Document:

Exhibit 10.10

 Exhibit 10.10 
 PEOPLES FEDERAL SAVINGS BANK 
 VOLUNTARY DEFERRED COMPENSATION
PLAN 
 FOR DIRECTORS 
 (Effective January 1, 2006) 

 

 

 TABLE OF CONTENTS 
  

			
	 1. Establishment and Purpose of the Plan
	  	1
		
	 2. Administration
	  	1
		
	 3. Eligibility
	  	1
		
	 4. Deferrals of Compensation
	  	1
		
	 5. Accounts under the Plan
	  	1
		
	 6. Deemed Investment of Accounts
	  	2
		
	 7. Change in Investment Directions
	  	2
		
	 8. Crediting of Accounts
	  	2
		
	 9. Status of Investments
	  	2
		
	 10. Vesting
	  	3
		
	 11. Payment of Accounts
	  	3
		
	 12. Unforeseeable Emergency
	  	5
		
	 13. Designation of Beneficiaries
	  	5
		
	 14. Nonalienation
	  	5
		
	 15. Indemnification
	  	5
		
	 16. Severability
	  	6
		
	 17. Waiver
	  	6
		
	 18. Notices
	  	6
		
	 19. Governing Law
	  	6
		
	 20. Construction of Language
	  	6
		
	 21. Amendment or Discontinuance
	  	6

  

 ii 

 VOLUNTARY DEFERRED COMPENSATION PLAN 
 FOR DIRECTORS 
 (Effective January 1, 2006) 
 1. Establishment and Purpose of the Plan. This Voluntary Deferred Compensation Plan for Executives (the
“Plan”) is established to enable the members of the Board of Directors of Peoples Federal Savings Bank (the “Bank”) and its subsidiaries to defer a portion of their compensation that would otherwise be paid to them as employees
and to, instead, receive such amounts at a later date. The Plan is intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and other relevant provisions of the American Jobs
Creation Act of 2004, as amended, and the Treasury Regulations promulgated thereunder. 
 2.
Administration. The Plan shall be administered by the Compensation Committee of the Bank or such other committee appointed either by the Board of Directors of the Bank (the “Board”) or by such Compensation Committee (the
“Committee”). The Committee shall be authorized to interpret the Plan and make decisions regarding any questions arising thereunder, and any such interpretation or decision of the Committee shall, unless overruled or modified by the Board,
be final, conclusive and binding upon all employees of the Bank and its subsidiaries and upon any person claiming benefits or rights under the Plan by or through any such individual. No member of the Committee shall be entitled to act on or decide
any matter relating solely to himself or herself or any of his or her rights or benefits under the Plan. The Committee may, in its discretion, designate a person or persons to carry out such duties or functions as the Committee so determines.
Notwithstanding any provision of the Plan to the contrary, any duty or function which may be performed by the Committee or its delegates under the Plan may instead be performed by the Board if the Board so determines in its sole discretion.

 3. Eligibility. Members of the Board of Directors of the Bank and its subsidiaries which are selected
or named by the Compensation Committee shall be permitted to participate in the Plan. To the extent, if any, the provisions of the Employee Retirement Income Security Act of 1974, as amended, apply to this Plan with respect to any employees of the
Bank or its subsidiaries, it is intended that this program be limited to a select group of management or highly compensated employees, within the meaning of such law. 
 4. Deferrals of Compensation. With respect to each year as to which an individual has been designated as eligible to participate in this Plan, the individual may elect to
become a Participant in the Plan by submitting to the Committee or its designee a written election to defer receipt of either a percentage of the amount, or specified dollar amount, that would otherwise be earned by the Participant in connection
with his or her services as an employee of the Bank or one or more of its subsidiaries in the next following calendar year. Except as otherwise provided by the Committee in accordance with law, such election shall be made on or before the last day
of the calendar year preceding the calendar year with respect to which the election relates. With respect to each individual who first becomes an eligible Participant, such an individual may defer receipt of compensation in the same year he/she
first becomes eligible to participate in the Plan provided the election applies only to compensation deferred for services preformed subsequent to the date the election is filed with the Committee through the end of the calendar year and the
election is made within 30 days after the individual first becomes an eligible Participant. 
 5. Accounts
under the Plan. Amounts deferred by a Participant pursuant to Paragraph 4 hereof (or amounts contributed under paragraph 5, if any) shall be maintained in an Account for such Participant by the Bank or by the subsidiary of the Bank responsible
to pay the compensation being deferred by the participant hereunder. 

 6. Deemed Investment of Accounts. The Account maintained on behalf of
each Participant with respect to the amounts deferred by that Participant hereunder with respect to each year of participation by the Participant shall be deemed to be invested in, and shall be adjusted to reflect earnings and losses of, such
investments or investment funds as is designated as available from time to time by the Committee. To the extent the Committee makes available alternative deemed investment vehicles with respect to amounts eligible to be deferred under the Plan, each
Participant shall, upon making a deferral election hereunder, designate, in the form and manner prescribed by the Committee, that the amounts to be credited to his or her Account be applied in such proportions as he or she may designate, in such
multiples as is permitted by the Committee, in each deemed investment made available by the Committee. The Committee may make available different deemed investments for amounts deferred at different times under the Plan, and may change the available
deemed investments under the Plan from time to time. The Committee may also designate that only one deemed investment be available with respect to any amounts deferred hereunder, in which event that deemed investment shall apply to all such amounts
without regard to any other election that a Participant may desire. 
 7. Change in Investment
Directions. A Participant may, in the form and manner prescribed by the Committee, elect to change his or her investment direction with respect to all or a portion of the amounts then held, or to be held, in such Participant’s Account, with
such election and new investment direction becoming effective the first day of any calendar quarter (i.e January 1, April 1, July 1 or October 1), provided such investment direction election is made, and not revoked,
prior to the first day of such calendar quarter. Such direction may relate solely to amounts already allocated to the Participant’s Account (in which event it shall constitute a direction to transfer amounts in the Participant’s Account
among the various available deemed investments) or may relate solely to amounts to be deferred in the future, or may relate to both amounts already allocated to the Participant’s Account and amounts to be deferred in the future. Any investment
direction election made by a Participant shall remain in effect until changed, to the extent such change is permitted under the Plan. 
 8. Crediting of Accounts. Each Participant’s Account shall be deemed credited at the end of each calendar quarter (or on such other dates as is designated by the Committee) with the earnings
or losses that the amount in the Account would have experienced had the Account actually been invested in the deemed investment designated by the Participant or, as appropriate, the Committee. 
 9. Status of Investments. All investments made by the Bank or any other subsidiary of the Bank pursuant to this Plan
will be deemed made solely for the purpose of aiding such entity in measuring and meeting its obligations under the Plan. Further, such entities are not limited to the investments described in the provisions set forth above but are merely obligated
to provide payments pursuant to the terms of this Plan that reflect the investment returns offered by the deemed investments made available under the Plan. The Bank or, as applicable, one or more of the subsidiaries of the Bank, will be named sole
owner of all such investments and of all rights and privileges conferred by the terms of the instruments evidencing such investments. This Plan places no obligation upon any entity to invest any portion of the amount in a Participant’s Account,
to invest or continue to invest in any specific asset, to liquidate any particular investment, or to apply in any specific manner the proceeds from the sale, liquidation, or maturity of any particular investment. Nothing stated herein shall cause
such investments to be treated as anything but the general assets of the Bank or, as applicable, other subsidiaries of the Bank, nor will anything stated herein cause such investments to represent the vested, secured or preferred interest of the
Participant or his or her beneficiaries designated under this Plan. Participants hereunder

  

 2 

 
have the status of unsecured creditors with respect to their Accounts, and it is intended that the Plan be unfunded for tax purposes and, to any extent applicable, for purposes of Title I of the
Employee Retirement Income Security Act of 1974, as amended. 
 10. Vesting. Participants shall be fully
vested in all amounts in their accounts at all times. 
 11. (a) Payment of Accounts. At the time a
Participant elects to defer compensation hereunder, the Participant shall designate the time and the manner of the payment of the amounts to be allocated to such Participant’s Account with respect to such deferral of compensation. Except as
otherwise provided below, payment to a Participant shall commence upon a fixed date selected by the Participant at the time of the deferral chosen from the following dates: 
 (I) The last day of a calendar quarter ending at least two years from the end of the calendar year in
which the deferred compensation would otherwise become payable, but no later than the end of the calendar quarter in which occurs the Participant’s 75th birthday. 
 (ii) The last day of any one of the four calendar quarters ending after the service of the Participant as a director of the Bank or any of is subsidiaries terminates (as designated by the Participant at
the time of deferral). 
 Except as otherwise provided below, the form of payment of deferred amounts in a Participant’s
Account shall be designated by the Participant at the time the election to defer compensation is made and shall be from among the following options, to the extent such optional forms are made available by the Committee. All forms of payment shall be
based on the value of a Participant’s Account attributable to the particular deferral election and all forms of payment shall be actuarially equivalent to each other. The options that may be made available are: 
 (A) a lump sum; 
 (B) a number of quarterly installments or annual installments, limited in such manner as is determined by the Committee; or 
 (C) one or more forms of annuity, with such terms as shall be determined by the Committee 
 (D) a designated dollar amount (to the extent such amount is allocated to the Participant’s Account with respect to the deferral of compensation in question) or percentage of
the Participant’s account at the end of one or more calendar quarters otherwise available for election for the commencement of distributions as described above, with the remainder of the amount subject to such designation to be distributed
commencing at such other date chosen by the Participant at the time of the deferral. 
 In the event that payment is to be made
in the form of an annuity, the amount of each annuity payment shall be determined by the Committee or its designee in its sole discretion, which amount shall be based

  

 3 

 
on the amounts that could be payable under one or more commercial annuity products that could be purchased with the amount in a Participant’s Account that is to be paid in the form of an
annuity at a date set by the Committee that is within 60 days of the starting date of the annuity, with the identity of the commercial annuity products to be used for this purpose to be determined in the sole discretion of the Committee, or by the
Committee’s designee in accordance with standards established by the Committee. Any such determination, and the determination by the Committee or its delegates of the amount of any annuity payments to be made hereunder shall be final and
binding upon all Participants and beneficiaries. In the event that the Committee or its designee, in their sole and absolute discretion, shall direct that a commercial annuity be purchased in order to fund any payment obligations hereunder, such
annuity contract, when purchased, shall be the property of the Bank or other purchasing subsidiary of the Bank, and the Participant will continue to be no more than an unsecured creditor of the Bank or, as applicable, another subsidiary of the Bank,
as described above. Each Participant’s Account under the Plan shall be reduced by the amount of any distribution hereunder. 
 Notwithstanding any provision of the Plan to the contrary, a Participant who is a specified employee as defined in the regulations promulgated under Code Section 409A may not commence receipt of his/her benefit until the first day of
the seventh month following his/her separation from service. For purposes of Code Section 409A, the Committee shall determine which Participant are specified employees as of December 31 in accordance with the Regulations promulgated under
Section 409A. Such determination by the Committee shall be effective for the twelve month period commencing on April 1. 
 (b) Payment Upon Unforeseeable Emergency. A Participant may also, solely to the extent permitted by the Committee, direct that a portion of the amounts payable to the Participant be distributed in
the event of an Unforeseeable Emergency (as defined below), 
 (c) Payments Upon Death. To the extent
permitted by the Committee, a Participant may elect that if the Participant dies before payments of a deferred amount have otherwise commenced to the Participant, the amount allocated to the Participant’s Account be distributed to the
Participant’s Beneficiary (as defined below) either on the last day of the calendar quarter in which the Participant dies (or as soon as practicable thereafter) or on the last day of the first calendar quarter in the calendar year immediately
following the date of the Participant’s death; provided, however that if no such election is made, payment shall be made in a single lump sum at the end of the calendar quarter in which the Participant died, or as soon as practicable
thereafter. If payments of a deferred amount in the form of installments have already commenced to the Participant, they shall continue to be made after the Participant’s death to the Participant’s Beneficiary in accordance with the Act to
avoid acceleration of payment, who shall otherwise be granted the same rights as were held by the Participant hereunder. 
 (d) Additional Payment Elections. Notwithstanding the preceding provisions of this Paragraph 11 to the contrary, a Participant may subsequently elect, in such form and manner as may be prescribed
by the Committee, a revised commencement date for the amounts credited to his or her Account, in lieu of the date(s) initially selected, provided that any such election is not effective until 12 months following such election, that the election
provides that payment will be deferred for at least five (5) years from the date such payment would otherwise have been made (except for death as provided above), and the election is made at least 12 months prior to the first scheduled payment.
Further, notwithstanding the preceding provisions of this Paragraph 11 to the contrary, a Participant may also subsequently elect, in such form and manner as may be prescribed by the Committee, that the amounts credited to his or her Account be paid
in any one of the forms of benefit payment provided under this Paragraph 11 in lieu of the form of payment initially selected, provided that any such election

  

 4 

 
is not effective for 12 months, that the election to modify the form of distribution provides that payment will be deferred for at least five (5) years from the date such payment would
otherwise have been made (except for death as provided above), and such election is made at least 12 months prior to the first scheduled payment. 
 12. Unforeseeable Emergency. A Participant may request, in writing to the Committee, a request for a withdrawal from his/her Account if the Participant experiences an Unforeseeable Emergency.
Withdrawals for the purpose of an Unforeseeable Emergency are limited to the extent needed to satisfy the emergency, which cannot be met by the Participant utilizing other resources. The Committee shall make a determination with regard to the
Unforeseeable Emergency in accordance with Code Section 409A and the Treasury Regulations promulgated thereunder. 
 13. Designation of Beneficiaries. In the event that a Participant dies prior to the receipt of all amounts payable to him or her pursuant to the Plan, all remaining amounts credited to his or her Account shall be paid to such one or
more Beneficiaries and in such proportions as the Participant may designate, in accordance with the provisions of Paragraph 11. If no Beneficiary has been named by the Participant, or if a named Beneficiary has predeceased the Participant and no
successor beneficiary has been named or if a beneficiary designation is otherwise ineffective, payment shall be made to the estate of the Participant, and if any Beneficiary shall die after payments to that Beneficiary have commenced, if any
remaining payments would otherwise be made to such Beneficiary, they shall instead be made to the estate of the Beneficiary. A Beneficiary designation pursuant to this Paragraph 13 shall not be effective unless it is in writing and is received by
the Committee prior to the death of the Participant making the designation. 
 14. Nonalienation. The
right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s
beneficiaries. 
 15. Indemnification. The Bank shall indemnify, hold harmless and defend each member of
the Board, each member of the Committee, each member of the Benefits Committee, and each of their designees who are employees of the Bank or any of its subsidiaries, against any reasonable costs, including legal fees, incurred by them, or arising
out of any action, suit or proceeding in which they may be involved, as a result of their efforts, in good faith, to defend or enforce the terms of the Plan. 
  

 5 

 16. Severability. A determination that any provision of the Plan is
invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 
 17.
Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions of the Plan shall not be deemed a waiver of such term, covenant or condition. A waiver of any provision of the Plan must be made in writing,
designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times. 
 18. Notices. Any notice or other communication required or permitted to be
given to a party under the Plan shall be deemed given if personally delivered or if mailed, postage prepaid, by certified mail, return receipt requested, to the party at the address listed below, or at such other address as one such party may by
written notice specify to the other: 
 (a) if to the Committee: 
  

					
	 Attention:
	  	 Chairman -
	  	 Compensation Committee

		  		  	 Peoples Federal Savings Bank

		  		  	 435 Market Street

		  		  	 Brighton, MA 02135

 (b) if to any party other than the Committee, to such party at the address last published by such party by written notice to the Committee. 
 19. Governing Law. The Plan shall be construed, administered and enforced according to the laws of the Commonwealth of Massachusetts, except to the extent that such laws are preempted by federal
law. 
 20. Construction of Language. Wherever appropriate in the Plan, words used in the singular may be
read in the plural, words in the plural may be read in the singular, and words importing the male gender shall be deemed equally to refer to the feminine or the neuter. Any reference to an Article or Section shall be to an Article or Section of the
Plan, unless otherwise indicated. 
 21. Amendment or Discontinuance. The Board or the Compensation
Committee of the Board may amend, discontinue or terminate the Plan at any time in accordance with applicable law; provided, however, that no amendment or discontinuance shall affect the rights of Participants to amounts already allocated to their
Accounts under the Plan. The Benefits Committee of the Bank may make any amendment to the Plan that may be necessary or appropriate to facilitate the administration, management, and interpretation of the Plan or to conform the Plan thereto or that
may be necessary or appropriate to satisfy requirements of law, provided that any such amendment does not significantly affect the cost to the Bank or any of its subsidiaries of maintaining the Plan. Notwithstanding the foregoing, no amendment by
the Compensation Committee of the Board or the Benefits Committee of the Bank shall be made to the extent that any such amendment would cause any Participant who administers any employee benefit plan of the Bank (or any subsidiary of the Bank) and
who, in accordance with the terms of

  

 6 

 
any such plan or applicable law, must be ‘disinterested’, to cease to qualify as an ‘outside’ director, within the meaning of Section 162(m) of the Internal Revenue Code
of 1986, as amended, and the treasury regulations thereunder. 
 In witness whereof, Peoples Federal Savings Bank has caused
this Voluntary Deferred Compensation Plan for Executives to be executed effective as of the 1st day of January, 2006. 
  

			
	 Peoples Federal Savings Bank

		
	 By:
	 	 /s/ Maurice H. Sullivan, Jr.

		 	 Chairman of the Board

  

			
	 Attest:
	    	
		
	 /s/ Bernard Burke
	    	 /s/ Thomas J. Leetch

	 Secretary
	    	 President

  

 7 

 AMENDMENT NUMBER ONE TO 
 PEOPLES FEDERAL SAVINGS BANK 
 VOLUNTARY DEFERRED COMPENSATION
PLAN 
 FOR DIRECTORS 
 THIS AMENDMENT NUMBER ONE (this “Amendment”) to the Peoples Federal Savings Bank Voluntary Deferred Compensation Plan for Directors (the “Plan”) is made and entered into effective as
of December 16, 2008 by Peoples Federal Savings Bank (the “Bank”). 
 RECITALS: 
 WHEREAS, the Bank desires to amend the Plan to ensure that the Plan complies with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”); and 
 WHEREAS, the Board of Directors of the Bank may amend
the Plan from time to time; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein
set forth and such other consideration the sufficiency of which is hereby acknowledged, the Board hereby amends the Plan as follows: 
 Section 1. Amendment to Section 11 of the Plan. Section 11 of the Plan is hereby amended to add Section 11(e) to read in its entirety as follows: 
 “(e) For purposes of this Plan, “terminates” and “separation from service” shall mean
“Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, and shall mean the Participant’s retirement or termination of service from the Board of Directors following a
resignation from the Board of Directors or failure to be reappointed or reelected to the Board of Directors. For these purposes, a Participant shall not be deemed to have a Separation from Service if the Participant serves on the Board of the Bank
or any member of a controlled group of corporations with the Bank within the meaning of Treasury Regulation §1.409A-1(a)(3).” 
 Section 2. Amendment to Section 12 of the Plan. Section 12 of the Plan is hereby amended to add Section 12(a) to read in its entirety as follows: 
 “(a) “Unforeseeable Emergency” shall mean a severe financial hardship to the Participant
resulting from (1) an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (within the meaning of Section 152(a) of the Code), (2) a loss of the Participant’s property due to
casualty, or (3) other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The amount of such distribution may not exceed the amounts necessary to satisfy the emergency. The
circumstances that will constitute an “Unforeseeable Emergency” will depend on the facts of each case, but, in any case, payment may not be made in the event that such hardship is or may be relieved: 
 (1) through reimbursement or compensation by insurance or otherwise; 

 (2) by liquidation of the Participant’s assets, to the
extent that liquidation of such assets would not itself cause severe financial hardship; or 
 (3) by cessation of deferrals under the Plan.” 
 Section 3. Amendment to Section 21
of the Plan. Section 21 of the Plan is hereby amended to read in its entirety as follows: 
 “21.
Amendment or Termination of the Plan 
  

	 	(a)	 The Bank reserves the right to amend or terminate the Plan at any time, except that no such amendment will affect the benefits or rights to which
any Participant became entitled prior to such amendment or termination. A termination of the Plan will not be a distributable event, except in the three circumstances set forth in Section 21(b) below. 

  

	 	(b)	 Termination. Under no circumstances may the Plan permit the acceleration of the time or form of any payment under the Plan prior to the
payment events specified herein, except as provided in this Section 21(b). The Bank may, in its discretion, elect to terminate the Plan in any of the following three circumstances and accelerate the payment of the entire unpaid balance of the
Participant’s benefits as of the date of such payment in accordance with Section 409A of the Code: 

  

	 	(i)	 the Plan is irrevocably terminated within the 30 days preceding a Change in Control (as defined in Section 409A of the Code, but excluding any
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) and (1) all arrangements
sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation §1.409A-1(c)(2) are terminated, and (2) each Participant participating in the Plan and all participants under the other aggregated arrangements receive
all of their benefits under the terminated arrangements within 12 months of the date the Bank irrevocably takes all necessary action to terminate the Plan and the other aggregated arrangements; 

  

	 	(ii)	 the Plan is irrevocably terminated at a time that is not proximate to a downturn in the financial health of the Bank and (1) all arrangements
sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a Participant participated in such arrangements are terminated, (2) no payments are made within 12 months of the date the Bank takes all
necessary action to irrevocably terminate the arrangements, other than payments that would be payable under the terms of the arrangements if the termination had not occurred, (3) all payments are made within 24 months of the date the Bank takes
all necessary action to irrevocably terminate the arrangements, and (4) the Bank does not adopt a new arrangement that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a

  

 2 

	 	 
Participant participated in both arrangements, at any time within three years following the date the Bank takes all necessary action to irrevocably terminate the Plan; or

  

	 	(iii)	the Plan is terminated within 12 months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11
U.S.C. §503(b)(1)(A), provided that the amounts deferred by each Participant under the Plan are included in the Participant’s gross income in the later of (1) the calendar year in which the termination of the Plan occurs, or
(2) the first calendar year in which the payment is administratively practicable.” 

 Section 4. Addition of a New Section 22 of the Plan. The Plan is hereby amended to add a new Section 22 to read in its entirety as follows: 
 “22. Claims Procedures 
  

	 	(a)	 This Section is based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and
codified at 29 C.F.R. Section 2560.503-1. If any provision of this Section conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 

  

	 	(b)	 The Participant or any beneficiary who believes he or she is entitled to any benefit under the Plan (a “Claimant”) may file a claim with
the Bank. The Bank shall review the claim itself or appoint an individual or an entity to review the claim. 

  

	 	(i)	 Initial Decision. The Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is allowed or
denied, unless the Claimant receives written notice from the Bank or appointee of the Bank prior to the end of the ninety (90) day period stating that special circumstances require an extension of the time for decision, with such extension not
to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. 

  

	 	(ii)	 Manner and Content of Denial of Initial Claims. If the Bank denies a claim, it must provide to the Claimant, in writing or by electronic
communication: 

  

	 	(A)	 The specific reasons for the denial; 

  

	 	(B)	 A reference to the provision of the Plan upon which the denial is based; 

  

	 	(C)	 A description of any additional information or material that the Claimant must provide in order to perfect the claim; 

 

	 	(D)	 An explanation of why such additional material or information is necessary; 

  

 3 

	 	(E)	 Notice that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the Claimant wishes to
request a review of the claim denial; and 

  

	 	(F)	 A statement of the Participant’s right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) following a denial on review of the initial denial. 

  

	 	(c)	 Review Procedures 

  

	 	(i)	 Request For Review. A request for review of a denied claim must be made in writing to the Bank within sixty (60) days after receiving
notice of denial. The decision upon review will be made within sixty (60) days after the Bank’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision will be
rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial sixty (60) day period and must explain the special circumstances
and provide an expected date of decision. 

 The reviewer shall afford the Claimant an
opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Bank. The reviewer shall take into account all comments, documents, records and other information
submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination. 
  

	 	(ii)	 Manner and Content of Notice of Decision on Review. Upon completion of its review of an adverse claim determination, the Bank will give the
Claimant, in writing or by electronic notification, a notice containing: 

  

	 	(A)	 its decision; 

  

	 	(B)	 the specific reasons for the decision; 

  

	 	(C)	 the relevant provisions of the Plan upon which its decision is based; 

  

	 	(D)	 a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents, records
and other information in the Bank’s files which is relevant to the Claimant’s claim for benefits; 

  

	 	(E)	 a statement describing the Claimant’s right to bring an action for judicial review under Section 502(a) of ERISA; and

  

 4 

	 	(F)	 if an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review, a statement that
a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant upon request. 

  

	 	(d)	 For purposes of the time periods specified in this Section, the period of time during which a benefit determination is required to be made begins at
the time a claim is filed in accordance with the procedures herein without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all
information necessary, the period for making the determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds. 

  

	 	(e)	 If the Bank fails to follow the claims procedures required by this Section, a Claimant shall be deemed to have exhausted the administrative remedies
available under the Plan and shall be entitled to pursue any available remedy under Section 502(a) of ERISA on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. A
Claimant’s compliance with the foregoing provisions of this Section is a mandatory requisite to a Claimant’s right to commence any legal action with respect to any claims for benefits under the Plan. 

  

	 	(f)	 Notwithstanding anything in this Plan to the contrary, the Bank may determine, in its sole and absolute discretion, to review any claim for benefits
submitted by a Claimant under this Agreement.” 

 Section 5. No Further
Modification. Except as expressly amended hereby, the Plan remains unmodified and in full force and effect. 
 Section 6. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of Massachusetts, except to the extent preempted by the laws of the United States
of America. 
 IN WITNESS WHEREOF, the Bank has duly executed this Amendment as of the day and year first
written above. 
  

			
	PEOPLES FEDERAL SAVINGS BANK
		
	 By:
	 	 /s/ Thomas J. Leetch

	 Name:
	 	 Thomas J. Leetch

	 Title:
	 	 President & CEO

  

 5Exhibit 10.11

 Exhibit 10.11 
  

			
	 PEOPLES FEDERAL SAVINGS BANK
 Director Retirement Agreement
	 	

  
 PEOPLES FEDERAL SAVINGS BANK 
 DIRECTOR RETIREMENT AGREEMENT 
 THIS DIRECTOR RETIREMENT AGREEMENT (the “Agreement”) is adopted this 29th day of November, 2004, by and between
PEOPLES FEDERAL SAVINGS BANK, a federally-chartered corporation located in Boston, Massachusetts (the “Bank”), and MAURICE H. SULLIVAN, JR, (the “Director”). 
 To encourage the Director to remain a member of the Bank’s Board of Directors, the Bank is willing to provide
retirement benefits to the Director. The Bank will pay the benefits from its general assets. 
 The Bank and the
Director agree as provided herein. 
 Article 1 
 Definitions 
 Whenever used in this
Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	 “Accrual Balance” means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles
(“GAAP”), for the Bank’s obligation to the Director under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106 (“FAS
106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual Balance shall be reported by the Bank to the
Director on Schedule A. 

  

	1.2	 “Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of
the Director determined pursuant to Article 4. 

  

	1.3	 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes,
signs and returns to the Plan Administrator to designate one or more Beneficiaries. 

  

	1.4	“Change in Control” means: 

 (a) 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; 

(b) As a result of, or in connection with, any merger or other business combination, sale of assets or contested election,
wherein 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; 
  

 1 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 (c) The Bank transfers all or substantially all of its assets to another
corporation or entity which is not an affiliate of the Bank; 
 (d) 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

 (e) 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. 
  

	1.5	 “Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.6	 “Disability” means the Director’s suffering a sickness, accident or injury which has been determined by the insurance carrier
of any individual or group disability insurance policy covering the Director, or by the Social Security Administration, to be a disability rendering the Director totally and permanently disabled. The Director must submit proof to the Plan
Administrator of the insurance carrier’s or Social Security Administration’s determination upon the request of the Plan Administrator. 

  

	1.7	 “Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six
and one quarter percent (6.25%). However, the Plan Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP. 

  

	1.8	 “Early Termination” means the Termination of Service before Normal Retirement Age for reasons other than death, Disability,
Termination for Cause or following a Change in Control. 

  

	1.9	 “Early Termination Date” means the month, day and year in which Early Termination occurs. 

  

	1.10	 “Effective Date” means December 1, 2004. 

  

	1.11	 “Normal Retirement Age” means the Director’s 65th birthday. 

  

 2 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	1.12	 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service. 

  

	1.13	 “Plan Administrator” means the plan administrator described in Article 8. 

  

	1.14	 “Plan Year” means each twelve-month period commencing on the Effective Date. 

  

	1.15	 “Termination for Cause” has that meaning set forth in Article 5. 

  

	1.16	 “Termination of Service” means that the Director ceases to be a member of the Bank’s Board of Directors for any reason,
voluntarily or involuntarily, other than by reason of a leave of absence approved by the Bank or a Termination for Cause. 

 Article 2 
 Benefits During Lifetime 
  

	2.1	 Normal Retirement Benefit. Upon Termination of Service on or after the Normal Retirement Age for reasons other than death, the Bank shall pay
to the Director the benefit described in this Section 2.1 in lieu of any other benefit under this Article. 

  

	 	2.1.1	 Amount of Benefit. The annual benefit under this Section 2.1 is Seventy Three Thousand Three Hundred and Ninety Dollars ($73,390).

  

	 	2.1.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s Normal Retirement Date. The annual benefit shall be paid to the Director for twenty (20) years. 

  

	2.2	 Early Termination Benefit. Upon Early Termination, the Bank shall pay to the Director the benefit described in this Section 2.2 in lieu
of any other benefit under this Article. 

  

	 	2.2.1	 Amount of Benefit. The annual benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year
during which the Early Termination Date occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Accrual Balance. 

  

	 	2.2.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s attainment of Normal Retirement Age. The annual benefit shall be paid to the Director for twenty (20) years. 

  

	2.3	 Disability Benefit. Upon Termination of Service due to Disability prior to Normal Retirement Age, the Bank shall pay to the Director the
benefit described in this Section 2.3 in lieu of any other benefit under this Article. 

  

 3 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	 	2.3.1	 Amount of Benefit. The annual benefit under this Section 2.3 is the Disability Benefit set forth on Schedule A for the Plan Year during
which the Termination of Service occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Normal Retirement Benefit. 

  

	 	2.3.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following the Director’s attainment of Normal Retirement Age. The annual benefit shall be paid to the Director for twenty (20) years. 

  

	2.4	 Change in Control Benefit. Upon a Change in Control, followed by the Director’s Termination of Service within twelve (12) months,
the Bank shall pay to the Director the benefit described in this Section 2.4 in lieu of any other benefit under this Article. 

  

	 	2.4.1	 Amount of Benefit. The annual benefit under this Section 2.4 is the Change in Control Benefit set forth on Schedule A for the Plan Year
during which Termination of Service occurs. This benefit is determined by vesting the Director in one hundred percent (100%) of the Normal Retirement Benefit amount described in Section 2.1.1. 

  

	 	2.4.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Director in twelve (12) equal monthly installments commencing on the
first day of the month following Termination of Service. The annual benefit shall be paid to the Director for twenty (20) years. 

 Article 3 
 Death Benefits 
  

	3.1	 Death During Active Service. If the Director dies while in the active service of the Bank, the Bank shall pay to the Beneficiary the benefit
described in this Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 

  

	 	3.1.1	 Amount of Benefit. The benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  

	 	3.1.2	 Payment of Benefit. The Bank shall pay the annual benefit to the Beneficiary in twelve (12) equal monthly installments commencing on the
first day of the month following the date of the Director’s death. The annual benefit shall be paid to the Beneficiary for a period of twenty (20) years. 

  

	3.2	 Death During Payment of a Benefit. If the Director dies after any benefit payments have commenced under Article 2 of this Agreement, but
before receiving all such payments, the Bank shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. 

  

 4 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	3.3	 Death After Termination of Service But Before Payment of a Benefit Commences. If the Director is entitled to any benefit payments under
Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Bank shall pay the same benefit payments to the Beneficiary that the Director was entitled to prior to death except that the benefit payments shall
commence on the first day of the month following the date of the Director’s death. 

 Article 4 

 Beneficiaries 
  

	4.1	 Beneficiary Designation. The Director shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable
under this Agreement upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Bank in which the Director participates.

  

	4.2	 Beneficiary Designation: Change. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and
delivering it to the Plan Administrator or its designated agent. The Director’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the
marriage is subsequently dissolved. The Director 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 Administrator’s rules and procedures,
as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last
Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator prior to the Director’s death. 

  

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

  

	4.4	 No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the
Director, then the Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be paid to the personal representative of the Director’s estate. 

  

	4.5	 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor,
incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate

  

 5 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	 	 
prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Director and the Director’s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Agreement for such payment amount. 

 Article 5 
 General Limitations 
  

	5.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the
Bank’s Board of Directors terminates the Director’s service for: 

  

	 	(a)	 Personal dishonesty; 

  

	 	(b)	 Incompetence; 

  

	 	(c)	 Willful misconduct; 

  

	 	(d)	 Any breach of fiduciary duty involving personal profit; 

  

	 	(e)	 Intentional failure to perform stated duties; or 

  

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

  

	5.2	 Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Director commits suicide within two years after the
Effective Date. In addition, the Bank shall not pay any benefit under this Agreement if the Director has made any material misstatement of fact on any application for life insurance owned by the Bank on the Director’s life.

  

	5.3	 Competition After Termination of Service. The Bank shall not pay any benefit under this Agreement if the Director, within twelve
(12) months following Termination of Service, without the prior written consent of the Bank, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a
corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee, or in any other capacity whatsoever, any enterprise conducted in the marketing area of the Bank, which enterprise is, or may deemed
to be, competitive with any business carried on by the Bank as of the date of termination of the Director’s service or retirement. This section shall not apply following a Change in Control. 

  

	5.4	 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, to the extent any benefit would create an excise
tax under the excess parachute rules of Section 280G of the Code, the Bank shall reduce the benefit paid under this Agreement to the maximum benefit that would not result in any such excise tax. 

  

 6 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 Article 6 
 Claims and Review Procedures 
  

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

  

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

  

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

  

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

 (a) The specific reasons for the denial; 
 (b) A reference to the specific
provisions of the Agreement on which the denial is based; 
 (c) A description of any additional information or material
necessary for the claimant to perfect the claim and an explanation of why it is needed; 
 (d) An explanation of the
Agreement’s review procedures and the time limits applicable to such procedures; and 
 (e) A statement of the
claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 
  

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

  

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

  

	 	6.2.2	 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records
and other

  

 7 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

	 	 
information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

  

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

  

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

  

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

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

(c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 
 (d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 7 
 Amendments and Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Bank and the Director. 
 Notwithstanding the previous paragraph in this Article 7, the Bank may amend or terminate this Agreement at any time if,
pursuant to legislative, judicial or regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other significantly
detrimental ramifications to the Bank (other than the financial impact of paying the benefits). Upon such amendment or termination the Bank shall pay benefits to the Director as if Early Termination occurred on the date of such amendment or
termination, regardless of whether Early Termination actually occurs. 
  

 8 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 Article 8 
 Administration of Agreement 
  

	8.1	 Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board of Directors of the
Bank, or such committee or person(s) as the Board of Directors of the Bank shall appoint. The Director may be a member of the Plan Administrator. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and
enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement.

  

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

  

	8.3	 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Director or Beneficiary
shall be deemed to have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions, including but not limited to the Discount Rate. 

  

	8.4	 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	8.5	 Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan
Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Termination of Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require.

  

	8.6	 Annual Statement. The Plan Administrator shall provide to the Director, within 120 days after the end of each Plan Year, a statement setting
forth the benefits payable under this Agreement. 

  

 9 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

 Article 9 
 Miscellaneous 
  

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

  

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

  

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

  

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

  

	9.5	 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of Massachusetts, except to the extent preempted by the
laws of the United States of America. 

  

	9.6	 Unfunded Arrangement. The Director and Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by
creditors. Any insurance on the Director’s life is a general asset of the Bank to which the Director and Beneficiary have no preferred or secured claim. 

  

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

  

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

  

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

  

 10 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
  
  

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

  

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

  

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

  

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

  

	
	 Peoples Federal Savings Bank

	 435 Market Street

	 Boston, MA 02135

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

							
	DIRECTOR:	 		 	BANK:
			
		 		 	PEOPLES FEDERAL SAVINGS BANK
				
	
 

	 		 	 By
	 	
 

	 Maurice H. Sullivan, Jr.
	 		 	 Title
	 	 PRES. CEO

  

 11 

					
		 	Salary Continuation Plan	  	Plan Year Reporting
		 	Schedule A	  	

 Maurice H Sullivan Jr. 
  

																									
	 [ILLEGIBLE]
 [ILLEGIBLE]
 [ILLEGIBLE]
 [ILLEGIBLE]
	  	 	 	 	 	  	 	  	Early Termination	  	Disability	  	Change of Control	  	Pre-retire
Death
Benefit
Monthly
Installments
	  	 	 	 	 	  	 	  	Monthly
Installments
Payable at
Normal
Retirement Date
for 10 Years	  	Monthly
Installments
Payable at
Normal
Retirement Date
for 10 Years	  	Monthly
Installments
Payable at
Termination
for 10 Years	  
	 Period Ending
	  	Discount
Rate	 	 	Benefit
Level	  	Accrual
Balance	  	Vesting	 	 	Based On
Accrual	  	Vesting	 	 	Based On
Accrual	  	Vesting	 	 	Based On
Benefit	  	Based On
Benefit
	 	  	(1)	 	 	(2)	  	(3)	  	(4)	 	 	(5)	  	(6)	 	 	(7)	  	(8)	 	 	(9)	  	(10)
	 Nov 2005 1
	  	6.25	% 	 	73,390	  	129,952	  	100	% 	 	15,089	  	100	% 	 	73,390	  	100	% 	 	73,390	  	73,390
		  	 	 	 	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	 	 	 	  	 

  

	1	 The first line reflects 12 months of data, December 2004 to November 2005. 

	*	 IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL
PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT. 

 PEOPLES FEDERAL SAVINGS BANK 
 Director Retirement Agreement 
 BENEFICIARY DESIGNATION FORM 
  
  

 I, Maurice H. Sullivan, Jr., designate the following as beneficiary of benefits under
the Agreement payable following my death: 
  

				
	 Primary:
	  		
	 The Maurice H. Sullivan, Jr.
	  	100	% 
		
	 Revocable Trust -2003
	  	        	% 
	 Contingent:
	  		
	 Vera Lee Sullivan
	  	100	% 
		
	  
	  	        	% 

 Notes: 

  

	 	•	 	 Please PENT CLEARLY or TYPE the names of the beneficiaries. 

  

	 	•	 	 To name a trust as beneficiary, please provide the name of the trustee(s) and the name and date of the trust agreement.

  

	 	•	 	 To name your estate as beneficiary, please write “Estate of [your name]”. 

  

	 	•	 	 Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 I understand that I may change these beneficiary designations by delivering a new written designation
to the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand that these designations will be automatically revoked if the beneficiary predeceases me, or,
if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

							
	 Name:
	 	 Maurice H. Sullivan, Jr.
	 		 	
				
	 Signature:
	 	
 

	 	Date:	 	 11-29-04

		 		 		 	

 Received by the Plan Administrator this 29th day of November, 2004. 
  

							
	 By:
	 	
 

	 		 	
				
	 Title:
	 	 Pres. CEO.
	 		 	
		 		 		 	

 FIRST AMENDMENT TO 
 DIRECTOR RETIREMENT AGREEMENT 
 First
Amendment, dated as of December 16, 2008 (the “Amendment”), to the Director Retirement Agreement, dated as of November 29, 2004 (as amended, the “Director Retirement Agreement”), by and among Peoples Federal Savings
Bank (the “Bank”) and Maurice H. Sullivan, Jr. (the “Director”). Capitalized terms which are not defined herein shall have the same meaning as set forth in the Director Retirement Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the parties desires to amend the Director Retirement Agreement to comply with the final regulations issued in April 2007 by the Internal Revenue Service under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, pursuant to Article 7 of the Director
Retirement Agreement, the parties to the Director Retirement Agreement desire to amend the Director Retirement Agreement; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby acknowledged, the Bank and the Director hereby
amend the Director Retirement Agreement as follows: 
 Section 1. Amendment to Section 1.6 of the
Director Retirement Agreement. Section 1.6 of the Director Retirement Agreement is hereby amended to read in its entirety as follows: 
 ““Disability” means the Director: (i) is unable 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 can be expected to last for a continuous period of not less than twelve (12) months. Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability
insurance covering employees of the Bank, provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Director
must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.” 
 Section 2. Amendment to Section 1.16 of the Director Retirement Agreement. Section 1.16 of the Director Retirement Agreement is hereby amended to read in its entirety as follows:

 “Termination of Service” shall be construed to mean a Separation from Service, as defined in this
Section 1.16, with the Bank’s Board of Directors for reasons other than a bona fide leave of absence that does not exceed six months, a Termination for Cause or death. Whether a Separation from Service has occurred shall be determined in
accordance with the requirements of Section 409A of the Code, and shall mean the Director’s retirement or termination of service from the Board of Directors following a resignation from the Board of Directors or failure to be

 
reappointed or reelected to the Board of Directors. For these purposes, a Director shall not be deemed to have a Separation from Service if the Director serves on the Board of the Bank or any
member of a controlled group of corporations with the Bank within the meaning of Treasury Regulation §1.409A-1(a)(3).” 
 Section 3. New Section 2.5 of the Director Retirement Agreement. Section 2.5 of the Director Retirement Agreement is hereby added to read in its entirety as follows: 
 “Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of
the Accrual Balance into the Director’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the
Director’s Accrual Balance, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.” 
 Section 4. New Section 2.6 of the Director Retirement Agreement. Section 2.6 of the Director Retirement Agreement is hereby amended to read in its entirety as
follows: 
 “Change in Form or Timing of Distributions. For distribution of benefits under this
Article 2, the Director and the Bank may, subject to the terms of Article 7, amend the Agreement to delay the timing or change the form of distributions. Any such amendment: 
  

	 	(a)	 may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

  

	 	(b)	 must, for benefits distributable under Sections 2.1 and 2.2, be made at least twelve (12) months prior to the first scheduled distribution;

  

	 	(c)	 must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from
the date the first distribution was originally scheduled to be made; and 

  

	 	(d)	 must take effect not less than twelve (12) months after the amendment is made.” 

 Section 5. Amendment to Article 7 of the Director Retirement Agreement. Article 7 of the Director Retirement
Agreement is hereby amended to read in its entirety as follows: 
 “7.1 Amendments and Termination
Generally. This Agreement may be amended or terminated only by a written agreement signed by the Bank and the Director. If the Bank’s Board of Directors, however, determines that the Director is no longer a member of a select group of
management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death, Disability or retirement, the Bank may terminate this Agreement. In the event of such termination, the benefit shall be the Accrual Balance
determined as of the date the Agreement is terminated; provided, however, that except as provided in Section 7.2, the termination of this Agreement shall not cause a distribution of

  

 2 

 
benefits under this Agreement. Rather, in the event of such termination, benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3. 

Additionally, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its
auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated thereunder. 
 7.2 Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if the Bank terminates
this Agreement in the following circumstances: 
 (a) Within thirty (30) days before a Change in Control,
provided that all distributions are made no later than twelve (12) months following such irrevocable termination of this Agreement and further provided that all of the arrangements sponsored by the Bank that would be aggregated with this
Agreement under Treasury Regulation §1.409A-1(c)(2) are terminated so the Director and all participants under the other aggregated arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the date the Bank irrevocably takes all necessary action to terminate such arrangements; 
 (b) With twelve (12) months of a dissolution of the Bank taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that
the amounts deferred under this Agreement are included in the Director’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a
substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practicable; or 
 (c) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulation §1.409A-1(c) if the Director participated in such
arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) no payments are made within twelve (12) months of the
termination of the arrangements other than payments that would be payable under the terms of the arrangements if the termination had not occurred, (iii) all termination distributions are made no later than twenty-four (24) months following
such termination, and (iv) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the
Agreement; 
 the Bank may distribute the Accrual Balance, determined as of the date of the termination of the
Agreement, to the Director in a lump sum subject to the above terms.” 
  

 3 

 Section 6. Amendment to Section 9.4 of the Director Retirement
Agreement. Section 9.4 of the Director Retirement Agreement is hereby amended to read in its entirety as follows: 
 “Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be withheld, including but limited to taxes owed under Section 409A of the Code and regulations
thereunder, from the benefits provided under this Agreement. The Director acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). Further, the Bank shall satisfy
all applicable reporting requirements, including those under Section 409A of the Code and regulations thereunder.” 
 Section 7. Effectiveness. This Amendment shall be deemed effective as of the date first above written, as if executed on such date. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Director Retirement Agreement, all of which are ratified and affirmed in all respects
and shall continue in full force and effect and shall be otherwise unaffected. 
 Section 8. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of Massachusetts, except to the extent preempted by the laws of the United
States of America. 
 Section 9. Compliance with Section 409A. This Agreement shall be
interpreted and administered consistent with Section 409A of the Code. 
  

 4 

 IN WITNESS WHEREOF, the Bank has duly executed this Amendment as of the day
and year first written above. 
  

			
	 PEOPLES FEDERAL SAVINGS BANK

		
	 By:
	 	 /s/ Thomas J. Leetch

	 Name:
	 	 Thomas J. Leetch

	 Title:
	 	 President & CEO

	
	 DIRECTOR

	
	 /s/ Maurice H. Sullivan, Jr.

	 Maurice H. Sullivan, Jr.

  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]