Document:

EX-4.4

 Exhibit 4.4 
  

			
	REGISTERED	  	REGISTERED

 THIS NOTE IS A GLOBAL NOTE REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF
AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY AS PROVIDED IN THE INDENTURE REFERRED TO BELOW, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY
A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNION ELECTRIC COMPANY 

3.65% SENIOR SECURED NOTE DUE 2045 
  

			
	 CUSIP: 906548 CL4
	 	NUMBER: 2
	 ISIN: US906548CL42
	 	
		
	 ORIGINAL ISSUE DATE: April 15, 2016
	 	PRINCIPAL AMOUNT: $150,000,000
		
	 INTEREST RATE: 3.65%
	 	MATURITY DATE: April 15, 2045

 UNION ELECTRIC COMPANY, a corporation of the State of Missouri (the “COMPANY”), for value received
hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) on the Maturity Date set forth above, and to pay interest thereon from and including the Original Issue Date
specified above or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on April 15 and October 15 in each year, commencing October 15, 2015, and on
the Maturity Date, at the per annum Interest Rate set forth above until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Note is paid on the
Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date (except for interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration), will, as
provided in the Indenture (as defined below), be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 or October 1 as the case may be,
whether or not a Business Day, next preceding such Interest Payment Date; provided, 

 
that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the
Interest Payment Date following the next succeeding Regular Record Date; and provided further, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom
principal shall be payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the
Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Noteholders not more than fifteen days nor fewer
than ten days prior to such Special Record Date. Payment of the principal of and interest and premium on this Note shall be payable pursuant to Section 2.12(a) of the Indenture. 

This Note is a Global Note in respect of a duly authorized issue of 3.65% Senior Secured Notes due 2045 (the “NOTES OF THIS SERIES”,
which term includes any Global Notes representing such Notes) of the Company issued and to be issued under an Indenture dated as of August 15, 2002, between the Company and The Bank of New York Mellon, as trustee (herein called the
“TRUSTEE”, which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “INDENTURE”). Under the Indenture, one or more series of notes may be issued and, as used herein,
the term “Notes” refers to the Notes of this Series and any other outstanding series of Notes. Reference is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Noteholders and of the terms upon which the Notes are and are to be authenticated and delivered. This Note has been issued in respect of the series designated on the first
page hereof, issued in the initial aggregate principal amount of $250,000,000. 
 The Notes will be secured by first mortgage bonds
(the “SENIOR NOTE FIRST MORTGAGE BONDS”) delivered by the Company to the Trustee for the benefit of the Holders of the Notes, issued under the Indenture of Mortgage and Deed of Trust, dated June 15, 1937, from the Company to The Bank
of New York Mellon, as successor trustee (the “MORTGAGE TRUSTEE”), as supplemented and modified (collectively, the “FIRST MORTGAGE”). Reference is made to the First Mortgage and the Indenture for a description of the rights
of the Trustee as holder of the Senior Note First Mortgage Bonds, the property mortgaged and pledged, the nature and extent of the security and the rights of the holders of first mortgage bonds, under the First Mortgage and the rights of the Company
and of the Mortgage Trustee in respect thereof, the duties and immunities of the Mortgage Trustee and the terms and conditions upon which the Senior Note First Mortgage Bonds are secured and the circumstances under which additional first mortgage
bonds may be issued. By its acquisition of an interest in this Note, each Holder of this Note irrevocably (a) consents to each of the amendments to the First Mortgage described in Article III of the Supplemental Indenture dated May 15,
2012 to the First Mortgage without any other or further action by any Holder of such Notes, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such
Holder in favor of such amendments at any Noteholder meeting or meeting of bondholders, in lieu of any Noteholder meeting or meeting of bondholders, in response to any consent solicitation or otherwise. 

  
 2 

 Each Note of this Series shall be dated and issued as of the date of its authentication by
the Trustee and shall bear an Original Issue Date. Each Note of this Series issued upon transfer, exchange or substitution of such Note shall bear the Original Issue Date of such transferred, exchanged or substituted Note, as the case may be. 

Interest on this Note will accrue from and including the Original Issue Date specified above to, but excluding October 15, 2015, and
thereafter, from and including each Interest Payment Date to, but excluding, the next succeeding Interest Payment Date, the Maturity Date or any redemption date, as the case may be. 

All or a portion of the Notes of this Series may be redeemed at the option of the Company at any time or from time to time. The
redemption price for the Notes of this Series to be redeemed on any redemption date prior to October 15, 2044 (six months prior to the Maturity Date) will be equal to the greater of the following amounts: (a) 100% of the principal
amount of the Notes of this Series being redeemed on the redemption date; or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed on that redemption
date that would be payable if such Notes matured on October 15, 2044 (not including any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 20 basis points, as determined by the Reference Treasury Dealer (as defined below), plus, in each case, accrued and unpaid interest thereon to the redemption
date. The redemption price for the Notes of this Series to be redeemed on any redemption date on or after October 15, 2044 will be equal to 100% of the principal amount of the Notes of this Series being redeemed on the redemption date plus
accrued and unpaid interest thereon to the redemption date. Notwithstanding the foregoing, installments of interest on Notes of this Series that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be
payable on the Interest Payment Date to the Holder of this Note as of the close of business on the relevant Regular Record Date. 
 With
respect to a redemption occurring prior to October 15, 2044, the Company shall give the Trustee written notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

The Company shall mail notice of any redemption at least 30 days but not more than 60 days before the redemption date to each Holder of
the Notes of this Series to be redeemed, and, if less than all Notes of this Series are to be redeemed, the particular Notes of this Series to be redeemed will be selected by the Trustee in such manner as it shall deem appropriate and fair;
provided, that as long as the Notes of this Series are represented by global certificates, beneficial interests in such global certificates will be selected for redemption by The Depository Trust Company in accordance with its standard procedures
therefor. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes of this Series or portions thereof called for redemption. 

Any notice of redemption at the Company’s option may state that such redemption will be conditional upon receipt by the Trustee, on or
prior to the redemption date, of money sufficient to pay the principal of and premium, if any, and interest on, the Notes of this Series or 

  
 3 

 
portions thereof called for redemption, and that if such money has not been so received, such notice will be of no force and effect and the Company will not be required to redeem such Notes or
portions thereof. 
 “ADJUSTED TREASURY RATE” means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“COMPARABLE TREASURY ISSUE” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes of this Series to be redeemed (assuming, for this purpose, that the Notes matured on October 15, 2044) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series. 

“COMPARABLE TREASURY PRICE” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such quotation. 
 “REFERENCE TREASURY
DEALER” means (A) Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and a Primary Treasury Dealer (as defined below) selected by each of Mitsubishi UFJ Securities (USA), Inc. and Wells Fargo Securities, LLC, or, in each case, an
affiliate thereof, which are primary U.S. Government securities dealers in the United States (each, a “Primary Treasury Dealer”), and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary
Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 

“REFERENCE TREASURY DEALER QUOTATIONS” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New
York City time) on the third Business Day preceding such redemption date. 
 Interest payments for this Note shall be computed and paid on
the basis of a 360-day year consisting of twelve 30-day months (and for any partial periods shall be calculated on the basis of the number of days elapsed in a 360-day year of twelve 30 day months). If any Interest Payment Date falls on a day
that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day (and without any interest or other payment in respect of any such delay). If the Maturity Date of this Note or any redemption date falls on a day that is
not a Business Day, the payment of principal, premium, if any, and interest will be made on the next succeeding Business Day with the same force and effect as if made on such Maturity Date or redemption date, and no interest on such payment shall
accrue for the period from and after the Maturity Date or such redemption date. 

  
 4 

 The Company, at its option, and subject to the terms and conditions provided in the Indenture,
will be discharged from any and all obligations in respect of the Notes of this Series (except for certain obligations including obligations to register the transfer or exchange of Notes of this Series, replace stolen, lost or mutilated Notes of
this Series, maintain paying agencies and hold monies for payment in trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Notes
of this Series on the dates such payments are due in accordance with the terms of the Notes of this Series. 
 If an Event of Default shall
occur and be continuing with respect to the Notes, the principal of and interest on the Notes may be declared due and payable in the manner and with the effect provided in the Indenture and, upon such declaration, the Trustee shall demand the
redemption of the Senior Note First Mortgage Bonds to the extent provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Noteholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders
of a majority in aggregate principal amount of the outstanding Notes. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon this Note. 

As set forth in and subject to the provisions of the Indenture, no Holder of any Notes will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Notes, the Holders of a majority in aggregate principal amount
of the outstanding Notes affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to institute such proceeding within
60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Note on or after the respective due dates expressed
herein. 
 No reference herein to the Indenture and to provisions of this Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, places and rates and the coin or currency prescribed in the Indenture. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note may be transferred only as permitted by the
legend hereto and the provisions of the Indenture. 

  
 5 

 The Indenture and the Notes shall be governed by, and construed in accordance with, the laws of
the State of New York without regard to conflicts of law principles thereof. 
 Unless the certificate of authentication hereon has been
executed by the Trustee, directly or through an Authenticating Agent by manual signature of an authorized officer, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise
indicated herein. 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	UNION ELECTRIC COMPANY
		
	By:	 	 /s/ Ryan J. Martin

		 	Ryan J. Martin
	Title:	 	Vice President and Treasurer
		
	Attest:	 	 /s/ Craig W. Stensland

		 	Craig W. Stensland
	Title:	 	Assistant Secretary

  

			
	TRUSTEE’S CERTIFICATE
	OF AUTHENTICATION
	
	Dated: June 23, 2016
	
	This Note is one of the Notes of the series herein designated, described or provided for in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON, As Trustee
		
	By:	 	 /s/ Glenn G. McKeever

		 	 Authorized Signatory

  
 7 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

											
	TEN COM — as tenants in common	  	UNIF GIFT	  		  		  		  	
		  	MIN ACT -	  	  
	  	Custodian	  	  
	  	
		  		  	(Cust)	  		  	(Minor)	  	
			
	TEN ENT — as tenants by the entireties	  	Under Uniform Gifts to Minors	  	
			
	 JT TEN — as joint tenants with right
 of
survivorship and not as tenants in
 common
	  	  

State
	  	

 Additional abbreviations may also be used 

though not in the above list. 
  

 
 FOR VALUE
RECEIVED the undersigned hereby sell(s), 
 assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 
  

	
	  

	
	  

	
	  

 Please print or typewrite name and address 

including postal zip code of assignee 
  

			
	  
	 	
	the within note and all rights thereunder, hereby irrevocably constituting and appointing                  attorney to transfer said note on the books
of the Company, with full power of substitution in the premises.	 	

  

									
	Dated:	 		 		  	  
	  	
		 		 		  	 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatever.
  

		 		 		  	Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”) or the New
York Stock Exchange, Inc. Medallion Signature Program (“MSP”)

  
 8harb_Ex10_10

		
			Exhibit 10.10
		

		
			AMENDED AND RESTATED EMPLOYMENT AGREEMENT
		

		
			AGREEMENT made and entered into as of the 10th day of May, 2016, by and among HarborOne Bancorp, Inc., a Massachusetts stock holding company (the “Company”), HarborOne Bank, a Massachusetts-chartered stock co-operative bank with its principal place of business in Brockton, Massachusetts (the “Bank”) (the Bank and the Company shall be hereinafter collectively referred to as the “Employers”),  and James W. Blake, of South Easton, Massachusetts (the “Employee”).
		

		
			WITNESSETH THAT:
		

		
			WHEREAS, the Employee is currently, and has been for approximately twenty-three (23) years, employed by the Employers; and
		

		
			WHEREAS, the Employee’s experience in the financial services industry and the Employee’s reputation and contacts in such industry are valuable to the Employers; and
		

		
			WHEREAS, the Employers desire to continue to employ the Employee in an executive capacity in the conduct of its business; and
		

		
			WHEREAS, the Employee desires to continue his employment with the Employers; and
		

		
			WHEREAS, the Bank and the Employee had previously entered into an Employment Agreement dated July 31, 2013, which agreement was amended and restated in its entirety in an Employment Agreement dated March 1, 2016; and
		

		
			WHEREAS, to address a comment by a regulatory authority with jurisdiction over the Employers, the Bank and the Employee wish to amend and restate the Employment Agreement dated March 1, 2016 as set forth in this Agreement.
		

		
			NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			1.Employment.  The Employers hereby agree to continue the employment of the Employee and the Employee hereby agrees to continue in the employ of the Employers on the terms and conditions hereinafter set forth.
		

		
			2.Effective Date, Term.  The effective date of this Agreement (the “Effective Date”) shall be the day first written above.  The term of the Employee’s employment pursuant to this Agreement shall commence on the Effective Date and shall continue thereafter until terminated as provided in Section 5.
		

		
			 
		

		 

 

		
			3.Capacity and Extent of Service.
		

		
			(a)During the term of this Agreement, the Employers shall employ the Employee as their President and Chief Executive Officer, subject to his election by the Employers’ Boards of Directors (the “Boards of Directors”). 
		

		
			(b)The Employee shall be employed on a full-time basis and shall be assigned only such duties and tasks as are appropriate for a person in the position of President and Chief Executive Officer.  It is the intention of the Employers and the Employee that, subject to each of the Employers’ Charter and By-Laws, and the Employee’s legal responsibilities as an officer of the Employers, the Employee shall have full discretionary authority to control the day-to-day operations of the Employers and to incur such obligations on behalf of the Employers as may be necessary or appropriate in the ordinary course of its business.
		

		
			(c)During his employment hereunder, the Employee shall devote his full business time and his best efforts, business judgment, skill and knowledge to the performance of his duties and responsibilities hereunder.  The Employee shall not engage in any other business activity during the term of this Agreement except as may be approved by the Board of Directors.
		

		
			(d)The Employers encourage participation by the Employee on community boards and committees and in activities generally considered to be in the public interest, but the Board of Directors shall have the right to approve or disapprove, in its sole discretion, the Employee’s participation on such boards and committees.
		

		
			4.Compensation and Benefits.
		

		
			(a)Base Salary.  As compensation for services performed under and during the term of this Agreement, the Employee shall receive a minimum annual base salary (“Base Salary”) at a rate of Six Hundred Sixty-Two Thousand Four Hundred Eighty Dollars ($662,480).  The Employee’s minimum Base Salary may be increased (but not decreased) from time to time during the term hereof by such amounts as the Compensation Committee of the Company’s Board of Directors in its sole discretion may determine.
		

		
			(b)Incentive and/or Bonus Compensation.  In addition to the foregoing minimum Base Salary, the Employee shall be eligible during the term of this Agreement to receive incentive compensation determined and payable in accordance with any incentive compensation plans of the Employers in effect from time to time for members of executive management generally, but in no event with terms less favorable than those in effect under the Employers’ incentive compensation program in effect at any time during the three (3) years immediately preceding the Effective Date. 
		

		
			(c)Fringe Benefits.  At all times during the term of this Agreement, the Employers shall provide the Employee with fringe benefits as set forth in Exhibit A to this Agreement, which Exhibit is incorporated herein by reference and the terms of which are thereby made a part hereof.  The Employee shall also be entitled to participate in any employee benefit plans, including without limitation the Employers’ Section 401(k) Plan, from time to time in effect for executive officers of the Employers generally.
		

		 

		

			-2-

		

 

		
			(d)Business Expenses.  The Employers shall reimburse the Employee for all reasonable travel and other business expenses incurred by him in the performance of his duties and responsibilities, subject to such reasonable requirements with respect to substantiation and documentation as may be specified by the Employers, their auditors, the Internal Revenue Service or other regulatory authorities having jurisdiction over the Employers and their operations.
		

		
			(e)Endorsement Split-Dollar Insurance.  The Bank and the Employee have entered into an Endorsement Split-Dollar Agreement dated as of November 13, 2015, a copy of which is attached hereto as Exhibit B, which Exhibit is incorporated herein by this reference and the terms of which are thereby made a part hereof.  The Bank and the Employee agree to fulfill their respective obligations under the Endorsement Split-Dollar Agreement.
		

		
			5.Termination and Termination Benefits.
		

		
			Notwithstanding the provisions of Section 2, the Employee’s employment hereunder shall terminate under the following circumstances:
		

		
			(a)Death.  In the event of the Employee’s death during his employment under this Agreement, the Employee’s employment shall terminate on the date of his death; provided, however, that if the Employee is survived by his spouse, the Employers shall continue to pay to his spouse the Employee’s Base Salary in effect at the time of his death until the expiration of two (2) months following the Employee’s death.  
		

		
			(b)Disability.  The Employers may terminate the Employee’s employment if he is disabled and unable to perform the essential functions of the Employee’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of one hundred eighty (180) days (which need not be consecutive) in any twelve (12) month period.  If any question shall arise as to whether during any period the Employee is disabled so as to be unable to perform the essential functions of the Employee’s then existing position or positions with or without reasonable accommodation, the Employee may, and at the request of the Employers shall, submit to the Employers a certification in reasonable detail by a physician mutually agreeable to the Employers and the Employee or the Employee’s guardian as to whether the Employee is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Employee shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Employee through his own fault shall fail to submit such certification, the Employers’ determination of such issue shall be binding on the Employee.  Nothing in this Section 5(b) shall be construed to waive the Employee’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.    
		

		
			(c)Termination by the Employee Without Cause.  Notwithstanding the provisions of Section 2, the Employee may resign from the Employers at any time upon sixty (60) days prior written notice to the Boards of Directors.  In the event of resignation by the Employee under this Section 5(c), the Boards of Directors in their sole discretion may elect to waive the period of notice, or any portion thereof.  From and after the effective date of such termination by the Employee of his employment hereunder, the Employers shall have no further liability to the 

		 

		

			-3-

		

 

Employee for salary or other compensation or benefits, except as provided pursuant to the terms of any employee benefit plan of the Employers in which the Employee is then a participant.
		

		
			(d)Termination by the Employers Without Cause.  The Employee’s employment under this Agreement may be terminated without cause by a vote of two-thirds (2/3rds) of all (except the Employee) of the members of each Board of Directors and on written notice to the Employee.  In the event of such termination, the Employee shall be entitled to the following benefits:
		

		
			(i)For a period of twenty-four (24) months, the Employers shall continue to pay to the Employee, or to the Employee’s designated beneficiary (or to his estate if he fails to make such designation) the Employee’s salary at the rate of his Base Salary in effect as of the date of such termination;
		

		
			(ii)For each year during the period specified in paragraph (i) of this Section 5(d), the Employee shall be entitled to receive incentive compensation equal to the average incentive compensation received by the Employee during the three (3) full fiscal years of the Employers immediately preceding such termination, with such amount to be paid when incentive compensation is otherwise paid to other executives of the Employers in the first seventy-five (75) days of the Employers’ fiscal year;
		

		
			(iii)If the Employee was participating in the Employers’ group health plan immediately prior to the date of termination and elects COBRA health continuation, then the Employers shall pay to the Employee a monthly cash payment for eighteen (18) months or the Employee’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Employers would have made to provide health insurance to the Employee if the Employee had remained employed by the Employers; and
		

		
			(iv)The Employee shall be entitled to receive a payment equal to the amount the Employers would have contributed on his behalf to any qualified pension, profit sharing or 401(k) or similar plan had he remained in the employ of the Employers for an additional twenty-four (24) month period at the same Base Salary as in effect as of the date of the Employee’s termination.  Such amount shall be paid in the twenty-fourth (24th) month following termination of employment.
		

		
			Notwithstanding the above, in the event of a termination by the Employers without Cause that occurs within twenty-four (24) months after a Change in Control, the amounts payable under Section 5(d)(i) shall be increased to three (3) times the Employee’s Base Salary and be paid to the Employee in a single lump sum within ten (10) days following the termination of employment, and the Employee shall have no further obligations to the Employers except his obligations under Sections 6(a) and 6(b).
		

		
			(e)Termination by the Employee For Good Reason.  The Employee may terminate his employment hereunder for Good Reason.  Only the following shall constitute “Good Reason” for such termination:
		

		
			(i)Failure of the Employers to continue the Employee in the position of President and Chief Executive Officer during the term of this Agreement;
		

		 

		

			-4-

		

 

		
			(ii)Material change by the Employers in the nature or scope of the Employee’s responsibilities, title, authorities, powers, functions or duties from the responsibilities, title, authorities, powers, functions or duties normally exercised by an executive in the position of President and Chief Executive Officer, or any reassignment of the Employee to a place of business which is more than fifty (50) miles from Brockton, Massachusetts;
		

		
			(iii)Material breach by the Employers of Section 4 hereof or of any other provision of this Agreement, which breach continues for more than thirty (30) days following written notice given by the Employee to the Employers, such written notice to set forth in reasonable detail the nature of such breach; or
		

		
			In the event the Employee terminates his employment for Good Reason, the Employee shall be entitled to the termination benefits set forth in Section 5(d) above, provided, however, that, in the event of a termination for Good Reason that occurs within twenty-four (24) months after a Change in Control, the amounts payable under Section 5(d)(i) shall be increased to three (3) times the Employee’s Base Salary and be paid to the Employee in a single lump sum within ten (10) days following the termination of employment, and the Employee shall have no further obligations to the Employers except his obligations under Sections 6(a) and 6(b).
		

		
			For purposes hereof, a “Change in Control” shall be deemed to occur upon the occurrence of any one of the following events:
		

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

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

		 

		

			-5-

		

 

		
			by either (1) a vote of at least a majority of the Incumbent Directors or (2) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Company’s Board of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Company’s Board of Directors, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
		

		
			(C)the consummation of (1) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (2) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or of the Bank. 
		

		
			Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (A) solely as the result of an acquisition of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person to forty percent (40%) or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns forty percent (40%) or more of the combined voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (A).
		

		
			(f)Termination by the Employers For Cause.  The Employee’s employment hereunder may be terminated for cause by the Employers, effective immediately, by a vote, at a meeting duly called for such purpose of the members of the Boards of Directors and on written notice to the Employee setting forth in reasonable detail the nature of such cause.  The Boards of Directors shall vote separately on the issue of cause and on the issue of termination, but such separate votes may be taken at the same meeting.  A determination that “cause” exists and a determination to terminate the Employee following an affirmative determination of “cause” shall 

		 

		

			-6-

		

 

require a two-thirds (2/3rds) vote of all (except the Employee) of the members of each Board of Directors.  Only the following shall constitute “cause” for such termination:
		

		
			(i)Conviction by a court of competition jurisdiction (or plea of nolo contendere) for felony criminal conduct or other criminal conduct involving dishonesty or moral turpitude;
		

		
			(ii)Willful misconduct in the performance of the Employee’s duties hereunder;
		

		
			(iii)Gross negligence in the performance of the Employee’s duties hereunder that results in a material detriment to the Employers or their affiliates;
		

		
			(iv)Chronic substance abuse which interferes with Employee’s performance of his duties hereunder, as reasonably determined in good faith by Board; or
		

		
			(v)Fraud, embezzlement, theft, intentional misrepresentation or other similar acts by the Employee with respect to the Employers or any of their affiliates.
		

		
			In the event of the termination of the Employee under this Section 5(f), the Employers shall have no further obligation to the Employee, except as required pursuant to the terms of any employee benefit plan of the Employers in which the Employee is then a participant.
		

		
			(g)Vote of Boards of Directors Pursuant to Sections 5(d) or 5(f).  In the event of a vote of the Boards of Directors pursuant to Sections 5(d) or 5(f) of this Agreement, including any vote to give written notice of cause pursuant to Sections 5(f), the Employee shall not be entitled to vote.
		

		
			6.Non-Competition, Non-Solicitation and Confidential Information.  
		

		
			(a)Non-Competition and Non-Solicitation.  During the term of the Employee’s employment under this Agreement and for twelve (12) months thereafter (or, in the event of a termination of the Employee without Cause or resignation of the Employee for Good Reason pursuant to Section 5(e), during such longer period as the Employers are making payments of severance compensation to the Employee in accordance with the provisions of Section 5(a)(i) hereof), the Employee (i) will not, directly or indirectly, whether as owner, partner, shareholder consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any business conducted anywhere in any town in which the Employers have a branch or any town contiguous thereto or within a thirty-five (35) mile radius of the Employers’ headquarters that is competitive with any business that the Employers or any of their affiliates conduct or propose to conduct at any time during the employment of the Employee; (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Employers (other than terminations of employment of subordinate employees undertaken in the course of the Employee’s employment with the Employers); and (iii) will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business relationship with the Employers.  
		

		 

		

			-7-

		

 

		
			Notwithstanding the foregoing, the Employee may own up to three percent (3%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business.
		

		
			(b)Confidential Information.  The Employee shall not at any time divulge, use, furnish, disclose or make accessible to anyone other than an employee or director of the Employers with a reasonable need to know, any knowledge or information with respect to confidential or secret data, procedures or techniques of the Employers, provided, however, that nothing in this Section 6(b) shall prevent the disclosure by the Employee of any such information which at any time comes into the public domain other than as a result of the violation of the terms of this Section 6(b) by the Employee or which is otherwise lawfully acquired by the Employee.
		

		
			(c)The Employee understands that the restrictions set forth in this Section 6 are intended to protect the Employers’ interest in their Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose.  
		

		
			7.Withholding.  All payments made by the Employers under this Agreement shall be subject to withholding of any tax or other amounts required to be withheld by the Employers under applicable law or benefit plans of the Employers in which the Employee is participating.
		

		
			8.Indemnification.  The Employers agree to indemnify the Employee in his capacity as an officer of the Employers and, to the extent he serves with the approval of the Employers as a representative, an officer or a Board member of any community organization or financial services industry association or similar entity, as set forth in the Charter or By-laws of each of the Employers, as amended from time to time; provided, however, that the terms of such indemnification shall be no less favorable to the Employee than those set forth in the Charter or By-laws of each of the Employers as of the date of this Agreement.
		

		
			9.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 registered or certified mail, postage paid, to the Employee at the last address the Employee has filed in writing with the Employers or, in the case of the Employers, at its main office, attention of the Chairman of the Board.
		

		
			10.Return of Employer Property.  The Employee will return to the Employers all records and files and all other Employer documentation and other property immediately upon termination of his employment.
		

		
			11.Equitable Relief.  It is agreed that the Employers’ remedy at law for any actual or threatened breach of this Agreement by the Employee would be inadequate and that the Employers will, in addition to whatever remedies they may have at law or in equity under this Agreement, be entitled to immediate injunctive relief from actual or threatened breach of this Agreement.
		

		
			12.Entire Agreement.  This Agreement constitutes the entire Agreement between the parties with respect to its subject matter and may not be changed except by a writing duly executed and delivered by the Employers and the Employee in the same manner as this Agreement.  
		

		
			 
		

		 

		

			-8-

		

 

		
			 
		

		
			13.Binding Effect; Non-assignability.  This Agreement shall be binding upon and inure to the benefit of the Employers and their successors and assigns.  Neither this Agreement nor any rights arising hereunder may be subject in any way to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by the Employee or creditors of the Employee or any beneficiary.  This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
		

		
			14.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Employee and the Chairman of the Board of Directors, upon concurrence of two-thirds (2/3rds) of all (except the Employee) of the members of each Board of Directors.  
		

		
			15.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 provisions 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.
		

		
			16.Applicable Law.  This Agreement shall be construed and enforced in all respects in accordance with the laws of the Commonwealth of Massachusetts and in accordance with any applicable federal laws to which the Bank may be subject as an FDIC insured institution.
		

		
			17.No Mitigation.  The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise.  No payment provided for in this Agreement shall be reduced by any compensation earned by the Employee as the result of employment by another employer, or the Employee’s receipt of income from any other sources, after termination of his employment with the Employers.  
		

		
			18.Dispute Resolution.  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 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 arbitration, litigation or other dispute resolution procedures.  No resolution or attempted resolution of any dispute or disagreement pursuant to this Section 18 shall be deemed to be 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.
		

		
			19.Compliance with Section 409A.  The Employers and the Employee acknowledge and agree that the provisions for payments and benefits in Sections 4 and 5 of this Agreement may constitute a “non-qualified deferred compensation plan” subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations and other guidance thereunder (“Section 409A”).  The Employers and the Employee intend to administer such provisions in a manner that at all times is either exempt from or complies in form and operation with 

		 

		

			-9-

		

 

the applicable limitations and the standards of Section 409A.  Accordingly, the following limitations are expressly imposed with respect to such provisions for payments.
		

		
			(a)The Employee’s entitlement to receive or begin to receive payments pursuant to the provisions of Section 5 is conditioned upon the Employee’s separation from service.  For this purpose, the Employee will be deemed to have separated from service only if his level of services to the Employers and their affiliated entities decreases and is expected to remain at a level equal to twenty percent (20%) or less of the average level of services performed by the Employee during the immediately preceding thirty-six (36) month period.
		

		
			(b)If at the time of the Employee’s separation from service, the Employee is considered a “specified employee” (within the meaning of Section 409A) by the Bank, the payment of any amount payable to the Employee that constitutes non-qualified deferred compensation subject to Section 409A shall be delayed until six months and a day after the Employee’s separation from service.
		

		
			(c)It is intended that each installment, if any, of the payments and benefits provided by the provisions of Section 5 shall be treated as a separate “payment” for purposes of Section 409A.  Neither the Employers nor the Employee will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.
		

		
			(d)All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A.  All expenses or reimbursements paid pursuant to this Agreement that are taxable income to the Employee shall in no event be paid later than the end of the calendar year next following the calendar year in which the Employee incurs such expense or pays the related tax.  With regard to any provision in the Agreement for the right to reimbursement or in-kind benefits, such right shall not be subject to liquidation or exchange for another benefit, the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided that the foregoing clause shall not  be violated with regard to expenses reimbursed under any  arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect, and such payments shall be made on or before the last day of the Employee’s taxable year following the taxable year in which the expense was incurred.
		

		
			20.Additional Limitation.
		

		
			(a)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Employers to or for the benefit of the Employee, 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 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 Employee becomes subject to the excise tax imposed by Section 
		

		 

		

			-10-

		

 

		
			4999 of the Code; provided that such reduction shall only occur if it would result in the Employee receiving a higher After Tax Amount (as defined below) than the Employee 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 consummation of the transaction that is subject to Section 280G of the Code:  (1) cash payments not subject to Section 409A; (2) cash payments subject to Section 409A; (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 20, 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 Employee as a result of the Employee’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Employee 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 20(a) shall be made by a nationally recognized accounting firm selected by the Employers (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Employers and the Employee within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Employers or the Employee.  Any determination by the Accounting Firm shall be binding upon the Employers and the Employee. 
		

		
			21.Allocation of Obligations Between Employers.  The obligations of the Employers under this Agreement are intended to be the joint and several obligations of the Bank and the Company, and the Employers shall, as between themselves, allocate these obligations in a manner agreed upon by them. 
		

		
			22.Required Regulatory Provision. Notwithstanding anything herein contained to the contrary, any payments to the Employee by the Employers, whether pursuant to this Agreement 
		

		
			or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and any regulations promulgated thereunder.
		

		
			[Signature Page Follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			-11-

		

 

IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employers, by their duly authorized officers, and by the Employee, as of the date first above written.
		

			
					
						 

					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EMPLOYEE:

					
					
						 

					
					
						 

					
					
						HARBORONE BANCORP, INC.:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ James W. Blake

					
					
						By:

					
					
						 

					
					
						/s/ Timothy R. Lynch

				
	
					
						James W. Blake

					
					
						 

					
					
						 

					
					
						Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Chairman of the Board

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						HARBORONE BANK:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						/s/ Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Chairman of the Board

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Employment Agreement]

		

 

EXHIBIT A
		

		
			to
		

		
			EMPLOYMENT AGREEMENT
		

		
			by and among
		

		
			HarborOne Bancorp, Inc.
		

		
			HarborOne Bank
		

		
			and
		

		
			James W. Blake
		

		
			Dated May 10, 2016
		

		
			1.Automobile.The Employee shall be entitled to the use of an Employer-owned automobile generally comparable to a BMW 750.  The Employee shall be entitled to a new replacement automobile every three (3) years.  In addition to the foregoing, the Employee shall be entitled to reimbursement for (or payment directly by the Employers of) all expenses of operating the automobile, including insurance, maintenance, repairs, licensing, fuel, taxes and other routine expenses.
		

		
			2.Club Memberships.  The Employers will pay on the Employee’s behalf the cost of a social membership (fees and dues) at a club selected by the Employee and determined by the Board in its reasonable discretion to be in the best interests of the Employers and consistent with Department of Treasury Regulations. 
		

		
			3.Conventions and Seminars.  The Employee shall be entitled to attend with his spouse, at the Employers’ expense, the Massachusetts Bankers Association Annual Meeting and Convention, and vendor-related advisory board and client conferences.  
		

		
			4.Vacation.  The Employee shall be entitled to five (5) weeks of paid vacation benefits in each calendar year, accrued monthly during the calendar year.
		

		
			5.Insurance.  The Employers shall maintain in effect for the Employee, at the Employers’ sole expense, life insurance equal to three (3) times the Employee’s Base Salary, subject to the terms of the insurance plan specific to him.  If the Employee’s benefit limits exceed the amount available under the Employers’ group insurance plan, then the Employee will be entitled to Employer-paid coverage under a different plan, in addition to or in lieu of the group insurance plan, to accommodate the difference.  
		

		
			6.Technology Assistance.  The Employers shall supply the Employee with full capability for remote access to Employer systems, as necessary, including a laptop computer, cell phone, personal digital assistant and wireless connection at his residence, all at the Employers’ sole expense for purchase, customary monthly charges, and upgrades, including new equipment on a periodic basis as technology improvements and communications needs dictate.
		

		
			7.Medical Insurance in Retirement.  The Employee will be entitled to coverage in a supplemental medical insurance plan for the Employee and his spouse, pending his eligibility as determined by the medical insurer, at the Employers’ sole expense, once he reaches age sixty-five (65) and is no longer covered by the Employers’ group medical insurance plan, to 
		

		
			

		 

		

			 

		

 

supplement what is covered in his Medicare plan. This supplemental insurance plan, commonly referred to as a “Medigap” plan, is designed to cover medical and related costs that are not covered by the Employee’s Medicare plan.  The supplemental insurance plan will include prescription medication coverage.  Supplemental insurance will remain in effect during the entire term of the Employee’s and his wife’s retirement. 
		

		 

		

			-2-

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