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Document

Exhibit 10.2

SEVERANCE COMPENSATION AGREEMENT
This Severance Compensation Agreement (this “Agreement”) dated as of June 21, 2022 (the “Effective Date”) is by and among Cathy Cunningham (the “Executive”), QuoteLab, LLC, a Delaware limited liability company (the “Company”), and MediaAlpha, Inc., a Delaware corporation and ultimate parent of the Company (“Parent”).
WITNESSETH:
WHEREAS, the Executive is currently employed with the Company on an at-will basis;
WHEREAS, the parties wish to continue the Executive’s employment with the Company as an at-will employee of the Company and, further, to provide for certain severance payments and benefits to the Executive in the event the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason; and
WHEREAS, the parties wish to memorialize the terms and conditions of the foregoing in this Agreement.
NOW, THEREFORE, in consideration of the premises and of the covenants and agreements set forth in this Agreement, the parties hereto hereby agree as follows:
1.    Certain Defined Terms. In addition to terms defined elsewhere herein, the following terms have the meanings when used in this Agreement with initial capital letters:
(a)    “Accrued Obligations” shall mean (i) any Base Salary earned but not paid through the Date of Termination; (ii) any Annual Bonus earned but unpaid with respect to any fiscal year preceding the fiscal year in which the Date of Termination occurs, payable on the date bonuses are paid to other senior executives of the Company; (iii) reimbursement for any unreimbursed business expenses incurred through the Date of Termination (provided that such expenses and required substantiation and documentation are submitted within thirty (30) days following termination and that such expenses are reimbursable under the Company’s policy); (iv) any accrued but unused vacation time in accordance with Company policy; (v) all other payments, benefits or fringe benefits as may be provided under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant; and (vi) any other payments or benefits required by applicable law to be paid or provided to the Executive or his or her dependents (including under COBRA and any other similar state laws). The amounts due under subclauses (i), (iii) and (iv) hereof shall be paid within (60) days following the Date of Termination, or such earlier date as may be required by applicable law. 
(b)    “Annual Bonus” shall mean any annual cash incentive payment under the Company’s annual bonus plan as may be in effect from time to time.
(c)    “Base Salary” shall mean the rate of the Executive’s annual base salary as in effect on the Date of Termination.
(d)    “Board” shall mean the Board of Directors of Parent.
(e)    “Cause” shall mean (i) the Executive’s (A) plea of guilty or nolo contendere to, or indictment for, any felony or (B) conviction of a crime involving moral turpitude that has had or could reasonably be expected to have a material adverse effect on the Company Group, (ii) the Executive’s commitment of an act of fraud, embezzlement, material misappropriation or breach of fiduciary duty against any member of the Company Group, (iii) the Executive’s failure for any reason after ten (10) days written notice thereof to correct or 

cease any refusal or intentional or willful failure to comply with the lawful, reasonably appropriate requirement of any member of the Company Group, as communicated by the Chief Executive Officer of the Company or the Board, (iv) the Executive’s chronic absence from work, other than for medical reasons, or the Executive’s failure to devote all of the Executive’s business time, attention and efforts to the advancement of the business and the interests of the Company Group, as determined by the Board, in each case, unless approved by the Board in writing, (v) the Executive’s use of illegal drugs that has materially affected the performance of the Executive’s duties, (vi) gross negligence or willful misconduct in the Executive’s duties hereunder that has caused substantial injury to any member of the Company Group or (vii) the Executive’s breach of the Restrictive Covenants (as defined below) or any material breach of any proprietary or confidential information or assignment of inventions agreement between the Executive and any member of the Company Group (after taking into account any cure periods in connection therewith); unless, in each case, the event constituting Cause is curable, and has been cured by the Executive within ten (10) days of his or her receipt of written notice from the Company that an event constituting Cause has occurred and specifying the details of such event.  For the avoidance of doubt, the occurrence of any event described in subsections (i) and (ii) above shall be deemed to be incurable by the Executive.
(f)    “Change of Control” shall have the meaning set forth in Parent’s 2020 Omnibus Incentive Plan (as may be amended or restated from time to time).
(g)    “Change of Control Protection Period” shall mean (i) the three (3)-month period immediately preceding, or (ii) the twelve (12)-month period immediately following, a Change of Control.
(h)    “Company Group” shall mean the Company and Parent, and each of its subsidiaries.
(i)    “Date of Termination” shall mean the actual date of the Executive’s termination of employment (as determined by the Company).
(j)    “Disability” shall mean the Executive’s inability to perform the essential duties, responsibilities and functions of his or her position with the Company as a result of any mental or physical disability or incapacity even with reasonable accommodations of such disability or incapacity provided by the Company or if providing such accommodations would be unreasonable for 180 days (including weekends and holidays) in any 365-day period, all as determined by the Board in its reasonable good faith judgment. The Executive shall cooperate in all respects with the Company if a question arises as to whether the Executive has become disabled (including, without limitation, submitting to an examination by a medical doctor or other health care specialists selected by the Company and authorizing such medical doctor or such other health care specialist to discuss the Executive’s condition with the Company).
(k)    “Good Reason” shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected by the Company (or such other member of the Company Group, as applicable) within thirty (30) days following written notification by the Executive to the Company of the occurrence of one of such following events:  (i) the Company reducing the amount of the Executive’s Base Salary without the Executive’s consent; provided that an across-the-board reduction in the salary level of the senior executives of the Company as a group by the same percentage amount and approved by the Board or the Compensation Committee of the Board will not constitute a reduction in the Executive’s Base Salary, (ii) the Company changing the Executive’s titles, reporting requirements or reducing his or her responsibilities materially inconsistent with the positions he or she holds, (iii) the Company changing the Executive’s place of work to a location more than thirty-five (35) miles from the Company’s offices in Los Angeles, California (except 
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for remote work from Executive’s residence or an office relocation that reduces the distance from Executive’s principal residence) or (iv) the Company materially breaching its obligations under Executive’s offer letter or this Agreement; provided that written notice of the Executive’s resignation for Good Reason must be delivered to the Company within thirty (30) days after the Executive’s actual knowledge of the occurrence of any such event and the Executive must actually terminate employment within thirty (30) days following the expiration of the Company’s cure period described above in order for the Executive’s resignation with Good Reason to be effective hereunder.
(l)    “Person” shall mean any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise, organization or other entity of any nature.
2.    Severance Payments.
(a)    Termination by Company without Cause or Termination by the Executive for Good Reason.
(i)    If the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason (each, a “Qualifying Termination”), in each case, outside of the Change of Control Protection Period, the Company Group shall have no further obligation to the Executive beyond the Date of Termination, other than the Company’s obligation to pay or provide the Executive with the following: 
(A)    the Accrued Obligations; 
(B)    subject to (x) the Executive delivering to the Company and not revoking a signed general release of claims in favor of the Company in the form attached as Exhibit A hereto (the “Release”) within the Release Delivery Period (as defined below) and (y) the Executive’s not having materially violated his or her restrictive covenant obligations set forth in Appendix A (the “Restrictive Covenants”), such violation determined pursuant to Section 2(c) hereof: 
(1)    an amount equal to 1.0 times (“Severance Multiplier”) the Executive’s Base Salary  (not taking into account any reduction constituting Good Reason), payable in equal installments over the twelve (12) month period following the Date of Termination, in accordance with the normal payroll practices of the Company (the “Severance Payment Schedule”), which shall be paid beginning with the Company’s next regular payroll period on or following the Release Effective Date (as defined below) but shall be retroactive to first business day following the date of such termination, with any payments delayed pending the occurrence of the Release Effective Date to be payable in accordance with Section 2(a)(ii) hereof; provided, however, that to the extent a Change of Control that qualifies as a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of Parent within the meaning of Code Section 409A (a “409A Change of Control”) occurs following the Executive’s Qualifying Termination and during the portion of time covering the Severance Payment Schedule, any theretofore unpaid portion of the Executive’s severance payments under this Section 2(a)(i)(B)(1) shall be paid to the Executive in a single lump sum no later than ten (10) business days following the later of the Release Effective Date and the consummation of such 409A Change of Control;
(2)    an amount equal to the Executive’s Annual Bonus (if any) that would have been payable to the Executive (but for the Qualifying Termination) for 
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the fiscal year in which such termination occurs (not taking into account any reduction constituting Good Reason) based on the actual achievement of the performance metrics under such Annual Bonus plan for such year (as determined in the discretion of Parent’s Compensation Committee in the same manner as applicable to the Company’s other executives), multiplied by a fraction, (1) the numerator of which shall equal the number of days elapsed between (and inclusive of) January 1 of the applicable year and the date of such termination, and (2) the denominator of which shall equal the total number of days in such year, such pro rata Annual Bonus (if any) to be payable to the Executive at the same time as annual bonuses are paid to the Company’s other executives;
(3)    subject to (1) the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and (2) the Executive’s continued co-payment of premiums at the same level and cost to the Executive as if the Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars), Company contributions to the premium cost of the Executive’s coverage and that of his or her eligible dependents under the Company’s group health plan in which the Executive participates at the rate it contributed to the Executive’s premium cost of coverage on the Date of Termination, for a period of twelve (12) months following the date of such termination (the “Benefits Continuation Period”) or, if earlier, until the date the Executive obtains other employment that offers group health benefits or is otherwise no longer eligible for COBRA coverage; provided, further, that the Company may modify the continuation coverage contemplated by this Section 2(a)(i)(B)(3) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable).
(ii)    The Release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the Executive’s termination (the “Release Delivery Period”).  All payments and benefits delayed pending delivery of the Release (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum following the date on which the Release becomes effective and no longer subject to revocation (the “Release Effective Date”), and any remaining payments and benefits due under this Section 2(a) following the Release Effective Date shall be paid or provided in accordance with the normal payment dates specified for them herein; provided that if the Release Delivery Period begins in one taxable year and ends in another taxable year, payments shall not begin until the beginning of the second taxable year. 
(b)    Change of Control Qualifying Termination. This Section 2(b) shall apply if the Executive’s Qualifying Termination occurs (i) during the three (3)-month period immediately preceding, or (ii) the twelve (12)-month period immediately following, a Change of Control (such period of time, the “Change of Control Protection Period”). In the event of any such Qualifying Termination during the Change of Control Protection Period, the Executive shall receive (i) the payments and benefits set forth in Section 2(a) (subject to the terms and conditions set forth therein), except that:  (A) the Severance Multiplier set forth in Section 2(a)(i)(B)(1) shall be 1.5 rather than 1.0; (B) the Severance Payment Schedule shall be payable for a period of eighteen (18) months, rather than twelve (12) months; (C) in lieu of the Annual Bonus set forth in Section 2(a)(i)(B)(2), the Executive shall receive an amount equal to the Executive’s target Annual Bonus opportunity for the year in which such termination occurs (not taking into account any reduction constituting Good Reason) multiplied by a fraction, (1) the numerator of which shall equal the greater of (x) the number of days elapsed between (and inclusive of) January 1 of the applicable year and the date of such termination or (y) 183 days, and (2) the denominator of which shall equal the total number of days in such year, such pro rata target Annual Bonus to be 
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payable to Executive over the Severance Payment Schedule at the same time that continued Base Salary is paid to the Executive in accordance with Section 2(a)(i)(B)(1) and Section 2(a)(ii) hereof; and (D) the Benefits Continuation Period shall be for a period of eighteen (18) months, rather than twelve (12) months; provided, that if the Change of Control is a 409A Change of Control, any theretofore unpaid portion of the severance amount set forth in Section 2(a)(i)(B)(1) and Section 2(a)(i)(B)(2) (as modified by this Section 2(b)) shall be payable in a single lump sum no later than ten (10) days following the later of the Release Effective Date and the consummation of such 409A Change of Control and (ii) to the extent more favorable to the Executive (but without duplication of any vesting credit provided under the applicable award agreement), any equity awards that are subject solely to service-vesting conditions shall, to the extent then unvested, become fully vested upon (and effective as of) the Date of Termination.
(c)    Compliance with Restrictive Covenants. If the Board determines in good faith that the Executive has materially violated any of the Restrictive Covenants, any rights of the Executive to receive severance pursuant to this Agreement or otherwise shall immediately cease, and the Company shall be entitled to demand that any severance previously paid to the Executive shall be immediately payable by the Executive to the Company; provided, that if the Executive challenges such determination by written notice to the Company, the Company’s recoupment of the portion of severance previously paid shall be subject to a determination by a court of competent jurisdiction, in a final, non-appealable, verdict, that the Executive has materially violated any of the Restricted Covenants.  If, however, a court of competent jurisdiction determines, in a final, non-appealable, verdict, that the Executive has not materially violated any of the Restricted Covenants, then the full amount of the severance held back pursuant to this Section 2(c) shall be immediately payable by the Company to the Executive and the recoupment of the portion of severance previously paid shall not apply. For the avoidance of doubt, this paragraph will not diminish any remedies that the Company may have, including the right of the Company to claim and recover damages in addition to injunctive relief.
(d)    The provisions of this Section 2 shall supersede in their entirety any severance payments and obligations in any severance plan, policy, program or other arrangement maintained by the Company Group. For the avoidance of doubt, the Executive shall not be entitled to any payments or benefits hereunder in connection with any termination of employment due to the Executive’s death or Disability, by the Company for Cause, or by the Executive’s without Good Reason.
(e)    Resignation of All Other Positions. Upon termination of Executive's employment hereunder for any reason, Executive shall be deemed to have immediately resigned from all positions that the Executive holds as an officer, manager or member of the board of any member of the Company Group.
(f)    Section 280G Matters.  In the event that any payments, accelerated vesting or other benefits payable to Executive under this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, would constitute "parachute payments" within the meaning of Section 280G of the Code (“Parachute Payments”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount that would cause the Parachute Payments to be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”); provided that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by Executive after application of the above reduction would exceed the after-tax value of the amounts received without application of such reduction, after taking into account applicable federal, state, and local taxes and the Excise Tax. If a reduction in payments or benefits constituting Parachute Payments is necessary, reduction shall occur in the following order, and in all events such reduction shall occur in accordance with the requirements of Section 409A of the Code:  (i) reduction of cash payments; (ii) cancellation of accelerated vesting of equity or equity-
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linked awards; (iii) reduction of employee benefits. Payments, accelerated vesting or benefits shall be reduced or cancelled (as applicable), such reduction or cancellation shall occur in reverse chronological order with the payments to be paid furthest in the future being reduced first and with acceleration of vesting being cancelled in the reverse order of the date of grant. Notwithstanding anything to the contrary set forth herein, Executive may not elect the order in which the reduction in Executive’s Parachute Payments will occur, and no such reduction or elimination shall apply, to the extent that such election accelerates or defers the timing of a payment or benefit in a manner that causes the payment or benefit to be subject to the additional tax pursuant to Section 409A of the Code. Any determinations and calculations required under this Section 5(k) shall be made by an independent public accounting firm engaged by the Company.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Executive and the Company no later than fifteen (15) calendar days after the date on which Executive’s right to a Parachute Payment is triggered (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon Executive and the Company.  
3.    Miscellaneous.
(a)    Modification; Governing Law. No provision of this Agreement may be modified unless such modification is agreed to in writing signed by the Executive, the Company and Parent.  No waiver by any party hereto at any time of any breach by the other parties hereto of, or of compliance with, any condition or provision of this Agreement to be performed by such other parties shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without regard to its conflict of laws principles.
(b)     Notices.  Any notice required or permitted to be given pursuant to this Agreement shall be addressed to the Company at the principal executive office of the Company and to the Executive at the address appearing in the personnel records of the Company Group for the Executive or to either party at such other address as either party hereto may hereafter designate in writing to the other party. Any such notice shall be in writing and shall be given to the other party in person, by registered or certified mail, return receipt requested, postage prepaid, by reputable overnight courier, overnight delivery requested, or by electronic mail.
(c)    Withholding.  The Company (or other applicable member of the Company Group) shall be entitled to deduct and/or withhold, as the case may be, from the compensation amounts payable under this Agreement, all amounts required to be deducted or withheld under any federal, state or local law or regulation, or in connection with any Company Group employee benefit plan in which the Executive participates and which mandates a contribution, assessment or co-payment by the participants therein.
(d)    Clawback.  Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation paid to Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, or stock exchange listing requirement will be subject to such deductions and clawback to the extent required by such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement to the extent generally applicable to all of the Company’s executive officers). With respect to any potential clawback or recovery effected or subject to a determination by the Board, the Board will make its determination for 
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clawback or recovery in good faith, upon advice of counsel, and in accordance with any applicable law or regulation, and to the extent permitted by law, only after (i) providing Executive prior written notice of the deliberation of such potential clawback or recovery and (ii) providing Executive (and his or her counsel) an opportunity to present to the Board all relevant information related to such determination.
(e)    Section 409A Compliance.  
(i)    The Company and the Executive intend that the benefits and payments described in this Agreement shall comply with, or be exempt from, the requirements of Section 409A of the Code (“Code Section 409A”). Neither the Company nor any other member of the Company Group shall in any event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Code Section 409A. If the Executive notifies the Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A.  To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive, the Company and Parent of the applicable provision without violating the provisions of Code Section 409A.
(ii)    To the extent required by Code Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits 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 this Agreement, references to a “termination”, “termination of employment” or like terms shall mean “separation from service”.  Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service”, such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section 409A.  Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 3(e)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum with interest at the prime rate as published in The Wall Street Journal on the first business day following the date of the “separation from service”, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
(iii)    To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses eligible for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the 
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expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(iv)    For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
(v)    Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement 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.
(f)    Executive’s Cooperation.  During the period in which the Executive is employed by the Company and thereafter, the Executive shall cooperate with any member of the Company Group in any internal investigation, any administrative, regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by Parent or the Company (including, without limitation, the Executive being available to Parent or the Company upon reasonable notice for interviews and factual investigations, appearing at Parent’s or the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to Parent or the Company all pertinent information and turning over to Parent or the Company all relevant documents which are or may come into the Executive’s possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments).  In the event Parent or the Company requires the Executive’s cooperation in accordance with this paragraph, Parent or the Company, as applicable, shall reimburse the Executive solely for reasonable travel expenses (including lodging and meals) upon submission of receipts. 
(g)    Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.
(h)    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
(i)    Entire Agreement.  This Agreement sets forth the entire agreement between the parties hereto and, effective as of the Effective Date, fully supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by the parties hereto in respect of such matters. The Executive acknowledges that the Executive has not relied on any representations, promises, or agreements of any kind made to the Executive in connection with the Executive’s decision to accept this Agreement, except for those set forth in this Agreement.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

EXECUTIVE:

/s/ Cathy Cunningham            
Cathy Cunningham
QUOTELAB, LLC

By: /s/ Steve Yi                
Name:  Steve Yi
Title:  Chief Executive Officer
MEDIAALPHA, INC. 

By: /s/ Steve Yi                
Name:  Steve Yi
Title:  Chief Executive Officer
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APPENDIX A
1.    Restrictive Covenants.
(a)    Confidential Information. During the course of the Executive’s employment with any member of the Company Group (including any predecessors), the Executive will have access to Confidential Information. For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s assigned duties and for the benefit of the Company Group, either during the period of the Executive’s employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company Group’s part to maintain the confidentiality of such information, and to use such information only for specified limited purposes, in each case, which shall have been obtained by the Executive during the Executive’s employment with any member of the Company Group (or any predecessor). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that, unless precluded by law, the Executive provides the Company Group with prior notice of the contemplated disclosure and cooperates with the Company Group at its expense in seeking a protective order or other appropriate protection of such information). Unless this Agreement is otherwise required to be disclosed under applicable law, rule or regulation, the terms and conditions of this Agreement shall remain strictly confidential, and the Executive hereby agrees not to disclose the terms and conditions hereof to any person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, prospective future employers solely for the purpose of disclosing the Executive’s taxable income and limitations on the Executive’s conduct imposed by the provisions of this Section 1 who, in each case, agree to keep such information confidential.
(b)    Non-Competition. The Executive covenants during the Executive’s employment or other service relationship with any member of the Company Group, the Executive shall not, directly or indirectly, in any capacity, engage in or have any direct or indirect ownership interest in, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or permit his or her name to be used in connection with, any business anywhere in the world which is engaged, either directly or indirectly, in (A) the Business (as defined below) or any other business being conducted by any member of the Company Group or (B) any other business, product or service of the Company Group that is in the process of being formed or is the subject of a then current strategic plan or reflected in the then current annual budget or under active discussion by the Board and with respect to which the Executive is actively engaged or has learned or received confidential information, in the case of (A) or (B), as of the date of termination of the Executive’s employment with the Company (the “Restricted Business”). The Executive acknowledges and agrees that the Restricted Business is conducted worldwide and that more narrow geographical limitations of any nature on this non-competition 
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covenant (and the covenant set forth in Section 1(c)) are therefore not appropriate. For purposes of this Section 1, “Business” means the development and/or implementation of advertising-related technologies, strategies, solutions and/or services to facilitate advertising transactions involving potential purchasers of insurance, travel or financial, education or home services, media companies and/or service providers, including, but not limited to, the operation of “owned and operated” lead sourcing sites, publisher-side demand management and/or optimization platforms, demand-side platforms, and/or the MediaAlpha exchange, on both an open and closed market basis in connection with such advertising-related technologies, strategies, solutions and/or services.
(c)    Non-Hire; Non-Solicitation.  The Executive covenants that, until the second anniversary of the date of termination of the Executive’s employment or other service relationship with any member of the Company Group, the Executive shall not, directly or indirectly, (A) hire any Person who then is or, within the previous six (6) months was, an employee, contractor, service provider or consultant of any member of the Company Group, solicit the employment or engagement of services of any such Person, or persuade, induce or attempt to persuade or induce any such Person to leave his, her or its employment or to refrain from providing services to any member of the Company Group, or (B) solicit or induce, or in any manner attempt to solicit or induce, or cause or authorize any other Person to solicit or induce any Person to cease, diminish or not commence doing business with any member of the Company Group.  Notwithstanding the foregoing, general advertisements or solicitations not specifically targeting, and not made with the intent to target, employees, contractors, service providers or consultants of the Company Group will not be deemed a violation of this Section 1(c).
(d)    Permitted Disclosures.  Notwithstanding anything therein to the contrary, nothing in this Agreement is intended to limit or restrict the Executive from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the U.S. Securities Exchange Act of 1934, as amended), and this Agreement will be interpreted in such manner.  In addition, nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).  18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.  In addition, Executive understands that nothing in this Agreement or any other agreement with the Company shall in any way limit or prohibit Executive from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a charge or complaint with, or otherwise communicating or cooperating with or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and California Department of Fair Employment and Housing (“Government Agencies”).  In making any such disclosures or communications, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company Confidential Information to any parties other than the Government Agencies. Executive further understands that Protected Activity does not include the disclosure of any Company attorney-client privileged communications.
 11

(e)    Reasonableness of Restrictions.
(i)    The Executive acknowledges that the restrictions contained in this Section 1 are reasonable restraints upon the Executive and further acknowledges any violation of the terms of the covenants contained in this paragraph could have a substantial detrimental effect on the Company Group. The Executive has carefully considered the nature and extent of the restrictions imposed upon the Executive and the rights and remedies conferred upon the Company under the provisions of this Section 1 and hereby acknowledges and agrees that the same are reasonable in time and territory, are designed to eliminate competition which would otherwise be unfair to the Company Group, do not stifle the Executive’s inherent skill and experience, would not operate as a bar to the Executive’s sole means of support, and are fully required to protect the legitimate interest of the Company Group and do not confer a benefit upon the Company Group disproportionate to the detriment of the Executive. 
(ii)    The Executive agrees that any damages resulting from any violation by the Executive of any of the covenants contained in this Section 1 will be impossible to ascertain and for that reason agrees that the Company (or other applicable member of the Company Group) shall be entitled to an injunction without the necessity of posting bond, from any court of competent jurisdiction restraining any violation of any or all of said covenants, either directly or indirectly, and such right to injunction shall be cumulative and in addition to whatever other remedies the Company (or other applicable member of the Company Group) may have.
(iii)    If any portion of the covenants contained in this Section 1 are held to be unreasonable, arbitrary or against public policy, the covenants herein shall be considered divisible both as to time and as to geographical area, and each month of the period shall be deemed to be a separate period of time.  In the event any court determines the specified time period or geographic area to be unreasonable, arbitrary or against public policy, a lesser time period or geographical area which is determined to be reasonable, nonarbitrary or not against public policy may be enforced against the Executive.
(iv)    The existence of any claim or cause of action by the Executive against any member of the Company Group, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of the covenants contained in this Section 1, but shall be litigated separately.
 12

EXHIBIT A
RELEASE AGREEMENT
This RELEASE AGREEMENT (this “Agreement”) is entered into by Cathy Cunningham (“Employee”) in exchange for the consideration set forth on Exhibit B.  Employee hereby agrees as follows:  
1.    Release.
(a)    Employee, on behalf of Employee and Employee’s heirs, spouse, executors, administrators, successors and assigns, hereby voluntarily, unconditionally, irrevocably and absolutely releases and discharges each member of the Company Group (defined below) and each of its predecessors, successors and assigns, and each of their respective past, present and future employees, officers, directors, agents, owners, partners, members, equity holders, shareholders, representatives, attorneys, insurers and benefit plans (collectively, the “Released Parties”), from all claims, demands, causes of action, suits, controversies, actions, crossclaims, counterclaims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, any other damages, claims for costs and attorneys’ fees, losses or liabilities of any nature whatsoever in law and in equity and any other liabilities, known or unknown, suspected or unsuspected of any nature whatsoever (hereinafter, “Claims”) that Employee has or may have against the Released Parties from the beginning of time through the date upon which Employee signs this Agreement, including, but not limited to, those Claims: (i) arising from or in any way related to Employee’s employment or termination of employment with any of the Released Parties; (ii) arising from or in any way related to any agreement with any of the Released Parties, including under that certain Severance Agreement to which Employee is a party and pursuant to which this Agreement is being executed and delivered (the “Severance Agreement”); and/or (iii) arising from or in any way related to awards, policies, plans, programs or practices of any of the Released Parties that may apply to Employee or in which Employee may participate, in each case, including, but not limited to, (x) any Claims for an alleged violation of any federal, state or local laws or regulations, to the extent permitted by applicable law, including, but not limited to, the Age Discrimination in Employment Act, California Civil Code and the California Fair Employment and Housing Act; (y) any Claims for negligent or intentional infliction of emotional distress, breach of contract, fraud or any other unlawful behavior; and (z) any Claims for wages, commissions, incentive pay, vacation, paid time off, expense reimbursements, severance pay and benefits, retention pay, benefits, notice pay, punitive damages, liquidated damages, penalties, attorneys’ fees, costs and/or expenses.  As used herein, “Company Group” means, collectively, QuoteLab, LLC, a Delaware limited liability company (the “Company”), and MediaAlpha, Inc., a Delaware corporation (“Parent”), and each of its subsidiaries.  
(b)    Employee represents that Employee has not made assignment or transfer of any right or Claim covered by this Agreement and Employee represents that Employee is not aware of any such right or Claim.  Employee further affirms that he or she has not filed or caused to be filed, and presently is not a party to, any Claim, complaint or action against any of the Released Parties in any forum or form and that he or she knows of no facts which may lead to any Claim, complaint or action being filed against any of the Released Parties in any forum by Employee or by any agency, group, or class of persons. Employee further affirms that he or she has no known workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act of 1993. If any agency or court assumes jurisdiction of any such Claim, complaint or action against any of the Released Parties on behalf of Employee, Employee will request such agency or court to withdraw the matter.
 13

(c)    Employee understands that Employee may later discover claims or facts that may be different than, or in addition to, those which Employee now knows or believes to exist with regards to the subject matter of this Agreement, and which, if known at the time of executing this Agreement, may have materially affected this Agreement or Employee’s decision to enter into it.  Employee hereby waives any right or claim that might arise as a result of such different or additional claims or facts, and Employee understands the provisions of California Civil Code Section 1542 and hereby expressly waives any and all rights, benefits and protections of the statute, which provides:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 
(d)    This Agreement is not intended to bar any rights or Claims by Employee (i) that may not be waived by private agreement under applicable law, such as rights or Claims for workers’ compensation or unemployment insurance benefits, (ii) with respect to his or her rights to “Accrued Obligations” (as defined under the Severance Agreement) and the payments and benefits set forth on Exhibit B hereto, (iii) under the Company’s 401(k) plan (if any), (iv) in Employee’s capacity as a stockholder of the Company; or (v) with respect to directors’ and officers’ liability insurance coverage or indemnification rights (if any).
(e)    Nothing in this Agreement is intended to prohibit or restrict Employee’s right to file a charge with, or participate in a charge by, the Equal Employment Opportunity Commission or the California Department of Fair Employment and Housing; provided, however, that Employee hereby waives the right to recover any monetary damages or other relief against any Released Parties. Nothing in this Agreement shall prohibit Employee from receiving any monetary award to which Employee becomes entitled pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
2.    Consultation/Voluntary Agreement.  Employee acknowledges that the Company has advised Employee to consult with an attorney prior to executing this Agreement. Employee has carefully read and fully understands all of the provisions of this Agreement. Employee is entering into this Agreement, knowingly, freely and voluntarily in exchange for good and valuable consideration to which Employee would not be entitled in the absence of executing and not revoking this Agreement.
3.    Review and Revocation Period. 
(a)    Employee has been given at least twenty-one (21) calendar days to consider the terms of this Agreement, although Employee may sign it sooner, so long as it is after Employee’s last day of employment with the Company. 
(b)    Employee will have seven (7) calendar days from the date on which such Employee signs this Agreement to revoke Employee’s consent to this Agreement.  Such revocation must be in writing and must be e-mailed to the Company’s General Counsel.  Notice of such revocation must be received within the seven (7) calendar days referenced above.
(c)    In the event of such revocation by Employee, this Agreement shall be null and void in its entirety and Employee shall not have any rights to the consideration set forth on Exhibit B hereto.  Provided that Employee does not revoke this Agreement within the time 
 14

period set forth above, this Agreement shall become effective on the eighth (8th) calendar day after the date upon which Employee signs it. 
4.    Permitted Disclosures.  Nothing in this Agreement shall prohibit or restrict either party or their respective attorneys from:  (a) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Agreement, or as required by law or legal process, including with respect to possible violations of law; (b) participating, cooperating or testifying in any action, investigation or proceeding with, or providing information to, any governmental agency or legislative body, any self-regulatory organization, and/or pursuant to the Sarbanes-Oxley Act; or (c) accepting any U.S. Securities and Exchange Commission awards.  In addition, nothing in this Agreement prohibits or restricts Company or Employee from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. Without limiting the foregoing, nothing in this Agreement prohibits Employee from:  (i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1934 (the “Exchange Act”), maintaining the confidentiality of a claim with the Securities and Exchange Commission (the “SEC”); (ii) providing confidential information to the SEC to the extent permitted by Section 21F of the Exchange Act; (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company; or (iv) receiving a monetary award as set forth in Section 21F of the Exchange Act.
5.    Nondisparagement.  Employee shall not, directly or indirectly, disparage any member of the Company Group or any of its employees, officers, directors, partners, members, equity holders, shareholders or other owners, or any of its or their businesses, products, operations or practices.  The Company shall not, and shall instruct its directors and executive officers (and those of its subsidiaries or affiliates) not to, directly or indirectly, disparage the Employee.  Notwithstanding the foregoing, nothing in this Agreement shall preclude the making of truthful statements that are required by applicable law, regulation or legal process.
6.    Return of Property.  Employee represents that Employee has returned to the Company all of the Company’s property, including, but not limited to, all computer equipment, Company cars, property passes, keys, credit cards, business cards, identification passes, documents, business information market studies, financial data, memoranda and/or confidential, proprietary or nonpublic information. 
7.    Savings Clause.  If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.  Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable, this Agreement shall be enforceable as closely as possible to its original intent, which is to provide the Released Parties with a full release of all legally releasable claims through the date upon which Employee signs this Agreement. 
8.    Third-Party Beneficiaries.  Employee acknowledges and agrees that all Released Parties are third-party beneficiaries of this Agreement and have the right to enforce this Agreement.
9.    No Admission of Wrongdoing.  Employee agrees that neither this Agreement, nor the furnishing of the consideration for this Agreement, shall be deemed or construed at any time to be an admission by any Released Parties of any improper or unlawful conduct.
 15

10.    Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of California, without regard to the application of any choice-of-law rules that would result in the application of another state’s laws. 
11.    Entire Agreement; No Oral Modifications.  This Agreement sets forth Employee’s entire agreement with the Company with respect to the subject matter hereof and shall supersede all prior and contemporaneous communications, negotiations, agreements and understandings, written or oral, with respect thereto.  This Agreement may not be modified, amended or waived unless mutually agreed to in writing by Employee and the Company.
 16

IN WITNESS WHEREOF, Employee has executed this Agreement as of the below-indicated date.

			
	EMPLOYEE

_____________________________________
(Signature)

Print Name:  __________________________

Date:  ________________________________

1

 

1     To be dated no earlier than the Last Day of Employment and no later than 52 days after the Last Day of Employment.
 17

EXHIBIT B2
									
	1	Employee Name:
	[TO COME]
	2	Last Day of Employment: 
	[TO COME]
	3	Date By Which Release 
Must Be Signed and Returned:
	[TO COME]
	4	Severance Amount:
	$__________, payable [in equal installments over the [12][18]-month period following the Last Day of Employment (as stated above), in accordance with the normal payroll practices of the Company].
	5	[Other]:
	[TO COME]

*  All amounts are subject to applicable payroll taxes and authorized withholdings.

2     Table to include full list of any severance payments on any other benefits (including treatment of equity awards) to be provided in connection with Employee’s separation.
 18Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is made as of the 23rd day of May, 2022, by and among Brookline
Bancorp, Inc., a Delaware corporation with its principal administrative office at 131 Clarendon Street, Boston, MA 02116 (the “Holding
Company”), PCSB Bank, a New York chartered commercial bank (the “Bank”), and Michael P. Goldrick (the “Executive”).
Collectively the Holding Company and the Bank shall be referred to herein as the “Company,” and either the Holding
Company or the Bank may satisfy the Company’s obligations under this Agreement.

 

WHEREAS,
the Executive currently serves as the Executive Vice President and Chief Lending Officer of the Bank;

 

WHEREAS,
pursuant to that Agreement and Plan of Merger, dated May 23, 2022 (the “Merger Agreement”) by and between
the Holding Company and PCSB Financial Corporation, the holding company of the Bank (“PCSB Financial”), PCSB Financial
will merge with and into Holding Company;

 

WHEREAS,
following the consummation of the transactions contemplated by the Merger Agreement, Company desires to employ the Executive
from the Closing Date (as defined in the Merger Agreement) (the “Effective Date”) of this Agreement on the terms contained
herein;

 

WHEREAS,
the Executive desires to be employed by the Company and to enter into this Agreement with the Company, subject to the terms set forth
herein; and

 

WHEREAS,
the Executive is party to that certain Employment Agreement, effective as of April 17, 2017, by and between PCSB Financial and the
Executive (the “Prior Agreement”), which the Company and the Executive intend to replace with this Agreement immediately
at and after the Effective Time (as defined in the Merger Agreement).

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.             Employment.

 

(a)            Term.
The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of
the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”).
The Executive’s employment with the Company shall continue to be “at will,” meaning that the Executive’s employment
may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement.

 

(b)           Position
and Duties. The Executive shall serve as the President and Chief Executive Officer of the Bank, and shall have such powers and duties
as may from time to time be prescribed by the Co-President and Chief Operating Officer of the Holding Company (the “COO”)
or other duly authorized executive. The Executive shall devote the Executive’s full working time and efforts to the business and
affairs of the Company. Notwithstanding the foregoing, the Executive may serve on boards of directors of other companies, with the approval
of the Board of Directors of the Holding Company (the “Board”), or engage in religious, charitable or other community
activities as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties
to the Bank.

 

    	 	1	 

     

    

 

2.             Compensation
and Related Matters.

 

(a)            Base
Salary. The Executive’s initial base salary shall be paid at the rate of $350,000.00 per year. The Executive’s base salary
shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”).
The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable
in a manner that is consistent with the Company’s usual payroll practices for its executive officers.

 

(b)            Incentive
Compensation. The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation
Committee from time to time. As of the Effective Date, the Executive’s target annual incentive compensation is sixty percent (60%)
of the Executive’s Base Salary. The target annual incentive compensation in effect at any given time is referred to herein as the
 “Target Bonus.” The actual amount of the Executive’s annual incentive compensation, if any, shall be determined
in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable incentive compensation plan
that may be in effect from time to time. Except as otherwise provided herein, as may be provided by the Board or the Compensation Committee,
or as may otherwise be set forth in the applicable incentive compensation plan, the Executive must be employed by the Company on the date
such incentive compensation is paid in order to earn or receive any annual incentive compensation.

 

(c)            Expenses.
The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive during the Term
in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its
executive officers.

 

(d)           Automobile.
The Executive shall be entitled to to a car allowance equal to $700 per month during the Term, and shall be provided with parking at or
near the Bank’s headquarters.

 

(e)            Other
Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in
effect from time to time, subject to the terms of such plans.

 

(f)            Paid
Time Off. The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy
for executives, as may be in effect from time to time.

 

(g)           Equity.
The Executive shall be eligible to receive equity awards as determined by the Board or the Compensation Committee from time to time. As
of the Effective Date, the Executive’s target annual equity award shall have a grant date fair value of fifty percent (50%) of the
Executive’s Base Salary. The actual value of the Executive’s annual equity award, if any, shall be determined in the sole
discretion of the Board or the Compensation Committee, subject to the terms of any applicable equity compensation plan that may be in
effect from time to time. The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Holding
Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity
awards (collectively, the “Equity Documents”).

 

    	 	2	 

     

    

 

3.             Termination.
The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

 

(a)            Death.
The Executive’s employment hereunder shall terminate upon death.

 

(b)           Disability.
The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform or expected to be unable
to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable
accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether
during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing
position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to
the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and
such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall
be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave
Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)            Termination
by the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement,
 “Cause” shall mean any of the following:

 

(i)             conduct
by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties, including,
without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the COO; (B) dishonesty
to the COO with respect to any material matter; or (C) misappropriation of funds or property of the Company or any of its subsidiaries
or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes;

 

(ii)            the
commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude,
deceit, dishonesty or fraud;

 

    	 	3	 

     

    

 

(iii)           any
misconduct by the Executive, regardless of whether or not in the course of the Executive’s employment, that would reasonably be
expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were
to continue to be employed in the same position;

 

(iv)           continued
failure by the Executive to use his best efforts to perform his duties hereunder (other than by reason of the Executive’s physical
or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such failure to use
best efforts from the COO;

 

(v)            a
material breach or repeated breaches by the Executive of any of the provisions contained in Section 8 of this Agreement or the Restrictive
Covenants Agreement (as defined below);

 

(vi)           a
material violation by the Executive of any of the Company’s written employment policies; or

 

(vii)          the
Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities,
after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known
to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation.

 

(d)           Termination
by the Company without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any
termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause
under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall
be deemed a termination without Cause.

 

(e)           Termination
by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited to, Good
Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the
Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Executive’s prior
written consent (each, a “Good Reason Condition”):

 

(i)             a
material diminution in the Executive’s responsibilities, authority or duties;

 

(ii)            a
material diminution in the Executive’s Base Salary, except for across-the-board salary reductions of not more than ten percent (10%)
based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;

 

(iii)           a
material change in the geographic location of the principal office of the Company to which the Executive is assigned, such that there
is an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of
such change; or

 

    	 	4	 

     

    

 

(iv)           a
material breach of any of the provisions of this Agreement by the Company.

 

The “Good Reason Process” consists of the following
steps:

 

(i)             the
Executive reasonably determines in good faith that a Good Reason Condition has occurred;

 

(ii)            the
Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence
of such condition;

 

(iii)           the
Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the
 “Cure Period”), to remedy the Good Reason Condition;

 

(iv)           notwithstanding
such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and

 

(v)            the
Executive terminates employment within 60 days after the end of the Cure Period.

 

If the Company cures the Good Reason Condition during the Cure Period,
Good Reason shall be deemed not to have occurred with respect to such Good Reason Condition.

 

Notwithstanding the foregoing, any voluntary resignation by the Executive
that is effective during the period commencing on the Effective Date and ending on the one-year anniversary of the Effective Date (the
 “First Year”) shall be considered to be a resignation for Good Reason for purposes of Sections 5, 6 and 20 below regardless
of the reason for such resignation. For the avoidance of doubt, (i) the Good Reason Process shall not apply to a resignation during
the First Year; and (ii) a resignation during the First Year shall be subject to the notice obligations applicable to resignations
other than for Good Reason pursuant to Section 4(b)(iv).

 

4.             Matters
Related to Termination.

 

(a)           Notice
of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the
Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination
provision in this Agreement relied upon.

 

(b)           Date
of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by
death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or
by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s
employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the
date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the
Executive under Section 3(e) other than for Good Reason, 14 days after the date on which a Notice of Termination is given, and
(v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on
which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive
gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall
not result in a termination by the Company for purposes of this Agreement.

 

    	 	5	 

     

    

 

(c)            Accrued
Obligations. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to
the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination
and, if applicable, any accrued but unused vacation through the Date of Termination; (ii) unpaid expense reimbursements (subject
to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under
any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance
with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).

 

(d)           Resignation
of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member
positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s
employment for any reason. The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any
such resignations.

 

5.             Severance
Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.
If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates
employment for Good Reason as provided in Section 3(e), in each case outside of the Change in Control Period (as defined below),
then, in addition to the Accrued Obligations, and subject to (i) the Executive signing a separation agreement and release in the
form attached hereto as Exhibit A (the “Separation Agreement”), and (ii) the Separation Agreement
becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement),
which shall include a seven-day revocation period:

 

(a)           the
Company shall pay the Executive a lump sum payment in cash in an amount equal to two times the sum of (A) the Executive’s then-current
Base Salary (or, in the case of a termination by the Executive for the Good Reason Condition specified in Section 3(e)(ii), the Base
Salary in effect immediately prior to the occurrence of such Good Reason Condition), plus (B) the Executive’s Target Bonus
for the then-current year (the “Severance Amount”);

 

(b)           notwithstanding
anything to the contrary in any applicable equity award, option agreement or stock-based award agreement, all stock options and other
stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of
(i) the Executive’s Date of Termination or (ii) the effective date of the Separation Agreement; provided that in order
to effectuate the accelerated vesting contemplated by this subsection, the forfeiture of the unvested portion of such awards that would
otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the effective date of the Separation Agreement
(at which time acceleration will occur), or (B) the date that the Separation Agreement can no longer become fully effective (at which
time the unvested portion of such awards will be forfeited). Notwithstanding the foregoing, no additional vesting of any such awards shall
occur during the period between the Date of Termination and the effective date of the acceleration. The Executive shall also be entitled
to any other rights and benefits with respect to equity awards, options and stock-related awards, to the extent and upon the terms provided
in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or
awards were granted;

 

    	 	6	 

     

    

 

(c)            subject
to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
the Company shall make a monthly payment equal to the monthly employer contribution that the Company would have made to provide health
insurance to the Executive if the Executive had remained employed by the Company until the earlier of (A) the 24-month anniversary
of the Date of Termination; or (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s
group medical plan. The Company will make such payments directly to the group health plan provider or the COBRA provider to the maximum
extent possible; provided, however, that if the Company determines that it cannot pay such amounts directly to the group health
plan provider or the COBRA provider (if applicable) for any reason, as determined by the Company in its sole discretion, (including, without
limitation, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service
Act)), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above,
and such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular
payroll dates; and

 

(d)           the
Company shall cause to be continued, at the Company’s expense, life insurance and disability coverage substantially identical to
the coverage maintained by the Company for the Executive prior to the Date of Termination for 24 months following the Date of Termination;
provided, however, that in the event it is impossible or impracticable for the Company to continue such coverage, including, but not limited
to, by reason of operation of the plans or applicable law, the Company will pay the Executive a lump sum equal to the amount the Company
would have paid for such coverage for the 24 month period following the Date of Termination based on the cost of such coverage as of the
Date of Termination.

 

The amounts payable under this Section 5, to the extent taxable,
shall be paid or commence to be paid, as applicable, within 60 days after the Date of Termination; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified
deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment
shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant
to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

    	 	7	 

     

    

 

6.             Severance
Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control Period.
The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the
Executive’s employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by
the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is on or within 24 months after
the occurrence of the first event constituting a Change in Control (such period, the “Change in Control Period”). These
provisions (other than the provisions applicable after the Change in Control Period to a termination that occurs during the Change in
Control Period) shall terminate and be of no further force or effect after the Change in Control Period.

 

(a)            If
the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates
employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in
Control Period, then, in addition to the Accrued Obligations, and subject to the signing of a general release of claims against the Company
and all related persons and entities that shall not release the Executive’s rights under this Agreement (the “Release”)
by the Executive and the Release becoming fully effective, all within the time frame set forth in the Release but in no event more than
60 days after the Date of Termination:

 

(i)             the
Company shall pay the Executive a lump sum payment in cash in an amount equal to two (2) times the sum of (A) the Executive’s
then-current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the
Executive’s Target Bonus for the then-current year (or the Executive’s Target Bonus in effect immediately prior to the Change
in Control, if higher) (the “Change in Control Payment”);

 

(ii)            subject
to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
the Company shall make a monthly payment equal to the monthly employer contribution that the Company would have made to provide health
insurance to the Executive if the Executive had remained employed by the Company until the earlier of (A) the 24 month anniversary
of the Date of Termination; or (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s
group medical plan. The Company will make such payments directly to the group health plan provider or the COBRA provider to the maximum
extent possible; provided, however, that if the Company determines that it cannot pay such amounts directly to the group health
plan provider or the COBRA provider (if applicable) for any reason, as determined by the Company in its sole discretion, (including, without
limitation, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service
Act)), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above.
Such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll
dates;

 

    	 	8	 

     

    

 

(iii)           the
Company shall cause to be continued, at the Company’s expense, life insurance and disability coverage substantially identical to
the coverage maintained by the Company for the Executive prior to the Date of Termination for 24 months following the Date of Termination;
and

 

(iv)           notwithstanding
anything to the contrary in any applicable equity award, option agreement or stock-based award agreement, all stock options and other
stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of
(i) the Executive’s Date of Termination or (ii) the effective date of the Separation Agreement; provided that in order
to effectuate the accelerated vesting contemplated by this subsection, the forfeiture of the unvested portion of such awards that would
otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the effective date of the Separation Agreement
(at which time acceleration will occur), or (B) the date that the Separation Agreement can no longer become fully effective (at which
time the unvested portion of such awards will be forfeited). Notwithstanding the foregoing, no additional vesting of any such awards shall
occur during the period between the Date of Termination and the effective date of the acceleration. The Executive shall also be entitled
to any other rights and benefits with respect to equity awards, options and stock-related awards, to the extent and upon the terms provided
in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or
awards were granted.

 

The amounts payable under this Section 6(a), to the extent taxable,
shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period
begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred
compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year
by the last day of such 60-day period.

 

(b)           Definitions.
For purposes of this Section 6, “Change in Control” shall be deemed to have occurred upon the occurrence of any
one of the following events:

 

(i)             any
 “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Act”) (other than the Holding Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Holding Company or any of its subsidiaries), together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial
owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Holding Company
representing 25 percent or more of the combined voting power of the Holding Company’s then outstanding securities having the right
to vote in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of
securities directly from the Holding Company); or

 

(ii)            the
consummation of (A) any consolidation or merger of the Holding Company where the stockholders of the Holding Company, 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 50 percent of the voting shares
of the Holding Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any
sale 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 the Holding Company and the Bank.

 

    	 	9	 

     

    

 

Notwithstanding the foregoing, a “Change in Control” shall
not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the
Holding Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares
of Voting Securities beneficially owned by any person to 25 percent or more of the combined voting power of all then outstanding Voting
Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner
of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of securities directly from the Holding Company) and immediately thereafter beneficially owns 25 percent or more of
the combined voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred
for purposes of the foregoing clause (a). For the avoidance of doubt, the transactions contemplated in the Merger Agreement shall not
be deemed a “Change of Control.”

 

7.             Tax
Matters.

 

		(a)	Section 280G. Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation,
payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable
regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999
of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall
be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code. In such
event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the
Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G
of the Code: (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A
of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits; provided that in the case of
all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or
(c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

 

		(b)	Section 409A.

 

(i)      Anything
in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning
of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under
this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise
subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six
months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash
payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise
have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable
in accordance with their original schedule.

 

    	 	10	 

     

    

 

(ii)      All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable,
but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.

 

(iii)      To
the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment,
then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h).

 

(iv)      The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants
Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A
of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional
cost to either party.

 

(v)      The
Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption
from, or the conditions of, such Section.

 

    	 	11	 

     

    

 

8.             Continuing
Obligations.

 

(a)            As
a condition of continued employment, the Executive is required to enter into the Confidentiality, Assignment, Nonsolicitation and Noncompetition
Agreement, attached hereto as Exhibit B (the “Restrictive Covenants Agreement”). For purposes of this Agreement,
the obligations in this Section 8 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to
confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing
Obligations.”

 

(b)           Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous
employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality
restrictions (if any), or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s
execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s
work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of
any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible
embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

(c)            Litigation
and Regulatory Cooperation. During and after the Executive’s employment, to the extent permitted by law, the Executive shall
cooperate with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in
the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed
by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive
may have knowledge or information. The Executive’s cooperation in connection with such claims, actions or investigations shall include,
but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial, and to act as a
witness on behalf of the Company, at mutually convenient times and locations, considering the Executive’s availability. During and
after the Executive’s employment, the Executive also shall cooperate with the Company in connection with any investigation or review
of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred
in connection with the Executive’s performance of obligations pursuant to this Section 8(c).

 

(d)           Relief.
The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the
Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly,
the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall
be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any
such breach without showing or proving any actual damage to the Company.

 

    	 	12	 

     

    

 

9.             Arbitration
of Disputes.

 

(a)      Arbitration
Generally. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of
the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment
discrimination or retaliation, whether based on race, religion, national origin, sex, gender, age, disability, sexual orientation, or
any other protected class under applicable law, including without limitation Massachusetts General Laws Chapter 151B) shall, to the fullest
extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement,
under the auspices of JAMS in Boston, Massachusetts, in accordance with the JAMS Employment Arbitration Rules, including, but not limited
to, the rules and procedures applicable to the selection of arbitrators. The Executive understands that the Executive may only bring
such claims in the Executive’s individual capacity, and not as a plaintiff or class member in any purported class proceeding or
any purported representative proceeding. The Executive further understands that, by signing this Agreement, the Company and the Executive
are giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 9 shall be specifically enforceable. Notwithstanding
the foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary
restraining order or a preliminary injunction in circumstances in which such relief is appropriate, including without limitation relief
sought under the Restrictive Covenants Agreement; provided that any other relief shall be pursued through an arbitration proceeding
pursuant to this Section 9.

 

(b)      Arbitration
Fees and Costs. The Executive shall be required to pay an arbitration fee to initiate any arbitration equal to what the Executive
would be charged as a first appearance fee in court. The Company shall advance the remaining fees and costs of the arbitrator. However,
to the extent permissible under the law, and following the arbitrator’s ruling on the matter, the arbitrator may rule that
the arbitrator’s fees and costs be distributed in an alternative manner. Each party shall pay its own costs and attorneys’
fees, if any. If, however, any party prevails on a statutory claim that affords the prevailing party attorneys’ fees (including
pursuant to this Agreement), the arbitrator may award attorneys’ fees to the prevailing party to the extent permitted by law.

 

10.           Consent
to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 9 of this Agreement,
the parties hereby consent to the exclusive jurisdiction of the state and federal courts of the Commonwealth of Massachusetts.

 

11.           Waiver
of Jury Trial. Each of the Executive and the Company irrevocably and unconditionally waives
all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement
or THE EXECUTIVE’s employment by the Company or any affiliate of the Company, INCLUDING WITHOUT LIMITATION THE EXECUTIVE’S
or the Company’s performance under, or the enforcement of, this Agreement.

 

    	 	13	 

     

    

 

12.           Integration.
This Agreement and the Restrictive Covenants Agreement together constitute the entire agreement between the parties with respect to their
subject matters and supersede all prior agreements between the parties concerning such subject matters.

 

13.           Withholding;
Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required
to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments
to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from
any payment or benefit.

 

14.           Assignment;
Successors and Assigns. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by
operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its
rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any
affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company
merges or to whom it transfers all or substantially all of its properties or assets; provided, further, that if the Executive remains
employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the
Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 or pursuant to Section 6 of this
Agreement solely as a result of such transaction. This Agreement shall inure to the benefit of and be binding upon the Executive and the
Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted
assigns. In the event of the Executive’s death after the Executive’s termination of employment but prior to the completion
by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s
beneficiary designated in writing to the Company prior to the Executive’s death (or to the Executive’s estate, if the Executive
fails to make such designation).

 

15.           Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

16.           Survival.
The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment
to the extent necessary to effectuate the terms contained herein.

 

17.           Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall
not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	 	14	 

     

    

 

18.           Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt
requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at
its main offices, attention of the Board.

 

19.           Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

20.           Effect
on Other Plans and Agreements. An election by the Executive to resign for Good Reason under the provisions of this Agreement shall
not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company's
benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s
benefit plans, programs or policies except as otherwise provided herein, and except that the Executive shall have no rights to any severance
benefits under any Company severance pay plan, offer letter or otherwise. Except for the Restrictive Covenants Agreement, in the event
that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under
this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both.
Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to
payments or benefits pursuant to both Section 5 and Section 6 of this Agreement.

 

21.           Governing
Law. This is a New York contract and shall be construed under and be governed in all respects by the laws of the State of New York
without giving effect to the conflict of laws principles thereof, and in accordance with any applicable federal laws to which the Bank
may be subject as an FDIC-insured institution and a member bank of the Federal Reserve System. With respect to any disputes concerning
federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States
Court of Appeals for the Second Circuit.

 

22.           Counterparts.
This Agreement may be executed in any number of counterparts, with .pdf and facsimile signatures having the same effect as the original,
each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and
the same document.

 

23.           Allocation
of Obligations Between the Companies. The obligations of the Company under this Agreement are intended to be the joint and several
obligations of the Holding Company and the Bank, and each shall, as between themselves, allocate these obligations in a manner agreed
upon by them.

 

    	 	15	 

     

    

 

24.           Indemnification.
The Company shall provide the Executive (including his heirs, executors and administrators) with coverage under a standard directors’
and officers’ liability insurance policy at its expense, and shall indemnify the Executive (and his heirs, executors and administrators)
to the fullest extent permitted under federal 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
(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 cost of reasonable settlements (such settlements
must be approved by the Board). If such action, suit or proceeding is brought against the Executive in his capacity as an officer or director
of the Company, such indemnification shall not extend to matters as to which the Executive is finally adjudged to be liable for willful
misconduct in the performance of his duties.

 

25.           Clawback.
The Executive agrees to be subject to any clawback policy adopted by the Holding Company or either Bank similarly affecting all or substantially
all senior management employees and acknowledges that, to the extent provided therein, he may be required to repay all or any portion
of any incentive compensation previously paid to him on account of inaccurate or erroneous financial data.

 

26.           No
Mitigation; No Offset. In the event of any termination of the Executive’s employment under this Agreement, the Executive shall
be under no obligation to seek other employment or to mitigate damages, and there shall be no offset against amounts due to the Executive
under this Agreement on account of any remuneration attributable to any subsequent employment that the Executive may obtain. Any amount
due under this Agreement are in the nature of severance payments and are not in the nature of a penalty.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date.

 

	 	BROOKLINE BANCORP, INC.
	 	 
	 	By: 	      /s/ Michael W. McCurdy
	 	Name: Michael W. McCurdy
	 	Title: Co-President and Chief Operating Officer
	 	 
	 	PCSB BANK
	 	 
	 	By:	       /s/ Joseph D. Roberto
	 	Name: Joseph D. Roberto
	 	Title: Chairman, President and Chief Executive
    Officer
	 	 
	 	EXECUTIVE
	 	 
	 	      /s/ Michael P. Goldrick
	 	Michael P. Goldrick

 

    	 	17	 

     

    

 

Exhibit A

 

SEPARATION AGREEMENT AND RELEASE

 

This
Separation Agreement and Release (the “Separation Agreement”) is entered into by and among Brookline Bancorp, Inc.,
a Delaware corporation with its principal administrative office at 131 Clarendon Street, Boston, MA 02116 (the “Holding Company”),
PCSB Bank, a New York chartered commercial bank (the “Bank”), and Michael P. Goldrick (the “Executive”)
in connection with the “Employment Agreement” by and among the Holding Company, the Bank and the Executive dated May 23,
2022. Collectively the Holding Company and the Bank shall be referred to herein as the “Company.” This is the Separation
Agreement referenced in the Employment Agreement. Terms with initial capitalization that are not otherwise defined in this Separation
Agreement have the meanings set forth in the Employment Agreement. The consideration for the Executive’s agreement to this Separation
Agreement consists of the payments and benefits pursuant to Section 5 or 6 of the Employment Agreement (as applicable), which are
subject to the terms of the Employment Agreement.

 

		1.	Executive’s Release of Claims. The Executive voluntarily releases and forever discharges the Company, its affiliated
and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and
fiduciaries of such plans, and the current and former directors, officers, shareholders, employees, attorneys, accountants and agents
of each of the foregoing in their official and personal capacities (collectively referred to as the “Released Parties”)
generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (collectively, “Claims”)
that, as of the date when the Executive signs this Separation Agreement, he has, ever had, now claims to have or ever claimed to have
had against any or all of the Released Parties. This general release of Claims includes, without implication of limitation, the release
of all Claims:

 

		•	relating to the Executive’s employment by and termination of employment with the Company or any related entity;

 

		•	of wrongful discharge or violation of public policy;

 

		•	of breach of contract;

 

		•	of discrimination or retaliation under federal, state or local law (including, without limitation, Claims of age discrimination or
retaliation under the Age Discrimination in Employment Act, the Americans with Disabilities Act, and Title VII of the Civil Rights Act
of 1964);

 

		•	under any other federal or state statute or constitution or local ordinance;

 

		•	of defamation or other torts;

 

		•	for wages, bonuses, incentive compensation, stock, stock options, vacation pay or any other compensation or benefits; and

 

		•	for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief
and attorney’s fees.

 

    	 	1	 

     

    

 

To the fullest extent permitted by law, the Executive agrees not to
accept damages of any nature, other equitable or legal remedies for his own benefit or attorney’s fees or costs from any of the
Released Parties with respect to any Claim released by this Separation Agreement.

 

		2.	Limitations on Executive’s Release of Claims. Notwithstanding anything in Section 1 of this Separation Agreement
to the contrary:

 

		(a)	Employment Agreement. Nothing in this Separation Agreement shall be construed to limit the Executive’s rights under the
Employment Agreement, including without limitation (i) the Accrued Obligations, as defined in Section 4(c) of the Employment
Agreement, (ii) the severance pay and benefits pursuant to Section 5 or 6 of the Employment Agreement, whichever is applicable,
subject to satisfying the requirements for execution and non-revocation of this Separation Agreement, as set forth in the Employment Agreement,
or (iii) any rights to indemnification to which the Executive is entitled, including but not limited those described in Section 24
of the Employment Agreement.

 

		(b)	Equity. Nothing in this Separation Agreement is intended to affect the Executive’s rights or obligations under the Equity
Documents. The Equity Documents shall continue to be governed by their terms, except as may otherwise be provided in the Employment Agreement.

 

		(c)	Statutory Benefit Rights. Nothing in this Separation Agreement is intended to release or waive the Executive’s right
to elect continuation of group health plan coverage under the law known as COBRA or unemployment insurance benefits.

 

		3.	Ongoing Obligations of the Executive. As a condition of receiving the payments and benefits pursuant to Section 5 or 6
of the Employment Agreement, the Executive hereby reaffirms that he remains subject to the Continuing Obligations.

 

		4.	Nondisparagement.

 

		(a)	The Executive shall not, directly or indirectly, make any statements that disparage or deprecate the Company, any of its business
practices, any of its business activities or any of its officers, directors or employees (provided that, with respect to any such officer,
director or employee, the Executive actually knows or has substantial reason to believe that such person is an officer, director or employee
of the Company) and shall not assist or encourage any other person, firm or entity to do so.

 

		(b)	The Company shall direct its directors and executive officers not to directly or indirectly, disparage or deprecate the Executive,
any of his business practices or any of his business activities. In addition, the Company shall not in any authorized public statement
of the Company (a “Company Statement”) disparage or deprecate the Executive, any of his business practices or any of
his business activities.

 

    	 	2	 

     

    

 

		5.	Protected Disclosures. Nothing in this Separation Agreement nor any direction pursuant to this Separation Agreement shall be
interpreted or applied to prohibit the Executive or any other person from making any good faith report to any governmental agency or other
governmental entity (a “Government Agency”) concerning any act or omission that the Executive or such other person
reasonably believes constitutes a possible violation of federal or state law or making other disclosures that are protected under the
anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this
Separation Agreement limits the Executive’s or any other person’s ability to communicate with any Government Agency or otherwise
participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability
to provide documents or other information, without notice to the Company, nor does anything contained in this Separation Agreement apply
to truthful testimony in litigation by the Executive or any other person. If the Executive files any charge or complaint with any Government
Agency and if the Government Agency pursues any claim on the Executive’s behalf, or if any other third party pursues any claim on
the Executive’s behalf, the Executive waives any right to monetary or other individualized relief (either individually or as part
of any collective or class action) to the fullest extent permitted by law; provided, however, that nothing in this Separation Agreement
limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange
Commission.

 

		6.	Defend Trade Secrets Act of 2016. The Executive understands that pursuant to the federal Defend Trade Secrets Act of 2016,
the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

		7.	No Assignment. The Executive represents that he has not assigned to any other person or entity any Claims against any Released
Party.

 

		8.	Right to Consider and Revoke Separation Agreement. The Executive acknowledges that he has been given the opportunity to consider
this Separation Agreement for a period of 21 days (the “Consideration Period”). In the event the Executive executed
this Separation Agreement before the end of the Consideration Period, he acknowledges that such decision was entirely voluntary and that
he had the opportunity to consider this Separation Agreement until the end of the Consideration Period. To accept this Separation Agreement,
the Executive shall deliver a signed Separation Agreement to the Company’s then most senior Human Resources professional (the “HR
Leader”) before the end of the Consideration Period. For a period of seven days from the date when the Executive executes this
Separation Agreement (the “Revocation Period”), he shall retain the right to revoke this Separation Agreement by written
notice that is received by the HR Leader on or before the last day of the Revocation Period. This Separation Agreement shall take effect
only if it is executed within the Consideration Period as set forth above and if it is not revoked pursuant to the preceding sentence.
If the conditions set forth in this paragraph are satisfied, this Separation Agreement shall become effective and enforceable on the date
immediately following the last day of the Revocation Period (the “Effective Date”).

 

    	 	3	 

     

    

 

		9.	Other Terms.

 

		(a)	Legal Representation; Review of Separation Agreement. The Executive acknowledges that he has been advised to discuss all aspects
of this Separation Agreement with his attorney, that he has carefully read and fully understands all of the provisions of this Separation
Agreement and that he is knowingly and voluntarily entering into this Separation Agreement.

 

		(b)	Binding Nature of Separation Agreement. This Separation Agreement shall be binding upon the Executive and upon his heirs, administrators,
representatives and executors.

 

		(c)	Modification of Separation Agreement; Waiver. This Separation Agreement may be amended only upon a written agreement executed
by the Executive and the Company. No waiver of any provision of this Separation Agreement shall be effective unless made in writing and
signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Separation Agreement,
or the waiver by a party of any breach of this Separation Agreement, shall not prevent any subsequent enforcement of such term or obligation
or be deemed a waiver of any subsequent breach.

 

		(d)	Severability. In the event that at any future time it is determined by a court of competent jurisdiction that any covenant,
clause, provision or term of this Separation Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this
Separation Agreement shall not be affected thereby and the illegal, invalid or unenforceable term or provision shall be severed from the
remainder of this Separation Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable; provided,
however, and for the avoidance of doubt, in no event shall the Company be required to provide payments or benefits to the Executive
pursuant to Section 5 or 6 of the Employment Agreement if all or part of Section 1 of this Separation Agreement is held to be
invalid or unenforceable.

 

		(e)	Governing Law and Interpretation. This Separation Agreement shall be deemed to be made and entered into in the State of New
York, and shall in all respects be interpreted, enforced and governed under the laws of the State of New York, without giving effect to
its conflict of laws provisions. The language of all parts of this Separation Agreement shall in all cases be construed as a whole, according
to its fair meaning, and not strictly for or against any of the parties.

 

		(f)	Arbitration; Jurisdiction. Enforcement of this Separation Agreement shall be subject to the terms of Sections 9 (“Arbitration
of Disputes”) and 10 (“Consent to Jurisdiction”) of the Employment Agreement as if set forth herein.

 

    	 	4	 

     

    

 

		(g)	Remedies. If the Executive breaches any provision of this Separation Agreement or any of the Continuing Obligations, in addition
to all other remedies available to the Company at law, in equity, and under contract, the Executive agrees that the Company may cease
any payments or benefits otherwise due to the Executive or for the Executive’s benefit pursuant to Section 5 or 6 of the Employment
Agreement.

 

		(h)	Entire Agreement; Absence of Reliance. This Separation Agreement constitutes the entire agreement between the Executive and
the Company and supersedes any previous agreements or understandings between the Executive and the Company, except the Equity Documents,
the Continuing Obligations, and any other obligations specifically preserved in this Separation Agreement. The Executive acknowledges
that he is not relying on any promises or representations by the Company or the agents, representatives or attorneys of any of the entities
within the definition of Company regarding any subject matter addressed in this Separation Agreement.

 

		(i)	Counterparts; Copies. This Separation Agreement may be executed in separate counterparts, each of which when so executed and
delivered shall be taken to be an original. Such counterparts shall together constitute one and the same document. PDF copies shall be
equally valid as originals.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Separation Agreement, to be effective on the Effective Date.

 

	 	BROOKLINE BANCORP, INC.
	 	 
	 	 
	 	By:	           
	 	Name: Michael W. McCurdy 
	 	Title: Co-President and COO
	 	 
	 	PCSB BANK
	 	 
	 	 
	 	By:	 
	 	Name: Joseph D. Roberto
	 	Title: Chairman, President and Chief Executive
    Officer
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	Michael P. Goldrick
	 	 
	 	Date:	                  

 

    	 	1	 

     

    

 

Exhibit B

 

Restrictive Covenants Agreement

 

Confidentiality, Assignment, Nonsolicitation
and Noncompetition Agreement

 

In consideration and as a condition of my continued
employment by Brookline Bancorp, Inc. (the “Holding Company”), and PCSB Bank, a New York chartered commercial
bank (the “Bank” and, together with the Holding Company and their respective subsidiaries and other affiliates and
their respective successors and assigns, the “Company”), and in exchange for, among other things, benefits to be provided
by the Company under the terms of a new employment agreement, specifically, the Employment Agreement by and among the Hodling Company,
the Bank and me dated May 23, 2022 (the “Employment Agreement”), which I acknowledge and agree is fair and reasonable
consideration which is independent from the continuation of my employment, I enter into this Confidentiality, Assignment, Nonsolicitation
and Noncompetition Agreement (this “Agreement”) and agree as follows:

 

1.      Proprietary
Information. I agree that all information, whether or not in writing, concerning the Company’s business, technology, business
relationships or financial affairs that the Company has not released to the general public (collectively, “Proprietary Information”)
and all tangible embodiments thereof are and will be the exclusive property of the Company. By way of illustration, Proprietary Information
may include information or material that has not been made generally available to the public, such as: (a) corporate information,
including plans, strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information, including strategies,
methods, customer or business partner identities or other information about customers, business partners, prospect identities or other
information about prospects, or market analyses or projections; (c) financial information, including cost and performance data, debt
arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; (d) operational information, including
plans, specifications, manuals, forms, templates, software, strategies, designs, methods, procedures, data, reports, discoveries, inventions,
improvements, concepts, ideas, know-how and trade secrets, and other Developments (as defined below); and (e) personnel information,
including personnel lists, reporting or organizational structure, resumes, personnel data, performance evaluations and termination arrangements
or documents. Proprietary Information also includes information received in confidence by the Company from its customers, suppliers, business
partners or other third parties.

 

2.      Recognition
of Company’s Rights. I will not, at any time, without the Company’s prior written permission, either during or after my
employment, disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used any Proprietary Information
for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the Company and use my reasonable
best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will deliver to the Company all copies and other
tangible embodiments of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination
of my employment.

 

3.      Rights
of Others. I understand that the Company is now and may hereafter be subject to nondisclosure or confidentiality agreements with third
persons that require the Company to protect or refrain from use or disclosure of proprietary information. I agree to be bound by the terms
of such agreements in the event I have access to such proprietary information. I understand that the Company strictly prohibits me from
using or disclosing confidential or proprietary information belonging to any other person or entity (including any employer or former
employer), in connection with my employment. In addition, I agree not to bring any confidential information belonging to any other
person or entity onto Company premises or into Company workspaces.

 

    	 	1	 

     

    

 

4.      Commitment
to Company; Avoidance of Conflict of Interest. While an employee of the Company, I will devote my full-time efforts to the Company’s
business and I will not, directly or indirectly, engage in any other business activity, except as expressly authorized in writing and
in advance by a duly authorized representative of the Company. I will advise an authorized officer of the Company or his or her designee
at such time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a
conflict of interest as an employee of the Company. I will take whatever action is reasonably requested of me by the Company to resolve
any conflict or appearance of conflict which it finds to exist.

 

5.      Documents
and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and Company-related developments
developed by me during my employment, which records will be available to and remain the sole property of the Company at all times. All
files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, or
other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come
into my custody or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the
Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers, disks
and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice.
In the event of the termination of my employment for any reason, I will deliver to the Company all Company property and equipment
in my possession, custody or control, including all files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks,
layouts, charts, quotations and proposals, or other written, photographic or other tangible material containing Proprietary Information,
and other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in
my possession any of the foregoing or any copies.

 

6.      Nonsolicitation
and Noncompetition. In order to protect the Company’s Proprietary Information and goodwill, during my employment and for a period
of: (i) one year following the date of the cessation of my employment with the Company (the “Last Date of Employment”)
or (ii) two years following the Last Date of Employment if I breach my fiduciary duty to the Company or if I have unlawfully taken,
physically or electronically, property belonging to the Company (in either case the “Restricted Period”):

 

(a)      I
shall not, directly or indirectly, in any manner, other than for the benefit of the Company, solicit or transact any business with any
of the customers of the Company. For purposes of this Agreement, customers shall include (i) then current customers to which the
Company provided products or services during the 12 months prior to the Applicable Date (the “One Year Lookback”) and
(ii) customer prospects that the Company solicited during the One Year Lookback and with which I had significant contact or about
which I learned confidential information in the course of my employment. The “Applicable Date” means (i) as applied
to my activities after my employment ends, the Last Date of Employment and (ii) as applied to my activities during my employment,
the date of such activities.

 

    	 	2	 

     

    

 

(b)      I
shall not, directly or indirectly, in any manner, solicit, entice or attempt to persuade any employee or consultant of the Company to
leave the Company for any reason or otherwise participate in or facilitate the hire, directly or through another entity, of any person
who is then employed or engaged by the Company.

 

(c)      I
shall not, directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer
or otherwise, anywhere in the Applicable Counties, provide any of the types of services that I provided to the Company during the two
years that immediately preceded the Applicable Date, in connection with any business that is, in whole or in part, engaged in, or actively
preparing to be engaged in, the Business. For purposes of this Agreement: “Business” shall mean, as of the Applicable
Date, the business of the Company as previously or currently conducted, or as planned to be conducted in the future, including, without
limitation, the performance of any services related to the foregoing. I acknowledge that this covenant is necessary because the Company’s
legitimate business interests cannot be adequately protected solely by the other covenants in this Agreement. The “Applicable
Counties” shall mean those counties in which the Bank (which shall include for these purposes any direct or indirect subsidiary
of the Bank or any successor or assign of any of the foregoing) maintains a physical office on the Applicable Date. Notwithstanding anything
in the foregoing to the contrary, my obligations under this Section 6(c) shall not apply to any period following the Last Date
of Employment unless I receive the “Severance Amount” pursuant to Section 5 of the Employment Agreement or the “Change
in Control Payment” pursuant to Section 6 of the Employment Agreement.

 

7.      Prior
Agreements. I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by
the terms of any agreement with any previous or current employer or other party to refrain from using or disclosing any trade secret or
confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or indirectly,
with the business of such employer or any other party. I further represent that my performance of all the terms of this Agreement as an
employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired
by me in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use
any confidential or proprietary information or material belonging to any previous employer or others.

 

8.      Remedies
Upon Breach. I understand that the restrictions contained in this Agreement are necessary for the protection of the business and goodwill
of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial
and irrevocable damage and therefore, in the event of such breach, the Company, in addition to such other remedies which may be available,
will be entitled to specific performance and other injunctive relief, without the posting of a bond. I further acknowledge that a court
may render an award extending the Restricted Period as one of the remedies in the event of my violation of this Agreement. In the event
of litigation involving a claim of breach of this Agreement, the prevailing party with respect to such claim shall be entitled to recover
his or its reasonable attorney’s fees and costs with respect to such claim from the non-prevailing party.

 

    	 	3	 

     

    

 

9.      Use
of Voice, Image and Likeness. I give the Company permission to use any and all of my voice, image and likeness, with or without
using my name, in connection with the products and/or services of the Company, for the purposes of advertising and promoting such products
and/or services and/or the Company, and/or for other purposes deemed appropriate by the Company in its reasonable discretion, except to
the extent prohibited by law.

 

10.      No
Employment Obligation. I understand that this Agreement does not create an obligation on the Company or any other person to continue
my employment. I acknowledge that, unless otherwise agreed in a formal written employment agreement signed on behalf of the Company by
an authorized officer, my employment with the Company is at will and therefore may be terminated by the Company or me at any time and
for any reason, with or without cause.

 

11.      Survival
and Assignment by the Company. I understand that my obligations under this Agreement will continue in accordance with its express
terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment.
I further understand that my obligations under this Agreement will continue following the termination of my employment regardless of the
manner of such termination and will be binding upon my heirs, executors and administrators. The Company will have the right to assign
this Agreement to its affiliates, successors and assigns. I expressly consent to be bound by the provisions of this Agreement for the
benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement
be re-signed at the time of such transfer.

 

12.      Notice
of Resignation. If I elect to resign from my employment with the Company, I agree to provide the Company with written notification
of my resignation at least two (2) weeks prior to my intended resignation date. Such notice shall include information in reasonable
detail about my post-employment job duties and other business activities, including the name and address of any subsequent employer and/or
person or entity with whom or which I intend to engage in business activities during the Restricted Period and the nature of my job duties
and other business activities. The Company may elect to waive all or part of the two (2) week notice period in its sole discretion,
and such waiver shall not result in a termination by the Company for purposes of this Agreement or any other agreement I may have with
the Company.

 

13.      Post-Employment
Notifications. During the Restricted Period, I will notify the Company of any change in my address and of each subsequent employment
or business activity.

 

14.      Disclosures
During Restricted Period. I will provide a copy of this Agreement to any person or entity with whom I may enter into a business relationship,
whether as an employee, consultant, partner, coventurer or otherwise, prior to entering into such business relationship during the Restricted
Period.

 

15.      Waiver.
No waiver of any of my obligations under this Agreement shall be effective unless made in writing by the Company. The failure of the Company
to require my performance of any term or obligation of this Agreement, or the waiver of any breach of this Agreement, shall not prevent
the Company’s subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	 	4	 

     

    

 

16.      Severability.
In case any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover, any one or more
of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope,
activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable
law as it shall then appear.

 

17.      Choice
of Law and Jurisdiction. This Agreement will be deemed to be made and entered into in the State of New York, and will in all respects
be interpreted, enforced and governed under the laws of the State of New York. I hereby consent to the exclusive jurisdiction of the state
and federal courts situated within Massachusetts for purposes of enforcing this Agreement or for any other lawsuit relating to or arising
under this Agreement, and I hereby waive any objection that I might have to personal jurisdiction or venue in those courts.

 

18.      Independence
of Obligations. My obligations under this Agreement are independent of any obligation, contractual or otherwise, the Company has to
me. The Company’s breach of any such obligation shall not be a defense against the enforcement of this Agreement or otherwise limit
my obligations under this Agreement.

 

19.      Protected
Disclosures. I understand that nothing contained in this Agreement limits my ability to communicate with any federal, state or local
governmental agency or commission, including to provide documents or other information, without notice to the Company. I also understand
that nothing in this Agreement limits my ability to share compensation information concerning myself or others, except that this does
not permit me to disclose compensation information concerning others that I obtain because my job responsibilities require or allow access
to such information.

 

20.      Defend
Trade Secrets Act of 2016. I understand that pursuant to the federal Defend Trade Secrets Act of 2016, I shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.

 

21.      Other
Agreements; Amendment. This Agreement supplements and does not supersede any other confidentiality, assignment of inventions or restrictive
covenant agreement between the Company and me. To the extent that this Agreement addresses other subject matters, this Agreement supersedes
any other agreements between the Company and me with respect to such subject matters. This Agreement may be amended only in a written
agreement executed by a duly authorized officer of the Company and me.

 

    	 	5	 

     

    

 

I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT
RIGHTS. I ACKNOWLEDGE AND AGREE THAT THE TERMS OF THIS AGREEMENT WILL APPLY TO MY ENTIRE SERVICE RELATIONSHIP WITH THE COMPANY, INCLUDING
WITHOUT LIMITATION ANY PERIOD OF SERVICE PRIOR TO THE DATE OF MY SIGNATURE BELOW.

 

IN WITNESS WHEREOF, the undersigned parties have
executed this Agreement and agree to be bound by it.

 

	EXECUTIVE	 
	 	 
	Signed:	       /s/ Michael P. Goldrick	 
	Name: Michael P. Goldrick	 

 

	Date:	5/23/2022	 

 

	COMPANY	 
	 	 
	BROOKLINE BANCORP, INC.	 
	 	 
	By:	        /s/ Michael W. McCurdy	 
	Name: Michael W. McCurdy	 
	Title: Co-President and COO	 
	 	 
	PCSB BANK	 
	 	 
	By:	        /s/ Joseph D. Roberto	 
	Name: Joseph D. Roberto	 
	Title: Chairman, President and Chief Executive Officer	 

 

	Date:	5/23/2022

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