Document:

Change in Control Agreement

 Exhibit 10.3 
 CHANGE IN CONTROL AGREEMENT 
 This CHANGE IN CONTROL AGREEMENT (this
“Agreement”) is made as of October 28, 2008 (the “Effective Date”), by and between Strata Bank, a bank chartered under the laws of Massachusetts with its headquarters located in Medway, Massachusetts (the
“Employer”), Service Bancorp, MHC, a mutual holding company chartered under the laws of Massachusetts (the “MHC”), Service Bancorp, Inc., a corporation chartered under the laws of Massachusetts (the
“Company” and together with the MHC, the “Holding Companies”) and Randal D. Webber (the “Executive”). In consideration of the mutual covenants contained in this Agreement, the Employer, the Holding
Companies and the Executive agree as follows: 
 RECITALS: 
 WHEREAS, the Executive is currently employed as Executive Vice President & Senior Loan Officer of the Employer; and 
 WHEREAS, the Employer is a wholly-owned subsidiary of the Company, and the Company is a majority owned subsidiary of the MHC; and 
 WHEREAS, in order to allow the Executive to consider the prospect of a Change in Control (as defined in Section 8 of this Agreement) in an objective manner and in consideration of the services to be rendered by
the Executive to the Employer and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Executive, the Employer and the Holding Companies, the Employer (on behalf of the itself and the Holding
Companies) is willing to provide, subject to the terms of this Agreement, certain severance benefits to protect the Executive from the consequences of a Terminating Event (as defined in Section 8 of this Agreement) occurring subsequent to a
Change in Control or while a Proposed Business Combination is pending. 
 NOW, THEREFORE, the Employer, the Holding Companies and the
Executive hereby agree as follows: 
 1. Termination of Employment. 
 (a) Termination by Employer. The Executive’s employment with the Employer may be terminated by the Employer at any time with or without Cause
(as defined in Section 8 of this Agreement). 
 (b) Termination by Employee. The Executive’s employment with the Employer
may be terminated by the Executive (i) for Good Reason (as defined in Section 8 of this Agreement) within twelve (12) months following the occurrence of a Change in Control or (ii) by written notice to the Board of Directors of
the Employer at least thirty (30) days prior to the date of such termination. Notwithstanding the foregoing, the Executive agrees not to leave the employ of the Employer voluntarily, or resign any position with the Holding Companies, without
sixty (60) days prior written notice, while there is a pending or overtly threatened tender 

 
or exchange offer or proxy contest, or while the Employer is a party to a merger or similar agreement that, in each case, if completed would result in a
Change in Control, unless the cessation of the Executive’s employment is due to the Executive’s disability or an event that would constitute Good Reason. 
 (c) Termination of Ancillary Positions. Except as otherwise expressly provided in this Agreement, the Executive’s engagement by the Employer in any non-employee capacity and by the Holding Companies in all
capacities, if any, shall terminate as of the effective date of the termination of the Executive’s employment with the Employer. 
 2.
Termination While Proposed Business Combination is Pending or after a Change in Control by Employer without Cause or by the Executive for Good Reason. In the event that, while a Proposed Business Combination is pending or within twelve
(12) months following the occurrence of a Change in Control, the Employer terminates the Executive’s employment without Cause or the Executive terminates the Executive’s employment for Good Reason, the Employer shall provide to the
Executive the following severance benefits (the “Severance Benefits”): 
 (a) Severance Payment. The Employer shall
pay to the Executive, as a lump sum payment, an amount equal to one hundred percent (100%) of the Executive’s annualized base salary as in effect at the time of termination (the “Severance Payment”). The Executive’s
annualized base salary (the “Annualized Base Salary”) shall be an amount equal to four times the regular base salary paid to the Executive during the three-month period ending on the effective date of the Executive’s employment
termination; without limiting the foregoing, the Executive’s Annualized Base Salary shall not include any bonus or incentive compensation. The Executive’s annualized base salary as of the date of this Agreement is $165,994. The Severance
Payment shall be reduced by required deductions for applicable taxes and other withholdings and for any and all outstanding obligations owed by the Executive to the Employer or the Holding Companies that are then due and payable, which deductions
and withholdings are hereby specifically authorized by the Executive. The amount of the Severance Payment shall not be reduced by any amount due or otherwise paid to the Executive pursuant to any other severance pay, stay bonus or similar
arrangement of the Employer or either or both of the Holding Companies. The Severance Payment shall be paid on the Employer’s first regular payroll date following the date of termination of the Executive’s employment, except as provided
under Section 5(e) of this Agreement relating to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (b) Benefit Continuation. 
 (i) The Executive shall be permitted to continue to
participate for a period of twelve (12) months following the date of termination of the Executive’s employment (the “Continuation Period”) in all medical, dental and life insurance benefit plans sponsored by the Employer
in which the Executive participated immediately prior to the termination of the Executive’s employment (the “Employee Benefit Plans”), in each case at the level in effect, and at the same out-of-pocket cost to the Executive,
immediately prior to the Change in Control (or if applicable, immediately 

  

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prior to the commencement of the Proposed Business Combination), except to the extent any benefit or coverage under such plans may be changed in its
application to all of the employees of the Employer (or successors-in-interest) on a nondiscriminatory basis; provided, however, that such continued participation is permitted under the terms of such Employee Benefit Plans and
provided further that nothing herein shall restrict or otherwise affect the Employer’s rights with respect to the administration, amendment or termination of any Employee Benefit Plan. Without limiting the foregoing, in no event
shall this Agreement require the Employer to maintain any Employee Benefit Plan for the duration of the Continuation Period, or to entitle the Executive to continue participation in an Employee Benefit Plan beyond the termination of such plan or the
date the Executive would otherwise cease to be eligible to participate in such plan. If the Employer is unable to provide the benefits set forth in this Section 2(b), including, without limitation, due to the change in Executive’s status
to that of a non-employee, the Employer shall instead pay to the Executive a lump sum amount equal to the present value of the applicable premiums that the Employer would have to pay, or costs that the Employer would have to incur, to provide the
benefits required to be provided by this Section 2(b) if the Executive had continued to be employed by the Employer. 
 (ii) To the extent permitted by law, the Employer may cease to provide the benefits set forth in this Section 2(b) upon the Executive’s becoming eligible (either as a participant or a dependent) to participate in a plan providing
comparable or superior benefits sponsored by another employer (a “Comparable Plan”). The Executive shall provide prompt notice to the Employer of the date the Executive becomes eligible (either as a participant or a dependent) to
participate in a Comparable Plan and shall respond promptly to any reasonable inquiries from the Employer arising out of or relating to the operation or enforcement of this Section 2(b)(ii). 
 (iii) The Executive acknowledges that the right under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to a
temporary continuation of health coverage on a self-pay basis at group rates under certain circumstances begins upon the occurrence of a COBRA “qualifying event,” which under current law includes a voluntary or involuntary separation of
employment for reasons other than gross misconduct, and that in the case of a such separation of employment, the COBRA right to a continuation of health coverage on a self-pay basis at group rates generally continues for a period of up to eighteen
(18) months from the date of such separation. Nothing in this Agreement shall be construed to affect the Executive’s right to receive health care continuation under COBRA entirely at the Executive’s own cost to the extent that the
Executive is entitled to COBRA continuation after the Executive’s right to continuation of benefits under this Section 2(b) ceases. 
 (c) Outplacement Benefit. The Employer at its expense shall provide the Executive with professional outplacement services of the Executive’s choosing and shall reimburse the Executive for incidental outplacement expenses
(including resume mailing and clerical support but not including travel expenses), provided that in no event shall (i) the aggregate out-of-pocket costs of all such outplacement benefits exceed $10,000, or (ii) any services, reimbursements
or other benefits be provided under this Section 2(c) beyond December 31 of the second calendar year following the calendar year in which the Executive’s separation from service occurred. 
  

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 3. Termination For Other Reasons. No Severance Benefits shall be provided to the Executive under
this Agreement if the Executive’s employment is terminated (a) by reason of the Executive’s death, (b) by the Employer after the Executive has satisfied the conditions to qualify for long-term disability benefits under the
Employer’s applicable long-term disability policy, (c) by the Employer for Cause, or (d) by the Executive voluntarily and not for Good Reason while there is a Proposed Business Combination pending or within twelve (12) months
following the occurrence of a Change in Control. 
 4. No Duty to Mitigate; No Reduction in Severance Payment. The Executive shall not
be required to mitigate the amount of any Severance Benefit provided for in this Agreement by seeking other employment or otherwise. The amount of the Severance Payment provide for in this Agreement shall not be reduced by any compensation earned by
the Executive as a result of any employment, consulting or other arrangement following the termination of the Executive’s employment with the Employer. 
 5. Additional Conditions and Limitations. 
 (a) Requirements of Law. Notwithstanding any other
provision of this Agreement, the Employer shall have no obligation to make the Severance Payment if such Severance Payment is prohibited by applicable federal or state law, including without limitation Part 359 of the regulations of the Federal
Deposit Insurance Corporation (12 CFR § 359 et seq.) or any successor provision. 
 (b) Release of Employer and Holding
Companies. Notwithstanding any other provision of this Agreement, the Executive shall not be entitled to the Severance Payment or any other Severance Benefit under this Agreement unless the Executive first (i) executes and delivers to the
Employer a valid and irrevocable release of all claims against each of the Employer, the Holding Companies and all affiliates of any of them, in a form then reasonably acceptable to the Employer and (ii) resigns from any and all positions,
including, without limitation, as a director or officer, that the Executive then holds with the Employer, either Holding Company, or any of their respective affiliates, or any benefit plan of the Employer, either Holding Company or any of their
respective affiliates. 
 (c) Compliance with Employee Covenants. Notwithstanding any other provision of this Agreement, the
Employer’s obligation to provide the Severance Benefits under this Agreement shall be conditioned on the Executive’s continued compliance in all material respects with the covenants set forth in this Agreement. In the event compliance is
not continued within ten (10) days after notice of such failure to comply has been given in writing to the Executive, the Employer shall have the right to seek repayment of all Severance Benefits paid up to the time compliance has ceased.

 (d) Excess Parachute Payment. It is the intention of the Executive, the Employer and the Holding Companies that no payment by the
Employer to or for the benefit of 

  

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the Executive under this Agreement and/or any other agreement or plan pursuant to which the Executive is entitled to receive payments or benefits from the
Employer or either of the Holding Companies shall be non-deductible to the Employer or the Holding Companies, as applicable, by reason of the operation of Section 280G of the Code relating to parachute payments. Accordingly, notwithstanding any
other provision of this Agreement, in the event that it is determined by the Employer in its reasonable discretion that any payment made or to be made or other benefit provided or to be provided to the Executive, whether under this Agreement or
otherwise, would constitute an “Excess Parachute Payment” (as that term is defined in Section 280G of the Code), then the aggregate amount or value of any the Severance Benefits due to the Executive under this Agreement shall
be reduced to the minimum extent necessary so that no portion of the Severance Benefits made or other benefits provided to the Executive, as so reduced, constitutes an Excess Parachute Payment. To the extent that an Excess Parachute Payment has been
made to or for the benefit of the Executive, such Excess Parachute Payment shall be refunded to the Employer with interest thereon at the applicable Federal Rate determined under Section 1274(d) of the Code, compounded annually, or at such
other rate as may be required in order that no such payments shall be non-deductible to the Employer or the Holding Companies, as applicable, by reason of the operation of said Section 280G. To the extent that there is more than one method of
reducing the payments to bring them within the limitations of said Section 280G, the Executive shall determine which method shall be followed, provided that if the Executive fails to make such determination within forty-five days
(45) after the Employer has sent him written notice of the need for such reduction, the Employer may determine the method of such reduction in its sole discretion. If any dispute between the Employer and the Executive as to any of the amounts
to be determined under this Section 5(d), or the method of calculating such amounts, cannot be resolved by the Employer and the Executive, either the Employer or the Executive after giving three (3) days written notice to the other, may
refer the dispute to a partner in the Boston office of a firm of nationally recognized independent certified public accountants selected jointly by the Employer, the Holding Companies and the Executive, which firm shall not be the independent
registered public accounting firm of the Employer or any its successors or affiliates. The determination of such partner as to the amount to be determined under this Section 5(d) and the method of calculating such amounts shall be final and
binding on the Employer, the Holding Companies and the Executive. The Employer and the Holding Companies shall bear the costs of any such determination. 
 (e) 409A. Notwithstanding the provisions of Section 2(a) relating to the time at which the Severance Payment is to be made, if the Executive is a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code at the time his employment terminates, and the Severance Payment to which the Executive is entitled under Section 2(a) of this Agreement is treated as being made on account of separation from service
pursuant to Section 409A(a)(2)(A)(i) of the Code, such Severance Payment shall be paid to the Executive pursuant to Section 2(a) of this Agreement on the first business day of the seventh month commencing after the month during which the
Executive’s employment terminates; provided, however, that if such payment is due to involuntary separation from service within the meaning of Treasury Regulation Sections 1.409A-1(b)(9)(iii) and 1.409A-1(n): 
 (i) The Executive shall be entitled to receive the Severance Payment provided for under Section 2(a) of this Agreement, at the time
such payment is called for 

  

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under Section 2(a), regardless of his status as a “specified employee,” to the extent the total amount of such Severance Payment does not
exceed two times the lesser of (x) the sum of the Executive’s annualized compensation based on the annual rate of pay for services provided to the Company for the taxable year of the Executive preceding the taxable year of the Executive in
which the Executive’s employment terminates (adjusted for any increase during that year that was expected to continue indefinitely if the Executive’s employment had not been terminated), or (y) the maximum amount that may be taken
into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive’s employment is terminated; and 
 (ii) Any portion of the Severance Payment benefit payable under Section 2(a) of this Agreement that is in excess of the amount
described in Section 5(e)(i) of this Agreement shall be paid to the Executive on the first business day of the seventh month commencing after the month during which the Executive’s employment terminates. 
 6. Executive’s Covenants. 
 (a)
Confidential Information. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive, on the one hand, and the Employer and the Holding Companies, on the
other hand, with respect to all Confidential Information (as defined in Section 8 below). At all times, both during the period of the Executive’s employment with the Employer and after the termination of the Executive’s employment for
any reason, the Executive shall keep in confidence and trust all such Confidential Information and, except as required by law, shall not use or disclose any such Confidential Information other than for the benefit of the Employer or the Holding
Companies, as the case may be, without the written consent of the Employer or the Holding Companies (whichever is appropriate). 
 (b)
Documents and Records. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, that are furnished to the Executive by the Employer or the Holding Companies or are
produced by the Executive in connection with the Executive’s employment will be and remain the sole property of the Employer or the Holding Companies, as the case may be. The Executive will return to the Employer or the Holding Companies all
such materials and property as and when requested by either of them. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The Executive will not
retain, directly or indirectly, any such material or property or any copies thereof after such termination. 
 (c) Covenant Not to Disrupt
Business. The Executive hereby covenants and agrees that all times while the Executive is employed by the Employer, and for a period of twelve (12) months after the effective date of a Terminating Event but in that case only if the
Executive receives the Severance Payment provided under Section 2(a) of this Agreement, the Executive shall not disrupt, damage, impair or interfere with the business of the Employer, either of the Holding Companies or any of their respective
affiliates, including, without limitation, the 

  

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Employer’s, either Holding Company’s or any of their respective affiliate’s relationships with any customer, loan packager, representative,
vendor, broker or similar party doing business with the Employer, either of the Holding Companies or any of their respective affiliates. Nothing contained in this Section 6(c) shall restrict the Executive from merely being employed or otherwise
engaged by a competing business after the termination of the Executive’s employment with the Employer, whether or not following a Change in Control. 
 (d) Nonsolicitation. At all times while the Executive is employed by the Employer, and for a period of twelve (12) months after the effective date of a Terminating Event but in that case only if the
Executive receives the Severance Payment provided under Section 2(a) of this Agreement, the Executive (i) shall refrain from, directly or indirectly, recruiting or otherwise actively soliciting, inducing or influencing any person to leave
employment with the Employer, the Holding Companies or any of their respective affiliates (other than terminations of employment of subordinate employees undertaken in the course of the Executive’s employment with the Employer) and
(ii) shall refrain from actively soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business relationship with the Employer, either of the Holding Companies or any of their respective affiliates
other than actions taken by the Executive in good faith in the ordinary course of business during the course of the Executive’s employment with the Employer. Nothing contained in this Section 6(d) shall restrict the Executive from
advertising employment opportunities to the general public or from hiring individuals who have not been directly or indirectly actively solicited, induced or influenced by the Executive to leave employment with the Employer, the Holding Companies or
any of their respective affiliates. 
 (e) Employee Acknowledgement. The Executive acknowledges and further agrees that the
restrictions set forth in this Section 6 are intended to protect the Employer’s and Holding Companies’ interest in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees
that such restrictions are reasonable and appropriate for this purpose. The Executive further acknowledges and agrees that any breach of this Section 6 shall be entitled to any remedy available to it at law or in equity. 
 7. Post Employment Consulting Services. In the event that the Executive’s employment is terminated by the Employer without Cause or by the
Executive for Good Reason while a Proposed Business Combination is pending or within twelve (12) months after a Change in Control, the Executive shall endeavor, but only to the extent legally permissible, to be available to the Employer and the
Holding Companies, for up to three (3) months after the effective date of the termination of the Executive’s employment, to render advice and assistance regarding the transition of matters under the Executive’s control prior to the
termination of the Executive’s employment, as the Employer or the Holding Companies may reasonably request; provided that the Employer shall compensate the Executive for any such services actually rendered at a per diem rate equivalent to the
Executive’s Annualized Base Salary as of the termination of the Executive’s employment. 
  

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 8. Definitions. 
 (a) Cause. The following, as determined by a vote of the Board of Directors of the Employer and written notice to the Executive (which notice shall be provided to the Executive prior to or not more than five
(5) days after the effective date of the termination of the Executive’s employment), shall constitute “Cause” for termination of the Executive’s employment: 
 (i) dishonest statements or acts of the Executive concerning material matters relating to the Employer or any affiliate of the Employer,
including, but not limited to, the Holding Companies; 
 (ii) the commission by or indictment of the Executive for (A) a
felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of
probable or reasonable cause with respect to such offense is made); 
 (iii) failure to perform to the reasonable satisfaction
of the Board of Directors of the Employer a substantial portion of the Executive’s duties and responsibilities assigned to the Executive from time to time by the Employer’s Chief Executive Officer or its Board of Directors, which failure
continues, in the reasonable judgment of the Board of Directors of the Employer, after written notice given to the Executive by the Board of Directors of the Employer; 
 (iv) gross negligence, willful misconduct or insubordination of the Executive with respect to the Employer or any affiliate of the
Employer, including, but not limited to, the Holding Companies; or 
 (v) material breach by the Executive of any of the
Executive’s obligations under this Agreement. 
 (b) Change in Control. “Change in Control” shall mean the
occurrence of one or more of the following events: 
 (i) following any conversion of Service Bancorp, MHC from mutual to
stock form, any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as such term is defined in Rule 13d-3
promulgated under the Exchange Act) (other than Service Bancorp, MHC, any trustee or other fiduciary holding securities under an employee benefit plan of the Employer, or any corporation owned, directly or indirectly, by the stockholders of the
Employer, in substantially the same proportions as their ownership of stock of Service Bancorp, MHC), directly or indirectly, of securities of Service Bancorp, MHC, representing fifty percent (50%) or more of the combined voting power of any of
Service Bancorp, MHC’s then outstanding securities; or 
  

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 (ii) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the
Exchange Act) becomes a “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) (other than Service Bancorp, MHC, any trustee or other fiduciary holding securities under an employee benefit plan of
Service Bancorp, Inc. or the Employer, or any corporation owned, directly or indirectly, by the stockholders of Service Bancorp, Inc., in substantially the same proportions as their ownership of stock of Service Bancorp, Inc.), directly or
indirectly, of securities of Service Bancorp, Inc. representing fifty percent (50%) or more of the combined voting power of Service Bancorp, Inc.’s then outstanding securities; or 
 (iii) persons who, as of the Effective Date, constituted the Board of Directors of the Employer (the “Employer Incumbent
Board”) cease for any reason including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board of Directors (or equivalent body), provided that any
person becoming a director of the Employer subsequent to the Effective Date whose election was approved by at least a majority of the directors then comprising the Employer Incumbent Board shall, for purposes of this Section 10(b), be
considered a member of the Employer Incumbent Board; or 
 (iv) following any conversion of Service Bancorp, MHC from mutual
to stock form, persons who, as of the Effective Date, constituted the Board of Trustees of Service Bancorp, MHC (the “MHC Incumbent Board”) cease for any reason including, without limitation, as a result of a tender offer, proxy
contest, merger or similar transaction, to constitute at least a majority of the Board of Trustees (or equivalent post conversion body), provided that any person becoming a trustee of the MHC subsequent to the Effective Date whose election was
approved by at least a majority of the trustees then comprising the MHC Incumbent Board shall, for purposes of this Section 10(b), be considered a member of the MHC Incumbent Board; or 
 (v) persons who, as of the Effective Date, constituted the Board of Directors of Service Bancorp, Inc. (the “Parent Incumbent
Board”) cease for any reason including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board of Directors (or equivalent body), provided that any
person becoming a director of Service Bancorp, Inc. subsequent to the Effective Date whose election was approved by at least a majority of the directors then comprising the Parent Incumbent Board shall, for purposes of this Section 10(b), be
considered a member of the Parent Incumbent Board; or 
 (vi) the stockholders of the Employer approve a merger or
consolidation of the Employer with any other corporation or other entity, other than (A) a merger or consolidation which would result in the voting securities of the Employer outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Employer or such surviving entity outstanding immediately
after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of 

  

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the Employer (or similar transaction) in which no “person” (as hereinabove defined) acquires more than fifty percent (50%) of the combined
voting power of the Employer’s then outstanding securities; or 
 (vii) the stockholders of Service Bancorp, Inc. approve
a merger or consolidation of Service Bancorp, Inc. with any other corporation or other entity, other than (A) a merger or consolidation which would result in the voting securities of Service Bancorp, Inc. outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of Service Bancorp, Inc. or such
surviving entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation affected to implement a recapitalization of Service Bancorp, Inc. (or similar transaction) in which no “person” (as
hereinabove defined) other than Service Bancorp, MHC acquires more than fifty percent (50%) of the combined voting power of Service Bancorp, Inc.’s then outstanding securities; or 
 (viii) following any conversion of Service Bancorp, MHC from mutual to stock form, the stockholders of Service Bancorp, MHC approve a
merger or consolidation of Service Bancorp, MHC with any other corporation or other entity, other than (A) a merger or consolidation which would result in the voting securities of Service Bancorp, MHC outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of Service Bancorp, MHC or such
surviving entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of Service Bancorp, MHC (or similar transaction) in which no “person” (as
hereinabove defined) acquires more than fifty percent (50%) of the combined voting power of the Employer’s then outstanding securities; or 
 (ix) the stockholders of the Employer approve a plan of complete liquidation of the Employer or an agreement for the sale or disposition by the Employer of all or substantially all of the Employer’s assets.

 (c) Confidential Information. “Confidential Information” means information belonging to the Employer, either of the
Holding Companies or any of their affiliates that is of value to the Employer or either of the Holding Companies in the course of conducting their business and the disclosure of which could result in a competitive or other disadvantage to any of
them. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales
information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) that have been discussed or considered by the management of the Employer or the Holding
Companies. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Employer or engagement by the Holding Companies, as well as other information to which the 

  

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Executive may have access in connection with the Executive’s employment or engagement. Confidential Information also includes the confidential
information of others, including suppliers and customers, with which the Employer or either of the Holding Companies has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public
domain, unless due to breach of the Executive’s duties under Section 6(a) of this Agreement. 
 (d) Good Reason. The
Executive shall be deemed to have “Good Reason” to terminate his employment with the Employer if one of the following conditions occurs without the Executive’s consent, the Executive notifies the Employer in writing of the
occurrence of one of these conditions within sixty (60) days of its onset, the Employer fails to remedy the condition within thirty (30) days after its receipt of such written notice from the Executive, and the Executive notifies the
Employer in writing of the Executive’s resignation for failure to cure a Good Reason within ten (10) days after such thirty (30) day cure period: 
 (i) a reduction in the Executive’s base annual salary rate; or 
 (ii) a breach by the Employer of any of its material obligations to the Executive under the terms of the Executive’s employment by
the Employer; or 
 (iii) the relocation, following the occurrence of a Change in Control, of the office at which the
Executive is principally employed as of the Change in Control (or if applicable, immediately prior to the commencement of the Proposed Business Combination) to a location that is either (A) more than thirty (30) miles from such office
(unless such relocation has the effect of reducing the distance the Executive regularly commutes to the office) or (B) more than fifty (50) miles from the Executive’s residence as of the date of this Agreement, which relocation is not
approved by the Executive; or 
 (iv) an change that materially and adversely affects the Executive’s responsibilities,
authorities, powers, functions or duties, taken as a whole, and that constitutes, when compared with the responsibilities, authorities, powers, functions or duties, taken as a whole, exercised by the Executive immediately prior to the Change in
Control (or if applicable, immediately prior to the commencement of the Proposed Business Combination), an actual or constructive demotion of the Executive. 
 For avoidance of doubt, the references in clauses (i)-(iv) of this Section 8(d) to “reduction,” “breach,” “relocation” or “change” shall mean an actual reduction, breach, relocation or
change (as opposed to, for example, an announced, planned or anticipated reduction, breach, relocation or change). Notwithstanding any provision of this Section 10(d) to the contrary, in no event shall Good Reason be deemed to exist solely as a
result of (a) the Employer’s exercise of its right to terminate the Executive under this Agreement for Cause, or (b) any action taken by the Employer in good faith in connection with the investigation of facts or circumstances that
may constitute Cause for the Executive’s termination within the meaning of Section 10(a), including, without limitation, placing the Executive on paid administrative leave. 
  

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 (e) Proposed Business Combination. A “Proposed Business Combination” is pending
if the Employer has entered into a definitive agreement providing for a merger, consolidation or other transaction that, as the result of or in connection with such transaction or any combination of related transactions, will result in a Change in
Control and such definitive agreement has not been terminated. 
 (f) Terminating Event. “Terminating Event” means
the occurrence, after a Change in Control, or while a Proposed Business Combination is pending, of (a) the termination by the Employer of the employment of the Executive for any reason other than (i) death, (ii) on account of the
Executive’s disability after the Executive has satisfied the conditions to qualify for long-term disability benefits under the Employer’s applicable long-term disability policy disability, or (iii) Cause, or (b) the resignation
of the Executive from the employ of the Employer voluntarily for Good Reason. 
 9. Injunction. The Executive acknowledges and agrees
that that it would be difficult to measure any damage caused to the Employer, either of the Holding Companies or any of their affiliates that might result from any breach by the Executive of the promises set forth in Sections 6 of this
Agreement and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 10 of this Agreement, the parties agree that if any of them breaches, or proposes to breach, any portion of this
Agreement, the others 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 such party. 

10. Arbitration of Disputes. Except as expressly provided in Section 5(d) of this Agreement, 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 whether based on age
or otherwise) 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 the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators provided that the Employer
and the Executive shall evenly split the costs of such arbitration, unless the Executive prevails in the arbitration, as determined by the arbitrator, in which case the Employer shall pay for all reasonable arbitration fees and costs, including
attorneys’ fees. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 10 shall be specifically enforceable. Notwithstanding the foregoing, this Section 10 shall not
preclude any 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; provided that any other relief shall be pursued through
an arbitration proceeding pursuant to this Section 10. 
 11. Consent to Jurisdiction. To the extent that any court action is
permitted consistent with or to enforce Section 10 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States 

  

 12 

 
District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal
jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 
 12. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties with respect to any related subject matter. 
 13. Assignment; Successors and Assigns. None of
the Employer, the Holding Companies or the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other parties; provided that the Employer and the
Holding Companies may assign their respective rights under this Agreement without the consent of the Executive in the event that the Employer or the Holding Companies shall effect a reorganization, consolidate with or merge into any other
corporation, partnership, organization or other entity, or transfer all or substantially all of their respective properties or assets to any other corporation, partnership, organization or other entity. This Agreement shall inure to the benefit of
and be binding upon the Employer, the Holding Companies and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 
 14. 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. 
 15.
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. 
 16. 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 Employer or, in the case of the Employer and the Holding Companies, at the
Employer’s main offices, attention of the Chief Executive Officer of the Employer, and shall be effective on the date of delivery in person or by courier or three (3) days after the date mailed. 
 17. 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 Employer and both of the Holding Companies. 
  

 13 

 18. Governing Law. This is a Massachusetts contract and shall be construed under and be governed
in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any dispute 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 First Circuit. 
 19. Counterparts. This
Agreement may be executed in any number of counterparts, 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. 
 20. Guarantee by the Holding Companies. By the signatures of their authorized officer representatives below, the Holding Companies hereby jointly
and severally guarantee the obligations of the Employer to the Executive set forth in this Agreement. 
 [Rest of page intentionally left
blank.] 
  

 14 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer, the Holding
Companies, by their respective duly authorized officers, and by the Executive, as of the Effective Date. 
  

			
	 STRATA BANK

		
	By:	 	 /s/ Eugene R. Liscombe

	Name:	 	Eugene R. Liscombe
	Title:	 	Lead Director
	
	 SERVICE BANCORP, INC.

		
	By:	 	 /s/ Eugene R. Liscombe

	Name:	 	Eugene R. Liscombe
	Title:	 	Chairman
	
	 SERVICE BANCORP, MHC

		
	By:	 	 /s/ Eugene R. Liscombe

	Name:	 	Eugene R. Liscombe
	Title:	 	Chairman
	
	 EXECUTIVE

	
	 /s/ Randal D. Webber

	Name:	 	Randal D. Webber, EVP & SLO

  

 15Amendment 2008-1 to the Employment Agreement - Betts

 Exhibit 10.6 
 AMENDMENT 2008-1 
 TO THE 
 EMPLOYMENT AGREEMENT 
 THIS AMENDMENT 2008-1, dated as of
December 22, 2008, between Embarq Corporation, a Delaware corporation (“Embarq”), (Embarq and its subsidiaries are collectively referred to herein as “Employer”), and Gene M. Betts
(“Executive”). 
 RECITALS 
 WHEREAS, Sprint Corporation and Executive previously entered into that certain Agreement Regarding Special Compensation and Post Employment Restrictive Covenants, entered as of December 12, 1995 and
effective as of such date (the “Employment Agreement”), which sets forth the terms and conditions of Executive’s employment with Employer; 
 WHEREAS, Employer previously assumed the Employment Agreement in connection with the spin-off from Sprint Nextel Corporation effective May 17, 2006; 
 WHEREAS, Employer and Executive desire to amend the Employment Agreement to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended and the final regulations issued thereunder; and 
 WHEREAS, Employer and Executive desire to amend
the Employment Agreement by entering into this Amendment 2008-1. 
 NOW, THEREFORE, the Employer and Executive hereby agree that,
effective December 22, 2008, the Employment Agreement shall be amended as follows: 
 1. Termination by Employer: Special
Compensation. Section 5 of the Employment Agreement is hereby amended in its entirety to read as follows: 
 “At any time,
Employer may terminate Executive’s employment for any reason. If Executive’s termination is other than pursuant to Section 6, Executive shall, subject to the other provisions of this Section 5, be entitled to the following
Special Compensation (as that term is defined in this Section 5) in lieu of any benefits available under any and all Employer separation plans or policies, except as noted in Section 17. If Executive’s termination is pursuant to
Sections 5, 6 or 7, Executive’s obligations under Sections 11, 12, 13 and 14 hereof shall continue. 
 For purposes of this Agreement,
“Special Compensation” shall entitle Executive to receive the following; provided, however, certain payments may be required to be delayed pursuant to Section 26(b) below: 
 (a) Executive shall continue to receive for a period of eighteen (18) months from Executive’s date of termination (the “Severance
Period”), his base annual salary at the rate in effect on the date of termination. Payments of base annual salary during the Severance Period shall be paid pursuant to Employer’s normal payroll practices, with the first payment being paid
on the first payroll date following Executive’s date of termination. 

 (b) Executive shall receive a bonus, based on actual performance results, up to the target amount, under
Employer’s Short-Term Incentive program throughout the Severance Period, provided that the amount, if any, payable under the Short-Term Incentive program for the particular award period that includes the last day of the Severance Period shall
be multiplied by a fraction, the numerator of which is the number of months in the Severance Period that fall within the award period and the denominator of which is the total number of months in such award period. The amount payable (if any) under
this Section 5(b) shall be paid at the time and in the form specified in the Short-Term Incentive program. 
 (c) Executive shall receive
an award under the Employer’s Long-Term Incentive program, pro rated based on Executive’s last day worked, exclusive of any Severance Period, determined in accordance with the terms of said program. The amount payable (if any) under this
Section 5(c) shall be paid at the time and in the form specified in the Long-Term Incentive program. 
 (d) Executive shall be entitled
to an acceleration of vesting of stock options or restricted stock in accordance with the relevant provisions of Executive’s Stock Option Agreement or Restricted Stock Agreement, as applicable. 
 (e) Executive shall receive any qualified or nonqualified retirement benefits as specified in such plans maintained by Employer pursuant to which
Executive is or was a participant and is entitled to a benefit. Such benefits shall be provided in accordance with the terms of the applicable plans. 
 (f) Executive shall be entitled to continue to receive health and dental benefits under Employer’s health and dental plans throughout the Severance Period at the level in effect immediately prior to
Executive’s date of termination. Executive shall pay to Employer on the last day of each month preceding the month that the health and dental coverage continuation shall be provided, the full cost of the monthly premiums equal to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) cost of continued health and dental coverage under the health and dental plans of Employer. The first such payment shall be paid to Employer on the last day of
the month in which Executive’s date of termination occurs. Executive shall receive a monthly reimbursement payment during the Severance Period, on the first payroll date of each month, equal to the monthly COBRA cost of continued health and
dental coverage under the health and dental plans of Employer, less the amount that Executive would be required to contribute for health and dental coverage if Executive were an active employee. Reimbursements under this Section 5(f) shall
commence on the first payroll date occurring in the month following the month in which Executive’s date of termination occurs and, except as provided in Section 5(l) below, shall continue until the end of the Severance Period. The COBRA
continuation coverage period under Section 4980B of the Code shall begin coincident with (i) the first day of the month following the last day of the Severance Period, or (ii) the 

  

 2 

 
first day of the month following the commencement of coverage with another employer, whichever occurs first. Any long-term disability or short-term
disability benefits provided to Employee cease on the last day worked. 
 (g) Executive shall be entitled to convert his life insurance
coverage upon termination of employment. Executive shall pay Employer on the last day of the quarter preceding the quarter that such life insurance coverage shall be provided an amount equal to the cost of the quarterly premiums to maintain such
converted life insurance coverage. The first such payment shall be paid to Employer on the last day of the calendar quarter in which Executive’s date of termination occurs. Executive shall receive from Employer a quarterly reimbursement payment
during the Severance Period in an amount equal to the premium cost that Executive will incur during the quarter to maintain life insurance coverage under the converted policy. Such quarterly reimbursement payments under this Section 5(g) shall
commence on the first payroll date of the first calendar quarter following the calendar quarter in which Executive’s date of termination occurs and, except as provided in Section 5(l) below, shall continue until the end of the Severance
Period. 
 (h) During Severance Period, except as provided in Section 5(l) below, Employer shall pay the cost of outplacement services
for Executive at the outplacement agency designated by Employer and in accordance with Employer’s procedures regarding outplacement services. Any cash payment due for provision of outplacement services in accordance with this Section 5(h)
shall be paid by Employer directly to the outplacement agency. 
 (i) Executive shall receive a lump sum cash payment equal to the value of
all applicable executive perquisites (other than country club membership dues and accrual of vacation) in effect on Executive’s date of termination as if they were provided to Executive during the Severance Period. Any such lump sum cash
payment shall be paid by Employer on the first payroll date following Executive’s date of termination. 
 (j) Executive shall receive a
lump sum cash payment equal to the value of any accrued but unused vacation for the calendar year in which Executive’s date of termination occurs. Any such lump sum cash payment shall be paid on the first payroll date following Executive’s
date of termination. 
 (k) All payments pursuant to this Section shall be subject to applicable federal and state income and other
withholding taxes. On each date on which a payment (if any) is made under subsections (f) and (g) above in this Section 5, Employer shall pay Executive an additional amount in a lump sum cash payment equal to the federal, state and
local income and payroll taxes that Executive incurs on the amount paid under subsections (f) and (g) above or this subsection (k) in this Section 5. The foregoing gross-up payment shall be made with respect to each payment (if
any) under subsections (f), (g) and (k) of this Section 5 and shall cease when payments under subsections (f) and (g) cease. 
  

 3 

 (l) Notwithstanding the above, Employer’s obligation to provide payments in subsections (f),
(g) and (h) of this Section 5 shall cease upon the earlier of (x) Executive ceasing to pay when due the premiums charged by Employer for the applicable benefits; or (y) Executive obtaining full-time employment with a new
employer. Within 30 days of Executive’s commencement of full-time employment with another employer, Executive shall provide Employer written notice of such employment. Nothing in this Section 5(l) shall affect Executive’s right to pay
for his own COBRA continuation coverage in accordance with Section 4980B of the Code. In all events, Executive’s right to receive severance and/or other benefits pursuant to this Section 5 shall cease immediately in the event that
Executive is reemployed by Employer or an affiliate or Executive breaches his Confidential Information Covenant (as defined in Section 11 hereof), or breaches Sections 12, 13 or 14 hereof. In all cases, Employer’s rights under
Section 15 shall continue. 
 (m) The payments and benefits provided for in this Section shall be in addition to all other sums then
payable and owing to Executive hereunder and, except as expressly provided herein, shall not be subject to reduction for any amounts received by Executive for employment or services provided after termination of employment hereunder, and shall be in
full settlement and satisfaction of all Executive’s claims and demands.” 
 2. Resignation Following Constructive Discharge.
Section 7 of the Employment Agreement is hereby amended in its entirety to read as follows: 
 “If at any time, except in connection
with a termination pursuant to Section 5, 6, or 8, Executive is Constructively Discharged (as that term is defined below in this Section 7), then Executive shall be entitled to the compensation and benefits as if such employment were
terminated pursuant to Section 5 of this Agreement. 
 For purposes of this Agreement, the Executive shall be “Constructively
Discharged” upon the occurrence of any one of the following events: 
 (a) A material diminution in Executive’s authority, duties,
responsibilities, status or reporting relationship; or 
 (b) A material diminution in Executive’s targeted total compensation
(i.e., a reduction of more than 10%) (other than across-the-board reductions similarly affecting all officers of Embarq Corporation (“Embarq”)); 
 provided, however, in each case, Executive must provide Employer with written notice of termination on account of Constructive Discharge identifying the event or omissions constituting the reason for a Constructive
Discharge within 60 days following the initial occurrence of such event or omission. Employer shall have an opportunity, but shall have no obligation, to cure the event or omission constituting Constructive Discharge within a period of 30 days
from receipt of 

  

 4 

 
such notice from Executive. If Employer does not cure the event or omission constituting Constructive Discharge, Executive’s employment shall terminate
on the first business day immediately following the expiration of the 30-day cure period, unless Employer designated an earlier termination date during the cure period.” 
 3. Effect of Change in Control. Section 8 of the Employment Agreement is hereby amended in its entirety to read as follows: 
 “In the event that within one year of a Change in Control (as that term is defined in this Section 8) Executive’s employment is terminated:

 (a) by the Employer other than pursuant to Section 6; 
 (b) by Executive pursuant to Section 7 hereof; or 
 (c) by Executive on account of a material change in
the geographic location where Executive must perform services for Employer to a location outside of the Kansas City metropolitan area, except for required travel on business to an extent substantially consistent with Executive’s business travel
obligations immediately prior to the Change in Control; 
 then Executive shall be entitled to the Special Compensation described in
Section 5 and shall be bound by Section 11, but shall not have any continuing obligations under Sections 12, 13, and 14, except as otherwise required by common law or statute. 
 Notwithstanding the foregoing, termination on account of Section 8(c) will be effective only if Executive provides Employer with written notice of
termination within 60 days following the initial requirement by Employer that Executive incur a material change in the geographic location where he performs services for Employer. Employer shall have an opportunity, but shall have no
obligation, to cure the event within a period of 30 days from receipt of such notice from Executive. If Employer does not cure the event specified in Section 8(c), Executive’s employment shall terminate on the first business day
immediately following the expiration of the 30-day cure period, unless Employer designated an earlier termination date during the cure period.” 
 For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if: 
 (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)) other than a trustee or other fiduciary holding securities under an employee benefit plan of Embarq or any of its affiliates,
and other than Embarq or a corporation owned, directly or indirectly, by the stockholders of Embarq in substantially the same proportions as their ownership of stock of Embarq, is or becomes 

  

 5 

 
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Embarq representing 20% or more
of the combined voting power of Embarq’s then outstanding securities, or 
 (ii) during any period of two consecutive years (not
including any period prior to the date of this Agreement), incumbent members cease for any reason to constitute a majority of the members of the Board of Directors of Embarq; 
 A member of the Board of Directors of Embarq shall be an “incumbent member” if such individual is as of the date of this Agreement or at the
beginning of the applicable two consecutive year period a member of the Board of Directors of Embarq, and any new director after the date of this Agreement (other than a director designated by person who has entered into an agreement to effect a
transaction described in subparagraph (i) above) whose election to the Board or nomination for election by the stockholders of Embarq was approved by a vote of at least two-thirds of the directors still in office who either were directors as of
the date hereof or as of the first day of the applicable two consecutive year period or whose election or nomination for election was previously so approved.” 
 4. Section 409A of the Code. A new Section 26 is hereby added to the Employment Agreement to read in its entirety as follows: 
 “26. Section 409A of the Code. 
 (a) Interpretation – Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of Section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid
any penalty sanctions under Section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply with Section 409A of the Code and, if necessary, any such provision shall
be deemed amended to comply with Section 409A of the Code. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A of the Code, then such benefit or payment shall be
provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a
“separation from service” within the meaning of such term under Section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this
Agreement is to be treated as a right to a series of separate payments. In no event shall Executive, directly or indirectly, designate the calendar year of any payment. 
  

 6 

 (b) Payment Delay – To the maximum extent permitted under Section 409A of the Code, the cash
severance payments payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay
exception” under Treas. Reg. §1.409A-1(b)(9)(iii); provided, however, if on the date of Executive’s termination of employment Employer’s stock (or stock of any other company required to be aggregated with Employer for purposes of
Section 409A of the Code) is publicly-traded on an established securities market or otherwise and Executive is a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i) of the Code and its corresponding
regulations) as determined by the Board of Directors (or its delegate) in its discretion in accordance with its “specified employee” determination policy, then all severance payments payable to Executive under this Agreement that are
deemed to be deferred compensation subject to the requirements of Section 409A of the Code and payable within six months following Executive’s “separation from service” shall be postponed for a period of six months following
Executive’s “separation from service” with Employer. The postponed amounts shall be paid to Executive in a lump sum within 30 days after the date that is six months following Executive’s “separation from service” with
Employer. If Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of Section 409A of the Code shall be paid to the personal representative of Executive’s
estate within 60 days after Executive’s death. 
 (c) Reimbursements – All reimbursements and provision of in-kind benefits provided
under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s
lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or the amount of in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense or provision of in-kind benefits will be made on or before the last day of the taxable year following the year in which the expense is incurred or payment
becomes due, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Any tax gross up payments to be made hereunder shall be made not later than the end of Executive’s taxable
year next following Executive’s taxable year in which the related taxes are remitted to the taxing authority.” 
 5. All references
to “Sprint” are hereby deemed to be to “Embarq Corporation” in the Employment Agreement to reflect the spin-off transaction and assumption of the Employment Agreement referenced above in the Recitals. 
 6. In all respects not modified by this Amendment 2008-1, the Employment Agreement is hereby ratified and confirmed. 
  

 7 

 [SIGNATURE PAGE FOLLOWS] 
  

 8 

 IN WITNESS WHEREOF, Employer and Executive agree to the terms of the foregoing Amendment 2008-1,
effective as of the date set forth above. 
  

			
	EMBARQ CORPORATION
		
	By:	 	 /s/ E. J. Holland, Jr.

	Name:	 	E.J. Holland, Jr.
	Title:	 	SVP H.R. & Communications
	
	EXECUTIVE
	
	 /s/ Gene M. Betts

	Gene M. Betts

  

 9

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