Document:

EX-10.7

 Exhibit 10.7 

FEDERAL SAVINGS BANK 

DEFERRED DIRECTORS FEE PLAN 

This Deferred Directors Fee Plan (the “Plan”) is adopted by the Board of Directors of Federal Bank (the “Bank”), effective
as of April 1, 2016 (the “Effective Date”). The Plan is intended to allow members of the board of directors (“Directors”) of the Bank to defer the receipt of fees that otherwise would be paid to them. The Plan is intended to
satisfy Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any regulatory or other guidance issued thereunder. 

W I T N E S S E T H : 

WHEREAS, the Bank recognizes the valuable services heretofore performed for it by its Directors and wishes to encourage their continued
service; and 
 WHEREAS, the Bank values the efforts, abilities and accomplishments of the Directors and recognizes that the
Directors’ services substantially contribute to its continued growth and success in the future; and 
 WHEREAS, the Bank and the
Directors intend this Plan to be considered an unfunded arrangement for tax purposes; and 
 WHEREAS, the Bank has adopted this Plan
which controls all issues relating to the deferred compensation benefits as described in this Plan. 
 NOW, THEREFORE, in
consideration of the mutual promises herein contained, the parties hereto agree to the following terms and conditions: 
 ARTICLE I

 DEFINITIONS 

For the purposes of this Plan, the following terms have the meanings indicated, unless the context clearly indicates otherwise: 

1.1    Bank. “Bank” means Federal Savings Bank or any successor to the business thereof, and any
affiliated or subsidiary corporations designated by the Board of Directors. 
 1.2    Beneficiary.
“Beneficiary” means the person or persons (and, if applicable, their heirs) designated as a beneficiary to whom the deceased Director’s benefits are payable. If no Beneficiary is so designated, then the Director’s Spouse, if
living, will be deemed the Beneficiary. If the Director’s Spouse is not living at the time of the Director’s death or dies prior to payment of the survivor’s benefit, then the Children of the Director will be deemed the Beneficiaries
and will take on a per stirpes basis. If there are no living Children, then the Director’s estate will be deemed the Beneficiary. For this purpose, the term “Children” means the Director’s children, or the issue of any deceased
Children, then living at the time payments are due the Children under this Plan. The term “Children” shall include both natural and adopted children, as well as stepchildren. Also, 

 
for this purpose, the term “Spouse” means the individual to whom the Director is legally married at the time of the Director’s death, provided, however, that the term
“Spouse” shall not refer to an individual to whom the Director is legally married at the time of death if the Director and the individual have entered into a formal separation agreement (provided that the separation agreement does not
provide otherwise or state that the individual is entitled to a portion of the benefits hereunder) or initiated divorce proceedings. 

1.3    Board of Directors. “Board of Directors” means the Board of Directors of the Bank. 

1.4    Change in Control. A “Change in Control” shall mean any of the following events: (i) a change
in the ownership of the Bank; (ii) a change in the effective control of the Bank; or (iii) a change in the ownership of a substantial portion of the assets of the Bank, as described below: 

 

	 	(a)	 A change in ownership occurs on the date that any one person, or more than one person acting as a group (as
defined in Treasury Regulations section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank that, together with stock held by such person or group, constitutes more than 50% of the total fair market
value or total voting power of the stock of the Bank. 

  

	 	(b)	 A change in the effective control of the Bank occurs on the date that either (A) any one person, or more
than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vi)(B)) acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of stock of the Bank possessing 30% or more of the total voting power of the stock of the Bank, or (B) a majority of the members of the Board of Directors is replaced
during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors prior to the date of the appointment or election, provided that this
subsection is inapplicable where a majority shareholder of the corporation is another corporation. 

  

	 	(c)	 A change in the ownership of a substantial portion of the Bank’s assets occurs on the date that any one
person or more than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) assets from the Bank that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Bank. For purposes
of this Agreement, “gross fair market value” means the value of the assets of the Bank, or the value of the assets being disposed of, without regard to any liabilities associated with such assets. 

 

	 	(d)	 Notwithstanding anything herein to the contrary, the reorganization of the Bank as the wholly-owned subsidiary
of a holding company in a standard conversion or mutual holding company reorganization shall not be deemed to be a Change in Control. Further, in the event of the reorganization of the Bank as a wholly-owned subsidiary of a stock holding company in
a standard conversion or as a wholly-owned or majority owned subsidiary in a mutual holding company reorganization, then this Section 1.8 shall apply equally to a Change in Control of the Bank or the

  
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holding company of the Bank (or to a change in control of the mutual holding company in the event the Bank is owned by a mid-tier holding company) that is
the majority-owned or wholly owned subsidiary of the mutual holding company 

  

	 	(e)	 For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the
requirements of Treasury Regulations section 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance. 

1.5    Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules
and regulations promulgated thereunder. 
 1.6    Director. “Director” means a member of the Board of
Directors who is not also an employee of the Bank. 
 1.7    Plan. “Plan” means this Federal Savings
Bank Deferred Directors Fee Plan. 
 1.8    Plan Year. The first Plan Year shall be the period from the Effective
Date until December 31, 2016. Thereafter, the “Plan Year” means the period from January 1 to December 31. 

1.9    Separation from Service. “Separation from Service” means, consistent with
Section 409A(2)(a)(i) of the Code, the Director’s death, retirement, or termination of service from the Board of Directors of the Bank following a failure to be reappointed or reelected to the Board of Directors. For these purposes, a
Director shall not be deemed to have a Separation from Service until the Director no longer serves on the Board of Directors of the Bank or any member of a controlled group of corporations with the Bank within the meaning of Treasury Regulation §1.409A-1(a)(3). A Director will not be deemed to have a Separation from Service if the Bank anticipates the Director becoming an employee of the Bank. 

ARTICLE II 

PARTICIPATION AND DEFERRAL COMMITMENTS 

2.1    Eligibility. Eligibility to participate in the Plan shall be limited to
non-employee members of the Board of Directors of the Bank. 

2.2    Participation. Each participating Director of the Bank shall have the right to elect to defer the receipt of
all or any part of the compensation to which such Director would otherwise be entitled as director’s fees or committee fees, with the deferred compensation to be payable at the time or times and in the manner herein stated. Each new Director
electing to defer the receipt of compensation shall execute and deliver to the Bank an “Initial Deferral Election Form with Distribution Options,” in the form attached hereto as Exhibit A and incorporated herein by reference. The election
shall be applicable only to compensation earned for services rendered after the date of the election. A Director’s participation in the Plan shall commence as of the date specified in the Initial Deferral Election Form. With respect to the
first Plan Year or with respect to a Director who first becomes eligible to participate in the Plan during a Plan Year, the Director’s initial deferral election must be made within 30 days of the Effective Date (for the first Plan Year) or the
Director’s initial eligibility date. 

  
 3 

 2.3    Changes in Participation. An election to defer
compensation shall continue in effect until revoked, provided however, that every election to defer compensation shall be irrevocable as to compensation earned for services performed prior to the date of the revocation. Partial or complete
revocation as to unearned compensation shall be made in writing in the form of Notice of Adjustment of Deferral attached hereto as Exhibit B to be furnished by the Bank and signed by the Director and shall be effective upon the January 1st of the year stated therein providing the form is executed and delivered to the Bank by December 15th of the previous calendar year. 

2.4    Determination of Earnings. Interest on compensation deferred hereunder shall be credited and compounded
monthly at a rate equivalent to the yield for the 7-year Treasury (CMT) for the last day of the month as published by the US Department of the Treasury (Daily Treasury Yield Curve Rates). 

ARTICLE III 
 PLAN
BENEFITS 
 3.1    Plan Benefit. No compensation so deferred shall be payable to a Director until the
Director’s specified age, death or Separation from Service, whereupon all such deferred compensation, together with interest thereon as hereinafter provided, shall be payable to the Director or his/her Beneficiary in a single cash lump-sum payment, commencing within thirty (30) days from the Director’s date of a Separation from Service or a specified age. Notwithstanding the foregoing, the Director may designate an optional
installment payment method in the Initial Deferral Election Form with Distribution Options (Exhibit A), as applicable, as herein provided in which event the first the installment shall be paid commencing within thirty (30) days of the date of
the event that triggered the distribution and shall be payable in approximately equal annual installments over a period of either five (5) or ten (10) years, as elected by the Director. 

3.2    Death Benefit. In the event of a Director’s death, the Director’s deferred compensation or
remaining deferred compensation (in the event distributions have already begun) shall be distributed to the Director’s Beneficiary, in a single lump sum within thirty (30) days of the Director’s death. 

3.3    Change in Control. If a Change in Control occurs followed by a Director’s Separation from Service
within two (2) years of the Change in Control, the Director may elect on the Initial Deferral Election Form with Distribution Options that his benefits will be paid in a lump sum (regardless of the election made with respect to a Separation
from Service). 

  
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 ARTICLE IV 

AMENDMENT AND TERMINATION OF THE PLAN 

4.1    Amendment and Termination of the Plan. 

(a)    Partial Termination. Notwithstanding anything herein contained to the contrary, the Bank reserves the
exclusive right to freeze or to amend the Plan at any time with respect to compensation to be earned in the future, provided that no amendment to the Plan shall be effective to decrease or restrict the amount accrued to the date of the amendment.

 (b)    Complete Termination. Subject to the requirements of Section 409A of the Code, in the event of
complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to each Director his benefit as if the Director had terminated service as of the effective date of the complete termination. The complete termination of the
Plan shall occur only under the following circumstances and conditions: 
  

	 	(i)	 The Board of Directors may terminate the Plan within 12 months of a corporate dissolution taxed under
Section 331 of the Code, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Director’s gross income in the latest of (i) the calendar
year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

  

	 	(ii)	 The Board of Directors may terminate the Plan by Board of Directors action taken within the 30 days preceding a
Change in Control (but not following a Change in Control – this is optional; the board could terminate the Plan for up to 12 months following the Change in Control), provided that the Plan shall only be treated as terminated if all
substantially similar arrangements sponsored by the Bank are terminated so that the Directors and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within 12 months of the date of the termination of the arrangements. 

  

	 	(iii)	 The Board of Directors may terminate the Plan at any time provided that (i) all arrangements sponsored by
the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Director covered by this Plan was also covered by any of those other arrangements are also
terminated; (ii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made
within 24 months of the termination of the arrangements; and (iv) the Bank does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations
Section 1.409A-1(c) if the Director participated in both arrangements, at any time within three years following the date of termination of the arrangement. 

  
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 ARTICLE V 

BENEFICIARY 
 Each
Director may designate one or more Beneficiaries in the Beneficiary Designation Form attached hereto as Exhibit C to receive all sums due to such Director upon his/her death. The Beneficiary designation may be revoked or amended by the Director,
from time to time, by delivering to the Bank a new Beneficiary Designation Form. 
 ARTICLE VI 

ACT PROVISIONS 

6.1    Named Fiduciary and Administrator. The Bank shall be the Named Fiduciary and Administrator (the
“Administrator”) of this Plan. As Administrator, the Bank shall be responsible for the management, control and administration of the Plan as established herein. The Administrator may delegate to others certain aspects of the management and
operational responsibilities of the Plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals. The Administrator shall have the authority to interpret and enforce all appropriate rules and
regulations for administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan. 

6.2    Claims Procedure and Arbitration. In the event that benefits under this Plan are not paid to the Director
(or to his Beneficiary in the case of the Director’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are
refused. The Administrator shall review the written claim and, if the claim is denied, in whole or in part, they shall provide in writing, within ninety (90) days of receipt of such claim, their specific reasons for such denial, reference to
the provisions of this Plan or the other applicable forms upon which the denial is based, and any additional material or information necessary to perfect the claim. Such writing by the Administrator shall further indicate the additional steps which
must be undertaken by claimants if an additional review of the claim denial is desired. 
 If claimants desire a second review, they shall
notify the Administrator in writing within sixty (60) days of the first claim denial. Claimants may review this Plan, the other applicable forms or any documents relating thereto and submit any issues and comments, in writing, they may feel
appropriate. In its sole discretion, the Administrator shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim. This decision shall state the specific reasons for the decision and shall
include reference to specific provisions of this Plan or the other applicable forms upon which the decision is based. 
 If claimants
continue to dispute the benefit denial based upon completed performance of this Plan and the other applicable forms or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to mediation, administered by
the American Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration
administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 

  
 6 

 ARTICLE VII 

MISCELLANEOUS 

7.1    No Effect on Directorship Rights. Nothing contained herein will confer upon the Director the right to be
retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with the Director without regard to the existence of the Plan. 

7.2    State Law. The Plan is established under, and will be construed according to, the laws of the State of New
Hampshire. 
 7.3    Severability and Interpretation of Provisions. In the event that any of the provisions of
this Plan or portion thereof, are held to be inoperative or invalid by any court of competent jurisdiction, or in the event that any legislation adopted by any government body having jurisdiction over the Bank would be retroactively applied to
invalidate this Plan or any provision hereof or cause the benefits hereunder to be taxable, then: (i) insofar as is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (ii) the
validity and enforceability of the remaining provisions will not be affected thereby. In the event that the intent of any provision shall need to be construed in any manner to avoid taxability, such construction shall be made by the Plan
Administrator in a manner that would manifest to the maximum extent possible the original meaning of such provisions. 

7.4    Incapacity of Recipient. In the event the Director is declared incompetent and a conservator or other person
legally charged with the care of his person or estate is appointed, any benefits under the Plan to which such Director is entitled shall be paid to such conservator or other person legally charged with the care of his person or estate. 

7.5     Unclaimed Benefit. The Director shall keep the Bank informed of his current address and the current address
of his Beneficiaries. If the location of the Director is not made known to the Bank within three (3) years after the date on which any payment of the benefit may first be made, payment may be made as though the Director had died at the end of
the three (3) year period to the extent permitted under Section 409A of the Code. 
 7.6    Limitations on
Liability. Notwithstanding any of the preceding provisions of the Plan, no individual acting as an employee or agent of the Bank, or as a member of the Board of Directors shall be personally liable to the Director or any other person for any
claim, loss, liability or expense incurred in connection with this Plan. 
 7.7    Gender. Whenever in this Plan
words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply. 

7.8    Effect on Other Corporate Benefit Plans. Nothing contained in this Plan shall affect the right of the
Director to participate in or be covered by any qualified or nonqualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future compensation
structure. 

  
 7 

 7.9     Inurement. This Plan shall be binding upon and shall
inure to the benefit of the Bank, its successors and assigns, and the Director, his successors, heirs, executors, administrators, and Beneficiaries. 

7.10    Source of Payments. All payments provided in this Plan shall be timely paid in cash or check from the
general funds of the Bank or the assets of a rabbi trust established with respect to the Plan. 
 7.11    Code
Section 409A Taxes. This Plan shall permit the acceleration of the time or schedule of a payment to pay any taxes that may become due at any time that this Plan fails to meet the requirements of Section 409A of the Code
and the regulations and other guidance promulgated thereunder. Such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A. 

7.12     Headings. Headings and sub-headings in this Plan are inserted for
reference and convenience only and shall not be deemed a part of this Plan. 
 7.13    Acceleration of Payments.
Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance
with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with
requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the Federal government;
(iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Section 402(g)(1)(B)) of the Code; (v) in the case of certain distributions to avoid a non-allocation year under Section 409(p) of the Code; (vi) to apply certain offsets in satisfaction of a debt of the Director to the Bank; (vii) in satisfaction of certain bona fide disputes between
the Director and the Bank; or (viii) for any other purpose set forth in the Treasury Regulations and subsequent guidance. 

7.14    12 U.S.C. § 1828(k). Notwithstanding anything herein contained to the contrary, any payments to the
Director are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359. 

7.15    Assignability. No compensation accrued or payable by virtue of the terms of this Plan shall be assignable
or transferable by any Director or any Beneficiary, neither of whom shall have any right to anticipate, hypothecate, assign or transfer any rights hereunder except to a trust established by the Director for the benefit of the Director or his/her
Beneficiary. 
 7.16    Bank Assets. Title to and beneficial ownership of any assets, which the Bank may earmark
to pay the deferred compensation hereunder, shall at all times remain in the Bank. The Director and his/her designated Beneficiary shall not have any property interest whatsoever in any specific assets of the Bank. 

  
 8 

 7.17    Unsecured Creditor. The Director’s interest in his
deferred compensation (including interest thereon) is limited to the right to receive payments under the Plan, and the Director’s position is that of a general unsecured creditor of the Bank. 

  
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 EXHIBIT A 

FEDERAL SAVINGS BANK 

DEFERRED DIRECTORS FEE PLAN 

INITIAL DEFERRAL ELECTION FORM WITH DISTRIBUTION OPTIONS 

Instructions: Use this form to elect to defer receipt of the director or committee fees that are ordinarily payable to you during the year as
such fees are earned, and to designate how you wish to receive your benefits from the Federal Savings Bank Deferred Directors Fee Plan (the “Plan”). 

Individuals who first participate in the Plan during a Plan Year must complete this form within 30 days after the date that he or she became eligible to
participate in the Plan, otherwise such election will apply to the Plan Year immediately following the Plan Year in which you became eligible to participate in the Plan. 

Any capitalized terms used in this Initial Deferral Election Form but not otherwise defined herein shall have the meanings set forth in the Plan. 

ELECTION TO DEFER 
 Pursuant to the provisions of
the Plan, I understand that I may make an irrevocable election to defer the receipt of board fees due to me during calendar year 20    . Accordingly, I hereby make an irrevocable election to defer
         % of my board fees and/or         % of my committee fees due to me during calendar year 20    . I understand that once elected, I may not
change my election to defer such board fees and/or any retainer due to me during calendar year 20    . Such deferrals shall renew annually unless changed by me at least fifteen (15) days prior to January 1 of any year
under the Plan, such changes to be effective beginning that January 1. I understand and agree that my deferral election applies only to compensation attributable to services I have not yet performed. 

Name of Director (Print
Name):                                        
                                         
            
 Date of Commencement of Deferral of
Compensation:                                       
                  
 I understand that my election to defer receipt
of director fees shall continue for subsequent years in accordance with this Initial Deferral Election Form with Distribution Options until such time as I submit a “Notice of Adjustment of Deferral” (Exhibit B hereto) to the administrator
at least fifteen (15) days prior to January 1 of any year under the Plan. The adjustment will only take effect January 1 of the calendar year following the year in which it is executed. A Notice of Adjustment of Deferral can be used
to adjust the amount of board fees and/or committee fees to be deferred or to discontinue deferrals altogether. 
 DISTRIBUTION ELECTION OPTIONS

 I understand and agree that my benefits shall be paid at the time and in the manner that I select below, and that such election shall be
irrevocable, unless it is modified in accordance with the terms of the Plan. I also understand and agree that if I fail to select a time and form of benefit payment, I will be deemed to have elected for my benefits to be distributed in a lump sum
within 30 days after my Separation from Service. 

 Please Select either (A) or (B) below: 

 

	❒	 (A)    Separation from Service Election 

I hereby elect to receive (or begin to receive) my benefits within 30 days of my Separate from Services, in the following form: (check
one): 
            lump sum distribution 

           substantially equal annual installments over a period of: 

       five years 

       ten years 
  

	❒	 (B)    Specified Date Election 

I hereby elect to receive (or begin to receive) my benefits, beginning within 30 days of the date I attain age     , in the
following form (check one): 
            lump sum distribution 

           substantially equal annual installments over a period of: 

       five years 

       ten years 
  

	❒	 (C)    Change in Control Election 

I hereby elect to receive my benefits in a lump sum (regardless of the elections made above) if a Change in Control occurs followed by my
Separation from Service within two (2) years of the Change in Control. 

           yes, I hereby make such election 

The undersigned Director of Federal Savings Bank does hereby elect to defer compensation earned by the undersigned after the date hereof to the extent above
indicated, pursuant to the Federal Savings Bank Deferred Directors Fee Plan. The undersigned acknowledges that this election is irrevocable with respect to compensation earned and deferred prior to the date of any such revocation, but it is
revocable with respect to compensation to be earned in any succeeding calendar year, in accordance with Section 2.3 of the Plan. 
 Dated this
                   day of
                                , 20    . 

 

					
	ATTEST:	 		  	
	  
	 		  	  

	Corporate Secretary	 		  	Director
			
		 		  	  

		 		  	Chairman

  
 2 

 EXHIBIT B 

FEDERAL SAVINGS BANK 

DEFERRED DIRECTORS FEE PLAN 

NOTICE OF ADJUSTMENT OF DEFERRAL 
 The
undersigned Director of Federal Savings Bank does hereby elect to adjust the deferral of compensation under the Federal Savings Bank Deferred Directors Fee Plan. The undersigned acknowledges that this election is only revocable with respect to
compensation earned after the date of this notice of revocation. 
  

					
	Adjust deferral as of:	 		  	January 1st, 20    
			
	Previous Deferral Amount	 		  	                         per month
			
	New Deferral Amount	 		  	                         per month
		 		  	(to discontinue deferral, enter $0)
		
	Dated this                          day of
                            , 20    .	  	
			
	ATTEST:	 		  	
			
	  
	 		  	  

	Corporate Secretary	 		  	Director
			
		 		  	  

		 		  	Chairman

 EXHIBIT C 

FEDERAL SAVINGS BANK 

DEFERRED DIRECTORS FEE PLAN 

BENEFICIARY DESIGNATION 
 The Director,
under the terms of the Federal Savings Bank Deferred Directors Fee Plan, hereby designates the following Beneficiary to receive any payments or death benefits under such Plan, following his death: 

Beneficiary Designation 

Beneficiary Designation in the event Director is deceased: Name and Relationship (If more than one, indicate shares for each; otherwise, paid equally.) 

 

                       
                                         
                                         
                                         
                                         
                          
  

                       
                                         
                                         
                                         
                                         
                          

Contingent or Secondary Beneficiary Designation: Name and Relationship (Applicable if all the designated beneficiaries above are not living at the time of
death of the Director. If more than one, indicate shares for each; otherwise, paid equally.) 
  

                       
                                         
                                         
                                         
                                         
                          
  

                       
                                         
                                         
                                         
                                         
                          

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this Beneficiary Designation is revocable.

  

					
	  
	 		  	  

	Date	 		  	DirectorEX-10.8

 Exhibit 10.8 

FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 

Effective January 1, 2010 

THIS SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT (“Agreement”) is made and entered into this 27th day of May, 2010, by and between Federal Savings Bank (“Bank”), a bank located in Dover, NH, and Patricia A. Barbour (“Director”). 

Article 1 – Benefits Tables 

The following tables describe the benefits available to the Director, or the Director’s Beneficiary, upon the occurrence of certain
events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein. 

Table A: Retirement Benefit 

Normal Retirement Age (“NRA”) = 72 
  

							
	 Distribution Event
	  	 Amount of Benefit
	  	 Form of Benefit
	  	 Timing of Benefit Distribution

	Separation from Service following Normal Retirement Age	  	70% of Final Base Fee.	  	annual installments	  	 Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment.

 
 Duration of payments: 10 years

 Table B: Benefit Available Prior to Retirement 

 

							
	 Distribution Event
	  	 Amount of Benefit
	  	 Form of Benefit
	  	 Timing of Benefit Distribution

	Separation from Service following the Early Retirement Age, but before Normal Retirement Age	  	Vested percentage of Accrued Liability Balance	  	Annual installments	  	 Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment.

 
 Duration of payments: 10 years

				
	Separation from Service prior to Early Retirement Age	  	Vested percentage of Accrued Liability Balance	  	Annual installments	  	 Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment.

 
 Duration of payments: 10 years

				
	Change in Control	  	Table A Retirement Benefit, as if Director had remained continuously in active service with the Bank until the Normal Retirement Age. For purposes of calculating the amount of benefit, it shall be assumed that the Final Base Fee
would have increased by 4% each year from the date of Change in Control to Normal Retirement Age.	  	Lump sum	  	 Payment made: upon Change in Control.
  

No Change in Control of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this Agreement and agrees
to abide by its terms.

 Table C: Death Benefit 

 

							
	 Distribution Event
	  	 Amount of Benefit
	  	 Form of Benefit
	  	 Timing of Benefit Distribution

	Death	  	Vested percentage of Accrued Liability Balance	  	Lump sum	  	Payment made: 30 days following Director’s date of death

 Article 2 – Purpose 

The purpose of this Agreement is to further the growth and development of the Bank by providing Director with supplemental retirement income, and thereby
encourage Director’s productive efforts on behalf of the Bank and the Bank’s shareholders, and to align the interests of the Director and those shareholders. The Bank promises to make certain payments to the Participant, or the
Participant’s Beneficiary, at retirement, death, or upon some other qualifying event pursuant to the terms of this Agreement. 

Article 3 – Definitions and Construction 

It is intended that this Agreement comply and be construed in accordance with Section 409A of the Internal Revenue Code (the
“Code”). It is also intended that the Agreement be “unfunded” and maintained for a select group of management or highly compensated employees of the Bank, for purposes of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) and not be construed to provide income to the Director or Beneficiary under the Code prior to actual receipt of benefits. 

Where the following words and phrases appear in the Agreement, they shall have the respective meanings set forth below, unless their context clearly indicates
to the contrary: 
  

	3.1	 “Accrued Liability Balance” shall mean the Bank shall account for the benefits provided to the
Director under this Agreement in accordance with Generally Accepted Accounting Principles applied in the manner required by the Bank’s primary Federal regulator. The Bank shall establish on its books a reserve account into which it shall accrue
no less frequently than quarterly appropriate reserves for the obligations of the Bank under this Agreement, and from which it shall timely deduct payments by the Bank of benefits under this Agreement. The Bank shall not otherwise add to, subtract
from, or adjust the balance of the Accrued Liability Balance except as necessary to conform with Generally Accepted Accounting Principles as applied in the manner required by the Bank’s primary Federal Regulator. Notwithstanding the Bank’s
agreement to create the Accrued Liability Balance and its accrual of reserved funds with said account, neither the Director, nor the Director’s spouse, any legal representative or Beneficiary of the Director, any successor in interest of any of
them, or any other person, shall have any interest therein. All amounts so reserved shall continue for all purposes to be a part of the general assets of the Bank; and all legal and beneficial ownership of all amounts so reserved shall remain at all
times in the Bank. To the extent that the Director, the Director’s spouse, any legal representative or Beneficiary of the Director, any successor in interest of any of them, or any other person acquires any right to receive payments from the
Bank under this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Bank; and such persons shall have no property interests in any specific assets of the Bank including without limitation, said reserves.

  
 2 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

 

	3.2	 “Beneficiary” shall mean the person(s) designated by the Director, including the estate of the
Director, entitled to a benefit under this Agreement. 

  

	3.3	 “Board” shall mean the Board of Directors of the Bank. 

 

	3.4	 “Change in Control” shall mean a change in ownership or control of the Bank as defined in Treasury
Regulation §1.409A-3(i)(5) or any subsequently applicable published authority or guidance; provided, however, that under no circumstances shall (i) the conversion of the Bank to a stock bank and
issuance of a controlling interest in the Bank’s stock to a mutual holding company parent owned by the Bank’s depositors (a “mutual Holding Company”), or to a middle tier stock holding company in which such Mutual Holding Company
has a controlling interest (a “Middle Tier Holding Company”), or (ii) any transfer of Bank stock from any such Mutual Holding Company or Middle Tier Holding Company to any third party which does not result in the transfer of a
controlling interest in the stock of the Bank, or (iii) any transfer by such Mutual Holding Company of Middle Tier Holding Company stock to any third party which does not result in the transfer of a controlling interest in the stock of the
Middle Tier Holding Company, constitute a Change in Control for purposes of this Agreement. 

  

	3.5	 “Early Retirement Age” shall mean the date on which the Director attains age sixty-five (65)

  

	3.6	 “Final Base Fee” shall mean the total Board fees, committee fees and retainer earned by the Director
during the Plan Year ending immediately prior to the Plan Year in which the Director experiences a Separation from Service, if such Separation from Service occurs prior to the conclusion of the last regularly scheduled Board meeting for such Plan
Year; and shall mean the total Board fees, committee fees and retainer earned by the Director during the Plan Year in which the Director experiences a Separation from Service, if such Separation from Service occurs at or after the conclusion of the
last regularly scheduled Board meeting for such Plan Year. For accounting purposes, it shall be assumed that the Final Base Fee increases by 3% per year until Director’s Separation from Service. 

 

	3.7	 “Separation from Service” shall mean that the Director has retired or otherwise has a termination of
service with the Bank. For purposes of this Agreement, whether a termination of service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Director reasonably anticipated that no further services would
be performed after a certain date, or that the level of bona fide services the Director would perform after such date would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed over the
immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Director has been providing services to the Bank less than 36 months). Facts and circumstances to be
considered in making this determination include, but are not limited to, whether the Director continues to be treated as a Director for other purposes 

  
 3 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	 	
(such as continuation of salary and participation in Director benefit programs), whether similarly situated service providers have been treated consistently, and whether the Director is
permitted, and realistically available, to perform services for other service recipients in the same line of business. A Director will be presumed not to have separated from service where the level of bona fide services performed continues at a
level that is fifty percent (50%) or more of the average level of service performed by the Director during the immediately preceding thirty-six (36) month period. A Separation from Service will not be
deemed to have occurred while the Director is on military leave, sick leave, or other bona fide leave of absence, provided Director has the right to continue service under an applicable statute or by contract. 

 

	3.8	 “Termination for Cause” shall mean any of the following that result in an adverse effect on the
Bank” 

  

	 	(a)	 Gross negligence or gross neglect of duties to the Bank; or 

 

	 	(b)	 Conviction of a felony or of a gross misdemeanor involving fraud or dishonesty; 

 

	 	(c)	 The willful violation of any law, rule, or regulation (other than minor traffic violation or similar offense)

  

	 	(d)	 An intentional failure to perform stated duties; or 

 

	 	(e)	 A breach of fiduciary duty involving personal profit. 

 

	3.9	 “Vesting” or “Vested” shall mean: the Director shall be vested in the Accrued Liability
Balance in accordance with the following schedule, from the date the Director first commences service with the Bank as a Director (it being understood and agreed that only continuous years of service as a Director of the Bank shall count for
purposes of this vesting provision, and that no service with the Bank in any other capacity shall count for purposes of this vesting provision), to a maximum of one hundred percent (100%). 

 

					
	Total Years of Continuous Service	  	Vested	 
	 As Director of the Bank
	  	(to a maximum of 100%)	 
	 0-6
	  	 	0	% 
	 7
	  	 	25	% 
	 8
	  	 	50	% 
	 9
	  	 	75	% 
	 10
	  	 	100	% 

 Article 4 – Beneficiary 

 

	4.1	 Beneficiary. Director shall have the right to name a Beneficiary of the death benefit, if any, described
in Article 1 herein. Director shall have the right to name such Beneficiary at any time prior to Director’s death and submit it to the Plan Administrator (or Plan Administrator’s representative) on the form provided. Once received and
acknowledged by the Plan Administrator, the form shall be effective. The Director may change a Beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same rules as for the original
Beneficiary designation and shall automatically supersede the existing Beneficiary form on file with the Plan Administrator. 

  
 4 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	4.2	 Failure to Designate a Beneficiary. If Director dies without a valid Beneficiary designation on file
with the Plan Administrator, the Director’s surviving spouse, if any, shall become the designated Beneficiary. If Director has no surviving spouse, death benefits shall be paid to the personal representative of Director’s estate.

  

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

Article 5 – General Limitations 
  

	5.1	 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall
not distribute any benefit under this Agreement if Director’s service is Terminated for Cause. If a dispute arises as to discharge “for Cause,” such dispute shall be resolved by arbitration as set forth in this Agreement. of this
Agreement. In the alternative, if the Director is permitted to resign as an alternative to being Terminated for Cause, the Board may, by majority vote, terminate all benefits under this Agreement. 

 

	5.2	 Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not
distribute any benefit under this Agreement if the Director is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

Article 6 – Administration of Agreement 
  

	6.1	 Plan Administrator. The Bank shall be the Plan Administrator, unless the Bank appoints a committee to be
the Plan Administrator. The Bank may appoint a Committee (“Committee”) of one or more individuals in the service of Bank for the purpose of discharging the administrative responsibilities of the Bank under the Plan. The Bank may remove a
Committee member for any reason by giving such member ten (10) days’ written notice and may thereafter fill any vacancy thus created. The Committee shall represent the Bank in all matters concerning the administration of this Plan;
provided however, the final authority for all administrative and operational decisions relating to the Plan remains with the Bank. 

  
 5 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	6.2	 Authority of Plan Administrator. The Plan Administrator shall have full power and authority to adopt
rules and regulations for the administration of the Plan, provided they are not inconsistent with the provisions of this Plan, and Section 409A of the Code, to interpret, alter, amend or revoke any rules and regulations so adopted, to enter
into contracts on behalf of the Bank with respect to this Agreement, to make discretionary decisions under this Plan, to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any payment or
discharge of any obligation under the Plan, and to perform any and all administrative duties under this Plan. 

  

	6.3	 Recusal. An individual serving as Plan Administrator may be eligible to participate in the Plan, but
such person shall not be entitled to participate in discretionary decisions under Article 7 relating to such person’s own interests in the Plan. 

  

	6.4	 Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate
to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank. 

 

	6.5	 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any
question arising out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in
the Agreement. 

  

	6.6	 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted for the
purposes of assisting the Plan Administrator in performing its duties under this Agreement against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the
case of willful misconduct by such contracted party. 

  

	6.7	 Bank Information. To enable any party contracted for the purposes of assisting the Plan Administrator in
performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such contracted party on all matters relating to the date and circumstances of any event triggering a benefit hereunder.

  

	6.8	 Annual Statement. Any party contracted for the purposes of assisting the Plan Administrator in
performing its duties under this Agreement shall provide to the Bank, on the schedule set forth in the Administrative Services Contract, a statement setting forth the benefits to be distributed under this Agreement. 

Article 7 – Claims And Review Procedures 
  

	7.1	 Claims Procedure. A Director or Beneficiary (“claimant”) who has not received benefits under
the Agreement that he or she believes should be distributed shall make a claim for such benefits as follows: 

  

	 	7.1.1	 Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator
a written claim for the benefits. 

  
 6 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	 	7.1.2	 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90
days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the
claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan
Administrator expects to render its decision. 

  

	 	7.1.3	 Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator
shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

 

	 	(a)	 The specific reasons for the denial; 

 

	 	(b)	 A reference to the specific provisions of the Agreement on which the denial is based; 

 

	 	(c)	 A description of any additional information or material necessary for the claimant to perfect the claim and an
explanation of why it is needed; 

  

	 	(d)	 An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

  

	 	(e)	 A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an
adverse benefit determination on review. 

  

	7.2	 Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the
opportunity for a full and fair review by the Plan Administrator of the denial, as follows: 

  

	 	7.2.1	 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving
the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. 

  

	 	7.2.2	 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit
written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

  

	 	7.2.3	 Considerations on Review. In considering the review, the Plan Administrator shall take into account all
materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

 

	 	7.2.4	 Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant
within 60 days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days
by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by
which the Plan Administrator expects to render its decision. 

  
 7 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	 	7.2.5	 Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on
review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	 The specific reasons for the denial; 

 

	 	(b)	 A reference to the specific provisions of the Agreement on which the denial is based; 

 

	 	(c)	 A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

 

	 	(d)	 A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 Article 8 – Amendments and Termination 

 

	8.1	 This Agreement may be amended or terminated only by written consent of the Bank and the Director. Any such
amendment shall not be effective to decrease or restrict any Director’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Director, and provided further, no amendment shall be made,
or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder to be included in the gross income of the Director under Code Section 409A. 

 

	8.2	 Subsequent Changes to Time and Form of Payment. The Bank may permit a subsequent change to the time and
form of benefit distributions. Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than thirty (30) days following acceptance of the
change by the Plan Administrator, subject to the following rules: 

  

	 	(1)	 the subsequent deferral election may not take effect until at least twelve (12) months after the date on
which the election is made; 

  

	 	(2)	 the payment (except in the case of death, disability, or unforeseeable emergency) upon which the subsequent
deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and 

  

	 	(3)	 in the case of a payment made at a specified time, the election must be made not less than twelve
(12) months before the date the payment is scheduled to be paid. 

  
 8 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

 Article 9 – Miscellaneous 

 

	9.1	 Binding Effect. This Agreement shall bind the Director and the Bank, and their beneficiaries, survivors,
executors, administrators and transferees. 

  

	9.2	 No Guarantee of Service. This Agreement is not a contract for service. It does not give the Director the
right to remain as a director of the Bank, nor does it interfere with the Bank’s right to discharge the Director. It also does not require the Director to remain a director nor interfere with the Director’s right to terminate service at
any time. 

  

	9.3	 Non-Transferability. Benefits under this Agreement cannot be
sold, transferred, assigned, pledged, attached or encumbered in any manner. 

  

	9.4	 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits
provided under this Agreement. The Director acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). 

 

	9.5	 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the state where
the Bank’s primary corporate headquarters is located, except to the extent preempted by the laws of the United States of America. 

  

	9.6	 Unfunded Arrangement. The Director is a general unsecured creditor of the Bank for the distribution of
benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors. Any insurance on the Director’s life or other informal funding asset is a general asset of the Bank to which the Director has no preferred or secured claim. If the Bank elects to invest in a life
insurance, disability or annuity policy on the life of the director, then the Director shall assist the Bank by freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities.

  

	9.7	 Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize, or
sell substantially all of its assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event, the
term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor bank. 

  

	9.8	 Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the
Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein. 

  

	9.9	 Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the
context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural. 

  
 9 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	9.10	 Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to
perform any act required by this Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank.

  

	9.11	 Headings. Article and section headings are for convenient reference only and shall not control or affect
the meaning or construction of any of its provisions. 

  

	9.12	 Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein. 

 

	9.13	 Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator under
this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address of the main office of the Bank. 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification. 
 Any notice or filing required or permitted to be given to the Director under this Agreement
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director. 
  

	9.14	 Opportunity to Consult with Independent Advisors. The Director acknowledges that he has been afforded
the opportunity to consult with independent advisors of his choosing including, without limitation, accountants or tax advisors and counsel regarding both the benefits granted to him under the terms of this Agreement and the (i) terms and
conditions which may affect the Director’s right to these benefits, and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A
of the Code, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances the Director acknowledges and agrees shall be the sole responsibility of the Director notwithstanding any
other term or provision of this Agreement. The Director further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities applicable to the
Director and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representatives, agents, successor and assign to claim or assert liability on the part of the Bank related to the matters described
above in this Section 9.14. The Director further acknowledges that he has read, understands and consents to all of the terms and conditions of this Agreement, and that he enters into this Agreement with a full understanding of its terms and
conditions. 

  

	9.15	 Restriction on Timing of Distribution. Solely to the extent necessary to avoid penalties under
Section 409A, distributions under this Agreement may not commence earlier than six (6) months after a Separation from Service (as described under the “Separation from Service” provision herein) if, pursuant to Internal
Revenue Code Section 409A, the participant hereto is considered a “specified employee” of a publicly-traded company. In the event a distribution is delayed pursuant to this Section, the originally scheduled

  
 10 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	 	
distribution shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in
installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is
scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month. 

  

	9.16	 Certain Accelerated Payments. The Bank may make any accelerated distribution permissible under Treasury
Regulation 1.409A-3(j)(4), provided that such distribution(s) meets the requirements of Section 1.409A-3(j)(4). 

 

	9.17	 Termination or Modification of Agreement by Reason of Changes in the Law, Rules or Regulations. The Bank
is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this
Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Any such termination or modification shall not be effective to decrease or restrict any Director’s Accrued Liability Balance under this Agreement,
determined as of the date of amendment, unless agreed to in writing by the Director, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder
to be included in the gross income of the Director under Code Section 409A. 

  

	9.18	 Arbitration of Disputes. 

 

	 	A.	 If a dispute arises out of or relates to this Agreement, or the breach hereof, and if such dispute is not
settled within a commercially reasonable time (not to exceed sixty (60) days, through negotiations), the parties shall attempt in good faith to settle the dispute by mediation under the Commercial Mediation Rules of the American Arbitration
Association before resorting to litigation. No resolution or attempted resolution of any dispute or disagreement pursuant to this Section shall be deemed a waiver of any term or provision of this Agreement or consent to any breach or default, unless
such waiver or consent shall be in writing and signed by the party claimed to have waived or consented. 

  

	 	B.	 Any dispute or controversy not settled in accordance with the foregoing provision of this Section shall be
settled exclusively by binding arbitration to be conducted before three (3) arbitrators in Concord, New Hampshire in accordance with the rules of the American Arbitration Association then in effect. Each party shall select one (1) such
arbitrator and two (2) arbitrators so selected shall choose a third. 

  

	 	C.	 The parties covenant and agree that they will participate in such mediation and/or arbitration in good faith
and that the Bank will bear the fees and expenses of such proceeding charged by the American Arbitration Association (including the fees of the arbitrators). In arbitration, the arbitrator shall not have the power to award damages in excess of
actual compensatory damages and shall not multiply actual damages or award punitive damages or any other damages, and each party hereby irrevocably waives any claim to such damages. 

  
 11 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

	 	D.	 The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be
bound to the decision of such arbitrator with respect to any controversy properly submitted to it for determination. 

[signature page to follow] 

  
 12 

 FEDERAL SAVINGS BANK 

SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 
  

 IN WITNESS WHEREOF, the Director and a duly authorized representative of the Bank have
executed this Agreement as of the date indicated above. 
  

							
	DIRECTOR	 	        	  	FEDERAL SAVINGS BANK
				
	 /s/ Patricia A. Barbour
	 		  	By /s/ Judy A. Lovely                               	  	        
	Patricia A. Barbour	 		  	Title: SVP and Secretary	  	

  
 13 

 FIRST AMENDMENT 

TO THE 
 FEDERAL SAVINGS
BANK 
 SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT 

THIS FIRST AMENDMENT to the Federal Savings Bank Supplement Director Retirement Agreement (the “Agreement”) is made by and
between Federal Savings Bank (the “Bank”), a bank duly organized and existing under the laws of the State of New Hampshire, and Patricia A. Barbour (the “Director”), effective this
1st day of April, 2013. 
 WHEREAS, the Agreement was adopted on May 27,
2010; and 
 WHEREAS, pursuant to Section XIII(C) of the Agreement, the Agreement may be amended at any time by mutual consent of the
Bank and the Director; and 
 WHEREAS, the Bank and the Director desire to amend the Agreement to clarify certain provisions; 

NOW THEREFORE, the Agreement is hereby amended as follows: 

Normal Retirement Age (“NRA”) shall mean the date on which the Director attains age seventy (70). 

Except as otherwise amended by this Amendment, all provisions of the Agreement shall remain in full force and effect and the Agreement and
this Amendment shall be construed together and considered one and the same agreement. 
 IN WITNESS WHEREOF, the Bank and the
Director have caused this Amendment to be executed on the date first written above. 
  

					
	EXECUTIVE	  		  	FEDERAL SAVINGS BANK
			
	 /s/ Patricia A. Barbour
	  	By:	  	 /s/ Judy A. Lovely

	Patricia A. Barbour	  	Its:	  	 Secretary

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