Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

COLONIAL FEDERAL SAVINGS BANK 

EMPLOYMENT AGREEMENT 
 THIS
AGREEMENT (the “Agreement”), made effective as of the 1st day of July, 2021, by and between COLONIAL FEDERAL SAVINGS BANK, a federally chartered savings bank (the “Bank”), and
Susan J. Shea (“Executive”) constitutes an amendment and restatement of the employment agreement previously entered into by and between the Bank and Executive. As used in this Agreement, the term “Company” shall refer to any
holding company of the Bank and any successor to a holding company of the Bank. 
 WHEREAS, Executive serves in a position of substantial
responsibility, and 
 WHEREAS, the Bank wishes to assure Executive’s continued services for the term of this Agreement; and 

WHEREAS, Executive is willing to serve in the employ of the Bank during the term of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in
this Agreement, the parties hereby agree as follows: 
 1.    Employment. The Bank will employ Executive as Chief
Operating Officer and Treasurer. Executive will perform all duties and shall have all powers commonly incident to her position, or which, consistent with her position, the Board of Directors of the Bank (the “Board”) delegates to
Executive. Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Bank and to carry out the duties and responsibilities reasonably appropriate to those offices. 

2.    Location and Facilities. The Bank will furnish Executive with the working facilities and staff customary for
executive officers with the titles and duties set forth in Section 1 and as are necessary for her to perform her duties. The location of such facilities and staff shall be at the principal administrative offices of the Bank, or at such other
site or sites customary for such offices. 
 3.     Term. 

 

	 	a.	 The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the
date of this Agreement (the “Effective Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3. 

 

	 	b.	 Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective
Date thereafter (each, an “Anniversary Date”), the disinterested members of the Board may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes
thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 17 of this Agreement. The Board will review the Agreement
and Executive’s performance annually for purposes of determining whether to extend the Agreement term and will include 

	 	
the rationale and results of its review in the minutes of its meeting. The Board will notify Executive as soon as possible after its annual review whether it has determined to extend the
Agreement. 

  

	 	c.	 Notwithstanding the foregoing, in the event the Company or the Bank has entered into an agreement to effect a
transaction that would be considered a Change in Control, as defined below, then the term of this Agreement shall be extended and shall terminate no sooner than 24 months following the date on which the Change in Control occurs.

 4.     Base Compensation. 

 

	 	a.	 For her services as Chief Operating Officer and Treasurer, the Bank agrees to pay Executive an annual base
salary at the rate of $203,900.00 per year, payable in accordance with customary payroll practices. 

  

	 	b.	 During the term of this Agreement, the Board will review the level of Executive’s base salary at least
annually, based upon factors deemed relevant, in order to determine Executive’s base salary through the remaining term of the Agreement. 

5.    Bonuses. Executive will participate in discretionary bonuses or other incentive compensation programs that
the Bank may sponsor for or award from time to time to senior management employees. 
 6.    Benefit Plans.
Executive will participate in life insurance, medical, dental, pension, profit sharing, retirement and other programs and arrangements that the Bank may sponsor or maintain for the benefit of its employees. 

7.     Vacations and Leave. 
  

	 	a.	 Executive may take vacations and other leave in accordance with the Bank’s policy for senior executives,
or otherwise as approved by the Board. 

  

	 	b.	 In addition to paid vacations and other leave, the Board may grant Executive a leave or leaves of absence, with
or without pay, at such time or times and upon such terms and conditions as the Board, in its discretion, may determine. 

8.    Expense Payments and Reimbursements. The Bank will reimburse Executive for all reasonable out-of-pocket business expenses incurred in connection with her services under this Agreement upon substantiation of such expenses in accordance with applicable policies of
the Bank. Notwithstanding anything to the contrary herein, such reimbursements shall be made no later than the end of the calendar year immediately following the calendar year in which the expense was incurred. 

9.     Loyalty and Confidentiality. 
  

	 	a.	 During the term of this Agreement, Executive will devote all her business time, attention, skill, and efforts
to the faithful performance of her duties under this Agreement; provided, however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or

  
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organizations that will not present any conflict of interest with the Bank or any of its subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this
Agreement, or violate any applicable statute or regulation. Executive will not engage in any business or activity contrary to the business affairs or interests of the Bank or any of its subsidiaries or affiliates. 

 

	 	b.	 Nothing contained in this Agreement will prevent or limit Executive’s right to invest in the capital stock
or other securities or interests of any business dissimilar from that of the Bank, or, solely as a passive, minority investor, in any business. 

  

	 	c.	 Executive agrees to maintain the confidentiality of any and all information concerning the operations or
financial status of the Bank; the names or addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Bank or its subsidiaries or affiliates
to which she may be exposed during the course of her employment. Executive further agrees that, unless required by law or specifically permitted by the Board in writing, she will not disclose to any person or entity, either during or subsequent to
her employment, any of the above-mentioned information which is not generally known to the public, nor will she use the information in any way other than for the benefit of the Bank. 

10.     Termination and Termination Pay. Subject to Section 11 of this Agreement, Executive’s employment
under this Agreement may be terminated in the following circumstances: 
  

	 	a.	 Death. Executive’s employment under this Agreement will terminate upon her death during the term of
this Agreement, in which event Executive’s estate will receive the compensation due to Executive through the last day of the calendar month in which her death occurred. 

 

	 	b.	 Retirement. This Agreement will terminate upon Executive’s retirement under the retirement benefit
plan or plans in which she participates pursuant to Section 6 of this Agreement or otherwise. 

  

	 	c.	 Disability. 

  

	 	i.	 The Board or Executive may terminate Executive’s employment after having determined Executive has a
Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to substantially perform her duties under this Agreement and results in Executive becoming eligible for
long term disability benefits under any long-term disability plans of the Bank (or, if no such plans exist, that impairs Executive’s ability to substantially perform her duties under this Agreement for a period of one hundred eighty
(180) consecutive days). The Board will determine whether or not Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably
believes to be relevant. As a condition to any benefits, the Board may require Executive to submit to physical or mental evaluations and tests as the Board or its medical experts deem reasonably appropriate. 

  
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	 	ii.	 In the event of her Disability, Executive will no longer be obligated to perform services under this Agreement.
The Bank will pay Executive, as Disability pay, an amount equal to one hundred percent (100%) of Executive’s rate of base salary in effect as of the date of her termination of employment due to Disability. The Bank will make Disability payments
on a monthly basis commencing on the first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date she returns to full-time employment at the Bank
in the same capacity as she was employed prior to her termination for Disability; (B) her death; (C) her attainment of age 65 or (D) the date this Agreement would have expired had Executive’s employment not terminated by reason
of Disability. Notwithstanding the foregoing, for purposes of Executive’s receipt of benefits under this Section 10.c.ii. hereof, Executive’s Disability must conform to the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”). The Bank will reduce Disability payments by the amount of any short- or long-term disability benefits payable to Executive under any other disability programs sponsored by the Bank. In addition, during
any period of Executive’s Disability, the Bank will continue to provide Executive and her dependents, to the greatest extent possible, with continued coverage under all benefit plans (including, without limitation, retirement plans and medical,
dental and life insurance plans) in which Executive and/or her dependents participated prior to her Disability on the same terms as if she remained actively employed by the Bank. 

 

	 	d.	 Termination for Cause. 

 

	 	i.	 The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately
terminate her employment at any time for “Cause.” Executive shall have no right to receive compensation or other benefits for any period after termination for Cause, except for already vested benefits. Termination for Cause shall mean
termination because of Executive’s: 

  

	 	(1)	 Personal dishonesty; 

 

	 	(2)	 Incompetence; 

  

	 	(3)	 Willful misconduct; 

  

	 	(4)	 Breach of fiduciary duty involving personal profit; 

 

	 	(5)	 Intentional failure to perform stated duties; 

 

	 	(6)	 Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; or 

  

	 	(7)	 Material breach of any provision of this Agreement. 

 

	 	ii.	 Notwithstanding the foregoing, Executive’s termination for Cause will not become effective unless the Bank
has delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board, at a meeting of the Board called and held for the purpose of finding that (after reasonable notice to
Executive and an opportunity for Executive to be heard before the Board with counsel) Executive was guilty of the conduct described above and specifying the particulars of this conduct. 

  
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	 	e.	 Voluntary Termination by Executive. In addition to her other rights to terminate under this Agreement,
Executive may voluntarily terminate employment during the term of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon Executive’s voluntary termination, she will receive only her compensation and vested
rights and benefits through the date of her termination. Following her voluntary termination of employment under this Section 10(e), Executive will be subject to the restrictions set forth in Section 10(g) of this Agreement for a period of
one (1) year from her termination date. 

  

	 	f.	 Without Cause or With Good Reason. 

 

	 	i.	 In addition to termination pursuant to Sections 10(a) through 10(e), the Board may, by written notice to
Executive, immediately terminate her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety
(90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). 

  

	 	ii.	 Subject to Section 11 of this Agreement, in the event of termination under this Section 10(f),
Executive will receive her base salary as of her termination date for the remaining term of the Agreement, with such amount paid in one lump sum within ten (10) calendar days of her termination. Executive will also continue to participate in
any benefit plans of the Bank that provide medical, dental and life insurance coverage for the remaining term of the Agreement, under terms and conditions no less favorable than the most favorable terms and conditions provided to senior executives
of the Bank during the same period. If the Bank cannot provide such coverage for the remaining term of the Agreement because Executive is no longer an employee or because providing such coverage would result in excise taxes or penalties to the Bank,
the Bank will provide Executive with comparable coverage on an individual policy basis or shall provide the cash equivalent. 

  

	 	iii.	 “Good Reason” exists if, without Executive’s express written consent, the Bank materially
breaches any of its obligations under this Agreement. Without limitation, such a material breach will occur upon any of the following: 

  

	 	(1)	 A material reduction in Executive’s responsibilities or authority in connection with her employment with
the Bank (other than a reduction resulting from the change in Executive’s position described in Section 1 of this Agreement); 

  

	 	(2)	 Assignment to Executive of duties of a non-executive nature or duties
for which she is not reasonably equipped by her skills and experience (excluding any change in duties resulting from the change in Executive’s position described in Section 1 of this Agreement); 

  
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	 	(3)	 Failure of Executive to be nominated or renominated to the Board to the extent Executive is a Board member
prior to the Effective Date; 

  

	 	(4)	 A reduction in salary or benefits contrary to the terms of this Agreement (other than a reduction resulting
from the change in Executive’s position described in Sections 1 and 4 of this Agreement), or, following a Change in Control as defined in Section 11 of this Agreement, any reduction in salary or material reduction in benefits below the
amounts Executive was entitled to receive prior to the Change in Control; 

  

	 	(5)	 Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s
participation, that is not applicable to other similarly situated participants and to such an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date; 

 

	 	(6)	 A requirement that Executive relocate her principal business office or her principal place of residence outside
of the area consisting of a thirty-five (35) mile radius from the current main office and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

 

	 	(7)	 Liquidation or dissolution of the Bank. 

Upon the occurrence of any of the above, Executive can terminate for Good Reason and receive a payment under Section 10.f.ii, subject to
the following. Prior to any termination of employment for Good Reason, Executive must first follow a “Good Reason Process” by providing to the Board a written a notice of termination for Good Reason within ninety (90) days following
the initial existence of the Good Reason condition, describing with particularity the existence of such condition. The Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Board receives the
written notice from Executive, but may waive its right to cure and permit the Executive to terminate prior to the end of the thirty (30) day period. If the Bank remedies the condition within such thirty (30) day cure period, then Good
Reason shall not be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive shall be entitled to terminate employment and receive the payments and
benefits set forth in Section 10.f.ii. 
  

	 	iv.	 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more
benefit plans, programs or arrangements maintained by the Bank as part of a good faith, overall reduction or elimination of such plans or benefits, applicable to all participants in a manner that does not discriminate against Executive (except as
such 

  
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discrimination may be necessary to comply with law), will not constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the same type or to the same
general extent as those offered under such plans prior to the reduction or elimination are not available to other officers of the Bank or any affiliate under a plan or plans in or under which Executive is not entitled to participate.

  

	 	g.	 Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the
contrary, following a termination by the Bank or Executive pursuant to Section 10(e) or 10(f): 

  

	 	i.	 Executive’s obligations under Section 9(c) of this Agreement will continue in effect; and

  

	 	ii.	 During the period ending on the first anniversary of such termination, Executive will not serve as an officer,
director or employee of any bank holding company, bank, savings association, savings and loan holding company, mortgage company or other financial institution that offers products, or services competing with those offered by the Bank from any office
within thirty-five (35) miles from the main office or any branch of the Bank and, further, Executive will not interfere with the relationship of the Bank, its subsidiaries or affiliates and any of their employees, agents, or representatives;
provided, however, this Section 10.g.ii. shall not apply following a Change in Control of the Bank or the Company. 

  

	 	h.	 To the extent Executive is a member of the Board on the date of termination of employment with the Bank,
Executive will resign from the Board immediately following such termination of employment with the Bank. Executive will be obligated to tender this resignation regardless of the method or manner of termination, and such resignation will not be
conditioned upon any event or payment. 

 11.     Termination in Connection with a Change in
Control. 
  

	 	a.	 For purposes of this Agreement, the term “Change in Control” means: (i) a change in the
ownership of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial portion of the assets of the Corporation as defined in accordance with Code Section 409A. For
purposes of this Section 11.a., the term “Corporation” is defined to include the Bank, the Company or any of their successors, as applicable. 

 

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

  

	 	ii.	 A change in the effective control of the Corporation occurs on the date that either (A) any one person, or
more than one person acting as a group (as 

  
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defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) ownership of stock of the Corporation possessing 30 percent or more of the total voting power of the stock of the Corporation, or (B) a majority of the members of the
board(s) of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the board(s) of directors prior to the date of the
appointment or election, provided that this subsection “(B)” is inapplicable where a majority stockholder of the Corporation is another corporation. 

  

	 	iii.	 A change in a substantial portion of the Corporation’s assets occurs on the date that any one person or
more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (A) all of the assets of the
Corporation, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets. 

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

Notwithstanding anything herein to the contrary, a Change in Control will not be deemed to have occurred for purposes of this Agreement in
connection with the Bank’s mutual holding company reorganization and/or minority stock offering of the Company. Similarly, a Change in Control for purposes of this Agreement will not be deemed to have occurred in the event of a second-step
conversion of the Bank’s mutual holding company from mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company. 

 

	 	i.	 There occurs a “Change in Control” of the Bank, as defined or determined by either the Bank’s
primary federal regulator or under regulations promulgated by such regulator; 

  

	 	ii.	 As a result of, or in connection with, any merger or other business combination, sale of assets or contested
election, the persons who were non-employee directors of the Bank before such transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank;

  

	 	iii.	 The Bank transfers all or substantially all of its assets to another corporation or entity which is not an
affiliate of the Bank; 

  

	 	iv.	 The Bank is merged or consolidated with another corporation or entity and, as a result of such merger or
consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank; or 

  
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	 	v.	 The Bank sells or transfers more than a fifty percent (50%) equity interest in the Bank to another person or
entity which is not an affiliate of the Bank, excluding a sale or transfer to a person or persons who are employed by the Bank. 

Notwithstanding anything in this Agreement to the contrary, in no event shall the conversion of the Bank from mutual to stock form (including,
without limitation, through the formation of a stock holding company) or the reorganization of the Bank into the mutual holding company form of organization constitute a Change in Control for purposes of this Agreement. 

 

	 	b.	 Termination. If within the period ending two (2) years after a Change in Control, (i) the Bank
terminates Executive’s employment without Cause, or (ii) Executive voluntarily terminates her employment with Good Reason (after following the Good Reason Process set forth in Section 10.f.iii. above), the Bank will, within ten
calendar days of the termination of Executive’s employment, make a lump sum cash payment to her equal to three times the average amount reported in Box 5 on Executive’s Forms W-2, plus
(i) Executive’s share of non-taxable premiums paid for medical and dental insurance and (ii) deductions taken to from Executive’s compensation to fund Executive’s Flexible Spending
Account, for the five calendar year preceding the year of Executive’s termination of employment or preceding the year in which the Change in Control occurs, whichever is greater. The cash payment made under this Section 11(b) shall be made
in lieu of any payment also required under Section 10(f) of this Agreement because of Executive’s termination of employment; however, Executive’s rights under Section 10(f) are not otherwise affected by this Section 11.
Following termination of employment, executive will also continue to participate in any benefit plans of the Bank that provide medical, dental and life insurance coverage upon terms no less favorable than the most favorable terms (including
cost-sharing arrangements) provided to senior executives. If the Bank cannot provide such coverage because Executive is no longer an employee or providing such coverage would result in excise taxes or penalties to the Bank, the Bank will provide
Executive with comparable coverage on an individual basis or the cash equivalent. The medical, dental and life insurance coverage provided under this Section 11(b) shall cease upon the earlier of: (i) Executive’s death;
(ii) Executive’s employment by another employer other than one of which she is the majority owner; or (iii) thirty-six (36) months after her termination of employment.

  

	 	c.	 The provisions of Section 11 and Sections 13 through 24, including the defined terms used in such
sections, shall continue in effect until the later of the expiration of this Agreement or two years following a Change in Control. 

12.    Indemnification and Liability Insurance. 

 

	 	a.	 Indemnification. The Bank agrees to indemnify Executive (and her heirs, executors, and administrators),
and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and regulations 

  
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against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which she may be involved by reason of her
service as an officer or director of the Bank or any of its subsidiaries or affiliates (whether or not she continues to be an officer or director at the time of incurring any such expenses or liabilities). Covered expenses and liabilities include,
but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in her capacity as an officer or director of the Bank or any of
its subsidiaries. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 12(a) to the contrary, the Bank will not be required to provide
indemnification prohibited by applicable law or regulation. The obligations of this Section 12(a) will survive the term of this Agreement by a period of six (6) years. 

 

	 	b.	 Insurance. During the period for which the Bank must indemnify Executive, the Bank will provide
Executive (and her heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the Bank’s expense, that is at least equivalent to the coverage provided to directors and senior executives of
the Bank. 

 13.    Reimbursement of Executive’s Expenses to Enforce this Agreement. The
Bank will reimburse Executive for all out-of-pocket expenses, including without limitation, reasonable attorneys’ fees, incurred by Executive in connection with her
successful enforcement of the Bank’s obligations under this Agreement. Successful enforcement means the grant of an award of money or the requirement that the Bank take some specified action: (i) as a result of court order; or
(ii) otherwise following an initial failure of the Bank to pay money or take action promptly following receipt of a written demand from Executive stating the reason that the Bank must make payment or take action under this Agreement. 

14.    Injunctive Relief. Upon a breach or threatened breach of Section 10(g) of this Agreement or the
prohibitions upon disclosure contained in Section 9(c) of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and the Bank shall be entitled to injunctive relief restraining Executive from such breach or
threatened breach, but such relief shall not be the exclusive remedy for a breach of this Agreement. The parties further agree that Executive, without limitation, may seek injunctive relief to enforce the obligations of the Bank under this
Agreement. 
 15.     Successors and Assigns. 

 

	 	a.	 This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank
which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank. 

  

	 	b.	 Since the Bank is contracting for the unique and personal skills of Executive, Executive shall not assign or
delegate her rights or duties under this Agreement without first obtaining the written consent of the Bank. 

  
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 16.    No Mitigation. Executive shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment. 

17.    Notices. All notices, requests, demands and other communications in connection with this Agreement shall be
made in writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Bank at its principal
business office and to Executive at her home address as maintained in the records of the Bank. 
 18.    No Plan
Created by this Agreement. Executive and the Bank expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for
purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) or any other law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or
process that an ERISA plan was created by this Agreement shall be deemed a material breach of this Agreement by the party making the assertion. 

19.    Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed
by all of the parties, except as herein otherwise specifically provided. 
 20.     Applicable Law. Except to the
extent preempted by federal law, the laws of the Commonwealth of Massachusetts shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 

21.    Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any one provision shall not affect the validity or enforceability of the other provisions of this Agreement. 

22.    Headings. Headings contained in this Agreement arc for convenience of reference only. 

23.    Entire Agreement. This Agreement, together with any modifications subsequently agreed to in writing by the
parties, shall constitute the entire agreement among the parties with respect to the foregoing subject matter, other than written agreements applicable to specific plans, programs or arrangements described in Sections 5 and 6. 

24.    Other Provisions. In the event any of the foregoing provisions of this Agreement conflict with the terms of
this Section 24, this Section 24 shall prevail. 
  

	 	a.	 The Bank’s Board of Directors may terminate Executive’s employment at any time, but any termination
by the Bank, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after
termination for Cause as defined in Section 10(d) of this Agreement. 

  
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	 	b.	 Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon
their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date
first set forth above. 
  

					
	ATTEST:	  	COLONIAL FEDERAL SAVINGS BANK
			
	 /s/ William R. Esselstyn
	  	By:	 	 /s/ Michael E. McFarland

	Witness	  		 	For the Entire Board of Directors

					
		
	WITNESS:	  	EXECUTIVE
			
	 /s/ Mary E. Kuropatkin
	  	By:	 	 /s/ Susan J. Shea

		  		 	Susan J. Shea

  
 13EX-10.3

 Exhibit 10.3 

COLONIAL FEDERAL SAVINGS BANK 

TWO-YEAR CHANGE IN CONTROL AGREEMENT 

This AGREEMENT (“Agreement”) is hereby entered into effective as of the
1st day of July, 2021, by and between COLONIAL FEDERAL SAVINGS BANK (the “Bank”), a federally chartered savings bank, and Kemal A. Denizkurt (“Executive”).
Following a Change in Control (as defined below), the term “Bank” shall refer to any successor to the Bank. As used in this Agreement, the term “Company” shall refer to any holding company of the Bank and any successor to a
holding company of the Bank. 
 WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to
protect Executive’s position with the Bank in the event of a Change in Control of the Bank for the period provided for in this Agreement; and 

WHEREAS, Executive and the Board of Directors of the Bank desire to enter into an agreement setting forth the terms and conditions of
payments to Executive in the event of a Change in Control and the related rights and obligations of the parties. 
 NOW, THEREFORE,
in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
 1. Term of Agreement. 

a. The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the
“Effective Date”) and ending on the second anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 1. 

b. Prior to the first anniversary of the Effective Date and each succeeding anniversary of the Effective Date (each an “Anniversary
Date”), the Board of Directors of the Bank (the “Board of Directors”) may extend the term of this Agreement for an additional one (1) year period beyond the then effective expiration date, provided that Executive shall not have
given at least sixty (60) days’ written notice of Executive’s desire that the term not be extended. Notwithstanding anything herein to the contrary, if this Agreement is in effect on the effective date of the Change in Control, the
term of this Agreement shall renew and shall expire on the second anniversary of the Change in Control effective date. 
 c. Notwithstanding
the foregoing, in the event the Company or the Bank has entered into an agreement to effect a transaction that would be considered a Change in Control, as defined below, then the term of this Agreement shall be extended and shall terminate no sooner
than 24 months following the date on which the Change in Control occurs. 
 d. Notwithstanding anything in this Section to the contrary, this
Agreement shall terminate if Executive or the Bank terminates Executive’s employment prior to a Change in Control. 

 2. Change in Control. 

a. Upon the occurrence of a Change in Control of the Bank followed at any time during the term of this Agreement by the termination of
Executive’s employment in accordance with the terms of this Agreement, other than for Cause, as defined in Section 2c., of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in
Control, Executive shall have the right to elect to voluntarily terminate employment at any time during the term of this Agreement following an event constituting “Good Reason.” 

“Good Reason” means, unless Executive has consented in writing thereto, the occurrence following a Change in Control, of any of the following: 

 

	 	i.	 the assignment to Executive of any duties materially inconsistent with Executive’s position, including any
material diminution in status, title, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Bank reasonably promptly after receipt of
notice from Executive; 

  

	 	ii.	 a material reduction of Executive’s base salary in effect immediately prior to the Change in Control;

  

	 	iii.	 the relocation of Executive’s office to a location more than thirty-five (35) miles from its location
as of the date of this Agreement; 

  

	 	iv.	 the taking of any action by the Bank or any of its affiliates or successors that would materially adversely
affect Executive’s overall compensation and benefits package, unless such changes to the compensation and benefits package are made on a non-discriminatory basis and affect substantially all employees; or

  

	 	v.	 the failure of a successor to the Bank to assume in writing the Bank’s obligation to perform this
Agreement in connection with or within thirty (30) days after a reorganization, merger, consolidation, sale or other disposition of assets. 

Upon the occurrence of any of the above, Executive can terminate for Good Reason and receive a payment under Section 3a., subject to the
following. Prior to any termination of employment for Good Reason, Executive must follow a “Good Reason Process” by first providing to the Board a written Notice of Termination for Good Reason within ninety (90) days following the
initial existence of the Good Reason condition, describing with particularity the existence of such condition. The Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Board receives the written
notice from Executive, but may waive its right to cure and permit the Executive to terminate prior to the end of the thirty (30) day period. If the Bank remedies the condition within such thirty (30) day cure period, then Good Reason shall
not be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive shall be entitled to terminate employment and receive the payments and benefits set forth
in Section 3a. 

  
 2 

 b. For purposes of this Agreement, the term “Change in Control” means:
(i) a change in the ownership of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial portion of the assets of the Corporation as defined in accordance with
Code Section 409A. For purposes of this Section 2.b., the term “Corporation” is defined to include the Bank, the Company or any of their successors, as applicable. 

 

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

  

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

  

	 	iii.	 A change in a substantial portion of the Corporation’s assets occurs on the date that any one person or
more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (A) all of the assets of the
Corporation, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets. 

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

Notwithstanding anything herein to the contrary, a Change in Control will not be deemed to have occurred for purposes of this Agreement in
connection with the Bank’s mutual holding company reorganization and/or minority stock offering of the Company. Similarly, a Change in Control for purposes of this Agreement will not be deemed to have occurred in the event of a second-step
conversion of the Bank’s mutual holding company from mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company. 

  
 3 

 c. Executive shall not have the right to receive termination benefits pursuant to
Section 3 hereof upon termination for “Cause”. Termination for Cause shall mean termination of employment because of Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses) or final cease and desist order, or material breach of any provision of this Agreement.
Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire
membership of the Board of Directors at a meeting of the Board of Directors called and held for the purpose of finding that (after reasonable notice to Executive and an opportunity for Executive, together with counsel, to be heard before the Board
of Directors) Executive was guilty of conduct justifying termination for Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause.

 3. Termination Benefits. 
 a.
If Executive voluntarily terminates employment (in accordance with Section 2a. of this Agreement) or is involuntarily terminated within two (2) years of a Change in Control, Executive shall receive: 

 

	 	i.	 a lump sum cash payment equal to two (2) times the amount reported in Box 5 on Executive’s Form W-2, plus (i) Executive’s share of non-taxable premiums paid for medical and dental insurance and (ii) deductions taken to from Executive’s compensation to
fund Executive’s Flexible Spending Account, each for the calendar year preceding the year of Executive’s termination of employment or preceding the year in which the Change in Control occurs, whichever is greater.. Such payment shall be
made not later than ten (10) business days following Executive’s termination of employment. 

  

	 	ii.	 Continued health, medical and life insurance coverage which Executive participated in as of the date of the
Change in Control for a period of twenty-four (24) months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions and under the same cost-sharing arrangements that apply for
active employees of the Bank in effect on the date of Executive’s termination of employment. To the extent that benefits required under this Section 3a., cannot be provided under the terms of such plans because Executive is no longer an
employee or providing such benefits would result in excise taxes or penalties to the Bank, the Bank shall provide Executive with a cash lump sum payment reasonably estimated to be equivalent to the cost to the Bank of providing such benefits under
the Bank’s group plans. 

 b. Notwithstanding the preceding provisions of this Section 3, in no event shall the
aggregate payments or benefits to be made or afforded to Executive under said paragraphs when aggregated with other cash payments or benefits that are contingent (within the meaning set forth in Code Section 280G (b)(2)(a)(i)) on the Change in
Control (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) or any successor thereto, and to avoid such a result,
Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering 

  
 4 

 
Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with said
Section 280G of the Code. The allocation of the reduction required hereby among the Termination Benefits provided by this Section 3 shall be determined by Executive. 

4. Notice of Termination. 
 a. Any
purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

b. “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause,
shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 5. Effect on Prior Agreements and Existing Benefit
Plans. 
 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the
Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject
to receiving fewer benefits than those available to Executive without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to
employ or retain Executive in its employ for any period. 
 6. No Attachment. 

a. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of
no effect. 
 b. This Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and
assigns. 
 7. Modification and Waiver. 

a. This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

b. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any
provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to
the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 

  
 5 

 8. Severability. 

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other
provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall, to the full extent consistent with law, continue in full force and effect. 

9. Headings for Reference Only. 

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine. 

10. Governing Law. 
 Except to the
extent preempted by federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts, without regard to principles of conflicts of law of that state. 

11. Arbitration. 
 Any dispute or
controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of
the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek
specific performance of Executive’s right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

12. Payment of Legal Fees. 
 All
reasonable legal fees and expenses paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment,
arbitration or settlement. All such reimbursements and compensation pursuant to this Section 12 shall be paid promptly and in any event no later than March 15 of the year immediately following the year in which the expense was incurred or
the compensation was earned. 
 13. Indemnification. 

The Bank shall provide Executive (and Executive’s heirs, executors and administrators) with coverage under a standard directors’ and
officers’ liability insurance policy at its expense and shall indemnify Executive (and Executive’s heirs, executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably
incurred in connection with or arising out of any action, suit or proceeding in which Executive may be involved by reason of having been a director or officer of the Bank (whether or not Executive continues to be a director or officer at the time of
incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs, attorneys’ fees and the costs of reasonable settlements. 

  
 6 

 14. Successors to the Bank. 

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to
perform if no such succession or assignment had taken place. 
 15. Other Provisions. In the event any of the foregoing
provisions of this Section 15 are in conflict with the terms of this Agreement, this Section 15 shall prevail. 
  

	 	a.	 The Bank’s Board of Directors may terminate Executive’s employment at any time, but any termination
by the Bank, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after
termination for Cause. 

  

	 	b.	 Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon
their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

16. Separation from Service; Specified Employee under IRC 409A. Notwithstanding any herein to the contrary, no payment shall be made
under Section 3 unless and until Executive has had a “Separation from Service,” as defined in Section Code 409A. For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive
reasonably anticipate that either no further services will be performed by Executive after the date of the termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50% of the
average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted
consistent with Treasury Regulation Section 1.409A-1(h)(ii). In the event Executive is a Specified Employee (as defined herein), then, solely to the extent required to avoid penalties under Code
Section 409A, Executive’s payments under Section 3 shall be delayed until the first day of the seventh month following Executive’s Separation from Service. A “Specified Employee” shall be interpreted to comply with Code
section 409A and shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Bank is or becomes a publicly traded company
or subsidiary of a publicly traded company. 
 [Signature Page Follows] 

  
 7 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first set forth above. 

 

							
	ATTEST:	 	                                    	  	COLONIAL FEDERAL SAVINGS BANK
				
	 /s/ William R. Esselstyn
	 		  	By:	  	 /s/ Michael E. McFarland

	Witness	 		  		  	For the Entire Board of Directors
			
		 		  	EXECUTIVE
			
	 /s/ Susan J. Shea
	 		  	 /s/ Kemal A. Denizkurt

	Witness	 		  	Kemal A. Denizkurt

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