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Exhibit 10.1

Employment Terms & Restrictive Covenant Agreement

In addition to other good and valuable consideration, you are expressly being given employment or continued employment with R1 RCM Inc. and/or R1 RCM Holdco Inc. (collectively “R1”), including certain compensation and benefits (as set forth in your Offer Letter), enhanced severance terms beyond the company’s Severance Plan and/or prior agreements with the company, training and access to trade secrets and other Confidential Information (as defined below) of R1 and its customers, suppliers, vendors or affiliates to which you would not have access but for your employment relationship with R1 in exchange for the mutual covenants contained in this Agreement.  

1.At Will Employment. Your employment with the R1 is “at will,” meaning it is terminable at any time by either you or R1, subject to the provisions herein and the provisions of your Offer Letter.

2.Notice of Termination. Your employment with R1, as well as your role as a director and/or officer of R1 or any subsidiary, will terminate:

a.upon at least thirty (30) days’ prior written notice to R1 of your voluntary termination of employment (which R1 may, in its sole discretion, make effective earlier than any notice date); 

b.as specified in a written notice by R1 to you of a termination of employment for Cause or without Cause (other than for Disability);

c.immediately upon your death; or 

d.upon at least ten (10) days’ prior written notice by R1 to you of your termination of employment due to Disability. 

3.Payments upon Termination of Employment.  

a.In the event of your termination of employment from R1 by reason of your death, Disability, or by R1 for Cause, or by you for any reason, you will be entitled to receive:

i.any unpaid Base Salary through the date of termination, 

ii.except in the case of your termination by R1 for Cause, any annual bonus earned but unpaid with respect to the fiscal year ending on or preceding the date of termination, payable at the same time as it would have been paid had you not undergone a termination of employment; 

iii.reimbursement in accordance with applicable Company policy for any unreimbursed business expenses incurred through the date of termination; 

iv.any accrued but unused vacation time in accordance with Company policy; and 

v.all other payments, benefits or fringe benefits to which you are entitled under the terms of any applicable compensation or equity arrangement or employee benefit plan or program of R1 (collectively, the foregoing payment and benefits described in clauses (i)-(v) will be hereafter referred to as the “Accrued Benefits”).  

b.In the event of your termination of employment from R1 by R1 without Cause, R1 shall pay or provide you with the following severance benefits in addition to the Accrued Benefits:  

i.subject to your continued compliance with all of your post-termination obligations to R1, an amount equal to your monthly Base Salary rate, paid monthly for a period of twelve (12) months following such termination, provided that, in the event that you obtain other full-time employment that is competitive to R1 (as determined in R1’s sole discretion),  regardless of if the position is a Competitive Position, you must notify R1 of such employment and you will not be entitled to any such payment in respect of the period beginning on the effective date of such new employment following such termination; and  

ii.subject to (A) your timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), (B) your continued timely payment of premiums at the same level and cost to you as if you were an active employee of R1 (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars), and (C) your continued compliance with all of your post-termination obligations to R1, continued participation in R1’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers you (and your eligible dependents) for a period of twelve (12) months following such termination; provided that you are eligible and remain eligible for COBRA continuation coverage; and provided, further, that in the event that you obtain other employment that offers group health benefits, then COBRA continuation coverage under the R1 group health plan, as provided in this subparagraph 3(b)(ii), will immediately cease. Notwithstanding the foregoing, R1 will not be obligated to provide the foregoing continuation coverage if it would result in the imposition of excise taxes on R1 for failure to comply with the nondiscrimination requirements of the Internal Revenue Code, as amended, the Patient Protection and Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable).

c.Payment of all amounts described in part (b) above, excluding the Accrued Benefits (the “Severance Payments”) will only be payable if you deliver to R1 and do not revoke a general release of claims in favor of R1 and its affiliates in a form provided by R1. Such release must be executed and delivered (and no longer subject to revocation, if applicable) no earlier than the day after your last day of employment with R1 and no later than thirty (30) days following termination, unless a longer period is required by law. Any Severance Payments paid to you as provided herein is in lieu of and in full satisfaction of any benefits under the R1 RCM Inc. Severance Plan (as amended). To the extent that payment of any amount of the Severance Payments constitutes “nonqualified deferred compensation” for purposes of “Code Section 409A” (as defined below), any such payment scheduled to occur during the first sixty (60) days following the termination of employment will not be paid until the sixtieth (60th) day following such termination of employment and will include payment of any amount that was otherwise scheduled to be paid prior thereto.  

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d.In the event that a Change of Control occurs while you have been in the continuous employment of R1, vesting of equity awards (or, if applicable, any securities granted or issued to you in respect of such equity award in connection with a Change of Control) shall be governed by the relevant plan document and award agreement for each such award.

e.For purposes of this Section:

i.“Cause” means: (A) your conviction for, or plea of guilty or nolo contendere to, a felony; (B) your engaging in conduct that constitutes gross neglect or willful misconduct and that, in either case, has the potential to result in material economic or reputational harm to R1; (C) your willful breach of any provision of this Agreement or any applicable non-disclosure, non-competition, non-solicitation or other similar restrictive covenant obligation owed to R1; or (D) your repeated refusal, or failure to undertake good faith efforts, to perform your material employment duties and responsibilities for R1, so long as R1 provides written notice of the perceived violations under this subsection (i) and you fail to cure within thirty (30) days of such notice. 

ii.“Change of Control” means:

1.the consummation of any consolidation or merger of R1 where the stockholders of R1, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of R1 issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any);

2.any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of R1 to a Third Party Purchaser;

3.any sale of a majority of the voting shares of R1 to a Third-Party Purchaser;

4.the consummation of a Take Private Change of Control; or

5.any liquidation or dissolution of R1.

Notwithstanding the foregoing, other than with respect to a Take Private Change of Control, a “Change of Control” shall not be deemed to have occurred if the event constituting such “Change of Control” is not (x) a change in the ownership of the corporation, (y) a change in effective control of the corporation, or (z) a change in the ownership of a substantial portion of the assets of the corporation, as those terms are used and defined in Section 409A(a)(2)(A)(v) of the Code, and the regulations thereunder, and where the word “corporation” used above and in such provisions is taken to refer to R1.

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iii.“Disability” means you have been unable, with or without reasonable accommodation and due to physical or mental incapacity, to substantially perform your essential duties and responsibilities for a period of one hundred eighty (180) days out of any consecutive three hundred sixty-five (365) days.

iv.“Person” means any individual, entity or group, within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding (A) R1 and any of its subsidiaries, (B) any employee stock ownership or other employee benefit plan maintained by R1, and (C) an underwriter or underwriting syndicate that has acquired R1’s securities solely in connection with a public offering thereof.

v.“Take Private Change of Control” means the consummation of any transaction or series of transactions following which no shares of R1 (or of its ultimate parent corporation) are listed on the New York Stock Exchange or the NASDAQ, on any other United States stock exchange, or are otherwise listed on a public trading market (including the OTC Markets Group, Inc.). 

vi.“Third Party Purchaser” means any Person or group of Persons, none of whom is, immediately prior to the subject transaction, TowerBrook, Ascension, a TB/AS Co-Investment Vehicle, New Mountain Capital, or any affiliate thereof.

4.Restrictive Covenants. You, by virtue of your role with R1, have access to, and are involved in the formulation of, certain confidential and trade secret information of R1 and you could materially harm the business of R1 by competing with R1 or soliciting employees or customers of R1. You therefore agree to the following obligations and restrictive covenants.

a.Non-Solicitation. During the time in which you perform services for R1 and for a period of eighteen (18) months after the termination of your employment withR1, regardless of the reason, you shall not, directly or indirectly, either alone or in conjunction with any person, firm, association, company or corporation:

i.Hire, recruit, solicit or otherwise attempt to employ or retain or enter into any business relationship with, any person who is or was an employee of R1 within the twelve (12) month period immediately preceding the termination of your employment with R1; or

ii.Solicit the sale or licensing of any products or services that are similar to or competitive with products or services offered by, manufactured by, designed by, or distributed by the Company, to any person, company or entity which was or is a customer or potential customer of the Company for such products or services.
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b.Non-Disclosure. You will not, without R1’s prior written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of R1, or directly or indirectly, disclose to anyone outside of R1, either during or after your employment with R1 ends, R1’s Confidential Information, as long as such matters remain Confidential Information. You acknowledge and agree that R1 has spent significant time and money creating, developing and enhancing its trade secrets and other Confidential Information, and that R1 has in place reasonable policies, security, protocols and other protections and makes reasonable efforts to maintain and preserve the confidentiality of its trade secrets and other Confidential Information. This Agreement shall not prohibit you from (i) revealing evidence of criminal wrongdoing to law enforcement, (ii) disclosing or discussing concerns regarding regulatory or legal compliance with any governmental agency or entity to the extent that such disclosures or discussions are protected under any whistleblower protection provisions of Federal or state laws or regulations or (iii) divulging R1’s Confidential Information by order of court or agency of competent jurisdiction. However, you shall promptly inform R1 of any such situations and shall take such reasonable steps to prevent disclosure of R1’s Confidential Information until R1 has been informed of such requested disclosure and R1 has had an opportunity to respond to the court or agency.

c.Return of Company Property. You agree that, in the event that your service to R1 is terminated for any reason, you shall immediately return all of R1’s property, including without limitation, (i) tools, pagers, computers, printers, key cards, documents or other tangible property of R1, and (ii) R1’s Confidential Information in any media, including paper or electronic form, and you shall not retain in your possession, recreate, or provide anyone else with any copies of such Confidential Information or other Company Property.

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d.Ownership of Software and Inventions. All discoveries, designs, improvements, ideas, inventions, software, whether patentable or copyrightable or not, shall be works-made-for-hire and Company shall be deemed the sole owner throughout the universe of any and all rights of whatsoever nature therein, with the rights to use the same in perpetuity in any manner R1 determines in its sole discretion without any further payment to you whatsoever. If, for any reason, any of such results and proceeds which relate to the business shall not legally be a work-for-hire and/or there are any rights which do not accrue to R1 under the preceding sentence, then you hereby irrevocably assign and agree to quitclaim any and all of your right, title and interest thereto including, without limitation, any and all copyrights, patents, trade secrets, trademarks and/or other rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed to R1, and R1 shall have the right to use the same in perpetuity throughout the universe in any manner R1 determines without any further payment to you whatsoever. You shall, from time to time, as may be reasonably requested by R1, at R1’s expense, do any and all things which R1 may deem useful or desirable to establish or document R1’s exclusive ownership of any and all rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright and/or patent applications or assignments. To the extent you have any rights in the results and proceeds of your services that cannot be assigned in the manner described above, you unconditionally and irrevocably waive the enforcement of such rights. Notwithstanding anything to the contrary set forth herein, works developed by you (i) which are developed independently from the work developed for R1 regardless of whether such work was developed before or after you performed services for R1; or (ii) applications independently developed which are unrelated to the business and which you develop during non-business hours using non-business property shall not be deemed work for hire and shall not be the exclusive property of R1.

e.Non-Competition.

i.During the time of your employment for R1 and for a period of twelve (12) months after the termination of your employment for R1, regardless of the reason, you shall not, directly or indirectly, either alone or in conjunction with any person, firm, association, company or corporation, within the Restricted Area, own, manage, operate, or  participate in the ownership, management, operation, or control of, or provide services (including as an employee, contractor, or other service provider) to, any person or entity which is in competition with R1 where you would hold a position or have duties or engage in activities that (A) are similar to or include those duties that you engaged in during the last twelve (12) months of your employment with R1; (B) would require you to have responsibility for or access to confidential information that is similar to or relevant to the Confidential Information that you had responsibility for or access to during the last twelve (12) months of your employment with R1; or (C) would likely or inevitably involve your use or disclosure of R1’s Confidential Information.

ii.Notwithstanding anything to the contrary, nothing in this Paragraph (e) prohibits you from being a passive owner of not more than one percent (1%) of the outstanding stock of any class of a corporation which is publicly traded, so long as you have no active participation in the business of such corporation.
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f.Acknowledgments. You acknowledge and agree that the restrictions contained herein with respect to time, geographical area and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect the goodwill and other legitimate business interests of R1 and that you have the opportunity to review the provisions of this Agreement with your legal counsel. In particular, you agree and acknowledge (i) that R1 is currently engaging in business and actively marketing its services and products throughout the United States, (ii) that your duties and responsibilities for R1 are co-extensive with the entire scope of R1's business, (iii) that R1 has spent significant time and effort developing and protecting the confidentiality of its methods of doing business, technology, customer lists, long term customer relationships and trade secrets, and (iv) that such methods, technology, customer lists, customer relationships and trade secrets have significant value.

g.Enforcement. You agree that the restrictions contained herein are necessary for the protection of the business, the Confidential Information, customer relationships and goodwill of R1 and are considered by you to be reasonable for that purpose and that the scope of restricted activities, the geographic scope and the duration of the restrictions set forth in this Agreement are considered by you to be reasonable. You further agree that any breach of any of the restrictive covenants herein would cause R1 substantial, continuing and irrevocable harm for which money damages would be inadequate.  Therefore, in the event of any such breach or any threatened breach of your obligations under Paragraph 4 of this Exhibit A, in addition to such other remedies as may be available, R1 shall be entitled to specific performance and temporary, preliminary, and/or permanent injunctive relief and you waive any bond or other security with respect to such temporary and/or preliminary injunctive relief. This Agreement shall not in any way limit the remedies in law or equity otherwise available to R1 or its affiliates. You further agree that to the extent any provision or portion of the restrictive covenants shall be held, found or deemed to be unreasonable, unlawful or unenforceable by a court of competent jurisdiction, then any such provision or portion thereof shall be deemed to be modified to the extent necessary in order that any such provision or portion thereof shall be legally enforceable to the fullest extent permitted by applicable law.

h. Severability; Modification. It is expressly agreed by you that:

i.Modification. If, at the time of enforcement of this Agreement, a court or arbitrator holds that the duration, geographical area or scope of activity restrictions stated herein are unreasonable under circumstances then existing or impose a greater restraint than is necessary to protect the goodwill and other business interests of R1, you agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that the court or arbitrator will be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions contained herein be given effect to the broadest extent possible; and

ii.Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law, such invalidity, illegality or unenforceability will not affect any other provision, but this Agreement will be reformed, construed and enforced as if such invalid, illegal or unenforceable provision had never been contained herein.
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i.Non-Disparagement. You understand and agree that you will not disparage R1, its officers, directors, administrators, representatives, employees, contractors, consultants or customers and will not engage in any communications or other conduct which might interfere with the relationship between R1 and its current, former, or prospective employees, contractors, consultants, customers, suppliers, regulatory entities, and/or any other persons or entities.

j.Definitions.

i.Confidential Information. “Confidential Information” as used in this Agreement shall include R1’s trade secrets as well as any other information or material which is not generally known to the public, and which (A) is generated, collected by or utilized in the operations of R1’s business and relates to the actual or anticipated business, research or development of R1; or (B) is suggested by or results from any task assigned to you by R1 or work performed by you for or on behalf of R1. Confidential Information shall not be considered generally known to the public if you or others improperly reveal such information to the public without R1’s express written consent and/or in violation of an obligation of confidentiality to R1. Examples of Confidential Information include, but are not limited to, all customer, client, supplier and vendor lists, budget information, contents of any database, contracts, product designs, technical know-how, engineering data, pricing and cost information, research and development work, software, business plans, proprietary data, projections, market research, perceptual studies, strategic plans, marketing information, financial information (including financial statements), sales information, training manuals, employee lists and compensation of employees, and all other competitively sensitive information with respect to R1, whether or not it is in tangible form, and including without limitation any of the foregoing contained or described on paper, electronically, or in computer software or other storage devices, as the same may exist from time to time.

ii.Restricted Area. For purposes of this Agreement, the term “Restricted Area” shall mean the United States of America.

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5.Section 409A Compliance.

a.It is intended that all payments and benefits under the Offer Letter, this Agreement, the Annual Bonus Plan, the LTI, the 2010 Stock Incentive Plan, and any other plan under which you receive compensation shall comply with, or be exempt from, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, to the maximum extent permitted, the Terms & Conditions Agreement and such other agreements and plans will be interpreted in accordance with such intention. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification will be made in good faith and will, to the maximum extent reasonably possible, avoid any increase to R1’s financial liability or economic cost under this Offer Letter or such other agreements and plans. R1 and you agree to take any action, or refrain from taking any action, reasonably requested by you or R1, as applicable, to comply with the terms of any correction procedure promulgated under Code Section 409A.     Notwithstanding the foregoing, R1 makes no representations you about the effect of Code Section 409A on the provisions of this Offer Letter or any other compensation arrangement, and R1 will not have any liability to you in the event that you become subject to taxation (including taxes, penalties, and interest) under Code Section 409A (other than any reporting and/or withholding obligations that R1 may have under applicable tax law) or in the event that you incur other expenses on account of non-compliance or alleged non-compliance with Code Section 409A.

b.A termination of employment will not be deemed to have occurred for purposes of any provision of the Terms & Conditions Agreement providing for the payment of any amount or benefit that is “nonqualified deferred compensation” under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of the Terms & Conditions Agreement, references to a “termination,” “termination of employment” or like terms will mean a “separation from service.” If on the date of your termination you are a “specified employee” for purposes of Code Section 409A, any payment or benefit that is “nonqualified deferred compensation” that is payable on account of a “separation from service” (as such terms are defined for purposes of Code Section 409A), such payment or benefit will be made or provided at the date that is the earliest of (i) the expiration of the six (6)-month period measured from the date of your “separation from service,” (ii) the date of your death, or (iii) such other date that such payment or benefit may be provided without incurring any additional tax or interest under Code Section 409A. Upon the expiration of the foregoing delay period, any payments and benefits delayed pursuant to the previous sentence will be paid or made available to you in a lump sum and all remaining benefits payments and benefits due will be paid or provided in accordance with the normal payment dates specified for them herein.

c.With regard to any reimbursement to you of any costs and expenses or the provision of any in-kind benefits, except as otherwise permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year will not affect the expenses eligible for reimbursement, or in-kind to be provided, in any other taxable year, and (iii) such payments will be made on or before the last day of your taxable year following the taxable year in which the expense occurred.
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d.Your right to receive any installment payments under the Offer Letter, this Agreement, the Annual Bonus Plan, the LTI, the 2010 Stock Incentive Plan, or any other plan under which you receive compensation shall be treated as a right to receive a series of separate payments, and each such payment shall be a separately identified and determinable amount, to the maximum extent permitted under Code Section 409A. Whenever a payment under the Terms & Conditions Agreement specifies a payment within a period of days, the actual date of payment within such specified period will be within the sole discretion of R1.

e.In no event will any payment that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

6.Clawback. To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the board of directors of the Company (or a committee thereof), amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect.

7.Governing Law. Except as to Paragraph 8, this Agreement and the Offer Letter (together, the “Terms & Conditions Agreement”) shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of law provisions.

8.Exclusive Jurisdiction/Venue. All claims that you may have against the Company or that the Company may have against you, as well as any disputes that arise from or relate to your employment or this Offer Letter, shall be decided exclusively by binding arbitration in Salt Lake City, Utah under the Commercial Arbitration Rules of the American Arbitration Association. The parties agree that the arbitrator’s award shall be final, and may be filed with and enforced as a final judgment by any court of competent jurisdiction. Notwithstanding the foregoing, any disputes related to the enforcement of the restrictive covenants contained in this Offer Letter shall be subject to and determined under Delaware law and adjudicated in the state or federal courts in Salt Lake City, Utah.

9.Notices. Any notice hereunder by you shall be given to R1 in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel of R1. Any notice hereunder by R1 shall be given to you in writing and such notice shall be deemed duly given only upon receipt thereof at such address as you may have on file with R1.

10.Headings. The titles and headings of the various sections of Terms & Conditions Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of the Terms & Conditions Agreement.

11.Counterparts. The Terms & Conditions Agreement may be executed in one or more counterparts (including in pdf format or by other electronic means), each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

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12.Severability. The invalidity or unenforceability of any provisions of the Terms & Conditions Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of the Terms & Conditions Agreement in such jurisdiction or the validity, legality or enforceability of any provision of the Terms & Conditions Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

13.Binding Agreement; Assignment. The Terms & Conditions Agreement shall inure to the benefit of, be binding upon, and be enforceable by R1 and its successors and assigns (whether by merger, consolidation, sale of assets, or otherwise) and you. You shall not assign any part of the Terms & Conditions Agreement without the prior express written consent of R1.

14.Entire Agreement; Precedence; Amendment; Waiver. The Terms & Conditions Agreement together contain the entire agreement between the parties hereto with respect to the subject matter contained herein and supersedes all prior agreements and prior understandings, whether written or oral, between the parties relating to such subject matter. The Terms & Conditions Agreement may be modified or amended only by a writing signed by both R1 and you. No waiver by R1 of any breach by you of any condition or provision of the Terms & Conditions Agreement shall be deemed a waiver of a subsequent breach of any condition or provision of the Terms & Conditions Agreement).

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Agreed and Accepted:         

												
	[INSERT NAME]			R1 RCM HOLDCO INC.
			
				
				By:
				
				Title:
				
	Dated:			Dated:Exhibit 10.1

  

   

  

  
    EMPLOYMENT AGREEMENT

    THIS EMPLOYMENT
        AGREEMENT (“Agreement”) is made and entered into on December 21, 2022 (“Effective Date”), by and between ECB Bancorp, Inc. (the “Company”), a Maryland corporation, Everett Co-operative Bank (the “Bank”) and Richard J. O’Neil, Jr. (the “Executive”) (collectively the “Parties”).

    Background

    A. The Company and the Bank wish to employ the Executive on the terms and conditions provided herein, and the Executive wishes to continue in such capacity on the terms and
        conditions provided herein.

    B. The Company and the Bank wish to encourage the Executive to devote his full time and attention to the faithful performance of his responsibilities and pursuing the best
        interests of the Company and the Bank.

    C. The Company and the Bank employ the Executive in a position of trust and confidence, and the Executive has become acquainted with the Company’s Business, its officers and
        employees, its strategic and operating plans, its business practices, processes, and relationships, the needs and expectations of its Customers and Prospective Customers, and its trade secrets and other property, including Confidential Information
        (“Company’s Business,” “Customers” and “Confidential Information” are defined in Section 11 herein).

    NOW, THEREFORE, in
      consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties to this Agreement agree as follows:

    
      	
              1.

            	
              Term.

            

    

    (a) The term of this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of three (3) years.

    (b) Commencing on the first anniversary of the Effective Date and continuing on each December 21st thereafter, the term of this Agreement shall
        renew for an additional year such that the remaining term of this Agreement is always three (3) years; provided, however, that in order for
        this Agreement to renew, the Joint Compensation Committee of the Board of Directors of the Bank and the Company (the “Committee”) must take the following actions prior to each  renewal date: (i)  conduct a comprehensive performance evaluation and
        review of Executive and present his evaluation to the full Company Board of Directors and Bank Board of Directors  (collectively the “Board”); and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be
        reported to the full Board  and included in the Board minutes. If the decision is not to renew this Agreement, then the Company and the Bank shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”) at least thirty (30)
        days and not more than sixty (60) days prior to any  renewal date, such that this Agreement shall terminate at the end of twenty four (24) months following such renewal date.

     

      

    
      1

      
        

    

    Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a
      transaction which would be considered a Change in Control as defined herein, then the term of this Agreement shall be extended and shall terminate twenty four (24) months following the date on which the Change in Control occurs. The initial term and
      all renewals thereafter shall be referred to as the “Term” under this Agreement.

    2. Position and Duties. At all times during the Term, the Executive shall (i) serve as President and Chief Executive Officer of the Company and the Bank and, in such
        capacity, shall perform such duties and have such responsibilities as is typical for such positions, as well as any other reasonable duties as may be assigned to him by the Board from time to time, and (ii) diligently and conscientiously devote
        substantially all of his business time, energy, and ability to his duties and the business of the Company and the Bank and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or
        materially interfere with the performance of such services either directly or indirectly without the prior written consent of the  Board, and (iii) comply with all directions from the Board (other than directions that would require an illegal or
        unethical act or omission) and all applicable policies and regulations of the Company and the Bank. Executive shall report directly to the Board. Notwithstanding the foregoing, the Executive will be permitted to (a) with the prior written consent
        of the  Board (not to be unreasonably withheld), act or serve as a director, trustee, committee member, or principal of any type of business, civic or charitable organization as long as such activities are disclosed in writing to the Board, and (b)
        purchase or own less than two percent (2%) of the publicly traded securities of any entity which has the potential to be a competitor of the Company or the Bank or an unlimited ownership interest in any entity which is not similar to and does not
        have the potential to compete with the Company or the Bank; provided that, such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such entity; and provided further
        that, the activities described in clauses (a) and (b), in each case and in the aggregate, do not materially interfere with the performance of the Executive’s material duties and responsibilities as provided hereunder. The Executive has disclosed
        all such business, civic, and charitable organizations for which he serves as of the Effective Date, and it is hereby acknowledged that, as of the Effective Date, the same do not currently conflict with, and are not expected to interfere with, the
        Executive’s duties hereunder. The Executive is the most senior executive officer of the Company and the Bank. The Executive’s duties for the Company and the Bank include responsibility for managing the business, operations, and affairs of the
        Company and the Bank, including the implementation of strategic goals and objectives, subject to supervision and oversight by the Board or a committee of such Board authorized to act on such Board’s behalf. For purposes of this Agreement, all
        references to either the Company Board or the Bank Board shall be deemed to include references to all such committees. The Executive shall be responsible overall for the conduct of the business of the Company and the Bank. During the Term, the
        Executive shall serve as a member of the Company Board and the Bank Board and shall not receive any additional compensation for services as a member of such boards. Executive shall, if requested, also serve as an officer or director of any
        affiliate of the Company for no additional compensation.

    3. Compensation, Benefits and Expenses. During the Term, the Bank shall compensate the Executive for his services as provided in this Section 3. Unless otherwise determined by the 
        Board, all payments and benefits provided in this Agreement shall be paid or provided solely by the Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the
        duplication of any payment or benefit. Unless otherwise determined by the  Board, the Company’s sole obligation under this Agreement shall be to unconditionally guarantee the payment and provision of all amounts and benefits due hereunder to
        Executive, and the affirmative obligations of the Company as set forth at Section 3(g), herein, with respect to Indemnification, and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and
        benefits shall be paid or provided by the Company.

     

      

    
      2

      
        

    

    (a) Base Salary. The Bank shall pay the Executive an annual base salary at the rate of $425,000 payable in substantially equal installments in accordance with the Bank’s customary payroll practices regarding the payment of base salary to executives, but no less frequently than monthly (except to
        the extent the Executive has properly deferred such base salary pursuant to a Bank deferred compensation plan or arrangement, if any). The Executive’s base salary shall be reviewed at least annually by the Committee. The Committee may recommend
        that the Board increase, but not decrease the Executive’s base salary during the Term. In the absence of action by the Committee or the Board, the Executive shall continue to receive an annual base salary at the rate specified above on the
        Effective Date or, if another rate has been established under this Section 3(a), the rate last properly established by action of the Committee or the Board under this Section 3(a). The Executive’s annual base salary, as in effect from time to time,
        is hereinafter referred to as “Base Salary.”

    (b) Annual Bonuses. For
        each completed fiscal year of the Bank (“Fiscal Year”) during the Term, the Executive shall have the opportunity to earn an annual cash bonus pursuant to the
        Everett Co-operative Bank Annual Incentive Plan or any successor plan thereto (the “AIP”), as the terms of the AIP may be revised from time to time, based on achievement of annual performance goals established by the Bank Board of Directors (“Bank Board”) in its discretion (an “Annual Bonus”) with a target amount determined annually by the
        Committee based on review of market data for similarly situated executives.

    (c) Long-Term Equity Incentive Awards. If the Company or the Bank adopts an equity plan, the Executive
        shall be eligible for a long-term equity incentive award (“Equity Awards”).
        The  Committee shall determine the composition and size of the Executive’s Equity Awards granted during the Term, in its discretion. The Executive agrees and acknowledges that the actual value of any performance-based Equity Award will be based
        upon performance in relation to the performance goals used for the award. The terms and conditions of each Equity Award granted to the Executive shall be governed by the terms and conditions of the equity plan, as it may be amended or replaced from
        time to time, and the applicable award agreement evidencing the Equity Award.

    (d) Employee Benefits.
        During the Term, the Executive will be eligible to participate in or receive benefits under all employee benefit plans, programs, arrangements and practices in which Executive was participating or otherwise deriving benefit immediately prior to the
        Effective Date, including but not limited to the Bank’s tax-qualified pension plan, tax-qualified 401(k) plan, supplemental executive retirement plan, medical plan, dental plan, vision plan, life insurance plan, short-term and long-term disability
        plans, fringe benefit arrangements, and executive perquisite arrangements (collectively, the “Benefit Plans”). During the Term, and to the extent consistent
        with applicable law, the Bank will not, without the Executive’s prior written consent, make any changes to any material Benefit Plan that would be materially adversely affect the Executive’s rights or benefits under such Benefit Plan, unless an
        equitable arrangement (embodied in an ongoing or substitute arrangement) is made with respect to such change. During the Term, the Executive also will be entitled to participate in or receive benefits under any employee benefit plan, program,
        arrangement or practice made available by the Company or the Bank in the future, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

     

      

    
      3

      
        

    

    (e) Paid Time Off. During the Term, the
        Executive shall be eligible for five (5) weeks of paid time off per calendar year in accordance with the Bank’s paid time off policies, as in
        effect from time to time.

    (f) Business Expenses. The Executive shall
        be eligible for reimbursement of all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance with the Bank’s
        expense reimbursement policies and procedures.

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

    (h) Automobile Allowance. Executive shall be entitled to receive a monthly automobile allowance (the “Auto Allowance”) in the amount of $1,000. The Auto Allowance is intended
        to offset Executive’s costs and expenses incurred in obtaining an automobile to be used for business purposes. Executive shall be liable for all costs and expenses incurred with respect to such automobile; provided, however, Executive shall be eligible for expense reimbursement in accordance with any policy respecting business use of personal automobiles maintained by the
        Employer from time to time.

    4. Termination of Employment.

    (a) Subject to its payment obligations under this Section and Sections 5 or 6, if applicable, the Company and the Bank may terminate
        the Executive’s employment with the Company and the Bank and this Agreement at any time, with or without Cause (as defined in subsection (b) below), by providing at least thirty (30) days prior written notice (with the exception of a termination
        for Cause, for which no prior written notice is required) setting forth the provision of the Agreement under which the Company and the Bank intend to terminate the Executive’s employment and that satisfies any additional specific notice provisions
        under such provision. The Executive may voluntarily terminate his employment with the Company and the Bank and this Agreement at any time, with or without Good Reason (as defined in subsection (c) below), by providing at least thirty (30) days
        prior written notice to the Company and the Bank setting forth the provision of the Agreement under which the Executive intends to terminate the Executive’s employment and that satisfies any additional specific notice provisions under such
        provision. Upon termination of the Executive’s employment and this Agreement during the Term, the Executive shall be entitled to the following in addition to any benefits payable under Sections 5 or 6, as applicable, and shall have no further
        rights to any compensation or any other benefits from the Company or the Bank or any other affiliate of the Company:

     

      

    
      4

      
        

    

    
      	
              (i)  

              

            	
              Any earned but unpaid Base Salary through the effective date of the Executive’s termination of employment with the
                Company and the Bank (the “Termination Date”), paid in accordance with Section 3(a).

            

    

    
      	
              (ii)  

              

            	
              Provided that the Executive applies for reimbursement in accordance with the Bank’s established
                reimbursement policies (within the period required by such policies but under no circumstances later than thirty (30) days after his Termination Date), the Bank shall pay the Executive any reimbursements to which he is entitled under such
                policies.

            

    

    
      	
              (iii)  

              

            	
              Any benefits (other than severance) payable to the Executive under any of the Bank’s incentive
                compensation or employee benefit plans or programs shall be payable in accordance with the provisions of those plans or programs.

            

    

    Paragraphs 4(a)(i)-(iii) are herein referred to as the Executive’s “Accrued Obligations”.

    In addition, Executive is entitled to all rights to indemnification and directors and officers liability insurance
      provided under Section 3(g).

    Upon termination of the Executive’s employment hereunder for any reason, the Executive shall be deemed to have
      resigned from all positions that the Executive holds as an officer or member of the Board or of any other affiliate of the Company.

    (b) For purposes of this Agreement, “Cause”
        means the occurrence of any of the following during the Term:

    
      	
              (i)  

              

            	
              material act of dishonesty or fraud in performing Executive’s duties on behalf of the Bank or the Company;

            

    

    
      	
              (ii)  

              

            	
              willful misconduct that in the judgment of the  Board will likely cause economic damage to the Bank or the
                Company or injury to the business reputation of the Bank or the Company;

            

    

    
      	
              (iii)  

              

            	
              incompetence (in determining incompetence, the acts or omissions shall be measured against standards
                generally prevailing in the savings institutions industry);

            

    

    
      	
              (iv)  

              

            	
              breach of fiduciary duty involving personal profit;

            

    

    
      	
              (v)  

              

            	
              intentional failure to perform stated duties under this Agreement after written notice thereof from the
                Board;

            

       

      

      
        5

        
          

      

    

    
      	
              (vi)  

              

            	
              willful violation of any law, rule or regulation (other than traffic violations or similar offenses which
                results only in a fine or other non-custodial penalty) that reflect adversely on the reputation of the Bank or the Company, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist
                order; any material violation of the code of ethics or business conduct of the Bank or the Company, or

            

    

    
      	
              (vii)  

              

            	
              material breach by Executive of any provision of this Agreement.

            

    

    Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until
      there shall have been delivered to Executive a notice of termination.

    (c) For purposes of this Agreement, “Good Reason”
        means a termination by Executive, without Executive’s express written consent, if any of the following occurs:

    
      	
              (i)  

              

            	
              a material reduction in Executive’s base compensation, except for across-the-board reductions similarly
                affecting all or substantially all of the Bank’s executive officers;

            

    

    
      	
              (ii)  

              

            	
              a material reduction in Executive’s authority, duties or responsibilities;

            

    

    
      	
              (iii)  

              

            	
              a relocation of Executive’s principal place of employment by more than twenty (25) miles from the Bank’s
                main office location as of the date of this Agreement; or

            

    

    
      	
              (iv)  

              

            	
              any other action or inaction that constitutes a material breach of this Agreement by the Bank.

            

    

    5. Non-Change of Control Severance Benefit.

    (a) Subject to (i) the Executive’s timely execution and filing of a Release in accordance with Section 18, (ii) the expiration of any applicable waiting
        periods contained herein, and (iii) the following provisions of this Section 5, the Bank shall provide the Executive with the payments and benefits set forth in this Section 5 if, during the Term and before the occurrence of a Change of Control,
        either (1) the Company and the Bank terminate the Executive’s employment with the Company and the Bank and this Agreement other than pursuant to Section 8, or (2) the Executive terminates his employment with the Company and the Bank and this
        Agreement for Good Reason pursuant to Section 9. Notwithstanding the preceding provisions of this subsection (a), the Executive shall not be entitled to severance benefits pursuant to this Section 5 if he is entitled to severance benefits pursuant
        to Section 6. Any amount payable to the Executive pursuant to this Section 5 is in addition to his Accrued Obligations and is in consideration of the covenants set forth in this Agreement and/or the Release.

    (b) The Bank shall pay to the Executive his Base Salary for the remaining Term. Base Salary will be paid in accordance with the Bank’s regular payroll
        practices, except that the first payment shall be made within 60 days following the Termination Date and shall include all installments that would have been paid earlier had the installment stream commenced immediately following the Termination
        Date.

     

      

    
      6

      
        

    

    (c) The Bank will provide the Executive with continued coverage under the Bank’s health insurance plans (to the extent permitted by the plans and law) in
        which the Executive was participating as his Termination Date, until the earlier of 18 months following the Termination Date or the procurement by the Executive of health insurance coverage pursuant to another plan. In the event continued
        participation in the Bank’s health insurance plans is not permitted under plans or by law, the Executive will receive a lump sum cash payment equal to the total cost of Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage for 18 months
        following the Termination Date.

    (d) The treatment of any outstanding Equity Awards shall be determined in accordance with the terms of the applicable equity plan and the applicable award
        agreements evidencing such awards.

    6. Change of Control Severance Benefit.

    (a) Subject to (i) the expiration of any applicable waiting periods contained herein, and (ii) the following provisions of this Section 6, the Bank shall
        provide the Executive with the payments and benefits set forth in this Section 6, in lieu of severance payments or benefits under Section 5, if, during the Term and concurrent with or within twenty-four (24) months after a Change of Control (as
        defined in subsection (g) below), either (A) the Company and the Bank terminate the Executive’s employment with the Company and the Bank and this Agreement other than pursuant to Section 8, or (B) the Executive terminates his employment with the
        Company and the Bank and this Agreement for Good Reason pursuant to Section 9. Executive is also entitled to his Accrued Obligations as of his Termination Date.

    (b) Within 60 days following the Termination Date, the Bank shall pay to the Executive a single lump sum payment in an amount equal to three (3) times the
        sum of: (i) the Executive’s annual Base Salary in effect as of his Termination Date and (ii) the average of the Executive’s cash bonus earned over the three (3) years immediately preceding the Change in Control. Years in which no bonus was earned
        shall not be included for purposes of calculating the average in this paragraph (b).

    (c) The Bank shall continue the Executive’s participation in the Bank’s health insurance plans (to the extent permitted by the plans and law) in which the
        Executive was participating as of the Termination Date, until the earlier of 18 months following the Termination Date or the procurement by the Executive of health insurance coverage pursuant to another plan. In the event continued participation in
        the Bank’s health insurance plans is not permitted under plans or by law, the Executive will receive a lump sum cash payment equal to the total cost of Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage for 18 months following the
        Termination Date.

    (d) The Bank shall pay to the Executive any prior year Annual Bonus in a lump sum on the date on which the Annual Bonus would have been paid to the
        Executive but for Executive’s termination of employment; and

     

      

    
      7

      
        

    

    (e) The treatment of any outstanding Equity Awards shall be determined in accordance with the terms of the applicable equity plan and the applicable award
        agreements evidencing such awards.

    (f) If payments to the Executive pursuant to this Agreement would result in total parachute payments, whether or not made pursuant to this Agreement, the
        provisions of Section 7 shall apply as if set out in this Section 6.

    (g) For purposes of this Agreement, “Change in Control” means a change in control of the Bank or Company, as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the
        regulations promulgated thereunder, including the following:

    
      	
              (i)  

              

            	
              Change in ownership: A change in ownership of the Bank or the Company occurs on the date any one person or group of persons accumulates ownership of more than
                50% of the total fair market value or total voting power of the Bank or the Company; or

            

    

    
      	
              (ii)  

              

            	
              Change in effective control: A change in effective control occurs when either (i) any one person or more than one person acting as a group acquires within a
                twelve (12)-month period ownership of stock of the Bank or Company possessing 35% or more of the total voting power of the Bank or Company; or (ii) a majority of the Bank’s or Company’s Board of Directors is replaced during any 12-month
                period by Directors whose appointment or election is not endorsed in advance by a majority of the Bank’s or Company’s Board of Directors (as applicable), or

            

    

    
      	
              (iii)  

              

            	
              Change in ownership of a substantial portion of assets: A change in the ownership of a substantial portion of the Bank’s or Company’s assets occurs if, in a
                twelve (12)-month period, any one person or more than one person acting as a group acquires assets from the Bank or Company having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of the Bank’s
                or Company’s entire assets immediately before the acquisition or acquisitions. For this purpose, “gross fair market value” means the value of the Bank’s or Company’s assets, or the value of the assets being disposed of, determined without
                regard to any liabilities associated with the assets.

            

    

    7. Excise Tax Limitation. In the event any
        payment or distribution of any type to or for the benefit of Executive made by the Bank or the Company, any person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company’s assets in
        connection with a “change in control” (within the meaning of Code Section 280G and the regulations thereunder) or any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of the Agreement or
        otherwise (the “Total Payments”), would otherwise exceed the amount that could be received by Executive without the imposition of an excise tax under Code Section 4999 (the “Safe Harbor Amount”), then the Total Payments shall be reduced to the
        extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance with the applicable provisions of Code Section 280G and the regulations thereunder, does not exceed the greater of: (i) the Safe
        Harbor Amount, or (ii) the greatest after-tax amount payable to Executive after taking into account any excise tax imposed under Code Section 4999 on the Total Payments.

     

      

    
      8

      
        

    

    8. Termination of Employment by the Company and the Bank for Cause,  Death or Disability.

    (a) The Company and the Bank may initiate the termination of the Executive’s employment with the Company and the Bank and this Agreement for Cause at any
        time. Notwithstanding the foregoing, the Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a notice of termination which shall include a copy of a resolution duly adopted by the
        affirmative vote of not less than a simple majority of all of the members of the Company Board and Bank Board at a meeting of each such board called and held for that purpose, finding that in the good faith opinion of such board, Executive was
        guilty of conduct justifying termination for Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause, except as provided in
        Section 4 of this Agreement.

    (b) If the Executive dies before the termination of his employment with the Company and the Bank, his employment and this Agreement shall terminate
        automatically on the date of his death. In the case of a termination of the Executive’s employment with the Company and the Bank on account of death: (i) the Executive shall remain entitled to life insurance benefits pursuant to the Bank’s plans,
        programs, arrangements and practices in this regard, (ii) the Bank shall pay the Executive’s beneficiary his Accrued Obligations (if any), and (iii) the Executive shall not be entitled to severance benefits or payments pursuant to Sections 5 or 6.

    (c) The Company and the Bank may initiate the termination of the Executive’s employment with the Company and the Bank and this Agreement for Disability at
        any time. In the case of a termination of the Executive’s employment with the Company and the Bank on account of Disability the Executive shall: (i) remain entitled to long-term disability benefits pursuant to terms and conditions of the Bank’s
        plans, programs, arrangements and practices in this regard, (ii) his Accrued Obligations (if any) and (iii) the Executive shall not be entitled to severance benefits or payments pursuant to Sections 5 or 6.

    (d) For purposes of this Agreement, “Disability” will occur on
        the date on which the insurer or administrator of the Bank’s program of long-term disability insurance determines that the Executive is eligible to commence benefits under such insurance.

    9. Resignation by Executive for Good Reason. If an event of Good Reason occurs during the Term, the Executive may, at any time within the ninety (90) day period following the initial occurrence of such event, provide the Bank Board with a
        written notice of termination specifying the event of Good Reason and notifying the Company and the Bank of his intention to terminate his employment with the Company and the Bank upon the Company’s and the Bank’s failure to correct the event of
        Good Reason within thirty (30) days following receipt of the Executive’s notice of termination. If the Company and the Bank fails to correct the event of Good Reason and provide the Executive with notice of such correction within such thirty (30)
        day period, the Executive’s employment with the Company and the Bank and this Agreement shall terminate as of the end of such period and the Executive shall be entitled to benefits as provided in Section 4 and Sections 5 or 6, as applicable.

     

      

    
      9

      
        

    

    10. Withholding and Taxes. The Company and the Bank may withhold from any payment made hereunder (i) any taxes that the Company or the Bank reasonably determines are required to be withheld under federal, state, or
        local tax laws or regulations, and (ii) any other amounts that the Company or the Bank is authorized to withhold. Except for employment taxes that are the obligation of the Company or the Bank, the Executive shall pay all federal, state, local, and
        other taxes (including, without limitation, interest, fines, and penalties) imposed on him under applicable law by virtue of or relating to the payments and/or benefits contemplated by this Agreement, subject to any reimbursement provisions of this
        Agreement.

    11. Use and Disclosure of Confidential Information.

    (a) The Executive acknowledges and agrees that (i) by virtue of his employment with the Company and the Bank, he will be given access to, and will help
        analyze, formulate or otherwise use, Confidential Information, (ii) the Company and the Bank have devoted (and will devote) substantial time, money, and effort to develop Confidential Information and maintain the proprietary and confidential nature
        thereof, and (iii) Confidential Information is proprietary and confidential and, if any Confidential Information were disclosed or became known by persons engaging in a business in any way competitive with the Company’s Business, such disclosure
        would result in hardship, loss, irreparable injury, and damage to the Company or the Bank, the measurement of which would be difficult, if not impossible, to determine. Accordingly, the Executive agrees that (i) the preservation and protection of
        Confidential Information is an essential part of his duties of employment and that, as a result of his employment with the Company and the Bank, he has a duty of fidelity, loyalty, and trust to the Company and the Bank in safeguarding Confidential
        Information. The Executive further agrees that he will use his best efforts, exercise utmost diligence, and take all reasonable steps to protect and safeguard Confidential Information, whether such information derives from the Executive, other
        employees of the Company or the Bank, Customers, Prospective Customers, or vendors or suppliers of the Company of the Bank, and that he will not, directly or indirectly, use, disclose, distribute, or disseminate to any other person or entity or
        otherwise employ Confidential Information, either for his own benefit or for the benefit of another, except as required in the ordinary course of his employment by the Company and the Bank. The Executive shall follow all Company and Bank policies
        and procedures to protect all Confidential Information and shall take all reasonable precautions necessary under the circumstances to preserve and protect against the prohibited use or disclosure of any Confidential Information.

    (b) For purposes of this Agreement, “Confidential Information”
        means the following:

    
      	
              (i)  

              

            	
              materials, records, documents, data, statistics, studies, plans, writings, and information (whether in
                handwritten, printed, digital, or electronic form) relating to the Company’s Business that are not generally known or available to the Company’s business, trade, or industry or to individuals who work therein other than through a breach of
                this Agreement, or

            

    

    
      	
              (ii)  

              

            	
              trade secrets of the Company or the Bank.

            

    

     

    

    
      10

      
        

    

    Confidential Information also includes, but is not limited to: (1) information about Company or Bank employees; (2)
      information about the Company’s or the Bank’s compensation policies, structure, and implementation; (3) hardware, software, and computer programs and technology used by the Company or the Bank; (4) Customer and Prospective Customer identities, lists,
      and databases, including private information related to customer history, loan activity, account balances, and financial information; (5) strategic, operating, and marketing plans; (6) lists and databases and other information related to the
      Company’s or the Bank’s vendors; (7) policies, procedures, practices, and plans related to pricing of products and services; and (8) information related to the Company’s or the Bank’s acquisition and divestiture strategy. Information or documents
      that are generally available or accessible to the public shall be deemed Confidential Information, if the information is retrieved, gathered, assembled, or maintained by the Company or the Bank in a manner not available to the public or for a purpose
      beneficial to the Company or the Bank.

    (c) For purposes of this Agreement, “Company’s Business” means,
        collectively, the products and services provided by the Company or the Bank or any other affiliate of the Company, including, but not limited to, lending activities (including individual loans consisting primarily of home equity lines of credit,
        residential real estate loans, and/or consumer loans, and commercial loans, including lines of credit, real estate loans, letters of credit, and lease financing) and depository activities (including noninterest-bearing demand, NOW, savings and
        money market, and time deposits), debit and ATM cards, merchant cash management, internet banking, treasury services, (including investment management, wholesale funding, interest rate risk, liquidity and leverage management and capital markets
        products) and other general banking services.

    (d) For purposes of this Agreement, “Customer” means a person
        or entity who is a customer of the Company or the Bank at the time of the Executive’s termination of employment or with whom the Executive had direct contact on behalf of the Company or the Bank within the one year period preceding the termination
        of the Executive’s employment with the Company and the Bank

    (e) For purposes of this Agreement, “Prospective Customer”
        means a person or entity who was the direct target of sales or marketing activity by the Executive or whom the Executive knew was a target of the Company’s or the Bank’s sales or marketing activities during the one year period preceding the
        termination of the Executive’s employment with the Company and the Bank.

    (f) The confidentiality obligations contained in this Agreement shall continue as long as Confidential Information remains confidential (except that the
        obligations shall continue, if Confidential Information loses its confidential nature through improper use or disclosure, including but not limited to any breach of this Agreement and such use or disclosure is known to the Executive) and shall
        survive the termination of this Agreement and/or termination of the Executive’s employment with the Company and the Bank.

    12. Nondisparagement. The Executive agrees not to make any oral or written
        statement or take any other action that disparages or criticizes the Company or the Bank or their management or practices, that damages the Company’s or the Bank’s good reputation, or that impairs the normal operations of the Company or the Bank.
        The Executive understands that this nondisparagement provision does not apply on occasions when the Executive is subpoenaed or ordered by a court or other governmental authority to testify or give evidence and must, of course, respond truthfully,
        to conduct otherwise protected by the Sarbanes-Oxley Act, or to conduct or testimony in the context of enforcing the terms of this Agreement or other rights, powers, privileges, or claims not released by this Agreement. The Executive also
        understands that the foregoing nondisparagement provision does not apply on occasions when the Executive provides truthful information in good faith to any federal, state, or local governmental body, agency, or official investigating an alleged
        violation of any antidiscrimination or other employment-related law or otherwise gathering information or evidence pursuant to any official investigation, hearing, trial, or proceeding. Nothing in this nondisparagement provision is intended in any
        way to intimidate, coerce, deter, persuade, or compensate the Executive with respect to providing, withholding, or restricting any communication whatsoever to the extent prohibited under 18 U.S.C. §§ 201, 1503, or 1512 or under any similar or
        related provision of state or federal law. In addition, nothing in this provision is intended to require the Executive to provide notice to the Company or the Bank or their attorneys before reporting any possible violations of federal law or
        regulation to any governmental agency or entity (“Whistleblower Disclosures”), and the Executive is not required to notify the Company or the Bank or their
        attorneys that the Executive has made any such Whistleblower Disclosures.

     

      

    
      11

      
        

    

    13. Ownership of Documents and Return of Materials At Termination of Employment.

    (a) Any and all documents, records, and copies thereof, including but not limited to hard copies or copies stored digitally or electronically, pertaining
        to or including Confidential Information (collectively, “Company Documents”)
        that are made or received by the Executive during his employment with the Company and the Bank shall be deemed to be property of the Company and the Bank. The Executive shall use Company Documents and information contained therein only in the
        course of his employment with the Company and the Bank and for no other purpose. The Executive shall not use or disclose any Company Documents to anyone except as authorized in the course of his employment and in furtherance of the Company’s
        Business.

    (b) Upon termination of employment, the Executive shall deliver to the Company and the Bank, as soon as practicably possible (with or without request) all
        Company Documents and all other Company and Bank property in the Executive’s possession or under his custody or control.

    14. Non-Solicitation of Customers and Employees. The Executive agrees that during the Term and for a period of one (1) year following the termination of the Executive’s employment with the
        Company and the Bank, the Executive shall not, directly or indirectly, individually or jointly, (i) solicit in any manner, seek to obtain or service, or accept the business of any Customer or any product or service of the type offered by the
        Company or the Bank or competitive with the Company’s Business, (ii) solicit in any manner, seek to obtain or service, or accept the business of any Prospective Customer for any product or service of the type offered by the Company or the Bank or
        otherwise competitive with the Company’s Business, (iii) request or advise any Customer, Prospective Customer, or supplier of the Company or the Bank to terminate, reduce, limit, or change its business or relationship with the Company or the Bank,
        or (iv) induce, request, or attempt to influence any employee of the Company or the Bank to terminate his employment with the Company or the Bank.

    15. Covenant Not to Compete. The Executive hereby understands and acknowledges that, by virtue of his position with the Company and the Bank, he has obtained advantageous familiarity and personal
        contacts with Customers and Prospective Customers, wherever located, and the business, operations, and affairs of the Company and the Bank. Accordingly, except as set forth in subparagraph (b) of this Section 15, during the term of this 

     

      

    
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    Agreement and for a period of one (1) year following the termination of his employment with the Company and the Bank for
        any reason (“Restriction Period”), the Executive shall not, directly or indirectly:

     (a) become an officer, employee, consultant, director, independent
        contractor, agent, joint venturer, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any
        other business that operates an insured depository institution that competes with the Bank or any affiliate of the Bank, that is: (i) headquartered within the twenty five (25) miles of the Bank’s headquarters, determined on the earlier of the date
        of occurrence of the event or Termination Date; or (ii) has one or more banking offices, but is not headquartered within twenty-five (25) miles of the Bank’s headquarters, but in the latter case, only if Executive would be employed to directly
        solicit business or have other direct solicitation responsibilities or solicitation duties within the area defined in subparagraphs (i) and (ii) and in either case, this Section 15(a) shall apply following Executive’s termination of employment only
        if Executive is entitled to receive the severance benefits described in Sections 5 and 6 of this Agreement.

    16. Remedies. The
        Executive agrees that the Company and the Bank will suffer irreparable damage and injury and will not have an adequate remedy at law if the Executive breaches any provision of the restrictions contained in Sections 11, 12, 13, 14 and 15 (the
        “Restrictive Covenants”). Accordingly, if the Executive breaches or threatens or attempts to breach the Restrictive Covenants, in addition to all other available remedies, the Company and the Bank shall be entitled to seek injunctive relief, and no
        or minimal bond or other security shall be required in connection therewith. The Executive acknowledges and agrees that in the event of termination of this Agreement for any reason whatsoever, the Executive can obtain employment not competitive
        with the Company’s Business (or, if competitive, outside of the geographic and customer-specific scope described herein) and that the issuance of an injunction to enforce the provisions of the Restrictive Covenants shall not prevent the Executive
        from earning a livelihood. The Restrictive Covenants are essential terms and conditions to the Company entering into this Agreement, and they shall be construed as independent of any other provision in this Agreement or of any other agreement
        between the Executive and the Company or the Bank. The existence of any claim or cause of action that the Executive has against the Company or the Bank, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
        enforcement by the Company or the Bank of the Restrictive Covenants.

    17. Periods of Noncompliance and
            Reasonableness of Periods. The Company, the Bank and the Executive acknowledge and agree that the restrictions and covenants
        contained in Sections 14 and 15 are reasonable in view of the nature of the Company’s Business and the Executive’s advantageous knowledge of and familiarity with the Company’s Business, operations, affairs, and Customers. Notwithstanding anything
        contained herein to the contrary, if the scope of any restriction or covenant contained in Sections 14 and 15 is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or covenant to its full extent,
        then such restriction or covenant shall be enforced to the maximum extent permitted by law. The parties hereby acknowledge and agree that a court of competent jurisdiction may reform or blue pencil the Agreement to the fullest extent permitted by
        law to enforce this Agreement.

     

      

    
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    18. Release. For and in consideration of the foregoing covenants and promises made by the Company and the Bank, and the performance of such covenants and
        promises, the sufficiency of which is hereby acknowledged, the Executive understands that, as a condition of the payment of amounts under Section 5 of this Agreement, Executive will be required to execute a general release of all then existing
        claims against the Company, the Bank, their affiliates, shareholders, directors, officers, employees and agents in relation to claims relating to or arising out of the Executive’s employment with the Company and the Bank in a form substantially
        consistent with the Bank’s standard form of general release used for officers and not inconsistent with the terms of this Agreement (the “Release”), and the Executive shall not receive any payments or benefits to which he may be entitled hereunder
        that are subject to the execution of a Release unless the Executive satisfies this release requirement. THE EXECUTIVE’S RIGHT TO BENEFITS UNDER SECTION
          5 OF THIS AGREEMENT SHALL BE CONTINGENT ON HIS SIGNING AND FILING THE RELEASE WITHIN THE PERIOD SPECIFIED IN THE RELEASE, WHICH PERIOD WILL NOT EXCEED 45 DAYS FROM THE DATE THE BANK PROVIDES THE RELEASE TO THE EXECUTIVE, AND NOT REVOKING THE
          RELEASE WITHIN THE PERIOD SPECIFIED IN THE RELEASE, WHICH PERIOD WILL NOT EXCEED 7 DAYS FROM THE DATE THE EXECUTIVE SIGNS THE RELEASE.

    19. Cooperation. The
        parties agree that certain matters in which the Executive will be involved during the Term may necessitate the Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment with the Company and the Bank
        for any reason, to the extent reasonably requested by the Company or the Bank and subject to the Executive’s professional commitments, the Executive shall cooperate with the Company and the Bank in connection with matters arising out of the
        Executive’s service to the Company and the Bank, such cooperation to include without limitation the providing of truthful testimony in any hearing or trial as requested by the Company or the Bank or any other affiliate of the Company; provided,
        however, that the Company and the Bank shall make reasonable efforts to minimize disruption of the Executive’s other activities. The Bank shall reimburse the Executive for reasonable expenses incurred or compensation not received by the Executive
        due to such cooperation.

    20. Publicity. During the Term, the Executive hereby consents to any and all reasonable and customary uses and displays, by the Company, the Bank and their
        agents, representatives and licensees, of the Executive’s name, voice, likeness, image, appearance and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television
        programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other printed and electronic forms and media throughout the world, at any time during the
        period of the Executive’s employment with the Company and the Bank, for all legitimate commercial and business purposes of the Company and the Bank, without royalty, payment or other compensation to Executive.

    21. Reimbursement of Certain Costs.

    (a) If the Company or the Bank brings a cause of action to enforce the Restrictive Covenants or to recover damages caused by the Executive’s breach of the
        Restrictive Covenants, the substantially prevailing party in such action shall be entitled to reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, expert witness fees, and disbursements) in connection with such
        action.

     

      

    
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    (b) If a dispute arises regarding the Executive’s rights hereunder, and the Executive obtains a final judgment in his favor from a court of competent
        jurisdiction with respect to such dispute, all reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, expert witness fees, and disbursements) incurred by the Executive in connection with such dispute or in
        otherwise pursuing a claim based on a breach of this Agreement, shall be paid by the Bank.

    22. No Reliance. The Executive represents and acknowledges that in executing this Agreement, the Executive does not rely and has not relied upon any representation
        or statement by the Company or the Bank or their agents, other than statements contained in this Agreement.

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

    24. Section 409A. To
        the extent necessary to ensure compliance with Code Section 409A (“Section 409A”), the provisions of this Section 24 shall govern in all cases over any
        contrary or conflicting provision in this Agreement.

    (a) It is intended that this Agreement comply with the requirements of Section 409A and all guidance issued thereunder by the U.S.
        Internal Revenue Service with respect to any nonqualified deferred compensation subject to Section 409A. This Agreement shall be interpreted and administered to maximize the exemptions from Section 409A and, to the extent this Agreement provides
        for deferred compensation subject to Section 409A, to comply with Section 409A and to avoid the imposition of tax, interest and/or penalties upon Executive under Section 409A. The Company and the Bank do not, however, assume any economic burdens
        associated with Section 409A. Although the Company and the Bank intend to administer this Agreement to prevent taxation under Section 409A, they do not represent or warrant that this Agreement complies with any provision of federal, state, local,
        or non-United States law. The Company, the Bank, other affiliates of the Bank, and their respective directors, officers, employees and advisers will not be liable to the Executive (or any other individual claiming a benefit through the Executive)
        for any tax, interest, or penalties the Executive may owe as a result of this Agreement. Neither the Company, the Bank nor any other affiliate of the Company has any obligation to indemnify or otherwise protect the Executive from any obligation to
        pay taxes under Section 409A.

    (b) The right to a series of payments under this Agreement will be treated as a right to a series of separate payments. Each payment under this Agreement
        that is made within 2-1⁄2 months following the end of the year that contains the Termination Date is intended to be exempt from

     

      

    
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    Section 409A as a short-term deferral within the meaning of the final regulations under Section 409A. Each payment
      under this Agreement that is made later than 2-1⁄2 months following the end of the year that contains the Termination Date is intended to be exempt from Section 409A under the two-times exception of Treasury Reg. § 1.409A-1(b)(9)(iii), up
      to the limitation on the availability of that exception specified in the regulation. Then, each payment that is made after the two-times exception ceases to be available shall be subject to delay, as necessary, as specified below.

    (c) To the extent necessary to comply with Section 409A, in no event may the Executive, directly or indirectly, designate the taxable year of payment. In
        particular, to the extent necessary to comply with Section 409A, if any payment to the Executive under this Agreement is conditioned upon the Executive executing and not revoking a release of claims and if the designated payment period for such
        payment begins in one taxable year and ends in the next taxable year, the payment will be made in the later taxable year.

    (d) To the extent necessary to comply with Section 409A, references in this Agreement to “termination of employment” or “terminates employment” (and
        similar references) shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i) and any governing Internal Revenue Service guidance and Treasury regulations (“Separation from Service”), and no payment subject to Section 409A that is payable upon a termination of employment shall be paid unless and until (and not later than applicable in compliance with Section 409A)
        the Executive incurs a Separation from Service. In addition, if the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) at the time of the Executive’s Separation from Service, any nonqualified deferred compensation
        subject to Section 409A that would otherwise have been payable on account of, and within the first six months following, the Executive’s Separation from Service, and not by reason of another event under

    Section 409A(a)(2)(A), will become payable on the first business day after six months following the date of the
      Executive’s Separation from Service or, if earlier, the date of the Executive’s death.

    
      (e) To the extent that any payment of or reimbursement by the Bank to the Executive of eligible expenses under this Agreement
          constitutes a “deferral of compensation” within the meaning of Section 409A (a “Reimbursement”) (i) the Executive must request the Reimbursement (with
          substantiation of the expense incurred) no later than 90 days following the date on which the Executive incurs the corresponding eligible expense; (ii) subject to any shorter time period provided in any Bank expense reimbursement policy or
          specifically provided otherwise in this Agreement, the Bank shall make the Reimbursement to the Executive on or before the last day of the calendar year following the calendar year in which the Executive incurred the eligible expense; (iii) the
          Executive’s right to Reimbursement shall not be subject to liquidation or exchange for another benefit; (iv) the amount eligible for Reimbursement in one calendar year shall not affect the amount eligible for Reimbursement in any other calendar
          year; and (v) except as specifically provided otherwise in this Agreement, the period during which the Executive may incur expenses that are eligible for Reimbursement is limited to five calendar years following the calendar year in which the
          Termination Date occurs.

    

    25. Miscellaneous Provisions.

    (a) Further Assurances. Each of the parties hereto shall do, execute, acknowledge, and deliver or cause to be done, executed, acknowledged, and delivered at any time and
        from time to time upon the request of any other party hereto, all such further acts, documents, and instruments as may be reasonably required to effect any of the transactions contemplated by this Agreement.

     

      

    
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    (b) Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided,
        however, that neither party hereto may assign this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, (i) the Company or the Bank, as applicable, shall require any successor or assign (whether direct or
        indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company or the Bank, as applicable, to expressly assume, in writing, all of the Company’s or the Bank’s, as applicable,
        obligations to the Executive hereunder and the Executive hereby consents to the assignment of the Restrictive Covenants under this Agreement to any successor or assign of the Company or the Bank, as applicable, and (ii) upon the Executive’s death,
        this Agreement shall inure to the benefit of and be enforceable by the Executive’s executors, administrators, representatives, heirs, distributees, devisees, and legatees and all amounts payable hereunder shall be paid to such persons or the estate
        of the Executive.

    (c) Waiver; Amendment. No provision or
        obligation of this Agreement may be waived or discharged unless such waiver or discharge is agreed to in writing and signed by a duly authorized officer of the Company and the Bank and the Executive. The waiver by any party hereto of a breach of or
        noncompliance with any provision of this Agreement shall not operate or be construed as a continuing waiver or a waiver of any other or later breach or noncompliance. Except as expressly provided otherwise herein, this Agreement may be amended or
        supplemented only by a written agreement executed by a duly authorized officer of the Company, a duly authorized officer of the Bank and the Executive.

    (d) Headings. The headings in this Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation or enforcement of this Agreement.

    (e) Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held
        as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as
        though originally set forth in this Agreement. The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement
        in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and
        agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or
        more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not
        modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

     

      

    
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    (f) Notice. Any notice, request, instruction, or other document to be given hereunder to any party shall be in writing and delivered by hand, registered or certified United States
        mail, return receipt requested, or other form of receipted delivery, with all expenses of delivery prepaid, at the address specified for such party below (or such other address as specified by such party by like notice):

    
      	

            	If to the Executive:	
              At the address maintained in the personnel records of the Bank.

            

      

      	

            	If to the Executive:	
              Attn: Board of Directors of ECB Bancorp, Inc.

              419 Broadway

               Everett, MA 02149

            

    

  

  

    	

          	If to the Bank:	
            Attn: Board of Directors of Everett Bank (same address as Company)

          

    (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which taken together shall constitute one and
        the same instrument.

    (h) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Except as otherwise provided in Section 17 of this Agreement to the contrary,
        disputes or controversy arising under or in connection with this Agreement (unless prohibited by law) shall be settled exclusively by arbitration, conducted before a single arbitrator, mutually acceptable to Executive and the Bank, sitting in a
        location selected by the Bank within twenty-five (25) miles of the main office of the Bank in Everett, Massachusetts, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes
        then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

    (i) Entire Agreement. This Agreement constitutes the entire and sole agreement between the Company and the Bank and the Executive with respect to the Executive’s employment with the Company and the Bank or the
        termination thereof, and there are no other agreements or understandings either written or oral with respect thereto. The parties agree that any and all prior severance and/or change of control agreements between the parties have been terminated
        and are of no further force or effect.

    26. Review and Consultation. THE EXECUTIVE
        HEREBY ACKNOWLEDGES AND AGREES THAT HE (I) HAS READ THIS AGREEMENT IN ITS ENTIRETY PRIOR TO EXECUTING IT, (II) UNDERSTANDS THE PROVISIONS AND EFFECTS OF THIS AGREEMENT, (III) HAS CONSULTED WITH SUCH ADVISORS AS HE HAS DEEMED APPROPRIATE IN
        CONNECTION WITH HIS EXECUTION OF THIS AGREEMENT, AND (IV) HAS EXECUTED THIS AGREEMENT VOLUNTARILY. THE EXECUTIVE HEREBY UNDERSTANDS, ACKNOWLEDGES, AND AGREES THAT THIS AGREEMENT HAS BEEN PREPARED BY COUNSEL FOR THE COMPANY AND THE BANK AND THAT THE
        EXECUTIVE HAS NOT RECEIVED ANY ADVICE, COUNSEL, OR RECOMMENDATION WITH RESPECT TO THIS AGREEMENT FROM THE COMPANY OR THE BANK OR THEIR COUNSEL.

     

      

    
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    27. Survival. Upon any expiration or other
        termination of this Agreement: (i) each of Sections 3(h) (Indemnification), 11 - 17 (Restrictive Covenants), 18 (Release), 19 (Cooperation), 23 (Required Provisions), 24 (Section 409A) and 26 (Review and Consultation) shall survive such expiration
        or other termination; and (ii) all of the other respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

    
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    IN
        WITNESS WHEREOF, each of the Company and the Bank has caused this Agreement to be executed by its duly authorized representative, and the Executive has signed this Agreement.

    

    

    /s/Richard J. O’Neil, Jr.

    Richard J. O’Neil, Jr.

    Date: December 21, 2022

    

    

    

    ECB BANCORP, INC.

    By:  /s/ Dennis J. Leonard

    Name:  Dennis J. Leonard

    Title:  Chairman of the Board of Directors

      

    Date:  December 21, 2022

    

    

    EVERETT CO-OPERATIVE BANK:

    By:  /s/ Dennis J. Leonard

    Name:  Dennis J. Leonard

    Title:  Chairman of the Board of Directors

      

    Date:  December 21, 2022

  

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