Accounting Oversight Board (“PCAOB”), and that it is, with respect to each of the Primary Parties, an independent certified public accountant within the meaning of, and is not in violation of
the auditor independence requirements of, the Securities Act, the Securities Act Regulations, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the regulations of the PCAOB (the “PCAOB Regulations”). 
 (m) The consolidated financial statements and the notes thereto which are included in the Registration Statement and which are a part of the Prospectus
present fairly the financial condition and retained earnings of the MHC and the Bank as of the dates indicated and the results of operations and cash flows for the periods specified. The financial statements comply in all material respects with the
applicable accounting requirements of Title 12 of the Code of Federal Regulations, Regulation S-X of the Commission and accounting principles generally accepted in the United States of America (“GAAP”) applied on a consistent basis during
the periods presented except as otherwise noted therein, and present fairly in all material respects the information required to be stated therein. The other financial, statistical and pro forma information and related notes included in the
Prospectus present fairly the information shown therein on a basis consistent with the audited and any unaudited financial statements included in the Prospectus, and, as to the pro forma adjustments, the adjustments made therein have been properly
and consistently applied on the basis described therein. 
 (n) Since the respective dates as of which information is given in the
Registration Statement, including the Prospectus, other than as disclosed therein (i) there has not been any material adverse change in the condition (financial or otherwise), earnings, results of operations, capital, properties, assets,
business affairs or prospects of any of the Primary Parties or of the Primary Parties considered as one enterprise, whether or not arising in the ordinary course of business (“Material Adverse Effect”); (ii) there has not been any
material change in total assets of the Primary Parties or any material increase in the aggregate amount of loans past due ninety (90) days or more, or any real estate acquired by foreclosure or loans characterized as “in substance
foreclosure”; nor has the Bank issued any securities or incurred any liability or obligation for borrowings other than in the ordinary course of business; and (iii) there have not been any material transactions entered into by any of the
Primary Parties other than in the ordinary course of business. The capitalization, liabilities, assets, properties and business of the Primary Parties conform in all material respects to the descriptions thereof contained in the Prospectus and none
of the Primary Parties has any material liabilities of any kind, contingent or otherwise, except as disclosed in Registration Statement or the Prospectus. 
 (o) The Holding Company is a corporation duly organized and in good standing under the laws of the State of Maryland, with corporate power and authority to own its properties and to conduct its business as described
in the Registration Statement and the 

  

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Prospectus, and is qualified to transact business and in good standing in each jurisdiction in which the conduct of business requires such qualification
unless the failure to qualify in one or more of such jurisdictions would not have a Material Adverse Effect. As of the Closing Time, the Holding Company will have obtained all licenses, permits and other governmental authorizations required for the
conduct of its business, except those that individually or in the aggregate would not have a Material Adverse Effect; and as of the Closing Time, all such licenses, permits and governmental authorizations will be in full force and effect, and the
Holding Company will be in compliance therewith in all material respects. 
 (p) The Bank is a duly organized and validly existing
Massachusetts co-operative bank, duly authorized to conduct its business as described in the Prospectus; the activities of the Bank are permitted by the rules, regulations and practices of the Division and the FDIC; the Bank has obtained all
licenses, permits and other governmental authorizations currently required for the conduct of its business except those that individually or in the aggregate would not materially adversely affect the financial condition of the Primary Parties taken
as a whole; all such licenses, permits and other governmental authorizations are in full force and effect and the Bank is in good standing under the laws of the Commonwealth of Massachusetts; all of the issued and outstanding capital stock of the
Bank is duly and validly issued and fully paid and nonassessable; and as of the Closing Date, the Holding Company will directly own all of such capital stock free and clear of any mortgage, pledge, lien, encumbrance, claim or restriction. The Bank
does not own equity securities or any equity interest in any other business enterprise except as otherwise described in the Prospectus. 
 (q) The MHC is duly organized and validly existing as a Massachusetts mutual holding company, duly authorized to conduct its business and own its property as described in the Registration Statement and the Prospectus; the activities of the
MHC are permitted by the rules, regulations and practices of the Division and the FDIC; the MHC has all licenses, permits and other governmental authorizations required for the conduct of its business except those that individually or in the
aggregate would not have a Material Adverse Effect; all such licenses, permits and governmental authorizations are in full force and effect and the MHC is in compliance therewith in all material respects; the MHC is duly qualified as a foreign
corporation to transact business in each jurisdiction in which the failure to be so qualified in one or more of such jurisdictions would have a Material Adverse Effect. 
 (r) The Bank is a member of the Federal Home Loan Bank of Boston (“FHLB of Boston”), and the deposit accounts of the Bank are insured by the FDIC up to applicable limits. Upon consummation of the Conversion,
the Bank will establish a liquidation account for the benefit of the Bank’s depositors, in accordance with the Plan and the requirements of applicable Conversion Regulations. 
 (s) Prior to the completion of the Conversion, all of the Bank’s Common Stock is owned by the MHC. The Primary Parties do not, and as of the Closing
Time will not, own any equity securities or any equity interest in any business enterprise except as described in the Prospectus. 
  

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 (t) No approvals are required to establish the Charitable Foundation and to contribute cash and the
Foundation Shares thereto as described in the Prospectus other than those imposed by the Division, FDIC or FRB. The issuance of the Foundation Shares to the Charitable Foundation pursuant to the Plan has been registered pursuant to the Registration
Statement. 
 (u) The only subsidiaries of the Bank are Windstream Insurance, Inc., a Massachusetts corporation (“Windstream”),
Campello Securities Corporation, a Massachusetts corporation (“CSC”), and McCormick & Sons Insurance Agency, a Massachusetts corporation (“McCormick,” and together with Windstream and CSC, the “Bank
Subsidiaries”). The only subsidiaries of the MHC are the Bank, Cody Services Corporation, a Massachusetts corporation (“Cody”) and Campello Capital Trust, a Delaware statutory trust (the “Trust,” and, together with the Bank
and Cody, the “MHC Subsidiaries”). The Bank Subsidiaries and the MHC Subsidiaries are collectively referred to herein as the “Subsidiaries.” Each of the Subsidiaries is duly organized and validly existing, in good standing under
the laws of the state of its organization, duly authorized to conduct its business as described in the Prospectus. Upon consummation of the Conversion, the only subsidiaries of the Holding Company will be the MHC Subsidiaries, and the only
subsidiary of the Bank will be the Bank Subsidiaries. Except for the Bank Subsidiaries and except as set forth in the Prospectus, the Bank does not directly or indirectly, control any other corporation, limited liability company, partnership, joint
venture, association, trust or other business organization. 
 (v) Upon consummation of the Conversion and the Offerings, the authorized,
issued and outstanding equity capital of the Holding Company will be within the range set forth in the Prospectus under the caption “Capitalization” and no Shares of Common Stock have been or will be issued and outstanding prior to the
Closing Time and the Shares to be subscribed for in the Offering and the Foundation Shares to be issued to the Charitable Foundation have been duly and validly authorized for issuance and, when issued and delivered by the Holding Company pursuant to
the Plan against payment of the consideration calculated as set forth in the Plan and the Prospectus (or contributed to the Charitable Foundation as it relates to the Foundation Shares), will be duly and validly issued and fully paid and
nonassessable; the issuance of the Shares and the Foundation Shares are not subject to preemptive rights, except for the subscription rights granted pursuant to the Plan; and the terms and provisions of the Shares of Common Stock will conform in all
material respects to the description thereof contained in the Prospectus. Upon issuance of the Shares and the Foundation Shares, good title to the Shares and the Foundation Shares will be transferred from the Holding Company to the purchasers of
Shares against payment therefor in the Offerings (or contributed to the Charitable Foundation as it relates to the Foundation Shares) as set forth in the Plan and the Prospectus. 
 (w) The Primary Parties are not, and as of the Closing Time none of the Primary Parties will be, in violation of their respective charter or their
respective bylaws, or in default in the performance or observance of any obligation, agreement, covenant, or condition contained in any contract, lease, loan agreement, indenture or other instrument to which they are a party or by which they, or any
of their respective property, may be bound which would result in a Material Adverse Effect. The consummation of the transactions contemplated herein and in the Plan will not (i) conflict with or constitute a breach of, or default under, the
charter or bylaws of Primary Parties, or conflict with or constitute a breach of, or default under, any material contract, 

  

 12 

 
lease or other instrument to which any of the Primary Parties has a beneficial interest, or any applicable law, rule, regulation or order that is material to
the financial condition or results of operations of the Primary Parties; (ii) violate any authorization, approval, judgment, decree, order, statute, rule or regulation applicable to the Primary Parties except for such violations which would not
have a Material Adverse Effect; or (iii) result in the creation of any material lien, charge or encumbrance upon any property of the Primary Parties. 
 (x) No default exists, and no event has occurred which with notice or lapse of time, or both, would constitute a default on the part of any of the Primary Parties, in the due performance and observance of any term,
covenant or condition of any indenture, mortgage, deed of trust, note, bank loan or credit agreement or any other material instrument or agreement to which any of the Primary Parties is a party or by which any of them or any of their property is
bound or affected in any respect which, in any such case, would have a Material Adverse Effect, and all such agreements are in full force and effect; and no other party to any such agreements has instituted or, to the knowledge of the Primary
Parties, threatened any action or proceeding wherein any of the Primary Parties is alleged to be in default thereunder under circumstances where such action or proceeding, if determined adversely to any of the Primary Parties, would have a Material
Adverse Effect. 
 (y) The Primary Parties have good and marketable title to all assets which are material to the businesses of the Primary
Parties and to those assets described in the Prospectus as owned by them, free and clear of all material liens, charges, encumbrances, restrictions or other claims, except such as are described in the Prospectus or which do not have a Material
Adverse Effect; and all of the leases and subleases which are material to the businesses, financial condition, results of operations, capital and properties of the Primary Parties, including those described in the Registration Statement or
Prospectus, are in full force and effect. 
 (z) The Primary Parties are not in violation of any directive from the Division, the FDIC, the
FRB, the Commission, or any other agency to make any material change in the method of conducting their respective businesses; the Primary Parties have conducted and are conducting their respective businesses so as to comply in all respects with all
applicable statutes and regulations (including, without limitation, regulations, decisions, directives and orders of the Division, the FDIC, the FRB and the Commission), except where the failure to so comply would not reasonably be expected to
result in a Material Adverse Effect and there is no charge, investigation, action, suit or proceeding before or by any court, regulatory authority or governmental agency or body pending or, to the knowledge of any of the Primary Parties, threatened,
which would reasonably be expected to materially and adversely affect the Conversion, the Offerings, the performance of this Agreement, or the consummation of the transactions contemplated in the Plan as described in the Registration Statement, or
which would reasonably be expected to result in a Material Adverse Effect. 
 (aa) Prior to the Closing Time, the Primary Parties will have
received an opinion of their counsel, Luse Gorman Pomerenk & Schick, P.C., with respect to the federal income tax consequences of the Conversion and Offerings, as described in the Registration Statement and the Prospectus, and an opinion
from Chu, Ring & Hazel LLP with respect to the tax consequences of the Conversion and Offerings under the laws of the Commonwealth of 

  

 13 

 
Massachusetts and the facts and representations upon which such opinions will be based will be truthful, accurate and complete, and none of the Primary
Parties will take any action inconsistent therewith. 
 (bb) The MHC and the Bank have timely filed all required federal, state and local tax
returns, paid all taxes that have become due and payable in respect of such returns, except where permitted to be extended, have made adequate reserves for similar future tax liabilities, and no deficiency has been asserted with respect thereto by
any taxing authority. 
 (cc) No approval, authorization, consent or other order of any regulatory or supervisory or other public authority
is required for the execution and delivery by the Primary Parties of this Agreement, or the sale and issuance of the Shares and the issuance of the Foundation Shares, except for (i) the approval of the Division, the FDIC, the FRB, and the
Commission, (ii) the non-objection of FINRA and (iii) any necessary qualification, notification, or registration or exemption under the securities or blue sky laws of the various states in which the Shares are to be offered for sale and
the Foundation Shares are to be issued. 
 (dd) None of the Primary Parties has: (i) issued any securities within the last 18 months
(except for notes to evidence bank loans or other liabilities in the ordinary course of business or as described in the Prospectus); (ii) had any dealings with respect to sales of securities within the 12 months prior to the date hereof with
any member of FINRA, or any person related to or associated with such member, other than discussions and meetings relating to the Offerings and purchases and sales of U.S. government and agency and other securities in the ordinary course of
business; (iii) entered into a financial or management consulting agreement except for the Letter Agreement and as contemplated hereunder; or (iv) engaged any intermediary between the Agent and the Primary Parties in connection with the
Offerings or the offering of shares of the common stock of the Bank, and no person is being compensated in any manner for such services. 
 (ee) Neither the Primary Parties nor, to the knowledge of the Primary Parties, any employee of the Primary Parties, has made any payment of funds of the Primary Parties as a loan to any person for the purchase of Shares, except for the
Holding Company’s loan to the employee stock ownership plan (“ESOP”) which will be used by the ESOP to purchase Shares, or has made any other payment or loan of funds prohibited by law, and no funds have been set aside to be used for
any payment prohibited by law. 
 (ff) The Bank complies in all material respects with the applicable financial record keeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and the regulations and rules thereunder. 
 (gg)
The Primary Parties have not relied upon Agent or its counsel for any legal, tax or accounting advice in connection with the Conversion. 
 (hh) The records of Eligible Account Holders, Supplemental Eligible Account Holders and Bank Participants are accurate and complete. 
  

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 (ii) The Primary Parties comply in all material respects with all laws, rules and regulations relating to
environmental protection, and none of them has been notified or is otherwise aware that any of them is potentially liable, or is considered potentially liable, under the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended, or any other Federal, state or local environmental laws and regulations; no action, suit, regulatory investigation or other proceeding is pending or, to the knowledge of the Primary Parties, threatened against the Primary Parties
relating to environmental protection, nor do the Primary Parties have any reason to believe any such proceedings may be brought against any of them; and no disposal, release or discharge of hazardous or toxic substances, pollutants or contaminants,
including petroleum and gas products, as any of such terms may be defined under federal, state or local law, has occurred on, in, at or about any facilities or properties owned or leased by any of the Primary Parties or in which the Bank has a
security interest unless such disposal, release or discharge would not have a Material Adverse Effect. 
 (jj) All of the loans represented
as assets in the most recent financial information of the MHC and the Bank included in the Prospectus comply with or are exempt from all requirements of federal, state and local law pertaining to lending, including, without limitation, truth in
lending (including the requirements of 12 C.F.R. Part 226 (“Regulation Z”)), real estate settlement procedures, consumer credit protection, equal credit opportunity and all disclosure laws applicable to such loans, except for violations
which, if asserted, would not result in a Material Adverse Effect. 
 (kk) None of the Primary Parties are required to be registered as an
investment company under the Investment Company Act of 1940. 
 (ll) In connection with the completion of the Conversion, the Holding Company
will have effective disclosure controls and procedures (as such term is defined in Rule 13a-15 (e) of the 1934 Act) that comply with the requirements of the Exchange Act. The Holding Company maintains a system of internal controls sufficient to
provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; such internal controls are effective. Since the date of the latest audited financial statements included in the Prospectus, except as
disclosed in the Prospectus, there has been no change in the Holding Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting; 
 (mm) As of the date hereof, the articles of incorporation of the Holding Company have been filed with the Secretary
of State of Maryland and are effective and in force. 
 (nn) The Primary Parties have taken all actions necessary to obtain at Closing Time a
blue sky memorandum from Luse Gorman Pomerenk & Schick, P.C. 
  

 15 

 Any certificates signed by an officer of any of the Primary Parties and delivered to the Agent or its
counsel that refer to this Agreement shall be deemed to be a representation and warranty by the Primary Parties to Agent as to the matters covered thereby with the same effect as if such representation and warranty were set forth herein. 

Section 7. Representations and Warranties of Agent. Agent represents and warrants to the Primary Parties that: 
 (a) Agent is a corporation and is validly existing and in good standing under the laws of the State of Missouri with full power and authority to provide
the services to be furnished to the Primary Parties hereunder. 
 (b) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated herein have been duly and validly authorized by all necessary corporate action on the part of Agent, and each of this Agreement and the Letter Agreement is the legal, valid and binding agreement of
Agent, enforceable in accordance with its terms except to the extent, if any, that the provisions of Sections 11 and 12 hereof may be unenforceable as against public policy, and except to the extent that such enforceability may be limited by
bankruptcy laws, insolvency laws, or other laws affecting the enforcement of creditors’ rights generally or general equity principles. 
 (c) Each of Agent and its employees, agents and representatives who shall perform any of the services hereunder shall have, and until the Conversion and Offerings are consummated or terminated shall maintain all licenses, approvals and
permits necessary to perform such services and shall comply in all material respects with all applicable laws and regulations in connection with the performance of such services. 
 (d) No action, suit, charge or proceeding before the Commission, FINRA, any state securities commission or any court is pending, or to the knowledge of
Agent threatened, against Agent which, if determined adversely to Agent, would have a material adverse effect upon the ability of Agent to perform its obligations under this Agreement. 
 (e) Agent is registered as a broker/dealer pursuant to Section 15(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”),
and is a member of FINRA. 
 (f) Any funds received in the Offerings by the Agent will be handled by the Agent in accordance with Rule 15c2-4
under the 1934 Act to the extent applicable. 
 Section 8. Covenants of the Primary Parties. The Primary Parties hereby
jointly and severally covenant with the Agent as follows: 
 (a) The Holding Company will not, at any time after the date the Registration
Statement is declared effective, file any amendment or supplement to the Registration Statement without providing the Agent and its counsel an opportunity to review and comment on such amendment or supplement or file any amendment or supplement to
the Registration Statement to which amendment or supplement the Agent or its counsel shall reasonably object. The Holding 

  

 16 

 
Company will furnish promptly to Agent and its counsel copies of all correspondence from the Commission with respect to the Registration Statement and the
Holding Company’s responses thereto. 
 (b) The Primary Parties will not, at any time after the date that any Applications are approved,
file any amendment or supplement to such Applications without providing Agent and its counsel an opportunity to review and comment on such amendment or supplement or file any amendment or supplement to such Application to which amendment or
supplement Agent or its counsel shall reasonably object. The Holding Company and the Bank will furnish promptly to Agent and its counsel copies of all correspondence from the Division, the FDIC or the FRB with respect to the Applications and the
applicable responses thereto. 
 (c) The Holding Company represents and agrees that, unless it obtains the prior consent of Agent, and Agent
represents and agrees that, unless it obtains the prior consent of the Holding Company, it has not made and will not make any offer relating to the offered Shares that would constitute an “issuer free writing prospectus,” as defined in
Rule 433 under the 1933 Act Regulations, or that would constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Holding Company and Agent
is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Holding Company represents that it has and will comply with the requirements of Rule 433 under the 1933 Act Regulations applicable to any Permitted Free Writing
Prospectus, including timely Commission filing where required, legending and record keeping. The Holding Company need not treat any communication as a free writing prospectus if it is exempt from the definition of prospectus pursuant to Clause
(a) of Section 2(a)(10) of the 1933 Act without regard to Rule 172 or 173 under the 1933 Act Regulations. 
 (d) The Primary
Parties will use their best efforts to cause the Division, the FRB and the FDIC to approve Conversion and the Holding Company’s acquisition of the Bank, as applicable, and will use their best efforts to cause any post-effective amendment to the
Registration Statement to be declared effective by the Commission and any post-effective amendment to the Applications to be approved by the Division, the FDIC or the FRB, as applicable, and will immediately upon receipt of any information
concerning the events listed below notify the Agent (i) when the Registration Statement, as amended, has become effective; (ii) when each of the Applications, as amended, have been approved by the Division, the FDIC or the FRB, as
applicable; (iii) of the receipt of any comments from the Commission or any other governmental entity with respect to the Conversion or the transactions contemplated by this Agreement; (iv) of any request by the Commission, the Division,
the FDIC, the FRB, or any other governmental entity for any amendment or supplement to the Registration Statement or the Applications or for additional information; (v) of the issuance by the Commission, the Division, the FDIC, the FRB, or any
other governmental agency of any order or other action suspending the Conversion or the Offerings or the use of the Registration Statement, the Prospectus, the Information Statement or any other filing of the Primary Parties under the Conversion
Regulations or other applicable law, or the threat of any such action; or (vi) of the issuance by the Commission, the Division, the FDIC, the FRB, or any Bank authority of any stop order suspending the effectiveness of the Registration
Statement or of the initiation or threat of any proceedings for that purpose. The Primary Parties will make every reasonable effort to prevent 

  

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the issuance by the Commission, the Division, the FDIC, the FRB, or any other state or federal authority of any order referred to in (v) and
(vi) above and, if any such order shall at any time be issued, to obtain the lifting thereof at the earliest possible time. 
 (e) The
Primary Parties will deliver to Agent and to its counsel conformed copies of each of the following documents, with all exhibits: the Conversion Application, the Merger Application and the BHC Application, each as originally filed and each amendment
or supplement thereto; the Registration Statement, as originally filed and each amendment thereto; and the Prospectus, including any amendments or supplements thereto. Further, the Primary Parties will deliver such additional copies of the foregoing
documents to counsel to the Agent as may be required for any FINRA filings. In addition, the Primary Parties will also deliver to the Agent such number of copies of the Prospectus, as amended or supplemented, as the Agent may reasonably request.

 (f) The Primary Parties will comply in all material respects with any and all terms, conditions, requirements and provisions with respect
to the Conversion and the transactions contemplated thereby imposed by the Commission, the Division, the FDIC, or the FRB, by applicable state law and regulations, and by the 1933 Act, the 1933 Act Regulations, the 1934 Act, and the rules and
regulations of the Commission promulgated under the 1934 Act (the “1934 Act Regulations”), to be complied with prior to or subsequent to the Closing Time; and when the Prospectus is required to be delivered, the Primary Parties will comply
in all material respects, at their own expense, with all requirements imposed upon them by the Division, the FDIC, the FRB, the Conversion Regulations (except as modified or waived by the Division, the FDIC or the FRB, as applicable, provided that,
if any such modification or waiver is not in writing, the Primary Parties shall promptly notify the Agent in writing of the details of such modification or waiver), the Commission, by applicable state and federal law and regulations and by the 1933
Act, the 1933 Act Regulations, the 1934 Act and the 1934 Act Regulations, in each case as from time to time in force, so far as is necessary to permit the continuance of sales or dealing in shares of Common Stock during such period in accordance
with the provisions hereof and the Prospectus. 
 (g) Each of the Primary Parties will inform Agent of any event or circumstance of which it
is or becomes aware as a result of which the Registration Statement and/or Prospectus, as then supplemented or amended, would include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein not misleading. If it is necessary, in the reasonable opinion of counsel for the Primary Parties, to amend or supplement the Registration Statement or the Prospectus in order to correct such untrue statement of a material fact or to make the
statements therein not misleading in light of the circumstances existing at the time of their use, the Primary Parties will, at their expense, prepare, file with the Commission and the Division, the FDIC, or the FRB, as necessary, and furnish to
Agent, a reasonable number of copies of an amendment or amendments of, or a supplement or supplements to, the Registration Statement and the Prospectus (in form and substance reasonably satisfactory to counsel for the Agent after a reasonable time
for review) which will amend or supplement the Registration Statement and/or the Prospectus so that as amended or supplemented it will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances existing at 

  

 18 

 
the time, not misleading. For the purpose of this subsection, each of the Primary Parties will furnish such information with respect to itself as the Agent
may from time to time reasonably request. 
 (h) Pursuant to the terms of the Plan, the Holding Company will endeavor in good faith, in
cooperation with the Agent, to register or to qualify the Shares and Foundation Shares for offer and sale (or contribution to the Charitable Foundation in the case of the Foundation Shares) or to exempt such Shares and Foundation Shares from
registration and to exempt the Holding Company and its officers, directors and employees from registration as broker-dealers, under the applicable securities laws of the jurisdictions in which the Offerings will be conducted; provided, however, that
the Holding Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation to do business in any jurisdiction in which it is not so qualified. In each jurisdiction where any of the Shares or
Foundation Shares shall have been registered or qualified as above provided, the Holding Company will make and file such statements and reports in each year as are or may be required by the laws of such jurisdiction. 
 (i) The Holding Company will not sell or issue, contract to sell or otherwise dispose of, for a period of 90 days after the date hereof, without the
Agent’s prior written consent, which consent shall not be unreasonably withheld, any shares of Common Stock other than in connection with any plan or arrangement described in the Prospectus. 
 (j) For a period of three years from the date of this Agreement, the Holding Company will furnish to the Agent upon request (i) a copy of each
report of the Holding Company furnished to or filed with the Commission under the 1934 Act or any national securities exchange or system on which any class of securities of the Holding Company is listed or quoted, (ii) a copy of each report of
the Holding Company mailed to holders of Common Stock or non-confidential report filed with the Division, the FDIC, the FRB or any other supervisory or regulatory authority or any national securities exchange or system on which any class of the
securities of the Holding Company is listed or quoted, (iii) each press release and material news item and article released by the Holding Company and/or Bank, and (iv) from time-to-time, such other publicly available information
concerning the Primary Parties as the Agent may reasonably request. 
 (k) The Primary Parties will use the net proceeds from the sale of the
Common Stock in the manner set forth in the Prospectus under the caption “How We Intend to Use the Proceeds From the Offering.” 
 (l) The Holding Company and the Bank will distribute the Prospectus or other offering materials in connection with the offering and sale of the Common Stock only in accordance with the Conversion Regulations, the 1933 Act, the 1933 Act
Regulations, the 1934 Act and the 1934 Act Regulations, and the laws of any state in which the Shares are qualified for sale. 
 (m) Prior to
the Closing Time, the Holding Company shall register its Common Stock under Sections 12(b) of the 1934 Act. The Holding Company shall maintain the effectiveness of such registration for not less than three years or such shorter period as permitted
by the Division, the FDIC and the FRB. 
  

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 (n) For so long as the Shares and Foundation Shares are registered under the 1934 Act, the Holding
Company will furnish to its shareholders after the end of each fiscal year, in the time periods prescribed by applicable laws and regulations, such reports and other information as are required to be furnished to its shareholders under the 1934 Act.

 (o) The Holding Company will report the use of proceeds of the Offerings in accordance with Rule 463 under the 1933 Act Regulations.

 (p) The Primary Parties will maintain appropriate arrangements for depositing all funds received from persons mailing subscriptions for or
orders to purchase Shares on an interest bearing basis as described in the Prospectus until the Closing Time and satisfaction of all conditions precedent to the release of the Holding Company’s obligation to refund payments received from
persons subscribing for or ordering Shares in the Offerings, in accordance with the Plan as described in the Prospectus, or until refunds of such funds have been made to the persons entitled thereto or withdrawal authorizations canceled in
accordance with the Plan and as described in the Prospectus. The Primary Parties will maintain such records of all funds received to permit the funds of each subscriber to be separately insured by the FDIC (to the maximum extent allowable) and to
enable the Primary Parties to make the appropriate refunds of such funds in the event that such refunds are required to be made in accordance with the Plan and as described in the Prospectus. 
 (q) The Primary Parties will take such actions and furnish such information as are reasonably requested by the Agent in order for the Agent to ensure
compliance with Rule 2790 of FINRA and all related rules. 
 (r) The Primary Parties will conduct their businesses in compliance in all
material respects with all applicable federal and state laws, rules, regulations, decisions, directives and orders, including all decisions, directives and orders of the Commission, the Division, the FDIC, and the FRB. 
 (s) The Primary Parties shall comply with any and all terms, conditions, requirements and provisions with respect to the Conversion and the establishment
and operation of the Charitable Foundation and the transactions contemplated thereby imposed by the Division, the FDIC, the FRB, the BHC Act, the Commission, the 1933 Act, the Conversion Regulations, the Exchange Act and the regulations promulgated
by the Commission pursuant to the Exchange Act to be complied with subsequent to the Closing Time. The Holding Company will comply with all provisions of all undertakings contained in the Registration Statement. 
 (t) The Primary Parties will not amend the Plan without notifying the Agent prior thereto. 
 (u) The Holding Company shall provide the Agent with any information necessary to allow Agent to assist with the allocation process in order to permit
the Holding Company to carry out the allocation of the Shares in the event of an oversubscription, and such information shall be accurate and reliable in all respects. 
  

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 (v) The Holding Company will not deliver the Shares until the Primary Parties have satisfied or caused to
be satisfied each condition set forth in Section 10 hereof, unless such condition is waived in writing by the Agent. 
 (w) Immediately
upon completion of the sale by the Holding Company of the Shares contemplated by the Plan and the Prospectus, (i) all of the issued and outstanding shares of capital stock of the Bank shall be owned by the Holding Company, (ii) the Holding
Company shall have no direct subsidiaries other than the MHC Subsidiaries, and (iii) the Conversion shall have been effected in accordance with all applicable statutes, regulations, decisions and orders; and all terms, conditions, requirements
and provisions with respect to the Conversion (except those that are conditions subsequent) imposed by the Commission, the Division, the FDIC, the FRB, or any other governmental agency, if any, shall have been complied with by the Primary Parties in
all material respects or appropriate waivers shall have been obtained and all notice and waiting periods shall have been satisfied, waived or elapsed. 
 (x) Prior to the Closing Time, the Plan shall have been approved by the eligible voting members of the Bank in accordance with the Conversion Regulations and the provisions of the Bank’s charter and bylaws. Prior
to the Closing Time, the merger of MHC with and into the Bank, which will effect the Conversion, shall have been approved by at least two-thirds of the corporators of MHC. 
 (y) As of the Closing Time, the Primary Parties shall have completed all conditions precedent to the Conversion and the Offerings in accordance with the
Plan and shall have complied in all material respects with applicable laws, regulations (except as modified or waived in writing by the Division, the FDIC or the FRB), decisions and orders, including all terms, conditions, requirements and
provisions precedent to the Conversion and the Offerings imposed upon it by the Division, the FDIC, the FRB or any other regulatory authority as set forth in correspondence received from the Division, the FDIC, the FRB or any other regulatory
authority. 
 (z) On or before the Closing Time, the Primary Parties will have completed all conditions precedent to the Conversion and the
Offerings specified in the Plan and the offer and sale of the Shares will have been conducted in all material respects in accordance with the Plan, the Conversion Regulations (except as modified or waived by the Division, provided that, if any such
modification or waiver is not in writing, the Primary Parties shall promptly notify the Agent in writing of the details of such modification or waiver) and with all other applicable laws, regulations, decisions and orders, including all terms,
conditions, requirements and provisions precedent to the Conversion and the Offerings imposed upon any of the Primary Parties by the Division, the FDIC, the FRB, the Commission or any other regulatory authority and in the manner described in the
Prospectus. 
 (aa) The Holding Company shall notify Agent when funds have been received for the minimum number of Shares set forth in the
Prospectus. 
  

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 (bb) The Primary Parties will also comply with any conditions imposed by the Division, the FDIC or the
FRB in connection with the establishment, funding and operation of the Charitable Foundation and will use their best efforts to ensure that the Charitable Foundation submits within the time frames required by applicable law a request to the Internal
Revenue Service to be recognized as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code; the Primary Parties will take no action which will result in the possible loss of the Charitable Foundation’s tax exempt
status. 
 (cc) The Holding Company will not deliver the Shares or the Foundation Shares until the Primary Parties have satisfied or caused
to be satisfied each condition set forth in Section 10 hereof, unless such condition is waived in writing by Agent. 
 Section 9. Payment of Expenses. Whether or not the Conversion is completed or the sale of the Shares by the Holding Company is consummated, the Primary Parties will pay for all their expenses incident to the performance
of this Agreement, including without limitation: (a) the preparation and filing of the Applications; (b) the preparation, printing, filing, delivery and mailing of the Registration Statement, including the Prospectus, and all documents
related to the Offerings and any proxy solicitation; (c) all filing fees and expenses in connection with the qualification or registration of the Shares for offer and sale by the Holding Company or the Bank under the securities or “blue
sky” laws, including without limitation filing fees, reasonable legal fees and disbursements of counsel in connection therewith, and in connection with the preparation of a blue sky law survey; (d) the FINRA filing fees related to the
Agent’s fairness filing under FINRA Rule 2710; (e) fees and expenses related to the preparation of the Appraisal; (f) fees and expenses related to auditing and accounting services; (g) all expenses relating to advertising,
temporary personnel, investor meetings and the stock information center; (h) transfer agent fees and costs of preparation and distribution of stock certificates; and (i) all expenses related to the Syndicated Community Offering. The
Primary Parties also agree to reimburse Agent for reasonable out-of-pocket expenses associated with the marketing efforts of the Offerings, including legal fees and expenses, incurred by Agent in connection with the services hereunder. Agent will
not incur legal fees (excluding counsel’s out-of-pocket expenses) in excess of $75,000. The Agent will not incur reimbursable direct out-of-pocket expenses in excess of $25,000. In the event of a Syndicated Community Offering, the Primary
Parties will reimburse all reasonable out-of-pocket expenses incurred in connection with that offering phase which shall not exceed 1% of the gross proceeds of the offering. In the event that the Agent incurs any expenses on behalf of the Primary
Parties, the Primary Parties will pay or reimburse Agent for such expenses regardless of whether the Conversion is successfully completed, and such reimbursements will not be included in the expense limitations set forth in this paragraph. The Agent
will not incur any single out-of-pocket expense on behalf of the Primary Parties of more than $1,000 without the prior approval of the Holding Company. Not less than two days prior to the Closing Time, Agent will provide the Holding Company with a
detailed accounting of all reimbursable expenses to be paid at the Closing. 
 Section 10. Conditions to the Agent’s
Obligations. The obligations of the Agent hereunder and the occurrence of the Closing, the Conversion and the Offerings are subject to the condition that all representations and warranties of the Primary Parties herein contained are, at

  

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and as of the commencement of the Offerings and at and as of the Closing Time, true and correct, the condition that the Primary Parties shall have performed
all of their obligations hereunder to be performed on or before such dates and to the following further conditions: 
 (a) The Conversion
Application and the Information Statement shall have been approved by the Division. The Registration Statement shall have been declared effective by the Commission, the BHC Application shall have been approved by the FRB, the Merger Application
shall have been approved by the FDIC, and no stop order or other action suspending the effectiveness of the Registration Statement shall have been issued under the 1933 Act or proceedings therefore initiated or, to any of the Primary Parties’
knowledge, threatened by the Commission or any state authority and no order or other action suspending the authorization for use of the Prospectus or the consummation of the Conversion shall have been issued or proceedings therefore initiated or, to
any of the Primary Parties’ knowledge, threatened by the Division, the FDIC, the FRB, the Commission, or any other governmental body. 
 (b) At the Closing Time, Agent shall have received: 
 (i) The favorable opinion, dated as of the Closing Time, of Luse Gorman
Pomerenk & Schick, P.C. in form and substance satisfactory to counsel for Agent, as set forth in Exhibit C. In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction
other than the United States, to the extent such counsel deems proper and specified in such opinion, upon the opinion of other counsel reasonably acceptable to the Agent, as long as such other opinion indicates that the Agent may rely on the
opinion, and (B) as to matters of fact, to the extent such counsel deems proper, on certificates of responsible officers of the Primary Parties and public officials; provided copies of any such opinion(s) or certificates of public officials are
delivered to Agent together with the opinion to be rendered hereunder by counsel to the Primary Parties. The opinion of such counsel for the Primary Parties shall state that it has no reason to believe that the Agent is not reasonably justified in
relying thereon. The opinion of such counsel for the Primary Parties also shall state that the Agent’s counsel may rely for purposes of its own opinion on the opinion of such counsel and, if applicable, local counsel, whose opinion(s) shall
expressly authorize such reliance. 
 (ii) The letter of Luse Gorman Pomerenk & Schick, P.C. in form and substance to the effect
that during the preparation of the Registration Statement and the Prospectus, Luse Gorman Pomerenk & Schick, P.C. participated in conferences with certain officers of and other representatives of the Primary Parties, counsel to Agent,
representatives of the independent registered public accounting firm for the Primary Parties and representatives of Agent at which the contents of the Registration Statement and the Prospectus and related matters were discussed and has considered
the matters required to be stated therein and the statements contained therein and, although (without limiting the opinions provided pursuant to Section 10(b)(i)) Luse Gorman Pomerenk & Schick, P.C. has not independently verified the
accuracy, completeness or fairness of the statements contained in the Registration Statement and Prospectus, on the basis of the foregoing, nothing has come to the attention of Luse Gorman Pomerenk & Schick, P.C. that caused Luse Gorman
Pomerenk & Schick, P.C. to believe that the Registration Statement at the time it was declared effective by the Commission and as of the date of such letter or that the General Disclosure Package as of the Applicable Time, contained or

  

 23 

 
contains any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (it being understood that counsel need express no comment or opinion with respect to the financial statements, notes to financial statements, schedules and other
financial and statistical data included, or statistical or appraisal methodology employed, in the Registration Statement, Prospectus or General Disclosure Package). 
 (iii) The favorable opinion, dated as of the Closing Time, of Paul, Hastings, Janofsky & Walker LLP, with respect to such matters as the Agent may reasonably require. In rendering such opinion, such counsel
may rely (A) as to matters involving the application of laws of any jurisdiction other than the United States, to the extent such counsel deems proper and specified in such opinion, upon the opinion of other counsel reasonably acceptable to the
Agent, as long as such other opinion indicates that the Agent may rely on the opinion, (B) as to matters of fact, to the extent such counsel deems proper, on certificates of responsible officers of the Primary Parties and public officials; and
(C) the opinion of Luse Gorman Pomerenk & Schick, P.C. and, if applicable, local counsel, whose opinion(s) shall expressly authorize such reliance. 
 (iv) The letter of Paul, Hastings, Janofsky & Walker LLP, counsel for Agent, in form and substance to the effect that during the preparation of the Registration Statement and the Prospectus, Paul, Hastings,
Janofsky & Walker LLP participated in conferences with certain officers of and other representatives of the Primary Parties, counsel to the Primary Parties, representatives of the independent registered public accounting firm for the
Primary Parties and representatives of Agent at which the contents of the Registration Statement and the Prospectus and related matters were discussed and has considered the matters required to be stated therein and the statements contained therein
and, although (without limiting the opinions provided pursuant to Section 10(b)(iii)) Paul, Hastings, Janofsky & Walker LLP has not independently verified the accuracy, completeness or fairness of the statements contained in the
Registration Statement and Prospectus, on the basis of the foregoing, nothing has come to the attention of Paul, Hastings, Janofsky & Walker LLP that caused Paul, Hastings, Janofsky & Walker LLP to believe that the Registration
Statement at the time it was declared effective by the Commission and as of the date of such letter or that the General Disclosure Package as of the Applicable Time, contained or contains any untrue statement of a material fact or omitted to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that counsel need express no comment or opinion with respect
to the financial statements, notes to financial statements, schedules and other financial and statistical data included, or statistical or appraisal methodology employed, in the Registration Statement, Prospectus or General Disclosure Package).

 (v) A blue sky memorandum from Luse Gorman Pomerenk & Schick, P.C. addressed to the Primary Parties and Agent relating to the
Offerings, including the Agent’s participation therein. The blue sky memorandum will address the necessity of obtaining or confirming exemptions, qualifications or the registration of the Common Stock under applicable state securities law.

  

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 (c) Concurrently with the execution of this Agreement, Agent shall receive a letter from KPMG LLP, dated
the date hereof and addressed to Agent, such letter (i) confirming that KPMG LLP is an independent registered public accounting firm within the meaning of the Code of Ethics of the AICPA, that it is registered with the PCAOB, and that it is,
with respect to each of the Primary Parties, an independent certified public accountant within the meaning of, and is not in violation of the auditor independence requirements of, the 1933 Act, the 1933 Act Regulations, the Sarbanes-Oxley Act and
the PCAOB Regulations; and no information concerning its relationship with or interests in the Primary Parties is required by Item 13 of the Registration Statement, and stating in effect that in KPMG LLP’s opinion the financial statements
of MHC and the Bank included in the Prospectus comply as to form in all material respects with the applicable accounting requirements of the 1933 Act and the 1933 Act Regulations,; (ii) stating in effect that, on the basis of certain agreed
upon procedures (but not an audit examination in accordance with the auditing standards of the PCAOB) consisting of a review of the latest available financial statements of the MHC and the Bank, a reading of the minutes of the meetings of the Board
of Directors and Audit Committee of the Primary Parties and consultations with officers of the Primary Parties responsible for financial and accounting matters, nothing came to their attention which caused them to believe that: (A) at
July 31, 2008, there was any increase in non-performing assets, non-performing loans or total debt (defined as advances from the FHLB of Boston, securities sold under agreements to repurchase and subordinated deferrable interest debentures) or
decreases in consolidated total assets, deposits, allowance for loan losses or retained earnings as compared with amounts at April 30, 2008; and during the period from May 1, 2008 to July 31, 2008 there were any decreases, as compared
to the corresponding period in the preceding year, in consolidated net income, non-interest income, tax expense, net interest income, net interest income after provision for loan losses, or increases in provisions for loan losses, non-interest
expense or net income (loss), in each case, except as set forth therein; or (B) during the period from the date of the Recent Developments information included in the Prospectus to a date not more than three business days prior to the date of
the Prospectus there was any increase in non-performing loans, total debt (defined as advances from the FHLB of Boston, securities sold under agreements to repurchase and subordinated deferrable interest debentures) of the Bank or decrease in
consolidated total assets, deposits, or allowance for loan losses of the Bank; at August 31, 2008, there was any increase in classified loans or special mention loans as compared with amounts at April 30, 2008; and during the period from
May 1, 2008 to August 31, 2008 there was any decrease in net income, non-interest income, tax expense, consolidated net interest income, net interest income after provision for loan losses or provision for loan losses of the Bank, in each
case, except as disclosed therein; and (iii) stating that, in addition to the audit examination referred to in its opinion included in the Prospectus and the performance of the procedures referred to in clause (ii) of this subsection (c),
they have compared with the general accounting records of the MHC and the Bank, which are subject to the internal controls of the accounting system of the MHC and the Bank, respectively, and other data prepared by the MHC and the Bank directly from
such accounting records, to the extent specified in such letter, such amounts and/or percentages set forth in the Prospectus as Agent may reasonably request, and they have found such amounts and percentages to be in agreement therewith (subject to
rounding). 
 (d) As soon as practicable following the date hereof, and in no event later than September 18, 2008, Agent shall have
received a supplemental letter from KPMG, LLP dated as 

  

 25 

 
of such date and addressed to the Agent, (i) confirming that the review of the financial statements as of and for the period ended July 31, 2008
has been completed in accordance with Statement of Auditing Standards No. 100, Interim Financial Information (the “SAS 100 Review”) and (ii) stating in effect that, on the basis of the SAS 100 Review, a reading of the minutes of
the meetings of the Board of Directors and Audit Committee of the Primary Parties and consultations with officers of the Primary Parties responsible for financial and accounting matters, nothing came to their attention which caused them to believe
that such unaudited financial statements and financial information included in the section titled “Recent Developments” in the Prospectus are not in conformity with GAAP applied on a basis substantially consistent with that of the audited
financial statements included in the Prospectus. 
 (e) At the Closing Time, Agent shall receive a letter from KPMG LLP dated the Closing
Time, addressed to Agent, confirming the statements made by its letter delivered by it pursuant to Sections 10(c) and (d), the “specified date” referred to in Section 10(c)(ii)(B) to be a date specified in such letter, which shall not
be more than three business days prior to the Closing Time. 
 (f) At the Closing Time, counsel to Agent shall have been furnished with such
documents and opinions as counsel for the Agent may require for the purpose of enabling them to advise Agent with respect to the issuance and sale of the Common Stock as herein contemplated and related proceedings, or in order to evidence the
accuracy of any of the representations and warranties, or the fulfillment of any of the conditions herein contained. 
 (g) At the Closing
Time, the Agent shall receive a certificate of the Chief Executive Officer and Chief Financial Officer of each of the Primary Parties, dated the Closing Time, to the effect that: (i) they have examined the Prospectus and the Registration
Statement and at the time the Prospectus became authorized for final use, the Prospectus and the Registration Statement did not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; (ii) there has not been, since the respective dates as of which information is given in the Prospectus, any Material Adverse Effect other than as set forth
or contemplated in the Registration Statement; (iii) the representations and warranties contained in Section 6 of this Agreement are true and correct with the same force and effect as though made at and as of the Closing Time;
(iv) each of the Primary Parties has complied in all material respects with all material agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Time including the conditions contained in this
Section 10; (v) no stop order has been issued or, to their knowledge, is threatened, by the Commission or any other governmental body; (vi) no order suspending the Offerings, the Conversion, the acquisition of all of the shares of the
Bank by the Holding Company, the transactions required under the Plan to consummate the Conversion or the effectiveness of the Registration Statement has been issued and to their knowledge, no proceedings for any such purpose have been initiated or
threatened by the Division, the FRB, the FDIC, the Commission, or any other federal or state authority; (vii) to their knowledge, no person has sought to obtain regulatory or judicial review of the action of the Division in approving the Plan
or to enjoin the Conversion or the Offerings. 
  

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 (h) At the Closing Time, the Agent shall receive a letter from RP Financial, LC, dated as of the Closing
Time, (i) confirming that said firm is independent of the Primary Parties and is experienced and expert in the area of corporate appraisals within the meaning of the Conversion Regulations, (ii) stating in effect that the Appraisal
complies in all material respects with the applicable requirements of the Conversion Regulations, and (iii) further stating that its opinion of the aggregate pro forma market value of the Primary Parties, as converted, expressed in the
Appraisal as most recently updated, remains in effect. 
 (i) Prior to and at the Closing Time, none of the Primary Parties shall have
sustained, since the date of the latest financial statements included in the Registration Statement and Prospectus, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by
insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the Registration Statement and the Prospectus, and since the respective dates as of which information is given in the Registration
Statement and the Prospectus, there shall not have been any material change, or any development involving a prospective material change in, or affecting the general affairs of, management, financial position, retained earnings, long-term debt,
stockholders’ equity or results of operations of any of the Primary Parties, otherwise than as set forth or contemplated in the Registration Statement and the Prospectus, the effect of which, in any such case described above, in the
Agent’s reasonable judgment, is sufficiently material and adverse as to make it impracticable or inadvisable to proceed with the Offerings or the delivery of the Shares on the terms and in the manner contemplated in the Prospectus. 

(j) Prior to and at the Closing Time: (i) in the reasonable opinion of the Agent there shall have been no Material Adverse Effect from and as of
the latest date as of which such condition is set forth in the Prospectus, except as referred to therein; (ii) there shall have been no material transaction entered into by the Primary Parties, independently or considered as one enterprise,
from the latest date as of which the financial condition of the Primary Parties is set forth in the Prospectus, other than transactions referred to or contemplated therein; (iii) none of the Primary Parties shall have received from the
Division, the FRB or the FDIC any direction (oral or written) to make any material change in the method of conducting their business with which it has not complied in all material respects (which direction, if any, shall have been disclosed to the
Agent) and which would reasonably be expected to have a Material Adverse Effect; (iv) none of the Primary Parties shall have been in default (nor shall an event have occurred which, with notice or lapse of time or both, would constitute a
default) under any provision of any agreement or instrument relating to any material outstanding indebtedness; (v) no action, suit or proceeding, at law or in equity or before or by any federal or state commission, board or other administrative
agency, shall be pending or, to the knowledge of the Primary Parties, threatened against any of the Primary Parties or affecting any of their properties wherein an unfavorable decision, ruling or finding would reasonably be expected to have a
Material Adverse Effect; and (vi) the Shares shall have been qualified or registered for offering and sale under the securities or “blue sky” laws of the jurisdictions requested by the Agent. 
 (k) At or prior to the Closing Date, the Agent shall receive (i) a copy of the letter(s) from the Division approving the Conversion Application and
the Information Statement, (ii) a copy of the letter of non–objection from the FDIC with respect to the Conversion, (iii) a 

  

 27 

 
copy of the letter from the FRB approving the BHC Application, (iv) a copy of the letter from the FDIC approving the Merger Application, (v) a copy
of the order from the Commission declaring the Registration Statement effective, (vi) copies of certificates of existence for each of the Primary Parties, or other writing from the Secretary of State of the State of Maryland, the Secretary of
State of the Commonwealth of Massachusetts or the Division in form and substance reasonably satisfactory to the Agent evidencing the valid existence of the Holding Company and the Bank as of the Closing Date, (vi) a certificate from the FDIC
evidencing the Bank’s insurance of accounts, (vii) a certificate of the FHLB of Boston evidencing the Bank’s membership therein, and (viii) any other documents that Agent shall reasonably request. 
 (l) Subsequent to the date hereof, there shall not have occurred any of the following: (i) a suspension or limitation in trading in securities
generally on the New York Stock Exchange or American Stock Exchange or in the over-the-counter market, or quotations halted generally on the Nasdaq Stock Market, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices
for securities have been required by either of such exchanges or FINRA or by order of the Commission or any other governmental authority other than temporary trading halts or limitation (A) imposed as a result of intraday changes in the Dow
Jones Industrial Average, (B) lasting no longer than until the regularly scheduled commencement of trading on the next succeeding business-day, and (C) which, when combined with all other such halts occurring during the previous five
business days, total less than three; (ii) a general moratorium on the operations of commercial banks or other federally-insured financial institutions or general moratorium on the withdrawal of deposits from commercial banks or other
federally-insured financial institutions declared by either federal or state authorities; (iii) any material adverse change in the financial markets in the United States or elsewhere; or (iv) any outbreak of hostilities or escalation
thereof or other calamity or crisis, including, without limitation, terrorist activities after the date hereof, the effect of any of (i) through (iv) herein, in the judgment of the Agent, is so material and adverse as to make it
impracticable to market the Shares or to enforce contracts, including subscriptions or purchase orders, for the sale of the Shares. 
 (m)
All such opinions, certificates, letters and documents will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to the Agent and of counsel for the Agent. Any certificate signed by an officer of
the Primary Parties and delivered to the Agent or to counsel for the Agent shall be deemed a representation and warranty by such Primary Party, as the case may be, to the Agent as to the statements made therein. If any condition to the Agent’s
obligations hereunder to be fulfilled prior to or at the Closing Time is not fulfilled, the Agent may terminate this Agreement (provided that if this Agreement is so terminated but the sale of Shares is nevertheless consummated, the Agent shall be
entitled to the full compensation provided for in Section 4 hereof) or, if the Agent so elects, may waive any such conditions which have not been fulfilled or may extend the time of their fulfillment. 
 Section 11. Indemnification. 
 (a) The Primary Parties jointly and severally agree to indemnify and hold harmless the Agent, its officers, directors, agents, attorneys, servants and employees and each 

  

 28 

 
person, if any, who controls the Agent within the meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, against any and all loss,
liability, claim, damage or expense whatsoever (including but not limited to settlement expenses, subject to the limitation set forth in the last sentence of paragraph (c) below), joint or several, that the Agent or any of such officers,
directors, agents, attorneys, servants, employees and controlling Persons (collectively, the “Related Persons”) may suffer or to which the Agent or the Related Persons may become subject under all applicable federal and state laws or
otherwise, and to promptly reimburse the Agent and any Related Persons upon written demand for any reasonable expenses (including reasonable fees and disbursements of counsel) incurred by the Agent or any Related Persons in connection with
investigating, preparing or defending any actions, proceedings or claims (whether commenced or threatened) to the extent such losses, claims, damages, liabilities or actions: (i) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment or supplement thereto), preliminary or final Prospectus (or any amendment or supplement thereto), Issuer Represented Free Writing Prospectus, the
Applications, the Information Statement or any blue sky application or other instrument or document of the Primary Parties or based upon written information supplied by any of the Primary Parties filed in any state or jurisdiction to register or
qualify any or all of the Shares under the securities laws thereof (collectively, the “Blue Sky Applications”), or any application or other document, advertisement, or communication (“Sales Information”) prepared, made or
executed by or on behalf of any of the Primary Parties with its consent or based upon written information furnished by or on behalf of any of the Primary Parties, whether or not filed in any jurisdiction in order to qualify or register the Shares
under the securities laws thereof, (ii) arise out of or are based upon the omission or alleged omission to state in any of the foregoing documents or information, a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; (iii) arise from any theory of liability whatsoever relating to or arising from or based upon the Registration Statement (or any amendment or supplement
thereto), preliminary or final Prospectus (or any amendment or supplement thereto), Issuer Represented Free Writing Prospectus, the Applications, the Information Statement, any Blue Sky Applications or Sales Information or other documentation
distributed in connection with the Conversion; or (iv) result from any claims made with respect to the accuracy, reliability and completeness of the records of Eligible Account Holders, Supplemental Eligible Account Holders and Bank
Participants or for any denial or reduction of a subscription or order to purchase Common Stock, whether as a result of a properly calculated allocation pursuant to the Plan or otherwise, based upon such records; provided, however, that no
indemnification is required under this paragraph (a) to the extent such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue material statements or alleged untrue material statements in, or material omission
or alleged material omission from, the Registration Statement (or any amendment or supplement thereto) or the preliminary or final Prospectus (or any amendment or supplement thereto), Issuer Represented Free Writing Prospectus, the Applications, the
Information Statement, the Blue Sky Applications or Sales Information or other documentation distributed in connection with the Conversion made in reliance upon and in conformity with written information furnished to the Primary Parties by the Agent
or its representatives (including counsel) with respect to the Agent expressly for use in the Registration Statement (or any amendment or supplement thereto) or Prospectus (or any amendment or supplement thereto) under the captions “Market for
the Common Stock” and “The Conversion and Offering—Plan of Distribution; Selling Agent Compensation,” or for use in the 

  

 29 

 
Applications, Blue Sky Applications or Sales Information, except for information derived from the Prospectus. Provided further, that the Primary Parties will
not be responsible for any loss, liability, claim, damage or expense to the extent they result primarily from material oral misstatements by the Agent to a purchaser of Shares which are not based upon information in the Registration Statement or
Prospectus, or from actions taken or omitted to be taken by the Agent in bad faith or from the Agent’s gross negligence or willful misconduct, and the Agent agrees to repay to the Primary Parties any amounts advanced to it by the Primary
Parties in connection with matters as to which it is found in a final judgment by a court of competent jurisdiction not to be entitled to indemnification hereunder. 
 (b) The Agent agrees to indemnify and hold harmless the Primary Parties, their directors and officers, agents, servants and employees and each person, if any, who controls any of the Primary Parties within the meaning
of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act against any and all loss, liability, claim, damage or expense whatsoever (including but not limited to settlement expenses, subject to the limitation set forth in the last
sentence of paragraph (c) below), joint or several which they, or any of them, may suffer or to which they, or any of them, may become subject under all applicable federal and state laws or otherwise, and to promptly reimburse the Primary
Parties and any such persons upon written demand for any reasonable expenses (including fees and disbursements of counsel) incurred by them in connection with investigating, preparing or defending any actions, proceedings or claims (whether
commenced or threatened) to the extent such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment
of supplement thereto), the Applications or any Blue Sky Applications or Sales Information or are based upon the omission or alleged omission to state in any of the foregoing documents a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Agent’s obligations under this Section 11(b) shall exist only if and only to the extent that such untrue
statement or alleged untrue statement was made in, or such material fact or alleged material fact was omitted from, the Registration Statement (or any amendment or supplement thereto) or the Prospectus (or any amendment or supplement thereto) or the
Applications, Blue Sky Applications or Sales Information in reliance upon and in conformity with written information furnished to the Primary Parties by the Agent or its representatives (including counsel) expressly for use therein, and with respect
to the Registration Statement and Prospectus, under the captions “Market for the Common Stock” and “The Conversion and Offering—Plan of Distribution; Selling Agent Compensation” 
 (c) Each indemnified party shall give prompt written notice to each indemnifying party of any action, proceeding, claim (whether commenced or
threatened), or suit instituted against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve it from any liability which it may have on account of this Section 11,
Section 12 or otherwise. An indemnifying party may participate at its own expense in the defense of such action. In addition, if it so elects within a reasonable time after receipt of such notice, an indemnifying party, jointly with any other
indemnifying parties receiving such notice, may assume defense of such action with counsel chosen by it and approved by the indemnified parties that are defendants in such action, unless such indemnified 

  

 30 

 
parties reasonably object to such assumption on the ground that there may be legal defenses available to them that are different from or in addition to those
available to such indemnifying party. If an indemnifying party assumes the defense of such action, the indemnifying parties shall not be liable for any fees and expenses of counsel for the indemnified parties incurred thereafter in connection with
such action, proceeding or claim, other than reasonable costs of investigation. In no event shall the indemnifying parties be liable for the fees and expenses of more than one separate firm of attorneys (unless an indemnified party or parties shall
have reasonably concluded that there may be defenses available to it or them which are different from or in addition to those of other indemnified parties) for all indemnified parties in connection with any one action, proceeding or claim or
separate but similar or related actions, proceedings or claims in the same jurisdiction arising out of the same general allegations or circumstances. The Holding Company shall be liable for any settlement of any claim against the Agent (or its
directors, officers, employees, affiliates or controlling persons), made with the Holding Company’s consent, which consent shall not be unreasonably withheld. The Holding Company shall not, without the written consent of the Agent, settle or
compromise any claim against it based upon circumstances giving rise to an indemnification claim against the Holding Company hereunder unless such settlement or compromise provides that the Agent and the other indemnified parties shall be
unconditionally and irrevocably released from all liability in respect of such claim. 
 (d) The agreements contained in this Section 11
and in Section 12 hereof and the representations and warranties of the Primary Parties set forth in this Agreement shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Agent or
its officers, directors, controlling persons, agents, servants, attorneys or employees or by or on behalf of any of the Primary Parties or any officers, directors, controlling persons, agents, servants, attorneys or employees of any of the Primary
Parties; (ii) delivery of and payment hereunder for the Shares; or (iii) any termination of this Agreement. To the extent required by law, Sections 11 and 12 hereof are subject to and limited by Section 23A of the Federal Reserve Act
and Regulation W as promulgated thereunder. 
 Section 12. Contribution. 
 (a) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in Section 11 is due in
accordance with its terms but is found in a final judgment by a court to be unavailable from the Primary Parties or the Agent, the Primary Parties and the Agent shall contribute to the aggregate losses, claims, damages and liabilities of the nature
contemplated by such indemnification in such proportion so that (i) the Agent is responsible for that portion represented by the percentage that the fees paid to the Agent pursuant to Section 4 of this Agreement (not including expenses)
(“Agent’s Fees”), less any portion of Agent’s Fees paid by Agent to Assisting Brokers, bear to the total proceeds received by the Primary Parties from the sale of the Shares in the Offerings, net of all expenses of the Offerings
except Agent’s Fees, and (ii) the Primary Parties shall be responsible for the balance. If, however, the allocation provided above is not permitted by applicable law or if the indemnified party failed to give the notice required under
Section 11 above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative fault of the Primary Parties on 

  

 31 

 
the one hand and the Agent on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or
actions, proceedings or claims in respect thereof), but also the relative benefits received by the Primary Parties on the one hand and the Agent on the other from the Offerings, as well as any other relevant equitable considerations. The relative
benefits received by the Primary Parties on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total proceeds from the Offerings, net of all expenses of the Offerings except Agent’s Fees, received
by the Primary Parties bear, with respect to the Agent, to the total fees (not including expenses) received by the Agent less the portion of such fees paid by the Agent to Assisting Brokers. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Primary Parties on the one hand or the Agent on the other and
the parties relative intent, good faith, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Primary Parties and the Agent agree that it would not be just and equitable if contribution pursuant to
this Section 12 were determined by pro-rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 12. The amount paid or payable by an indemnified
party as a result of the losses, claims, damages or liabilities (or action, proceedings or claims in respect thereof) referred to above in this Section 12 shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action, proceeding or claim. It is expressly agreed that the Agent shall not be liable for any loss, liability, claim, damage or expense or be required to contribute any amount
which in the aggregate exceeds the amount paid (excluding reimbursable expenses) to the Agent under this Agreement less the portion of such fees paid by the Agent to Assisting Brokers. It is understood and agreed that the above-stated limitation on
the Agent’s liability is essential to the Agent and that the Agent would not have entered into this Agreement if such limitation had not been agreed to by the parties to this Agreement. No person found guilty of any fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. The duties, obligations and liabilities of the Primary Parties and the Agent
under this Section 12 and under Section 11 shall be in addition to any duties, obligations and liabilities which the Primary Parties and the Agent may otherwise have. For purposes of this Section 12, each of the Agent’s and the
Primary Parties’ officers and directors and each person, if any, who controls the Agent or any of the Primary Parties within the meaning of the 1933 Act and the 1934 Act shall have the same rights to contribution as the Primary Parties and the
Agent. Any party entitled to contribution, promptly after receipt of notice of commencement of any action, suit, claim or proceeding against such party in respect of which a claim for contribution may be made against another party under this
Section 12, will notify such party from whom contribution may be sought, but the omission to so notify such party shall not relieve the party from whom contribution may be sought from any other obligation it may have hereunder or otherwise than
under this Section 12. 
 Section 13. Survival. All representations, warranties and indemnities and other statements
contained in this Agreement, or contained in certificates of officers of the Primary Parties or the Agent submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any termination or cancellation of this Agreement
or any investigation made 

  

 32 

 
by or on behalf of the Agent or its controlling persons, or by or on behalf of the Primary Parties and shall survive the issuance of the Shares, and any
legal representative, successor or assign of the Agent, any of the Primary Parties, and any indemnified person shall be entitled to the benefit of the respective agreements, indemnities, warranties and representations. 
 Section 14. Termination. Agent may terminate this Agreement by giving the notice indicated below in this Section at any time after
this Agreement becomes effective as follows: 
 (a) In the event (i) the Plan is abandoned or terminated by the Holding Company;
(ii) the Holding Company fails to consummate the sale of the minimum number of Shares prior to December 31, 2009 in accordance with the provisions of the Plan or as required by the Conversion Regulations and applicable law; (iii) the
Agent terminates this relationship because there has been a Material Adverse Effect since the date of the latest financial statements included in the Prospectus; or (iv) immediately prior to commencement of the Offerings, the Agent terminates
this relationship because in its opinion, which shall have been formed in good faith after reasonable determination and consideration of all relevant factors, there has been a failure to satisfactorily disclose all relevant information in the
Prospectus or the existence of market conditions which might render the sale of the Shares inadvisable, this Agreement shall terminate and no party to this Agreement shall have any obligation to the other hereunder except as set forth in Sections 3,
4, 9, 11 and 12 hereof. 
 (b) If any of the conditions specified in Section 10 shall not have been fulfilled when and as required by
this Agreement, or by the Closing Time, or waived in writing by the Agent, this Agreement and all of the Agent’s obligations hereunder may be canceled by the Agent by notifying the Holding Company of such cancellation in writing at any time at
or prior to the Closing Time, and any such cancellation shall be without liability of any party to any other party except as otherwise provided in Sections 3, 4, 9, 11 and 12 hereof. 
 (c) If Agent elects to terminate this Agreement as provided in this Section, the Holding Company shall be notified by the Agent as provided in
Section 15 hereof. 
 (d) If this Agreement is terminated in accordance with the provisions of Sections 3, 10, or 14, the Primary
Parties shall pay the Agent the fees earned pursuant to Section 4 and will reimburse the Agent for its reasonable expenses pursuant to Section 9, including without limitation accounting, communication, legal and travel expenses.

 Section 15. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have
been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Agent shall be directed to Stifel, Nicolaus & Company, Incorporated, 650 Madison Avenue, 10th Floor, New York, NY 10022, Attention: Mark B.
Cohen, Managing Director (with a copy to Paul, Hastings, Janofsky & Walker LLP, 600 Peachtree Street, N.E., Suite 2400, Atlanta, GA 30308, Attention: Elizabeth H. Noe); notices to the Primary Parties shall be directed to The Community Bank,
1265 Belmont Street, Brockton, MA 02301, Attention: David Curtis, President and Chief Executive Officer, (with a copy to Luse Gorman Pomerenk & Schick, P.C., 5335 Wisconsin Avenue, N.W., Suite 400, Washington, D.C. 20015, Attention: Robert
B. Pomerenk). 
  

 33 

 Section 16. Parties. This Agreement shall inure to the benefit of and be binding upon
the Agent and the Primary Parties, and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the parties hereto and their respective
successors and the controlling persons and officers and directors referred to in Sections 11 and 12 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provisions
herein contained. It is understood and agreed that this Agreement is the exclusive agreement among the parties, supersedes any prior Agreement among the parties and may not be varied except by a writing signed by all parties. 
 Section 17. Partial Invalidity. In the event that any term, provision or covenant herein or the application thereof to any
circumstances or situation shall be invalid or unenforceable, in whole or in part, the remainder hereof and the application of said term, provision or covenant to any other circumstance or situation shall not be affected thereby, and each term,
provision or covenant herein shall be valid and enforceable to the full extent permitted by law. 
 Section 18. Construction and
Waiver of Jury Trial. This Agreement shall be construed in accordance with the laws of the State of New York without giving effect to its conflicts of laws principles. Any dispute hereunder shall be brought in a court in the State of New
York. Each of the Primary Parties and the Agent waives all right to trial by jury in any action, proceeding, claim or counterclaim (whether based on contract, tort or otherwise) related to or arising out of this Agreement. 
  

 34 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
a counterpart hereof, whereupon this instrument along with all counterparts will become a binding agreement between you and us in accordance with its terms. 
  

			
	Very truly yours,
	
	 THE COMMUNITY BANK

		
	By:	 	 /s/ David W. Curtis

	Name:	 	David W. Curtis
	Title:	 	President and Chief Executive Officer

  

			
	 CAMPELLO BANCORP

	(a Massachusetts mutual holding company)
		
	By:	 	 /s/ David W. Curtis

	Name:	 	David W. Curtis
	Title:	 	President and Chief Executive Officer

  

			
	CAMPELLO BANCORP, INC.
	(a Maryland corporation)
		
	By:	 	 /s/ David W. Curtis

	Name:	 	David W. Curtis
	Title:	 	President and Chief Executive Officer

  

 [Agency Agreement Signature Page] 

							
	The foregoing Agency Agreement is hereby confirmed and accepted as of the date first set and above written.	 		 	
		
		 	STIFEL, NICOLAUS & COMPANY, INCORPORATED
				
		 	By:	 	 /s/ Mark B. Cohen
	 	
		 	Name:	 	Mark B. Cohen	 	
		 	Title:	 	Managing Director	 	

  

 [Agency Agreement Signature Page] 

 EXHIBIT A 
 LETTER AGREEMENT 
  

 A-1 

 EXHIBIT B 
 ASSISTING BROKERS AGREEMENT 
  

 B-1 

                     , 2008 
 Stifel,
Nicolaus & Company, Incorporated 
 650 Madison Avenue 
 10th Floor 
 New York, New York 10022 
 Gentlemen:

 (1) General. We understand that Stifel, Nicolaus & Company, Incorporated (“Stifel”) is entering into this
Agreement with us and other firms who may be offered the right to purchase as principal a portion of securities being distributed to the public. The terms and conditions of this Agreement shall be applicable to any public offering of securities
(“Securities”) pursuant to a registration statement filed under the Securities Act of 1933 (the “Securities Act”) or exempt from registration thereunder (other than a public offering of Securities effected wholly outside the
United States of America), wherein Stifel (acting for its own account or for the account of any underwriting or similar group or syndicate) is responsible for managing or otherwise implementing the sale of the Securities to selected dealers
(“Selected Dealers”) and has informed us that such terms and conditions shall be applicable. Any such offering of Securities to us as a Selected Dealer is hereinafter called an “Offering.” In the case of any Offering in which you
are acting for the account of any underwriting or similar group or syndicate (“Underwriters”), the terms and conditions of this Agreement shall be for the benefit of, and binding upon, such Underwriters, including, in the case of any
Offering in which you are acting with others as representatives of Underwriters, such other representatives. The term “preliminary prospectus” means any preliminary prospectus relating to an Offering of Securities or any preliminary
prospectus supplement together with a prospectus relating to an Offering of Securities; the term “Prospectus” means the prospectus, together with the final prospectus supplement, if any, relating to an Offering of Securities, filed
pursuant to Rule 424(b) or Rule 424(c) under the Securities Act or any successor or similar rules. 
 This Agreement constitutes the entire
agreement of the parties with regard to the subject matter hereof and supersedes any prior oral or written agreements or understanding between the parties hereto or their predecessors with respect to the subject matter hereof. 
 (2) Conditions of Offering, Acceptance and Purchase. Any Offering will be subject to delivery of the Securities and their acceptance by you and
any other Underwriters, may be subject to the approval of all legal matters by counsel and the satisfaction of other conditions, and may be made on the basis of reservation of Securities or an allotment against subscription. You will advise us by
telegram, telex, facsimile, e-mail, or other form of written communication (“Written Communication”) of the particular method and supplementary terms and conditions (including, without limitation, the information as to prices and offering
date referred to in Section 3(c)) of any Offering in which we are invited to participate. To the extent such supplementary terms and conditions are inconsistent with any provision herein, such terms and conditions shall supersede any such
provision. Unless otherwise indicated in any such Written Communication, acceptances and 

  

 B-2 

 
other communications by us with respect to any Offering should be sent to Stifel. You may close the subscription books at any time in your sole discretion
without notice, and you reserve the right to reject any acceptance in whole or in part. Payment for Securities purchased by us is to be made at such office as you may designate, at the public offering price, or, if you shall so advise us, at such
price less the concession to dealers or at the price set forth or indicated in a Written Communication, on such date as you shall determine, on one day’s prior notice to us, by wire transfer to a Stifel account, against delivery of certificates
or other forms evidencing such Securities. If payment is made for Securities purchased by us at the public offering price, the concession to which we shall be entitled will be paid to us upon termination of the provisions of Section 3(c) with
respect to such Securities. 
 Unless we promptly give you written instructions otherwise, if transactions in the Securities may be settled
through the facilities of The Depository Trust Company, delivery of Securities purchased by us will be made through such facilities if we are a member, or if we are not a member, settlement may be made through our ordinary correspondent who is a
member. 
 (3) Representations, Warranties, and Agreements. 
 (a) Registered Offering. In the case of any Offering of Securities that are registered under the Securities Act (“Registered Offering”),
you shall provide us with such number of copies of each preliminary prospectus, the Prospectus and any supplement thereto relating to each Registered Offering as we may reasonably request for the purposes contemplated by the Securities Act and the
Securities Exchange Act of 1934 (the “Exchange Act”) and the applicable Rules and regulations of the Securities and Exchange Commission thereunder. We represent that we are familiar with Rule 15c2-8 under the Exchange Act relating to the
distribution of preliminary and final prospectuses and agree that we will comply therewith. We agree to keep an accurate record of our distribution (including dates, number of copies, and persons to whom sent) of copies of the Prospectus or any
preliminary prospectus (or any amendment or supplement to any thereof), and promptly upon request by you, to bring all subsequent changes to the attention of anyone to whom such material shall have been furnished. We agree to furnish to persons who
receive a confirmation of sale a copy of the Prospectus filed pursuant to Rule 424(b) or Rule 424(c) under the Securities Act. We agree that in purchasing Securities in a Registered Offering we will rely upon no statements whatsoever, written or
oral, other than the statements in the Prospectus delivered to us by you. We will not be authorized by the issuer or other seller of Securities offered pursuant to a Prospectus or by any Underwriter to give any information or to make any
representation not contained in the Prospectus in connection with the sale of such Securities. We will not use any free writing prospectus, unless consented to by you or authorized expressly in writing to you by the issuer in the Registered
Offering. 
 (b) Offering Pursuant to Offering Circular. In the case of any Offering of Securities, other than a Registered Offering,
which is made pursuant to an offering circular or other document comparable to a prospectus in a Registered Offering, including, without limitation, an Offering of “exempted securities” as defined in Section 3(a)(2) of the Securities
Act (an “Exempted Securities Offering”), you shall provide us with such number of copies of each preliminary offering circular, the final offering circular and any supplement thereto relating to each Offering as we may reasonably request.
We agree that we will comply with the applicable federal and state laws, and the applicable rules and regulations of any regulatory body promulgated thereunder, governing the use 

  

 B-3 

 
and distribution of offering circulars by brokers or dealers. We agree that in purchasing Securities pursuant to an offering circular we will rely upon no
statements whatsoever, written or oral, other than the statements in the final offering circular delivered to us by you. We will not be authorized by the issuer or other seller of Securities offered pursuant to an offering circular or by any
Underwriter to give any information or to make any representation not contained in the offering circular in connection with the sale of such Securities. 
 (c) Offer and Sale to the Public. With respect to any Offering of Securities, you will inform us by a Written Communication of the public offering price, the selling concession, the reallowance (if any) to
dealers, and the time when we may commence selling Securities to the public. After such public offering has commenced, you may change the public offering price, the selling concession, and the reallowance to dealers. With respect to each Offering of
Securities, until the provisions of this Section 3(c) shall be terminated pursuant to Section 5, we agree to offer Securities to the public only at the public offering price, except that if a reallowance is in effect, a reallowance from
the public offering price not in excess of such reallowance may be allowed as consideration for services rendered in distribution to dealers who are actually engaged in the investment banking or securities business, who execute the written agreement
prescribed by Rule 2740 of the Rules of Conduct of the Financial Industry Regulatory Authority (the “FINRA”) and who are either members in good standing of the FINRA or foreign brokers or dealers not eligible for membership in the FINRA
who represent to us that they will promptly reoffer such Securities at the public offering price and will abide by the conditions with respect to foreign brokers and dealers set forth in Section 3(f) hereof. 
 (d) Stabilization and Overallotment. You may, with respect to any Offering, be authorized to over-allot in arranging sales to Selected Dealers, to
purchase and sell Securities, any other securities of the issuer of the Securities of the same class and series and any other securities of such issuer that you may designate for long or short account, and to stabilize or maintain the market price
of the Securities. We agree not to purchase and sell Securities for which an order from a client has not been received without your consent in each instance. We agree to advise you from time to time upon request, prior to the termination of the
provisions of Section 3(c) with respect to any Offering, of the amount of Securities purchased by us hereunder remaining unsold and we will, upon your request, sell to you, for the accounts of the Underwriters, such amount of Securities as you
may designate, at the public offering price thereof less an amount to be determined by you not in excess of the concession to dealers. In the event that prior to the later of (i) the termination of the provisions of Section 3(c) with
respect to any Offering, or (ii) the covering by you of any short position created by you in connection with such Offering for your account or the account of one or more Underwriters, you purchase or contract to purchase for the account of any
of the Underwriters, in the open market or otherwise, any Securities theretofore delivered to us, you reserve the right to withhold the above-mentioned concession to dealers on such Securities if sold to us at the public offering price, or if such
concession has been allowed to us through our purchase at a net price, we agree to repay such concession upon your demand, plus in each case any taxes on redelivery, commissions, accrued interest, and dividends paid in connection with such purchase
or contract to purchase. 
 (e) Open Market Transactions. We agree to abide by Regulation M under the Exchange Act and we agree not to
bid for, purchase, attempt to purchase, or sell, directly or indirectly, any Securities, any other Reference Securities (as defined in Regulation M) of the issuer, or any other 

  

 B-4 

 
securities of such issuer as you may designate, except as brokers pursuant to unsolicited orders and as otherwise provided in this Agreement. If the
Securities are common stock or securities convertible into common stock, we agree not to effect, or attempt to induce others to effect, directly or indirectly, any transactions in or relating to any stock of such issuer, except to the extent
permitted by Rule 101 of Regulation M under the Exchange Act. 
 (f) FINRA. We represent that we are actually engaged in the
investment banking or securities business and we are either (i) a member in good standing of the FINRA, (ii) if not such a member, a foreign dealer not eligible for membership, or (iii) solely in connection with an Exempted Securities
Offering, a bank, as defined in Section 3(a)(6) of the Exchange Act, that does not otherwise fall within provision (i) or (ii) of this sentence (a “Bank”). If we are a member as described in (i), we agree that in making
sales of the Securities we will comply with all applicable interpretative materials and Conduct Rules of the FINRA, including, without limitation, Conduct Rules 2740 (relating to Selling Concessions, Discounts and Other Allowances) and 2790
(relating to New Issues). If we are a foreign dealer as described in (ii), we agree not to offer or sell any Securities in the United States of America, its territories or its possessions or to persons who are citizens thereof or residents therein
(other than through you), and in making sales of Securities outside the United States of America we agree to comply as though we were a member with Conduct Rules 2730 (relating to Securities Taken in Trade), 2740 (relating to Selling Concessions),
2750 (relating to Transactions with Related Persons) and 2790 (relating to New Issues) as though we were such a member and to comply with Conduct Rule 2420 (relating to Dealing with Non-Members) as it applies to a nonmember broker or dealer in a
foreign country. In connection with an Exempted Securities Offering, if we are a Bank, we agree to also comply, as though we were an FINRA member, with the provision of Rules 2730, 2740 and 2750 of the Conduct Rules. We further represent, by our
participating in an Offering, that we have provided to you all documents and other information required to be filed with respect to us, any related person or any person associated with us or any such related person pursuant to the supplementary
requirements of the FINRA’s interpretation with respect to review of corporate financing as such requirements relate to such Offering. 
 We further agree that, in connection with any purchase of Securities from you that is not otherwise covered by the terms of this Agreement (whether you are acting as manager, as member of an underwriting syndicate or a selling group or
otherwise), if a selling concession, discount or other allowance is granted to us, the preceding paragraph will be applicable. 
 (g)
Relationship among Underwriters and Selected Dealers. You may buy Securities from or sell Securities to any Underwriter or Selected Dealer and, with your consent, the Underwriters (if any) and the Selected Dealers may purchase Securities from
and sell Securities to each other at the public offering price less all or any part of the concession. We are not authorized to act as agent for you or any Underwriter or the issuer or other seller of any Securities in offering Securities to the
public or otherwise. Nothing contained herein or in any Written Communication from you shall constitute the Selected Dealers partners with you or any Underwriter or with one another. If the Selected Dealers, among themselves or with the
Underwriters, should be deemed to constitute a partnership for federal income tax purposes, then we elect to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986 and agree not to take any
position inconsistent with that election. We authorize you, in your discretion, to execute and file on our behalf such evidence of that election as may be required by the Internal 

  

 B-5 

 
Revenue Service. Neither you nor any Underwriter shall be under any obligation to us except for obligations assumed hereby or in any Written Communication
from you in connection with any Offering. In connection with any Offering, we agree to pay our proportionate share of any tax, claim, demand, or liability asserted against us, and the other Selected Dealers or any of them, or against you or the
Underwriters, if any, based on any claim that such Selected Dealers or any of them constitute an association, unincorporated business, or other separate entity, including in each case our proportionate share of any expense incurred in defending
against any such tax, claim, demand, or liability. 
 (h) Blue Sky Laws. Upon application to you, you will inform us as to the
jurisdictions in which you believe the Securities have been qualified for sale or are exempt under the respective securities or “blue sky” laws of such jurisdictions. We understand and agree that compliance with the securities or
“blue sky” laws in each jurisdiction in which we shall offer or sell any of the Securities shall be our sole responsibility and that you assume no responsibility or obligations as to the eligibility of the Securities for sale or our right
to sell the Securities in any jurisdiction. 
 (i) Compliance with Law. We agree that in selling Securities pursuant to any Offering
(which agreement shall also be for the benefit of the issuer or other seller of such Securities), we will comply with the applicable provisions of the Securities Act and the Exchange Act, the applicable Rules and regulations of the Securities and
Exchange Commission thereunder, the applicable Rules and regulations of the FINRA, the applicable Rules and regulations of any securities exchange having jurisdiction over the Offering, and the applicable laws, rules and regulations specified in
Section 3(c) hereof. Without limiting the foregoing, (a) we agree that, at all times since we were invited to participate in an Offering of Securities, we have complied with the provisions of Regulation M applicable to such Offering, in
each case after giving effect to any applicable exemptions and (b) we represent that our incurrence of obligations hereunder in connection with any Offering of Securities will not result in the violation by us of Rule 15c3-1 under the Exchange
Act, if such requirements are applicable to us. You shall have full authority to take such action as you may deem advisable in respect of all matters pertaining to any Offering. Neither you nor any Underwriter shall be under any liability to us,
except for lack of good faith and for obligations expressly assumed by you in this Agreement; provided, however, that nothing in this sentence shall be deemed to relieve you from any liability imposed by the Securities Act. 
 (j) Best Efforts Offering. If you communicate to us that a particular offering is being made on a best efforts basis, then the terms in this
Section 3(j) apply and other inconsistent terms in this Agreement do not apply. 
 (i) The offering will be a best efforts offering. The
offering also will be contingent and involve a closing only after receipt of necessary documentation from the issuer and satisfaction of other conditions, if any, specified in the prospectus or offering circular and the agency or engagement
agreement with you and the issuer. The offering is designed to comply with applicable Commission rules, including Rules 15c2-4, 10b-9, and 15c6-1. See FINRA Notice to Members 98-4, 87-61 and 84-7. 
 (ii) We represent and agree that we shall take necessary steps to comply with Commission Rules 15c2-4, 10b-9 and 15c6-1, including, but not limited to,
depositing funds in a complying special account if funds are received before all closing conditions have been met. We also represent that we are aware that those who purchase in this best efforts offering are subject to the investor purchase
limitations described in the prospectus or offering circular. 
  

 B-6 

 (4) Indemnification. We agree to indemnify and hold harmless Stifel, the issuer of the Securities,
each person, if any, who controls (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) Stifel or the issuer of the Securities, and their respective directors, officers and employees from and
against any and all losses, liabilities, costs or claims (or actions in respect thereof) (collectively, “Losses”) to which any of them may become subject (including all reasonable costs of investigating, disputing or defending any such
claim or action), insofar as such Losses arise out of or are in connection with the breach of any representation, warranty or agreement made by us herein. 
 If any claim, demand, action or proceeding (including any governmental investigation) shall be brought or alleged against an indemnified party in respect of which indemnity is to be sought against an indemnifying
party, the indemnified party shall promptly notify the indemnifying party in writing, and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnified party may designate in such proceeding and shall pay the reasonable fees and expenses of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to
retain its own counsel, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such
counsel, (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to such indemnified party or (iii) the named parties to any such proceeding (including any impleaded parties) include both
the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is agreed that the indemnifying party shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate law firm (in addition to local counsel where necessary) for all such indemnified parties. Such
firm shall be designated in writing by the indemnified party. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
 The indemnity
agreements contained in this Section and the representations and warranties by us in this Agreement shall remain operative and in full force and effect regardless of: (i) any termination of this Agreement, (ii) any investigation made by an
indemnified party or on such party’s behalf or any person controlling an indemnified party or by or on behalf of the indemnifying party, its directors or officers or any person controlling the indemnifying party, and (iii) acceptance of
and payment for any Securities. 
  

 B-7 

 (5) Termination; Supplements and Amendments. This Agreement may be terminated by either party
hereto upon five business days’ written notice to the other party; provided that with respect to any Offering for which a Written Communication was sent and accepted prior to such notice, this Agreement as it applies to such Offering shall
remain in full force and effect and shall terminate with respect to such Offering in accordance with the last sentence of this Section. This Agreement may be supplemented or amended by you by written notice thereof to us, and any such supplement or
amendment to this Agreement shall be effective with respect to any Offering to which this Agreement applies after the date of such supplement or amendment. Each reference to “this Agreement” herein shall, as appropriate, be to this
Agreement as so amended and supplemented. The terms and conditions set forth in Sections 3(c) and (e) with regard to any offering will terminate at the close of business on the thirtieth day after the date of the initial public offering of the
Securities to which such Offering relates, but such terms and conditions, upon notice to us, may be terminated by you at any time. 
 (6)
Successors and Assigns. This Agreement shall be binding on, and inure to the benefit of, the parties hereto and other persons specified or indicated in Section 1, and the respective successors and assigns of each of them. 
 (7) Governing Law. This Agreement and the terms and conditions set forth herein with respect to any Offering together with such supplementary
terms and conditions with respect to such Offering as may be contained in any Written Communication from you to us in connection therewith shall be governed by, and construed in accordance with, the laws of the State of Missouri without regard to
conflicts of laws principles. 
 [SIGNATURE PAGE FOLLOWS] 
  

 B-8 

 By signing this Agreement we confirm that our subscription to, or our acceptance of any reservation of,
any Securities pursuant to an Offering shall constitute (i) acceptance of and agreement to the terms and conditions of this Agreement (as supplemented and amended pursuant to Section 5) together with and subject to any supplementary terms
and conditions contained in any Written Communication from you in connection with such Offering, all of which shall constitute a binding agreement between us and you, individually, or as representative of any Underwriters, (ii) in confirmation
that our representations and warranties set forth in Section 3 are true and correct at that time and (iii) confirmation that our agreements set forth in Sections 2 and 3 have been and will be fully performed by us to the extent and at the
times required thereby. 
  

			
	Very truly yours,
	
	  

	(Name of Firm)
		
	By:	 	  

 Confirmed, as of the date first above written. 
 STIFEL, NICOLAUS & COMPANY, INCORPORATED 
  

											
	 By:
	 	  
	 		 		 		 	
		 		 	Execution Date:	 	  
	 	

  

 B-9 

 EXHIBIT C 
 FORM OF OPINION OF LUSE GORMAN POMERENK & SCHICK, P.C. 
 The favorable opinion, dated as of
the Closing Time of Luse Gorman Pomerenk & Schick, P.C., counsel to the Primary Parties, in form and substance satisfactory to counsel for the Agent to the effect as follows (the opinion shall provide that capitalized terms have the
meanings given them in the Agency Agreement unless otherwise defined in the opinion). The opinion may be limited to matters governed by laws of the United States, the laws of the State of Delaware, the laws of the State of New York, the laws of the
State of Maryland and the laws of the Commonwealth of Massachusetts. 
 (i) The Holding Company is a corporation duly organized and validly
existing and in good standing under the laws of the State of Maryland, with corporate power and authority to own its properties and to conduct its business as described in the Prospectus; and the Holding Company is duly qualified to transact
business and in good standing in Maryland and each jurisdiction in which the conduct of its business requires such qualification and in which the failure to qualify would have a Material Adverse Effect. 
 (ii) The Bank is a validly existing Massachusetts co-operative bank, with full power and authority to own its properties and to conduct its business as
described in the Prospectus and to enter into this Agreement and perform its obligations hereunder; the activities of the Bank as described in the Prospectus are permitted by the rules, regulations and practices of the Division and the FDIC and
applicable federal laws; the issuance and sale of the Common Stock of the Bank to the Holding Company in the Conversion has been duly and validly authorized by all necessary corporate action on the part of the Holding Company and the Bank and, upon
payment therefor in accordance with the terms of the Plan, will be validly issued, fully paid and nonassessable, and will be owned of record and beneficially by the Holding Company, free and clear of any security interest, mortgage, pledge, lien or
encumbrance. 
 (iii) The MHC is a validly existing Massachusetts mutual holding company, with full power and authority to own its properties
and to conduct its business as described in the Prospectus and to enter into this Agreement and perform its obligations hereunder; and the activities of the MHC as described in the Prospectus are permitted under Massachusetts and applicable federal
law to a Massachusetts chartered mutual holding company. 
 (iv) The activities of the Holding Company, as described in the Prospectus, are
permitted under Maryland and applicable federal law, to a Maryland holding company. To our knowledge, each of the Primary Parties has obtained all licenses, permits, and other governmental authorizations that are material for the conduct of its
business, all such licenses, permits and other governmental authorizations are in full force and effect, and the Primary Parties are complying therewith in all material respects. 
  

 C-1 

 (v) The Bank is a member of the FHLB of Boston. The Bank is an insured depository institution under the
provisions of the Federal Deposit Insurance Act, as amended, and to such counsel’s knowledge no proceedings for the termination or revocation of such insurance are pending or threatened. 
 (vi) To such counsel’s knowledge, the only subsidiaries of the Bank are the Bank Subsidiaries and the only subsidiaries of the MHC are the MHC
Subsidiaries. Each of the Subsidiaries is a duly organized and validly existing organization and in good standing under the laws of the state of organization, authorized to conduct its business as described in the Prospectus. To such counsel’s
knowledge, upon consummation of the Conversion, the only subsidiaries of the Holding Company will be the Bank and the MHC Subsidiaries, and the only subsidiaries of the Bank will be Bank Subsidiaries. Except for the Bank Subsidiaries and except as
set forth in the Prospectus, the Bank does not directly or indirectly, control any other corporation, limited liability company, partnership, joint venture, association, trust or other business organization. The activities of the Subsidiaries as
described in the Prospectus are permitted by the rules, regulations and practices of the Division, FDIC and FRB to subsidiaries of a Massachusetts chartered co-operative bank and a Massachusetts mutual holding company, as applicable. Except as set
forth in the Prospectus, all of the issued and outstanding capital stock of each of the Bank Subsidiaries has been validly issued, is fully paid and non assessable and, except as disclosed in the Prospectus, is owned by the Bank free and clear of
any security interest, mortgage, pledge, lien, or encumbrance. Except as set forth in the Prospectus, all of the issued and outstanding capital stock of each of the MHC Subsidiaries has validly issued, is fully paid and non assessable and, except as
disclosed in the Prospectus, is owned by the MHC free and clear of any security interest, mortgage, pledge, lien, or encumbrance. 
 (vii)
The Charitable Foundation has been duly incorporated and is validly existing as a non-stock corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own, lease and operate its properties and to
conduct its business as described in the Prospectus; and except for the requisite member vote, no approvals are required to establish the Charitable Foundation and to contribute the Foundation Shares thereto as described in the Prospectus other than
those imposed by the Division, the FDIC or the FRB. 
 (viii) The authorized capitol stock of the Holding Company consists of 100,000,000
shares of Common Stock, par value of $0.01 per share and 50,000,000 shares of preferred stock, par value of $0.01 per share. At the Closing Time, (a) the issued and outstanding capital stock of the Holding Company will be within the range set
forth in the Prospectus under the caption “Capitalization,” and no shares of Common Stock have been or will be issued and outstanding prior to the Closing Time; (b) the Shares to be issued in the Offerings have been duly and validly
authorized for issuance, and when issued and delivered by the Holding Company pursuant to the Plan against payment of the consideration calculated as set forth in the Plan, will be fully paid and nonassessable; (c) the Foundation Shares to be
issued to the Charitable Foundation have been duly and validly authorized for issuance and, when contributed to the Charitable Foundation as set forth in the Plan, will be duly and validly issued and fully paid and 

  

 C-2 

 
nonassessable; (d) the issuance of the Shares and Foundation Shares is not subject to preemptive rights under the charter or bylaws of any of the
Primary Parties, or arising or outstanding by operation of law or, to the knowledge of such counsel, under any contract, indenture, agreement, instrument or other document, except for the subscription rights under the Plan. 
 (ix) The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, including the establishment of the
Charitable Foundation and the contribution thereto of the Foundation Shares, have been duly authorized by all necessary corporate action on the part of the Primary Parties; and this Agreement constitutes a valid, legal and binding obligation of each
of the Primary Parties, enforceable in accordance with its terms, except to the extent that the provisions of Sections 11 and 12 hereof may be unenforceable as against public policy, and subject to the qualification that (i) enforcement thereof
may be limited by bankruptcy, insolvency, moratorium, reorganization or other laws (including the laws of fraudulent conveyance) or judicial decisions affecting the enforceability of creditors’ rights generally, or the rights of creditors of
savings banks or financial institutions insured by the FDIC and (ii) enforcement thereof is subject to general equity principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and to the effect of
certain laws and judicial decisions upon the availability of injunctive relief and enforceability of equitable remedies, including the remedies of specific performance and self-help. 
 (x) The Plan and the establishment and funding of the Charitable Foundation have been duly adopted by the boards of directors of each of the Primary
Parties in the manner required by the Conversion Regulations. The Merger has been approved by the corporators of MHC and the Plan and contribution of Foundation Shares to the Charitable Foundation have been approved by the members of the Bank.

 (xi) To such counsel’s knowledge, the Conversion, the Offerings and the establishment and funding of the Charitable Foundation, were
effected in all material respects in accordance with the Conversion Regulations (except to the extent that the requirement to comply therewith was specifically waived by the Commission, the Division, the FDIC or the FRB), the Plan and the letters
from the Division, the FDIC and the FRB approving the Applications, as applicable; and, to such counsel’s knowledge, all terms and conditions with respect to the Conversion, the Offerings and the establishment and funding of the Charitable
Foundation imposed by the Commission, the Division, the FDIC and the FRB or any other governmental agency, if any, were complied with by the Primary Parties and the Charitable Foundation in all material respects or appropriate waivers were obtained
and all notices and waiting periods were satisfied, waived or elapsed. 
 (xii) The Applications have been approved by the Division, the FDIC
and the FRB, respectively, as applicable; the Plan and the Information Statement have been approved by the Division and the FDIC, as applicable; and subject to the satisfaction of any conditions set forth in such approval(s) and clearance under
applicable securities 

  

 C-3 

 
laws, no further approval, registration, authorization, consent or other order of any federal or state regulatory agency, public board or body is required in
connection with the execution and delivery of this Agreement, the offer, sale and issuance of the Shares, the establishment of the Charitable Foundation, the issuance of the Foundation Shares and the consummation of the Conversion. The purchase by
the Holding Company of all of the issued and outstanding Common Stock of the Bank has been authorized by the Division and the FRB, and, to such counsel’s knowledge, no action has been taken, or is pending or threatened, to revoke any such
authorization or approval. 
 (xiii) The Registration Statement has become effective under the 1933 Act, and such counsel has been advised by
the Commission’s staff that no stop order suspending the effectiveness of the Registration Statement has been issued, and, to such counsel’s knowledge, no proceedings for that purpose have been instituted or threatened. 
 (xiv) The material tax consequences of the Conversion are set forth in the Prospectus under the captions “Summary” and “The Conversion and
Offering - Material Income Tax Consequences.” The information in the Prospectus under the caption “Summary” and “The Conversion and Offering - Material Income Tax Aspects,” has been reviewed by such counsel and fairly
describes such opinions rendered by such counsel and Chu, Ring & Hazel LLP to the Primary Parties with respect to such matters. 
 (xv) The terms and provisions of the Shares of Common Stock conform to the description thereof contained in the Registration Statement and the Prospectus, and the form of certificates proposed to be used to evidence the Shares of Common
Stock are in due and proper form. 
 (xvi) At the time the Applications, Prospectus and Information Statement were approved and as of the
Closing Date, the Applications, the Prospectus and the Information Statement (each, as amended or supplemented), complied as to form in all material respects with the requirements of the Conversion Regulations and all applicable laws, rules and
regulations and decisions and orders of the Division, the FDIC and the FRB, as applicable, except as modified or waived [note, Division has waived orally re the supplemental eligibility record date]by the Division, the FDIC and the
FRB, as applicable (other than the financial statements, notes to financial statements, financial tables and other financial and statistical data included therein and the appraisal valuation as to which counsel need express no opinion). To such
counsel’s knowledge, no person has sought to obtain regulatory or judicial review of the final action of the Division, the FDIC and the FRB, as applicable, approving the Applications, the Prospectus and the Information Statement, as applicable.

 (xvii) At the time that the Registration Statement became effective, and as of the Closing Date, the Registration Statement, including the
Prospectus contained therein (as amended or supplemented) (other than the financial statements, notes to financial statements, financial tables or other financial and statistical data included therein and the appraisal valuation as to which counsel
need express no opinion), complied as to form in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. 
  

 C-4 

 (xviii) To such counsel’s knowledge, there are no legal or governmental proceedings pending or
threatened (i) asserting the invalidity of this Agreement or (ii) seeking to prevent the Conversion, the offer, sale or issuance of the Shares or the issuance of the Foundation Shares. 
 (xix) The information in the Prospectus under the captions “Summary—Our Dividend Policy,” “Summary—Tax Consequences,”
“Supervision and Regulation,” “Taxation “ (with regard to Federal taxation only), “The Conversion and Offering,” “The Community Bank Charitable Foundation,” “Restrictions on Acquisition of Campello
Bancorp,” and “Description of Capital Stock of Campello Bancorp Following the Conversion,” to the extent that it constitutes matters of law, summaries of legal matters, documents or proceedings, or legal conclusions, has been reviewed
by such counsel and is accurate in all material respects (except as to the financial statements and other financial data included therein as to which such counsel need express no opinion). 
 (xx) None of the Primary Parties are required to be registered as an “investment company” as such term is defined in the Investment Company Act
of 1940. 
 (xxi) To such counsel’s knowledge, there are no contracts or documents of a character required to be described in the
Registration Statement or Prospectus (as amended or supplemented) or to be filed as exhibits thereto that are not described or filed, and no default exists, and no event has occurred which, with notice or lapse of time or both, would constitute a
default, in the due performance or observance of any material obligation, agreement or covenant contained in any contract or document so described or filed. 
 (xxii) None of the Primary Parties or the Charitable Foundation is in violation of its charter or certificate of incorporation, as applicable, or its bylaws or, to such counsel’s knowledge, any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other instrument filed as an exhibit to, or incorporated by reference in, the Registration Statement, which violation would have a
Material Adverse Effect. In addition, the execution and delivery of and performance under this Agreement by the Primary Parties, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not
result in any material violation of the provisions of the charter or certificate if incorporation, as applicable, or the bylaws of any of the Primary Parties or the Charitable Foundation, or any material violation of any applicable law, act,
regulation, or to such counsel’s knowledge, order or court order, writ, injunction or decree. 
  

 C-5Registration Rights Agreement

 Exhibit 4.4 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of October 23, 2008, is made by and among Peplin, Inc., a Delaware corporation, with headquarters located at 6475 Christie Avenue, Emeryville, California 94608 (the “Company”), and the several
investors listed on Schedule I hereto (each an “Investor,” and collectively, the “Investors”). 
 WHEREAS, the Company has agreed to issue and sell to the Investors, and the Investors have agreed to purchase from the Company, an aggregate of 3,980,259 shares (the “Shares”) of the Company’s
common stock, $0.001 par value per share (the “Common Stock”), and certain warrants (the “Warrants”) to purchase up to and aggregate of 1,326,753 shares (the “Warrant Shares”) of Common Stock, all
upon the terms and conditions set forth in the Stock Subscription and Registration Rights Agreement, dated as of the date hereof, among the Company and the investor parties thereto (the “Subscription Agreement”); 
 WHEREAS, in addition to the Shares purchased pursuant to the Subscription Agreement, the Investors have previously purchased and
currently hold, and may purchase and hold in the future, other shares of Common Stock in transactions exempt from the registration requirements of the Securities Act (any and all such other shares, whether now owned or hereafter acquired by the
Investors being collectively referred to herein as the “Additional Shares”); 
 WHEREAS, in connection with
their purchase of the Shares and the Warrants, the Investors desire to receive, and the Company desires to grant, certain registration rights in addition to those contained in the Subscription Agreement. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows:

 Section 1. Registration Rights. The Company will perform and comply with each of the following provisions as are
applicable to it. Each holder of Registrable Shares will perform and comply with each of the following provisions as are applicable to such holder. 
 1.1. Demand Registration. 
 1.1.1. Form S-3
Demand. If at any time when it is eligible to use a Registration Statement on Form S-3, or any successor form adopted under the Securities Act and permitting the resale of restricted securities on a delayed or continuous basis, the Company
receives a written request from any Investor or Investors holding Registrable Shares then outstanding that the Company file a Registration Statement on Form S-3 or such successor form with respect to outstanding Registrable Shares then held by such
Investor(s) having an anticipated aggregate offering price, net of Selling Expenses, of at least $5,000,000, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Investors other
than the Initiating Investors; and (ii) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Registration Statement on Form S-3, or any successor form under
the Securities Act, covering 

 
all Registrable Shares requested to be included in such Registration Statement by any other Investors, as specified by notice given by each such Holder to
the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 1.1.4. 
 1.1.2. Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Section 1.1 will be borne by the Company; provided,
however, that the Company shall not bear the costs and expenses of brokerage fees or transfer taxes for any Investor, or the fees and expenses of any attorneys, accountants or other representatives retained by any holder(s) of Registrable
Shares other than the reasonable fees and expenses incurred by a single law firm (“Selling Investor Counsel”), the fees of such counsel not to exceed $10,000 in connection with the first registration pursuant to Section 1.1.1
and not to exceed $5,000 for any subsequent registration, selected by such holder(s) in connection with such law firm’s representation of such holder(s) in any registration effected in compliance with this Section 1.1. All Selling Expenses
relating to the securities registered on behalf of the Investors shall be borne by the holders of the registered securities included in any registration statement pursuant to Section 1.1.1 pro rata on the basis of the number of shares so
registered. 
 1.1.3. Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 1.1 that the holders of the Registrable Shares shall furnish to the Company such information regarding them, the Registrable Shares held by them, and the method of distribution of such
securities as the Company shall reasonably request and as shall be required in order to effect any registration by the Company pursuant to this Section 1.1 and the refusal to furnish such information by any holder of Registrable Shares shall
relieve the Company of its obligations in this Section 1.1 with respect to such holder and the applicable Registration Statement. 
 1.1.4. Blackout Period. Notwithstanding the foregoing obligations, if the Company furnishes to the Investors requesting a registration pursuant to this Section 1.1 a certificate signed by the
Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such Registration Statement to either become effective
or remain effective for as long as such Registration Statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar
transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements
under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of
not more than ninety (90) days after the request of the Initiating Investors is given; provided, however, that the Company 

  

 2 

 
may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any
securities for its own account or that of any other stockholder during such ninety (90) day period other than pursuant to (A) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock
option, stock purchase, or similar plan; (B) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Shares; or
(C) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 1.1.5. Limitations on Demand Rights. The Company shall not be obligated to effect, or to take any action to effect,
any registration pursuant to Section 1.1.1 (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective
date of, a Company-initiated registration, provided, that the Company is actively employing in good faith reasonable best efforts to cause such Registration Statement to become effective; (ii) in any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the
Securities Act; (iii) if the Company is not eligible to use Form S-3 for such offering; or (iv) if the Company has effected two registrations pursuant to Section 1.1.1 within the twelve (12) month period immediately preceding the
date of such request. A registration shall not be counted as “effected” for purposes of this Section 1.1.5 until such time as the applicable Registration Statement has been declared effective by the SEC, unless the Initiating
Investors withdraw their request for such registration, in which case such withdrawn Registration Statement shall be counted as “effected” for purposes of this Section 1.1.5. 
 1.2. Piggyback Registration Rights. 
 1.2.1. General. Each time the Company proposes to register any shares of Common Stock under the Securities Act, on
a form which would permit registration of Registrable Shares for sale to the public, for sale in a public offering, the Company will promptly give notice to all holders of Registrable Shares of its intention to do so. Any such holder may, by written
response delivered to the Company within twenty (20) days after receipt of such notice, request that some or all of the Registrable Shares held by such holder be included in such registration. The Company thereupon will use its reasonable best
efforts to cause to be included in such registration under the Securities Act, all Registrable Shares which the Company has been so requested to register by such holders, to the extent required to permit the disposition (in accordance with the
methods to be used by the Company or other holders of shares of Common Stock in such public offering) of the Registrable Shares to be so registered. No registration of Registrable Shares effected under this Section 1.2 shall relieve the Company
of any of its obligations to effect the registration of Registrable Shares 

  

 3 

 
pursuant to Section 1.1 hereof. The Company may withdraw, suspend or terminate any registration covered by this Section 1.2 at any time (subject,
in the case of any registration also covered by Section 1.1 hereof, to any limitations set forth therein). 
 1.2.2. Excluded Transactions. The Company shall not be obligated to effect any registration of Registrable Shares under this Section 1.2 incidental to the registration of any of its securities in connection with: 
 (a)        Any registration statement that is filed to effect (but not to
finance) the registration of shares relating to employee benefit plans or dividend reinvestment plans; 
 (b)        Any registration statement that is filed relating to the acquisition or merger after the date hereof by the Company or any of its Subsidiaries of or with any other businesses (but not to
finance such acquisition or merger); or 
 (c)        Any
registration statement which is filed to register the rights of the Shares and Warrant Shares pursuant to Section 5 of the Subscription Agreement. 
 1.2.3. Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Section 1.2 will be borne by the Company; provided,
however, the Company shall not bear the costs and expenses of brokerage fees or transfer taxes for any Investor, or Selling Expenses, other than the reasonable fees and expenses incurred by Selling Investor Counsel in connection with such law
firm’s representation of such holder(s) in any registration effected in compliance with this Section 1.2, such legal fees and expenses not to exceed $10,000 pursuant to the first registration pursuant to Section 1.2.1, and $5,000 for
any subsequent registration. 
 1.2.4. Additional Procedures. Each holder of Registrable Shares
participating in any public offering pursuant to this Section 1.2 shall take all such actions and execute all such documents and instruments that are reasonably requested by the Company to effect the sale of their Registrable Shares in such
public offering, including, without limitation, being parties to the underwriting agreement entered into by the Company and any other selling stockholders in connection therewith and being liable severally (as to itself) and not jointly in respect
of the representations and warranties by, and the other agreements (including without limitation customary selling stockholder representations, warranties, indemnifications and “lock-up” agreements) of such holder for the benefit of
the underwriters; provided, however, that (a) with respect to individual representations, warranties, indemnities and agreements of selling holders of Registrable Shares in such public offering, the aggregate amount of such
liability 

  

 4 

 
shall not exceed such holder’s net proceeds from such offering and (b) to the extent selling holders of Registrable Shares give further
representations, warranties and indemnities, then with respect to all other representations, warranties and indemnities of sellers of Registrable Shares in such public offering, the aggregate amount of such liability shall not exceed the lesser of
(i) such holder’s pro rata portion of any such liability, in accordance with such holder’s portion of the total number of Registrable Shares included in the offering or (ii) such holder’s net proceeds from such offering,
provided, that no selling holder of Registrable Shares shall have any liability with respect to representations, warranties and indemnities given by any other holder of Registrable Shares, and any selling holder shall be entitled to withdraw
from any public offering to the extent that any underwriter, as a condition to participation in such Public Offering, requires such selling holder to give representations that relate to any matters other than the ownership of securities of the
Company by such selling holder, such selling holder’s authority to participate in such public offering and the legality of such holder’s participation in such public offering or assume any other obligations with respect to such public
offering that are not reasonable and customary in the light of the circumstances. 
 1.3. Certain Other
Provisions. 
 1.3.1. Underwriter’s Cutback in connection with a Piggyback Registration. In
connection with any registration of shares of Common Stock pursuant to an underwritten offering (other than any underwritten offering initiated by the Investors under Section 1.1 of this Agreement), the underwriter may determine that marketing
factors (including, without limitation, an adverse effect on the per share offering price) require a limitation of the number of shares of Common Stock to be underwritten. Notwithstanding any contrary provision of Section 1.2 hereof, and
subject to the terms of this Section 1.3.1, the underwriter may exclude all Registrable Shares from, or limit the number of Registrable Shares to be included in, such registration. Upon receipt of notice from the underwriter of the need to
exclude, or reduce the number of, Registrable Shares to be included in the registration, the Company shall advise all holders of Common Stock that would otherwise be registered and underwritten in such registration, and the number of shares of
Common Stock, including Registrable Shares, that may be included in the registration shall be allocated: 
 (a)        first, (i) to the Company and, (ii) if the registration is pursuant to a demand request made by a third party, to the holders making the demand request; 
 (b)        second, pari passu to the holders of Registrable Shares and
other holders, if any, of shares of Common Stock having registration rights that are pari passu with the rights of the holders of the Registrable Shares hereunder; provided, however, that no Registrable Shares requested to be included
in the registration by a holder shall be excluded from the registration until all shares proposed to be registered by the Company’s 

  

 5 

 
founders, officers, directors or employees are excluded from the registration; and 
 (c)        third, to any others requesting registration of securities of
the Company pursuant to piggyback registration rights that are junior to the rights provided to the holders of Registrable Shares hereunder; 
 provided, however, that if the Company has, prior to the date hereof, or after the date hereof, granted registration rights which are to be treated on an equal basis with Registrable Shares for the
purpose of the exercise of the underwriter cutback, the registration rights granted to the holders of any such shares of Common Stock shall be treated on an equal basis with Registrable Shares for purposes of this underwriting cutback. No securities
excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. Upon delivery of a written request that Registrable Shares be included in an underwritten offering pursuant to
Section 1.2.1 hereof, the holder thereof may not thereafter elect to withdraw therefrom without the written consent of the Company and the holders of at least 50% of the Registrable Shares to be included in such registration, unless 50% or more
of the Registrable Shares it requested to be included in such registration are subject to an underwriter cutback, or any underwriter, as a condition to participation in such public offering, requires such holder to give representations that relate
to any matters other than the ownership of securities of the Company by such holder, such holder’s authority to participate in such public offering and the legality of such holder’s participation in such public offering. 
 1.3.2. Registration Procedures. In connection with the Company’s obligations under Section 1.1 and 1.2
hereof to use its reasonable best efforts to effect a registration of any Registrable Shares, the Company shall take appropriate and customary actions in furtherance thereof, including, without limitation: 
 (a)        promptly filing with the SEC a Registration Statement and using
reasonable best efforts to cause such registration statement to become effective; 
 (b)        (i) furnishing to each Investor copies of all documents filed with the SEC with respect to any Registration Statement filed pursuant to this Section 1.3.2 prior to their being filed
with the SEC, and using reasonable best efforts to reflect in each such document, where appropriate, when such documents are so filed with the SEC, such comments as such Investors may reasonably propose, (ii) using reasonable best efforts to
cause its officers and directors, counsel and certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of such Investor, to conduct a reasonable investigation within the meaning of the Securities
Act, and (iii) notifying the Investors of any stop order issued or threatened by the SEC with respect to any 

  

 6 

 
registration statement filed pursuant to this Section 1.3.2 and use best efforts to prevent the entry of such stop order or to remove it if entered;

 (c)        preparing and filing with the SEC such amendments and
supplements to any Registration Statement filed pursuant to this Section 1.3.2 and any prospectuses used in connection therewith as may be required to comply with the Securities Act and to keep such Registration Statement effective for a period
of two hundred seventy (270) days from the date of effectiveness or, if earlier, until the distribution contemplated in the Registration Statement has been completed, (ii) respond as promptly as possible to any comments received from the
SEC with respect to such registration statement or any amendment thereto and as promptly as possible provide the Investors true and complete copies of all correspondence from and to the SEC relating to such registration statement (other than
correspondence containing material nonpublic information); and (iii) comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Shares covered by such registration statement as so
amended or in such Prospectus as so supplemented; 
 (d)        using
its reasonable best efforts to register or qualify such Registrable Shares under the state securities or “blue sky” laws of such jurisdictions as the sellers shall reasonably request; provided, however, that the Company shall
not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which
it would not otherwise be so subject; 
 (e)        notifying the
Investors as promptly as practicable (i) when the SEC notifies the Company whether there will be a “review” of a Registration Statement filed pursuant to this Section 1.3.2 and whenever the SEC comments in writing on such
Registration Statement; and (ii) when a Registration Statement filed pursuant to this Section 1.3.2, or any post-effective amendment or supplement thereto, has become effective, and after the effectiveness thereof: (A) of any request
by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement or prospectus or for additional information; (B) of the issuance by the SEC or any state securities commission of any
stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose; and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Shares for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 
  

 7 

 (f)        notifying the
Investors as promptly as possible of the happening of any event as a result of which the prospectus included in or relating to a Registration Statement filed pursuant to this Section 1.3.2 contains an untrue statement of a material fact or
omits any fact necessary to make the statements therein not misleading; and, thereafter, the Company will as promptly as possible prepare (and, when completed, give notice to each Investor) a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Shares, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; provided that upon
such notification by the Company, the Investors will not offer or sell Registrable Shares pursuant to the Registration Statement until the Company has notified the Investors that it has prepared a supplement or amendment to such prospectus and
delivered copies of such supplement or amendment to the Investors (it being understood and agreed by the Company that the foregoing proviso shall in no way diminish or otherwise impair the Company’s obligation to as promptly as possible prepare
a prospectus amendment or supplement as above provided in this Section 1.3.2(f) and deliver copies of same as above provided in Section 1.3.2(f) hereof); 
 (g)        upon the occurrence of any event described in Section 1.3.2(f)
hereof, as promptly as possible, preparing a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by
reference, and filing any other required document so that, as thereafter delivered, neither the Registration Statement nor such prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading; 
 (h)        as promptly as possible furnishing to each selling Investor, without charge, such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents (including, without limitation, Prospectus amendments and supplements) as each such selling Investor may reasonably request in order to facilitate the disposition of the
Registrable Shares covered by such prospectus and any amendment or supplement thereto. The Company hereby consents to the use of such prospectus and each amendment or supplement thereto by each of the selling Investors in connection with the
offering and sale of the Registrable Shares covered by such prospectus and any amendment or supplement thereto to the extent permitted by federal and state securities laws and regulations; 
  

 8 

 (i)        if such registration
is an underwritten public offering, furnishing to each underwriter of such public offering (A) an opinion of the counsel representing the Company for purposes of such registration, dated as of the closing under the underwriting agreement with
respect to both the effective date of the applicable Registration Statement and the date of the closing under the underwriting agreement, and (B) a “cold comfort” letter, dated the date of the closing under the underwriting agreement
with respect to both the effective date of the applicable Registration Statement and the date of the closing under the underwriting agreement signed by the independent certified public accountants who have certified the Company’s financial
statements included in such Registration Statement. 
 (j)        if
such registration includes an underwritten public offering initiated by the Investors, (A) entering into and performing its obligations under an underwriting agreement, in usual and customary form with the managing underwriter of such offering
and (B) to the extent reasonably requested by the managing underwriter for the offering or the selling Investors, taking customary efforts to sell the securities being offered, and cause such steps to be taken as to ensure such good faith
participation of senior management officers of the Company in “road shows” as is customary. 
 1.3.3. Lock-Up. If, in connection with any public offering, the Company or the underwriters managing such public offering request that the holders of the Registrable Shares enter into a “lock-up” agreement with respect to
the Registrable Shares held by them, the holders of the Registrable Shares agree to act in a commercially reasonable manner in considering and responding to any such request. . 
 1.3.4. Selection of Underwriters and Counsel. The underwriters and legal counsel to be retained in connection with
any public offering contemplated by Section 1.2 hereof shall be selected by the Board. 
 1.3.5.
Transfer of Registration Rights. Each Investor may assign or transfer any or all of its rights hereunder to (i) any Affiliate of an Investor, (ii) any subsidiary, parent, partner, retired partner, limited partner, shareholder or
member of an Investor or (iii) any family member or trust for the benefit of any Investor, or (iv) any transferee who, after such transfer, holds at least 25% of the Registrable Shares (as adjusted for any stock dividends, stock splits,
combinations and reorganizations and similar events) originally issued to such transferring or assigning Investor. Notwithstanding the foregoing, such rights may only be transferred or assigned provided that all of the following additional
conditions are satisfied: (a) such transfer or assignment is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing to become subject to the terms of this Agreement; and (c) the
Company is given written notice by such transferring or assigning Investor of such transfer or assignment, stating the 

  

 9 

 
name and address of the transferee or assignee and identifying the Registrable Shares with respect to which such rights are being transferred or assigned.
Upon any such, and each successive, assignment or transfer to any permitted assignee or transferee in accordance with the terms of this Section 1.3.5, such permitted assignee or transferee shall be deemed to be an “Investor” for all
purposes of this Agreement. 
 1.4. Indemnification and Contribution. 
 1.4.1. Indemnities of the Company. The Company agrees to indemnify each holder of Registrable Shares, its officers,
directors and agents and each person who “controls” such holder within the meaning of the Securities Act and the Exchange Act (each, an “Indemnified Holder”), against losses, claims, damages, including amounts incurred in
settlement, liabilities and expenses arising out of, based upon any untrue statement or alleged untrue statement of a material fact in this Agreement or any Registration Statement covering the Registrable Shares or any prospectus which forms a part
of such Registration Statement or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, and in the case of a prospectus, in light of the circumstances under which they
were made, not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon any untrue statement or omission
contained in any Registration Statement covering the Registrable Shares or any prospectus which forms a part of such Registration Statement that is based upon information furnished in writing to the Company by such Indemnified Holder or its
representative expressly for the use therein. 
 1.4.2. Indemnities to the Company. Each holder of
Registrable Shares participating in a registration agrees to indemnify, severally and not jointly, the Company, its directors, officers and agents and each person who “controls” the Company (within the meaning of the Securities Act and the
Exchange Act) against losses, claims, damages, liabilities and expenses resulting from any untrue statement or alleged untrue statement of a material fact in any Registration Statement covering the Registrable Shares or any prospectus which forms a
part of such Registration Statement or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, and in the case of a prospectus, in light of the circumstances under which
they were made, not misleading, to the extent, and only to the extent, that any such loss, claim, damage, liability or expense arises out of, is based upon or results from any untrue statement or omission based upon, in reliance on and in conformity
in all material respects with, information furnished in writing to the Company by such holder or its representative expressly for use therein. In no event shall the liability of any selling holder of Registrable Shares hereunder be greater in amount
than the dollar amount of the net proceeds received by such holder upon the sale of the Registrable Shares giving rise to such indemnification obligation. 
  

 10 

 1.4.3. Conduct of Indemnification Proceedings. Any Person entitled
to indemnification hereunder will: (i) give prompt written notice to the indemnifying party after the receipt by the indemnified party of a written notice of the commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which such indemnified party will claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations under the preceding Section 1.4.1 or Section 1.4.2, as applicable, except to the extent that the indemnifying party is actually and materially prejudiced by such failure to give notice, and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest may exist between such indemnified and indemnifying parties with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party. Whether or not such defense is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such
consent will not be unreasonably withheld). No indemnifying party will be required to consent to the entry of any judgment or to enter into any settlement, unless such judgment or settlement is solely for monetary damages and includes an
unconditional release from all liability in respect of such claim or litigation in favor of the indemnifying party. Any indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees
and expenses of more than one counsel in any one jurisdiction for all parties indemnified by such indemnifying party with respect to such claim. 
 1.4.4. Contribution. If for any reason the indemnification provided for in Section 1.4.1 or 1.4.2, as applicable, is unavailable to an indemnified party as contemplated by such
section, then the indemnifying party, in lieu of indemnification, shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect
not only the relative benefits received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations; provided,
however, that in no event shall the liability of any holder of Registrable Shares under this Section 1.4.4 be greater in amount than the dollar amount of the net proceeds received by such holder upon the sale of the Registrable Shares
giving rise to such indemnification obligation. 
 1.5. Reports Under Exchange Act. In order to provide
to the holders of Registrable Shares the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit any such holder to sell securities of the Company to the public without registration, and in order to make it
possible for the sale of Registrable Shares to be registered pursuant to a registration on Form S-3 or any successor form if the Company is then otherwise eligible to use such form, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in Rule 144; 
  

 11 

 (b)        file with the SEC in
a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
 (c)        furnish to any holder of Registrable Shares, so long as the holder owns any Registrable Shares, forthwith upon request (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act and (ii) a copy of the most recent annual or quarterly report of the Company filed with the SEC and such other reports and documents so
filed by the Company. 
 provided, however, the Company shall have no obligation under this Section 1.5 until such time as
it is a reporting company under the Exchange Act. 
 Section 2. Termination. No holder of Registrable Shares shall be
entitled to exercise any right provided for in Section 1 after five (5) years following the consummation of the Company’s Initial Public Offering. 
 Section 3. Definitions. For the purposes of this Agreement, the following terms have the meanings below: 
 “Additional Shares” shall have the meaning set forth in the Preamble hereof. 
 “Affiliate” shall mean, with respect to the Company or any of its Subsidiaries (or any other specified Person), any other
Person which, directly or indirectly controls or is controlled by or is under direct or indirect common control with the Company or such Subsidiary (or such specified Person), and, without limiting the generality of the foregoing, shall include
(a) any other Person which beneficially owns or holds 10% or more of any class of voting securities of such Person or 10% or more of the equity interest in such Person, (b) any other Person of which such Person beneficially owns or holds
10% or more of any class of voting securities or in which such Person beneficially owns or holds 10% or more of the equity interest in such Person and (c) any director or executive officer of such Person. For the purposes of this definition,
the term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Agreement” shall have the meaning set forth in the first paragraph of this Agreement. 
 “Board” shall mean the Board of Directors of the Company. 
 “Business Day” means any day except Saturday, Sunday and any day that is a federal legal holiday or a day
on which banking institutions in the State of New York and 

  

 12 

 
in Brisbane, Australia are authorized or required by law or other governmental action to close. 
 “Common Stock” shall have the meaning set forth in the Preamble hereof. 
 “Company” shall have the meaning set forth in the Preamble hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as in effect from time to time.

 “Indemnified Holder” shall have the meaning set forth in Section 1.4.1 hereof.

 “Initial Public Offering” shall mean the first public offering and sale of primary shares
of Common Stock by the Company for cash pursuant to an effective registration statement under the Securities Act. 
 “Initiating Investor” means any Investor who, whether individually or collectively with other any other Investor(s), properly initiates a registration request under this Agreement. 
 “Investors” shall have the meaning set forth in the Preamble hereof. 
 “Majority Holders” shall mean, as of any date, the holder(s) of a majority of the Registrable Shares
outstanding on such date. 
 “Person” shall mean any individual, firm, corporation, company,
partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor
(by merger or otherwise) of any such entity. 
 “Proceeding” means an action, claim, suit,
investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened in writing. 
 “Registrable Shares” means, at the relevant time of reference thereto, the Shares, Warrant Shares and any
and all Additional Shares (including any shares of capital stock that may be issued in respect thereof pursuant to a stock split, stock dividend, recombination, reclassification or the like), provided, however, that the term
“Registrable Shares” shall not include any of the Shares, Warrant Shares or Additional Shares that are (i) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction,
(ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions and restrictive legends with respect thereto are removed upon
the consummation of such sale, (iii) transferred in a transaction pursuant to which the registration rights are not also assigned in accordance with Section 1.3.5 hereof, or (iv) with respect to each Investor, all such shares held by
such Investor become eligible for sale under Rule 144 during any one ninety (90) day period. 
  

 13 

 “Registration Statement” (whether or not capitalized)
shall mean any registration statement of the Company filed with the SEC on the appropriate form pursuant to the Securities Act which covers any Registrable Shares pursuant to the provisions of this Agreement and all amendments and supplements to any
such Registration Statement, including post-effective amendments, all exhibits thereto and all materials incorporated by reference therein. 
 “Rule 144” shall mean Rule 144 under the Securities Act (or any successor Rule). 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” shall mean the Securities Act of 1933, as in effect from time to time. 
 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Shares, and fees and disbursements of counsel for any Investor, except for the fees
and disbursements of the Selling Investor Counsel borne and paid by the Company as provided in Sections 1.1.2 and 1.2.3. 
 “Shares” shall have the meaning set forth in the Preamble hereof. 
 “Subscription Agreement” shall have the meaning set forth in the Preamble hereof. 
 “Subsidiary” shall mean, for any Person, (i) a corporation a majority of whose voting stock is at the time, directly or indirectly, owned by such Person, by one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but only if such Person or its Subsidiary is
entitled to receive more than 50% of the assets of such partnership upon its dissolution, (iii) a limited liability company, a majority of whose membership interests is, at the time, directly or indirectly owned by such Person or with respect
to which such Person has a right, under any scenario, to receive 50% or more of the distributions of the assets of such limited liability company upon its dissolution, or (iv) any other Person (other than a corporation or partnership) in which
such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (a) at least a majority ownership interest or (b) the power to elect or
direct the election of a majority of the directors or other governing body of such Person. 
 “Warrants” shall have the meaning set forth in the Preamble hereof. 
 “Warrant Shares” shall have the meaning set forth in the Preamble hereof. 
 Section 4.
Governing Law; Jurisdiction; Jury Trial Waiver. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the
State of New York, 

  

 14 

 
without regard to the principles of conflicts of law thereof. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the United States
federal and state courts located in the State of New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal
service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY
TRANSACTION CONTEMPLATED HEREBY. If either party shall commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and
other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
 Section 5.
Counterparts; Signatures by Facsimile. This Agreement may be executed in several counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 
 Section 6. Headings. The headings of this Agreement are for convenience of reference only, are not part of this Agreement and do not affect its interpretation. 
 Section 7. Severability. If any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of
law, then such provision will be deemed modified in order to conform with such statute or rule of law. Any provision hereof that may prove invalid or unenforceable under any law will not affect the validity or enforceability of any other provision
hereof. 
 Section 8. Entire Agreement. This Agreement, together with any exhibits and schedules hereto, contain the
entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules. 
 Section 9. Amendments; Waivers. No provision of this Agreement may be waived or amended
except in a written instrument signed, in the case of an amendment, by the Company 

  

 15 

 
and the Investors or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 
 Section 10.
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice
or communication is delivered via facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the facsimile number specified in this section prior to 6:30 p.m. (New York Time) on a Business Day,
(ii) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this section on a day that is not a Business Day or later than 6:30 p.m. (New York Time)
on any Business Day, (iii) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as follows: 
  

			
	 If to the Company:
	  	 David J.B. Smith

		  	 Secretary and Chief Financial Officer

		  	 Peplin, Inc.

		  	 6475 Christie Avenue

		  	 Emeryville, CA 94608

		  	 Fax: (510) 653-9704

		
	 With a copy to:
	  	 B. Shayne Kennedy

		  	 Latham & Watkins LLP

		  	 650 Town Center Drive, 20th Floor

		  	 Costa Mesa, CA 92626

		  	 Fax: (714) 755-8290

 All correspondence to the Investors shall be sent to such Investors at their
respective address set forth on Schedule I. 
 Each party will provide written notice to the other parties of any
change in its address in accordance with the notice provisions hereof. 
 Section 11. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Investors may not assign this Agreement without the prior written consent of the Company, which may be given in its sole
discretion. 
 Section 12. No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 
  

 16 

 Section 13. Further Assurances. Each party will do and perform, or cause to be
done and performed, all such further acts and things, and will execute and deliver all other agreements, certificates, instruments and documents, as another party may reasonably request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereby. 
 Section 14. No Strict Construction.
The language used in this Agreement is deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
 Section 15. No Limitation Additional Registrations. Subject to the Company’s obligations under Section 1.2, nothing in
this Agreement shall limit, in any respect, the Company’s ability to (i) file one or more registration statements with the Commission, registering the resale of any other securities of the Company that are, or may become, outstanding, or
(ii) include such other securities on any such other registration statement. 
 [Signature page follows] 
  

 17 

 IN WITNESS WHEREOF, the Company and the undersigned Investor have caused this Agreement
to be duly executed as of the date first above written. 
  

					
	COMPANY:
	
	PEPLIN, INC.
		
	By:	 	/s/ David J.B. Smith
		 	Name:	 	David J.B. Smith
		 	Title: 	 	Chief Financial Officer and Secretary

 [Signature page to Registration Rights Agreement] 
  

							
	INVESTORS:
		
		 	GBS VENTURE PARTNERS PTY LTD (54 072 515 247) AS TRUSTEE FOR GBS BIOVENTURES IV
			
		 	By:	 	/s/ Geoff Brooke
		 		 	Name:	 	Geoff Brooke
		 		 	Title: 	 	Managing Director

  

 2 

			
	MPM BIOVENTURES IV-QP, L.P.
	
	 By: MPM BIOVENTURES IV GP LLC, its
 General
Partner

	By: MPM BIOVENTURES IV LLC, its Managing Member

  

					
		
	By:	 	/s/ James Scopa
		 	Name:	 	James Scopa
		 	Title: 	 	Member

  

			
	MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
	
	By: MPM BIOVENTURES IV GP LLC, in its capacity as the Managing Limited Partner
	By: MPM BIOVENTURES IV LLC, its Managing Member

  

					
		
	By:	 	/s/ James Scopa
		 	Name:	 	James Scopa
		 	Title: 	 	Member

  

					
	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
		
	By:	 	MPM BIOVENTURES IV LLC, its Manager
			
		 	Name:	 	/s/ James Scopa
		 	Title: 	 	Member

  

 3 

			
	NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP
	
	By: NEA Partners 12, Limited Partnership, its general partner
	By:	 	NEA 12 GP, LLC, its general partner

  

					
		 	Name:	 	/s/ Charles W. Newhall, III
		 	Title: 	 	Manager

  

 4 

					
	ORBIS MIS-ORBIS/SM AUSTRALIA EQUITY FUND
	
	By: its Investment Manager, Orbis Investment Management (Australia) Pty Ltd.
		 	Name:	 	/s/ Simon Marais
		 	Title: 	 	Chief Executive Officer

  

					
	INTECH AUSTRALIAN SHARES HIGH ALPHA TRUST
	
	By: its Investment Manager, Orbis Investment Management (Australia) Pty Ltd.
		 	Name:	 	/s/ Simon Marais
		 	Title: 	 	Chief Executive Officer

  

					
	WARAKIRRI ENDEAVOUR FUND
	
	By: its Investment Manager, Orbis Investment Management (Australia) Pty Ltd.
		 	Name:	 	/s/ Simon Marais
		 	Title: 	 	Chief Executive Officer

  

					
	CONSTRUCTION AND BUILDING UNION SUPERANNUATION FUND
	
	By: its Investment Manager, Orbis Investment Management (Australia) Pty Ltd.
		 	Name:	 	/s/ Simon Marais
		 	Title: 	 	Chief Executive Officer

  

 5 

					
	ASIA UNION INVESTMENTS PTY LTD.
		
	By:	 	/s/ Chris Abbot
		 	Name:	 	Chris Abbot
		 	Title: 	 	Director

  

 6 

 SCHEDULE I 
 SCHEDULE OF INVESTORS 
 Investor Name and Address 
 MPM BIOVENTURES IV-QP, L.P. 
 The John
Hancock Tower 
 200 Clarendon Street, 54th Floor 
 Boston, MA 02116 
 MPM BIOVENTURES IV GMBH & CO. BETEILUNGS KG 
 The John Hancock Tower 
 200 Clarendon Street,
54th Floor 
 Boston, MA 02116 
 MPM ASSET MANAGEMENT INVESTORS BV4 LLC 
 The John Hancock Tower 
 200 Clarendon Street, 54th Floor 
 Boston, MA 02116 
 NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP 
 New Enterprise Associates 
 1119 St. Paul Street 
 Baltimore, MD 21202 
 Attention: Office of General Counsel 
 New Enterprise Associates 
 2490 Sand Hill
Road 
 Menlo Park, CA 94025 
 Attention: Jake Nunn 
 ASIA UNION INVESTMENTS PTY LTD. 
 20 Rosemount Ave. 
 Wollaraha 
 Trellarny Street 
 Sydney, NSW 2000 
 GBS VENTURE PARTNERS PTY LTD (54 072 515 247) AS TRUSTEE FOR GBS BIOVENTURES IV 
 Harley House 
 Level 5 
 Melbourne VIC 3000 
 Australia 
 ORBIS MIS – ORBIS/SM AUSTRALIA EQUITY 
 Level 2, Challis House 
 4-10 Martin Place 
 Sydney NSW 2000

  

 7 

 WARAKIRRI ENDEAVOUR FUND 
 Level 2, Challis House 
 4-10 Martin Place 
 Sydney NSW
2000 
 CONSTRUCTION AND BUILDING UNION SUPERANNUATION FUND 
 Level 2, Challis House 
 4-10 Martin Place 
 Sydney NSW
2000 
 INTECH AUSTRALIAN SHARES HIGH ALPHA TRUST 
 Level 2,
Challis House 
 4-10 Martin Place 
 Sydney NSW 2000 

 

 8

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