Document:

Exhibit 10.5

 Exhibit 10.5 
 NORTHEAST COMMUNITY BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ARTICLE I 
 GENERAL 

1.1 PURPOSE OF THE PLAN. The purpose of the Northeast Community Bank Supplemental Executive Retirement Plan (the “Plan”) is to
reward certain management and highly compensated employees of the Employer who have contributed to the Employer’s success and are expected to continue to contribute to such success in the future. 
 1.2 PLAN BENEFITS GENERALLY. Pursuant to the Plan, the Employer may provide to each Participant a supplemental retirement benefit, subject
to the terms and conditions contained in the Plan and the Participant’s individual Participation Agreement. 
 1.3 EFFECTIVE
DATE. The effective date of the Plan is January 1, 2006. 
 ARTICLE II 
 DEFINITIONS 
 ACCRUED SERP
BENEFIT means, with respect to each Participant, the amount of liability that should be accrued by the Employer (i.e., determined without regard to whether such liability is actually accrued), under Generally Accepted Accounting Principles
(“GAAP”), for the Employer’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106
(“FAS 106”). 
 ADMINISTRATOR means the Board or a committee of the Board designated to serve as Administrator.

 BENEFICIARY means the person or persons designated by a Participant as his beneficiary in accordance with the provisions of
Article V and subject to the Participation Agreement. 
 BOARD means the Board of Directors of the Employer. 
 CAUSE shall have the meaning set forth in Section 4.2. 
 CHANGE OF CONTROL means the occurrence of any one of the following events: 
  

	 	(1)	Merger: Northeast Community Bancorp, Inc., the holding company for the Employer (the “Company”) merges into or consolidates with another corporation, or merges
another corporation into the Company, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately
before the merger or consolidation. 

  

	 	(2)	 Acquisition of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule (other than
Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner(s) of 25% or more of a class of the
Company’s voting securities, but this 

	 	 
clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or
indirectly beneficially owns 50% or more of its outstanding voting securities. 

  

	 	(3)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (3), each director who is first elected by the board (or first nominated by the board for
election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the
beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

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

 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank into the mutual holding company form of
organization or the conversion of the Bank to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 
 CODE means the Internal Revenue Code of 1986, as amended. 
 EMPLOYER means Northeast Community Bank. 
 ERISA means the Employee Retirement
Income Security Act of 1974, as amended from time to time. 
 EXECUTIVE means a management or highly compensated employee of
the Employer designated by the Administrator as eligible to participate in the Plan. 
 NORMAL RETIREMENT means termination of
a Participant’s employment with the Employer for any reason other than for Cause after such Participant has reached his Normal Retirement Age. 
 NORMAL RETIREMENT AGE means the normal retirement age set forth in the Participant’s Participation Agreement. 
 PARTICIPANT means any Executive who elects to participate in the Plan by entering into a Participation Agreement in accordance herewith. 
 PARTICIPATION AGREEMENT means a written agreement between the Employer and a Participant, pursuant to which the Employer agrees to make SERP Benefit payments in accordance with the Plan and the
Participation Agreement. Each Participation Agreement shall contain such information, terms and conditions as the Administrator in its discretion may specify, including without limitation, the following: 
  

	 	(a)	the effective date of the Participant’s participation in the Plan; 

  

	 	(b)	the Participant’s Normal Retirement Age; 

  

	 	(c)	the SERP Benefits to which the Participant is entitled under the Plan and the form of payment for such benefits (i.e. installments or lump sum); 

  

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	 	(d)	the identity of the Participant’s Beneficiary; and 

  

	 	(e)	any other provisions which supplement the terms and conditions contained in the Plan and which are not inconsistent with the terms and conditions of the Plan.

 SERP BENEFIT means, with respect to each Participant, an annual cash benefit in the amount determined pursuant
to the Participant’s Participation Agreement. 
 YEARS OF SERVICE shall have the meaning set forth in the
Participant’s Participation Agreement. 
 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
 3.1 ELIGIBILITY. The Administrator, in its sole
discretion, shall from time to time determine those Executive(s) who shall be eligible to participate in the Plan. 
 3.2
PARTICIPATION. Each Executive who is eligible to participate in the Plan shall enroll in the Plan by entering into a Participation Agreement and completing such other forms and furnishing such other information as the Administrator may
request. An Executive’s participation in the Plan shall commence as of the date specified in the Participation Agreement. 
 ARTICLE
IV 
 BENEFITS 
 4.1
SERP BENEFIT. Each Participant, subject to the terms and conditions of his Participation Agreement, shall become entitled to receive SERP Benefits in the amounts and for the periods set forth in the executed Participation Agreement.

 4.2 NO BENEFITS PAYABLE UPON TERMINATION FOR CAUSE. Notwithstanding anything in this Plan or in any Participation Agreement
to the contrary, no benefits shall be payable to any Participant who is terminated from his or her employment with the Employer for Cause. For purposes hereof, termination for Cause shall mean the following: 
 Termination of employment because of the Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar infractions) or a final cease-and-desist order. 
 4.3 DISTRIBUTIONS TO SPECIFIED EMPLOYEE. 
  

	 	(a)	If any employee is a “Specified Employee,” as defined in subsection (b) below, upon a termination of employment for any reason other than Disability or death, a
distribution may not be made before the date which is 6 (six) months after the date of separation from service (or, if earlier, the date of death of the employee). 

  

	 	(b)	A “Specified Employee” means a key employee (as defined in Code Section 416(i) without regard to paragraph (5) thereof) of a corporation any stock in which is
publicly traded on an established securities market or otherwise, all within the meaning of Code Section 409A(a)(2)(B)(i). 

  

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 ARTICLE V 
 BENEFICIARIES 
 5.1 BENEFICIARY. For purposes of this section, the Participant’s
executed Participation Agreement shall dictate the Participant’s rights and responsibilities regarding the Participant’s Beneficiary(ies). 
 ARTICLE VI 
 PLAN ADMINISTRATION 
 6.1 ADMINISTRATION. 
  

	 	(a)	General. The Plan shall be administered by the Administrator. The Administrator shall have sole and absolute discretion to interpret where necessary all provisions of
the Plan and each Participation Agreement (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan, a Participation Agreement, or between the
Plan and a Participation Agreement), to determine the rights and status under the Plan of Participants or other persons, to resolve questions or disputes arising under the Plan and to make any determinations with respect to the benefits payable
under the Plan and the persons entitled thereto as may be necessary for the purposes of the Plan. The Administrator’s determination of the rights of any Executive or former Executive hereunder shall be final and binding on all persons, subject
only to the claims procedures outlined in Article 7 hereof. 

  

	 	(b)	Delegation of Duties. The Administrator may delegate any of its administrative duties, including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of benefits payable hereunder, to a named administrator or administrators. 

 6.2
REGULATIONS. The Administrator may promulgate any rules and regulations it deems necessary in order to carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation or
interpretation shall be contrary to the provisions of the Plan. The rules, regulations and interpretations made by the Administrator shall, subject only to the claims procedure outlined in Article 7 hereof, be final and binding on all persons.

 6.3 REVOCABILITY OF ADMINISTRATOR/EMPLOYER ACTION. Any action taken by the Administrator with respect to the rights or
benefits under the Plan of any Executive or former Executive shall be revocable by the Administrator as to payments not yet made to such person in order to correct any incorrect payment to a Participant or a Beneficiary, and then only to the extent
necessary to correct such error. Acceptance of any benefits under the Plan constitutes acceptance of, and agreement to, the Administrator’s making any appropriate adjustments in future payments to such person to correct any previously made
overpayment or underpayment. 
 6.4 AMENDMENT. 
  

	 	(a)	 Right to Amend. The Board, by written instrument, shall have the right to amend the Plan at any time and with respect to any provisions hereof, and all
parties hereto or claiming any interest hereunder shall be bound by such 

  

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amendment; provided, however, that no such amendment shall, without the Participant’s consent, affect or otherwise modify the rights of a Participant
under a Participation Agreement in effect prior to the amendment. 

  

	 	(b)	Amendment Required by Law. Notwithstanding the provisions of Section 6.4(a), the Plan may be amended at any time, retroactively if required, if found necessary, in the
opinion of the Board, in order to ensure that the Plan is characterized as a non-tax-qualified plan of deferred supplemental retirement compensation maintained for members of a select group of executives and thus exempt from ERISA and in compliance
with all other provisions under the Code, as such provisions relate to the original purpose of this Plan, supplemental retirement income to the Participant(s) and/or other related Plan and Employer objectives. 

 6.5 TERMINATION. The Board of the Employer reserves the right, at any time, to terminate the Plan; provided however, that no such
termination shall, without the Participant’s consent, affect or otherwise modify the rights of a Participant under a Participation Agreement in effect prior to the effective date of termination. Following termination of the Plan, unless
otherwise agreed to by the parties, such Participation Agreement shall remain in effect and shall be construed by the terms of the Plan in effect prior to the termination. 
 6.6 WITHHOLDING. The Employer shall deduct from any distributions hereunder any taxes or other amounts required by law to be withheld
therefrom. 
 ARTICLE VII 
 CLAIMS ADMINISTRATION 
 7.1 GENERAL. If a Participant, Beneficiary or his or her representative is denied all
or a portion of an expected Plan benefit for any reason and the Participant, Beneficiary or his or her representative desires to dispute the decision of the Administrator, he/she must file a written notification of his or her claim with the
Administrator. 
 7.2 CLAIMS PROCEDURE. Upon receipt of any written claim for benefits, the Administrator shall be notified and
shall give due consideration to the claim presented. If any Participant or Beneficiary claims to be entitled to benefits under the Plan and the Administrator determines that the claim should be denied in whole or in part, the Administrator shall, in
writing, notify such claimant within ninety (90) days of receipt of the claim that the claim has been denied. The Administrator may extend the period of time for making a determination with respect to any claim for a period of up to ninety
(90) days, provided that the Administrator determines that such an extension is necessary because of special circumstances and notifies the claimant, prior to the expiration of the initial ninety (90) day period, of the circumstances
requiring the extension of time and the date by which the Administrator expects to render a decision. If the claim is denied to any extent by the Administrator, the Administrator shall furnish the claimant with a written notice setting forth:

  

	 	(a)	the specific reason or reasons for denial of the claim; 

  

	 	(b)	a specific reference to the Plan provisions on which the denial is based; 

  

	 	(c)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

  

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	 	(d)	an explanation of the provisions of this Article. 

 7.3
RIGHT OF APPEAL. A claimant who has a claim denied under Section 7.2 may appeal to the Administrator for reconsideration of that claim. A request for reconsideration under this section must be filed by written notice within sixty
(60) days after receipt by the claimant of the notice of denial under Section 7.2. 
 7.4 REVIEW OF APPEAL. Upon
receipt of an appeal the Administrator shall promptly take action to give due consideration to the appeal. Such consideration may include a hearing of the parties involved, if the Administrator feels such a hearing is necessary. In preparing for
this appeal, the claimant shall have the right to review pertinent documents and submit in writing a statement of issues and comments. After consideration of the merits of the appeal, the Administrator shall issue a written decision, which shall be
binding on all parties. The decision shall specifically state its reasons and pertinent Plan provisions on which it relies. The Administrator’s decision shall be issued within sixty (60) days after the appeal is filed, except that the
Administrator may extend the period of time for making a determination with respect to any claim for a period of up to sixty (60) days, provided that the Administrator determines that such an extension is necessary because of special
circumstances and notifies the claimant, prior to the expiration of the initial sixty (60) day period, of the circumstances requiring the extension of time and the date by which the Administrator expects to render a decision. 
 7.5 DESIGNATION. The Administrator may designate any other person of its choosing to make any determination otherwise required under this
Article. Any person so designated shall have the same authority and discretion granted to the Administrator hereunder. 
 7.6
LITIGATION COSTS. If a claimant brings a lawsuit for benefits hereunder, to enforce any right hereunder or for other relief arising out of the terms of the Plan, the costs and expenses of litigation by any party shall be borne by the
losing party. The prevailing party shall recover as expenses all reasonable attorneys’ fees incurred by it in connection with the proceedings or any appeals therefrom. 
 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 ADMINISTRATOR. The Administrator is expressly empowered to interpret the Plan and to determine all questions arising in the
administration, interpretation, and application of the Plan; to employ actuaries, accountants, counsel, and other persons it deems necessary in connection with the administration of the Plan; to request any information from the Employer it deems
necessary to determine whether the Employer would be considered insolvent or subject to a proceeding in bankruptcy; and to take all other necessary and proper actions to fulfill its duties as Administrator. The Administrator is relieved of all
responsibility in connection with its duties hereunder to the fullest extent permitted by law, except any breach of duty to the Participants or Beneficiaries. If any individual shall have been delegated the duties or responsibilities as
Administrator, such person shall not be liable for any actions by him or her hereunder unless due to his or her own gross negligence or willful misconduct and shall be indemnified and held harmless by the Employer from and against all personal
liability to which he or she may be subject by reason of any act done or omitted to be done in his or her official capacity as Administrator in the good faith administration of the Plan, including all expenses reasonably incurred in his or her
defense in the event the Employer fails to provide such defense upon request. 
 8.2 NO ASSIGNMENT. No benefit under the Plan
or a Participation Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such action shall be void for all purposes of the Plan or a Participation Agreement. No

  

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benefit shall in any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachment or
other legal process for or against any person. 
 8.3 NO EMPLOYMENT RIGHTS. Participation in this Plan and execution of a
Participation Agreement shall not be construed to confer upon any Participant the legal right to be retained in the employ of the Employer, or give a Participant or Beneficiary, or any other person, any right to any payment whatsoever, except to the
extent of the benefits provided for hereunder. Each Participant shall remain subject to discharge to the same extent as if this Plan had never been adopted and the Participation Agreement had never been executed. 
 8.4 INCOMPETENCE. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of
physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for the Participant’s benefit without responsibility of the Administrator to see to the
application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator, and their representatives. 
 8.5 IDENTITY. If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of
such payment, the Administrator shall be entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained. The Administrator shall also be entitled to pay such sum into
court in accordance with the appropriate rules of law. Any expenses incurred by the Employer or Administrator incident to such proceeding or litigation shall be charged against the SERP Benefit of the affected Participant. 
 8.6 NO LIABILITY. No liability shall attach to or be incurred by any employee of the Employer or Administrator individually under or by
reason of the terms, conditions, and provisions contained in the Plan, or for the acts or decisions taken or made under or in connection with the Plan; and, as a condition precedent to the establishment of this Plan or the receipt of benefits
hereunder, or both, such liability, if any, is expressly waived and released by each Participant and by any and all persons claiming benefits under the Plan. Such waiver and release shall be conclusively evidenced by any act or participation in or
the acceptance of benefits under this Plan. 
 8.7 EXPENSES. Except as otherwise provided in the Plan, all expenses incurred in
the administration of the Plan shall be paid by the Employer. 
 8.8 EMPLOYER DETERMINATIONS. Any determinations, actions, or
decisions of the Employer (including, but not limited to, Plan amendments and Plan termination) shall be made by the Board in accordance with its established procedures or by such other individuals, groups, or organizations that have been properly
delegated by the Board to make such determinations or decisions. 
 8.9 CONSTRUCTION. All questions of interpretation,
construction or application arising under or concerning the terms of this Plan and any Participation Agreement shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final, binding and conclusive upon all
persons. 
 8.10 GOVERNING LAW. To the extent not preempted by federal laws, this Plan shall be governed by, construed and
administered under the laws of the State of New York. 
 8.11 SEVERABILITY. Should any provision of the Plan or any
Participation Agreement be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions, unless such invalidity shall render impossible or impractical the functioning of the Plan and, 

  

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in such case, the appropriate parties shall immediately adopt a new provision to take the place of the one held illegal or invalid. 
 8.12 HEADINGS. The headings contained in the Plan are inserted only as a matter of convenience and for reference and in no way define,
limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they affect this Plan or the construction of any provision thereof. 
 8.13 TERMS. Capitalized terms shall have meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate. 
 8.14 OWNERSHIP OF ASSETS; RELATIONSHIP WITH EMPLOYER. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall
create or be construed to create a trust of any kind or a fiduciary relationship between the Employer and any Participant or any other person. To the extent that any person acquires a right to receive payments from the Employer under this Plan, such
right shall be no greater than the right of an unsecured general creditor of the Employer. 
 8.15 DEPOSITS IN TRUST. The
Employer may, at its sole discretion, establish with a corporate trustee a grantor rabbi trust under which all or a portion of the assets of the Plan are to be held, administered and managed. The trust agreement evidencing the trust shall conform
with the terms of Revenue Procedure 92-64 or any successor procedure. The Employer in its sole discretion may make deposits to augment the principal of such trust. 
 8.16 SECTION 409A COMPLIANCE. The Plan and each Participation Agreement entered into pursuant to this Plan shall be interpreted in accordance with, and shall comply in form and operation with,
Section 409A of the Code. Notwithstanding any provision of the Plan or any Participation Agreement to the contrary, the Board may adopt such amendments to the Plan or Participation Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (a) exempt the benefits under the Plan from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the deferral, or (b) comply with the requirements of Section 409A (including, without limitation, any related Department of Treasury guidance). 
  

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 PARTICIPATION AGREEMENT 
 UNDER THE 
 NORTHEAST COMMUNITY BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 THIS PARTICIPATION AGREEMENT (the “Participation Agreement”) is entered into as of the 16th day of March, 2006 by and between NORTHEAST COMMUNITY BANK (the “Employer”), and Kenneth A. Martinek, an executive
of the Employer (the “Participant”). 
 RECITALS: 
 WHEREAS, the Employer has adopted the Northeast Community Bank Supplemental Executive Retirement Plan (the “Plan”) effective as of
January 1, 2006, and the Administrator has determined that the Participant shall be eligible to participate in the Plan on the terms and conditions set forth in this Participation Agreement and the Plan. 
 NOW, THEREFORE, in consideration of the foregoing and the agreements and covenants set forth herein, the parties agree as follows: 
 1. Definitions. Except as otherwise provided, or unless the context otherwise requires, the terms used in this Participation Agreement
shall have the same meanings as set forth in the Plan. 
 2. Plan. Plan means the Northeast Community Bank Supplemental
Executive Retirement Plan, as the same may be altered or supplemented in any validly executed Participation Agreement. 
 3.
Incorporation of Plan. The Plan, a copy of which is attached hereto as Exhibit A, is hereby incorporated into this Participation Agreement as if fully set forth herein, and the parties hereby agree to be bound by all of the terms and
provisions contained in the Plan. The Participant hereby acknowledges receipt of a copy of the Plan and, subject to the foregoing, confirms his understanding and acceptance of all of the terms and conditions contained therein. 
 4. Effective Date of Participation. The effective date of the Participant’s participation in the Plan shall be January 1, 2006
(the “Participation Date”). 
 5. Normal Retirement Age. The Participant’s Normal Retirement Age for purposes of
the Plan and this Participation Agreement is age sixty-five (65). 
 6. Year of Service. The Participant shall be credited with
one year of service for each calendar year the Participant has been employed by the Employer, whether such employment began before or after the Participation Date. 
 7. Prohibition Against Funding. Should any investment be acquired in connection with the liabilities assumed under this Plan and Participation Agreement, it is expressly understood and agreed that
the Participants and Beneficiaries shall not have any right with respect to, or claim against, such assets, nor shall any such purchase be construed to create a trust of any kind or a fiduciary relationship between the Employer and the Participants,
their Beneficiaries or any other person. Any such assets shall be and remain a part of the general, unpledged and unrestricted assets of the Employer, subject to the claims of its general creditors. It is the express intention of the parties hereto
that this arrangement shall be unfunded for tax purposes and for purposes of Title I of ERISA. The Participant shall be required to look to the provisions of the Plan and to the Employer itself for enforcement of any and all benefits due 

 
under this Participation Agreement, and, to the extent the Participant acquires a right to receive payment under the Plan and this Participation Agreement,
such right shall be no greater than the right of any unsecured general creditor of the Employer. The Employer shall be designated the owner and beneficiary of any investment acquired in connection with its obligation under the Plan and this
Participation Agreement. 
 8. Provisions Related to SERP Benefit. 
  

	 	(a)	Normal Retirement SERP Benefit. Upon the Participant’s termination of employment upon or after attaining Normal Retirement Age, the Participant shall receive an
annual benefit of fifty percent (50%) of the Participant’s final average base salary over the immediately preceding full thirty-six (36) calendar months prior to termination of employment paid for the period and on the terms provided
herein. The Participant’s base salary calculation shall be provided by Employer’s payroll department. 

  

	 	(b)	Early Retirement SERP Benefit. In the event the Participant terminates employment upon or after attaining age sixty (60) and completing at least twenty
(20) Years of Service, but prior to attaining Normal Retirement Age, the Participant shall receive the SERP Benefit described in Paragraph 8(a), reduced by .25% for each month by which the Participant’s age at termination of employment is
less than the Normal Retirement Age. Notwithstanding anything in the Participation Agreement or the Plan to the contrary, no benefit shall be payable to the Participant in the event of his termination of employment prior to attaining age sixty
(60) (other than in connection with his termination of employment following a Change in Control, or by reason of his death or disability). 

  

	 	(c)	Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid in equal monthly installments
beginning not later than thirty (30) days after the Participant’s termination date until all benefits are fully paid. The annual SERP Benefit shall be paid for the greater of (i) the Participant’s life or (ii) fifteen
(15) years, following the Participant’s Normal Retirement, eligible Early Retirement, or termination of employment by reason of disability (with payments beginning at age 65 if the Participant terminates employment due to disability).

  

	 	(d)	Post-Retirement Death Benefit. The Participant’s annual SERP Benefit shall be payable for a minimum period of fifteen (15) years. In the event that the
Participant dies during the minimum fifteen (15) year SERP Benefit payment period, the Participant’s Beneficiary, as designated pursuant to this Participation Agreement, will continue to receive such payments until the minimum benefits are
fully paid. 

  

	 	(e)	Pre-Retirement Death Benefit. In the event of the Participant’s death prior to Normal Retirement, the Participant’s Beneficiary(ies) shall be entitled to a
pre-retirement death benefit equal to the actuarial equivalent (calculated as described in Paragraph 8(g) below) of the unreduced SERP Benefit payment described in Paragraph 8(a) of this Agreement. This benefit shall be distributed to the
Participant’s Beneficiary(ies) in a lump sum amount as soon as administratively feasible upon Employer notification. 

  

	 	(f)	 Disability SERP Benefit. In the event of the Participant’s termination of employment by reason of disability, if the Participant has attained
Normal Retirement Age or is eligible for Early Retirement, the Participant shall receive a SERP benefit determined under Paragraph 8(a) or 8(b), as appropriate. If the Participant has not attained Normal Retirement Age and is not eligible for Early
Retirement on his termination date, the 

  

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Participant shall receive a SERP benefit equal to the value of the Participant’s Accrued SERP Benefit, payable as provided in Paragraph 8(c) of this
Participation Agreement. For purposes of this Participation Agreement and the Plan, “disability” means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under a disability program covering employees of the Employer. The
Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether the Participant is disabled, and shall make such determination consistent with Section 409A.

  

	 	(g)	Change of Control SERP Benefit. In lieu of the benefit payable under any other provision of this Participation Agreement and the Plan, but subject to the restrictions
of Section 4.3 of the Plan, upon the Participant’s termination of employment (other than for Cause or by reason of his death) following a Change of Control, the Participant shall receive the unreduced SERP Benefit described in Paragraph
8(a) (i.e., a benefit determined without regard to the Participant’s age or Years of Service) in the form of a lump sum payment that is actuarially equivalent to the Normal Retirement benefit (calculated as of the date of termination and using
the discount rate specified in Code Section 1274 in effect for the period of termination). Such payment shall be made to the Participant (or his beneficiary) not later than thirty (30) days after the Participant’s termination date.

 9. General Provisions. 
  

	 	(a)	No Assignment. 

 No benefit under the Plan or
this Participation Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such action shall be void for all purposes of the Plan or this Participation Agreement. No
benefit shall in any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachments or other legal process for or against any person, except to such extent as may be required by
law. 
  

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	 	(b)	Headings. 

 The headings contained in the
Participation Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they affect this Participation Agreement or the
construction of any provision thereof. 
  

	 	(c)	Terms. 

 Capitalized terms shall have
meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate. 
  

	 	(d)	Successors. 

 This Participation Agreement
shall be binding upon each of the parties and shall also be binding upon their respective successors and the Employer’s assigns. 
  

	 	(e)	Amendments. 

 This Participant Agreement may
not be modified or amended, except by a duly executed instrument in writing signed by the Employer and the Participant. The subsequent amendment or termination of the Plan by the Employer shall not affect the Participant’s rights under this
Participation Agreement. 
 IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be executed as of the
day first above written. 
  

									
	PARTICIPANT	 		 	NORTHEAST COMMUNITY BANK
			
	 /s/ Kenneth A. Martinek
	 		 	 /s/ Salvatore Randazzo

	 Kenneth A. Martinek
	 		 	 By:
	 	 Salvatore Randazzo

		 		 		 	 Title:
	 	 Executive Vice President and
 Chief Financial Officer

 PARTICIPATION AGREEMENT 
 UNDER THE 
 NORTHEAST COMMUNITY BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 THIS PARTICIPATION AGREEMENT (the “Participation Agreement”) is entered into as of the 16th day of March, 2006 by and between NORTHEAST COMMUNITY BANK (the “Employer”), and Salvatore Randazzo, an executive
of the Employer (the “Participant”). 
 RECITALS: 
 WHEREAS, the Employer has adopted the Northeast Community Bank Supplemental Executive Retirement Plan (the “Plan”) effective as of
January 1, 2006, and the Administrator has determined that the Participant shall be eligible to participate in the Plan on the terms and conditions set forth in this Participation Agreement and the Plan. 
 NOW, THEREFORE, in consideration of the foregoing and the agreements and covenants set forth herein, the parties agree as follows: 
 1. Definitions. Except as otherwise provided, or unless the context otherwise requires, the terms used in this Participation Agreement
shall have the same meanings as set forth in the Plan. 
 2. Plan. Plan means the Northeast Community Bank Supplemental
Executive Retirement Plan, as the same may be altered or supplemented in any validly executed Participation Agreement. 
 3.
Incorporation of Plan. The Plan, a copy of which is attached hereto as Exhibit A, is hereby incorporated into this Participation Agreement as if fully set forth herein, and the parties hereby agree to be bound by all of the terms and
provisions contained in the Plan. The Participant hereby acknowledges receipt of a copy of the Plan and, subject to the foregoing, confirms his understanding and acceptance of all of the terms and conditions contained therein. 
 4. Effective Date of Participation. The effective date of the Participant’s participation in the Plan shall be January 1, 2006
(the “Participation Date”). 
 5. Normal Retirement Age. The Participant’s Normal Retirement Age for purposes of
the Plan and this Participation Agreement is age sixty-five (65). 
 6. Year of Service. The Participant shall be credited with
one year of service for each calendar year the Participant has been employed by the Employer, whether such employment began before or after the Participation Date. 
 7. Prohibition Against Funding. Should any investment be acquired in connection with the liabilities assumed under this Plan and Participation Agreement, it is expressly understood and agreed that
the Participants and Beneficiaries shall not have any right with respect to, or claim against, such assets, nor shall any such purchase be construed to create a trust of any kind or a fiduciary relationship between the Employer and the Participants,
their Beneficiaries or any other person. Any such assets shall be and remain a part of the general, unpledged and unrestricted assets of the Employer, subject to the claims of its general creditors. It is the express intention of the parties hereto
that this arrangement shall be unfunded for tax purposes and for purposes of Title I of ERISA. The Participant shall be required to look to the provisions of the Plan and to the Employer itself for enforcement of any and all benefits due 

 
under this Participation Agreement, and, to the extent the Participant acquires a right to receive payment under the Plan and this Participation Agreement,
such right shall be no greater than the right of any unsecured general creditor of the Employer. The Employer shall be designated the owner and beneficiary of any investment acquired in connection with its obligation under the Plan and this
Participation Agreement. 
 8. Provisions Related to SERP Benefit. 
  

	 	(a)	Normal Retirement SERP Benefit. Upon the Participant’s termination of employment upon or after attaining Normal Retirement Age, the Participant shall receive an
annual benefit of fifty percent (50%) of the Participant’s final average base salary over the immediately preceding full thirty-six (36) calendar months prior to termination of employment, paid for the period and on the terms provided
herein. The Participant’s base salary calculation shall be provided by Employer’s payroll department. 

  

	 	(b)	Early Retirement SERP Benefit. In the event the Participant terminates employment upon or after attaining age sixty (60) and completing at least twenty
(20) Years of Service, but prior to attaining Normal Retirement Age, the Participant shall receive the SERP Benefit described in Paragraph 8(a), reduced by .25% for each month by which the Participant’s age at termination of employment is
less than the Normal Retirement Age. Notwithstanding anything in the Participation Agreement or the Plan to the contrary, no benefit shall be payable to the Participant in the event of his termination of employment prior to attaining age sixty
(60) (other than in connection with his termination of employment following a Change in Control, or by reason of his death or disability). 

  

	 	(c)	Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid in equal monthly installments
beginning not later than thirty (30) days after the Participant’s termination date until all benefits are fully paid. The annual SERP Benefit shall be paid for the greater of (i) the Participant’s life or (ii) fifteen
(15) years, following the Participant’s Normal Retirement, eligible Early Retirement, or termination of employment by reason of disability (with payments beginning at age 65 if the Participant terminates employment due to disability).

  

	 	(d)	Post-Retirement Death Benefit. The Participant’s annual SERP Benefit shall be payable for a minimum period of fifteen (15) years. In the event that the
Participant dies during the minimum fifteen (15) year SERP Benefit payment period, the Participant’s Beneficiary, as designated pursuant to this Participation Agreement, will continue to receive such payments until the minimum benefits are
fully paid. 

  

	 	(e)	Pre-Retirement Death Benefit. In the event of the Participant’s death prior to Normal Retirement, the Participant’s Beneficiary(ies) shall be entitled to a
pre-retirement death benefit equal to the actuarial equivalent (calculated as described in Paragraph 8(g) below) of the unreduced SERP Benefit payment described in Paragraph 8(a) of this Agreement. This benefit shall be distributed to the
Participant’s Beneficiary(ies) in a lump sum amount as soon as administratively feasible upon Employer notification. 

  

	 	(f)	 Disability SERP Benefit. In the event of the Participant’s termination of employment by reason of disability, if the Participant has attained
Normal Retirement Age or is eligible for Early Retirement, the Participant shall receive a SERP benefit determined under Paragraph 8(a) or 8(b), as appropriate. If the Participant has not attained Normal Retirement Age and is not eligible for Early
Retirement on his termination date, the 

  

 2 

	 	 
Participant shall receive a SERP benefit equal to the value of the Participant’s Accrued SERP Benefit, payable as provided in Paragraph 8(c) of this
Participation Agreement. For purposes of this Participation Agreement and the Plan, “disability” means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under a disability program covering employees of the Employer. The
Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether the Participant is disabled, and shall make such determination consistent with Section 409A.

  

	 	(g)	Change of Control SERP Benefit. In lieu of the benefit payable under any other provision of this Participation Agreement and the Plan, but subject to the restrictions
of Section 4.3 of the Plan, upon the Participant’s termination of employment (other than for Cause or by reason of his death) following a Change of Control, the Participant shall receive the unreduced SERP Benefit described in Paragraph
8(a) (i.e., a benefit determined without regard to the Participant’s age or Years of Service) in the form of a lump sum payment that is actuarially equivalent to the Normal Retirement benefit (calculated as of the date of termination and using
the discount rate specified in Code Section 1274 in effect for the period of termination). Such payment shall be made to the Participant (or his beneficiary) not later than thirty (30) days after the Participant’s termination date.

 9. General Provisions. 
  

	 	(a)	No Assignment. 

 No benefit under the Plan or
this Participation Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such action shall be void for all purposes of the Plan or this Participation Agreement. No
benefit shall in any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachments or other legal process for or against any person, except to such extent as may be required by
law. 
  

 3 

	 	(b)	Headings. 

 The headings contained in the
Participation Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they affect this Participation Agreement or the
construction of any provision thereof. 
  

	 	(c)	Terms. 

 Capitalized terms shall have
meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate. 
  

	 	(d)	Successors. 

 This Participation Agreement
shall be binding upon each of the parties and shall also be binding upon their respective successors and the Employer’s assigns. 
  

	 	(e)	Amendments. 

 This Participant Agreement may
not be modified or amended, except by a duly executed instrument in writing signed by the Employer and the Participant. The subsequent amendment or termination of the Plan by the Employer shall not affect the Participant’s rights under this
Participation Agreement. 
 IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be executed as of the
day first above written. 
  

									
	PARTICIPANT	 		 	NORTHEAST COMMUNITY BANK
			
	/s/ Salvatore Randazzo	 		 	/s/ Kenneth A. Martinek
	Salvatore Randazzo	 		 	 By:
	 	 Kenneth A. Martinek

		 		 		 	 Title:
	 	 Chairman, President and
 Chief Executive
OfficerExhibit 10.6

 Exhibit 10.6 
 FORM OF 
 COMPANY EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”) made this
                     day of
                    , 2006, by and between NORTHEAST COMMUNITY BANCORP, INC. a federally chartered corporation (the
“Company”), and                              (the “Executive”). 

WHEREAS, Executive serves in a position of substantial responsibility; 
 WHEREAS, the Company wishes to assure executive’s services for the term of this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Company during the term of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in this
Agreement, the parties hereby agree as follows: 
 1. Employment. The Company will employ Executive as
                    . Executive will perform all duties and shall have all powers commonly incident to the offices of
                             or which, consistent with those offices, the Board of Directors of the
Company (the “Board”) delegates to Executive. During the term of this Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company and to carry out the duties and
responsibilities reasonably appropriate to those offices. 
 2. Location and Facilities. The Company will furnish Executive
with the working facilities and staff customary for executive officers with the titles and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal
administrative offices of the Company and the Bank, or at such other site or sites customary for such offices. 
 3. Term.

  

	 	a.	The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective Date”) and ending on
the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3. 

  

	 	b.	Commencing prior to the first anniversary of the Effective Date and continuing on each anniversary of the Effective Date thereafter, the disinterested members of the Board may
extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with
Section 19 of this Agreement. The Board will review the Agreement term and Executive’s performance annually for purposes of determining whether to extend the Agreement and will include the rationale and results of its review in the minutes
of the meeting. The Board will notify Executive as soon as possible after its annual review whether the Board has determined to extend the Agreement. 

 4. Base Compensation. 
  

	 	a.	The Company agrees to pay Executive during the term of this Agreement a base salary at the rate of
$                     per year, payable in accordance with customary payroll practices. 

  

	 	b.	Each year, the Board will review the level of Executive’s base salary, based upon factors they deem relevant, in order to determine whether to maintain or increase his base
salary. 

 5. Bonuses. Executive will participate in discretionary bonuses or other incentive compensation
programs that the Company may award from time to time to senior management employees. 
 6. Benefit Plans. Executive will
participate in life insurance, medical, dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements that the Company may sponsor or maintain. 
 7. Vacations and Leave. 
  

	 	a.	Executive may take vacations and other leave in accordance with policy for senior executives, or otherwise as approved by the Board. 

  

	 	b.	In addition to paid vacations and other leave, the Board may grant Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms and
conditions as the Board, in its discretion, may determine. 

 8. Expense Payments and Reimbursements. The Company
will reimburse Executive for all reasonable out-of-pocket business expenses incurred in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Company. 
 9. Automobile Allowance. During the term of this Agreement, the Company will provide Executive with the use of an automobile, including
insurance, maintenance and work-related fuel expenses, or, in the alternative and the sole discretion of the Company, the Company will provide Executive with an automobile allowance which would approximate the expense of a Company-provided
automobile and related insurance, maintenance and fuel costs. Executive will comply with reasonable reporting and expense limitations on the use of such automobile as the Company may establish from time to time, and the Company shall annually
include on Executive’s Form W-2 any income attributable to Executive’s personal use of the automobile. 
 10. Loyalty
and Confidentiality. 
  

	 	a.	During the term of this Agreement, Executive will devote all his business time, attention, skill, and efforts to the faithful performance of his duties under this Agreement;
provided, however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations that will not present any conflict of interest with the Company or any of its
subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation. Executive will not engage in any business or activity contrary to the business
affairs or interests of the Company or any of its subsidiaries or affiliates. 

  

 2 

	 	b.	Nothing contained in this Agreement will prevent or limit Executive’s right to invest in the capital stock or other securities or interests of any business dissimilar from that
of the Company, or, solely as a passive, minority investor, in any business. 

  

	 	c.	Executive agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Company and its affiliates; the names or addresses of
any borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Company or its affiliates to which he may be exposed during the course of his employment. Executive
further agrees that, unless required by law or specifically permitted by the Board in writing, he will not disclose to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally
known to the public, nor will he use the information in any way other than for the benefit of the Company. 

 11.
Termination and Termination Pay. Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances: 
  

	 	a.	Death. Executive’s employment under this Agreement will terminate upon his death during the term of this Agreement, in which event Executive’s estate will receive
the compensation due to Executive through the last day of the calendar month in which his death occurred. 

  

	 	b.	Retirement. This Agreement will terminate upon Executive’s retirement under the retirement benefit plan or plans in which he participates pursuant to Section 6 of
this Agreement or otherwise. 

  

	 	c.	Disability. 

  

	 	i.	The Board or Executive may terminate Executive’s employment after having determined Executive has a Disability. For purposes of this Agreement, “Disability” means a
physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the
Company (or, if no such plans exists, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board will determine whether or not Executive
is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably believes to be relevant. As a condition to any benefits, the Board may require
Executive to submit to physical or mental evaluations and tests as the Board or its medical experts deem reasonably appropriate. 

  

	 	ii.	 In the event of his Disability, Executive will no longer be obligated to perform services under this Agreement. The Company will pay Executive, as Disability pay,
an amount equal to seventy-five percent (75%) of Executive’s rate of base salary in effect as of the date of his termination of employment due to Disability. The Company will make Disability payments on a monthly basis commencing on the
first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date he returns to full-time employment in the same capacity as he was employed prior to
his termination for Disability; (B) his death; (C) his attainment of age 65 or (D) the date 

  

 3 

	 	 
this Agreement would have expired had Executive’s employment not terminated by reason of Disability. The Company will reduce Disability payments by the
amount of any short- or long-term disability benefits payable to Executive under any other disability programs sponsored by the Company. In addition, during any period of Executive’s Disability, the Company will continue to provide Executive
and his dependents, to the greatest extent possible, with continued coverage under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) in which Executive and/or his dependents participated
prior to Executive’s Disability on the same terms as if he remained actively employed by the Company. 

  

	 	d.	Termination for Cause. 

  

	 	i.	The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately terminate his employment at any time for “Cause.” Executive
shall have no right to receive compensation or other benefits for any period after termination for Cause, except for already vested benefits. Termination for Cause shall mean termination because of, in the good faith determination of the Board,
Executive’s: 

  

	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence; 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties under this Agreement; 

  

	 	(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflects adversely on the reputation of the Company, any felony conviction,
any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or 

  

	 	(7)	Material breach by Executive of any provision of this Agreement. 

  

	 	ii.	Notwithstanding the foregoing, Executive’s termination for Cause will not become effective unless the Company has delivered to Executive a copy of a resolution duly adopted by
the affirmative vote of a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose of finding that, in the good faith opinion of the Board (after reasonable notice to Executive as an opportunity for
Executive to be heard before the Board with counsel), Executive was guilty of the conduct described above and specifying the particulars of his conduct. 

  

	 	e.	 Voluntary Termination by Executive. In addition to his other rights to terminate under this Agreement, Executive may voluntarily terminate employment during
the term of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon Executive’s voluntary termination, he will receive only his compensation and vested rights and benefits up to the date of his termination.
Following his voluntary termination of employment under this 

  

 4 

	 	 
Section 11(e), Executive will be subject to the restrictions set forth in Sections 11(g)(i) and 11(g)(ii) of this Agreement for a period of one
(1) year from his termination date. 

  

	 	f.	Without Cause or With Good Reason. 

  

	 	i.	In addition to termination pursuant to Sections 11(a) through 11(e), the Board may, by written notice to Executive, immediately terminate his employment at any time for a reason
other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as
defined below (a termination “With Good Reason”). 

  

	 	ii.	Subject to Section 12 of this Agreement, in the event of termination under this Section 11(f), Executive will receive his base salary and the value of employer
contributions to benefit plans in which the Executive participated upon termination for the remaining term of the Agreement, paid in one lump sum within ten (10) calendar days of his termination. Executive will also continue to participate in
any benefit plans of the Company that provide medical, dental and life insurance coverage for the remaining term of the Agreement, under terms and conditions no less favorable than the most favorable terms and conditions provided to senior
executives of the Company during the same period. If the Company cannot provide such coverage because Executive is no longer an employee, the Company will provide Executive with comparable coverage on an individual policy basis or the cash
equivalent. 

  

	 	iii.	“Good Reason” shall exist if, without Executive’s express written consent, the Company materially breaches any of its obligations under this Agreement. Without
limitation, such a material breach shall be deemed to occur upon any of the following: 

  

	 	(1)	A material reduction in Executive’s responsibilities or authority in connection with his employment with the Company; 

  

	 	(2)	Assignment to Executive of duties of a non-executive nature or duties for which he is not reasonably equipped by his skills and experience; 

  

	 	(3)	Failure of Executive to be nominated or renominated to the Board to the extent Executive is a Board member prior to the Effective Date; 

  

	 	(4)	A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in Section 12 of this Agreement, any reduction in salary
or material reduction in benefits below the amounts Executive was entitled to receive prior to the Change in Control; 

  

	 	(5)	Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s participation, to such an extent as to materially reduce their aggregate value
below their aggregate value as of the Effective Date; 

  

 5 

	 	(6)	A requirement that Executive relocate his principal business office or his principal place of residence outside of the area consisting of a twenty-five (25) mile radius from
the current main office of the Company and any branch of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; or 

  

	 	(7)	Liquidation or dissolution of the Company. 

  

	 	iv.	Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans maintained as part of a good faith, overall reduction or
elimination of such plans or benefits, applicable to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law), will not constitute an event of Good Reason or a
material breach of this Agreement, provided that benefits of the same type or to the same general extent as those offered under such plans prior to the reduction or elimination are not available to other officers of the Company or any affiliate
under a plan or plans in or under which Executive is not entitled to participate. 

  

	 	g.	Continuing Covenant Not to Compete or Interfere with Relationships. Regardless of anything herein to the contrary, following a termination by the Company or Executive
pursuant to Section 11(e) or 11(f): 

  

	 	i.	Executive’s obligations under Section 10(c) of this Agreement will continue in effect; and 

  

	 	ii.	During the period ending on the first anniversary of such termination, Executive will not serve as an officer, director or employee of any bank holding company, bank, savings
association, savings and loan holding company, mortgage company or other financial institution that offers products or services competing with those offered by the Company or its subsidiaries or affiliates from any office within thirty-five
(35) miles from the main office of the Company or any branch of the Bank and, further, Executive will not interfere with the relationship of the Company, its subsidiaries or affiliates and any of their employees, agents, or representatives.

  

	 	h.	To the extent Executive is a member of the Board on the date of termination of employment, Executive will resign from the Board immediately following such termination of employment.
Executive will be obligated to tender this resignation regardless of the method or manner of termination, and such resignation will not be conditioned upon any event or payment. 

 12. Termination in Connection with a Change in Control. 
  

	 	a.	For purposes of this Agreement, a “Change in Control” means any of the following events: 

  

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

  

 6 

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

  

	 	iii.	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for
election by the members) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

  

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

  

	 	b.	Termination. If within the period ending one year after a Change in Control, (i) the Company terminates Executive’s employment Without Cause, or (ii) Executive
voluntarily terminates his employment With Good Reason, the Company will, within ten calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three times Executive’s average “Annual
Compensation” over the five (5) most recently completed calendar years, ending with the year immediately preceding the effective date of the Change in Control. “Annual Compensation” will include base salary and any other taxable
income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, retirement benefits, director or committee fees and fringe benefits paid or accrued for
Executive’s benefit. Annual compensation will also include profit sharing, employee stock ownership plan and other retirement contributions or benefits, including to any tax-qualified plan or arrangement (whether or not taxable) made or accrued
on behalf of Executive for such year. The cash payment made under this Section 12(b) shall be made in lieu of any payment also required under Section 11(f) of this Agreement because of Executive’s termination of employment, however,
Executive’s rights under Section 11(f) are not otherwise affected by this Section 12. Following termination of employment, executive will also continue to participate in any benefit plans that provide medical, dental and life
insurance coverage upon terms no less favorable than the most favorable terms provided to senior executives. If the Company cannot provide such coverage because Executive is no longer an employee, the Company will provide Executive with comparable
coverage on an individual basis or the cash equivalent. The medical, dental and life insurance coverage provided under this Section 12(b) shall cease upon the earlier of: (i) the Executive’s death; (ii) Executive’s
employment by another employer other than one of which he is the majority owner; or (iii) thirty-six (36) months after his termination of employment. 

  

	 	c.	The provisions of Section 12 and Sections 14 through 26, including the defined terms used in such sections, shall continue in effect until the later of the expiration of this
Agreement or one year following a Change in Control. 

  

 7 

	 	d.	Notwithstanding anything in this Section 12 to the contrary, a “Change in Control” for purposes of this Agreement shall not include any corporate restructuring
transaction by the Company, including, but not limited to, a mutual to stock conversion, provided that the Board of Directors of the Company immediately preceding such transaction constitutes at least a majority of the Board of Directors of the
Company after such transaction. 

 13. Indemnification and Liability Insurance. 
  

	 	a.	Indemnification. The Company agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related to this indemnification, to the
fullest extent permitted under applicable law and regulations against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of
his service as a director or Executive of the Company or any of its subsidiaries or affiliates (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities). Covered expenses and liabilities
include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in his capacity as an Executive or director of the
Company or any of its subsidiaries or affiliates. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 13(a) to the contrary, the Company will not be
required to provide indemnification prohibited by applicable law or regulation. The obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years. 

  

	 	b.	Insurance. During the period for which the Company must indemnify Executive under this Section, the Company will provide Executive (and his heirs, executors, and
administrators) with coverage under a directors’ and officers’ liability policy, at the Company’s expense, that is at least equivalent to the coverage provided to directors and senior executives of the Company.

 14. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Company will reimburse Executive
for all out-of-pocket expenses, including, without limitation, reasonable attorney fees, incurred by Executive in connection with his successful enforcement of the Company’s obligations under this Agreement. Successful enforcement means the
grant of an award of money or the requirement that the Company take some specified action: (i) as a result of court order; or (ii) otherwise following an initial failure of the Company to pay money or take action promptly following receipt
of a written demand from Executive stating the reason that the Company must pay money or take action under this Agreement. 
 15.
Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 12 of this Agreement, either alone or together with other payments and benefits Executive has the right to receive from the Company,
would constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the payments and benefits pursuant to Section 12 shall be reduced or revised, in the manner
determined by Executive, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Section 12 being non-deductible to the Company pursuant to Section 280G of the Code and subject to
the excise tax imposed under Section 4999 of the Code. The Bank’s independent public accountants will determine any reduction in the payments and benefits to be made pursuant to Section 12, the Company will pay for the
accountant’s opinion. If the Company and/or Executive do not agree with the accountant’s opinion, the Company will pay to Executive the maximum amount of payments and benefits pursuant to Section 12, as selected by Executive, that the
opinion 

  

 8 

 
indicates have a high probability of not causing any payments and benefits to be non-deductible to the Company and subject to the imposition of the excise
tax imposed under Section 4999 of the Code. The Company may also request, and Executive has the right to demand that the Company request, a ruling from the IRS as to whether the disputed payments and benefits pursuant to Section 12 have
such tax consequences. The Company will promptly prepare and file the request for a ruling from the IRS, but in no event later than thirty (30) days from the date of the accountant’s opinion referred to above. The request will be subject
to Executive’s approval prior to filing; Executive shall not unreasonably withhold his approval. The Company and Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any IRS
rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. Nothing contained in this Agreement shall result in a reduction of any payments or benefits to which Executive may be entitled upon
termination of employment other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in Section 12, below zero. 
 16. Injunctive Relief. Upon a breach or threatened breach of Section 11(g) of this Agreement or the prohibitions upon disclosure contained in Section 10(c) of this Agreement, the parties agree
that there is no adequate remedy at law for such breach, and the Company shall be entitled to injunctive relief restraining Executive from such breach or threatened breach, but such relief shall not be the exclusive remedy for a breach of this
Agreement. The parties further agree that Executive, without limitation, may seek injunctive relief to enforce the obligations of the Company under this Agreement. 
 17. Successors and Assigns. 
  

	 	a.	This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. 

  

	 	b.	Since the Company is contracting for the unique and personal skills of Executive, Executive shall not assign or delegate his rights or duties under this Agreement without first
obtaining the written consent of the Company. 

 18. No Mitigation. Executive shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment.

 19. Notices. All notices, requests, demands and other communications in connection with this Agreement shall be made in
writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Company at its principal business
offices and to Executive at his home address as maintained in the records of the Company. 
 20. No Plan Created by this Agreement.
Executive and the Company expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee
Retirement Income Security Act of 1974 (“ERISA”) or any other law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that an ERISA
plan was created by this Agreement shall be deemed a material breach of this Agreement by the party making the assertion. 
  

 9 

 21. Amendments. No amendments or additions to this Agreement shall be binding unless made
in writing and signed by all of the parties, except as herein otherwise specifically provided. 
 22. Applicable Law. Except to
the extent preempted by federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 23. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any one provision
shall not affect the validity or enforceability of the other provision of this Agreement. 
 24. Headings. Headings contained
in this Agreement are for convenience of reference only. 
 25. Entire Agreement. This Agreement, together with any
modifications subsequently agreed to in writing by the parties, shall constitute the entire agreement among the parties with respect to the foregoing subject matter, other than written agreements applicable to specific plans, programs or
arrangements described in Sections 5 and 6. 
 26. Source of Payments. Notwithstanding any provision in this Agreement to the
contrary, to the extent payments and benefits, as provided for under this Agreement, are paid or received by Executive under the Employment Agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be
subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the
Company and the Bank, respectively, as determined by the Company and the Bank. 
 IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on                     , 2006. 
  

									
	 ATTEST:
	 		 	NORTHEAST COMMUNITY BANCORP, INC.
				
	  	 		 	 By:
	 	  
	 Witness
	 		 		 	For the Entire Board of Directors
			
	 WITNESS:
	 		 	EXECUTIVE
				
	  	 		 	 By:
	 	  
		 		 		 		 	

  

 10

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