Document:

EXHIBIT 10.15

 Exhibit 10.15: Form of Executive Split Dollar Life Insurance Agreements between Newport Federal Savings Bank and Carol R.
Silven, Ray D. Gilmore, II, Kevin M. McCarthy and Bruce A. Walsh 
 Newport Federal Savings Bank entered into executive split dollar life insurance
agreements with Messrs. Gilmore, McCarthy and Walsh and Ms. Silven which are substantially identical in all material respects (except as noted below) as the attached Form of Executive Split Dollar Life Insurance Agreement. 
 Parties to Supplemental Executive Retirement Agreement: 
 Newport Federal Savings Bank and Carol R. Silven (1) 
 Newport Federal Savings Bank and Ray D. Gilmore, II (2) 
 Newport Federal Savings Bank and Kevin M. McCarthy (3) 
 Newport Federal Savings Bank and Bruce A. Walsh (4) 
  

	 	(1)	Ms. Silven’s Executive Split Dollar Life Insurance Agreement is substantially identical to Exhibit 10.15 except as to the amount of the death benefit, which is
$            , (plus the cash asset value of the life insurance policy) if actually employed at the time of her death or the lesser of
$            , or the total cash proceeds less the cash value of her insurance policy if retired with 10 years of service at the Bank at the time of her death.

  

	 	(2)	Mr. Gilmore’s Executive Split Dollar Life Insurance Agreement is substantially identical to Exhibit 10.15 except as to the amount of the death benefit, which is
$100,000.00, (plus the cash asset value of the life insurance policy) if actually employed at the time of his death or the lesser of $100,000.00, or the total cash proceeds less the cash value of his insurance policy if retired with 10 years of
service at the Bank at the time of his death. 

  

	 	(3)	Mr. McCarthy’s Executive Split Dollar Life Insurance Agreement is substantially identical to Exhibit 10.15 except as to the amount of the death benefit, which is
$100,000.00, (plus the cash asset value of the life insurance policy) if actually employed at the time of his death or the lesser of $150,000.00, or the total cash proceeds less the cash value of his insurance policy if retired with 10 years of
service at the Bank at the time of his death. 

  

	 	(4)	Mr. Walsh’s Executive Split Dollar Life Insurance Agreement is substantially identical to Exhibit 10.15 except as to the amount of the death benefit, which is $60,000.00,
(plus the cash asset value of the life insurance policy) if actually employed at the time of his death or the lesser of $50,000.00, or the total cash proceeds less the cash value of his insurance policy if retired with 10 years of service at the
Bank at the time of his death. 

 Exhibit 10.15 
 FORM OF 
 EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
 THIS AGREEMENT, made and entered into this ___ day of ____________ 200_, by and among Newport Federal Savings Bank (hereinafter referred to as the
“Bank”), a Bank organized and existing under the laws of Rhode Island, and ___________________ (hereinafter referred to as the “Executive”). 
 WHEREAS, the Executive has performed his/her duties in an efficient and capable manner; and 
 WHEREAS, the Bank is desirous of retaining the services of the Executive; and 
 WHEREAS, the Bank is desirous of
assisting the Executive in paying for life insurance on his/her own life; and 
 WHEREAS, the Bank has determined that this assistance
can best be provided under a “split-dollar” arrangement; and 
 WHEREAS, the Bank and the Executive have applied for
insurance policy(ies) on the Executive’s life; and 
 WHEREAS, the Bank and the Executive agree to make said insurance policy
subject to this split-dollar agreement; and 
 WHEREAS, it is now understood and agreed that this split-dollar agreement is to be
effective as of the date on which the Policy was issued; 
 NOW, THEREFORE, for value received and in consideration of the mutual
covenants contained herein, the parties agree as follows: 
  

	1.	Definitions 

 a) “Split Dollar
Insurance Benefit” means the life insurance benefit payable to the Executive’s beneficiary in an amount as shown on Schedule A. 

	2.	Allocation of Premiums 

 a) The Executive
will pay that portion of the annual premiums due on the Policy that is equal to the lesser of (a) the amount of the entire economic benefit (including any economic benefit attributable to the use of Policy dividends) that would be taxable to
the Executive but for such payment, or (b) the amount of the premium due on the policy. The Bank will pay the remainder of the premium. The economic benefit that would be taxable to the Executive will be computed in accordance with IRS Revenue
Rulings 64-328, 1964-2 C.B. 11, and 66-110, 1966-1 C.B. 12, as in effect on the effective date of this agreement. 
  

	3.	Payment of Premiums 

 a) Any premium or
portion thereof which is payable by the Executive under any Article of this agreement may at the election of the Executive be deducted from the cash compensation otherwise payable to the Executive and the Bank agrees to transmit that premium or
portion, along with any premium or portion thereof payable by it, to the Insurance Company on or before the premium due date. 
  

	4.	Rights in the Policy 

 a) The Bank is the
owner of any insurance policy, with the insured having only the right to name a beneficiary for any split dollar insurance benefit. 
 b)
Upon the death of the Executive while this agreement is in force, the Executive’s named beneficiary will be entitled to receive from the Policy proceeds an amount equal to the Split Dollar Death Benefit. The remainder of the Policy Proceeds
will be paid to Bank. Within 60 days after the death of the Executive, the Bank will provide to the Insurance Company a written statement indicating the amount of the Policy proceeds which it is entitled to receive. 
  

	5.	Death Proceeds 

 a) Upon the death of the
Executive while actively employed, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A. 
  

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 b) If the Executive retires or his/her employment with the Bank is otherwise terminated, other than for
cause, and if the Executive has been employed by the Bank for at least Ten (10) Years, then the Split Dollar Insurance Benefit is payable at death in an amount per Schedule A. 
 c) If the Executive terminates employment without having been employed by the Bank for at least the Ten (10) Years, then the Executive will not be
entitled to any payments hereunder. 
 d) If the Executive is terminated for cause, then the Executive and his/her beneficiary will not be
entitled to any payments hereunder. Termination for Cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross
and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of
the Bank, which failure continues for more than thirty days after written notice given to the Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such
failure or for good reason (good reason shall mean (1) a reduction in the Employee’s annual base salary as in effect on the date hereof; or (2) a significant diminution in the nature or scope of the Employee’s responsibilities,
authorities, powers, functions or duties; or (3) a material breach by the Bank of any of the provisions of this Agreement which failure or breach shall have continued for thirty (30) days after written notice from the Employee to the Bank
specifying the nature of such failure or breach). 
  

	6.	Miscellaneous Provisions 

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

 b) This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto.

  

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 c) This Agreement shall be governed and construed in accordance with the law of the State of Rhode
Island. 
  

	7.	Liability of Insurers 

 The insurers are not
parties to this Agreement. With respect to any Policies of insurance issued pursuant to this Agreement, the insurers shall have no liability except as set forth in the Policies. Such insurers shall not be bound to inquire into or take notice of any
of the covenants herein contained as to Policies of life insurance, or as to the application of the proceeds of such Policies. 
 The
insurers shall be discharged from all liability in making payments of the proceeds and in permitting rights and privileges under the policies to be exercised to the provisions of the Policies. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by its duly authorized officer, on the day and year first above
written. 
  

			
		
	   	 	(L.S.)
	 Executive
	 	
		
	   	 	(L.S.)
	 Bank Officer
	 	

  

 4EXHIBIT 10.16

 Exhibit 10.16 
 FORM OF 
 NEWPORT FEDERAL SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Effective January 1, 2006

 Newport Federal Savings Bank 
 Supplemental Executive Retirement Plan 
 Table of Contents 
  

					
	 Article I
	  	Introduction	  	1
			
	 Article II
	  	Definitions	  	2
			
	 Article III
	  	Eligibility and Participation	  	5
			
	 Article IV
	  	Benefits	  	6
			
	 Article V
	  	Accounts	  	8
			
	 Article VI
	  	Supplemental Benefit Payments	  	9
			
	 Article VII
	  	Claims Procedures	  	10
			
	 Article VIII
	  	Amendment and Termination	  	11
			
	 Article IX
	  	General Provisions	  	12

 Article I 
 Introduction 
 Section 1.01 Purpose, Design and Intent. 
  

	(a)	The purpose of the Newport Federal Savings Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Newport Federal Savings Bank (the “Bank”) and
its affiliates in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental retirement benefits to
such employees. 

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income Security Act of
1974, as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Bank but for the applicable
limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

  

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 Article II 
 Definitions 
 Section 2.01 Definitions. In this Plan, whenever the context so indicates, the
singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary of a Participant, as the case may
be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings: 
 (a)
“Affiliate” means any corporation, trade or business, which, at the time of reference, is together with the Bank, a member of a controlled group of corporations, a group of trades or businesses (whether or not incorporated)
under common control, or an affiliated service group, as described in Sections 414(b), 414(c), and 414(m) of the Code, respectively, or any other organization treated as a single employer with the Bank under Section 414(o) of the Code.

 (b) “Applicable Limitations” means one or more of the following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits
under tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

 (c) “Bank” means Newport Federal Savings Bank, and its successors. 
 (d) “Board of Directors” means the Board of Directors of the Bank. 
 (e) “Change in Control” means the earliest occurrence of one of the following events: 
  

	 	(i)	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 

  

	 	(ii)	Acquisition of Significant Share Ownership: There is filed or required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting
securities. 

  

	 	(iii)	 Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of
the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the 

  

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board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period;
or 

  

	 	(iv)	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

 Notwithstanding anything in this Agreement to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Agreement. 
 Notwithstanding the foregoing, in no event will a mutual to stock conversion of Newport Federal Savings Bank constitute a change in control under this
Plan. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Committee” means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan.

 (h) “Common Stock” means the common stock of the Company. 
 (i) “Company” means Newport Bancorp, Inc. and its successors. 
 (j) “Eligible
Individual” means any Employee who participates in the ESOP or the 401(k) Plan, as the case may be, and whom the Board of Directors determines is one of a “select group of management or highly compensated employees,” as such
phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
 (k) “Employee” means any person employed by the Bank or an
Affiliate. 
 (l) “Employer” means the Bank or Affiliate thereof that employs the Employee. 
 (m) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 (n) “ESOP” means the Newport Federal Savings Bank Employee Stock Ownership Plan, as amended from time to time. 
 (o) “ESOP Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with the purchase of Common Stock on behalf of the ESOP. 
 (p) “ESOP Valuation Date” means any day as of which the investment experience of the trust fund of the ESOP is determined and individuals’
accounts under the ESOP are adjusted accordingly. 
 (q) “Effective Date” means January 1, 2006. 
 (r) “Participant” means an Eligible Employee who is entitled to benefits under the Plan. 
 (s) “Plan” means this Newport Federal Savings Bank Supplemental Executive Retirement Plan. 
  

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 (t) “401(k) Plan” means the Newport Federal Savings Bank Employees’ Savings &
Profit Sharing Plan and Trust, as amended from time to time. 
 (u) Reserved. 
 (v) Reserved. 
 (w) “Supplemental Savings Benefit” means the benefit credited to a Participant
pursuant to Section 4.03 of the Plan. 
 (x) “Supplemental Savings Account” means an account established by an Employer,
pursuant to Section 5.03 of the Plan, with respect to a Participant’s Supplemental Savings Benefit. 
 (y) “Supplemental Stock Ownership
Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant’s Supplemental Stock Ownership Benefit. 
 (z) “Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 
  

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 Article III 
 Eligibility and Participation 
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible
Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation
at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

  

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 Article IV 
 Benefits 
 Section 4.01 Reserved. 
 Section 4.02 Supplemental Stock Ownership Benefit. 
  

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less
(ii), the result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

  

	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of
(i) and (ii) by (iii), where: 

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

 Section 4.03 Supplemental Savings Benefit. 
 A Participant’s Supplemental Savings Benefit under the
Plan shall be equal to the excess of (a) over (b), where: 
  

	(a)	 is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the 401(k)
Plan for a particular year, 

  

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if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 

  

	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the 401(k) Plan
for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

  

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 Article V 
 Accounts 
 Section 5.01 Reserved. 
 Section 5.02 Supplemental Stock Ownership Account. 
 The Employer shall establish, as a memorandum account
on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The
Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock
shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return
provided to the Participant’s non-stock accounts under the ESOP. 
 Section 5.03 Supplemental Savings Account. 
 The Employer shall establish a memorandum account, the “Supplemental Savings Account” for each Participant on its books, and each year the Committee will credit
the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be credited monthly with interest at a rate equal to the combined weighted return provided
to the Participant’s account(s) under the 401(k) Plan. 
  

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 Article VI 
 Supplemental Benefit Payments 
 Section 6.01 Reserved. 
 Section 6.02 Payment of Supplemental Stock Ownership Benefit. 
  

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in cash at the same
time his benefits are paid under the ESOP. 

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

 Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form and at the
same time as his benefits are paid under the 401(k) Plan. 

  

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to his matching contributions under the 401(k)
Plan at the time the benefits become distributable to him under the 401(k) Plan. 

  

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 Article VII 
 Claims Procedures 
 Section 7.01 Claims Reviewer. 
 For purposes of handling claims with respect to this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates another person or group
of persons as Claims Reviewer. 
 Section 7.02 Claims Procedure. 
  

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances
require the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before the expiration
of the initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the end of the
initial 90-day period. 

  

	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner
calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for the claimant to perfect
the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

  

	(d)	Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may
have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant receives
written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s
views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day
period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the claim
within 120 days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original
claim. 

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded
the claimant by this Article VII. 

  

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 Article VIII 
 Amendment and Termination 
 Section 8.01 Amendment of the Plan. 
 The Bank may from time to time and at any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or
beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee
shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently
be ratified by the Board of Directors. 
 Section 8.02 Termination of the Plan. 
 The Bank may at any time terminate the Plan; provided, however, that such termination may not adversely affect the rights of any Participant or beneficiary with respect
to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such termination without the consent of the Participant or beneficiary. Any amounts credited to the supplemental
accounts of any Participant shall remain subject to the provisions of the Plan and no distribution of benefits shall be accelerated because of termination of the Plan. 
  

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 Article IX 
 General Provisions 
 Section 9.01 Unfunded, Unsecured Promise to Make Payments in the Future.

 The right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the
Bank or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries, shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at
all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to
its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit
may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy
proceedings. 
 Section 9.02 Committee as Plan Administrator. 
  

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 

  

	(b)	The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the duty and
responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative duties to employees of the Bank or an
Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by
the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the Committee shall be final and binding on all persons and parties concerned. 

 Section 9.03 Expenses. 
 Expenses of administration of the
Plan shall be paid by the Bank or an Affiliate. 
 Section 9.04 Statements. 
 The Committee shall furnish individual annual statements of accrued benefits to each Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 
 Section 9.05 Rights of Participants and Beneficiaries. 
  

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be
entitled to hereunder. 

  

 12 

	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an Affiliate will be
sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank or an Affiliate and any Participant or other
individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of employment or service.

 Section 9.06 Incompetent Individuals. 
 The Committee may, from time to time, establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits payable to a Participant or beneficiary in the event
that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally charged with that Participant’s or beneficiary’s care. Except as otherwise provided for herein, when the Committee
determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such Participant’s or beneficiary’s benefits to such conservator, person legally charged with such Participant’s or
beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the Bank or an Affiliate and
the Plan for such Participant or beneficiary. 
 Section 9.07 Sale, Merger or Consolidation of the Bank. 
 The Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or entity only if, and to the
extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to Participant’s deferral accounts shall be placed in a grantor
trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to the provisions of Section 8.02 of the Plan. Any legal
fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate of which the Participant is an Employee or, if applicable, a member of
the Board of Directors, shall be paid by the resulting or succeeding entity. 
 Section 9.08 Location of Participants. 
 Each Participant shall keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries. The Bank shall not be
obligated to search for any person. If such person is not located within three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as though the Participant
or his beneficiary had died at the end of such three-year period. 
 Section 9.09 Liability of the Bank and its Affiliates. 
 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual acting as an employee or agent of the Bank shall be liable to any Participant,
former Participant, beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Bank or any such employee or agent of the
Bank. 
  

 13 

 Section 9.10 Governing Law. 
 All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the laws of the
State of Rhode Island. 
 Section 9.11 Special Transition Rules Relating to Section 409A of the Code. 
 The Bank intends this Plan to conform in all respects with Section 409A of the Code in both form and operation. Notwithstanding any other provision in this Plan, the
Bank reserves the right to amend any provision of the Plan or take any other action the Committee deems appropriate to ensure compliance with Section 409A of the Code, including altering the time and form of any distribution. 
 Having been adopted by its Board of Directors, this Plan is executed by its duly authorized officer on _________________________, 2006. 
  

									
	 Attest:
	 		 	NEWPORT FEDERAL SAVINGS BANK
				
	  	 		 	 By:
	 	  
	 Corporate Secretary
	 		 		 	 For the Entire Board of Directors

  

 14

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