Document:

EX-10.12

 Exhibit 10.12 

 
 

 
 EASTERN INSURANCE GROUP, LLC 

SUPPLEMENTAL EXECUTIVE 

RETIREMENT PLAN 

Eastern Bank Confidential 

PLAN DOCUMENT 

Effective January 1, 2014 

 EASTERN INSURANCE GROUP LLC 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

TABLE OF CONTENTS 
  

							
	 Section 1 Definitions
	  	 	1	 
		
	 Section 2 Eligibility to participate
	  	 	5	 
			
	 2.1
	 	Criteria for eligibility	  	 	5	 
	 2.2
	 	First Participation Date	  	 	5	 
	 2.3
	 	Enrollment Requirements	  	 	6	 
	 2.4
	 	Termination of participation	  	 	6	 
		
	 Section 3 Elective deferral rules and payment rules
	  	 	6	 
			
	 3.1
	 	General rule	  	 	6	 
	 3.2
	 	Time to submit deferral elections	  	 	6	 
	 3.3
	 	Election of payment mode	  	 	7	 
	 3.4
	 	Cash-out of small benefits	  	 	7	 
	 3.5
	 	Effect of Separation from Service prior to Retirement Date	  	 	7	 
	 3.6
	 	Transition exception for existing Participants	  	 	8	 
	 3.7
	 	1 year / 5 year rule postponement rule	  	 	8	 
	 3.8
	 	Return to service	  	 	8	 
	 3.9
	 	Hardship distributions	  	 	8	 
	 3.10
	 	Required general release and tax withholding	  	 	8	 
	 3.11
	 	Acceleration of benefits generally prohibited	  	 	9	 
	 3.12
	 	Retirements and other Separations from Service prior to January 1, 2009	  	 	9	 
		
	 Section 4 Account administration and vesting rules
	  	 	9	 
			
	 4.1
	 	Accounts	  	 	9	 
	 4.2
	 	Crediting or debiting method.	  	 	9	 
	 4.3
	 	Election of Measurement Funds	  	 	10	 
	 4.4
	 	Hold harmless condition and requirement for general release	  	 	10	 
	 4.5
	 	Vesting rules for Accounts	  	 	11	 
	 4.6
	 	Plan Committee discretion	  	 	11	 
		
	 Section 5 Employer Discretionary Contributions
	  	 	11	 
			
	 5.1
	 	Employer Discretionary Contributions	  	 	11	 
	 5.2
	 	Distribution and deferral of Employer Discretionary Contributions	  	 	12	 
	 5.3
	 	Wrongful conduct	  	 	12	 
		
	 Section 6 Death of Participant
	  	 	13	 
			
	 6.1
	 	Pre-retirement death benefit	  	 	13	 
	 6.2
	 	Form of payment for pre-retirement death benefit	  	 	13	 
	 6.3
	 	Designation of Beneficiaries	  	 	13	 
	 6.4
	 	Post-retirement death benefit	  	 	14	 

  
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	 Section 7 Change in Control
	  	 	14	 
			
	 7.1
	 	No special provision	  	 	14	 
		
	 Section 8 Funding, Trust provisions, and transfers from other non-qualified plans
	  	 	14	 
			
	 8.1
	 	Unfunded plan	  	 	14	 
	 8.2
	 	Establishment of the Trust	  	 	14	 
	 8.3
	 	Distributions from the Trust	  	 	14	 
	 8.4
	 	Transfers from other non-qualified deferred compensation plans	  	 	14	 
		
	 Section 9 Administration of the Plan
	  	 	15	 
			
	 9.1
	 	Plan Committee duties	  	 	15	 
	 9.2
	 	Agents and attorneys	  	 	15	 
	 9.3
	 	Binding effect of decisions	  	 	15	 
	 9.4
	 	Indemnity of Committees	  	 	15	 
		
	 Section 10 Claims procedures
	  	 	15	 
			
	 10.1
	 	Presentation of claim.	  	 	15	 
	 10.2
	 	Notification of decision.	  	 	16	 
	 10.3
	 	Review of a denied claim.	  	 	16	 
	 10.4
	 	Decision on review.	  	 	16	 
	 10.5
	 	Legal action.	  	 	17	 
		
	 Section 11 Amendment and termination
	  	 	17	 
			
	 11.1
	 	Right to amend or terminate	  	 	17	 
	 11.2
	 	Payment of benefits after Plan termination	  	 	17	 
	 11.3
	 	Permissible payouts due to Plan termination	  	 	17	 
		
	 Section 12 General provisions
	  	 	18	 
			
	 12.1
	 	No guarantee of benefits	  	 	18	 
	 12.2
	 	No enlargement of Employee rights	  	 	18	 
	 12.3
	 	Spendthrift provision	  	 	18	 
	 12.4
	 	Incapacity of recipient	  	 	18	 
	 12.5
	 	Delay of payment for Key Employees	  	 	18	 
	 12.6
	 	Corporate successors	  	 	19	 
	 12.7
	 	Unclaimed benefit	  	 	19	 
	 12.8
	 	Limitations on liability	  	 	19	 
	 12.9
	 	Gender	  	 	19	 
	 12.10
	 	Interpretation	  	 	19	 
	 12.11
	 	Applicable law	  	 	20	 

  

  
 3 

 EASTERN INSURANCE GROUP LLC 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

Eastern Insurance Group LLC (the “Company”) sponsors the Eastern Insurance Group LLC Supplemental Executive Retirement Plan (the
“Plan”) for the purpose of attracting, retaining, and motivating qualified executive employees. The Plan was restated on October 25, 2008 due to the enactment of Internal Revenue Code Section 409A (“Section 409A”).
It has been amended since and this restatement is adopted to incorporate the terms of those amendments in a single document, and to eliminate Plan provisions which are no longer relevant. This document also makes other administrative and design
changes which the Company deems desirable and consistent with its goals to promote its long term growth. 
 This restated Plan is intended
to comply with Section 409A. In addition to retaining the right to amend or terminate the Plan, the right to make retroactive changes is expressly reserved in order to comply with Section 409A, or to correct scrivener’s errors, or for
any other permissible reason. 
 Section 1 Definitions 

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

“Account” is a bookkeeping entry only, and is used solely as a device for the measurement and determination of the amounts to be
paid to a Participant, or his or her designated Beneficiary. The Account (or Accounts) shall reflect: elective deferrals of Compensation, Employer Discretionary Contributions (if any), transferred liabilities from other deferred compensation plans
of the Employer, payments to the Participant (and, if applicable, to a Beneficiary), and deemed investment gains and losses from Measurement Funds. 

“Affiliate” means any parent or subsidiary of the Company or any entity which would be considered a member of a “controlled
group” with the Company, within the meaning of Section 414 of the Code. 
 “Bank” means Eastern Bank, a Massachusetts
corporation which is the parent of the Company and an Affiliate. 
 “Base Salary” means the regularly scheduled payment of salary
which an Employee earns throughout a calendar year. 
 “Beneficiary” means one or more persons, trusts, estates or other entities,
designated in accordance with Section 6 to receive pre-retirement death benefits, or as a named contingent Beneficiary of the form of Plan benefit payable to the Participant after Separation from Service.

 “Board” means the Board of Directors of the Company, which has delegated its responsibilities for this Plan to the Compensation
Committee. 
 “CEO” means the Chief Executive Officer of the Company. 

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

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

“Committee Agent” or “Agent” shall be the Vice President of the Company who also serves as Executive Vice President, Human
Resources and Charitable Giving of the Bank. As described in Section 9.2 the Committee Agent has various responsibilities, and is the person with whom elections and designations meant for the Committee should be filed. The Agent also has
special authority to execute Plan amendments and to create forms and description materials, as described more fully in Section 9.2. 

“Commissions” means compensation paid to a producer based on and solely contingent on the sale of a policy. 

“Company” means Eastern Insurance Group LLC, a Massachusetts business organization and any successor to substantially all of its
assets or business. The Company is a subsidiary of the Bank, 
 “Compensation” for purposes of elective deferrals means Base
Salary plus Draw plus other Commissions, plus any Incentive Compensation and excludes any payments or Company contributions under a qualified plan or a non-solicitation agreement, non-competition agreement, or other form of severance payment. For purposes of computing Company contributions under Section 5, Compensation shall be grossed up by deferrals under this Plan and deferrals under
any Code Section 401(k) or 125 plan. 
 “Confidential Information” means, without limitation, financial information, business
plans, prospects, customer lists, and opportunities (such as lending relationships, financial product developments, or possible acquisition or dispositions of businesses or facilities) which have been discussed or considered by the management
of the Company or any of its Affiliates, but does not include any information which has become part of the public domain by means other than Participant’s nonobservance of obligations under either the written policies of, or
a signed agreement with, the Company or an Affiliate. 
 “Disability” shall mean a determination by the Plan Committee of a
Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous period of at least 12 months. 

“Draw” means a regularly scheduled payment to a sales producer of income related to Commission income. 

“Early Retirement Date” means the later of a Participant’s 60th birthday or the completion of 5 Years of Service. If earlier,
Early Retirement Date means the later of a Participant’s 55th birthday or completion of 10 Years of Service. A Participant may have only one Early Retirement Date under the Plan and it may not be changed after participation starts. 

“Effective Date” means, for this restated document, January 1, 2014, unless another effective date is specified for any
provision. All provisions required by Section 409A shall be effective as of January 1, 2005, unless another effective date is required by the Guidance. Unless specifically stated otherwise, the rights of or with respect to any Participant
will be governed by the terms of the Plan as in effect at the date of the Participant’s Separation from Service. 

  
 2 

 “Election Form” means one or more forms or other written communication, accepted
by the Plan Committee or its agent, to record a Participant’s instructions with respect to the deferral and payment of deferred Compensation or any Employer Discretionary Contribution. 

“Employee” means an individual employed by the Company or an Affiliate. 

“Employer” means the Company and any Affiliate whose Employees participate in the Plan. 

“Employer Discretionary Contribution” means a special Employer contribution to an Account which is not an elective deferral of
Compensation by a Participant. Rules are set forth in Section 5. 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended. 
 “Final Regulations” means the regulations interpreting Code Section 409A promulgated on or about
April 10, 2007, and as they may be amended or added to from time to time. 
 “First Participation Date” is defined in
Section 2.2 and is the first date as of which a Participant may commence Compensation deferrals. 
 “Guidance” means IRS
Notice 2005-1, the proposed regulations under Section 409A promulgated in 2005, IRS Notice 2006-79, the Final Regulations, and any future written interpretation of
Section 409A issued by the Treasury or Internal Revenue Service, except that Guidance will not be binding if counsel retained by the Company determines, in writing, that it is not a correct interpretation of Section 409A or that an
alternate good faith interpretation is permissible. The Plan will be interpreted in a permissive fashion based on Guidance, with the goal that no election or payment be deemed a plan failure under Section 409A and that the Compensation
Committee and the Plan Committee have the fullest power permitted by Guidance or law to interpret or restructure the Plan and elections to prevent the occurrence of such plan failures. 

“Hardship” means an “unforeseeable emergency”, as defined in Guidance and determined by the Plan Committee, which creates
a severe financial hardship, such as illness or accident of the Participant, or illness or accident or funeral expenses of a spouse, Beneficiary, or dependent, as defined in Code Section 152 without regard to Code Sections 152(b)(1), (b)(2),
and (d)(1)(B); loss of the Participant’s property due to casualty (including the need to rebuild a home not otherwise covered by insurance); or other similar extraordinary and unforeseeable circumstances as a result of events beyond the control
of the Participant. An event will not be deemed a Hardship if it may be relieved by reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent that liquidation would not itself cause
severe financial hardship) or by cessation of deferrals under this Plan. In determining if a Hardship exists, unpaid amounts which are available under other deferred compensation plans, need not be considered to the extent permitted by Guidance.

 “Incentive Compensation” means any compensation paid to a Participant under any short-term incentive plans (other than
commissions), bonus arrangements relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year. For
purposes of Company contributions, awards based on multiyear performance shall not be included, and payments or accruals under this or any other deferred compensation plan of the Company or an Affiliate is not included. 

“Late Retirement Date” is the Separation from Service date of a Participant who continues employment after Normal Retirement Date.

  
 3 

 “Measurement Fund” means a notational factor which tracks the performance of a
mutual fund, market index, savings instrument, or other designated investment or portfolio of investments. Rules are set forth in Section 4. Measurement Funds are selected by the Plan Committee. The Plan Committee retains discretionary
authority to review or reject any Measurement Fund in its sole discretion. 
 “Normal Retirement Date” means the date of a
Participant’s 65th birthday. 
 “Participant” means any Employee who meets the eligibility requirements and is designated as
a Participant, as set forth in Section 2. Persons who solely serve as Directors of the Company are not entitled to participate. 

“Plan” means this Eastern Insurance Group LLC Supplemental Executive Retirement Plan, as it may be amended from time to time. 

“Plan Committee” means a Committee of the following senior officers of the Company and the Bank, as they serve from time to time:
(1) the CEO, (2) the Company Director who is also chief executive officer of the Bank, (3) the Company Director who is also President of the Bank. The role of the Plan Committee is described in Section 9 and elsewhere in this
Plan. 
 “Plan Year” means the calendar year. 

“Qualified Plan” means the Savings Banks Employees Retirement Association Pension Plan, a defined benefit pension plan, as adopted
by the Bank and which is now available to employees of the Company. 
 “Retirement” or “Retire” means a Separation from
Service on or after a Participant’s Normal Retirement Date, Early Retirement Date, or Late Retirement Date. A Separation from Service for other reasons, including death or Disability, will not be a Retirement. 

“Retirement Date” means the date on which occurs a Participant’s Retirement. 

“Section 409A” means Section 409A of the Code, as interpreted according to the Guidance. 

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

“Trust” means the trust which is established under Section 8 as a separate instrument. It is intended that the Trust function
as a “rabbi trust,” meeting the material requirements of Internal Revenue Procedure 92-64, and that it not be a trust described in Code Section 402(b). 

“Trustee” means the Trustee of the Trust. 

“Vesting Computation Period” is 12 months in duration, measured from the Participant’s first Hour of Service and each annual
anniversary of that date. 
 “Vested” means a non-forfeitable interest in an Account.
Accounts attributable to elective deferrals of Compensation are always 100% Vested. A Participant will be Vested in an Account attributable to Employer Discretionary Contributions if he or she satisfies the requirements of Section 4.5 and has
not engaged in Wrongful Conduct under Section 5.3. 

  
 4 

 “Yearly Installment Method” shall mean level annual installments for a period of
years selected by the Participant, not to exceed 15. The first payment shall be as soon as administratively feasible after the date selected by the Participant. The second and following installments will be paid on or about January 31 of
each calendar following the calendar year of the first payment. The installment to be paid in any Plan Year shall be determined by multiplying the Vested Account balance at the end of the month preceding payment by a fraction, the numerator of which
is 1, and the denominator of which is the remaining number of yearly payments due the Participant. By way of example, if the Participant elects to receive 10 yearly installments, the first payment shall be 1/10 of the Account, the second payment
shall be one-ninth (1/9) of the Account, the third payment shall be one-eighth (1/8) of the Account, etc. Each yearly installment shall be paid as soon as reasonably
possible and no later than 75 days after the date elected by the Participant and no sooner than after a Separation from Service. If the 75 day period overlaps 2 calendar years, the timing of the payment shall be solely in the discretion of the Plan
Committee without regard to any preference of the Participant. 
 “Year of Participation” is a 12 month period measured from the
Participant’s First Participation Date (or annual anniversary of that date) in which 1,000 hours or more of service are credited, in accordance with rules for the Qualified Plan. The Compensation Committee may credit a Participant with
additional Years of Service for this purpose. 
 “Year of Service” shall mean, for purposes of determining whether a Participant
has reached either of the Early Retirement Dates, credit for 1,000 hours of service in a 12 month Vesting Computation Period, with credit for the 5th or 10th (as applicable) year not granted until the last day of the Vesting Computation Period in which the 5th or 10th (as applicable) Year of Service is earned, regardless of when the requisite hours in that period are completed. Service will be credited with predecessor employers provided that employment was
transferred to the Bank or an affiliate in connection with the Bank’s merger or purchase of assets or stock of a predecessor employer under rules similar to those in the Qualified Plan. Because attainment of a Retirement Date may affect the
starting date and mode of payment of Plan benefits, the Compensation Committee may NOT credit a Participant with additional Years of Service for this purpose. 

Section 2 Eligibility to participate 
 2.1 Criteria
for eligibility 
 Participation in the Plan shall be limited to Employees designated by the CEO and approved by the Compensation Committee,
provided that any such Employee be a “top hat” individual who is either highly compensated or has management duties, as described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

2.2 First Participation Date 
 Participation for a
new Employee who is offered participation in an employment letter will commence on the first day of employment. Participation for any other newly designated Employee will commence on the date selected by the Chief Executive Officer of the Company.

  
 5 

 2.3 Enrollment Requirements 

As a condition to participation, an eligible Employee shall complete, execute and return to the Plan Committee an Election Form and such other
enrollment forms as the Plan Committee may require. In order to defer Compensation, an Election Form must be submitted to the Plan Committee on a timely basis, as provided in Section 3.2. 

2.4 Termination of participation 
 (a) A
Participant shall be considered a Participant until all Vested amounts have been paid to the Participant or to his Beneficiary in the event of his or her death. 

(b) At any time, the Plan Committee may determine to discontinue future eligibility of a Participant. Any deferral election the Employee has
made shall remain in effect and not be discontinued. No future deferral election will be permitted, and no future discretionary Employer Discretionary Contributions will be made, unless the Employee is permitted to return to participation. Any such
Participant shall continue to be a Participant for all other purposes of the Plan, and, accordingly, shall continue to enjoy the same rights (and be subject to the same conditions) with respect to his or her Account in a manner similar to other
Participants. 
 Section 3 Elective deferral rules and payment rules 

3.1 General rule 
 (a) A Participant may elect to
defer up to 75% of his Base Salary and Draw, and up to 100% of his Incentive Compensation. Commissions in excess of Draw may not be deferred. An election must be in writing, on an Election Form, and submitted on a timely basis as described in this
Section 3. 
 (b) The amount of Draw which a producer may defer for a year may not exceed the Commissions attributable to premiums paid
during that year. 
 3.2 Time to submit deferral elections 

(a) First year of Plan participation 

(1) A deferral election is timely if submitted to the Plan Committee within 30 days of his or her First Participation Date. 

(2) The deferral election may not apply to Base Salary or Draw earned prior to the date the deferral election was filed. Draw will be deemed
earned (and not deferrable) with respect to any premiums paid prior to the date the deferral election was filed. 
 (3) The deferral election
may not apply to Incentive Compensation earned prior to the date the deferral election was filed. The portion of Incentive Compensation which is deferrable will be determined by multiplying the Incentive Compensation paid in the relevant performance
period by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period. 

(b) Second and later years of Plan participation 

  
 6 

 A deferral election for a second or later Plan Year must be submitted to the Plan Committee
prior to the calendar year in which services related to the Compensation will be performed. 
 3.3 Election of payment mode 

(a) Within the time required to file the Election Form under this Section 3, the Participant must also designate a lump sum or Yearly
Installment Method of payment for the Account and the starting date for the payment, which may not be earlier than Separation from Service. 

(b) Payment will be in a lump sum, unless a timely Election Form includes a direction that the Account be paid in the Yearly Installment
Method. 
 (c) The Election Form will provide that payments commence after Separation from Service, provided that payments may not commence
later than a specified date in the 1st year following Separation from Service and that payments may only be in a lump sum or according to the Yearly Installment method for a designated period of
years not to exceed 15. 
 (d) A payment which is scheduled to occur at any time in the 60 days following the designated payment date will be
considered timely, provided that if the 60 day period overlaps 2 calendar years, the timing of the payment shall be solely in the discretion of the Plan Committee without regard to any preference of the Participant. If a release or other
employee commitment is required, the special timing rule of Section 3.10 shall apply. 
 (e) If a Participant dies prior to Separation
from Service, the Account will be paid according to the rules in Section 6.2. 
 3.4 Cash-out of small benefits

 Notwithstanding any election, the Plan Committee may pay out benefits in a lump sum if the remaining Vested amounts in this Plan (and any
Plan that would be aggregated with it under Guidance) is equal to or less than the Code Section 402(g) deferral limit, disregarding any “catch-up” deferral limits permitted under Code
Section 414(v). 
 3.5 Effect of Separation from Service prior to Retirement Date 

(a) If a Participant has a Separation from Service which is prior to a Retirement Date, the Account will commence to be paid within 60 days
following the Separation from Service. If the 60 day period overlaps 2 calendar years, the timing of the payment shall be solely in the discretion of the Plan Committee without regard to any preference of the Participant. If a release or other
employee commitment is required, the special timing rule of Section 3.10 shall apply. 
 (b) Payment will be in a lump sum. However, for
Participants who designated a different form of payment in a written election prior to January 1, 2014, payment will be in the form elected. 

(c) If a Participant dies prior to a Retirement Date, the Account will be paid according to the rules in Section 6.2. 

  
 7 

 3.6 Transition exception for existing Participants 

Participants prior to January 1, 2009 were permitted to make payment elections in accordance with Guidance, in some cases substantially
after participation had started, and these elections shall be observed and remain in force. 
 3.7 1 year / 5 year rule postponement rule 

(a) A Participant may file with the Plan Committee an election to postpone the payment date of any or all payments (other than payments that
are required under Section 3.5 due to Separation from Service prior to a Retirement Date) provided that the postponement election will not apply to any payments scheduled to occur within the 12 months following the filing of the election, and
the period of postponement must be for at least 5 years following the date on which the payment was originally scheduled. Any postponement election must be in writing and accepted by the Plan Committee. 

(b) As permitted by Guidance, payments in the Yearly Installment Method will be administered so that each payment is considered a separate
payment. For example, if payments are scheduled for the 10 years commencing after Separation from Service, the 1 year / 5 year postponement election need not be made with respect to all 10 scheduled payments, and may be made with respect to any 1 or
more of them. 
 3.8 Return to service 
 Unless
payments are deferred in a timely manner under the 1 year / 5 year rule of Section 3.7, payments must commence or continue as scheduled if a Participant returns to service with the Employer after a Separation from Service. 

3.9 Hardship distributions 
 (a) A Participant may
petition the Plan Committee to pay a Hardship distribution from a Vested Account. In its sole discretion, the Plan Committee may authorize a distribution, notwithstanding the terms of any previously filed Election Forms, if it determines that a
Hardship exists. 
 (b) The Plan Committee must limit the withdrawal to the amount reasonably necessary to satisfy the need created by the
Hardship. The need will include any gross-up amount necessary to satisfy tax liabilities and penalties resulting from the distribution and the payment of related taxes on those amounts. 

3.10 Required general release and tax withholding 

(a) Committee may require a release 

Prior to payment of any amount from an Employer Discretionary Account under this Plan, the recipient of payments may be required, in the
discretion of the Plan Committee, to execute a general release, in form satisfactory to the Committee, of any and all claims against the Bank, its officers, directors, employees, and Affiliates. Any exception granted by the Compensation Committee to
this rule will not be precedent for other exceptions. 

  
 8 

 (b) Participant not to control payment timing 

In the event that a Participant is requested to execute a release of claims prior to payment from an Employer Discretionary Account, the
following special rules shall apply, retroactive to payments that could have been made on or after April 1, 2011: 
 (1) A release may
not be required unless the time allowed for consideration and rescission of the release is no more than 60 days from the earliest possible payment date for the payment from the Employer Discretionary Account; and 

(2) If the 60 day period overlaps two calendar years, any payments which were to be made in the first calendar year shall be paid in the second
calendar year and not later than the expiration of the 60 day period. 
 (c) Tax withholding 

The Employer may withhold taxes from any payment to the extent permitted by Section 409A. 

3.11 Acceleration of benefits generally prohibited 

The Plan Committee shall have discretion to accelerate any payments due to a Participant or Beneficiary, but only if such acceleration would be
permissible under Guidance. The fact that an event is a permissible acceleration event does not require the Plan Committee to authorize the payment. 
 3.12
Retirements and other Separations from Service prior to January 1, 2009 
 Participants who Separated from Service prior to
January 1, 2009 will continue to receive benefits, if any, as provided under the transition exception in Section 3.6, and good faith interpretation of Guidance as set forth in the Plan documents. Any change in benefit form or timing of
payments must be consistent with this Plan and the Guidance. 
 Section 4 Account administration and vesting rules 

4.1 Accounts 
 Accounts will be maintained for
elective deferrals of Compensation and for any Employer Discretionary Contributions. Benefits are limited to the notational amount recorded in the applicable Account. A Participant’s Account shall at all times be a bookkeeping entry only and
shall not represent any investment made on his or her behalf by the Employer or the Trust. 
 4.2 Crediting or debiting method. 

Subject to any accounting method approved by the Plan Committee which more accurately reflects the timing of deposits, withdrawals, and
investment experience: 
 (a) Elective deferrals of Compensation will be deemed to be invested in the Measurement Funds selected by the
Participant no later than the close of business on the 15th business day after the day on which such amounts are actually deferred, at the closing price of the Measurement Fund on such date. 

  
 9 

 (b) Employer Discretionary Contributions will be deemed to be invested in the Measurement
Fund(s) selected by the Participant no later than the close of business on the 15th business day after the Plan Committee determines the amount should be credited. 

(c) Any distribution made to a Participant will be accounted for as a ratable decrease in the Measurement Funds used for the Account no earlier
than 15 business days prior to the distribution, at the closing price on such date. 
 4.3 Election of Measurement Funds 

(a) The Plan Committee, in its sole discretion, shall debit or credit a Participant’s Account in accordance with the deemed investment
performance of Measurement Funds selected by the Participant. A Participant’s election of any such Measurement Fund and the crediting or debiting of such amounts to an Account is not an actual investment of his or her Account in any such
Measurement Fund. 
 (b) To designate Measurement Funds, and to change designations, the Participant must comply with such procedures as the
Plan Committee may establish from time to time. 
 (1) Procedures may provide for completion of paper forms, or for “paperless”
electronic transactions. 
 (2) Procedures may provide for next business day processing of instructions (provided that instructions are
received on a previous business day and prior to an established time) or for processing at less frequent intervals. 
 (3) Procedures may
limit the number of times a Participant may submit instructions during a given period of time, and may require that instructions be limited to whole percentage or minimum dollar amounts. 

(c) If the Plan Committee receives no instructions, or incomplete instructions, as to the desired Measurement Funds to be used for an Account,
the undesignated portion of the Account will be deemed to be invested in the capital preservation Measurement Fund then in use by the Plan, as determined by the Plan Committee in its discretion. 

4.4 Hold harmless condition and requirement for general release 

(a) As a condition to participation, each Participant agrees to hold harmless the Plan Committee, the Compensation Committee, the Board, the
Employer, their agents, representatives, and Affiliates from any losses or damages of any kind relating to (i) the investment performance of the Measurement Funds, and (ii) any discrepancy between the credits and debits to the
Participant’s Account based on the performance of the Measurement Funds and what the credits and debits otherwise might have been in the case of an actual investment in the Measurement Funds. 

(b) In the event that the Employer or the Trustee decides to invest funds in any or all of the Measurement Funds, no Participant shall have any
rights in or to such investments themselves. No amounts deferred or contributed to this Plan, nor any investment increment, are “plan assets” within the meaning of Department of Labor regulations. The Participant shall at all times remain
an unsecured creditor of the Employer and the Trust. 

  
 10 

 4.5 Vesting rules for Accounts 

(a) An Account for elective deferrals of Compensation is fully Vested at all times. 

(b) An Account for Employer Discretionary Contributions will be fully Vested if the Participant Separates from Service: 

(1) due to death. 
 (2) due to
Disability. 
 (c) Unless a different schedule is selected by the Compensation Committee for Employer Discretionary Contributions with
respect to any Plan Year, the following schedule will determine the Vested percentage of any Account attributable to an Employer Discretionary Contribution for any other Participant at the time of a Separation from Service: 

 

					
	 Years of Participation
	  	Vested Percentage of Account	 
	 less than 3 Years
	  	 	0	% 
	 3 Years
	  	 	40	% 
	 4 Years
	  	 	60	% 
	 5 Years
	  	 	80	% 
	 6 or more Years
	  	 	100	% 

 4.6 Plan Committee discretion 

The Plan Committee, in its sole discretion, may restore some or all of any forfeiture. It may also establish a different written vesting
schedule for any Employer Discretionary Contribution. 
 Section 5 Employer Discretionary Contributions 

5.1 Employer Discretionary Contributions 
 (a)
Effective for services after December 31, 2011, the Employer discontinued making discretionary contributions for Participants other than the CEO. 

(b) In the case of the CEO: 
 (1)
the Compensation Committee has approved an ongoing commitment after December 31, 2011 to make Employer Discretionary Contributions based on a formula which is maintained in its records. This formula may not be changed after the start of a Plan
Year for CEO services in that Plan Year; 
 (2) due to the ongoing commitment to make contributions under this Plan, the CEO is not eligible
to participate in the Eastern Bank Benefit Equalization Plan. 
 (c) In the case of other Participants, Employer Discretionary Contributions
attributable to their services prior to January 1, 2012 shall be maintained and administered in this Plan in accordance with Section 409A and without any impermissible acceleration or postponement. 

  
 11 

 (d) Employer Discretionary Contributions may be subject to such vesting and performance
conditions as the Compensation Committee determines, and these conditions may be in addition to or in lieu of the conditions for vesting set forth in this Section 5, provided that they are set out in this Plan or a written Appendix or other
Committee document intended to be part of this Plan, and provided that they comply with Section 409A. 
 5.2 Distribution and deferral of Employer
Discretionary Contributions 
 Employer Discretionary Contributions will be recorded in a separate
sub-Account, which will be payable at the date and in the mode applicable to voluntary deferrals of Compensation. 

5.3 Wrongful conduct 
 (a) An Account attributable
to Employer Discretionary Contributions will be forfeited, even if otherwise vested under Section 4.5. No amounts will be paid from it to a Participant (or Beneficiary), if: 

(1) the Participant is dismissed from employment (or resigns at the request of the Company or any Affiliate) for fraud, dishonesty,
embezzlement, criminal misbehavior or other gross misconduct, or if, subsequent to the Participant’s Separation from Service, the Plan Committee determines that such misconduct did occur during employment; or 

(2) during employment or the following twenty-four (24) months after Separation from Service, the Participant, without the express prior
written consent of the Company, solicits any officer, trustee, director, or employee of the Company or its Affiliates to leave his or her employment, or calls upon, solicits, diverts, or attempts to solicit or divert from the Company or an Affiliate
any of its customers of which the Participant was aware, or should have been aware, during the term of his employment; or 
 (3) during
employment, or at any time thereafter, the Participant discloses to any other person (except as required by applicable law or in the good faith performance of the Participant’s duties and responsibilities pursuant to and during his employment
with the Company or any Affiliate) or uses for his own benefit or gain, or the benefit or gain of any entity other than the Company or any of its Affiliates, any Confidential Information. 

(4) during employment, or at any time thereafter, the Participant, after reasonable warning from the Company, violates the terms of any non-competition provisions set forth in an employment or other agreement with the Company or any Affiliate. 

(b) If a Participant or Beneficiary has received payments at a rate faster than the rate that would be payable if payments had been made
according to the Yearly Installment Method over a 10 year period with payments commencing in the year following a Separation from Service, and there subsequently occurs an event under this Section 5.1 which would result in a forfeiture of the
benefits under this Plan, then the Participant or Beneficiary shall be liable to the Company to return an amount which equals the amount by which the benefits actually paid exceed the benefits which would have been payable if payments had been made
under such Yearly Installment Method up to the date of such forfeiture. This shall only apply with respect to the Account for Employer Discretionary Contributions. 

(c) Any forfeiture of benefits under this Section 5.1 will not relieve the Participant of any obligations under any separate agreement
with the Company or any Affiliate, nor deprive the Company or any Affiliate of any available remedy under such agreement. 

  
 12 

 Section 6 Death of Participant 

6.1 Pre-retirement death benefit 

If a Participant dies prior to a Separation from Service, the pre-retirement death benefit will be 100%
of his Account, without regard to the vesting schedule in Section 4.5(c) for Employer Discretionary Contribution Accounts. 
 6.2 Form of payment for pre-retirement death benefit 
 (a) The Account shall be paid to the Beneficiary in a lump sum on
January 1 of the calendar year following the year of the Participant’s death, or within the 60 days following that date. 
 (b) A
Participant may designate a different form of payment than a lump sum, provided that the election is made in a manner consistent with electing the time and form of payment under the rules set forth in Section 3 (for elective deferrals) and
Section 5.2 (for Employer Discretionary Contributions). 
 6.3 Designation of Beneficiaries 

(a) Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to
receive any benefits payable under the Plan upon the death of a Participant. 
 (b) A Participant shall designate his or her Beneficiary by
completing and signing a Beneficiary designation form, and returning it to the Plan Committee. Filings may be made at the office of an agent for the Plan Committee. No designation or change in designation of a Beneficiary shall be effective until
received and acknowledged in writing by the Plan Committee. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary designation form and the Plan Committee’s
rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Committee of a new Beneficiary designation form, all Beneficiary designations previously filed shall be canceled. The Plan Committee shall be entitled to rely on
the last Beneficiary designation form filed by the Participant and accepted by the Plan Committee prior to his or her death. 
 (c) If a
Participant fails to designate a Beneficiary as provided in this Section 6 or, if all designated Beneficiaries predecease the Participant, then the Participant’s surviving spouse shall be deemed to be his or her Beneficiary, or, if the
Participant has no surviving spouse, the benefits remaining under the Plan shall be payable to the executor or personal representative of the Participant’s estate. 

(d) If the Plan Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Plan Committee shall have
the right, exercisable in its discretion, to cause the Employer to withhold such payments until the matter is resolved to the Plan Committee’s satisfaction. 

(e) The payment of benefits under the Plan to a person believed in good faith by the Plan Committee to be a valid Beneficiary shall fully and
completely discharge the Employer, the Board, the Compensation Committee, the Plan Committee, and Affiliates from all further obligations under this Plan with respect to the Participant. If a Beneficiary cannot be located, the procedures in
Section 12.7 related to missing Participants and Beneficiaries shall apply. 

  
 13 

 6.4 Post-retirement death benefit 

If a Participant has commenced receiving payments under the Yearly Installment Method, the death benefit, if any, shall consist of any
remaining Vested amounts in the Account. Payment shall continue in the mode in effect during the Participant’s lifetime, as if the Beneficiary were the Participant. 

Section 7 Change in Control 
 7.1 No special
provision 
 (a) The Plan contains no special provision accelerating vesting or payment in the event of a change in control. Payments will be
made according to the Plan rules which apply in the event of Retirement, Death, or other Separation from Service. 
 (b) The Compensation
Committee retains the discretionary right to terminate the Plan and accelerate payments under Section 11. 
 Section 8 Funding, Trust
provisions, and transfers from other non-qualified plans 
 8.1 Unfunded plan 

This Plan shall be an unfunded obligation, as provided in IRS Revenue Ruling 60-31. It is not a
“funded” plan within the meaning of Department of Labor regulations. To the extent that a Participant acquires a right to receive payments from this Plan, such right shall not be greater than the right of any unsecured general creditor of
his or her Employer. 
 8.2 Establishment of the Trust 

The Company has established the Trust, which it administers as a “rabbi trust” in material compliance with IRS Revenue Procedure 92-64. Assets of the Trust shall at all times be available to creditors of the Company. The Trust shall at all times conform with the requirements of Code Section 409A(b). 

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

8.4 Transfers from other non-qualified deferred compensation plans 

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

  
 14 

 Section 9 Administration of the Plan 

9.1 Plan Committee duties 
 (a) This Plan shall be
administered by the Plan Committee except when powers or responsibilities are allocated to the Compensation Committee. The Compensation Committee reserves the right to overrule any decision of the Plan Committee. 

(b) Except where authority is reserved to the Compensation Committee, the Plan Committee has the discretion and authority to enforce all rules
and procedures and administer the Plan. When making a determination or calculation, the Plan Committee shall be entitled to rely on information furnished by a Participant or the Employer. 

(c) A Participant who is also serving on the Plan Committee shall not vote or act on any matter relating solely to himself or herself. 

9.2 Agents and attorneys 
 (a) The Executive Vice
President of the Bank, Human Resources and Charitable Giving shall be deemed the Agent of the Plan Committee and the Compensation Committee. She is charged with the creation and collection of Election Forms, Beneficiary designations, and other
forms, and is empowered to execute Plan amendments approved by the Compensation Committee. Filing of any form or designation with the Agent, is an effective filing with the appropriate Committee. 

(b) In the administration of this Plan, the Committee may, from time to time, require that the Bank employ third parties and may delegate to
them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Bank. 

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

The Bank shall indemnify and hold harmless the members of the Compensation Committee and the Plan Committee, and any Employee to whom the
duties of a Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by a Committee or any of its
members or any such Employee. This indemnification shall be in addition to, and not in limitation of, any other indemnification protections. 

Section 10 Claims procedures 
 10.1 Presentation of
claim. 
 (a) Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a
“Claimant”) may deliver to the “appropriate Committee”, as described in clause (b), a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the
contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to
arise occurred. The claim must state with particularity the determination desired by the Claimant. 

  
 15 

 (b) The “appropriate Committee” for Plan participants shall be the Plan Committee,
except that if a member of the Plan Committee, or a Beneficiary of such member, is a Claimant, the appropriate Committee is the Compensation Committee. 

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

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

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

(3) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such
material or information is necessary; and 
 (4) an explanation of the claim review procedure set forth in Section 10.3 below. 

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

(a) may review pertinent documents; 

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

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

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

(a) specific reasons for the decision; 

  
 16 

 (b) specific reference(s) to the pertinent Plan provisions upon which the decision was
based; and 
 (c) such other matters as the Committee deems relevant. 

10.5 Legal action. 
 A Claimant’s compliance
with the foregoing provisions of this Section 10 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan. 

Section 11 Amendment and termination 
 11.1 Right to
amend or terminate 
 (a) The Compensation Committee may amend or discontinue the Plan at any time without prior notice of intent. 

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

After termination or discontinuance of the Plan, Vested Accounts will be paid at such time as they would have been paid if the Plan had
continued. However, the Compensation Committee may decide to accelerate the pay out of the Vested Accounts, provided that the acceleration is in compliance with Section 11.3. 

11.3 Permissible payouts due to Plan termination 

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

(b) Termination of Plan and all similar plans 

The Compensation Committee may require lump sum payouts after Plan termination which is not triggered by a Change in Control as defined in Code
Section 409A, but only if: 
 (1) The termination does not occur proximate to a downturn in the financial health of the Employer; and

  
 17 

 (2) the Employer terminates all other plans, methods, programs, and other arrangements that
would be aggregated with this Plan under §1.409A-1(c) of the Final Regulations (if the Participants had deferrals of compensation under all such agreements); and 

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

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

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

Section 12 General provisions 
 12.1 No guarantee of
benefits 
 Nothing contained in the Plan shall constitute a guarantee by the Bank or any other Employer, person or entity that the assets of
the Employer will be sufficient to pay any benefit hereunder. 
 12.2 No enlargement of Employee rights 

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

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

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

  
 18 

 12.6 Corporate successors 

The Plan shall not be automatically terminated by a transfer or sale of assets of the Bank or any affiliate or by the merger or consolidation
of the Bank or any Affiliate into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue
the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan may be terminated in compliance with Section 11. 

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

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

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

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

  
 19 

 12.11 Applicable law 

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

 

							
		 		 	Eastern Bank Compensation Committee
				
	12/31/13            	 		 	by:	 	 /s/ Nancy Huntington Stager

	Date	 		 		 	Nancy Huntington Stager
		 		 		 	Committee Agent, and
		 		 		 	Executive Vice President,
		 		 		 	Human Resources and Charitable Giving

 673469.1 

  
 20EX-10.13

 Exhibit 10.13 

Deferred Compensation Plan 

EASTERN BANK 
 Master
Plan Document 
  
 Effective As
Amended and Restated January 1, 2002 
 Copyright© 2001 

By Westport Worldwide, LLC 
 All
Rights Reserved 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Purpose
	 		  	 	1	 
			
	 ARTICLE 1
	 	Definitions	  	 	1	 
			
	 ARTICLE 2
	 	Selection, Enrollment, Eligibility	  	 	9	 
			
	 2.1
	 	Eligibility	  	 	9	 
			
	 2.2
	 	Enrollment Requirements	  	 	9	 
			
	 2.3
	 	Commencement of Participation	  	 	9	 
			
	 2.4
	 	Termination of Participation and/or Deferrals	  	 	9	 
			
	 ARTICLE 3
	 	Deferral Commitments/Company Matching/Crediting/Taxes	  	 	10	 
			
	 3.1
	 	Minimum Deferral	  	 	10	 
			
	 3.2
	 	Maximum Deferral	  	 	10	 
			
	 3.3
	 	Election to Defer; Effect of Election Form	  	 	11	 
			
	 3.4
	 	Withholding of Annual Deferral Amounts	  	 	11	 
			
	 3.5
	 	Annual Company Contribution Amount	  	 	12	 
			
	 3.6
	 	Annual Company Matching Account	  	 	12	 
			
	 3.7
	 	Investment of Trust Assets	  	 	13	 
			
	 3.8
	 	Vesting	  	 	13	 
			
	 3.9
	 	Crediting/Debiting of Account Balances	  	 	13	 
			
	 3.10
	 	FICA and Other Taxes	  	 	16	 
			
	 3.11
	 	Distributions	  	 	16	 
			
	 3.12
	 	Transfers from Other Plans	  	 	16	 
			
	 ARTICLE 4
	 	Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election	  	 	17	 
			
	 4.1
	 	Short-Term Payout	  	 	17	 
			
	 4.2
	 	Other Benefits Take Precedence Over Short-Term Payout	  	 	17	 
			
	 4.3
	 	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies	  	 	18	 
			
	 4.4
	 	Withdrawal Election	  	 	18	 

  
 -i- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

							
	 	 	 	  	Page	 
	 ARTICLE 5
	 	Retirement Benefit	  	 	19	 
			
	 5.1
	 	Retirement Benefit	  	 	19	 
			
	 5.2
	 	Payment of Retirement Benefit	  	 	19	 
			
	 5.3
	 	Death Prior to Completion of Retirement Benefit	  	 	19	 
			
	 ARTICLE 6
	 	Pre-Retirement Survivor Benefit	  	 	20	 
			
	 6.1
	 	Pre-Retirement Survivor Benefit	  	 	20	 
			
	 6.2
	 	Payment of Pre-Retirement Survivor Benefit	  	 	20	 
			
	 ARTICLE 7
	 	Termination Benefit	  	 	20	 
			
	 7.1
	 	Termination Benefit	  	 	20	 
			
	 7.2
	 	Payment of Termination Benefit	  	 	20	 
			
	 ARTICLE 8
	 	Disability Waiver and Benefit	  	 	21	 
			
	 8.1
	 	Disability Waiver	  	 	21	 
			
	 8.2
	 	Continued Eligibility; Disability Benefit	  	 	21	 
			
	 ARTICLE 9
	 	Beneficiary Designation	  	 	22	 
			
	 9.1
	 	Beneficiary	  	 	22	 
			
	 9.2
	 	Beneficiary Designation; Change	  	 	22	 
			
	 9.3
	 	Acknowledgment	  	 	22	 
			
	 9.4
	 	No Beneficiary Designation	  	 	22	 
			
	 9.5
	 	Doubt as to Beneficiary	  	 	23	 
			
	 9.6
	 	Discharge of Obligations	  	 	23	 
			
	 ARTICLE 10
	 	Leave of Absence	  	 	23	 
			
	 10.1
	 	Paid Leave of Absence	  	 	23	 
			
	 10.2
	 	Unpaid Leave of Absence	  	 	24	 
			
	 ARTICLE 11
	 	Termination, Amendment or Modification	  	 	24	 
			
	 11.1
	 	Termination	  	 	24	 
			
	 11.2
	 	Amendment	  	 	24	 
			
	 11.3
	 	Plan Agreement	  	 	25	 
			
	 11.4
	 	Effect of Payment	  	 	25	 
			
	 11.5
	 	Amendment to Ensure Proper Characterization of the Plan	  	 	25	 
			
	 ARTICLE 12
	 	Administration	  	 	25	 
			
	 12.1
	 	Plan Committee Duties	  	 	25	 

  
 -ii- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

							
	 	 	 	  	Page	 
	 12.2
	 	Agents	  	 	26	 
			
	 12.3
	 	Binding Effect of Decisions	  	 	26	 
			
	 12.4
	 	Indemnity of Committees	  	 	26	 
			
	 12.5
	 	Employer Information	  	 	26	 
			
	 ARTICLE 13
	 	Other Benefits and Agreements	  	 	26	 
			
	 13.1
	 	Coordination with Other Benefits	  	 	26	 
			
	 ARTICLE 14
	 	Claims Procedures	  	 	27	 
			
	 14.1
	 	Presentation of Claim	  	 	27	 
			
	 14.2
	 	Notification of Decision	  	 	27	 
			
	 14.3
	 	Review of a Denied Claim	  	 	27	 
			
	 14.4
	 	Decision on Review	  	 	28	 
			
	 14.5
	 	Legal Action	  	 	28	 
			
	 ARTICLE 15
	 	Trust	  	 	28	 
			
	 15.1
	 	Establishment of the Trust	  	 	28	 
			
	 15.2
	 	Interrelationship of the Plan and the Trust	  	 	28	 
			
	 15.3
	 	Distributions from the Trust	  	 	28	 
			
	 ARTICLE 16
	 	Miscellaneous	  	 	29	 
			
	 16.1
	 	Status of Plan	  	 	29	 
			
	 16.2
	 	Unsecured General Creditor	  	 	29	 
			
	 16.3
	 	Employer’s Liability	  	 	29	 
			
	 16.4
	 	Nonassignability	  	 	29	 
			
	 16.5
	 	Not a Contract of Employment	  	 	29	 
			
	 16.6
	 	Furnishing Information	  	 	30	 
			
	 16.7
	 	Terms	  	 	30	 
			
	 16.8
	 	Captions	  	 	30	 
			
	 16.9
	 	Governing Law	  	 	30	 
			
	 16.10
	 	Notice	  	 	30	 
			
	 16.11
	 	Successors	  	 	31	 
			
	 16.12
	 	Spouse’s Interest	  	 	31	 
			
	 16.13
	 	Validity	  	 	31	 
			
	 16.14
	 	Incompetent	  	 	31	 
			
	 16.15
	 	Court Order	  	 	31	 
			
	 16.16
	 	Distribution in the Event of Taxation	  	 	31	 
			
	 16.17
	 	Insurance	  	 	32	 
			
	 16.18
	 	Legal Fees To Enforce Rights After Change in Control	  	 	32	 

  

  
 -iii- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

 EASTERN BANK 

DEFERRED COMPENSATION PLAN 

Effective, as amended and restated, January 1, 2002 

Purpose 
 The
purpose of this Plan is to provide specified benefits to a select group of management and highly compensated employees, directors and trustees who contribute materially to the continued growth, development and future business success of Eastern Bank
(the “Company”), a Massachusetts business organization, and its affiliates, if any, that sponsor this Plan (collectively with the Company, the “Employer”). This Plan shall be unfunded for tax purposes and for purposes of Title I
of ERISA. 
 ARTICLE 1 

Definitions 
 For
purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings: 
  

	1.1	 “Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer
equal to the sum of (i) the Deferral Account balance, (ii) the vested Company Contribution Account balance and (iii) the vested Company Matching Account balance. The Account Balance, and each other specified account balance, shall be
a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan. 

 

	1.2	 “Annual Base Salary” shall mean the annual cash compensation relating to services performed during
any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding incentives, bonuses, commissions, overtime, fringe benefits,
phantom stock appreciation rights, relocation expenses, non-monetary awards, Directors Fees, Trustees Fees and other fees, automobile and other allowances paid to a Participant for employment services rendered
(whether or not such allowances are included in the Employee’s gross income). Annual Base Salary shall 

  
 -1- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	
be calculated without regard to any reductions for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or
non-qualified plans of the Employer and shall be calculated to exclude amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to
plans established by the Employer. 

  

	1.3	 “Annual Company Contribution Amount” shall mean, for the Plan Year of reference, the amount
determined in accordance with Section 3.5. 

  

	1.4	 “Annual Company Matching Amount” shall mean, for the Plan Year of reference, the amount determined in
accordance with Section 3.6. 

  

	1.5	 “Annual Deferral Amount” shall mean that portion of a Participant’s Annual Base Salary,
Incentive Payments, Directors Fees, Trustees Fees, plus amounts deferred, if any, pursuant to Section 3.12, that a Participant elects to have, and is deferred, in accordance with Article 3, for the Plan Year of reference. In the event of a
Participant’s Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld
prior to such event. 

  

	1.6	 “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in
accordance with Article 9, that are entitled to receive benefits under this Plan upon the death of a Participant. 

  

	1.7	 “Beneficiary Designation Form” shall mean the form established from time to time by the Plan
Committee that a Participant completes, signs and returns to the Plan Committee to designate one or more Beneficiaries. 

  

	1.8	 “Board” shall mean the board of directors of the Company, and shall also mean the Compensation
Committee appointed by the Board. [It is understood that the Compensation Committee shall have all of the same rights and authority with respect to the Plan that the full Board has.] 

 

	1.9	 “Change of Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	 a change in control of the direction and administration of the business of Eastern Bank Corporation
(“EBC”) or of the Company as would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act), as in effect on the date
hereof and any successor provision of the regulations under the Exchange Act, if EBC or the Company were required at the time of such occurrence to report under such provisions (whether or not EBC or the Company is subject to the reporting
provisions of Section 12 of the Exchange Act and to such reporting requirement); or 

  
 -2- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	(ii)	 a change in control of the Company as would require approval of the Federal Deposit Insurance Corporation
pursuant to the Change in Bank Control Act of 1978 [12 U.S.C. 18170)] or the acquisition of a controlling interest in EBC as would constitute a change in control pursuant to the Bank Holding Company Act of 1956, as amended [12 U.S.C. 1841 et seq.];
or 

  

	 	(iii)	 at any day after the date hereof, the individuals who, at the beginning of the period commencing two years to
the day earlier, constituted the board of trustees of EBC and any individuals who constitute “Continuing Trustees” (as defined below) cease for any reason to constitute at least a majority of the board of trustees of EBC; or

  

	 	(iv)	 the corporators, board of trustees of EBC or Board shall approve a sale of all or substantially all of the
assets or a liquidation or dissolution of EBC or the Company and such transaction shall have been consummated; or 

  

	 	(v)	 the board of trustees of EBC or Board, as applicable, shall approve any conversion of EBC from mutual to stock
form, or any merger, consolidation or like business combination or reorganization of EBC or the Company, the consummation of which requires approval of EBC’s or the Company’s depositors or corporators and the required approval of such
shall have been obtained, such transaction shall have been consummated and a majority of the individuals who constituted the board of trustees of EBC or the Board on the day said board(s) approved such transaction cease for any reason, at any time
within two years after the consummation of such transaction, to constitute a majority of said board(s) or, if different, the board of directors or trustees (as applicable) of the successor bank resulting from such merger, consolidation, or like
business combination or organization. 

 For purposes of this definition, “Continuing Trustees” shall mean
(i) the Trustees of EBC in office on the date hereof and (ii) any successor to any such Trustee, or any additional Trustee, who (A) after the date hereof was nominated or selected by a majority of the Continuing Trustees in office at
the time of his nomination or selection (other than any such nomination or selection of an individual as a Trustee of EBC or any successor to EBC who was so nominated or selected in connection with a

  
 -3- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

 
proposed or consummated merger, consolidation or like business combination or reorganization of EBC and who was, before his or her selection or nomination, a director, trustee, officer or
management employee of any other bank party to such proposed transaction or who, after consummation, is an officer or management employee of any other bank party to such transaction or of EBC or its successor); provided, however, that for purposes
of this clause (ii)(A), if EBC is at the time a stock corporation, such individual is not an “affiliate” or “associate” (as defined in Regulation 12B under the Exchange Act) of any person who is the beneficial owner, directly or
indirectly, of securities representing ten percent (10%) or more of the combined voting power of EBC’s outstanding securities then entitled ordinarily to vote for the outstanding securities for the election of trustees or (B) who has been
accepted as a Continuing Trustee for purposes of this Plan. 
  

	1.10	 “Claimant” shall have the meaning set forth in Section 14.1. 

 

	1.11	 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

  

	1.12	 “Company” shall mean Eastern Bank, a Massachusetts business organization, and any successor to all or
substantially all of the Company’s assets or business. 

  

	1.13	 “Company Contribution Account” shall mean (i) the sum of the Participant’s Annual Company
Contribution Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Company Contribution Account, less (iii) all distributions made to the
Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account. 

  

	1.14	 “Company Matching Account” shall mean (i) the sum of all of a Participant’s Annual Company
Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Company Matching Account, less (iii) all distributions made to the Participant or
his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Matching Account. 

  

	1.15	 “Compensation Committee” shall mean the committee of the Board which shall have the authority to
approve the Plan, to approve the eligible Participants, to appoint the Plan Committee members and to terminate or amend the Plan. Any individual serving on the Compensation Committee who is a Participant shall not vote or act on any matter relating
solely to himself or herself. 

  
 -4- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	1.16	 “Deduction Limitation” shall mean the following described limitation on a benefit that may otherwise
be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If the Employer determines in
good faith that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the
extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred
pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.9 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be
distributed to the Participant or his or her Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the
Participant for the taxable year of the Employer during which the distribution is made will not be limited by Code Section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan,
the Deduction Limitation shall not apply to any distributions made after a Change in Control. 

  

	1.17	 “Deferral Account” shall mean (i) the sum of all of a Participant’s Annual Deferral
Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her
Beneficiary pursuant to this Plan that relate to his or her Deferral Account. 

  

	1.18	 “Director” shall mean any member of the Board. 

 

	1.19	 “Directors Fees” shall mean the fees paid by the Company, including retainer fees, Trustee meeting
fees, stipends, corporator fees, and meetings fees, as compensation for serving on the Board. 

  

	1.20	 “Disability” shall mean a period of disability during which a Participant qualifies for permanent
disability benefits under the Participant’s Employer’s long-term disability plan, or, if a Participant does not participate in such a plan, a period of disability during which the Participant would have qualified for permanent disability
benefits under such a plan had the Participant been a participant in such a plan, as determined in the sole discretion of the Plan Committee. If the Participant’s Employer does not sponsor such a plan, or discontinues to sponsor such a plan,
Disability shall be determined by the Plan Committee in its sole discretion. 

  
 -5- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	1.21	 “Disability Benefit” shall mean the benefit set forth in Article 8. 

 

	1.22	 “Effective Date” shall mean the effective date of this amended and restated version of the Plan,
which will be January 1, 2002. The Plan’s original effective date was November 18, 1993. 

  

	1.23	 “Election Form” shall mean the form or forms established from time to time by the Plan Committee that
a Participant completes, signs and returns to the Plan Committee to make an election under the Plan. 

  

	1.24	 “Employee” shall mean a person who is an employee of the Employer. 

 

	1.25	 “Employer” shall mean the Company and/or any of its subsidiaries and/or its parent and/or its
parent’s subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor. 

 

	1.26	 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

  

	1.27	 “401(k) Plan” shall be the Company’s tax-qualified
401(k) retirement plan, as amended from time to time. 

  

	1.28	 “Incentive Payments” shall mean any compensation paid to a Participant under any short-term incentive
plans, commission plans, bonus arrangements or long-term incentive plan, relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form
W-2 for such calendar year. 

  

	1.29	 “Participant” shall mean any Employee who is selected by the Compensation Committee to participate in
the Plan, and any Director or Trustee, (i) who elects to participate in the Plan, (ii) who signs a Plan Agreement, an Election Form(s) and a Beneficiary Designation Form, (iii) whose signed Plan Agreement, Election Form(s) and
Beneficiary Designation Form are accepted by the Plan Committee, (iv) who commences participation in the Plan, and (v) whose Plan Agreement has not terminated. A spouse or former spouse of a Participant shall not be treated as a
Participant in the Plan or have an Account Balance under the Plan under any circumstance. 

  

	1.30	 “Plan” shall mean the Company’s Deferred Compensation Plan, which shall be evidenced by this
instrument and by each Plan Agreement, as they may be amended from time to time. 

  
 -6- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	1.31	 “Plan Agreement” shall mean a written agreement, as may be amended from time to time, which is
entered into by and between the Company and a Participant. Each Plan Agreement executed by a Participant and the Company shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one Plan
Agreement, the Plan Agreement bearing the latest date of acceptance by the Company shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any
Participant, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by
both the Company and the Participant. 

  

	1.32	 “Plan Committee” shall mean the committee described in Section 12.1 or its designee.

  

	1.33	 “Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing
through December 31 of such calendar year during which this Plan is in effect. 

  

	1.34	 “Pre-Retirement Survivor Benefit” shall mean the benefit set
forth in Article 6. 

  

	1.35	 “Reduction in Force” shall mean a reduction in the Employer’s work force, initiated by the
Employer, that results in an employment loss during any six (6) month period of at least twenty percent (20%) of the Employer’s active Employees. 

  

	1.36	 “Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an Employee,
severance from employment from the Employer for any reason other than a leave of absence, death, Disability or Reduction in Force on or after the earlier of the attainment of (i) age sixty-five (65) or (ii) age fifty-five (55) with
ten (10) Years of Service; and shall mean with respect to a Director or Trustee who is not an Employee, severance of his or her directorship and/or trusteeship with the Employer on or after the attainment of age seventy (70). If a Participant is
both an Employee and a Director or Trustee, Retirement shall occur when he or she Retires as an Employee, which Retirement shall be deemed to be a Retirement as an Employee; provided, however, that such a Participant may elect, at least twelve
(12) months prior to Retirement and in accordance with the policies and procedures established by the Plan Committee, to Retire for purposes of this Plan at the time he or she Retires as a Director or Trustee, which Retirement shall be deemed
to be a Retirement as a Director or Trustee. 

  

	1.37	 “Retirement Benefit” shall mean the benefit set forth in Article 5. 

 

	1.38	 “Short-Term Payout” shall mean the payout set forth in Section 4.1. 

 

	1.39	 “Termination Benefit” shall mean the benefit set forth in Article 7. 

  
 -7- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	1.40	 “Termination of Employment” shall mean the severing of employment with the Employer, or service as a
Director or Trustee of the Employer, voluntarily or involuntarily, for any reason other than Retirement, Disability, death, authorized leave of absence or Reduction in Force. If a Participant is both an Employee and a Director or Trustee, a
Termination of Employment shall occur upon termination as an Employee; provided, however, that such a Participant may elect, at least twelve (12) months before Termination of Employment and in accordance with the policies and procedures
established by the Plan Committee, to be treated for purposes of this Plan as having experienced a Termination of Employment at the time he or she ceases his or her directorship or trusteeship (as applicable). 

 

	1.41	 “Trust” shall mean the trusts established pursuant to this Plan, as amended from time to time.

  

	1.42	 “Trustee” shall mean any member of the board of trustees of EBC or of Eastern Bank & Trust
Company. 

  

	1.43	 “Trustees Fees” shall mean the meetings fees paid by the Employer as compensation for serving on the
board of Trustees of the Employer and any corporator fees. 

  

	1.44	 “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event
beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the
Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Plan Committee.

  

	1.45	 “Yearly Installment Method” shall be a yearly installment payment over the number of years selected
by the Participant in accordance with this Plan, calculated as follows: The Account Balance of the Participant shall be calculated as of the close of business on the last business day of the year or such date as selected by the Participant. The
yearly installment shall be calculated by multiplying this balance by a fraction, the numerator of which is one (1), and the denominator of which is the remaining number of yearly payments due the Participant. By way of example, if the Participant
elects a ten (10) year Yearly Installment Method, the first payment shall be one-tenth (1/10) of the Account Balance, calculated as described in this definition. The following year, the payment shall be one-ninth (1/9) of the Account Balance, calculated as described in this definition. Each yearly installment shall be paid on or as soon as practicable after the last business day of the applicable year, or such
annual date as selected by the Participant. 

  
 -8- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	1.46	 Years of Service” shall mean the total number of full years in which a Participant has been employed by
one or more Employers. For purposes of this definition, a year of employment shall be a three hundred sixty five (365) day period (or three hundred sixty six (366) day period in the case of a leap year) that, for the first year of
employment, commences on the Employee’s date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted. 

ARTICLE 2 
 Selection,
Enrollment, Eligibility 
  

	2.1	 Eligibility. Participation in the Plan shall be limited to (i) Directors, (ii) Trustees, and
(iii) a select group of management and highly compensated Employees, as determined by the Compensation Committee in its sole discretion. From that Employee group, the Compensation Committee shall select, in its sole discretion, Employees to
participate in the Plan. 

  

	2.2	 Enrollment Requirements. As a condition to participation, each selected Employee, or each
Director or Trustee, shall complete, execute and return to the Plan Committee a Plan Agreement, an Election Form(s) and a Beneficiary Designation Form, all within thirty (30) days after he or she becomes eligible to participate in the Plan or,
if later, within thirty (30) days after he or she is first notified of eligibility to participate. In addition, the Plan Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are
necessary. 

  

	2.3	 Commencement of Participation. Provided a selected Employee or a Director or Trustee has met all
enrollment requirements set forth in this Plan and required by the Plan Committee, including returning all required documents to the Plan Committee within the specified time period, that Employee, Director or Trustee shall commence participation in
the Plan on the first day of the month following the month in which the Employee, Director or Trustee completes all enrollment requirements. If an Employee or a Director or Trustee fails to meet all such requirements within the period required, in
accordance with Section 2.2, that Employee, Director or Trustee shall not be eligible to participate in the Plan until the first day of the following Plan Year, again subject to timely delivery to and acceptance by the Plan Committee of the
required documents. 

  
 -9- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	2.4	 Termination of Participation and/or Deferrals. If the Compensation Committee determines in good
faith that a selected Employee no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, any
deferral election the Employee has made shall be terminated for the remainder of the Plan Year in which the Employee’s membership status changes, and the Employee shall be prevented from making future deferral elections or receiving any further
Company contributions hereunder. However, the Employee shall continue to be a Participant for all other purposes of the Plan, and, accordingly, shall continue to enjoy the same rights (and be subject to the same conditions) with respect to his or
her Account Balance through the date of the membership status change as active Participants in the Plan enjoy (and are subject to). The Compensation Committee at any time in its sole discretion may terminate the participation of any Participant in
the Plan and in that event any amounts deferred under the Plan to that date shall be administered in accordance with the Participant’s relevant election( s) and the terms of the Plan. 

ARTICLE 3 
 Deferral
Commitments/Company Matching/Crediting/Taxes 
  

	3.1	 Minimum Deferral.  

Annual Base Salary, Incentive Payments, Directors Fees and Trustees Fees. For each Plan Year, a Participant may elect to defer,
as his or her Annual Deferral Amount, Annual Base Salary and/or Incentive Payments in the minimum amount of two thousand dollars ($2,000). There is no annual minimum on the amount of Directors Fees or Trustees Fees that a Participant who is a
Director or Trustee may elect to defer. 
 If an election is made for less than stated minimum amounts, or if no election is made, the
amount deferred shall be zero (0). 
  

	 	(b)	 Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a Participant
after the first day of a Plan Year, the minimum Annual Base Salary deferral shall be an amount equal to the minimum set forth above, multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year and the
denominator of which is twelve (12). 

  
 -10- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	3.2	 Maximum Deferral.  

 

	 	(a)	 Annual Base Salary, Incentive Payments, Directors Fees and Trustees Fees. For each Plan Year, a
Participant may elect to defer, as his or her Annual Deferral Amount, Annual Base Salary, Incentive Payments, Directors Fees and/or Trustees Fees (in the case of a Participant who is a Director or Trustee), if any, up to the following maximum
percentages for each deferral elected: 

  

					
	 Deferral
	  	Maximum
Amount	 
	 Annual Base Salary
	  	 	75	% 
	 Incentive Payments
	  	 	100	% 
	 Long-Term Incentive Plan
	  	 	100	% 
	 Supplemental Executive Retirement Plan
	  	 	100	% 
	 Directors Fees
	  	 	100	% 
	 Trustees Fees
	  	 	100	% 

  

	 	(b)	 Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year,
the maximum Annual Deferral Amount, with respect to Annual Base Salary, Directors Fees and/or Trustees Fees, if any, shall be limited to the amount of such compensation not yet earned by the Participant as of the date the Participant submits a Plan
Agreement and Election Form(s) to the Plan Committee for acceptance. The preceding sentence is not intended to limit any deferral accepted under other arrangements sponsored by the Company pursuant to Section 3.12. 

 

	3.3	 Election to Defer; Effect of Election Form.  

 

	 	(a)	 First Plan Year. In connection with a Participant’s commencement of participation in the
Plan, the Participant shall make a deferral election for the Plan Year in which the Participant commences participation in the Plan, along with such other elections as the Plan Committee deems necessary or desirable under the Plan. For these
elections to be valid, the Election Form(s) must be completed and signed by the Participant, timely delivered to the Plan Committee (in accordance with Section 2.2 above) and accepted by the Plan Committee. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	(b)	 Subsequent Plan Years. For each succeeding Plan Year, a deferral election for that Plan Year, and
such other elections as the Plan Committee deems necessary or desirable under the Plan, shall be made by timely delivering to the Plan Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year
for which the election is made, a new Election Form(s). If no such Election Form(s) is timely delivered for a Plan Year, the Annual Deferral Amount shall be zero (0) for that Plan Year. 

 

	3.4	 Withholding of Annual Deferral Amounts. For each Plan Year, the Annual Base Salary portion of the
Annual Deferral Amount shall be withheld from each regularly scheduled Annual Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Annual Base Salary. The Incentive Payments and/or Directors Fees and/or
Trustees Fees portion of the Annual Deferral Amount shall be withheld at the time the Incentive Payments or Directors Fees or Trustees Fees are or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself.

  

	3.5	 Annual Company Contribution Amount. For each Plan Year, the Company’s Chief Executive
Officer, in his or her sole discretion, may, but is not required to, credit any amount he or she desires to any Participant’s Company Contribution Account under this Plan, which amount shall be for that Participant the Annual Company
Contribution Amount for that Plan Year. The amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero (0), even though one
or more other Participants receive an Annual Company Contribution Amount for that Plan Year. Unless otherwise specified by the Company’s Chief Executive Officer, the Annual Company Contribution Amount, if any, shall be credited as of the last
day of the Plan Year. Unless otherwise specified by the Company’s Chief Executive Officer, if a Participant to whom an Annual Company Contribution Amount is credited is not employed by an Employer or has discontinued service as a Director or
Trustee, as applicable, as of the last day of a Plan Year other than by reason of his or her Retirement, death or Disability, or a Reduction in Force, the Annual Company Contribution Amount for that Plan Year shall be zero (0). The preceding
notwithstanding, in the case of an Annual Company Contribution Amount with respect to the Company’s Chief Executive Officer, the Compensation Committee shall have the discretion otherwise accorded to the Chief Executive Officer under this
Section 3.5. 

  

	3.6	 Annual Company Matching Amount. A Participant’s Annual Company Matching Amount for the Plan
Year of reference shall be equal to the amount of the Employer’s matching contribution that would be made to the 401(k) Plan if the 401(k) Plan were permitted to include in its definition of “compensation” for Employer matching
contribution purposes the Participant’s Annual Deferral Amount, reduced by the amount of any Employer 

  
 -12- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	
matching contributions that are made to the 401(k) Plan on his or her behalf for the plan year of the 401(k) Plan that corresponds to the Plan Year. This Section shall not result in any Annual
Company Matching Amount hereunder that would exceed, when considering the Employer matching contribution amounts contributed to the 401(k) Plan for the Plan Year, the total Employer matching contribution that would be made on behalf of a participant
in the 401(k) Plan who earns compensation in excess of the dollar limit on recognizable compensation under Code section 401(a)(17). A Participant who is not eligible for the Plan Year (or for any portion thereof) to receive an allocation of Employer
matching contributions under the 401(k) Plan shall not be eligible for the Plan Year (or for any such portion) for the allocation of an Annual Company Matching Amount hereunder. 

 

	3.7	 Investment of Trust Assets. The trustee of the Trust shall be authorized, upon written
instructions received from the Plan Committee or investment manager appointed by the Plan Committee, to invest and reinvest the assets of the Trust in accordance with the applicable Trust agreement, including the reinvestment of the proceeds in one
or more investment vehicles designated by the Plan Committee. 

  

	3.8	 Vesting  

 

	 	(a)	 A Participant shall at all times be one hundred percent (100%) vested in his or her Deferral Account.

  

	 	(b)	 A Participant shall become vested in his or her Company Contribution Account after five (5) Years of
Service, unless otherwise approved and documented by the Company’s Chief Executive Officer (or by the Compensation Committee, in the case of the Chief Executive Officer’s Company Contribution Account) at the time the Annual Company
Contribution Amount is credited to the Participant’s Company Contribution Account for that Plan Year. 

  

	 	(c)	 A Participant shall become vested in his or her Company Matching Account as and to the extent that the
Participant is vested in Employer matching contributions under the 401(k) Plan. 

  

	 	(d)	 Notwithstanding anything to the contrary contained in this Section 3.8, in the event of a pre-Termination of Employment Change in Control, Retirement, Disability or death, a Participant’s Company Contribution Account and Company Matching Account shall immediately become one hundred percent (100%)
vested (if it is not already vested in accordance with a vesting schedule). 

  
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	3.9	 Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and
procedures that are established from time to time by the Plan Committee, in its sole discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance with the following rules: 

 

	 	(a)	 Election of Measurement Funds. A Participant, in connection with his or her initial deferral
election in accordance with Section 3.3(a) above, shall elect, on the Election Form(s), one or more Measurement Fund(s) (as described in Section 3.9(c) below) to be used to determine the additional amounts to be credited to his or her
Account Balance for the first business day of the Plan Year, continuing thereafter unless changed in accordance with the next sentence. Commencing with the first business day of the Plan Year, and continuing thereafter for the remainder of the Plan
Year (unless the Participant ceases during the Plan Year to participate in the Plan), the Participant may (but is not required to) elect daily, by submitting an Election Form(s) to the Plan Committee that is accepted by the Plan Committee (which
submission may take the form of an electronic transmission, if required or permitted by the Plan Committee), to add or delete one or more Measurement Fund(s) to be used to determine the additional amounts to be credited to his or her Account
Balance, or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund. If an election is made in accordance with the previous sentence, it shall apply to the next business day and continue
thereafter for the remainder of the Plan Year (unless the Participant ceases during the Plan Year to participate in the Plan), unless changed in accordance with the previous sentence. 

 

	 	(b)	 Proportionate Allocation. In making any election described in Section 3.9(a) above, the
Participant shall specify on the Election Form(s), in increments of one percentage point (1%), the percentage of his or her Account Balance to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement
Fund with that portion of his or her Account Balance). 

  

	 	(c)	 Measurement Funds. The Participant may elect one or more of the measurement funds set forth on
Schedule A (the “Measurement Funds”), for the purpose of crediting additional amounts to his or her Account Balance. The Plan Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund. Each such action
will take effect as of the first day of the calendar quarter that follows by thirty (30) days the day on which the Plan Committee gives Participants advance written notice of such change. If the Plan Committee receives an initial or revised
Measurement Funds election which it deems to be incomplete, unclear or improper, the Participant’s Measurement Funds election then in effect shall remain in effect (or, 

  
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in the case of a deficiency in an initial Measurement Funds election, the Participant shall be deemed to have filed no deemed investment direction). If the Plan Committee possesses (or is deemed
to possess as provided in the previous sentence) at any time directions as to Measurement Funds of less than all of the Participant’s Account Balance, the Participant shall be deemed to have directed that the undesignated portion of the Account
Balance be deemed to be invested in a money market, fixed income or similar Measurement Fund made available under the Plan as determined by the Plan Committee in its discretion. Each Participant hereunder, as a condition to his or her participation
hereunder, agrees to indemnify and hold harmless the Plan Committee, the Compensation Committee, the Company and the Employer, and their agents and representatives, from any losses or damages of any kind relating to (i) the Measurement Funds
made available hereunder and (ii) any discrepancy between the credits and debits to the Participant’s Account Balance based on the performance of the Measurement Funds and what the credits and debits otherwise might be in the case of an
actual investment in the Measurement Funds. 

  

	 	(d)	 Crediting or Debiting Method. The performance of each elected Measurement Fund (either positive
or negative) will be determined by the Plan Committee, in its sole discretion, based on the performance of the Measurement Funds themselves. A Participant’s Account Balance shall be credited or debited on a daily basis based on the performance
of each Measurement Fund selected by the Participant, or as otherwise determined by the Plan Committee in its sole discretion, as though (i) a Participant’s Account Balance were invested in the Measurement Fund(s) selected by the
Participant, in the percentages elected by the Participant as of such date, at the closing price on such date; (ii) the portion of the Annual Deferral Amount that was actually deferred were invested in the Measurement Fund(s) selected by the
Participant, in the percentages elected by the Participant, no later than the close of business on the third (3rd) business day after the day on which such amounts are actually deferred from the Participant’s Annual Base Salary, Incentive
Payments, Directors Fees and Trustees Fees through reductions in his or her payroll, at the closing price on such date; and (iii) any distribution made to a Participant that decreases such Participant’s Account Balance ceased being
invested in the Measurement Fund(s), in the percentages applicable to such calendar month, no earlier than three (3) business days prior to the distribution, at the closing price on such date. 

  
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	 	(e)	 No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to
the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to his or her Account Balance thereto, the calculation of additional amounts and the
crediting or debiting of such amounts to a Participant’s Account Balance shall not be considered or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Company or the
trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a
Participant’s Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust; the Participant shall at all times remain an unsecured creditor of the
Company. 

  

	 	(f)	 Beneficiary Elections. Each reference in this Section 3.9 to a Participant shall be deemed
to include, where applicable, a reference to a Beneficiary. 

  

	3.10	 FICA and Other Taxes.  

 

	 	(a)	 Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is being withheld
from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s Annual Base Salary, Incentive Payments, Directors Fees and Trustees Fees that is not being deferred, in a manner determined by the
Employer, the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount. If necessary, the Plan Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.10. 

 

	 	(b)	 Annual Company Matching Amounts and Company Contribution Amounts. When a Participant becomes
vested in a portion of his or her Company Matching Account or Company Contribution Account, the Participant’s Employer shall have the discretion to withhold from the Participant’s Annual Base Salary and/or Incentive Payments that is not
deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes. If necessary, the Plan Committee may reduce the vested portion of the Participant’s Company Matching Account or Company
Contribution Account in order to comply with this Section 3.10. 

  

	3.11	 Distributions. The Participant’s Employer, or the trustee of the Trust, shall withhold from
any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to
be determined in the sole discretion of the Employer and the trustee of the Trust. 

  
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	3.12	 Transfers from Other Plans. The Plan may accept the transfer of amounts or assets deferred by a
Participant under the Eastern Bank Long-Term Incentive Plan and any other deferral or other supplemental retirement arrangement provided by the Company. At a Participant’s election and subject to the Plan Committee’s approval in its sole
and absolute discretion, a Participant can elect to have the lump sum value of the Participant’s accrued benefit under the Eastern Bank Supplemental Executive Retirement Plan (the “SERP”) transferred by the Company (or by the funding
medium for the SERP as the case may be) to the Participant’s Deferral Account and treated as an Annual Deferral Amount credited to the Participant’s Account Balance on the date of transfer. A Participant’s election of a SERP transfer
hereunder shall be made prior to the Plan Year during which, and at least six (6) months prior to the date on which, SERP benefits would be made or begin to be made to the Participant in the absence of a transfer election hereunder (the
“SERP Transfer Election Deadline”). Elections to transfer may be changed by the Participant up to the SERP Transfer Election Deadline. Elections under this Section made after the SERP Transfer Election Deadline shall be disregarded.
Transfers pursuant to this Section shall be made on or as soon as practicable after the date that SERP benefits would be made or begin to be made to the Participant in the absence of a transfer election hereunder. 

ARTICLE 4 
 Short-Term
Payout; Unforeseeable Financial Emergencies; Withdrawal Election 
  

	4.1	 Short-Term Payout. In connection with each election to defer an Annual Deferral Amount, a
Participant may irrevocably elect to receive a future “Short-Term Payout” from the Plan with respect to such Annual Deferral Amount. Subject to the Deduction Limitation, the Short-Term Payout shall be a lump sum payment in an amount that
is equal to the Annual Deferral Amount, plus amounts credited or debited thereto in the manner provided in Section 3.9 above on that amount, determined at the time that the Short-Term Payout becomes payable (rather than the date of a
Termination of Employment). Subject to the Deduction Limitation and the other terms and conditions of this Plan, each Short-Term Payout elected shall be paid out during a period beginning one (1) day and ending sixty (60) days after the
last day of any Plan Year designated by the Participant that is at least three (3) Plan Years after the Plan Year in which the Annual Deferral Amount is elected to be deferred, as specifically elected by Participant. By way of example, if a
three (3) year Short-Term Payout is elected for Annual Deferral Amounts that are deferred in the Plan Year commencing January 1, 2003, the three (3) year Short-Term Payout would become payable during a sixty (60) day period
commencing January 1, 2006. Notwithstanding the preceding sentences or any other provision of this Plan that may be construed to the contrary, a Participant who is an active Employee, Director or Trustee may, with respect to each

  
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Short-Term Payout, in a form determined by the Plan Committee, make one or more additional deferral elections (a “Subsequent Election”) to defer payment of such Short-Term Payout to a
Plan Year subsequent to the Plan Year originally (or subsequently) elected; provided, however, any such Subsequent Election will be null and void unless accepted by the Plan Committee prior to the Plan Year during which, and at least six
(6) months prior to the date on which, but for the Subsequent Election, such Short-Term Payout would be paid, and such Subsequent Election is at least-three (3) Plan Years from the Plan Year in which the Subsequent Election is made.

  

	4.2	 Other Benefits Take Precedence Over Short-Term Payout. Should an event occur that triggers a
benefit under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts credited or debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid
in accordance with the other applicable Article. 

  

	4.3	 Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant
experiences an Unforeseeable Financial Emergency, the Participant may petition the Plan Committee to (i) suspend any deferrals required to be made by a Participant and/or (ii) receive a partial or full payout from the Plan. The payout
shall not exceed the lesser of the Participant’s Account Balance, calculated as if such Participant were receiving a Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency. If, subject to the sole
discretion of the Plan Committee, the petition for a suspension and/or payout is approved, suspension shall take effect upon the date of approval and any payout shall be made within sixty (60) days of the date of approval. The payment of any
amount under this Section 4.3 shall not be subject to the Deduction Limitation. 

  

	4.4	 Withdrawal Election. A Participant (or, after a Participant’s death, his or her Beneficiary)
may elect, at any time, to withdraw all of his or her Account Balance, calculated as if there had occurred a Termination of Employment as of the day of the election, less a withdrawal penalty equal to ten percent (10%) of such amount (the net amount
shall be referred to as the “Withdrawal Amount”). This election can be made at any time, before or after Retirement, Disability, death or Termination of Employment, and whether or not the Participant (or his or her Beneficiary) is in the
process of being paid pursuant to an installment payment schedule. If made before Retirement, Disability or death, a Participant’s Withdrawal Amount shall be his or her Account Balance calculated as if there had occurred a Termination of
Employment as of the day of the election. No partial withdrawals of the Withdrawal Amount shall be allowed. The Participant (or his or her Beneficiary) shall make this election by giving the Plan Committee advance written notice of the election in a
form 

  
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determined from time to time by the Plan Committee. The Participant (or his or her Beneficiary) shall be paid the Withdrawal Amount within sixty (60) days of his or her election. Once the
Withdrawal Amount is paid, the Participant’s participation in the Plan shall terminate and the Participant shall not be eligible to participate in the Plan for one year from the date of the withdrawal election. The payment of this Withdrawal
Amount shall not be subject to the Deduction Limitation. Any Participant who elects a withdrawal under this Section 4.4 shall be subject to the bankruptcy regulations regarding preference payments. 

ARTICLE 5 
 Retirement
Benefit 
  

	5.1	 Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires shall receive,
as a Retirement Benefit, his or her Account Balance. 

  

	5.2	 Payment of Retirement Benefit. A Participant, in connection with his or her commencement of
participation in the Plan, shall elect on an Election Form to receive the Retirement Benefit in a lump sum or pursuant to a Yearly Installment Method, to be paid at such time (or commencing at such time) upon or following Retirement as the
Participant elects; provided, that the Retirement Benefit must be paid (or must commence) by the twentieth (20th) anniversary of Retirement, and, in the case of the Yearly Installment Method, must be completed by the fortieth (40th) anniversary of
Retirement. The Participant may change his or her election to an allowable alternative payout period/payment commencement date by submitting a new Election Form to the Plan Committee, provided that any such Election Form is submitted on or before
the last day of the Plan Year, and at least six (6) months, prior to the Participant’s Retirement, and is accepted by the Plan Committee in its sole discretion. The Election Form most recently accepted by the Plan Committee shall govern
the payout of the Retirement Benefit. If a Participant does not make any election with respect to the payment of the Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment shall be made, or installment payments
shall commence, no later than sixty (60) days after the later of the date of the Participant’s Retirement or the date he or she has elected for the payment (or commencement) of his or her Retirement Benefit. Any payment made shall be
subject to the Deduction Limitation. 

  
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	5.3	 Death Prior to Completion of Retirement Benefit. If a Participant dies after Retirement but
before the Retirement Benefit is paid in full, the Participant’s unpaid Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary (i) over the remaining number of years and in the same amounts as
that benefit would have been paid to the Participant had the Participant survived, or (ii) in a lump sum, if requested by the Participant’s Beneficiary and allowed in the sole discretion of the Plan Committee, that is equal to the
Participant’s unpaid remaining Account Balance. Any payment made hereunder shall not be subject to the Deduction Limitation. 

ARTICLE 6 
 Pre-Retirement Survivor Benefit 
  

	6.1	 Pre-Retirement Survivor Benefit. The Participant’s
Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s Account Balance if the Participant dies before he or she Retires, experiences a Termination of Employment or suffers
a Disability. Any payment made hereunder shall not be subject to the Deduction Limitation. 

  

	6.2	 Payment of Pre-Retirement Survivor Benefit. The Pre-Retirement Survivor Benefit shall be paid in a lump sum no earlier than sixty (60) days following the date of death. Notwithstanding the foregoing, if, prior to the sixtieth (60th) day following the date of
the Participant’s death, the Participant’s Beneficiary requests and the Plan Committee, in its sole discretion, permits, payment of the Pre-Retirement Survivor Benefit may be made pursuant to a
Yearly Installment Method of not more than five (5) years. The lump sum payment shall be made, or installment payments shall commence, no later than ninety (90) days following the date of death. Any payment made hereunder shall not be
subject to the Deduction Limitation. 

 ARTICLE 7 

Termination Benefit 
  

	7.1	 Termination Benefit. Subject to the Deduction Limitation, the Participant shall receive a
Termination Benefit, which shall be equal to the Participant’s Account Balance if a Participant experiences a Termination of Employment prior to his or her Retirement, death, Disability or Reduction in Force. 

  
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	7.2	 Payment of Termination Benefit. If the Participant’s Account Balance at the time of his or
her Termination of Employment is less than fifty thousand dollars ($50,000), payment of his or her Termination Benefit shall be paid in a lump sum. If the Participant’s Account Balance at such time is equal to or greater than that amount, the
Participant shall become entitled to receive his or her Termination Benefit as a lump sum payment no earlier than sixty (60) days following the date of Termination of Employment. If, prior to the sixtieth (60th) day following the date of the
Participant’s Termination of Employment, the Participant requests and the Plan Committee, in its sole discretion, permits, payment of the Participant’s Termination Benefit may be made (i) pursuant to a Yearly Installment Method of not
more than five (5) years, or (ii) pursuant to the Participant’s distribution election in effect at the time of his or her Termination of Employement (provided that, in the case of alternative (ii), the Participant agrees to the
periodic reduction of his or her Account Balance by the amount attributable to the administration fees associated with the continued maintenance of the Participant’s Account Balance (as determined by the Plan Committee, in its sole
discretion)). The lump sum payment shall be made, or installment payments shall commence, no later than ninety (90) days following the date of Termination of Employment. Any payment made shall be subject to the Deduction Limitation.

 ARTICLE 8 

Disability Waiver and Benefit 
  

	8.1	 Disability Waiver.  

 

	 	(a)	 Waiver of Deferral. Upon application, a Participant who is determined by the Plan Committee to be
suffering from a Disability may suspend for the period of the Disability that portion of the Annual Deferral Amount commitment that would otherwise have been withheld from a Participant’s Annual Base Salary, Incentive Payments, Directors Fees
and/or Trustees Fees for the Plan Year during which the Participant first suffers a Disability. 

  

	 	(b)	 Return to Work. If a Participant returns to employment, or service as a Director or Trustee, with
the Employer, after a Disability ceases, the Participant may elect to defer an Annual Deferral Amount for the Plan Year following his or her return to employment or service and for every Plan Year thereafter while a Participant in the Plan; provided
such deferral elections are otherwise allowed and an Election Form is delivered to and accepted by the Plan Committee for each such election in accordance with Section 3.3 above. 

  
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	8.2	 Continued Eligibility; Disability Benefit. A Participant suffering a Disability shall, for
benefit purposes under this Plan, continue to be considered to be employed, or in the service of the Employer as a Director or Trustee, and shall be eligible for the benefits provided for in Articles 4, 5, 6 or 7 in accordance with the provisions of
those Articles. Notwithstanding the above, the Plan Committee shall have the right to, in its sole and absolute discretion and for purposes of this Plan only, and must in the case of a Participant who is otherwise eligible to Retire, deem the
Participant to have experienced a Termination of Employment, or in the case of a Participant who is eligible to Retire, to have Retired, at any time (or in the case of a Participant who is eligible to Retire, as soon as practicable) after such
Participant is determined to be suffering a Disability, in which case the Participant shall receive a Disability Benefit equal to his or her Account Balance at the time of the Plan Committee’s determination; provided, however, that should the
Participant otherwise have been eligible to Retire, he or she shall be paid in accordance with Article 5. The Disability Benefit shall be paid in a lump sum within sixty (60) days of the Plan Committee’s exercise of such right. Any payment
made hereunder shall not be subject to the Deduction Limitation. 

 ARTICLE 9 

Beneficiary Designation 
  

	9.1	 Beneficiary. Each Participant shall have the right, at any time, to designate his or her
Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under
any other plan of the Employer in which the Participant participates. 

  

	9.2	 Beneficiary Designation; Change. A Participant shall designate his or her Beneficiary by
completing and signing the Beneficiary Designation Form, and returning it to the Plan Committee or its designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the
Beneficiary Designation Form and the Plan Committee’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be
canceled. The Plan Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Plan Committee prior to his or her death. 

 

	9.3	 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until
received and acknowledged in writing by the Plan Committee or its designated agent. 

  
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	9.4	 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in
Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or
her beneficiary under the Employer’s group term life insurance plan. If the Participant does not participate in such plan, then his or her Beneficiary shall be deemed to be his or her surviving spouse, or, if the Participant has no surviving
spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate. 

 

	9.5	 Doubt as to Beneficiary. If the Plan Committee has any doubt as to the proper Beneficiary to
receive payments pursuant to this Plan, the Plan Committee shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Plan Committee’s
satisfaction. 

  

	9.6	 Discharge of Obligations. The payment of benefits under the Plan to a person believed in good
faith by the Plan Committee to be a valid Beneficiary shall fully and completely discharge the Company, the Employer, the Compensation Committee and the Plan Committee from all further obligations under this Plan with respect to the Participant, and
that Participant’s Plan Agreement shall terminate upon such full payment of benefits. Neither the Plan Committee, nor the Compensation Committee, nor the Company, nor the Employer shall be obliged to search for any Participant or Beneficiary
beyond the sending of a registered letter to such last known address. If the Plan Committee notifies any Participant or Beneficiary that he or she is entitled to an amount under the Plan and the Participant or Beneficiary fails to claim such amount
or make his or her location known to the Plan Committee within three (3) years thereafter, then, except as otherwise required by law, if the location of one or more of the next of kin of the Participant is known to the Plan Committee, the Plan
Committee may direct distribution of such amount to any one or more or all of such next of kin, and in such proportions as the Plan Committee determines. If the location of none of the foregoing persons can be determined, the Plan Committee shall
have the right to direct that the amount payable shall be deemed to be a forfeiture and paid to the Company, except that the dollar amount of the forfeiture, unadjusted for deemed gains or losses in the interim, shall be paid by the Employer if a
claim for the benefit subsequently is made by the participant of the Beneficiary to whom it was payable. If a benefit payable to an unlocated Participant or Beneficiary is subject to escheat pursuant to applicable state law, neither the Plan
Committee, nor the Compensation Committee, nor the Company, nor the Employer shall be liable to any person for any payment made in accordance with such law. 

  
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 ARTICLE 10 

Leave of Absence 
  

	10.1	 Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer for any
reason to take a paid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the Annual Deferral Amount shall continue to be withheld during such paid leave of absence in
accordance with Section 3.4. 

  

	10.2	 Unpaid Leave of Absence. If a Participant is authorized by the Participant’s Employer for
any reason to take an unpaid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the Participant shall be excused from making deferrals until the earlier of the date the
leave of absence expires or the Participant returns to a paid employment status. Upon such expiration or return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the deferral
election, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be withheld. 

ARTICLE 11 

Termination, Amendment or Modification 
  

	11.1	 Termination. Although the Company anticipates that it will continue the Plan for an indefinite
period of time, there is no guarantee that the Company will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, the Company reserves the right to discontinue its sponsorship of the Plan and/or to terminate the
Plan at any time with respect to any or all of its or any Employer’s participating Employees, Directors and Trustees, by action of the Compensation Committee. Upon the termination of the Plan with respect to an Employer, the Plan Agreements of
the affected Participants who are employed by the Employer, or in the service of the Employer as Directors or Trustees, shall terminate and their Account Balances, determined as if they had experienced a Termination of Employment on the date of Plan
termination or, if Plan termination occurs after the date upon which a Participant was eligible to Retire, then with respect to that Participant as if he or she had Retired on the date of Plan termination, shall be paid to the Participants in
accordance with their distribution elections in effect at the time of the Plan termination; provided that, if the Participant requests and the Plan Committee, in its sole discretion, permits, payment may be made as soon as practicable following Plan
termination in a lump sum. The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to the payment of any benefits under the Plan as of the date of termination. 

  
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	11.2	 Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the
action of the Compensation Committee; provided, however, that no amendment or modification shall be effective to decrease or restrict the value of a Participant’s Account Balance in existence at the time the amendment or modification is made,
calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the
Participant had Retired as of the effective date of the amendment or modification. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the
date of the amendment or modification; provided, however, that the Company shall have the right to accelerate installment payments by paying the Account Balance in a lump sum or pursuant to a Yearly Installment Method using fewer years (provided
that the present value of all payments that will have been received by a Participant at any given point of time under the different payment schedule shall equal or exceed the present value of all payments that would have been received at that point
in time under the original payment schedule). 

  

	11.3	 Plan Agreement. Despite the provisions of Sections 11.1 and 11.2 above, if a Participant’s
Plan Agreement contains benefits or limitations that are not in this Plan document, the Company may only amend or terminate such provisions with the consent of the Participant. 

 

	11.4	 Effect of Payment. The full payment of the applicable benefit under Articles 4, 5, 6, 7 or 8 of
the Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries under this Plan and the Participant’s Plan Agreement shall terminate. 

 

	11.5	 Amendment to Ensure Proper Characterization of the Plan. Notwithstanding the previous Sections of
this Article 11, the Plan may be amended at any time, retroactively if required, if found necessary, in the opinion of the Compensation Committee, in order to ensure that the Plan is characterized as a non-tax-qualified “top hat” plan of deferred compensation maintained for a select group of management or highly compensated employees, as described under ERISA sections 201(2), 301(a)(3) and
401(a)(1), to ensure that amounts under the Plan are not considered to be taxed to a Participant under the federal income tax laws prior to the Participant’s receipt of the amounts and to conform the Plan and the Trust to the provisions and
requirements of any applicable law (including ERISA and the Code). 

  
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 ARTICLE 12 

Administration 
  

	12.1	 Plan Committee Duties. This Plan shall be administered by a committee which
initially shall be the Plan Committee, or such committee as the Compensation Committee shall designate or appoint from time to time. Members of the Plan Committee may be Participants under this Plan. The Plan Committee shall also have the discretion
and authority to (i) interpret and enforce all appropriate rules and regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan.
Any individual serving on the Plan Committee who is a Participant shall not vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Plan Committee shall be entitled to rely on information
furnished by a Participant or the Company. 

  

	12.2	 Agents. In the administration of this Plan, the Plan Committee may, from time to
time, 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 Employer. 

 

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

  

	12.4	 Indemnity of Committees. The Employer shall indemnify and hold harmless the members of the
Plan Committee and Compensation Committee, and any Employee to whom the duties of the Plan Committee or Compensation Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure
to act with respect to this Plan, except in the case of willful misconduct by the Plan Committee or Compensation Committee or any of its members or any such Employee. This indemnification shall be in addition to, and not in limitation of, any other
indemnification protections of the Plan Committee or Compensation Committee. 

  

	12.5	 Employer Information. To enable the Plan Committee to perform its functions, each
Employer shall supply full and timely information to the Plan Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its
Participants, and such other pertinent information as the Plan Committee may reasonably require. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

 ARTICLE 13 

Other Benefits and Agreements 
  

	13.1	 Coordination with Other Benefits. The benefits provided for a Participant or a Participant’s
Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any
other such plan or program except as may otherwise be expressly provided. 

 ARTICLE 14 

Claims Procedures 
  

	14.1	 Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant
or Beneficiary being referred to below as a “Claimant”) may deliver to the Plan Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents
of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred and eighty (180) days of the date on which the event that
caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 

  

	14.2	 Notification of Decision. The Plan Committee shall consider a Claimant’s claim within a
reasonable time, and shall notify the Claimant in writing: 

  

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

  

	 	(b)	 that the Plan Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s
requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 

  

	 	(i)	 the specific reason(s) for the denial of the claim, or any part of it; 

 

	 	(ii)	 specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

  

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

  

	 	(iv)	 an explanation of the claim review procedure set forth in Section 14.3 below. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

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

  

	 	(a)	 may review pertinent documents; 

 

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

 

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

 

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

 

	 	(a)	 specific reasons for the decision; 

 

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

  

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

 

	14.5	 Legal Action. A Claimant’s compliance with the foregoing provisions of this Article 14 is a
mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan. 

ARTICLE 15 
 Trust

  

	15.1	 Establishment of the Trust. The Company has established the Trust, and the Employer intends, but
is not required, to transfer over to the Trust at least annually such assets as the Employer determines, in its sole discretion, are necessary to provide, on a present value basis, for its respective future liabilities created with respect to the
Annual Deferral Amounts, Annual Company Contribution Amounts, and Annual Company Matching Amounts for the Employer’s Participants for all periods prior to the transfer, as well as any debits and credits to the Participants’ Account
Balances for all periods prior to the transfer, taking into consideration the value of the assets in the Trust at the time of the transfer. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	15.2	 Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan Agreement
shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. The
Employer shall at all times remain liable to carry out its obligations under the Plan. 

  

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

ARTICLE 16 

Miscellaneous 
  

	16.1	 Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of
Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA
Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 

  

	16.2	 Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns
shall have no legal or equitable rights, interests or claims in any property or assets of the Employer. For purposes of the payment of benefits under this Plan, any and all of the Employer’s assets shall be, and remain, the general, unpledged
unrestricted assets of the Employer. The Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

 

	16.3	 Employer’s Liability. The Employer’s liability for the payment of benefits shall be
defined only by the Plan and the Plan Agreement, as entered into between the Employer and a Participant. The Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Plan Agreement.

  

	16.4	 Nonassignability. Neither a Participant nor any other person shall have any right to commute,
sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are
expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	
the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any
other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. 

  

	16.5	 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to
constitute a contract of employment between the Employer and the Participant. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or
without cause, and with or without notice, unless expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Employer, either as an Employee, a
Director or a Trustee, or to interfere with the right of the Employer to discipline or discharge the Participant at any time. 

  

	16.6	 Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Plan
Committee by furnishing any and all information requested by the Plan Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited
to taking such physical examinations as the Plan Committee may deem necessary. 

  

	16.7	 Terms. Whenever any words are used herein in the masculine, they shall be construed as though
they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all
cases where they would so apply. 

  

	16.8	 Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience
only and shall not control or affect the meaning or construction of any of its provisions. 

  

	16.9	 Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted
according to the internal laws of Massachusetts without regard to its conflicts of laws principles. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	16.10	 Notice. Any notice or filing required or permitted to be given to the Plan Committee under this
Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

Senior Vice President, Human Resources 

Eastern Bank 
 195 Market Street,
Fifth Floor 
 Lynn, Massachusetts 01901 

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 a Participant under this Plan shall
be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	16.11	 Successors. The provisions of this Plan shall bind and inure to the benefit of the
Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated Beneficiaries. 

  

	16.12	 Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who
has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate
succession. 

  

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

 

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

 

	16.15	 Court Order. The Plan Committee is authorized to make any payments directed by court order in any
action in which the Plan or the Plan Committee has been named as a party. In addition, if a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a
property settlement or otherwise, the Plan Committee, in its sole discretion, shall have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the
Participant’s benefits under the Plan to that spouse or former spouse. 

  
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 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	16.16	  Distribution in the Event of Taxation.  

 

	 	(a)	 In General. If, for any reason, all or any portion of a Participant’s benefits under this
Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Plan Committee, for a distribution of that portion of his or her benefit that has become taxable. Upon the grant of such a petition, which grant shall not be
unreasonably withheld (and, after a Change in Control, shall be granted), a Participant’s Employer shall distribute to the Participant immediately available funds in an amount equal to the taxable portion of his or her benefit (which amount
shall not exceed a Participant’s unpaid Account Balance under the Plan). If the petition is granted, the tax liability distribution shall be made within ninety (90) days of the date when the Participant’s petition is granted. Such a
distribution shall affect and reduce the benefits to be paid under this Plan. 

  

	 	(b)	 Trust. If the Trust terminates in accordance with the provisions of the Trust and benefits are
distributed from the Trust to a Participant in accordance with such provisions, the Participant’s benefits under this Plan shall be reduced to the extent of such distributions. 

 

	16.17	 Insurance. The Employer, on its own behalf or on behalf of the trustee of the Trust, and, in its
sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as the Trust may choose. The Employer or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of
any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Employer shall submit to medical examinations and supply such information and execute such documents as may be required
by the insurance company or companies to whom the Employer has applied for insurance. 

  

	16.18	 Legal Fees To Enforce Rights After Change in Control. The Company and the Employer is aware that
upon the occurrence of a Change in Control, the Board or the board of directors (or the board of trustees) of a Participant’s Employer (which might then be composed of new members) or a shareholder of the Company or the Participant’s
Employer, or of any successor corporation might then cause or attempt to cause the Company, the Participant’s Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or
the Participant’s Employer to institute, or may institute, litigation seeking to deny Participants the benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly,

  
 -32- 

 EASTERN BANK 

MASTER PLAN DOCUMENT continued ... 

 

	 	
if, following a Change in Control, it should appear to any Participant that the Company, the Participant’s Employer or any successor corporation has failed to comply with any of its
obligations under the Plan or any agreement thereunder or, if the Company, the Employer or any other person takes any action to declare the Plan void or unenforceable or institutes any litigation or other legal action which, if successful, would
have the effect of denying, diminishing or enabling the Company or Employer to recover from any Participant the benefits intended to be provided, then (subject to the proviso immediately below) the Company and the Participant’s Employer
irrevocably authorize such Participant to retain counsel of his or her choice at the expense of the Company and the Participant’s Employer (who shall be jointly and severally liable) to represent such Participant in connection with the
initiation or defense of any litigation or other legal action, whether by or against the Company, the Participant’s Employer or any Director, Trustee, officer, shareholder or other person affiliated with the Company, the Participant’s
Employer or any successor thereto in any jurisdiction. The preceding notwithstanding, such authorization to retain counsel at the expense of the Company and the Participant’s Employer shall be contingent upon the Participant securing the prior
approval of such action by a majority of the members of the Compensation Committee, as constituted immediately prior to the Change in Control. 

IN WITNESS WHEREOF, the Company has signed this Plan document as of January 1, 2002. 

 

							
	 “Company”
 Eastern Bank, a
Massachusetts business organization
	 		 	By:	 	

				
		 		 	Title:	 	 Secretary to the Comp Comm
 SVP, Human Resources
Director

  
 -33- 

 AMENDMENT 

EASTERN BANK DEFERRED COMPENSATION PLAN 

Eastern Bank (the “Bank”) adopted The Eastern Bank Deferred Compensation Plan (the “Plan”) to benefit designated
employees, directors, and trustees designated by the Compensation Committee of the Bank. 
 The Plan is administered with the assistance of
an independent third party, which has developed procedures of telephonic communication and “paperless” communication through a dedicated WebSite. Many of the provisions of the Plan which provide for executed written forms are, accordingly,
inconsistent with the Plan’s present administration. This amendment is adopted to clarify that such telephonic and “paperless” communication with the third party administrator is consistent with the terms of the Plan. 

The following Section 12.6 is added to the Plan to read as follows: 
  

	“12.6	 Telephonic and “Paperless” Transactions. 

Notwithstanding any provision in the Plan to the contrary, a Participant shall not be required to file written election, application or other
forms if he (or she) utilizes web or telephone based communications made available through a third party administrator approved by the Committee.” 

This Amendment was authorized on the 13th day of February, 2004. 

 

			
	Eastern Bank Compensation Committee
		
	By:	 	

 AMENDMENT 

EASTERN BANK DEFERRED COMPENSATION PLAN 

Whereas, Eastern Bank (the “Bank”) adopted The Eastern Bank Deferred Compensation Plan (the “Plan”) to benefit employees,
directors, and trustees designated by the Compensation Committee of the Bank; and 
 Whereas, the Compensation Committee has appointed three
senior executives, who are also Plan Participants, to serve as members of the Plan Committee which administers the Plan; and 
 Whereas, on
October 24, 2003, the Compensation Committee voted that, in addition to the protections against conflict of interest provided in Section 12.1 of the Plan, that the Plan be further amended so that the Compensation Committee should make any and all
determinations related to Plan benefits of a participant who is a member of the Plan Committee; 
 Now therefore, this amendment to the Plan
is adopted effective as of October 24, 2003. 
  

	1/	 The following Paragraph is added to Section 12.1, to read as follows: 

 

	 	“12.1	 The Compensation Committee, rather than the Plan Committee, shall make all decisions related to applications
under the Plan by or with respect to a participant who is also a member of the Plan Committee (a “Committee Participant”). Any decision under the Plan which relates solely to a Committee Participant, such as a proceeding under the Claims
Review provisions of Article 14, shall also be made by the Compensation Committee, and not by the Plan Committee. 

  

	2/	 The following Section 14.6 is added to Article 14 to read as follows: 

 

	 	“14.6	 Matters Involving Committee Participants. In any Claim related to the benefits accrued by a
Committee Participant, the Compensation Committee (or one or more appointees of the Compensation Committee) shall serve in lieu of the Plan Committee.” 

This Amendment is executed pursuant to authorization on the 24th day of October, 2003.

  

			
	Eastern Bank Compensation Committee
		
	By:

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