Document:

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                                                                    EXHIBIT 10.5

                        LIFE INSURANCE ENDORSEMENT METHOD

                           SPLIT DOLLAR PLAN AGREEMENT

<TABLE>
<CAPTION>
Insurer:                                    John Hancock Life Insurance Company (USA)

Policy Number:

Bank:                                       Central Co-Operative Bank

Insured #1:                                 William P. Morrissey

Insured #2:                                 Donna C. Morrissey

Relationship of Insured #1 to Bank:         Executive - William P. Morrissey

Trust:                                      Rabbi Trust for the Executive Salary Continuation Agreement
                                            and the Life Insurance Endorsement Method Split Dollar Plan
                                            Agreement

The respective rights and duties of the Bank and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.       DEFINITIONS

         Refer to the policy contract for the definition of any terms in this
         Agreement that are not defined herein. If the definition of a term in
         the policy is inconsistent with the definition of a term in this
         Agreement, then the definition of the term as set forth in this
         Agreement shall supersede and replace the definition of the terms as
         set forth in the policy.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Trustee for the Rabbi Trust for
         the Executive Salary Continuation Agreement and the Life Insurance
         Endorsement Method Split Dollar Plan Agreement for its use and for the
         use of the Insured all in accordance with this Agreement. The Trustee
         at the direction of the Bank may, to the extent of its interest,
         exercise the right to borrow or withdraw on the policy cash values.
         Where the Trustee at the direction of the Bank and the Insured (or
         assignee, with the consent of the Insured) mutually agree to exercise
         the right to increase the coverage under the subject Split Dollar
         Agreement, then, in such event, the rights, duties and benefits of the
         parties to such increased coverage shall continue to be subject to the
         terms of this Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary or beneficiaries to receive the Insured's share of the
         proceeds payable upon the death of the Insured, and to elect and change
         a payment option for such beneficiary, subject to any right or interest
         the Trustee at the direction of the Bank or the Trust may have in such
         proceeds, as provided in this Agreement. The Insured shall have the
         right to name such Beneficiary at any time prior to the Insured's death
         and submit it to the Plan Administrator (or Plan Administrator's
         representative) on the form provided. Once received and acknowledged by
         the Plan Administrator, the form shall be effective. The Insured may
         change a Beneficiary designation at any time by submitting a new form
         to the Plan Administrator. Any such change shall follow the same rules
         as for the original Beneficiary designation and shall automatically
         supersede the existing Beneficiary form on file with the Plan
         Administrator.

<PAGE>

         If the Insured dies without a valid Beneficiary designation on file
         with the Plan Administrator, death benefits shall be paid to the
         Insured's estate.

         If the Plan Administrator determines in its discretion that a benefit
         is to be paid to a minor, to a person declared incompetent, or to a
         person incapable of handling the disposition of that person's property,
         the Plan Administrator may direct distribution of such benefit to the
         guardian, legal representative or person having the care or custody of
         such minor, incompetent person or incapable person. The Plan
         Administrator may require proof of incompetence, minority or
         guardianship as it may deem appropriate prior to distribution of the
         benefit. Any distribution of a benefit shall be a distribution for the
         account of the Insured and the Beneficiary, as the case may be, and
         shall be a complete discharge of any liability under the Agreement for
         such distribution amount.

IV.      PREMIUM PAYMENT METHOD

         Subject to the Bank's absolute right to surrender or terminate the
         policy at any time and for any reason, the Bank or the Trustee at the
         direction of the Bank shall pay an amount equal to the planned premiums
         and any other premium payments that might become necessary to keep the
         policy in force.

V.       TAXABLE BENEFIT

         Annually the Insured will receive a taxable benefit equal to the
         imputed value of insurance as required by the Internal Revenue Service.
         The Bank (or its administrator) will report to the Insured the amount
         of imputed income each year on Form W-2 or its equivalent.

VI.      DIVISION OF DEATH PROCEEDS

         Subject to Paragraphs VII and IX herein, the division of the death
         proceeds of the policy is as follows:

         A.       Upon the death of the Insured #1 and Insured #2, the Insured's
                  beneficiary(ies), designated in accordance with Paragraph III,
                  shall be entitled to an amount equal to One Million and
                  00/100th Dollars ($1,000,000.00).

         B.       The Bank shall be entitled to the remainder of such proceeds.

         C.       The Bank and the Insured (or assignees) shall share in any
                  interest due on the death proceeds on a pro rata basis as the
                  proceeds due each respectively bears to the total proceeds,
                  excluding any such interest.

                                       2
<PAGE>

VII.     DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

         The Bank or the Trust shall at all times be entitled to an amount equal
         to the policy's cash value, as that term is defined in the policy
         contract, less any policy loans and unpaid interest or cash withdrawals
         previously incurred by the Bank or the Trustee at the direction of the
         Bank and any applicable surrender charges. Such cash value shall be
         determined as of the date of surrender or death as the case may be.

VIII.    RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

         In the event the policy involves an endowment or annuity element, the
         Bank's or the Trust' right and interest in any endowment proceeds or
         annuity benefits, on expiration of the deferment period, shall be
         determined under the provisions of this Agreement by regarding such
         endowment proceeds or the commuted value of such annuity benefits as
         the policy's cash value. Such endowment proceeds or annuity benefits
         shall be considered to be like death proceeds for the purposes of
         division under this Agreement.

IX.      TERMINATION OF AGREEMENT

         Should William P. Morrissey be discharged from employment with the Bank
         "for cause" at any time, this Agreement shall terminate and all
         benefits herein forfeited by the Insured. The term "for cause" shall
         mean any of the following that result in an adverse effect on the Bank:
         (i) gross negligence or gross neglect; (ii) the commission of a felony
         or gross misdemeanor involving fraud or dishonesty; (iii) the willful
         violation of any law, rule, or regulation; (iv) an intentional failure
         to perform stated duties; or (v) a breach of fiduciary duty involving
         personal profit.

         Except as provided above, this Agreement shall terminate upon
         distribution of the death benefit proceeds in accordance with Paragraph
         VI above.

X.       INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         Insured #1 or Insured #2 may not, without the written consent of the
         Bank or the Trustee at the direction of the Bank, assign to any
         individual, trust or other organization, any right, title or interest
         in the subject policy nor any rights, options, privileges or duties
         created under this Agreement.

XI.      AGREEMENT BINDING UPON THE PARTIES

         This Agreement shall bind the Insured #1, Insured #2 and the Bank or
         the Trustee at the direction of the Bank, their heirs, successors,
         personal representatives and assigns.

XII.     ADMINISTRATIVE AND CLAIMS PROVISIONS

         The following provisions are part of this Agreement and are intended to
         meet the requirements of the Employee Retirement Income Security Act of
         1974 ("ERISA"):

                                       3

<PAGE>
         A.       Plan Administrator:
                  ------------------

                  The "Plan Administrator" of this Life Insurance Endorsement
                  Method Split Dollar Plan Agreement shall be Central
                  Co-Operative Bank. As Plan Administrator, the Bank or the
                  Trustee at the direction of the Bank shall be responsible for
                  the management, control, and administration of this Life
                  Insurance Endorsement Method Split Dollar Plan Agreement as
                  established herein. The Plan Administrator may delegate to
                  others certain aspects of the management and operation
                  responsibilities of the Plan, including the employment of
                  advisors and the delegation of any ministerial duties to
                  qualified individuals.

         B.       Basis of Payment of Benefits:
                  ----------------------------

                  Direct payment by the Insurer is the basis of payment of
                  benefits under this Agreement, with those benefits in turn
                  being based on the payment of premiums as provided in this
                  Agreement.

         C.       Claim Procedures:
                  ----------------

                  Claim forms or claim information as to the subject policy can
                  be obtained by contacting Renaissance Bank Advisors
                  (800-544-6079). When the Plan Administrator has a claim which
                  may be covered under the provisions described in the insurance
                  policy, they should contact the office named above, and they
                  will either complete a claim form and forward it to an
                  authorized representative of the Insurer or advise the Plan
                  Administrator what further requirements are necessary. The
                  Insurer will evaluate and make a decision as to payment. If
                  the claim is payable, a benefit check will be issued in
                  accordance with the terms of this Agreement.

                  In the event that a claim is not eligible under the policy,
                  the Insurer will notify the Plan Administrator of the denial
                  pursuant to the requirements under the terms of the policy. If
                  the Plan Administrator is dissatisfied with the denial of the
                  claim and wishes to contest such claim denial, they should
                  contact the office named above and they will assist in making
                  an inquiry to the Insurer. All objections to the Insurer's
                  actions should be in writing and submitted to the office named
                  above for transmittal to the Insurer.

XIII.    GENDER

         Whenever in this Agreement words are used in the masculine or neutral
         gender, they shall be read and construed as in the masculine, feminine
         or neutral gender, whenever they should so apply.

XIV.     INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

         The Insurer shall not be deemed a party to this Agreement, but will
         respect the rights of the parties as herein developed upon receiving an

                                       4
<PAGE>

         executed copy of this Agreement. Payment or other performance in
         accordance with the policy provisions shall fully discharge the Insurer
         from any and all liability.

XV.      CHANGE OF CONTROL

         Change of Control shall be defined as the occurrence of any one of the
following:

         a.       the acquisition of more than fifty percent (50%) of the value
                  or voting power of the Bank's stock by a person or group;

         b.       the acquisition in a period of twelve (12) months or less of
                  at least thirty-five percent (35%) of the Bank's stock by a
                  person or group;

         c.       the replacement of a majority of the Bank's board in a period
                  of twelve (12) months or less by Directors who were not
                  endorsed by a majority of the current board members; or

         d.       the acquisition in a period of twelve (12) months or less of
                  forty percent (40%) or more of the Bank's assets by an
                  unrelated entity.

         For the purposes of this Agreement, transfers made on account of deaths
         or gifts, transfers between family members or transfers to a qualified
         retirement plan maintained by the Bank shall not be considered in
         determining whether there has been a Change in Control. Upon a Change
         of Control, if Insured #1's employment is subsequently terminated,
         except for cause, then Insured #1 shall be one hundred percent (100%)
         vested in the benefits promised in this Agreement and, therefore, upon
         the death of Insured #1 and Insured #2, the beneficiary(ies)
         (designated in accordance with Paragraph III) shall receive the death
         benefit provided herein as if Insured #1 had died while employed by the
         Bank [see Subparagraph VI (A)].

XVI.     AMENDMENT OR REVOCATION, AND EXCHANGE OF POLICY

         Subject to the Bank's sole and absolute right to surrender or terminate
         any and all life insurance policies that are the subject matter of this
         Agreement, it is agreed by and between the parties hereto that, during
         the lifetime of Insured #1 and Insured #2, this Agreement may be
         amended or revoked at any time or times, in whole or in part, by the
         mutual written consent of Insured #1 and the Bank. In the event of the
         death of Insured #1, the consent may be made by Insured #2 and the
         Bank. The Bank may, however, unilaterally and without the consent of
         the Insureds, exchange any life insurance policy(ies) that are the
         subject matter of this Agreement, with or without replacing said
         policy(ies) and, in the event of a same or similar exchange, the
         Insureds expressly agrees to the same.

XVII.    EFFECTIVE DATE

         The Effective Date of this Agreement shall be December 20, 2007.

                                       5

<PAGE>

XVIII.   SEVERABILITY AND INTERPRETATION

         If a provision of this Agreement is held to be invalid or
         unenforceable, the remaining provisions shall nonetheless be
         enforceable according to their terms. Further, in the event that any
         provision is held to be overbroad as written such provision shall be
         deemed amended to narrow its application to the extent necessary to
         make the provision enforceable according to law and enforced as
         amended.

XIX.     APPLICABLE LAW

         The validity and interpretation of this Agreement shall be governed by
the laws of the Commonwealth of Massachusetts.

Executed at Somerville, Massachusetts this 20th day of December, 2007.

                                   CENTRAL CO-OPERATIVE BANK
                                   Somerville, MA

/s/ Richard E. Stevens            By: /s/ Edward F. Sweeney, Jr.
-------------------------------       ------------------------------------------
Witness                               (Bank Director other than Insured)  Title

/s/ Paul S. Feeley                    /s/ William P. Morrissey
-------------------------------       ------------------------------------------
Witness                               William P. Morrissey

/s/ Robert Ernst, Jr.                 /s/ Donna C. Morrissey
-------------------------------       ------------------------------------------
Witness                               Donna C. Morrissey

                                       6
<PAGE>

                      BENEFICIARY DESIGNATION FORM FOR THE
                     EXECUTIVE SALARY CONTINUATION AGREEMENT

I.       PRIMARY DESIGNATIONS
         --------------------

         A.    Person(s) as a Primary Designation:
               ----------------------------------
               (Please indicate the percentage for each beneficiary.)
         <S>   <C>
         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

II.      ESTATE AND/OR TRUST AS PRIMARY DESIGNATIONS
         -------------------------------------------

         A.   Estate as a Primary Designation:
              -------------------------------
              An Estate can still be listed even if there is no will.

              My Primary Beneficiary is The Estate of                                     as set forth in the Last Will and
                                                        ---------------------------------
                                                               (Insert full name)
              Testament dated the             day of                       , 200    and any codicils thereto.
                                     --------           ---------------         ---

         B.   Trust as a Primary Designation:

              Name of the Trust:
              -------------------------------------------------------------------------------------------------------------------

              Execution Date of the Trust:                            Name of the Trustee:
              -------------------------------------------------------------------------------------------------------------------

              Beneficiary of the Trust:
              (please indicate the percentage for each beneficiary):
              -------------------------------------------------------------------------------------------------------------------

              Name(s):
              -------------------------------------------------------------------------------------------------------------------
              Name(s):
              -------------------------------------------------------------------------------------------------------------------

              Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)

                                       7
<PAGE>
III.      SECONDARY (CONTINGENT) DESIGNATIONS
          -----------------------------------

          A.  Person(s) as a Secondary (Contingent) Designation:
              -------------------------------------------------
              (Please indicate the percentage for each beneficiary in the event
              of the Primary's Death.)

         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

IV.      ESTATE AND/OR TRUST AS SECONDARY (CONTINGENT) DESIGNATIONS
         ----------------------------------------------------------

         A.    Estate as a Secondary (Contingent) Designation:
               ----------------------------------------------

               My Primary Beneficiary is The Estate of                                as set forth in the last will and
                                                       ------------------------------
               Testament dated the             day of                       , 200     and any codicils thereto.
                                     ---------         ---------------------     ----

         B.    Trust as a Secondary (Contingent) Designation:
               ---------------------------------------------

               Name of the Trust:
               -------------------------------------------------------------------------------------------------------------------

               Execution Date of the Trust:                            Name of the Trustee:
               -------------------------------------------------------------------------------------------------------------------

               Beneficiary of the Trust:
               (please indicate the percentage for each beneficiary):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)

V.       SIGN AND DATE
         -------------

         This Beneficiary Designation Form is valid until the Executive notifies
         the bank in writing.

------------------------------------             ------------------------------
William P. Morrissey                             Date

------------------------------------             ------------------------------
Donna C. Morrissey                               Date
</TABLE>
                                        8<PAGE>

                                                                    EXHIBIT 10.6

                         EXECUTIVE HEALTH INSURANCE PLAN
                                    AGREEMENT

         THIS AGREEMENT is made and entered into this 20th day of December,
2007, by and between Central Co-Operative Bank, a bank organized and existing
under the laws of the Commonwealth of Massachusetts (hereinafter referred to as
the "Bank"), and John D. Doherty, an Executive of the Bank (hereinafter referred
to as the "Executive").

         WHEREAS, the Executive has been and continues to be a valued Executive
of the Bank; and

         WHEREAS, the purpose of this Agreement is to further the growth and
development of the Bank by providing the Executive with health care insurance
coverage, and thereby encourage the Executive's productive efforts on behalf of
the Bank; and

         ACCORDINGLY, the Board has adopted the Executive Health Insurance Plan
and it is the desire of the Bank and the Executive to enter into this Agreement
under which the Bank will agree to Purchase health care insurance coverage for
the Executive upon the Executive's retirement in the event of the Executive's
death pursuant to the Executive Health Insurance Plan; and

         FURTHERMORE, it is the intent of the parties hereto that this Executive
Health Insurance Plan be considered an unfunded arrangement maintained primarily
to provide Health Care Insurance Coverage for the Executive, and be considered a
non-qualified benefit plan for purposes of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"). The Executive is fully advised of
the Bank's financial status and has had substantial input in the design and
operation of this benefit plan; and

         NOW THEREFORE, in consideration of services the Executive has performed
in the past and those to be performed in the future, and based upon the mutual
promises and covenants herein contained, the Bank and the Executive agree as
follows:

I.       DEFINITIONS

         A.       Effective Date:
                  --------------

                  The Effective Date of the Executive Health Insurance Plan
                  shall be December 20, 2007.

         B.       Plan Year:
                  ---------

                  Any reference to the "Plan Year" shall mean a calendar year
                  from January 1st to December 31st. In the year of
                  implementation, the term "Plan Year" shall mean the period
                  from the Effective Date to December 31st of the year of the
                  Effective Date.
<PAGE>

         C.       Termination of Employment:
                  -------------------------

                  Termination of Employment shall mean the Executive's voluntary
                  resignation of employment by the Executive or the Bank's
                  discharge of the Executive without cause, prior to the Normal
                  Retirement Age.

         D.       Liability Reserve Account:
                  -------------------------

                  A Liability Reserve Account shall be established on the books
                  of the Bank for the purpose of providing a health insurance
                  benefit and a Medicare Supplement Benefit for the benefit of
                  the Executive. Prior to the Executive's Termination of
                  Employment or the Executive's retirement, whichever event
                  shall first occur, such Liability Reserve Account shall be
                  credited with the Bank Contribution. The Liability Reserve
                  Account shall be credited interest monthly at the rate of six
                  percent (6%), commencing upon the last day of the month of the
                  first contribution and continuing on the last date of each
                  month thereafter, as long as there is a balance in the
                  account. The interest rate shall be increased or decreased at
                  the discretion of the Bank.

         E.       Bank Contribution:
                  -----------------

                  The Bank shall make an annual contribution of Ten Thousand and
                  00/100th Dollars ($10,000.00) into the Liability Reserve
                  Account. Such contribution shall be made in monthly
                  installments.

         F.       Executive Health Care or Medicare Supplement Benefit:
                  ----------------------------------------------------

                  The Bank shall, either monthly or annually, expense an amount
                  in the Liability Reserve Account to pay the premium payments
                  for post-retirement health care insurance. When the Liability
                  Reserve Account reaches a balance of zero (0) dollars, the
                  Executive Health Care or Medicare Supplement Benefit shall
                  cease. Said benefit shall be for the life of the Executive and
                  the Executive's spouse.

         G.       Change in Control:
                  -----------------

                  Change of Control shall be defined as the occurrence of any
                  one of the following:

                  a.       the acquisition of more than fifty percent (50%) of
                           the value or voting power of the Bank's stock by a
                           person or group;

                  b.       the acquisition in a period of twelve (12) months or
                           less of at least thirty-five percent (35%) of the
                           Bank's stock by a person or group;

                                       2
<PAGE>
                  c.       the replacement of a majority of the Bank's board in
                           a period of twelve (12) months or less by Directors
                           who were not endorsed by a majority of the current
                           board members; or

                  d.       the acquisition in a period of twelve (12) months or
                           less of forty percent (40%) or more of the Bank's
                           assets by an unrelated entity.

                  For the purposes of this Agreement, transfers made on account
                  of deaths or gifts, transfers between family members or
                  transfers to a qualified retirement plan maintained by the
                  Bank shall not be considered in determining whether there has
                  been a Change in Control.

         H.       Normal Retirement Age:
                  ---------------------

                  Normal Retirement Age shall mean the date on which the
                  Executive attains age sixty-five (65).

         I.       Disability or Disabled:
                  ----------------------

                  "Disability or Disabled" shall mean the Executive is, by
                  reason of any medically determinable physical or mental
                  impairment which can be expected to result in death or can be
                  expected to last for a continuous period of not less than
                  twelve (12) months, receiving income replacement benefits for
                  a period of not less than three (3) months under an accident
                  and health plan covering employees of the Bank. Medical
                  determination of Disability or Disabled will be made by the
                  provider of an accident or health plan covering employees of
                  the Bank. Upon the request of the Plan Administrator, the
                  Executive must submit proof to the Plan Administrator of
                  Social Security Administration's or the provider's
                  determination.

II.      BENEFITS

         A.       Benefits:
                  --------

                  Should the Executive remain in the employ of the Bank until
                  the Normal Retirement Age as stated in Subparagraph I (H), the
                  Executive shall be entitled to receive the Executive Health
                  Care or Medicare Supplement Benefit, beginning at Normal
                  Retirement Age until the Liability Reserve Account has a zero
                  (0) balance.

         B.       Termination of Employment:
                  -------------------------

                  Should the Executive suffer an Termination of Employment,
                  voluntary or involuntary, at anytime from the Effective Date
                  of this Agreement, the Executive shall be entitled to receive
                  the Executive Health Care or Medicare Supplement Benefit until
                  the Liability Reserve Account has a zero (0) balance. Said
                  coverage shall commence the first day of the first month
                  following the death of the Executive.

                                       3
<PAGE>
                  In the event the Executive's death should occur after such
                  termination and there is a balance in the Liability Reserve
                  Account, the Executive's spouse shall be entitled to the
                  Executive Health Care or Medicare Supplement Benefit, until
                  the Liability Reserve Account has a zero balance. Upon the
                  spouse's death, subsequent to the Executive, this Agreement
                  shall terminate and no benefit shall be due. Said coverage
                  shall commence the first day of the first month following the
                  death of the Executive.

         C.       Death Benefit:
                  -------------

                  Should the Executive die while there is a balance in the
                  Liability Reserve Account, said unpaid balance of the
                  Executive's Liability Reserve Account shall be used to provide
                  the Executive Health Care or Medicare Supplement Benefit for
                  the Executive's spouse until said balance is zero dollars
                  ($0). Upon the spouse's death, subsequent to the Executive,
                  this Agreement shall terminate and no benefit shall be due.
                  Said coverage shall commence the first day of the first month
                  following the death of the Executive.

         D.       Discharge for Cause:
                  -------------------

                  Should the Executive be Discharged for Cause at any time, the
                  Bank Contribution shall cease on the date of said termination
                  and no coverage shall be provided. The term "for cause" shall
                  mean any of the following that result in an adverse effect on
                  the Bank: (i) the conviction of a felony or gross misdemeanor
                  involving fraud or dishonesty; (ii) the willful violation of
                  any Bank law, rule, or regulation; (iii) an intentional
                  failure to perform stated duties; or (iv) a breach of
                  fiduciary duty involving personal profit. If a dispute arises
                  as to discharge "for cause," such dispute shall be resolved by
                  arbitration as set forth in this Executive Health Insurance
                  Plan.

III.     RESTRICTIONS UPON FUNDING

         The Bank shall have no obligation to set aside, earmark or entrust any
         fund or money with which to pay its obligations under this Executive
         Health Insurance Plan. The Executive, their beneficiary(ies), or any
         successor in interest shall be and remain simply a general creditor of
         the Bank in the same manner as any other creditor having a general
         claim for matured and unpaid compensation.

                                       4

<PAGE>

         The Bank reserves the absolute right, at its sole discretion, to either
         fund the obligations undertaken by this Executive Health Insurance Plan
         or to refrain from funding the same and to determine the extent, nature
         and method of such funding. Should the Bank elect to fund this
         Executive Health Insurance Plan, in whole or in part, through the
         purchase of life insurance, mutual funds, disability policies or
         annuities, the Bank reserves the absolute right, in its sole
         discretion, to terminate such funding at any time, in whole or in part.
         At no time shall any Executive be deemed to have any lien nor right,
         title or interest in or to any specific funding investment or to any
         assets of the Bank.

         If the Bank elects to invest in a life insurance, disability or annuity
         policy upon the life of the Executive, then the Executive shall assist
         the Bank by freely submitting to a physical exam and supplying such
         additional information necessary to obtain such insurance or annuities.

IV.      CHANGE IN CONTROL

         If the Executive suffers a Termination of Employment (voluntarily or
         involuntarily), except for cause, anytime subsequent to a Change in
         Control, then the Executive shall be entitled to receive the Executive
         Health Care or Medicare Supplement Benefit, commencing within thirty
         (30) days of said termination until the Liability Reserve Account has a
         zero (0) balance.

         In the event the Executive's death should occur after such termination
         and there is a balance in the Liability Reserve Account, the
         Executive's spouse shall be entitled to the Executive Health Care or
         Medicare Supplement Benefit, until the Liability Reserve Account has a
         zero balance. Upon the spouse's death, subsequent to the Executive,
         this Agreement shall terminate and no benefit shall be due.

V.       DISABILITY

         In the event that there is a finding of any qualified period of
         disability for the Executive, the Bank will pay the Health Care Benefit
         until the Liability Reserve Account has a zero (0) balance. Said
         benefit shall commence within thirty (30) days of determination of
         Disability.

         In the event of the Executive's death and there is a balance in the
         Liability Reserve Account, the Executive's spouse shall be entitled to
         the Executive Health Care or Medicare Supplement Benefit, until the
         Liability Reserve Account has a zero balance. Upon the spouse's death,
         subsequent to the Executive, this Agreement shall terminate and no
         benefit shall be due.

VI.      MISCELLANEOUS

         A.       Alienability and Assignment Prohibition:
                  ---------------------------------------

                  Neither the Executive nor any other beneficiary(ies) under
                  this Executive Health Insurance Plan shall have any power or
                  right to transfer, assign, anticipate, hypothecate, mortgage,

                                       5

<PAGE>
                  commute, modify or otherwise encumber in advance any of the
                  benefits payable hereunder nor shall any of said benefits be
                  subject to seizure for the payment of any debts, judgments,
                  alimony or separate maintenance owed by the Executive or the
                  Executive's beneficiary(ies), nor be transferable by operation
                  of law in the event of bankruptcy, insolvency or otherwise. In
                  the event the Executive or any beneficiary attempts
                  assignment, commutation, hypothecation, transfer or disposal
                  of the benefits hereunder, the Bank's liabilities shall
                  forthwith cease and terminate.

         B.       Binding Obligation of the Bank and any Successor in Interest:
                  ------------------------------------------------------------

                  The Bank shall not merge or consolidate into or with another
                  Bank or sell substantially all of its assets to another Bank,
                  firm or person until such Bank, firm or person expressly
                  agrees, in writing, to assume and discharge the duties and
                  obligations of the Bank under this Executive Health Insurance
                  Plan. This Executive Health Insurance Plan shall be binding
                  upon the parties hereto, their successors, assignees,
                  beneficiaries, heirs and personal representatives.

         C.       Amendment or Revocation:
                  -----------------------

                  During the lifetime of the Executive, this Agreement may be
                  amended or revoked at any time or times, in whole or in part
                  only, by the mutual written consent of the Executive and the
                  Bank. Any such amendment shall not be effective to decrease or
                  restrict the Executive's benefit under this Agreement,
                  determined as of the date of amendment, unless agreed to in
                  writing by the Executive. In the event this Agreement is
                  terminated, such termination shall not cause a distribution of
                  benefits, except to provide the Executive Health Care or
                  Medicare Supplement Benefit, if the vesting age is met.

         D.       Gender:
                  ------

                  Whenever in this Executive Health Insurance Plan words are
                  used in the masculine or neutral gender, they shall be read
                  and construed as in the masculine, feminine or neutral gender,
                  whenever they should so apply.

         E.       Headings:
                  --------

                  Headings and subheadings in this Executive Health Insurance
                  Plan are inserted for reference and convenience only and shall
                  not be deemed a part of this Executive Health Insurance Plan.

         F.       Applicable Law:
                  --------------

                  The validity and interpretation of this Agreement shall be
                  governed by the laws of the State where the principal
                  corporate office of the Bank is located.

                                       6

<PAGE>
         G.       Partial Invalidity:
                  ------------------

                  If any term, provision, covenant, or condition of this
                  Executive Health Insurance Plan is determined by an arbitrator
                  or a court, as the case may be, to be invalid, void, or
                  unenforceable, such determination shall not render any other
                  term, provision, covenant, or condition invalid, void, or
                  unenforceable, and the Executive Health Insurance Plan shall
                  remain in full force and effect notwithstanding such partial
                  invalidity.

         H.       Employment:
                  ----------

                  No provision of this Executive Health Insurance Plan shall be
                  deemed to restrict or limit any existing employment agreement
                  by and between the Bank and the Executive, nor shall any
                  conditions herein create specific employment rights to the
                  Executive nor limit the right of the Employer to discharge the
                  Executive with or without cause. In a similar fashion, no
                  provision shall limit the Executive's rights to voluntarily
                  sever the Executive's employment at any time.

         I.       Tax Withholding:
                  ---------------

                  The Bank shall withhold any taxes that are required to be
                  withheld, under the Code and regulations thereunder, from the
                  benefits provided under this Agreement. The Executive
                  acknowledges that the Bank's sole liability regarding taxes is
                  to forward any amounts withheld to the appropriate taxing
                  authority(ies).

         J.       Opportunity to Consult with Independent Advisors:
                  ------------------------------------------------

                  The Executive acknowledges that he has been afforded the
                  opportunity to consult with independent advisors of his
                  choosing including, without limitation, accountants or tax
                  advisors and legal counsel regarding both the benefits granted
                  to him under the terms of this Agreement and the: (i) terms
                  and conditions which may affect the Executive's right to these
                  benefits; and (ii) personal tax effects of such benefits
                  including, without limitation, the effects of any federal or
                  state taxes, Section 280G of the Code or regulations
                  thereunder, and any other taxes, costs, expenses or
                  liabilities whatsoever related to such benefits, which in any
                  of the foregoing instances the Executive acknowledges and
                  agrees shall be the sole responsibility of the Executive

                                       7

<PAGE>
                  notwithstanding any other term or provision of this Agreement.
                  The Executive further acknowledges and agrees that the Bank
                  shall have no liability whatsoever related to any such
                  personal tax effects or other personal costs, expenses, or
                  liabilities applicable to the Executive and further
                  specifically waives any right for himself or herself, and his
                  or her heirs, beneficiaries, legal representative, agents,
                  successor and assign to claim or assert liability on the part
                  of the Bank related to the matters described above in this
                  paragraph. The Executive further acknowledges that he has
                  read, understands and consents to all of the terms and
                  conditions of this Agreement, and that he enters into this
                  Agreement with a full understanding of its terms and
                  conditions.

VII.     ADMINISTRATIVE AND CLAIMS PROVISIONS

         A.       Plan Administrator:
                  ------------------

                  The "Plan Administrator" of this Executive Health Insurance
                  Plan shall be the Board of Directors of Central Co-Operative
                  Bank. As Plan Administrator, the Bank shall be responsible for
                  the management, control and administration of the Executive
                  Health Insurance Plan. The Plan Administrator may delegate to
                  others certain aspects of the management and operation
                  responsibilities of the Executive Health Insurance Plan
                  including the employment of advisors and the delegation of
                  ministerial duties to qualified individuals.

         B.       Claims Procedure:
                  ----------------

                  a.       Filing a Claim for Benefits:
                           ---------------------------

                           Any insured, beneficiary, or other individual,
                           ("Claimant") entitled to benefits under this
                           Executive Plan will file a claim request with the
                           Plan Administrator. The Plan Administrator will, upon
                           written request of a Claimant, make available copies
                           of all forms and instructions necessary to file a
                           claim for benefits or advise the Claimant where such
                           forms and instructions may be obtained. If the claim
                           relates to disability benefits, then the Plan
                           Administrator shall designate a sub-committee to
                           conduct the initial review of the claim (and
                           applicable references below to the Plan Administrator
                           shall mean such sub-committee).

                  b.       Denial of Claim:
                           ---------------

                           A claim for benefits under this Executive Plan will
                           be denied if the Bank determines that the Claimant is
                           not entitled to receive benefits under the Executive
                           Plan. Notice of a denial shall be furnished the
                           Claimant within a reasonable period of time after
                           receipt of the claim for benefits by the Plan
                           Administrator. This time period shall not exceed more
                           than ninety (90) days after the receipt of the
                           properly submitted claim. In the event that the claim
                           for benefits pertains to disability, the Plan

                                       8

<PAGE>
                           Administrator shall provide written notice within
                           forty-five (45) days. However, if the Plan
                           Administrator determines, in its discretion, that an
                           extension of time for processing the claim is
                           required, such extension shall not exceed an
                           additional ninety (90) days. In the case of a claim
                           for disability benefits, the forty-five (45) day
                           review period may be extended for up to thirty (30)
                           days if necessary due to circumstances beyond the
                           Plan Administrator's control, and for an additional
                           thirty (30) days, if necessary. Any extension notice
                           shall indicate the special circumstances requiring an
                           extension of time and the date by which the Plan
                           Administrator expects to render the determination on
                           review.

                  c.       Content of Notice:
                           -----------------

                           The Plan Administrator shall provide written notice
                           to every Claimant who is denied a claim for benefits
                           which notice shall set forth the following:

                           (i.)     The specific reason or reasons for the
                                    denial;

                           (ii.)    Specific reference to pertinent Executive
                                    Plan provisions on which the denial is
                                    based;

                           (iii.)   A description of any additional material or
                                    information necessary for the Claimant to
                                    perfect the claim, and any explanation of
                                    why such material or information is
                                    necessary; and

                           (iv.)    Any other information required by applicable
                                    regulations, including with respect to
                                    disability benefits.

                  d.       Review Procedure:
                           ----------------

                           The purpose of the Review Procedure is to provide a
                           method by which a Claimant may have a reasonable
                           opportunity to appeal a denial of a claim to the Plan
                           Administrator for a full and fair review. The
                           Claimant, or his duly authorized representative, may:

                           (i.)     Request a review upon written application to
                                    the Plan Administrator. Application for
                                    review must be made within sixty (60) days
                                    of receipt of written notice of denial of
                                    claim. If the denial of claim pertains to
                                    disability, application for review must be
                                    made within one hundred eighty (180) days of
                                    receipt of written notice of the denial of
                                    claim;

                                       9

<PAGE>
                           (ii.)    Review and copy (free of charge) pertinent
                                    Executive Plan documents, records and other
                                    information relevant to the Claimant's claim
                                    for benefits;

                           (iii.)   Submit issues and concerns in writing, as
                                    well as documents, records, and other
                                    information relating to the claim.

                  e.       Decision on Review:
                           ------------------

                           A decision on review of a denied claim shall be made
                           in the following manner:

                           (i.)     The Plan Administrator may, in its sole
                                    discretion, hold a hearing on the denied
                                    claim. If the Claimant's initial claim is
                                    for disability benefits, any review of a
                                    denied claim shall be made by members of the
                                    Plan Administrator other than the original
                                    decision maker(s) and such person(s) shall
                                    not be a subordinate of the original
                                    decision maker(s). The decision on review
                                    shall be made promptly, but generally not
                                    later than sixty (60) days after receipt of
                                    the application for review. In the event
                                    that the denied claim pertains to
                                    disability, such decision shall not be made
                                    later than forty-five (45) days after
                                    receipt of the application for review. If
                                    the Plan Administrator determines that an
                                    extension of time for processing is
                                    required, written notice of the extension
                                    shall be furnished to the Claimant prior to
                                    the termination of the initial sixty (60)
                                    day period. In no event shall the extension
                                    exceed a period of sixty (60) days from the
                                    end of the initial period. In the event the
                                    denied claim pertains to disability, written
                                    notice of such extension shall be furnished
                                    to the Claimant prior to the termination of
                                    the initial forty-five (45) day period. In
                                    no event shall the extension exceed a period
                                    of thirty (30) days from the end of the
                                    initial period. The extension notice shall
                                    indicate the special circumstances requiring
                                    an extension of time and the date by which
                                    the Plan Administrator expects to render the
                                    determination on review.

                           (ii.)    The decision on review shall be in writing
                                    and shall include specific reasons for the
                                    decision written in an understandable manner
                                    with specific references to the pertinent
                                    Executive Plan provisions upon which the
                                    decision is based.

                                       10

<PAGE>
                           (iii.)   The review will take into account all
                                    comments, documents, records and other
                                    information submitted by the Claimant
                                    relating to the claim without regard to
                                    whether such information was submitted or
                                    considered in the initial benefit
                                    determination. Additional considerations
                                    shall be required in the case of a claim for
                                    disability benefits. For example, the claim
                                    will be reviewed without deference to the
                                    initial adverse benefits determination and,
                                    if the initial adverse benefit determination
                                    was based in whole or in part on a medical
                                    judgment, the Plan Administrator will
                                    consult with a health care professional with
                                    appropriate training and experience in the
                                    field of medicine involving the medical
                                    judgment. The health care professional who
                                    is consulted on appeal will not be the same
                                    individual who was consulted during the
                                    initial determination or the subordinate of
                                    such individual. If the Plan Administrator
                                    obtained the advice of medical or vocational
                                    experts in making the initial adverse
                                    benefits determination (regardless of
                                    whether the advice was relied upon), the
                                    Plan Administrator will identify such
                                    experts.

                           (iv.)    The decision on review will include a
                                    statement that the Claimant is entitled to
                                    receive, upon request and free of charge,
                                    reasonable access to, and copies of, all
                                    documents, records or other information
                                    relevant to the Claimant's claim for
                                    benefits.

                  f.       Exhaustion of Remedies:
                           ----------------------

                           A Claimant must follow the claims review procedures
                           under this Executive Plan and exhaust his or her
                           administrative remedies before taking any further
                           action with respect to a claim for benefits.

         C.       Arbitration:
                  -----------

                  If claimants continue to dispute the benefit denial based upon
                  completed performance of this Executive Plan or the meaning
                  and effect of the terms and conditions thereof, then claimants
                  may submit the dispute to an Arbitrator for final arbitration.
                  The Arbitrator shall be selected by mutual agreement of the
                  Bank and the claimants. The Arbitrator shall operate under any
                  generally recognized set of arbitration rules. The parties
                  hereto agree that they and their heirs, personal
                  representatives, successors and assigns shall be bound by the
                  decision of such Arbitrator with respect to any controversy
                  properly submitted to it for determination.

                                       11

<PAGE>
                  Where a dispute arises as to the Bank's discharge of the
                  Executive "for cause," such dispute shall likewise be
                  submitted to arbitration as above described and the parties
                  hereto agree to be bound by the decision thereunder.

         IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Agreement and executed the original thereof effective as of
the first day set forth hereinabove, and that, upon execution, each has received
a conforming copy.

                                        CENTRAL CO-OPERATIVE BANK
                                        Somerville, MA
<TABLE>
<CAPTION>

<S>                                     <C>
/s/ Richard E. Stevens                  By: /s/ Edward F. Sweeney, Jr.
-------------------------------             -------------------------------------------
Witness                                     (Bank Director other than Executive)  Title

/s/ Paul S. Feeley                          /s/ John D. Doherty
-------------------------------             -------------------------------------------
Witness                                     John D. Doherty

</TABLE>

                                       12
<PAGE>

                SPOUSAL DESIGNATION FORM FOR THE EXECUTIVE HEALTH
                            INSURANCE PLAN AGREEMENT

I.     DESIGNATION
       -----------
<TABLE>
<CAPTION>
            SPOUSE:
            ------

       <S>  <C>
       1.   Name:                                                               SS#:
            ------------------------------------------------------------------------------------------------------------------------

            Address:
            ------------------------------------------------------------------------------------------------------------------------
                                (Street)                        (City)                           (State)               (Zip)
</TABLE>

II.    SIGN AND DATE
       -------------

All benefits received under the Executive Health Insurance Plan Agreement by
reason of my death shall be made for the benefit of my spouse, if he or she
survives me. This beneficiary designation is valid until the participant
notifies the Bank in writing.

-------------------------------------------         ----------------------------
John D. Doherty                                     Date

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