Document:

1987 Stock Option Plan

 Exhibit 10.1 
 MAYFLOWER CO-OPERATIVE BANK 
 1987 STOCK OPTION PLAN 
 1. Purpose of the Plan. 
 The Plan
shall be known as the Mayflower Co-operative Bank 1987 Stock Option Plan (the “Plan”). The purpose of the Plan is to attract and retain the best available personnel for positions of substantial responsibility and to provide additional
incentive to key employees of Mayflower Co-operative Bank or any present or future parent or subsidiary of Mayflower Co-operative Bank to promote the success of the business. It is intended that options issued pursuant to this Plan may constitute
both incentive stock options within the meaning of Section 422A of the Internal Revenue Code of 1986, and options that do not so qualify. 
 2. Definitions. 
 As used herein, the following definitions shall apply. 
 (a) “Bank shall mean Mayflower Co-operative Bank. 
 (b) “Board” shall mean the Board of Directors of the Bank. 
 (c) “Common Stock” shall
mean Common Stock, par value $1.00 per share, of the Bank. 
 (d) “Code” shall mean the Internal Revenue Code of 1986. 

(e) “Committee” shall mean the Stock Option Committee appointed by the Board in accordance with paragraph 4(a) of the Plan. 
 (f) “Continuous Employment” or “Continuous Status as an Employee” shall mean the absence of any interruption or termination of
employment by the Bank or any present or future Parent or Subsidiary of the Bank. Employment shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Bank or in the case of transfers
between payroll locations of the Bank or between the Bank, its Parent, its Subsidiaries or a successor. 
 (g) “Effective Date”
shall mean the date specified in paragraph 15 hereof. 
 (h) “Employee” shall mean any person employed on a full-time basis by the
Bank or any present or future Parent or Subsidiary of the Bank. 
 (i) “Option” shall mean an option to purchase Common Stock
granted pursuant to this Plan. 
 (j) “Optioned Stock” shall mean stock subject to an option granted pursuant to this Plan.

  

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 (k) “Optionee” shall mean a person who receives an Option under the terms of this Plan.

 (l) “Parent” shall mean any present or future corporation which would be a “parent corporation” as defined in
Subsections 425(e) and (g) of the Code. 
 (m) “Plan” shall mean the Mayflower Co-operative Bank 1987 Stock Option Plan.

 (n) “Share” shall mean one share of the Common Stock. 
 (o) “Subsidiary” shall mean any present or future corporation which would be a “subsidiary corporation” as defined in Subsections
425(f) and (g) of the Code. 
 3. Shares Subject to the Plan. 
 Except as otherwise required by the provisions of paragraph 13 hereof, the aggregate number of shares of Common Stock
deliverable upon the exercise of Options pursuant to the Plan shall not exceed             1 shares. Such shares may either be authorized but unissued or treasury shares. 
 If Options
should expire or become unexercisable for any reason without having been exercised in full, the unpurchased shares which were subject thereto shall, unless the Plan shall have been terminated, be available for the grant of other Options under the
Plan. 
 4. Administration of the Plan. 
 (a) Composition of Option Committee. The Plan shall be administered by an Option Committee (the “Committee”) consisting of not less than three directors of the Bank appointed by the Board. All persons
designated as members of the Committee shall be “disinterested persons” within the meaning of Rule 16b-3 of the Securities and Exchange Act of 1934. 
 (b) Powers of the Committee. The Committee is authorized (but only to the extent not contrary to the express provisions of the Plan or to resolutions adopted by the Board) to interpret the Plan, to prescribe, amend
and rescind rules and regulations relating to the Plan, to determine the form and content of Options, to be issued under the Plan and to make other, determinations necessary or advisable for the administration of the Plan, and shall have and may
exercise such other power and authority as may be delegated to it by the Board from time to time. A majority of the entire Committee shall constitute a quorum and the action of a majority of the members present at any meeting at, which a quorum is
present shall be deemed the action of the Committee. 

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	 Will equal 10% of the shares issued by the Bank pursuant to the conversion of the Bank from mutual to
stock form. 

  

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 (c) Effect of Committee’s Decision. All decisions, determinations and interpretations of the
Committee shall be final and conclusive on all persons affected thereby. 
 5. Eligibility. 
 Options may be granted to such Employees of the Bank or any present or future Parent or Subsidiary as shall be designated by the Committee. An Employee
who has been granted an Option may, if otherwise eligible, be granted an additional Option or Options. 
 The aggregate fair market value
(determined pursuant to Section 7 hereof as of the date the Option is granted) of the Shares with respect to which Incentive Stock Options (under all Incentive Stock Option Plans, as defined in Section 422A of the Code, of the Bank or any
present or future Parent or Subsidiary of the Bank) are exercisable for the first time during any calendar year by an Optionee shall not exceed $100,000. Notwithstanding the prior provisions of this paragraph, the Committee may grant Options in
excess of the foregoing limitations, provided said Options shall be clearly and specifically designated as not being Incentive Stock Options, as defined in Section 422A of the Code. 
 Notwithstanding any other provision of this Plan, each director of the Bank who is not an Employee at the Effective Date shall receive on the Effective
Date Options for              shares of the Bank’s Common Stock at an Option price equal to the initial public offering price of such Common Stock. Such Options shall be
designated as non-incentive stock options, shall be exercisable at any time following stockholder approval of the Plan as provided in Section 14 hereof, and shall have a term of
             years following the Effective Date. Options received under the provisions of this paragraph may be exercised by (a) written notice of intent to exercise the Option
with respect to a specified number of shares, and (b) payment to the Bank (contemporaneously with the delivery of such notice), in cash, in Common Stock, or a combination of cash and Common Stock, of the amount of the Option price for the
number of shares with respect to which the Option is then being exercised. Each such notice and payment shall be delivered, or mailed by prepaid registered or certified mail, addressed to the Treasurer of the Bank at the Bank’s executive
offices. Such options may be exercised only while the Optionee is a director of the Bank or in the event of such person’s death during the term of his discretion, by the personal representatives of his estate or person or persons to whom his
rights under such Option shall have passed by will or by laws of descent and distribution. Such Option of the deceased Optionee may be exercised within two years from the date of his death, but not later than the date on which the Option would
otherwise expire. Unless otherwise inapplicable, or inconsistent with the provisions of this paragraph, the Options to be granted to directors hereunder shall be subject to all other provisions of this Plan. 
 6. Term of Plan; Term of Options. 
 (a) The Plan shall continue in effect for a term of ten years from its Effective Date, unless sooner terminated pursuant to paragraph 16. No Option shall be granted under the Plan after ten years from the Effective Date. 
 (b) The term of each Option granted under the Plan shall be established by the 

  

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Committee, but shall not exceed 10 years, provided however that in the case of an Employee who owns stock representing more than ten percent of the
Bank’s outstanding Common Stock at the time the Option is granted, the term of such Option shall not exceed five years. 
 7. Option
Price. 
 The price per share at which each Option granted under the Plan may be exercised shall not, as to any particular Option, be less
than the fair market value of the stock at the time such Option is granted. In the case of an Employee who owns stock representing more than ten percent of the Bank’s outstanding Common Stock at the time the Option is granted, the Option price
shall not be less than 110% of the fair market value of the stock at the time the Option is granted. If the Common Stock is traded otherwise than on a national securities exchange at the time of the granting of an Option, then the price per share
shall be not less than the mean between the bid and asked price on the date the Option is granted or, if there is no bid and asked price on said date, then on the next prior business day on which there was a bid and asked price. If no such bid and
asked price is available then the price per share shall be determined by the Committee. If the Common Stock is listed on a national securities exchange (including the NASDAQ national market) at the time of granting an Option, then the price per
share shall be not less than the average of the highest and lowest selling price on such exchange on the date such Option is granted or if there were no sales on said date, then the price shall be not less than the mean between the bid and asked
price on such date. 
 8. Exercise of Option. 
 (a) Procedure for Exercise. Any Option granted hereunder shall be exercisable at such times and under such conditions as shall be permissible under the terms of the Plan and of the Option granted to an Optionee. An
Option may not be exercised for a fractional Share. 
 An Option granted pursuant to the Plan may be exercised, subject to provisions
relative to its termination and limitations on its exercise, from time to time only by (a) written notice of intent to exercise the Option with respect to a specified number of shares, and (b) payment to the Bank (contemporaneously with
delivery of such notice), in cash, in Common Stock, or a combination of cash and Common Stock, of the amount of the Option price for the number of shares with respect to which the Option is then being exercised. Each such notice and payment shall be
delivered, or mailed by prepaid registered or certified mail addressed to the Treasurer of the Bank at the Bank’s executive offices. Common Stock utilized in full or partial payment of the exercise price shall be valued at its fair market value
at the date of exercise. 
 (b) Exercise During Employment or Following Death or Disability. Unless otherwise provided in the terms of an
Option, an Option may be exercised by an Optionee only while he is an Employee and has maintained Continuous Status As An Employee since the date of the grant of the Option, or within 90 days after termination of his status as an Employee (but not
later than the date on which the Option would otherwise expire), except if his Continuous Employment is terminated by reason of (1) death, then to the extent that the Optionee would have been entitled to exercise the Option immediately prior to
his death, such Option of the deceased Optionee may be exercised within two years from the date of his death (but not later 

  

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than the date on which the Option would otherwise expire) by the personal representatives of his estate or person or persons to whom his rights under such
Option shall have passed by will or by laws of descent and distribution, or (2) Permanent and Total Disability (as such term is defined in Section 105(d)(4) of the Code), then to the extent that the Optionee would have been entitled to
exercise the Option immediately prior to his Permanent and Total Disability, such Option may be exercised within one year from the date of such Permanent and Total Disability, but not later than the date on which the Option would otherwise expire.

 The Committee’s determination whether an Optionee’s employment has ceased, and the effective date thereof, shall be final and
conclusive on all persons affected thereby. 
 Notwithstanding any other provision of this Plan, if an Employee is terminated for cause, all
Options outstanding to such Employee shall be cancelled as of the effective date of such termination and may not be exercised thereafter. 
 9. Stock Appreciation Rights and Change in Control. 
 (a) The Committee may, but shall not be obligated to, from time to
time, authorize the granting of stock appreciation rights to, or accept the surrender of previously granted Options from, such Employees who have been granted Options as the Committee shall select. Each stock appreciation right, including the
surrender of previously granted Options, shall relate only to one or more shares subject to a specific Option. The terms of such stock appreciation rights shall authorize the Bank to accept the surrender by the Optionee of the right to exercise an
Option granted under the Plan (or portion thereof) in consideration for the payment by the Bank of an amount equal to the excess of the fair market value of the shares of Common Stock subject to such Option (or portion thereof) surrendered over the
Option price of such shares. Such payment, at the discretion of the Committee, may be made in shares of common stock valued at the then fair market value thereof (determined as provided in paragraph 7 hereof) or in cash or partly in cash and partly
in shares of common stock. 
 (b) Any election by an Optionee to exercise the stock appreciation rights in this section shall be made during
the period beginning on the third business day following the release for publication of quarterly or annual financial information and ending on the twelfth business day following such date. This condition shall be deemed to be satisfied when the
specified financial data is first made publicly available. 
 (c) Notwithstanding the provisions of any Option which provides for its
exercise in installments as designated by the Committee, such Option shall become immediately exercisable, and the Optionee shall, at the discretion of the Committee, be entitled to receive cash in an amount equal to the excess of the fair market
value of the Common Stock (determined in accordance with Section 7) subject to such Option over the Option price of such shares, in exchange for the surrender of such options by the Optionee, in the event of a change in control or offer to
effect a change in control. For purposes of this Section 9, “change in control” shall refer to the acquisition of the beneficial ownership (as that term is defined in Rule 13d-3 of the General Rules and Regulations under the
Securities Exchange Act of 1934) of 25 percent or more of the voting securities of the Bank by any person or by persons acting as a group within 

  

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the meaning of Section 13(d) of the Securities Exchange Act of 1934; provided, however, that for the purposes hereof no change in control or offer to
effect a change in control shall be deemed to have occurred if prior to the acquisition of, or offer to acquire, 25 percent or more of the voting securities of Bank, the full Board of Directors shall have adopted by not less than a two-thirds vote a
resolution specifically approving such acquisition or offer. The term “person” refers to an individual, or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or
any other form of entity not specifically listed herein. The decision of the Committee as to whether a change in control or offer to effect a change in control has occurred shall be conclusive and binding. 
 10. Non-Transferability of Options. 
 Options granted under the Plan may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by, will or by the laws of descent and distribution. An Option may be exercised, during the lifetime of the
Optionee, only by the Optionee. 
 11. Effect of Change in Stock Subject to the Plan. 
 In the event that each of the outstanding shares of Common Stock (other than shares held by dissenting shareholders) shall be changed into or exchanged
for a different number or kind of shares of stock of the Bank or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, stock dividend, split-up, combination of shares, or otherwise), then there shall
be substituted for each share of Common Stock then under Option or available for Option the number and kind of shares of stock into which each outstanding share of Common Stock (other than shares held by dissenting shareholders) shall be so changed
or for which each such share shall be so exchanged, together with an appropriate adjustment of the Option Price. 
 In the event there shall
be any change in the number of, or kind of, issued shares of Common Stock, or of any stock or other securities into which such Common Stock shall have been changed, or for which it shall have been exchanged, then if the Committee shall, in its
discretion, determine that such change equitably requires an adjustment in the number, or kind, or Option Price of shares when subject to an Option or available for Option, such adjustment shall be made by the Board and shall be effective and
binding for all purposes of the Plan. 
 12. Time of Granting Options. 
 The date of grant of an Option under the Plan shall, for all purposes, be the date on which the Committee makes the determination of granting such Option.
Notice of the determination shall be given to each, Employee to whom an Option is so granted within a reasonable time after the date of such grant. 
  

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 13. Effective Date. 
 The Plan shall become effective upon the effective date of the conversion of the Bank from mutual to stock form. Options may be granted prior to ratification of the Plan by the stockholders if the exercise of such
Options is subject to such stockholder ratification. The Plan shall continue in effect for a term of ten years from the Effective Date, unless sooner terminated under paragraph 16 of the Plan. 
 14. Approval by Stockholders. 
 The
Plan shall be approved by stockholders of the Bank within twelve (12) months before or after the date it becomes effective. 
 15.
Modification of Options. 
 At any time and from time to time the Board may authorize the Committee to direct execution of an instrument
providing for the modification of any outstanding Option, provided no such modification, extension or renewal shall confer on the holder of said Option any right or benefit which could not be conferred on him by the grant of a new Option at such
time, or impair the Option without the consent of the holder of the Option. 
 16. Amendment and Termination of the Plan. 

The Board may alter, suspend or discontinue the Plan except that no action of the Board may increase (other than as provided in paragraph 11) the
maximum number of shares permitted to be optioned or become available for the granting or Options under the Plan, or reduce the minimum Option price, or extend the period within which Options may be exercised, unless such action of the Board shall
be subject to approval or ratification by the shareholders of the Bank. 
 No action of the Board may, without the consent of the holder of
the Option, impair any then outstanding Option. 
 17. Conditions Upon Issuance of Shares. 
 Shares shall not be issued with respect to any Option granted under the Plan unless the issuance and delivery of such Shares shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities law, and the requirements of any stock exchange upon which the
Shares may then be listed. 
 Inability of the Bank to obtain from any regulatory body or authority deemed by the Bank’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder shall relieve the Bank of any liability in respect of the non-issuance or sale of such Shares. 
 As a condition to the exercise of an Option, the Bank may require the person exercising the Option to make such representations and warranties as may be necessary to assure the 

  

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availability of an exemption from the registration requirements of federal or state securities law. 
 18. Reservation of Shares. 
 The Bank,
during the term of this Plan, will reserve and keep available a number of Shares sufficient to satisfy the requirements of the Plan. 
  

 81999 OPTION PLAN

 Exhibit 10.2 
 MAYFLOWER CO-OPERATIVE BANK 
 1999 STOCK OPTION AND INCENTIVE PLAN 
 1. Purpose of the Plan. 
 The purpose
of this Mayflower Co-operative Bank 1999 Stock Option and Incentive Plan (the “Plan”) is to advance the interests of the Bank through providing select key Employees and Directors of the Bank and its Affiliates with the opportunity to
acquire Shares. By encouraging such stock ownership, the Bank seeks to attract, retain and motivate the best available personnel for positions of substantial responsibility and to provide additional incentive to key Employees and Directors of the
Bank or any Affiliate to promote the success of the business. 
 2. Definitions. 
 As used herein, the following definitions shall apply. 
 (a) “Affiliate” shall mean any “parent corporation” or “subsidiary corporation” of the Bank, as such terms are defined in Section 424(e) and (f), respectively, of the Code.

 (b) “Agreement” shall mean a written agreement entered into in accordance with Paragraph 5(c). 
 (c) “Bank” shall mean Mayflower Co-operative Bank. 
 (d) “Board” shall mean the Board of Directors of the Bank. 
 (e) “Change in
Control” shall mean any one of the following events: (1) the acquisition of ownership, holding or power to vote more than 25% of the Bank’s voting stock, (2) the acquisition of the ability to control the election of a
majority of the Bank’s directors, (3) the acquisition of a controlling influence over the management or policies of the Bank by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the
Securities Exchange Act of 1934), (except in the case of (1), (2), and (3) hereof, ownership or control of the Bank by a bank holding company formed by the Bank to hold 100% of the outstanding shares of Common Stock of the Bank shall not
constitute a “Change in Control”), or (4) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of the Bank (the
“Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the
Continuing Directors then in office shall be considered a Continuing Director. For purposes of this subparagraph only, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool,
syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. The decision of the Committee as to whether a change in control has occurred shall be conclusive and binding. 
 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (g) “Committee” shall mean the Stock Option Committee appointed by the Board in accordance with Paragraph 5(a) hereof. 
 (h) “Common Stock” shall mean the common stock, par value $1.00 per share, of the Bank. 
 (i) “Continuous Service” shall mean the absence of any interruption or termination of service as an Employee or Director of the Bank or
an Affiliate. Continuous Service shall not be considered interrupted in the case of (1) sick leave, military leave or any other leave of absence approved by the Bank, or (2) in the case of transfers between payroll locations of the Bank or
between the Bank, an Affiliate or a successor or (3) in the case of a Director’s performance of services, in an emeritus or an advisory capacity. 

 (j) “Director” shall mean any member of the Board, and any member of the board of
directors of any Affiliate that the Board has by resolution designated as being eligible for participation in this Plan. 
 (k)
“Disability” shall mean a physical or mental condition, which in the sole and absolute discretion of the Committee, is reasonably expected to be of indefinite duration and to substantially prevent a Participant from fulfilling his
or her duties or responsibilities to the Bank or an Affiliate. 
 (l) “Effective Date” shall mean the date specified in
Paragraph 13 hereof. 
 (m) “Employee” shall mean any person who receives compensation, from the Bank or an Affiliate, that
is reportable to the Internal Revenue Service on Form W-2 (or a successor to that form). 
 (n) “Exercise Price” shall mean
the price per Optioned Share at which an Option may be exercised. 
 (o) “ISO” means an option to purchase Common Stock
which meets the requirements set forth in the Plan, and which is intended to be and is identified as an “incentive stock option” within the meaning of Section 422 of the Code. 
 (p) “Market Value” shall mean the fair market value of the Common Stock, as determined under Paragraph 7(b) hereof. 
 (q) “Non-Employee Director” shall have the meaning provided in Rule 16b-3. 
 (r) “Non-ISO” means an option to purchase Common Stock which meets the requirements set forth in the Plan but which is not intended to
be and is not identified as an ISO. 
 (s) “Option” means an ISO and/or a Non-ISO. 
 (t) “Optioned Shares” shall mean Shares subject to an Option granted pursuant to this Plan. 
 (u) “Participant” shall mean any person (Employee or Director) who receives an Option pursuant to the Plan. 
 (v) “Plan” shall mean this Mayflower Co-operative Bank 1999 Stock Option and Incentive Plan. 
 (w) “Rule 16b-3” shall mean Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended.

 (x) “Share” shall mean one share of Common Stock. 
 (y) “Year of Service” shall mean a full twelve-month period, measured from the grant date of an Option and each annual anniversary of
that date, during which a Participant has not terminated Continuous Service for any reason. 
 3. Term of the Plan and Options.

 (a) Term of the Plan. The Plan shall continue in effect for a term of ten years from the Effective Date, unless sooner
terminated pursuant to Paragraph 16 hereof. No Option shall be granted under the Plan after ten years from the Effective Date. 
 (b) Term
of Options. The term of each Option granted under the Plan shall be established by the Committee, but shall not exceed 10 years; provided, however, that in the case of an Employee who owns Shares representing more than 10% of the outstanding
Common Stock at the time an ISO is granted, the term of such ISO shall not exceed five years. 
  

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 4. Shares Subject to the Plan. 
 Except as otherwise required by the provisions of Paragraph 10 hereof, the aggregate number of Shares deliverable pursuant to Options shall not exceed
66,500 Shares. Such Shares may either be authorized but unissued Shares or Shares held in treasury, or shares held in a grantor trust created by the Bank. If any Options should expire, become unexercisable, or be forfeited for any reason without
having been exercised or become vested in full, the Optioned Shares shall, unless the Plan shall have been terminated, be available for the grant of additional Options under the Plan. 
 5. Administration of the Plan. 
 (a)
Composition of the Committee. The Plan shall be administered by the Committee, which shall consist of at least two Non-Employee Directors. Members of the Committee shall serve at the pleasure of the Board. In the absence at any time of a duly
appointed Committee, the Plan shall be administered by those members of the Board who are Non-Employee Directors. 
 (b) Powers of the
Committee. Except as limited by the express provisions of the Plan or by resolutions adopted by the Board, the Committee shall have sole and complete authority and discretion (i) to select Participants and grant Options, (ii) to
determine the form and content of Options to be issued in the form of Agreements under the Plan, (iii) to interpret the Plan, (iv) to prescribe, amend and rescind rules and regulations relating to the Plan, and (v) to make other
determinations necessary or advisable for the administration of the Plan. The Committee shall have and may exercise such other power and authority as may be delegated to it by the Board from time to time. A majority of the entire Committee shall
constitute a quorum and the action of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be deemed the action of the Committee.

 (c) Agreement. Each Option shall be evidenced by a written agreement containing such provisions as may be approved by the
Committee. Each such Agreement shall constitute a binding contract between the Bank and the Participant, and every Participant, upon acceptance of such Agreement, shall be bound by the terms and restrictions of the Plan and of such Agreement. The
terms of each such Agreement shall be in accordance with the Plan, but each Agreement may include such additional provisions and restrictions determined by the Committee, in its discretion, provided that such additional provisions and restrictions
are not inconsistent with the terms of the Plan. In particular, the Committee shall set forth in each Agreement (i) the Exercise Price of an Option, (ii) the number of Shares subject to, and the expiration date of, the Option,
(iii) the manner, time and rate (cumulative or otherwise) of exercise or vesting of such Option, and (iv) the restrictions, if any, to be placed upon such Option, or upon Shares which may be issued upon exercise of such Option. 

The Chairman of the Committee and such other officers as shall be designated by the Committee are hereby authorized to execute Agreements on behalf of
the Bank and to cause them to be delivered to the recipients of Options. 
 (d) Effect of the Committee’s Decisions. All
decisions, determinations and interpretations of the Committee shall be final and conclusive on all persons affected thereby. 
 (e)
Indemnification. In addition to such other rights of indemnification as they may have, the members of the Committee shall be indemnified by the Bank in connection with any claim, action, suit or proceeding relating to any action taken or
failure to act under or in connection with the Plan or any Option, granted hereunder to the full extent provided for under the Bank’s Charter or Bylaws with respect to the indemnification of Directors. 
 6. Grant of Options. 
 (a) General
Rule. In its sole discretion, the Committee may grant Options to Employees and Directors (including members of the Committee) of the Bank or its Affiliates. 
  

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 (b) Special Rules for ISOs. The aggregate Market Value, as of the date the Option is granted, of
the Shares with respect to which ISOs are exercisable for the first time by an Employee during any calendar year (under all incentive stock option plans, as defined in Section 422 of the Code, of the Bank or any present or future Parent or
Subsidiary of the Bank) shall not exceed $100,000. Notwithstanding the prior provisions of this paragraph, the Committee may grant Options in excess of the foregoing limitations, in which case such Options granted in excess of such limitation shall
be Options which are Non-ISOs. 
 7. Exercise Price for Options. 
 (a) Limits on Committee Discretion. The Exercise Price as to any particular Option granted under the Plan shall not be less than 100% of the
Market Value of the Optioned Shares on the date of grant. In the case of an Employee who owns Shares representing more than 10% of the Bank’s outstanding Shares of Common Stock at the time an ISO is granted, the Exercise Price shall not be less
than 110% of the Market Value of the Optioned Shares at the time the ISO is granted. 
 (b) Standards for Determining Exercise Price.
If the Common Stock is listed on a national securities exchange (including the Nasdaq National Market) on the date in question, then the Market Value per Share shall be not less than the average of the highest and lowest selling price on such
exchange on such date, or if there were no sales on such date, then the Exercise Price shall be not less than the mean between the bid and asked price on such date. If the Common Stock is traded otherwise than on a national securities exchange on
the date in question, then the Market Value per Share shall be not less than the mean between the bid and asked price on such date, or, if there is no bid and asked price on such date, then on the next prior business day on which there was a bid and
asked price. If no such bid and asked price is available, then the Market Value per Share shall be its fair market value as determined by the Committee, in its sole and absolute discretion. 
 8. Exercise of Options. 
 (a)
Generally. Any Option granted hereunder shall be exercisable at such times and under such conditions as shall be permissible under the terms of the Plan and of the Agreement granted to a Participant. An Option may not be exercised for a
fractional Share. 
 (b) Procedure for Exercise. A Participant may exercise Options, subject to provisions relative to its termination
and limitations on its exercise, only by (1) written notice of intent to exercise the Option with respect to a specified number of Shares, and (2) payment to the Bank (contemporaneously with delivery of such notice) in cash, in Common
Stock, or a combination of cash and Common Stock, of the amount of the Exercise Price for the number of Shares with respect to which the Option is then being exercised. Each such notice (and payment where required) shall be delivered, or mailed by
prepaid registered or certified mail, addressed to the Treasurer of the Bank at the Bank’s executive offices. Common Stock utilized in full or partial payment of the Exercise Price for Options shall be valued at its Market Value at the date of
exercise. 
 (c) Period of Exercisability. Except to the extent otherwise provided in the terms of an Agreement, an Option may be
exercised by a Participant only while he is an Employee and has maintained Continuous Service from the date of the grant of the Option, or within three months after termination of such Continuous Service (but not later than the date on which the
Option would otherwise expire), except if the Employee’s Continuous Service terminates by reason of — 
 (1) “Just Cause”
which for purposes hereof shall have the meaning set forth in any unexpired employment or severance agreement between the Participant and the Bank (and, in the absence of any such agreement, shall mean termination because of the Employee’s
personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease-and-desist order), then the Participant’s rights to exercise such Option shall expire on the date of such termination; 
  

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 (2) death, then to the extent that the Participant would have been entitled to exercise the Option
immediately prior to his death, such Option of the deceased Participant may be exercised within two years from the date of his death (but not later than the date on which the Option would otherwise expire) by the personal representatives of his
estate or person or persons to whom his rights under such Option shall have passed by will or by laws of descent and distribution; 
 (3)
Permanent and Total Disability (as such term is defined in Section 22(e)(3) of the Code), then to the extent that the Participant would have been entitled to exercise the Option immediately prior to his Permanent and Total Disability, such
Option may be exercised within one year from the date of such Permanent and Total Disability, but not later than the date on which the Option would otherwise expire. 
 Notwithstanding the provisions of any Option which provides for its exercise in installments as designated by the Committee, such Option shall become immediately exercisable upon the Participant’s death or
Permanent and Total Disability. 
 Options granted to non-employee directors will expire one year after a director terminates Continuous
Service as a Director for any reason other than death, but in no event later than the date on which such Options would otherwise expire. In the event of a Director’s death during the term of his or her directorship, the Options shall become
immediately exercisable and will expire two years after his or her death. In the event of such Director’s disability during his or her directorship, the director’s Option shall become immediately exercisable, and such Option may be
exercised within two years of the termination of directorship due to disability, but not later than the date that the Option would otherwise expire. 
 (d) Effect of the Committee’s Decisions. The Committee’s determination whether a Participant’s Continuous Service has ceased, and the effective date thereof shall be final and conclusive on all
persons affected thereby. 
 9. Change in Control 
 (a) General Rule. Notwithstanding the provisions of any Option which provides for its exercise or vesting in installments, upon the date of a Change in Control or an offer to effect a Change in Control,
(i) all Options shall become immediately exercisable and fully vested, and (ii) the Participant shall, at the discretion of the Committee, be entitled to receive cash in an amount equal to the excess of the Market Value of the Common Stock
subject to such Option over the Exercise Price of such Shares, in exchange for the cancellation of such Options by the Participant. 
 (b)
Exception to General Rule. Notwithstanding subparagraph (a) of this Paragraph, in no event may an Option be cancelled in exchange for cash within the six-month period following the date of its grant. 
 10. Effect of Changes in Common Stock Subject to the Plan. 
 (a) Recapitalizations; Stock Splits, Etc. The number and kind of shares reserved for issuance under the Plan, and the number and kind of shares subject to outstanding Options (and the Exercise Price thereof in
the case of Options), shall be proportionately adjusted for any increase, decrease, change or exchange of Shares for a different number or kind of shares or other securities of the Bank which results from a merger, consolidation, recapitalization,
reorganization, reclassification, stock dividend, split-up, combination of shares, or similar event in which the number or kind of shares is changed without the receipt or payment of consideration by the Bank. 
 (b) Transactions in which the Bank is Not the Surviving Entity. Subject to Paragraph 9 hereof, in the event of (i) the liquidation or
dissolution of the Bank, (ii) a merger or consolidation in which the Bank is not the surviving entity, or (iii) the sale or disposition of all or substantially all of the Bank’s assets (any of the foregoing to be referred to herein as
a “Transaction”), all outstanding Options shall be surrendered. With respect to each Option so surrendered, the Committee shall in its sole and absolute discretion determine whether the holder of the surrendered Option shall receive —

  

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 (1) for each Share then subject to an outstanding Option the number and kind of shares into which each
outstanding Share (other than Shares held by dissenting stockholders) is changed or exchanged, together with an appropriate adjustment to the Exercise Price; or 
 (2) a cash payment (from the Bank or the successor corporation) in an amount equal to the Market Value of the Shares subject to the Option on the date of the Transaction, less the Exercise Price of the Option.

 (c) Special Rule for ISOs. Any adjustment made pursuant to subparagraphs (a) or (b)(1) hereof shall be made in such a manner
as not to constitute a modification, within the meaning of Section 424(h) of the Code, of outstanding ISOs. 
 (d) Conditions and
Restrictions on New, Additional, or Different Shares or Securities. If, by reason of any adjustment made pursuant to this Paragraph, a Participant becomes entitled to new, additional, or different shares of stock or securities, such new,
additional, or different shares of stock or securities shall thereupon be subject to all of the conditions and restrictions which were applicable to the Shares pursuant to the Option before the adjustment was made. 
 (e) Other Issuances. Except as expressly provided in this Paragraph, the issuance by the Bank or an Affiliate of shares of stock of any class, or
of securities convertible into Shares or stock of another class, for cash or property or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, shall not affect, and no adjustment shall be
made with respect to, the number, class, or Exercise Price of Shares then subject to Options or reserved for issuance under the Plan. 
 11. Non-Transferability of Options. 
 Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of
in any manner other than by will or by the laws of descent and distribution, or pursuant to the terms of a “qualified domestic relations order” (within the meaning of Section 414(p) of the Code and the regulations and rulings
thereunder). 
 12. Time of Granting Options. 
 The date of grant of an Option shall, for all purposes, be the date on which the Committee makes the determination of granting such Option. Notice of the determination shall be given to each Participant to whom an
Option is so granted within a reasonable time after the date of such grant. 
 13. Effective Date. 
 The Plan shall become effective immediately upon its approval by the Board. Options may be made prior to approval of the Plan by the stockholders of the
Bank if the exercise of Options is subject to such stockholder approval. 
 14. Approval by Stockholders. 
 The Plan shall be approved by stockholders of the Bank within twelve (12) months before or after the Effective Date. 
 15. Modification of Options. 
 At any
time, and from time to time, the Board may authorize the Committee to direct execution of an instrument providing for the modification of any outstanding Option, provided no such modification shall confer on the holder of said Option any right or
benefit which could not be conferred on him by the grant of a new Option at such time, or impair the Option without the consent of the holder of the Option. 
  

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 16. Amendment and Termination of the Plan. 
 The Board may from time to time amend the terms of the Plan and, with respect to any Shares at the time not subject to Options, suspend or terminate the
Plan, provided that any amendment that is “material” within the meaning of Rule 16b-3 shall be subject to stockholder approval. 
 No amendment, suspension or termination of the Plan shall, without the consent of any affected holders of an Option, alter or impair any rights or obligations under any Option theretofore granted. 
 17. Conditions Upon Issuance of Shares. 
 (a) Compliance with Securities Laws. Shares of Common Stock shall not be issued with respect to any Option unless the issuance and delivery of such Shares shall comply with all relevant provisions of law, including, without limitation, the
Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities law, and the requirements of any stock exchange upon which the Shares may then be listed. The Plan is intended to comply with Rule
16b-3, and any provision of the Plan which the Committee determines in its sole and absolute discretion to be inconsistent with said Rule shall, to the extent of such inconsistency, be inoperative and null and void, and shall not affect the validity
of the remaining provisions of the Plan. 
 (b) Special Circumstances. The inability of the Bank to obtain approval from any regulatory body
or authority deemed by the Bank’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder shall relieve the Bank of any liability in respect of the non-issuance or sale of such Shares. As a condition to the exercise of
an Option, the Bank may require the person exercising the Option to make such representations and warranties as may be necessary to assure the availability of an exemption from the registration requirements of federal or state securities law.

 (c) Committee Discretion. The Committee shall have the discretionary authority to impose in Agreements such restrictions on Shares as it
may deem appropriate or desirable, including but not limited to the authority to impose a right of first refusal or to establish repurchase rights or both of these restrictions. 
 18. Reservation of Shares. 
 The
Bank, during the term of the Plan, will reserve and keep available a number of Shares sufficient to satisfy the requirements of the Plan. 
 19. Withholding Tax. 
 The Bank’s obligation to deliver Shares upon exercise of Options shall be subject to the
Participant’s satisfaction of all applicable federal, state and local income and employment tax withholding obligations. The Committee, in its discretion, may permit the Participant to satisfy the obligation, in whole or in part, by irrevocably
electing to have the Bank withhold Shares, or to deliver to the Bank Shares that he already owns, having a value equal to the amount required to be withheld. The value of the Shares to be withheld, or delivered to the Bank, shall be based on the
Market Value of the Shares on the date the amount of tax to be withheld is to be determined. As an alternative, the Bank may retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 

20. No Employment or Other Rights. 
 In no event shall an Employee’s or Director’s eligibility to participate or participation in the Plan create or be deemed to create any legal or equitable right of the Employee, Director or any other party to continue service with
the Bank or any Affiliate. No Employee shall have a right to be granted an Option or, having received an Option, the right to again be granted an Option. However, an Employee or Director who has been granted an Option may, if otherwise eligible, be
granted an additional Option or Options. 
  

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 21. Governing Law. 
 The Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, except to the extent that federal law shall be deemed to apply. 
  

 8

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