Document:

EX-10.6

 Exhibit 10.6 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (this “Agreement”) is made as of the ___ day of ____________, 2020, by and among Eastern
Bank Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a
Massachusetts-chartered bank (the “Bank”), and [_____________________] (the “Executive”) residing in Massachusetts. MHC, Eastern Bankshares, and the Bank are sometimes referred to collectively in this Agreement as
“Eastern”. Eastern and the Executive are sometimes referred to individually in this Agreement as a “Party” and collectively as the “Parties”. 

1.    Plan of Stock Issuance. Eastern and the Executive expect that after the date of this Agreement, Eastern will
file a Plan of Conversion (the “Plan”) with the Division of Banks of the Commonwealth of Massachusetts pursuant to 209 CMR 33.00 (the “Regulations”) on or about [________________] (the
“Filing”). Pursuant to the Plan, and subject to the terms and conditions therein, Eastern will reorganize into a publicly traded bank holding company and conduct a public offering of its common stock to eligible depositors of the
Bank and others (the “Stock Offering”). Upon the completion of the Stock Offering, the Bank will be a wholly-owned subsidiary of Eastern Bankshares and MHC will cease to exist. Immediately prior to the completion of the Stock
Offering, MHC will transfer to Eastern Bankshares all the capital stock of the Bank, resulting in the Bank being a wholly-owned subsidiary of Eastern Bankshares and an indirect, majority owned subsidiary of MHC. The Stock Offering and the related
reorganization in which the Bank becomes a wholly-owned subsidiary of Eastern Bankshares are sometimes referred to collectively in this Agreement as the “Reorganization.” 

2.    Purpose. Eastern considers it essential to the best interests of its shareholders to promote and preserve the
continuous employment of key management personnel. The boards of directors of the Bank and Eastern Bankshares, and the board of trustees of MHC (collectively, the “boards”) recognize that, as is the case with many corporations, the
possibility of a Change in Control (as defined in Section 3 hereof) exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of key management personnel
to the detriment of Eastern and the shareholders of Eastern Bankshares after the Reorganization. Therefore, the boards have determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of
members of Eastern’s key management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control. Nothing in this Agreement shall
be construed to alter any at-will employment relationship or to create an express or implied contract of employment for a particular term. Except as otherwise agreed in writing between the Executive and
Eastern, the Executive shall not have any right to be retained in the employ of Eastern for any particular term. 

3.    Change in Control; Potential Change in Control. As used in this Agreement: 

(a)    the term “Parent Company” means the MHC (prior to the Reorganization), Eastern
Bankshares (upon the completion of the Reorganization) or any other entity that is the ultimate holding company of the Bank, controlling, directly or indirectly through one or more intermediaries, a majority of the Voting Securities (as defined
below) issued by the Bank. 

  
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 (b)    the term “Combination
Counterparty” means Parent Company, or if there is no Parent Company, the term “Combination Counterparty” means the Bank. 

(c)    the term “Change in Control” means the consummation by Eastern, in a single
transaction or series of related transactions, of any of the following events: 
 (i)    the merger,
consolidation or other business combination or similar reorganization of Parent Company or the Bank, whether in one or a series of related steps (the “Combination”), if, immediately following the effectiveness of the Combination,
either (A) less than two-thirds of the board of trustees or directors or other governing body (the “Surviving Board”) of the entity paying the transaction consideration in such
Combination, whether cash and/or securities, is composed of individuals who, immediately prior to effectiveness of the Combination, were serving on the board of trustees or directors or other governing body of the Combination Counterparty, or
(B) less than sixty percent (60%) of the combined voting power of the securities having the right to vote in an election of the Surviving Board is beneficially owned (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended), directly or indirectly, by persons who, immediately prior to effectiveness of such Combination, were shareholders of the Combination Counterparty; or 

(ii)    a person or persons acting in concert, other than Parent Company, has or have become the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of twenty-five percent (25%) or more of the combined voting power of the
securities having the right to vote in an election of the board of directors of Parent Company or the Bank (“Voting Securities”); provided, however, that this clause (b) shall not apply to beneficial ownership of Eastern
Bankshares’s or the Bank’s Voting Securities held by an entity of which Parent Company directly or indirectly beneficially owns fifty percent (50%) or more of its outstanding Voting Securities; or 

(iii)    during any period of two consecutive years, individuals who constitute the board of trustees or
directors of Parent Company (or, if Parent Company ceases to be the beneficial owner (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of a majority of the
Voting Securities of the Bank, the Bank) at the beginning of such two-year period cease for any reason to constitute at least a majority of the board of trustees or directors of Parent Company or the Bank, as
applicable; provided, however, that for purposes of this sentence, an individual shall be deemed to have been a trustee or director at the beginning of such period if such individual was elected, or nominated for election, by the board of trustees
or directors of Parent Company or the Bank, as applicable, by a vote of at least two-thirds of the trustees or directors who were trustees or directors at the beginning of the
two-year period or were so elected or nominated by such trustees or directors; or 

  
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 (iv)    the sale of all or substantially all of the
assets of Parent Company or the Bank to any person, group or entity; or 
 (v)    any other transaction
that the board of trustees or directors or other governing body of Parent Company or, if there is no Parent Company, the Bank determines, whether before or after a Proposed Change in Control, constitutes a Change in Control for purposes of this
Agreement. 
 For avoidance of doubt, the Reorganization will not constitute a Change in Control. 

(d)    the term “Potential Change in Control” means the occurrence of any of the following
events: 
 (i)    Parent Company or the Bank enters into an agreement, the consummation of which would
result in the occurrence of a Change in Control; or 
 (ii)    the board of trustees or directors or
other governing body of Parent Company or, if there is no Parent Company, the Bank adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

4.    Terminating Event; Cause; Good Reason; Disability. As used in this Agreement: 

(a)    the term “Terminating Event” means the occurrence, (x) if a Potential Change
in Control has occurred and is continuing, or (y) within eighteen (18) months after a Change in Control, of (i) termination of the Executive’s employment by Eastern for any reason other than death, Disability (as defined in this
Section), or Cause (as defined in this Section), or (ii) resignation of the Executive from the employ of Eastern for Good Reason (as defined in this Section); 

(b)    the term “Cause” means any one or more of the following: 

(i)    a material act of willful misconduct by the Executive in connection with the performance of his/her
duties, including, without limitation, misappropriation of funds or property of Eastern; or 

(ii)    the conviction of the Executive for, or plea of nolo contendere by the Executive to, any felony or
a misdemeanor involving deceit, dishonesty, or fraud; or 
 (iii)    the commission by the Executive of
any misconduct, whether or not related to Eastern or any of its affiliates, that has caused, or would reasonably be expected to cause, material detriment or damage to Eastern’s or any of its affiliates’ reputation, business operation or
relation with its employees, customers, vendors, suppliers or regulators; or 
 (iv)    continued,
willful and deliberate non-performance by the Executive of his duties (other than by reason of the Executive’s physical or 

  
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mental illness, incapacity or disability) that has continued for more than thirty (30) days following written notice providing the details of such
non-performance from the Chairman or the Chief Executive Officer of Parent Company or the Bank, as the case may be; or 

(v)    willful failure to cooperate with a bona fide internal investigation or an investigation by
regulatory or law enforcement authorities, after being instructed by Eastern to cooperate, or the deliberate destruction of or deliberate failure to preserve documents or other materials that the Executive should reasonably know to be relevant to
such investigation, after being instructed by Eastern to preserve such documents, or the willful inducement of others to fail to cooperate or to fail to produce documents or other materials; or 

(vi)    removal or prohibition of the Executive from participating in the conduct of Eastern’s affairs
by order issued under applicable law and regulations by a federal or state banking agency having authority over Eastern; 

(c)    the term “Good Reason” means that an Executive has complied with the “Good
Reason Process” following the occurrence of any of the following events: 
 (i)    a material
diminution, not consented to by the Executive, in the Executive’s responsibilities, authorities or duties, from the responsibilities, authorities or duties exercised by the Executive as of immediately prior to a Potential Change in Control; or

 (ii)    any material reduction in the Executive’s annual compensation or benefits, as in effect
immediately prior to a Potential Change in Control or as the same may be increased from time to time thereafter, except for across-the-board reductions similarly
affecting all or substantially all of Eastern’s executive officers; or 
 (iii)    the relocation of
the Eastern offices at which the Executive is principally employed as of the date hereof (the “Current Offices”) to any other location more than 25 miles from the Current Offices, or the requirement by Eastern for the Executive to
be based at a location more than 25 miles from the Current Offices, except for required travel on Eastern’s business to an extent substantially consistent with the Executive’s business travel obligations during the twelve (12)-month period
immediately preceding the Change in Control; or 
 (iv)    any material breach of this Agreement by
Eastern, including without limitation the failure of Parent Company or the Bank to obtain a satisfactory agreement from any successor to fully assume such entity’s obligations and to perform under this Agreement, as contemplated in
Section 16(c) hereof, in a form reasonably acceptable to the Executive; 
 (d)    the term
“Good Reason Process” means that (i) the Executive reasonably determines in good faith that a Good Reason condition has occurred; (ii) the Executive notifies Eastern in writing of the occurrence of the Good Reason
condition within sixty 

  
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(60) days of the Executive having a reasonable basis to conclude that a Good Reason condition has occurred; (iii) the Executive cooperates in good faith with Eastern’s efforts, for a
period not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive
terminates his employment within 60 days after the end of the Cure Period, provided, however, that if Eastern cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred; and 

(e)    the term “Disability” means any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months that renders the Executive unable to engage in any substantial gainful activity. 

5.    Change in Control Payment. If a Terminating Event occurs, subject to the Executive signing a
separation agreement, in substantially the form attached as Exhibit A (the “Separation Agreement and Release”), and the Separation Agreement and Release becoming irrevocable, all within sixty (60) days after the
Date of the Termination, then the following shall occur: 
 (a)    Eastern shall pay to the Executive an
amount equal to the sum of two (2) times (i) the Executive’s annual base salary in effect immediately prior to the Terminating Event (or the Executive’s annual base salary in effect immediately prior to the Change in Control, if
greater), plus (ii) the greater of (x) the Executive’s targeted annual bonus for the year in which the Termination Event occurs and (y) the average of the Executive’s bonuses for the three (3) years immediately
preceding the year in which the Termination Event occurs, payable in one lump-sum payment, less applicable tax withholdings, within sixty (60) days following the Date of Termination (as hereinafter
defined); and 
 (b)    if the Executive was participating in Eastern’s group health and dental
plans immediately prior to the Executive’s termination and elects COBRA health continuation, then Eastern shall pay to the Executive a monthly cash payment for eighteen (18) months or the Executive’s COBRA health continuation period,
whichever ends earlier, in an amount equal to the monthly employer contribution that Eastern would have made to provide health and dental insurance to the Executive if the Executive had remained employed by Eastern. Eastern shall use commercially
reasonable efforts to provide for such payments in a manner that allows the Executive to exclude such payments from income, unless the Executive’s COBRA health continuation period ends prior to the end of the eighteen-month payment period or
Eastern reasonably determines such payment to be discriminatory under Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”). 

Notwithstanding the foregoing, if a court of competent jurisdiction or an arbitrator determines that during his employment or within twenty-four
(24) months thereafter, the Executive willfully and materially failed to substantially comply with any restrictive covenant contained in the Separation Agreement and Release or willfully and materially failed to substantially comply with any
material obligation under this Agreement, the Executive shall be obligated promptly to 

  
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refund the net amount of any payments or benefits paid or provided under the terms of this Agreement after payment of all federal, state, and local income, excise and employment taxes imposed on
the Executive as a result of the Executive’s receipt of the payments, such net amount to be determined by taking into account any federal, state, or local income, excise, or employment tax benefits or relief available to the Executive as a
result of such repayment. Eastern may take appropriate legal action to seek to recover any such payments and benefits from the Executive or his estate. 

6.    Additional Limitation. 

(a)    Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any
compensation, payment, or distribution by Eastern to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with
Section 280G of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not
below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it
would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the
following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from the consummation of the transaction that is subject to Section 280G of the Code: (1) cash
payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits;
provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c). 
 (b)    For purposes of this
Section 6, the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the
Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the
determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of
such state and local taxes. 
 (c)    The determination as to whether a reduction in the Aggregate
Payments shall be made pursuant to Section 6(a) shall be made by a nationally recognized accounting firm selected by Eastern (the “Accounting Firm”), which shall provide detailed supporting calculations both to Eastern and the
Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by Eastern or the Executive. Any determination by the Accounting Firm shall be binding upon Eastern and
the Executive. 

  
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 7.    Section 409A. 

(a)    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s
“separation from service” within the meaning of Section 409A of the Code, Eastern determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent
any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the twenty percent (20%) additional tax imposed
pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6)
months and one (1) day after the Executive’s separation from service, and (ii) the Executive’s death. 

(b)    The parties intend that this Agreement will be administered in accordance with Section 409A of
the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.
The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. 
 (c)    All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by Eastern or incurred by the Executive during the time periods set forth in this Agreement. All
reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement
in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(d)    To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments
or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h). 
 (e)    Eastern makes no
representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute non-qualified deferred compensation subject to
Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

  
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 8.    Term. This Agreement shall take effect on the date first
set forth above and shall terminate (a) if Eastern notifies the Executive in writing that MHC’s board of trustees has decided not to proceed with the Filing, or (b) if Eastern has previously made the Filing, the earliest of
(i) Eastern’s written notification to the Executive within ten days after MHC’s board of trustees terminates the Plan in accordance with the Regulations prior to the completion of the Stock Offering; (ii) the termination of the
Executive’s employment prior to a Change in Control for any reason other than the occurrence of a Terminating Event, (iii) the termination of the Executive’s employment after a Change in Control for any reason other than the
occurrence of a Terminating Event, and (iv) the date which is eighteen (18) months after a Change in Control if the Executive is then still employed by Eastern. For purposes of this Section, notification via email shall constitute written
notification. 
 9.    Withholding. All payments made by Eastern to the Executive under this Agreement shall be
net of any tax or other amounts required to be withheld by Eastern under applicable law. 
 10.    Notice and Date of
Termination. 
 (a)    Notice of Termination. During the term of this Agreement, any purported
termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section 10. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(b)    Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of the Executive’s Disability or by Eastern with Cause, the date on which Notice of Termination
is given; (iii) if the Executive’s employment is terminated by the Executive without Good Reason or by Eastern without Cause, thirty (30) days after the date on which a Notice of Termination is given, and (iv) if the
Executive’s employment is terminated by the Executive with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of
Termination to Eastern, Eastern may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by Eastern for purposes of this Agreement. 

11.    No Mitigation. Eastern agrees that, if the Executive’s employment by Eastern is terminated
during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by Eastern pursuant to Section 5 hereof. Further, the amount of any payment
provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to Eastern, or
otherwise. 

  
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 12.    Arbitration of Disputes. Any controversy or claim arising
out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claim of unlawful employment discrimination whether
based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. Eastern shall be fully
responsible for paying all filing costs, fees and expenses of the AAA and the arbitrator(s). In the event that any person or entity other than the Executive or Eastern may be a party with regard to any such controversy or claim, such controversy or
claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 12 shall be specifically
enforceable. Notwithstanding the foregoing, this Section 12 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such
relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 12. 

13.    Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce
Section 12 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any
such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect
to personal jurisdiction or service of process. 
 14.    Entire Agreement. Except for the agreements and plans
referenced in Section 21 below, which shall continue in full force and effect, this Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements
between the parties concerning such subject matter. 
 15.    Cooperation Covenant. Both during and after the
Executive’s employment, the Executive shall cooperate fully with Eastern and with any legal counsel, expert or consultant Eastern may retain to assist in connection with any judicial proceedings, arbitration, administrative proceeding,
governmental investigation, examination, inquiry or internal audit in which Eastern or any of its affiliates, may be or become involved, including full disclosure of all relevant information and truthfully testifying on Eastern’s behalf (or, at
the request of Eastern, on behalf of any such affiliate of Eastern) in connection with any such proceeding or investigation. Eastern shall pay all of the Executive’s travel and other reasonable expenses associated with such cooperation, and, in
the event the Executive is then no longer employed with Eastern, shall use all commercially reasonable efforts to schedule such cooperation such that it does not conflict with the Executive’s professional or personal commitments. In addition,
in the event Executive is no longer employed by Eastern and did not receive payment under this Agreement, Eastern shall pay Executive a reasonable hourly rate for any such cooperation. 

  
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 16.    Assignment; Successors and Assigns. 

(a)    The Executive may not make any assignment of this Agreement or any interest herein, by operation of
law or otherwise, without the prior written consent of Eastern. 
 (b)    This Agreement shall inure to
the benefit of and be binding upon Eastern and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death prior to the completion by Eastern of all payments due to
the Executive under this Agreement, Eastern shall continue such payments to the Executive’s beneficiary designated in writing to Eastern prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such
designation). 
 (c)    Each of Parent Company, Eastern Bankshares and the Bank shall require its
successors (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of its business and/or assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that Eastern would be required to perform it if no such succession had taken place. Failure by one or more of Parent Company, Eastern Bankshares and the Bank to obtain such assumption and agreement immediately prior to the effectiveness of any such
succession shall constitute a breach of this Agreement and the provisions of Section 4(c)(v) hereof shall apply. As used in this Agreement, the respective terms “Parent Company”, “MHC”, “Eastern Bankshares” and
“the Bank” shall mean any successor to their respective businesses and/or assets that assumes, by operation of law or otherwise, their respective obligations under this Agreement. 

17.    Enforceability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. The agreement of the Executive contained in Section 15 hereof is of a special, unique and extraordinary character,
and the obligations of the Executive set forth therein shall therefore be enforceable both at law and in equity, by injunction or otherwise. The rights and remedies of the parties hereunder shall be cumulative and not alternative and shall not be
exhausted by any one or more uses thereof. 
 18.    Waiver. No waiver of any provision hereof shall be effective
unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

  
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 19.    Notices. Any notices, requests, demands, and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with Eastern, or to Eastern at its main office, attention of Chief Executive Officer of the Bank. 

20.    Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by duly authorized representatives of Eastern. 
 21.    Effect on Other Plans. An election by the Executive
to resign after a Change in Control under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of Eastern’s benefit plans, programs, or
policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under Eastern’ benefit plans, programs or policies except as otherwise provided in Section 5 hereof, and except that the Executive shall have no
rights to any severance benefits under any severance pay plan of Parent Company, Eastern Bankshares, or the Bank. If the Executive is party to an agreement with Eastern providing for change in control payments or severance benefits, the Executive
may receive payment under this Agreement or such other agreement, but not both. The Executive shall elect the agreement under which the Executive desires to receive severance payments and benefits in the event of a Change in Control. 

22.    Governing Law; Regulatory Restrictions. This is a Massachusetts contract and shall be construed under and be
governed in all respects by the laws of the Commonwealth of Massachusetts, without regard for the conflicts of law principles thereof, and by and subject to any federal law to which Parent Company, Eastern Bankshares or the Bank is subject as an
FDIC-insured depository institution or a depository institution holding company. In addition to the foregoing: 

(a)    In no event shall Eastern be obligated to make any payment pursuant to this Agreement that is
prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law. 

(b)    In no event shall Eastern be obligated to make any payment pursuant to this Agreement if: 

(i)    Parent Company or the Bank is in default as defined in Section 3(x) (12 U.S.C. sec. 1818(x)(1))
of the Federal Deposit Insurance Act, as amended; or 
 (ii)    the FDIC enters into an agreement to
provide assistance to or on behalf of Parent Company or the Bank under the authority contained in Section 13(c) (12 U.S.C. sec. 1823(c)) of the Federal Deposit Insurance Act, as amended. 

23.    Interpretations. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or
resolved against any Party, whether under any rule of construction or otherwise. No Party to this Agreement shall be considered the draftsman. The Parties acknowledge and agree that this Agreement has been reviewed, negotiated, and accepted by each
Party and their respective attorneys and shall be construed and interpreted according to the 

  
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ordinary meaning of the words used so as fairly to accomplish the purposes and intentions of the Parties. Wherever used herein, a pronoun in the masculine gender shall be considered as including
the feminine gender unless the context clearly indicates otherwise. The captions contained in this Agreement are for reference purposes only and are not part of this Agreement. 

24.    Counterparts; Delivery. This Agreement and any signed agreement or instrument entered into in connection
with this Agreement, and any amendment or waiver hereto or thereto, may be executed by means of a facsimile machine or by e-mail delivery of a “.pdf” format data file and in one or more counterparts,
each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. Signatures delivered by facsimile machine or e-mail
delivery of a “.pdf” format data file shall have the same effect as originals. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of
a “.pdf” format data file to deliver a signature to this Agreement and any signed agreement or instrument entered into in connection with this Agreement or any amendment or waivers hereto or thereto or the fact that any signature or
agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation of a contract and each
party hereto forever waives any such defense. 
 25.    Allocation of Obligations of Eastern. The
obligations of Eastern under this Agreement are intended to be the joint and several obligations of the Bank, Eastern Bankshares and Parent Company, which shall allocate these obligations with each other in a manner agreed upon by them. 

26.    Acknowledgments of Executive. The Executive acknowledges that the Executive has carefully read this
Agreement and understands and agrees to all its terms. The Executive further acknowledges that the Executive has voluntarily entered into this Agreement, that the Executive has not relied upon any representation or statement, written or oral, other
than those set forth in this Agreement, and that the Executive has been advised that the Executive should consult with an attorney before signing this Agreement and has had an opportunity to consult with an attorney if the Executive wished to do so.

 [Remainder of Page Intentionally Left Blank; Signature Page to Follow] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year
first above written. 
  

			
	EASTERN BANK CORPORATION

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANKSHARES, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANK

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EXECUTIVE

 
			
		
	By:	 	 

 [Change in Control Agreement Signature Page] 

  
 13 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (this “Agreement”) is entered into as of ___________ __, _____by and among Eastern Bank
Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a
Massachusetts-chartered bank (the “Bank”), and ___________ (the “Executive”). MHC, Eastern Bankshares, and the Bank are sometimes referred to collectively in this Agreement as “Eastern”. Eastern and
the Executive are sometimes referred to individually in this Agreement as a “Party” and collectively as the “Parties”. Any capitalized term used in this Agreement and not otherwise defined shall have the meaning set
forth in the Change in Control Agreement (as defined below). For purposes of this Agreement, the term “Eastern” shall also include the Parent Company (as defined in the Change in Control Agreement) and each of its affiliates,
subsidiaries, and each of their predecessors. 
 Recitals 

WHEREAS, the Executive is as of the date hereof the [describe the Executive’s position] of Eastern; 

WHEREAS, Executive and Eastern entered into a Change in Control Agreement, effective as of __________ __, 2020 (the “Change in Control
Agreement”); 
 WHEREAS, in connection with [describe change in control transaction and agreement] [(the “Transaction
Agreement”) (the “Transaction”),] the Executive’s employment with Eastern will terminate as of [______] (such date, the “Separation Date”); and 

WHEREAS, the Executive and Eastern desire to enter into this Agreement to set forth the terms and conditions of the Executive’s
employment termination. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 Agreement 

1.    Resignation; Return of Property. 

1.1    Resignation. The Executive hereby resigns from Eastern (i) as an employee of Eastern, (ii) as the
[_______] of Eastern, and (iii) in any and all other positions that the Executive may hold with any parent, subsidiary, affiliate, or related party of Eastern, in each case, effective as of the Separation Date. 

1.2    Return of Property. The Executive represents that the Executive has returned, or will within ten
(10) business days of the Separation Date return, to Eastern, as applicable, all property belonging to Eastern, including but not limited to any leased vehicle, laptop, cell phone, keys, access cards, phone cards and credit cards. 

  
 Page 1 of 8 

 2.    Separation Terms. If: (i) the Executive timely enters into this
Agreement and a Release in substantially the form attached hereto as Exhibit AA (the “Release”) and the Executive does not revoke the Release, then in consideration of the Executive entering into this Agreement and the
Release (and not revoking it) and agreeing to fully abide by their terms, and in full satisfaction of any and all obligations of Eastern to the Executive, except for those provisions of the Change in Control Agreement and any other agreements or
plans that shall survive after the Separation Date, as described in Section 4.2 hereof, Eastern shall provide to the Executive the compensation set forth in Section 5 of the Change in Control Agreement, in accordance with its terms. 

3.    Restrictive Covenants. 

3.1    Non-Competition. 

3.1.1    For twelve (12) months after the Separation Date, the Executive shall not, directly or indirectly, become a
director, trustee, officer, employee, principal, agent, consultant or independent contractor of a Competing Business (as defined below), subject to Section 3.1.3 hereof. 

3.1.2    As used in this Agreement, the term “Competing Business” means any bank or other FDIC-insured
depository institution, credit union, mortgage or finance company, or any other entity engaged in a business that offers one or more products or services that, as of the Separation Date, compete with one or more products or services then offered, or
one or more proposed products or services then under active development, by Eastern (the “Competitive Products or Services”), provided that the Executive was actively involved at any time during the two years preceding the
Transaction in the development, delivery, supervision or oversight of the Competitive Products or Services, including by providing senior administrative support or supervision (the “Designated Services”), if such entity’s
executive headquarters or main office is located in any of the following counties (collectively, the “Designated Region”): the Massachusetts counties of Suffolk, Essex, Middlesex, Norfolk, Plymouth, Worcester, Bristol and
Barnstable; the New Hampshire counties of Hillsborough, Merrimack, Rockingham and Stratford; and Providence County, Rhode Island.1 For avoidance of doubt, “Competing Business” shall not
include any business that primarily engages in providing asset manager services or underwrites insurance products. 

3.1.3    Nothing in this Agreement shall prohibit the Executive from (x) owning bonds,
non-voting preferred stock or less than one percent (1%) of the outstanding common stock of any Competing Business (or the holding company thereof) if the common stock of such entity is publicly traded;
(y) serving on the board of directors of or providing employment or consulting services to a business that is not a Competing Business; or (z) providing services to a business that is a Competing Business, whether as an employee or
consultant, if (i) the Executive provides Designated Services from an office located outside of the Designated Region; (ii) the services provided by the Executive for the Competing Business do not relate primarily to the 

 

	1 	 NTD. Eastern may expand the Designated Region in this Agreement to include any metropolitan statistical area
(MSA) from which the Parent Company’s depository subsidiaries, on a consolidated basis, obtain more than 20% of their total deposits as of the end of the fiscal quarter immediately preceding the Separation Date.

  
 Page 2 of 8 

 
delivery of Competitive Products or Services in the Designated Region that would reasonably be expected to utilize the Executive’s knowledge of the market in the Designated Region, or of
existing or prospective customers of Eastern, gained while the Executive provided Designated Services to Eastern; and (iii) the Executive is and remains in compliance with the provisions of Section 3.2 of this Agreement. 

3.2    Non-Solicitation. For twenty-four (24) months after the
Separation Date, the Executive shall not hire or attempt to hire any employee of Eastern, assist in such hiring by any other person or entity, encourage any such employee to terminate [his/her] relationship with Eastern, or call upon, solicit,
divert, or attempt to solicit or divert from Eastern any of its customers of which Executive was aware, or should have been aware, during the term of Executive’s employment with Eastern. 

3.3    Confidentiality. At all times after the Separation Agreement, the Executive may not disclose Confidential
Information of Eastern, except for purposes consistent with the administration and performance of the Executive’s obligations hereunder, or as required by law, provided that written notice of any legally required disclosure shall be given to
Eastern, to the extent legally permissible, as soon as reasonably practicable prior to any such disclosure and the Executive shall reasonably cooperate with Eastern to protect the confidentiality thereof pursuant to applicable law or regulation. For
purposes of this Agreement, “Confidential Information” includes all confidential and proprietary information of Eastern, including without limitation, financial information, business plans, prospects, customer lists, and
opportunities (such as lending relationships, financial product developments, or possible acquisition or dispositions of businesses or facilities) which have been discussed or considered by the management of Eastern or any of its affiliates, but
does not include any information which has become part of the public domain by means other than Executive’s nonobservance of Executive’s obligations under this Agreement. 

3.4    Reasonableness of Restrictions. Executive acknowledges and agrees that (i) the Executive’s
services to Eastern are unique and extraordinary; (ii) the restrictive covenants in this Agreement are essential elements of this Agreement and are reasonable given Executive’s access to Eastern’s Confidential Information and the
substantial knowledge and goodwill the Executive has acquired with respect to the business of Eastern as a result of [his/her] employment with Eastern, and the unique and extraordinary services provided by the Executive to Eastern; (iii) the
restrictive covenants contained in this Agreement are reasonable in time, territory, and scope, and in all other respects; and (iv) enforcement of the restrictions contained herein and therein will not deprive the Executive of the ability to
earn a reasonable living. 
 3.5    Judicial Modification. Should any part or provision of this Section 3 be
held invalid, void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement. The Parties further agree
that if any portion of this Section 3 is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, or other restrictions are deemed to be invalid or unreasonable in scope, the invalid or
unreasonable terms shall be replaced by terms that are valid and enforceable and that come closest to expressing the intention of such invalid or unenforceable terms. 

  
 Page 3 of 8 

 3.6    Enforcement. The Executive acknowledges and agrees that
Eastern will suffer irreparable harm in the event that the Executive breaches any of the Executive’s obligations under this Section 3 and that monetary damages would be inadequate to compensate Eastern for such breach. Accordingly, the
Executive agrees that, in the event of a breach by the Executive of any of the Executive’s obligations under this Section 3, Eastern will be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive
relief, and expedited discovery for the purpose of seeking relief, in order to prevent or to restrain any such breach. The Executive agrees to waive any requirement for the securing or posting of any bond in connection with such remedies. 

4.    General Provisions. 

4.1    No Admission of Liability. No action taken by Eastern or the Executive hereto, either previously or in
connection with this Agreement, shall be deemed or construed to be an acknowledgment or admission by any party of any fault or liability whatsoever to the other party or to any third party. 

4.2    Integration. This Agreement, including all documents referenced herein, contains the complete, final, and
exclusive agreement of the Parties relating to the terms and conditions of the Executive’s service and the termination of that service, and supersedes all prior and contemporaneous oral and written employment agreements or arrangements between
the Parties; provided, however, that (a) Sections 5, 6, 7, 9, 11, 12, 13, and 15-26 of the Change in Control Agreement shall survive in accordance with the terms thereof after the Separation Date and are
hereby incorporated by reference; and provided further that [_______________]2 shall survive after the Separation Date. 

[remainder of page left intentionally blank; signature page follows] 

 
  

	2 	 NTD. This section will be modified to reference any right that the Executive has under any other agreements or
benefit plan that by its terms expressly survives the Separation. 

  
 Page 4 of 8 

 IN WITNESS WHEREOF, Eastern and the Executive have executed this Agreement to be
effective as of the date set forth above. 
  

			
	EASTERN BANK CORPORATION

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANKSHARES, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EASTERN BANK

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	EXECUTIVE

 
			
		
	By:	 	 
	Name:	 	 

  
 [Signature Page to
Separation Agreement and Release] 

 EXHIBIT AA 

RELEASE 
 Pursuant to
Section 2 of the Separation and Release Agreement (the “Agreement”) by and between Eastern Bank Corporation, a Massachusetts-chartered mutual holding company (the “MHC”), and its subsidiaries, Eastern
Bankshares, Inc., a Massachusetts corporation (“Eastern Bankshares”), and Eastern Bank, a Massachusetts-chartered bank (the “Bank”), and ___________ (the “Executive”) as a condition to receiving the
payment referenced in Section 2 of the Agreement (the “Payment”), the Executive has agreed to execute this Release in accordance with the terms and conditions below. Capitalized terms not defined herein shall have the meaning
set forth in the Agreement. 
 In consideration of the receipt of the Payment, the Executive, on behalf of the Executive’s heirs,
executors, administrators, successors and assigns, hereby fully, finally and forever releases and discharges Eastern, all parent, subsidiary, related and affiliated companies, as well as its and their successors and predecessors, assigns,
officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are referred to throughout this Release as the “Parties”), of and from all claims, demands, actions, causes of action, suits, damages,
losses, and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the execution date of this Release. Specifically included in this waiver and release are, among other things, any and all claims of
alleged employment discrimination, either as a result of the separation of the Executive’s employment or otherwise, under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, the Family and Medical Leave Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act, any other federal, state or local statute, rule, ordinance, or regulation, as well as any claims for alleged wrongful
discharge, negligent or intentional infliction of emotional distress, breach of contract, fraud, defamation, or any other unlawful behavior, the existence of which is specifically denied by the Parties. The foregoing list is intended to be
illustrative rather than inclusive. The Executive waives the rights and claims to the extent set forth above, and the Executive also agrees not to institute, or have instituted, a lawsuit against the Parties based on any such waived claims or
rights. 
 Nothing in this Release, however, shall be construed to prohibit the Executive from filing a charge or participating in any
investigation or proceeding conducted by the Equal Employment Opportunity Commission or comparable state or local agency. Notwithstanding the foregoing, the Executive waives [his/her] right to recover monetary or other damages as a result of any
charge or lawsuit filed by the Executive or by anyone else on the Executive’s behalf, including a class or collective action, whether or not the Executive is named in such proceeding. Further, nothing in this Release is intended to waive the
Executive’s entitlement to: (1) any payments or benefits described in Section 2 of the Agreement; (2) any payments, benefits or other rights provided for in the Change in Control Agreement, (3) any earned but unpaid
compensation or benefits from Eastern or any of its affiliates; and (4) vested or accrued benefits under any tax-qualified or nonqualified employee benefit plan sponsored by Eastern or any of its affiliates, or shares or other equity awards
(vested or unvested) under Eastern’s stock plans.3 Finally, this Release does not waive claims that the Executive could make, if available, for unemployment or workers’ compensation.

  
  

	3 	 NTD. This Release will be modified to reference any right that the Executive has under any other agreements or
benefit plan that by its terms expressly survives the Separation. 

  
 Page 6 of 8 

 The Executive acknowledges and represents that, other than the consideration set forth in
the Agreement and the payments and benefits provided for in the Change in Control Agreement, Eastern has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest,
severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to the Executive through the Separation
Date.4 In addition, the Executive acknowledges and agrees that except as set forth in the Agreement or the Change in Control Agreement, [his/her] participation in all benefits and incidents of
employment, including, but not limited to, the accrual of bonuses, vacation, and paid time off, will cease as of the Separation Date. 
 The
Executive fully understands the meaning and intent of this Release, including but not limited to, its final and binding effect. 
 The
Executive acknowledges that [he/she] has carefully read and reviewed this Release and has been advised to seek the advice of an attorney, or other counsel, and [he/she] has had an opportunity to consult with and receive counsel from an attorney
concerning the terms of this Release. 
 The Executive understands and is satisfied with the terms and contents of this Release and
knowingly and voluntarily has signed [his/her] name to the same as a free act and deed, and no promises or representations have been made to the Executive by any person to induce the Executive to sign this Release other than the express terms set
forth herein, in the Agreement, and in the Change in Control Agreement. The Executive agrees that this Release shall be binding upon the Executive and [his/her] agents, attorneys, personal representatives, heirs, and assigns. The Executive
acknowledges that the Executive has been given a period of at least 45 days from date of receipt within which to consider and sign this Release. To the extent the Executive has executed this Release less than 45 days after its delivery to the
Executive, the Executive hereby acknowledges that the Executive’s decision to execute this Agreement prior to the expiration of such 45-day period was entirely voluntary. 

The Executive acknowledges that [he/she] will be given seven (7) days from the date the Executive signs this Release to change [his/her]
mind and revoke the Release. If the Executive does not revoke this Release within seven (7) days of the Executive’s signing, this Release will become final and binding on the day following such seven (7) day period. 

 
  

	4 	 NTD: This language to be revised to carve out any other final compensation owed to Executive that will not have
been paid by the Separation Date. 

  
 Page 7 of 8 

 The Executive acknowledges that the Release will not be effective, and no benefits shall be
provided hereunder, until the seven (7) day revocation period described herein has expired. 
 Any notice to revoke this Release will
be deemed properly given or made if personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid to Eastern at its principal business office, to the attention of the President and Chief Executive Officer. 

By executing this Release, I acknowledge that I have had the opportunity to consult with an attorney of my choice; that I have carefully
reviewed and considered this Release; that I understand the terms of the Release; and that I voluntarily agree to them. 
  

									
					
	 	 		 		 		 	 
	 Date
	 		 		 		 	[Name]

  
 Page 8 of 8EX-10.8

 Exhibit 10.8 
  

 
 BENEFIT EQUALIZATION PLAN 

Eastern Bank Confidential 

PLAN DOCUMENT 

Restated as of May 28, 2020 

 EASTEN BANK BENEFIT EQUALIZATION PLAN 

TABLE OF CONTENTS 
  

							
	Section 1	 	 Definitions
	  	 	1	 
			
	Section 2	 	 Eligibility To Participate
	  	 	4	 
			
	 2.1
	 	Criteria for Eligibility	  	 	4	 
			
	Section 3	 	 Calculation and payment of Plan Benefit
	  	 	4	 
			
	 3.1
	 	The Benefit formula	  	 	4	 
	 3.2
	 	Calculation of the protected Traditional Benefit in this Plan	  	 	5	 
	 3.3
	 	Calculation of the Cash Balance Benefit in this Plan	  	 	5	 
	 3.4
	 	Additional post-Conversion Date rules to protect terminated Participants	  	 	5	 
	 3.5
	 	Vesting	  	 	5	 
	 3.6
	 	Payment of Plan Benefit after Separation from Service or death	  	 	6	 
	 3.7
	 	Retirements prior to January 1, 2009	  	 	6	 
	 3.8
	 	Acceleration of benefits generally prohibited	  	 	6	 
	 3.9
	 	Delay of Payment for Key Employees	  	 	6	 
	 3.10
	 	1 year / 5 year rule postponement rule	  	 	6	 
	 3.11
	 	Form of payment of postponed benefit	  	 	7	 
	 3.12
	 	Election of Measurement Funds	  	 	7	 
			
	Section 4	 	 Benefits of Excluded Executives
	  	 	8	 
			
	Section 5	 	 Change in Control
	  	 	9	 
			
	 5.1
	 	No special provision	  	 	9	 
			
	Section 6	 	 Funding, Trust provisions, and transfers from other
non-qualified plans
	  	 	9	 
			
	 6.1
	 	Unfunded plan	  	 	9	 
	 6.2
	 	Establishment of the Trust	  	 	9	 
	 6.3
	 	Distributions from the Trust	  	 	9	 
	 6.4
	 	Transfers from other non-qualified deferred compensation plans	  	 	9	 
	 6.5
	 	Liabilities of participating Affiliates	  	 	10	 
			
	Section 7	 	 Administration of the Plan
	  	 	10	 
			
	 7.1
	 	Plan Committee duties	  	 	10	 
	 7.2
	 	Agents and attorneys	  	 	10	 
	 7.3
	 	Binding effect of decisions	  	 	11	 
	 7.4
	 	Indemnity of Committees	  	 	11	 

  
 2 

							
	Section 8	 	 Claims procedures
	  	 	11	 
			
	 8.1
	 	Presentation of claim	  	 	11	 
	 8.2
	 	Notification of decision	  	 	11	 
	 8.3
	 	Review of a denied claim	  	 	12	 
	 8.4
	 	Decision on review	  	 	12	 
	 8.5
	 	Legal action	  	 	12	 
			
	Section 9	 	 Amendment and termination
	  	 	12	 
			
	 9.1
	 	Right to amend or terminate	  	 	12	 
	 9.2
	 	Payment of benefits after Plan termination	  	 	12	 
	 9.3
	 	Permissible payouts due to Plan termination	  	 	13	 
			
	Section 10	 	 General provisions
	  	 	13	 
			
	 10.1
	 	No guarantee of benefits	  	 	13	 
	 10.2
	 	No enlargement of Employee rights	  	 	14	 
	 10.3
	 	Spendthrift provision	  	 	14	 
	 10.4
	 	Incapacity of recipient	  	 	14	 
	 10.5
	 	Delay of payment for Key Employees	  	 	14	 
	 10.6
	 	Corporate successors	  	 	14	 
	 10.7
	 	Unclaimed benefit	  	 	14	 
	 10.8
	 	Limitations on liability	  	 	15	 
	 10.9
	 	Gender	  	 	15	 
	 10.10
	 	Interpretation	  	 	15	 
	 10.11
	 	Applicable law	  	 	15	 

  
 3 

 EASTERN BANK 

BENEFIT EQUALIZATION PLAN 

Eastern Bank (the “Bank”) maintains the Eastern Bank Benefit Equalization Plan (the “Plan) for the purpose of supplementing
pension income of certain employees whose defined benefit pensions from the Bank’s qualified plan (the “Qualified Plan”) are limited due to Internal Revenue Code provisions. The Plan is designed to comply with Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986 (“Code”) and was most recently amended on December 30, 2016. 

Effective November 1, 2020 (the “Conversion Date”), the Bank has restated the Qualified Plan from a plan with a formula that
provides a pension based on final average compensation and service (the “Traditional Formula”) to a plan under which accruals for Participants are structured as accumulations in a hypothetical plan account (the “Cash Balance
Formula”), with assurance that accruals under the Traditional Formula as of the Conversion Date are protected. 
 The Bank adopts this
restatement of the Plan effective as of May 28, 2020, to confirm current administrative practices and to anticipate the Conversion Date in order that benefit accruals under this Plan after the Conversion Date be based on a Cash Balance Formula,
with certain assured protections of benefits under the Traditional Formula that have accrued under this Plan as of the Conversion Date, with a minimum benefit not less than that which would have accrued solely under the Traditional Formula through
calendar year 2020. 
  

This restatement does not alter the method or timing of payment provided under 

the Plan for benefits, whether accrued before or after the Conversion Date. 

This restatement is intended to comply with Section 409A. No benefit shall be reduced in this Plan below the amount which would have
accrued as of December 31, 2020 under the Plan terms prior to this restatement, and the Plan shall continue to have only one form of payment, without regard to employee election except for the permitted postponement election process described
in Section 3.10 and acceleration events permitted under Section 409A. 
 Section 1 Definitions 

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

“Actuarial Equivalent” means a lump sum equivalent of a benefit. For the portion of a benefit attributable to protected accruals
under the Traditional Formula, the lump sum equivalent is based on the actuarial factors in use under the Qualified Plan to determine lump sum equivalence. For benefits attributable to the Cash Balance Formula, the lump sum equivalent is the same as
the Participant’s post-Conversion cash balance account. 
 “Affiliate” means any subsidiary of the Bank, any holding company,
and any other entity which would be considered a member of a “controlled group” with the Bank, within the meaning of Section 414 of the Code. No Affiliate of the Bank other than EIG may participate in the Plan for its employees unless
specifically named by the Bank. 
 “Bank” means Eastern Bank, a Massachusetts business organization, and any successor to
substantially all of its assets or business. 

 “Beneficiary” means: 

- during the period through January 31 of the calendar year following Separation from Service or death, the beneficiary as determined
under the beneficiary form for the Qualified Plan and, in the absence of an effective benefit form, the default beneficiary under the Qualified Plan. 

- for the period after January 31 of the calendar year following Separation from Service or death (i.e. if the Participant has elected a
postponed payment method for lifetime or death benefits under Section 3.10) the Beneficiary shall be the person(s), trust(s) or other party(ies) designated on a BEP Beneficiary Form accepted by the Committee. In the absence of an effective
designation on a BEP Beneficiary form, the Beneficiary shall be the surviving spouse, if any, and otherwise his or her estate. 

“Board” means the Board of Directors of the Bank, which has delegated responsibilities for this Plan to the Compensation Committee.
For this purpose, it is recognized that the Board has delegated all authority to act for and on behalf of any Affiliate whose employees participate in this Plan, and each Affiliate is deemed to have authorized the Board to act on its behalf in all
manners respecting this Plan. 
 “Cash Balance Formula” means a formula under which hypothetical amounts — Pension Credits
based on an applicable Tier Level and Interest Credits based on a stated index — are credited to a Participant’s hypothetical account in a defined benefit plan. 

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

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

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

“Compensation” for purposes of determining benefits under this Plan, shall be as defined in the Qualified Plan, except that amounts
deferred pursuant to a deferral election under a non-qualified plan shall be credited to the period or periods in which the related services were performed, rather than to the period or periods in which the
amounts are paid; and payments made from a long-term incentive plan are entirely excluded. 
 “Conversion Date” means
November 1, 2020, the date on which the Qualified Plan is converted so that future accruals are under a Cash Balance Formula rather than a Traditional Formula. 

“Effective Date” of this restatement means May 28, 2020 unless another effective date is specified for any provision. All
provisions required by Section 409A shall be effective as of January 1, 2005, unless another effective date is required by the Guidance. Unless specifically stated otherwise, the rights of or with respect to any Participant will be
governed by the terms of the Plan as in effect at the date of the Participant’s Separation from Service. 
 “EIG” means
Eastern Insurance Group, LLC, an Affiliate. 
 “Employee” means an individual employed by the Bank or an Affiliate. 

  
 2 

 “Employer” means the Bank and any Participating Affiliate. 

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

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

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

“Participant” means any Employee or of a Participating Affiliate who meets the eligibility requirements and is designated as a
Participant, as set forth in Section 2. 
 “Participating Affiliates” are Affiliates which have been granted permission by
the Bank to participate in the Plan. These include: Eastern Bank & Trust Company (during such period when it was a separate legal entity prior to its merger with the Bank), and Eastern Investment Advisors, Inc. Effective as of
January 1, 2012, EIG was granted such permission. 
 “Plan” means this Eastern Bank Benefit Equalization Plan, as it may be
amended from time to time. 
 “Plan Benefit” means the benefit earned at any point in time and calculated in accordance with
Section 3. 
 “Plan Committee” means a Committee of the following senior officers of the Bank, as they serve from time to
time: the Chief Executive Officer, the President, the Chief Financial Officer, and the Chief Human Resources Officer, and the General Counsel. The role of the Plan Committee is described in Section 9 and elsewhere in this Plan. As described in
Section 7.2, the Chief Human Resources Officer is also the agent of the Plan Committee. 
 “Plan Year” means the same fiscal
period in use by the Qualified Plan, presently November 1 – October 31. 
 “Qualified Plan” means the Savings Banks
Employees Retirement Association Pension Plan, a defined benefit pension plan, as adopted by the Bank. 
 “Section 409A”
means Section 409A of the Code, as interpreted according to the Guidance. 
 “Senior Level SERP” is a non-qualified deferred compensation plan under which the Employer contributes amounts in addition to employee deferrals. The following are not considered to be Senior Level SERPs disqualifying an Employee from
participation in this Plan: The Eastern Bank 409A Long Term Incentive Plan, the Eastern Bank 409A Deferred Compensation Plan (for any employer contributions made to it), and the Eastern Insurance Group, LLC Supplemental Executive Retirement Plan.

  
 3 

 “Separation from Service” shall be determined in accordance with
Section 409A, and shall generally mean a complete discontinuance of service for the Bank, its Affiliates, and any other entity with which it must be aggregated under Section 409A for this purpose. Performance of duties after Retirement for
the Bank or an Affiliate, solely as a non-Employee member of the Board of the Bank or any Affiliate will not be considered continued service. 

“Tier Level(s)” mean(s) the hypothetical contribution to a Participant’s account in the Qualified Plan and the hypothetical
contribution to a Participant’s account in this Plan. Tier Level(s) must be in writing, and are not required to be the same for a Participant under this Plan and the Qualified Plans. Tier Levels, for calculations under this Plan, may be
increased at any time, but may not be decreased prospectively except under an amendment executed prior to the calendar year in which the decrease is to take effect. 

“Traditional Formula” means a formula that provides a pension based on final average compensation and service, including variable
factors such as date of participation and social security levels. 
 “Trust” means the trust which is established under
Section 6.2 as a separate instrument. It is intended that the Trust function as a “rabbi trust,” meeting the material requirements of Internal Revenue Procedure 92-64, and that it not be a trust
described in Code Section 402(b). 
 “Trustee” means the Trustee of the Trust. 

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

(d) An Excluded Executive may not participate. If a current Participant is selected to participate in a Senior Level SERP, the administration
of his Plan Benefit under this Plan will be frozen and administered as provided in Section 4. 
 Section 3 Calculation and payment of Plan
Benefit 
 3.1 The Benefit formula 
 The
Benefit is the sum of a protected Traditional Benefit accrued as of the Conversion Date and a Cash Balance Benefit for service on and after the Conversion Date. 

  
 4 

 3.2 Calculation of the protected Traditional Benefit in this Plan 

To determine the protected Traditional Benefit of a Participant under this Plan, and using Compensation as defined in this Plan: 

(a) The Actuarial Equivalent of the protected Traditional Benefit in the Qualified Plan is determined, subject to the limitations of Code
Section 415 and the Compensation dollar limit in Code Section 401(a)(17). 
 (b) The Actuarial Equivalent of the protected
Traditional Benefit in the Qualified Plan is determined, without regard to the limitations of Code Sections 415 or the Compensation dollar limit in Code Section 401(a)(17). 

(c) If the amount in clause (b) is larger than the amount in clause (a), the difference is the protected Traditional Benefit under this
Plan. 
 3.3 Calculation of the Cash Balance Benefit in this Plan 

To determine the Cash Balance Benefit of a Participant under this Plan, and using Compensation as defined in this Plan: 

(a) The account balance in the Qualified Plan is determined, subject to the limitations of Code Section 415 and the Compensation dollar
limit in Code Section 401(a)(17). 
 (b) The account balance in the Qualified Plan is determined, without regard to the limitations of
Code Sections 415 or the Compensation dollar limit in Code Section 401(a)(17). 
 (c) If the amount in clause (b) is larger than
the amount in clause (a), the difference is the Cash Balance Benefit under this Plan. 
 3.4 Additional post-Conversion Date rules to protect terminated
Participants. 
 For Participants who terminate after the Conversion Date this Plan’s Benefit (the sum of the protected Traditional
Benefit as of the Conversion Date plus the subsequent Cash Balance Benefit) shall be no less than if the sole benefit under this Plan was the Traditional Benefit calculated under Section 3.2 using this Plan’s definition of Compensation and
service as of the earlier of the termination of employment or December 31, 2020. 
 3.5 Vesting 

If a Separation from Service occurs prior to a Participant’s “retirement date” under the Qualified Plan, the Plan Benefit is
forfeited, even if the Participant was otherwise vested under the schedule in the Qualified Plan. For this purpose, “retirement date” is the earliest of age 50 with 15 years of vesting service, age 55 with 10 years of vesting service, age
60 with 5 years of vesting service, or age 65. A Participant who has not reached a “retirement date” under the Qualified Plan will also be vested, if Disability (as defined in the Qualified Plan) or death occurs prior to a Separation from
Service. (This provision confirms current and pre-Effective Date administrative practice and Plan interpretation.) 

  
 5 

 3.6 Payment of Plan Benefit after Separation from Service or death 

(a) Participants are not allowed to select a form or time of payment. The Plan Benefit, if any, will be paid on or about January 15
following the year of Separation from Service or death and not prior to January 1. Death benefits are payable to the Participant’s Beneficiary. 

(b) A Participant may elect to postpone some or all of the Separation from Service benefit, the death benefit, or both, as provide in
Section 3.10. As provided in Section 3.11, the Participant may elect that the postponed benefit be paid in the form of a lump sum or Yearly Installment Method. 

3.7 Retirements prior to January 1, 2009 

Participants who have retired prior to January 1, 2009 will continue to receive benefits, if any, as provided in the Plan at the time of
their Separation from Service and not as provided under the benefit formula and payment modes specified in this restated Plan. 
 3.8 Acceleration of
benefits generally prohibited 
 The Compensation Committee shall have discretion to accelerate any payments due to a Participant or
Beneficiary, but only if such acceleration would be permissible under Guidance. The fact that an event is a permissible acceleration event does not require the Compensation Committee to authorize the payment. 

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

3.10 1 year / 5 year rule postponement rule 

(a) Provided that the lump sum equivalent of his Plan Benefit is estimated to be at least $50,000, a Participant may file with the Plan
Committee a one-time election to postpone the payment date of a designated portion or all of the payment which is scheduled in Section 3.6. Any postponement election must be in writing and accepted by the
Plan Committee. The election may apply to a Separation from Service Payment, the death benefit payment, or both, as the Participant designates and the postponement shall be effective, regardless of the ultimate amount of the benefit, e.g. even if it
is less than $50,000. 
 (b) The postponement election will not apply to any payments scheduled to occur within the full calendar year which
follows the year in which the election is filed. For example, to postpone a January 2019 payment the election must be made not later than December 31, 2017. 

(c) The postponed payment date for a Separation from Service payment must be no earlier than February 1 after five full years from the
scheduled payment date. Payment will be made within 60 days thereafter. For example, if a 2017 election is made to postpone a January 2019 Separation from Service payment, the postponed payment date may not be earlier than February 1, 2024.

 (d) The starting date of the first postponed payment for a Separation from Service must be no later than February of the 10th year
following when it would otherwise have been paid. For example, the first postponed payment date for a Separation from Service that occurred in 2018, where payment would have been made in 2019, may be no later than February 2028. 

  
 6 

 (e) Postponed payments for Separation from Service may be in the form of a lump sum or the
Yearly Installment Method described in Section 3.11 below. 
 (f) Subject to the one year advance election requirement of
Section 3.10, the postponed payment date in the event of death prior to a Separation from Service is not subject to the five year delay required in Section 3.10. The sole postponement election for death payments is to select a Yearly
Installment Method, of up to 10 years, rather than a lump sum. If Yearly Installments are elected, they will start in February of the year following death. 

(g) Postponed amounts will be invested in the form of a hypothetical Account as described in new Section 3.12, subject to deemed gains or
losses of hypothetical investments (“Measurement Funds”) selected by the Participant. 
 3.11 Form of payment of postponed benefit 

(a) The postponed benefit payment may be paid in a lump sum or in the Yearly Installment Method described herein, with a maximum period of
installments equal to 10. 
 (b) Yearly Installment Method shall mean level annual installments for a period of years selected by the
Participant, not to exceed 10. Each annual installment shall be paid on or about the 12 month anniversary of the initial installment payment. The installment to be paid shall be determined by multiplying the Account balance at the end of the month
preceding payment by a fraction, the numerator of which is 1, and the denominator of which is the remaining number of yearly payments due the Participant. By way of example, if the Participant elects to receive 10 yearly installments, the first
payment shall be 1/10 of the Account (at the end of the month preceding payment), the second payment shall be one-ninth (1/9) of the Account (at the end of the month preceding payment), the third payment shall
be one-eighth (1/8) of the Account (at the end of the month preceding payment), etc. Each yearly installment shall be paid as soon as reasonably possible and no later than 60 days after the date elected by the
Participant. 
 (c) As permitted by Guidance, payments in the Yearly Installment Method will be administered so that each payment is
considered a separate payment. 
 (d) In the event of death after payments start, payments will continue to the beneficiary in the same form
without acceleration. 
 3.12 Election of Measurement Funds 

(a) The Plan Committee, in its sole discretion, shall debit or credit a Participant’s Account in accordance with the deemed investment
performance of Measurement Funds selected by the Participant. A Participant’s election of any such Measurement Fund and the crediting or debiting of such amounts to an Account is not an actual investment of his or her Account in any such
Measurement Fund. 
 (b) “Measurement Fund” means a notational factor which tracks the performance of a mutual fund, market index,
savings instrument, exchange traded fund, or other designated investment or portfolio of investments. Measurement Funds are selected by the Plan Committee or its designee. Modeled Portfolios selected by the Wealth Management Division of the Bank
which are geared towards investment goals expressed by a Participant or Beneficiary are also permitted notational factors. 

  
 7 

 (c) To designate Measurement Funds, and to change designations, the Participant must comply
with such procedures as the Plan Committee may establish from time to time. 
 (d) Procedures may provide for completion of paper forms, or
for “paperless” electronic transactions. 
 (e) Procedures may provide for next business day processing of instructions (provided
that instructions are received on a previous business day and prior to an established time) or for processing at less frequent intervals. 

(f) Procedures may limit the number of times a Participant may submit instructions during a given period of time, and may require that
instructions be limited to whole percentage or minimum dollar amounts. 
 (g) If the Plan Committee receives no instructions, or incomplete
instructions, as to the desired Measurement Funds to be used for an Account, the undesignated portion of the Account will be deemed to be invested in a money market Measurement Fund then in use by the Plan, as determined by the Plan Committee in its
discretion. 
 (h) No Participant shall have any rights in or to investments within a Measurement Fund. No amounts deferred or contributed
to this Plan, nor any investment increment, are “plan assets” within the meaning of Department of Labor regulations. The Participant shall at all times remain an unsecured creditor of the Employer and the Trust. 

(i) As a condition to making a postponement election and utilization of Measurement Funds, each Participant agrees to hold harmless the Plan
Committee, the Compensation Committee, the directors, trustees and corporators, and the Employer, and the Trustee, their agents and representatives, from any losses or damages of any kind relating to (i) the investment performance of the
Measurement Funds, and (ii) any discrepancy between the credits and debits to the Participant’s Account based on the performance of the Measurement Funds and what the credits and debits otherwise might have been in the case of an actual
investment in the Measurement Funds. 
 Section 4 Benefits of Excluded Executives 

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

(1) of the year preceding the year in which participation in the Senior Level SERP starts, provided that the Executive was designated by the
Bank prior to the start of that year; or 
 (2) of the year in which participation in the Senior Level SERP starts, if participation in the
Senior Level SERP commences on a date other than January 1, (i.e. a mid-year designation by the Bank. 

(b) The Plan Benefit is determined without regard to the amounts accumulated in any Senior Level SERP or any other deferred compensation plan
of the Bank or any Affiliate. The “frozen” Plan Benefit shall be subject to the same actuarial adjustment as provided for in the Qualified Plan. 

  
 8 

 (c) This provision is effective as of January 1, 2014. The terms of the Plan prior to
this restatement, providing for a “frozen benefit” converted to individual account form, shall not apply to any Participant who is named to a Senior Level SERP after the Effective Date of this restatement. 

Section 5 Change in Control 
 5.1 No special
provision 
 (a) The Plan contains no special provision accelerating vesting or payment in the event of a change in control. 

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

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

6.1 Unfunded plan 
 This Plan shall be an
unfunded obligation, as provided in IRS Revenue Ruling 60-31. It is not a “funded” plan within the meaning of Department of Labor regulations. To the extent that a Participant acquires a right to
receive payments from this Plan, such right shall not be greater than the right of any unsecured general creditor of his or her Employer. 
 6.2
Establishment of the Trust 
 The Bank has established the Trust, which it administers as a “rabbi trust” in material compliance
with IRS Revenue Procedure 92-64. Assets of the Trust shall at all times be available to creditors of the Bank. The Trust shall at all times conform with the requirements of Code Section 409A(b). 

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

6.4 Transfers from other non-qualified deferred compensation plans 

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

  
 9 

 6.5 Liabilities of participating Affiliates 

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

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

Section 7 Administration of the Plan 
 7.1 Plan
Committee duties 
 (a) This Plan shall be administered by the Plan Committee except when powers or responsibilities are allocated to the
Compensation Committee. The Compensation Committee reserves the right to overrule any decision of the Plan Committee. 
 (b) Except where
authority is reserved to the Compensation Committee, the Plan Committee has the discretion and authority to enforce all rules and procedures and administer the Plan. When making a determination or calculation, the Plan Committee shall be entitled to
rely on information furnished by a Participant or the Employer. 
 (c) A Participant who is also serving on the Plan Committee shall not
vote or act on any matter relating solely to himself or herself. 
 7.2 Agents and attorneys 

(a) The Executive Vice President, Human Resources and Charitable Giving shall be deemed the Agent of the Plan Committee and the Compensation
Committee. She is charged with the creation and collection of Election Forms, Beneficiary designations, and other forms, and is empowered to execute Plan amendments approved by the Compensation Committee. Filing of any form or designation with the
Agent is an effective filing with the appropriate Committee. 
 (b) In the administration of this Plan, the Committee may, from time to
time, require that the Bank employ third parties and may delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the
Bank. 

  
 10 

 7.3 Binding effect of decisions 

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

7.4 Indemnity of Committees 
 The Bank shall
indemnify and hold harmless the members of the Compensation Committee and the Plan Committee, and any Employee to whom the duties of a Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any
action or failure to act with respect to this Plan, except in the case of willful misconduct by a Committee or any of its members or any such Employee. This indemnification shall be in addition to, and not in limitation of, any other indemnification
protections. 
 Section 8 Claims procedures 
 8.1
Presentation of claim. 
 (a) Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to
below as a “Claimant”) may deliver to the “appropriate Committee”, as described in clause (b), a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates
to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim
to arise occurred. The claim must state with particularity the determination desired by the Claimant. 
 (b) The “appropriate
Committee” for Plan participants shall be the Plan Committee, except that if a member of the Plan Committee, or a Beneficiary of such member, is a Claimant, the appropriate Committee is the Compensation Committee. 

8.2 Notification of decision. 
 The
“appropriate Committee” shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in writing: 

(a) that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or 

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

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

  
 11 

 8.3 Review of a denied claim. 

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

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

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

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

(a) specific reasons for the decision; 

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

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

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

Section 9 Amendment and termination 
 9.1 Right to
amend or terminate 
 (a) The Compensation Committee may amend or discontinue the Plan at any time without prior notice of intent. 

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

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

  
 12 

 9.3 Permissible payouts due to Plan termination 

(a) Change in Control 
 The
Compensation Committee may require lump sum payouts if it votes to liquidate the Plan with respect to all Participants who experience the Change in Control Event (and all other plans, methods, programs, and other arrangements that would be
aggregated with this Plan under §1.409A-1(c) of the Final Regulations if the Participants had deferrals of compensation under all such agreements) within the 30 days preceding or 12 months following a
Change in Control as defined in Code Section 409A. Payouts must be completed within 12 months of the date of Plan termination with respect to all Participants who experience the Change in Control Event. 

(b) Termination of Plan and all similar plans 

The Compensation Committee may require lump sum payouts after Plan termination which is not triggered by a Change in Control as defined in
Code Section 409A, but only if: 
 (1) The termination does not occur proximate to a downturn in the financial health of the Employer;
and 
 (2) the Employer terminates all other plans, methods, programs, and other arrangements that would be aggregated with this Plan under §1.409A-1(c) of the Final Regulations (if the Participants had deferrals of compensation under all such agreements); and 

(3) The Employer does not adopt a new plan that would be aggregated with any terminated and liquidated plan under §1.409A-1(c)(2) if the same Participant participated in both plans, at any time within three years following the date the Employer takes all necessary action to irrevocably terminate and liquidate the plan; and

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

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

Section 10 General provisions 
 10.1 No guarantee of
benefits 
 Nothing contained in the Plan shall constitute a guarantee by the Bank or any other Employer, person or entity that the assets
of the Employer will be sufficient to pay any benefit hereunder. 

  
 13 

 10.2 No enlargement of Employee rights 

No Participant shall have any right to receive a distribution or contributions made under the Plan except in accordance with the terms of the
Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Employer. 
 10.3 Spendthrift
provision 
 No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to
sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of,
or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 

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

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

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

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

  
 14 

 10.8 Limitations on liability 

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

10.9 Gender 
 The masculine shall include the
feminine, and the singular shall include the plural, as the context dictates. 
 10.10 Interpretation 

The Plan shall constitute an unfunded “top hat plan”, as such term is commonly used to describe a plan referred to in Sections
201(2), 301(a) (3) and 401(a) (1) of ERISA. It is intended that no operation of the Plan would be deemed a Plan “failure” within the meaning of Section 409A. Any question of Plan interpretation shall be resolved in a manner
which is consistent with the foregoing definition. 
 10.11 Applicable law 

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

 

							
		 		 	      Eastern Bank
				
	5.28.2020	 		 	by:	 	/s/ Nancy Huntington Stager
	 Date
	 		 		 	Nancy Huntington Stager
		 		 		 	 Executive Vice President and
 Chief Human
Resources Officer

  
 15

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