Document:

Exhibit 10.7

 Exhibit 10.7 
 BELMONT SAVINGS BANK 
 CAPITAL APPRECIATION PLAN 

ARTICLE 1 

PURPOSES 

1.1 The purposes of the Belmont Savings Bank Capital Appreciation Plan (the “Plan”) are to attract, retain and motivate
certain key employees and directors of Belmont Savings Bank (the “Bank”), who by their abilities and diligence are able to make important contributions to the success of the Bank’s strategic plan and increase the Bank’s assets
and return on assets within the Bank’s risk tolerance in a prudent and profitable way. 
 ARTICLE 2 

DEFINITIONS 
 As used in the Plan, the following terms shall have the meanings indicated. 
 2.1
“Beginning Capital of the Bank” means the equity capital of the Bank on September 30, 2010, as reported on the books of the Bank viz. $45,778, 879. 
 2.2 “Board” means the Board of Directors of the Bank. 
 2.3
“Capital Appreciation” means the excess, if any, of the Ending Capital of the Bank over the Beginning Capital of the Bank; 
 2.4 “Capital Appreciation Award” means an award to an employee or director of the Bank entitling the employee or director to a specific percentage of the Employee Capital Appreciation Pool or a
Proportional Share of the Director Capital Appreciation Award Pool, as the case may be. 
 2.5 “Cause” means, in the
case of a Participant who is an employee of the Bank, any of the following: 
 (a) the commission by the Participant of any
crime involving deceit, dishonesty or fraud with regard to the Bank or its business, or moral turpitude of such a nature as would adversely affect the reputation of the Bank; 
 (b) the commission by the Participant of a material act or acts of dishonesty in connection with the performance of the Participant’s duties with the Bank including, without limitation,
misappropriation of funds or property; 
 (c) an act or acts of misconduct (including sexual harassment) by the Participant;

 (d) failure by the Participant to perform to the reasonable satisfaction of the Board
a substantial portion of the duties and responsibilities assigned to the Participant, which failure continues for more than fifteen (15) days after notice is given to the Participant by the Board; or 

(e) the suspension or termination of the employment of the Participant pursuant to an order by any federal or state regulatory agency
having jurisdiction over the Bank. 
 2.6 “Director Capital Appreciation Award Pool” shall have the meaning assigned
to it in Section 5.2 of the Plan. 
 2.7 “Employee Capital Appreciation Award Pool” shall have the meaning
assigned to it in Section 5.1 of the Plan. 
 2.8 “Ending Capital of the Bank” means the equity capital of the
Bank on December 31, 2012, as reported on the Bank’s financial statements prepared by the Bank’s regularly employed certified public accountants, less any portion of such equity capital derived from the proceeds of any offering of
shares or other securities of the Bank or attributable to any other entity acquired by the Bank by way of merger, consolidation of other combination. In determining the equity capital of the Bank for this purpose, there shall be disregarded
(i) any gains or losses from the Bank’s equity portfolio, and (ii) such other extraordinary items as the Board in good faith deems appropriate. 
 2.9 “Participant” means any employee or director of the Bank eligible to participate in the Plan, as determined under Article 4 hereof, who is awarded a Capital Appreciation Award hereunder.

 2.10 “Proportional Share” means, when referring to an amount payable to a director of the Bank under the Plan, the
share of any sum determined by multiplying such sum by a fraction, the numerator of which is the average of all fees paid in calendar years 2010, 2011 and 2012 to the director for service as a director of the Bank and the denominator of which is the
average of all fees paid in calendar years 2010, 2011 and 2012 to all directors of the Bank who receive a Capital Appreciation Award from the Bank pursuant to the Plan. 
 2.11 “ROA” means with respect to any fiscal year of the Bank, the Bank’s return on average assets for such fiscal year. 

2.12 “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and any
guidance promulgated thereunder; 
 2.13 “Vesting Period” means the period beginning on the date a Participant is
awarded a Capital Appreciation Award and ending on June 30, 2014. 

  
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 ARTICLE 3 
 ADMINISTRATION OF THE PLAN 
 The Plan shall be administered by the Board.
The Board is authorized, in its sole discretion, to construe and interpret the terms and provisions of the Plan and to adopt such rules and regulations for the administration of the Plan as it may deem advisable. With respect to the Plan, the
Board shall act by a majority of its members. 
 ARTICLE 4 

ELIGIBILITY 
 4.1 Capital Appreciation Awards may be granted only to persons who at the time of the award are full-time employees of the Bank and/or members of the Board. The Board shall (a) select those employees
to be awarded Capital Appreciation Awards and (b) prescribe the form, which shall be consistent with the Plan, of the instrument or agreement evidencing any Capital Appreciation Award made under the Plan. 

4.2 Subject to the terms and conditions of the Plan, each member of the Board shall be awarded a Capital Appreciation Award under the
Plan without further action by the Board. 
 ARTICLE 5 
 CAPITAL APPRECIATION AWARDS 
 5.1 There shall be
available for award under the Plan to employees of the Bank Capital Appreciation Awards equivalent in the aggregate to twenty percent (20%) of the Capital Appreciation of the Bank, plus, if the Bank’s ROA for each of its fiscal years
ending December 31, 2011 and December 31, 2012 equals or exceeds the ROA target for such fiscal year established by the Board not later than the sixtieth (60th) day of each such fiscal year, an additional four percent (4%) of the Capital Appreciation (the
“Employee Capital Appreciation Award Pool”). Any Capital Appreciation Award awarded by the Bank to an employee of the Bank shall be such portion of the total Employee Capital Appreciation Award Pool as the Board shall determine in its sole
discretion at the time of the award. 
 5.2 There shall be available for award under the Plan to directors of the Bank Capital
Appreciation Awards equivalent in the aggregate to five percent (5%) of the Capital Appreciation of the Bank, plus, if the Bank’s ROA for each of its fiscal years ending December 31, 2011 and December 31, 2012 equals or exceeds
the ROA target established by the Board for such fiscal year for purposes of determining the amount of the Employee Capital Appreciation Award Pool, an additional one percent (1%) of the Capital Appreciation (the “Director Capital
Appreciation Award Pool”). Any Capital Appreciation Award awarded to a director of the Bank shall be such director’s Proportional Share of the total Director Capital Appreciation Award Pool. 

  
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 ARTICLE 6 
 VESTING 
 6.1 Capital Appreciation Awards awarded to a Participant shall
become non-forfeitable (vested) on the last day of the Vesting Period, provided that the Participant has continuously been an employee and/or Board member of the Bank since the date of the award of such Capital Appreciation Award. A leave of
absence, unless otherwise determined by the Board, shall not constitute a cessation of employment. 
 6.2 If a Participant
(a) is terminated by the Bank without Cause during the Vesting Period, or (b) dies during the Vesting Period and after December 31, 2012, the Participant shall be deemed solely for purposes of the Plan to have remained in the employ
of the Bank until the expiration of the Vesting Period. 
 6.3 In the event that a Participant (a) if an employee,
terminates employment with the Bank before the end of the Vesting Period for any reason other than (i) death after December 31, 2012 or (ii) termination by the Bank without Cause, or (b) if a director, ceases to be a director of
the Bank before the end of the Vesting Period for any reason other than death after December 31, 2012, neither the Participant nor his or her spouse or beneficiary shall be entitled to any benefit under the Plan. 

ARTICLE 7 

FORM OF PAYMENT 
 The value of any Capital Appreciation Award payable to a Participant shall be paid to the Participant in a single lump sum not later than the fifth (5th) day following the close of the Vesting Period. In the event of
the Participant’s death after the close of the Vesting Period, but prior to such payment, any such amount shall be paid to the Participant’s beneficiary or, if no beneficiary has been designated in writing to the Board, to the executors or
administrators of the Participant’s estate. The Bank shall have the right to deduct from all amounts payable under the Plan any federal, state or local taxes required by law to be withheld with respect to such payments. 

ARTICLE 8 
 NO
FUNDING 
 Amounts payable pursuant to the Plan constitute a mere promise by the Bank to make payments in the future,
and the rights of the Participant hereunder shall be those of a general unsecured creditor of the Bank. Nothing contained herein shall be construed to create a trust of any kind or to render the Bank a fiduciary with respect to a
Participant. The Bank shall not be required to maintain any fund or segregate any amount or in any other way currently fund the future payment of any benefit provided under the Plan, and nothing contained herein shall be construed to give the
Participant or any other person any right to any specific assets of the Bank or of any other person. The Plan is intended to be, and shall in all events be construed and treated as, a deferred compensation arrangement for a “select
group of management and highly compensated employees,” within the meaning of Title I of ERISA. 

  
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 ARTICLE 9 
 LIMITATION ON BENEFITS 
 9.1 In no event shall the Bank be obligated to
make any payment pursuant to the Plan that is prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)) or 12 C.F.R. Part 359. 
 9.2 In no event shall the Bank be obligated to make any payment pursuant to the Plan if (or to the extent that): 
 (a) the Bank is in default as defined in Section 3(x) (12 U.S.C. sec. 1818(x)(1)) of the Federal Deposit Insurance Act, as amended; 

(b) the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) (12 U.S.C. sec. 1823(c)) of the Federal Deposit Insurance Act, as amended; or 
 (c) the
payment would cause the Bank to be less than well capitalized under any applicable regulatory capital requirement. 
 9.3 In no
event shall the Bank be obligated to make any payment pursuant to the Plan that would result in any Participant receiving total compensation that would be unreasonable, disproportionate or otherwise excessive within the meaning of 12 C.F.R.
Part 364, App. A, that would constitute an unsafe or unsound practice, or that would otherwise be in violation of any applicable law or regulation. 
 ARTICLE 10 
 MISCELLANEOUS 

10.1 Notwithstanding anything to the contrary contained herein, the Ending Capital of the Bank shall be subject to later adjustment in
the event that the independent accountants regularly employed by the Bank should determine at any time that an adjustment should be made in the Ending Capital of the Bank by reason of the discovery of any tax, assessment, excise or other obligation
or liability or any increase in the amount of any thereof, or the discovery of any asset or any increase or decrease in the value of any asset as of the date that the Ending Capital of the Bank is determined. Any such accountants’
determination, in the absence of bad faith, shall be final and binding on all parties. 
 10.2 Nothing contained in the Plan or
in any Award pursuant to the Plan shall interfere in any way with the right of the Bank to terminate the employment or board membership of a Participant at any time for any reason or for no reason, subject to the Bank’s By-Laws. 

  
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 10.3 No amounts payable under the Plan shall be assignable or transferable by
a Participant otherwise than by will or by the laws of descent and distribution. 
 10.4 Any benefits provided under the
Plan are special incentive compensation and shall not be taken into account as “wages” or “salary” in determining the amount of any payment under any pension, retirement, deferred profit-sharing, life insurance or other benefit
plan or program of the Bank. 
 10.5 The Board may modify, amend, suspend or terminate the Plan in whole or in part at any time;
provided, however, that no modification, amendment, suspension or termination of the Plan shall, without a Participant’s consent, affect adversely the rights of such Participant with respect to any award previously made. 

10.6 The Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and in accordance with
any applicable federal laws to which the Bank may be subject. 
 10.7 The Plan shall become effective September 30, 2010.

 ARTICLE 11 
 CLAIMS PROCEDURE 
 11.1 In the event a Participant, or his beneficiary in
the case of the Participant’s death, or his or their authorized representative (hereinafter, the “Claimant”) asserts a right to a benefit under the Plan which has not been received, in whole or in part, the Claimant must file
with the Bank a claim for such benefit on forms provided by the Bank. The Bank shall render its decision on the claim within ninety (90) days after receipt of the claim. If special circumstances apply, the ninety (90) day period may
be extended by an additional ninety (90) days, provided written notice of the extension is given to the Claimant during the initial ninety (90) day period and such notice indicates the special circumstances requiring an extension of time
and the date by which the Bank expects to render its decision on the claim. If the Bank wholly or partially denies the claim, the Bank shall provide written notice to the Claimant within the time limitations of this Section. Such notice shall set
forth: 
 (a) the specific reasons for the denial of the claim; 

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

(c) a description of any additional material or information necessary to perfect the claim and an explanation of why such
material or information is necessary; 
 (d) a description of the Plan’s claims procedures, and the time
limitations applicable to such procedures; and 
 (e) a statement of the Claimant’s right to bring a civil
action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the claim denial is appealed to the Bank and the Bank fully or partially denies the claim pursuant to Section 7(c).

  
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 11.2 A Claimant whose application for benefits is denied in whole or in part may request a
full and fair review of the decision denying the claim by filing, in accordance with such procedures as the Bank may reasonably establish, a written appeal which sets forth the documents, records and other information relating to the claim within
sixty (60) days after receipt of the notice of the denial by the Bank. In connection with such appeal and upon request by the Claimant, a Claimant may review (or receive free copies of) all documents, records or other information relevant to
the Claimant’s claim for benefit, all in accordance with such procedures as the Bank may reasonably establish. If a Claimant fails to file an appeal within such sixty (60) day period, he shall have no further right to appeal. 

11.3 A decision on the appeal by the Bank shall include a review by the Bank that takes into account all comments, documents, records and
other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The Bank shall render its decision on the appeal no later than sixty
(60) days after the receipt by the Bank of the appeal. If special circumstances apply, the sixty (60) day period may be extended by an additional sixty (60) days, provided written notice of the extension is given to the Claimant
during the initial sixty (60) day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Bank expects to render its decision on the claim on appeal. If the Bank wholly or partly
denies the claim on appeal, the Bank shall provide written notice to the Claimant within the time limitations of this Section. Such notice shall set forth: 
 (a) the specific reasons for the denial of the claim; 
 (b)
specific reference to pertinent provisions of the Plan on which the denial is based; 
 (c) a statement of the
Claimant’s right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and 

(d) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA, 

11.4 The Bank shall be the Plan Administrator with respect to the Plan. 

11.5 As Plan Administrator, the Bank shall have complete authority, in its sole and absolute discretion, to interpret the provisions of
the Plan and make determinations regarding eligibility. Without limiting the foregoing, it is the Bank’s intent that the Plan be administered in a manner compliant with the provisions of Section 409A of the Internal Revenue Code of 1986,
as amended, and regulations and rulings issued thereunder (“Section 409A”) so as not to subject the benefits accruing hereunder to taxation pursuant to said Section 409A(a)(1). 

  
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 ARTICLE 12 
 SECTION 409A 
 It is the intent of the Bank that the Plan, and all payments
of deferred compensation subject to Section 409A made hereunder, shall be in compliance with such requirements and the regulations and other guidance thereunder. Notwithstanding any other provision with respect to the timing of payments under
the Plan, if, at the time of a Participant’s separation from service, the Participant is a “specified employee” (meaning a key employee as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank
(or a Bank affiliate), then to the extent necessary to comply with the requirements of Section 409A, any payments to which the Participant is entitled under the Plan during the six month period commencing on the Participant’s separation
from service which are subject to Section 409A (and not otherwise exempt from its application including, without limitation, by operation of Treasury Regulation section 1.409A-1(n)) will be withheld until the first business day of the
seventh month following the Participant’s separation from service, at which time such withheld amount shall be paid in a lump-sum distribution. The Bank agrees that it will negotiate in good faith and execute an amendment to modify the Plan to
the extent necessary to comply with the requirements of Section 409A, or any successor statute, regulation and guidance thereunder. 
 September 30, 2010 

  
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	Very truly yours,
	
	BELMONT SAVINGS BANK
		
	By:	 	 /s/ Robert Morrissey

		 	Robert Morrissey
		 	Chairman of the Board

  

			
	Accepted and agreed:
	
	 /s/ Robert Mahoney

		
	Dated:	 	 11/15/10

  
 -9-Exhibit 10.8

 Exhibit 10.8 
 BELMONT SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 Effective as of October 1, 2010 

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Table of Contents 
  

									
	 ARTICLE I Name and Purpose
	  	 	1	  
		
	 ARTICLE II Definitions
	  	 	1	  
		 	 2.1
	  	Annual Benefit Amount	  	 	1	  
		 	 2.2
	  	Applicable Appendix	  	 	1	  
		 	 2.3
	  	Bancorp	  	 	1	  
		 	 2.4
	  	Benefit Percentage	  	 	1	  
		 	 2.5
	  	Board	  	 	1	  
		 	 2.6
	  	Cause	  	 	1	  
		 	 2.7
	  	Code	  	 	2	  
		 	 2.8
	  	Date of Hire	  	 	2	  
		 	 2.9
	  	ERISA	  	 	2	  
		 	 2.10
	  	Final Average Compensation	  	 	2	  
		 	 2.11
	  	Good Reason	  	 	2	  
		 	 2.12
	  	MHC	  	 	2	  
		 	 2.13
	  	Normal Distribution Form	  	 	2	  
		 	 2.14
	  	Normal Retirement Date	  	 	3	  
		 	 2.15
	  	Participant	  	 	3	  
		 	 2.16
	  	Plan	  	 	3	  
		 	 2.17
	  	Plan Year	  	 	3	  
		 	 2.18
	  	Separation from Service	  	 	3	  
		 	 2.19
	  	Year of Service	  	 	3	  
		
	 ARTICLE III Participation
	  	 	3	  
		 	 3.1
	  	Designation by Board	  	 	3	  
		 	 3.2
	  	Term of Participation	  	 	3	  
		
	 ARTICLE IV Eligibility for Benefit
	  	 	4	  
		 	 4.1
	  	Separation from Service	  	 	4	  
		 	 4.2
	  	Minimum Required Benefit Percentage; Forfeiture	  	 	4	  
		
	 ARTICLE V Payment of Benefit
	  	 	4	  
		 	 5.1
	  	Time and Form of Benefit	  	 	4	  
		 	 5.2
	  	Death	  	 	4	  
		
	 ARTICLE VI Claims Procedure
	  	 	4	  
		
	 ARTICLE VII Funding
	  	 	5	  
		 	 7.1
	  	General Obligation of the Bank	  	 	5	  
		 	 7.2
	  	Use of Trust, Insurance Policies, Etc	  	 	5	  
		
	 ARTICLE VIII Amendment and Termination
	  	 	6	  
		 	 8.1
	  	Amendment	  	 	6	  
		 	 8.2
	  	Termination	  	 	6	  

  
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	 ARTICLE IX Miscellaneous
	  	 	6	  
		 	 9.1
	  	Provision for Incapacity	  	 	6	  
		 	 9.2
	  	Non-assignable Rights	  	 	6	  
		 	 9.3
	  	Independence of Plan	  	 	6	  
		 	 9.4
	  	At-Will Status	  	 	6	  
		 	 9.5
	  	Conditions of Benefits; Effect on the Participant’s Post-Employment Obligations	  	 	6	  
		 	 9.6
	  	Taxes	  	 	7	  
		 	 9.7
	  	Code Section 409A	  	 	7	  
		 	 9.8
	  	Limitation on Benefits	  	 	7	  
		 	 9.9
	  	Assumption of Obligation	  	 	7	  
		 	 9.10
	  	Governing Law	  	 	7	  
		
	 Appendix A-1
	  	 	A-1	  
	 Appendix A-2
	  	 	A-2	  
	 Appendix A-3
	  	 	A-3	  
	 Appendix B
	  	 	B-1	  

  
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 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ARTICLE I 
 Name and Purpose 

1.1 This instrument and the supplemental retirement plan embodied herein, as from time to time amended, shall be known as the
“Belmont Savings Bank Supplemental Executive Retirement Plan.” 
 1.2 The Plan is established and maintained for the
purpose of providing retirement benefits described in Article III to eligible executive employees of the Bank, MHC and/or Bancorp. 
 1.3 For purposes of ERISA, the Plan is intended to be unfunded, and maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly
compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 ARTICLE II 

Definitions 
 2.1 “Annual Benefit Amount” means a gross amount equal to the product of the Participant’s Final Average Compensation multiplied by the Participant’s Benefit Percentage. 

2.2 “Applicable Appendix” means, with respect to each Participant, the appendix to this Plan in which such Participant is
identified by name and date of hire. Each such appendix, as amended from time to time, is incorporated in its entirety into this Plan by reference and made a part hereof. 
 2.3 “Bancorp” means BSB Bancorp., Inc., with its principal administrative office also located at Two Leonard Street, Belmont, MA 02478. 

2.4 “Benefit Percentage” means, with respect to each Participant, the percentage determined in accordance with such
Participant’s Applicable Appendix. 
 2.5 “Board” means the Bank’s Board of Directors, provided, however
that for purposes of any action required or permitted by the Board of Directors for purposes of this Plan, the Board shall act without participation by the Participant if the Participant is then a member of the Board. 

2.6 “Cause” means any one or more of the following: (i) the commission by the Participant of any crime involving deceit,
dishonesty or fraud with regard to the Bank or its business, or moral turpitude of such a nature as would adversely affect the reputation of the Bank; (ii) the commission by the Participant of a material act or acts of dishonesty in connection
with the performance of the Participant’s duties to the Bank including, without limitation, misappropriation of funds or property; (iii) an act or acts of misconduct (including sexual

  
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harassment) by the Participant; (iv) failure by the Participant to perform to the reasonable satisfaction of the Board a substantial portion of the duties and responsibilities assigned to
the Participant, which failure continues for more than fifteen (15) days after notice is given to the Participant by the Board; or (v) the suspension or termination of the employment of the Participant pursuant to an order by any federal
or state regulatory agency having jurisdiction over the Bank. 
 2.7 “Code” means the Internal Revenue Code of 1986,
as amended. 
 2.8 “Date of Hire” means, with respect to the Participant, the date specified on such
Participant’s Applicable Appendix. 
 2.9 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 2.10 “Final Average Compensation” means the average of the Participant’s annual gross base salary
(prior to any elective salary reduction contributions to any pre-tax benefit arrangement, e.g., a Code Section 401(k), Code Section 125 or Code Section 132 plan) during the three consecutive calendar year period during which
the Participant’s compensation from the Bank was highest during the final sixty (60) month period of the Participant’s employment with the Bank. 
 2.11 “Good Reason” shall mean: (i) a material diminution in the Participant’s base salary other than in connection with a reduction in compensation of comparable magnitude, as a
percentage matter, affecting all or substantially all executive employees of the Bank; (ii) a material diminution in the Participant’s authority, duties, or responsibilities; (iii) a material diminution in the authority, duties or
responsibilities of position to which the Participant is to report; (iv) a material diminution in the budget over which the Participant retains authority; (v) a material change in the geographic location at which the Participant must
perform the Participant’s duties; or (iv) any other action or inaction that constitutes a material breach by the Bank of any agreement under which the Participant provides services, including this Plan; provided that for a termination to
be deemed for Good Reason the Participant must give, within the 90-day period commencing on the initial existence of the condition(s) constituting (or allegedly constituting) Good Reason, written notice of the intention to terminate for Good Reason,
and, upon receipt of such notice, the Bank shall have a thirty (30) day period within which to cure such condition(s); and provided further that the Bank may waive such right to notice and opportunity to cure. In no event may facts or
circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies upon, in whole or in material part, in terminating the Participant for Cause. In no event shall the separation from service,
replacement or promotion of any employee other than the Participant, per se, constitute “Good Reason.” 
 2.12
“MHC” means BSB Bancorp, MHC, a mutual holding company, with its principal administrative office at Two Leonard Street, Belmont, MA 02478. 
 2.13 “Normal Distribution Form” means a distribution in ten (10) annual installments, each such installment equal to the Annual Benefit Amount, the initial installment of which is to

  
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be distributed within sixty (60) days after the later to occur of (i) the date the Participant Separates from Service with the Bank and (ii) the Participant’s Normal
Retirement Date, and the subsequent installments shall be distributed on the first through ninth anniversary of such initial installment. For purposes of Code Section 409A, all such installments shall be treated as a single payment. 

2.14 “Normal Retirement Date” means the date the Participant attains age sixty-two (62). 

2.15 “Participant” means each employee of the Bank, Bancorp or MHC who (i) is designated by the Board as a participant in
the Plan in accordance with Article III of the Plan, (ii) is named in an appendix to the Plan, and (iii) executes a participation instrument in accordance with Section 3.2. 

2.16 “Plan” means the deferred compensation arrangement set forth in this instrument, as amended from time to time. 

2.17 “Plan Year” means the twelve (12) month period ending December 31. 

2.18 “Separation from Service” means a change in the Participant’s service relationship with the Bank, whether or not
initiated by the Bank, such that the Bank reasonably determines, based on the facts and circumstances available as at such determination date, that no further services will be performed by the Participant for the Bank after a certain date (the
“Separation Date”) or that the level of bona fide services the Participant will perform after such Separation Date (whether as an employee, independent contractor or other service provider) will decrease permanently to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee, independent contractor or other service provider) over the preceding thirty-six (36) month period immediately preceding such Separation Date. The
Participant will be presumed to have separated from service where the level of bona fide services performed continues at a level that is more than twenty percent (20%) but less than fifty percent (50%) of the average level of service
performed by the Participant during the thirty-six (36) month period immediately preceding the Separation Date. 
 2.19
“Year of Service” means each period of twelve (12) consecutive months that (i) commences either on the Participant’s Date of Hire or any anniversary thereof and (ii) ends on or prior to the Participant’s Separation
from Service. 
 ARTICLE III 
 Participation 
 3.1 Designation by Board. Participation in the Plan
shall be limited to such management or highly compensated employees of the Bank, Bancorp or MHC, as the Board may designate from time to time, in its discretion. 
 3.2 Term of Participation. An individual designated by the Board to participate in the Plan in accordance with Section 3.1 shall become a Participant upon executing a written instrument of
participation in such form as the Bank approves (which may be in the form set forth as Appendix B to the Plan), and the effective date of such participation shall be the date of 

  
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Board action designating such individual as a participant in the Plan unless otherwise provided by the Board. A Participant’s participation in the Plan shall end upon the first to occur of
(i) the distribution of 100% of the Participant’s benefit, (ii) the Participant’s Separation from Service with a Benefit Percentage of less than ten percent (10%), (iii) the Participant’s Separation from Service for
Cause, (iv) the termination of the Plan and (v) the amendment of the Plan to render the Participant ineligible to participate, subject to Article VIII. 
 ARTICLE IV 
 Eligibility for Benefit 

4.1 Separation from Service. In no event shall any benefit be payable under the Plan to a Participant prior to such
Participant’s Separation from Service, provided, however, that nothing herein shall prevent a distribution required in connection with the Plan’s termination, in whole or in part, or as otherwise required by applicable law. 

4.2 Minimum Required Benefit Percentage; Forfeiture. In no event shall any benefit be payable under this Plan if either
(i) the Participant’s Benefit Percentage is less than ten percent (10%) at Separation from Service, or (ii) the Participant Separates from Service due to termination for Cause or resignation under circumstances that the Board
determines to constitute Cause. 
 ARTICLE V 
 Payment of Benefit 
 5.1 Time and Form of Benefit. A Participant who
Separates from Service for reasons other than Cause and whose Benefit Percentage is greater than zero percent (0%) shall be entitled to a benefit to be distributed in the Normal Distribution Form, such distribution to commence within sixty
(60) days after the later to occur of (i) the date the Participant separates from service with the Bank and (ii) the Participant’s Normal Retirement Date. 
 5.2 Death. In the event that the Participant whose Benefit Percentage is greater than zero percent (0%) dies prior to Separation from Service, the Participant’s benefit shall be distributed in
the Normal Distribution Form commencing on the date the Participant would have attained age sixty-two (62) if the Participant had survived (or, if later, within thirty (30) days after the Participant’s date of death), such benefit to
be distributed to the Participant’s surviving designated beneficiary or, in the absence thereof, to the Participant’s estate. In the event that the Participant dies after Separation from Service but prior to distribution in full of the
Participant’s benefit, the undistributed payment(s) shall be paid to the Participant’s designated beneficiary or, in the absence of a surviving designated beneficiary (including due to the death of a designated beneficiary prior to payment
of the final payment), to the Participant’s estate. 
 ARTICLE VI 

Claims Procedure. 
 6.1 In the event the Participant or the Participant’s beneficiary in the case of the Participant’s death or their authorized representative (hereinafter, the “Claimant”) asserts a
right to a benefit under this Plan which has not been received, in whole or in part, the Claimant must file with the Bank a claim for such benefit on forms provided by the Bank. The Bank shall

  
 - 4 -

 
render its decision on the claim within ninety (90) days after receipt of the claim. If special circumstances apply, the ninety (90) day period may be extended by an additional ninety
(90) days, provided written notice of the extension is given to the Claimant during the initial ninety (90) day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Bank
expects to render its decision on the claim. If the Bank wholly or partially denies the claim, the Bank shall provide written notice to the Claimant. 
 6.2 For purposes of ERISA, including ERISA Section 501 et seq., the Bank, acting through the Board, shall be the Plan administrator with respect to this Plan. As Plan administrator, the Bank
shall have complete authority, in its sole and absolute discretion, to interpret the provisions of this Plan and make determinations regarding eligibility. Without limiting the foregoing, it is the Bank’s intent that the Plan be administered in
a manner compliant with the provisions of Section 409A of the Code, and regulations and rulings issued thereunder so as not to subject the benefits accruing hereunder to taxation pursuant to said Section 409A(a)(1). 

ARTICLE VII 

Funding 

7.1 General Obligation of the Bank. The benefits provided under the Plan constitute a mere promise by the Bank to make payments in
the future, and the rights of the Participant hereunder shall be those of a general unsecured creditor of the Bank. Nothing contained herein shall be construed to create a trust of any kind or to render the Bank a fiduciary with respect to the
Participant. The Bank shall not be required to maintain any fund or segregate any amount or in any other way currently fund the future payment of any benefit provided under the Plan, and nothing contained herein shall be construed to give the
Participant or any other person any right to any specific assets of the Bank or of any other person. This Plan is intended to be, and shall in all events be construed and treated as, a deferred compensation arrangement for a “select group of
management and highly compensated employees,” within the meaning of Title I of ERISA. 
 7.2 Use of Trust, Insurance
Policies, Etc. Notwithstanding the foregoing, the Bank may, in its sole and absolute discretion, establish a trust to which funds earmarked for payment under this Plan may be transferred and from which benefits arising hereunder, and subject to
the provisions and limitations hereof, may be paid. Any such trust would contain provisions making it irrevocable by the Bank unless and until all benefits hereunder which are funded through such trust have been paid or provided for, except in the
case of bankruptcy or insolvency of the Bank, in which event benefit payments from the trust would cease and assets thereof would revert to the Bank or be paid to its creditors. The Bank may, for its corporate purposes, choose to obtain a policy or
policies of life insurance on the Participant. The Participant agrees to fully cooperate in connection with the securing of any such policy or policies or the election of any options thereunder which the Bank may wish and that the Participant will
be available for medical examinations if necessary. 

  
 - 5 -

 ARTICLE VIII 
 Amendment and Termination 
 8.1 Amendment. The Board shall have the
right to amend, alter or modify the Plan at any time and from time to time, in whole or in part; provided, however, that to the extent that any amendment, alteration or modification reduces the amount of any benefit to which a Participant would have
a vested entitlement if the Participant resigned without Good Reason immediately prior to the effective date of such amendment, or changes the form in which such benefit is to be distributed, such amendment shall become effective without the consent
of such affected Participant(s). 
 8.2 Termination. The Board shall have the right, in its sole discretion, to terminate
the Plan, in whole or in part, at any time; provide, however that no such action shall reduce the amount to which a Participant would have a vested entitlement if the Participant resigned without Good Reason immediately prior to the effective date
of such amendment. 
 ARTICLE IX 
 Miscellaneous 
 9.1 Provision for Incapacity. If the Board
reasonably deems any individual incapable of receiving benefits by reason of illness, infirmity or incapacity of any kind, the Bank may make payment of such benefits to any one or more persons or representatives as provided in a written direction
received from the affected individual while competent and, in the absence of any such written direction, to such individual(s) as the Board designates and shall fully discharge the Bank from all obligations liability under this Plan. 

9.2 Non-assignable Rights. Except as otherwise provided by the Plan, neither the Participant nor the Participant’s surviving
spouse shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be non-assignable and non-transferable. 

9.3 Independence of Plan. The benefits payable under the Plan shall be independent of, and in addition to, any employment
agreement that may exist from time to time between the parties hereto, or any compensation payable by the Bank to the Participant other than supplemental retirement benefits, whether as salary, bonus or otherwise. 

9.4 At-Will Status. Notwithstanding any provision of this Plan, the Participant is employed at-will, so that the Participant or
the Bank may terminate the Participant’s employment at any time, with or without notice, for any or no reason. 
 9.5
Conditions of Benefits; Effect on the Participant’s Post-Employment Obligations. In the event that the Participant becomes entitled to a benefit distribution in connection with a involuntary termination prior to attainment of the
Participant’s maximum Benefit Percentage, then the Participant shall be eligible to receive the benefits provided under this Plan, only if the Participant executes a general release, in a form acceptable to the Bank, within fifty (50) days
(or such longer period as may be required by applicable law including, without limitation, the Age Discrimination in Employment Act) of the date of the termination of the Participant’s employment. 

  
 - 6 -

 9.6 Taxes. All payments and benefits described in this Plan shall be subject to any
and all applicable federal, state and local income, employment and other taxes, and the Bank will deduct from each payment to be made to the Participant under this Plan such amounts, if any, required to be deducted or withheld under applicable law.
The Participant hereby acknowledges and agrees that the Bank makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits or other payments under the Plan, or under any statute, or regulation
or guidance thereunder, or under any successor statute, regulation and guidance thereunder. 
 9.7 Code
Section 409A. It is the intent of the parties that this Plan, and all payments of deferred compensation subject to Code Section 409A made hereunder, shall be in compliance with such requirements and the regulations and other guidance
thereunder. Notwithstanding any other provision with respect to the timing of payments under this Plan, if, at the time of the Participant’s separation from service, the Participant is a “specified employee” (meaning a key employee as
defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank (or a Bank affiliate), then to the extent necessary to comply with the requirements of Code Section 409A, any payments to which the Participant is
entitled under this Plan during the six month period commencing on the Participant’s separation from service which are subject to Code Section 409A (and not otherwise exempt from its application including, without limitation, by operation
of Treasury Regulation section 1.409A-1(n)) will be withheld until the first business day of the seventh month following the Participant’s separation from service, at which time such withheld amount shall be paid in a lump-sum distribution.

 9.8 Limitation on Benefits. In no event shall the Bank be obligated to make any payment pursuant to this Plan that is
prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law. It is the intention of the Participant and of the Bank that no payments by the Bank to or
for the benefit of the Participant under this Plan or any other agreement or plan pursuant to which Participant is entitled to receive payments or benefits shall be non-deductible to the Bank by reason of the operation of Code Section 280G
relating to parachute payments. If all, or any portion, of the payments provided under this Plan, either alone or together with other payments and benefits which the Participant receives or is entitled to receive from the Bank, would constitute a
“parachute payment” within the meaning of Code Section 280G, the payments and benefits provided under this Plan shall be reduced to the extent necessary so that no portion thereof shall fail to be tax-deductible by operation of Code
Section 280G (such reduced amount being referred to hereinafter as the “280G Maximum Amount”). To the extent that payments exceeding the 280G Maximum Amount have been made to or for the benefit of the Participant, such excess payments
shall be refunded to the Bank with interest thereon at the applicable federal rate determined under Code Section 1274(d), compounded annually. 
 9.9 Assumption of Obligation. No sale, merger, consolidation or conversion of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this Plan and
agrees to abide by its terms. 
 9.10 Governing Law. The Plan shall be construed under and governed by the laws of the
Commonwealth of Massachusetts except to the extent pre-empted by ERISA. 

  
 - 7 -

 EXECUTED under seal as of the day and year first above written, by the Bank’s duly
authorized representative. 
  

			
	BELMONT SAVINGS BANK
		
	By:	 	/s/ Robert Morrissey
	
	(duly authorized)

  
 - 8 -

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-1 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan, to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by reference. 

 

									
	Participant Name	 	Date of Hire	 	 	Years of Service	 	Benefit Percentage
				
	Robert M. Mahoney	 				 	0-4	 	0%
		 				 	5 or more	 	20%

 Notwithstanding the foregoing, if
prior to the completion of five (5) Years of Service, the Participant either is terminated by the Bank without Cause or resigns for Good Reason, the term “Benefit Percentage” shall mean, with respect to the Participant, the following:

  

					
	Years of Service	  	Benefit Percentage	 
	 Less than 1
	  	 	4	% 
	 1
	  	 	8	% 
	 2
	  	 	12	% 
	 3
	  	 	16	% 
	 4
	  	 	20	% 

  
 A-1

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-2 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan, to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by reference. 

 

									
	Participant Name	 	Date of Hire	 	 	Years of Service	 	Benefit Percentage
				
	Hal Tovin	 				 	0-4	 	0%
		 				 	5-9	 	10%
		 				 	10 or more	 	20%

 Notwithstanding the foregoing, if
prior to the completion of ten (10) Years of Service, the Participant either is terminated by the Bank without Cause or resigns for Good Reason, the term “Benefit Percentage” shall mean, with respect to the Participant, the following:

  

					
	Years of Service	  	Benefit Percentage	 
	 Less than 1
	  	 	2	% 
	 1
	  	 	4	% 
	 2
	  	 	6	% 
	 3
	  	 	8	% 
	 4
	  	 	10	% 
	 5
	  	 	12	% 
	 6
	  	 	14	% 
	 7
	  	 	16	% 
	 8
	  	 	18	% 
	 9
	  	 	20	% 

  
 A-2

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-3 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan, to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by reference. 

 

									
	Participant Name	 	Date of Hire	 	 	Years of Service	 	Benefit Percentage
				
	Christopher Downs	 				 	0-4	 	0%
		 				 	5-9	 	10%
		 				 	10 or more	 	20%

 Notwithstanding the foregoing, if
prior to the completion of ten (10) Years of Service, the Participant either is terminated by the Bank without Cause or resigns for Good Reason, the term “Benefit Percentage” shall mean, with respect to the Participant, the following:

  

					
	Years of Service	  	Benefit Percentage	 
	 Less than 1
	  	 	2	% 
	 1
	  	 	4	% 
	 2
	  	 	6	% 
	 3
	  	 	8	% 
	 4
	  	 	10	% 
	 5
	  	 	12	% 
	 6
	  	 	14	% 
	 7
	  	 	16	% 
	 8
	  	 	18	% 
	 9
	  	 	20	% 

  
 A-3

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX B 
 PARTICIPATION ACKNOWLEDGEMENT 

AND 

DESIGNATION OF BENEFICIARY 
 Name:
                                         
                                        (the
“Participant”) 
 Date of Hire:
                                        

 Effective Date of SERP Participation:
                                        

 The above-named Participant, by execution of this instrument, acknowledges that, as of the Effective Date of Participation noted above, the
Participant has been designated by the Board of Directors (the “Board”) of the Belmont Savings Bank (the “Bank”), to become a participant in the Belmont Savings Bank Supplemental Executive Retirement Plan (the
“SERP”) subject to the terms of the SERP and such designation. In consideration of the Participant’s participation in the SERP, the undersigned hereby agrees and acknowledges as follows: 

 

	1.	That the Participant has no right to elect to receive cash or other compensation currently in lieu of the benefits provided under the SERP; 

 

	2.	That the Participant has received a copy of the SERP document, as in effect on the effective date of this instrument; 

 

	3.	That the Participant rights under the SERP including, without limitation the right to receive benefits, the amount of such benefits, if any, and the form and time of
distribution of any such benefits, are governed by the SERP; 

  

	4.	That the Participant hereby directs that, upon the Participant’s death, whether before or after separation from service, any amount payable with respect to the
Participant under the SERP shall be paid to the following person(s) as Participant’s Primary beneficiary (beneficiaries): 

  
 B-1

 Primary Beneficiary/Beneficiaries 

 

	 	1.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
  

	 	2.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
  

	 	3.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
 If, upon Participant’s death, no primary beneficiary is living or exists, such amount shall be paid to the following person(s) as Participant’s Contingent beneficiary (beneficiaries).

 Contingent Beneficiary/Beneficiaries 
  

	 	1.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
  

	 	2.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
  

	 	3.	                           
              of
                                        
(Relationship:                     ) 

 is to receive             % of any amount payable. 
 If the Participant designates more than one beneficiary, the said amount shall be equally divided among the Participant’s beneficiaries who are living at the time of the Participant’s death,
unless the Participant specifies otherwise on this form. If, upon the Participant’s death there is no primary beneficiary living or existing and if the Participant has named more than one contingent beneficiary, the said amount shall be equally
divided among the Participant’s contingent beneficiaries who are living at the time of the Participant’s death, unless the Participant specifies otherwise on this form. Any distributable benefit amount(s) not payable in accordance with the
foregoing shall be paid to the Participant’s estate; and 
  

	5.	That the Participant has the right to modify the foregoing beneficiary designation by completing and delivering a replacement beneficiary designation form to the Bank.

 IN WITNESS WHEREOF, this instrument has been executed by the Participant this      day of
                    ,         . 

 

	
	  

	Name:

 1941934.2 

  
 B-2

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