Document:

Exhibit 10.1

 Exhibit 10.1 
 FORM OF SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENTS BETWEEN 
 NEWPORT FEDERAL SAVINGS BANK AND
CAROL R. SILVEN, KEVIN M. MCCARTHY, NINO 
 MOSCARDI, BRUCE A. WALSH AND RAY D. GILMORE, II 
 On March 31, 2007, Newport Federal Savings Bank entered into supplemental executive retirement agreements with Ms. Silven and Messrs. McCarthy, Moscardi, Walsh
and Gilmore that are substantially identical to the attached Form of Supplemental Executive Retirement Agreement, except that the annual supplemental retirement benefit provided for in Section 1 of the agreements is $20,000 for Ms. Silven,
$25,000 for Messrs. Gilmore, Moscardi and Walsh, and $50,000 for Mr. McCarthy. In addition, under Section 2 of Mr. Walsh’s agreement, he may receive partial payments upon retirement after age 55, but before age 65. The early
retirement payment schedule provided under Section 2 of the agreement with Mr. Walsh is as follows: 
  

			
	 Age at Early Retirement
 or Termination
	  	 % of Normal
 Retirement Pension

	 Less than 55
	  	  0%
	 55
	  	70%
	 56
	  	73%
	 57
	  	76%
	 58
	  	79%
	 59
	  	82%
	 60
	  	85%
	 61
	  	88%
	 62
	  	91%
	 63
	  	94%
	 64
	  	97%

 This replaces in its entirety the Supplemental Executive Retirement Agreement dated June 20, 2003. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT 
 THIS AGREEMENT, made and entered into this 31st day of March, 2007 (hereinafter the “Effective Date”), by Newport Federal Savings Bank, (hereinafter referred to as the “Bank”), a bank organized and existing under
the laws of Rhode Island, and
                                     (hereinafter referred to
as the “Employee”). 
 WHEREAS, the Employee has performed his/her duties in an efficient and capable manner; and 

WHEREAS, the Bank is desirous of retaining the services of the Employee and rewarding him/her for his/her performance and his/her career with
the Bank; and 
 WHEREAS, to retain the services of the Employee and to reward him/her for his/her performance and career with the
Bank, the Board of Directors has agreed to provide the Employee with a supplemental retirement benefit as described in this Agreement. 
 NOW, THEREFORE, for the value received and in consideration of the mutual covenants contained herein, the parties agree as follows: 
  

	1.	Normal Retirement Supplemental Pension 

 Upon
the Employee’s retirement on or after attaining age sixty-five (65) (hereafter “Normal Retirement Age”), the Bank shall pay the Employee a supplemental annual pension benefit equal to
$                     payable in equal monthly installments, commencing with the first month after the Employee’s retirement, and
continuing for a period of fifteen (15) years. 
  

	2.	Early Retirement or Termination 

 If the
Employee retires or his/her employment with the Bank is otherwise terminated without cause after attaining age 60 and prior to attaining Normal Retirement Age, and the Employee has completed at least ten (10) years of service, then the Bank
will pay the Employee a supplemental pension payable in equal monthly installments, commencing with the first month after such early retirement or termination, and continuing for 15 years, in an amount as indicated on the following schedule:

  

			
	 Age at Early Retirement
or
Termination
	  	% of Normal
Retirement Pension
	 Less than 60
	  	  0%
	 60
	  	50%
	 61
	  	60%
	 62
	  	70%
	 63
	  	80%
	 64
	  	90%

 Should the Employee be terminated for cause or should be engaged in competitive activity, all
supplemental annual pension benefits under the Agreement shall be forfeited. 
 Termination for cause shall mean the Employee’s
deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which
renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank, which failure continues for more than thirty days after written notice given to the
Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such failure. 

 Competitive activity by the employee shall mean that during the Employee’s employment by the Bank or
within two (2) years following his or her termination from service, the Employee directly or indirectly: 
 (i) engages, as an individual proprietor,
partner, stockholder, officer, employee, director, consultant, joint venturer, investor, lender, or in any other capacity whatsoever (except as the holder of less than two percent (2%) of the total outstanding stock of a publicly-held Bank), in
any business concurrently being carried out by the Bank anywhere within the Bank’s primary market areas at the time of such activity by the Employee; or 
 (ii) recruits, solicits, or induces, or attempts to induce, any employee or employees of the Bank to terminate their employment with, or otherwise cease any relationship with the Bank; or solicits, diverts, takes away, or attempts to divert
or take away, any business of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Bank which were contacted, solicited or served by the Employee, or were directly or indirectly under the Employee’s
responsibility, while the Employee was employed by the Bank. 
 (iii) solicits, diverts, takes away, or attempts to divert or take away, any business of any
of the clients, customers or accounts, or prospective clients, customers or accounts of the Bank which were contacted, solicited or served by the Employee or were directly or indirectly under the Employee’s responsibility, while the Employee
was employed by the Bank. 
  

	3.	Death or Disability 

  

	 	a.	Upon the death of the Employee while still actively employed, the Employee’s designated beneficiary shall receive an annual survivor benefit equal to the benefits as outlined
in Sections 1 or 2, payable in equal monthly installments, commencing with the first month after such death, and continuing for a period of fifteen (15) years. 

  

	 	b.	Upon the death of the Employee while receiving any supplemental pension benefit payments as provided in this Agreement, the Employee’s designated beneficiary shall receive the
remaining equal monthly payments which would have been due the Employee. 

  

	 	c.	If the Employee ceases employment because of permanent disability, the Employee will be treated as actively employed, for purposes of this Agreement, while such disability
continues. In such event, payments hereunder will commence upon the Employee’s attainment of Normal Retirement Age in accordance with Section 1 of this Agreement, or as described under Section 2 of the Agreement. The Employee will be
considered permanently disabled when the Employee is no longer capable of performing the material aspects of his or her employment duties for the Bank as a result of physical and/or mental impairment. The Employee shall be considered to be no longer
permanently disabled at such time as he or she returns to work in a position with responsibilities comparable to those inherent in the position in which he or she was employed on the date he or she became permanently disabled.

 In the event there is a disagreement as to whether the Employee is permanently disabled, the Bank and the Employee (or his or
her physical representative) each shall select a physician. If the physicians are in disagreement, they shall select a third physician. A majority opinion of the three physicians as to disability shall be binding on all of the parties hereto.

  

	 	d.	If the Employee shall have failed to make an effective designation of beneficiary in writing, or if the individual or individuals so designated shall die prior to receiving all
payments required to be made to them hereunder and there is no designated alternate beneficiary, then in such event the remaining payments shall be made first to the Employee’s surviving spouse, second the Employee’s surviving children,
equally per stirpes if there is no surviving spouse, and finally to the estate of the Employee if there are neither a surviving spouse nor surviving children. The Employee shall have the right at all times to revoke or change his/her beneficiary
designation by completing a new designation in writing. 

	4.	Assignment 

 Except as otherwise provided
herein, it is understood that neither the Employee, nor any person designated by him/her pursuant to this Agreement, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive payments to be made hereunder,
which payments and the right thereto are expressly declared to be non-assignable and non-transferable. If such assignment or transfer is attempted, the Bank may disregard it and continue to discharge its obligations hereunder as though such
assignment or transfer were not attempted. 
  

	5.	Independent Arrangement 

 The benefits
payable under this Agreement shall be independent of, and in addition to, any other agreement which may exist from time to time between the parties hereto, or any other compensation payable by the Bank to the Employee. This Agreement shall not be
deemed to constitute a contract of employment between the parties hereto, nor shall any provisions hereof restrict the right of the Bank to discharge the Employee or restrict the right of the Employee to terminate his/her employment. 
  

	6.	Non-Trust or Fiduciary Obligation 

 The
rights of the Employee under this Agreement (including the right to payment from the Bank) and of any beneficiary of the Employee or of any other person who may acquire such rights shall be solely those of an unsecured creditor of the Bank. The
Bank’s obligation to pay the supplemental pension provided for under this Agreement is an unfunded promise by the Bank. 
 The Bank may,
but need not, set aside or invest funds, to meet its liability under this Agreement. Title to and beneficiary ownership of any assets, whether cash, investments, life insurance, or otherwise, which the Bank may purchase or designate to pay the
benefits described hereunder shall at all times remain in the Bank, and the Employee shall have no property interest whatsoever in any of these assets or any other assets of the Bank. 
 Any insurance policy on the life of the Employee or any other asset acquired by the Bank in connection with the obligations assumed by it hereunder shall
not be deemed to be held under any trust for the benefit of the Employee or his/her beneficiaries or to be security for the performance of the obligations of the Bank, but shall be, and remain, a general, unpledged, unrestricted asset of the Bank.

 Nothing contained in the Agreement and no action taken pursuant to the provisions of the Agreement shall create or be construed to create
a trust of any kind, or a fiduciary relationship between the Bank and the Employee or his/her beneficiaries. Any funds which may be invested under this Agreement shall continue for all purposes to be a part of the general funds of the Bank, and no
person, other than the Bank, shall, by virtue of the provisions of this Agreement, have any interest in such funds. 
  

	7.	Change in Control 

  

	 	a.	If the Employee’s employment with the Bank is involuntarily terminated within two years after a change in control of the Bank, payment hereunder will commence immediately in
monthly amounts equal to the amount which would have been payable as if the Employee were employed until Normal Retirement Age. 

  

	 	b.	 Change in control shall be deemed to have occurred at such time as (1) the Bank is converted from a mutual savings bank to an entity which issues stock and is
owned by its shareholders, (2) individuals who, as of the beginning of any twenty-four (24) month period, constitute Board of Directors (“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of
Directors, provided that any individual becoming a Director subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least a majority of the Directors 

	 	 
then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, (3) a merger, consolidation,
acquisition or other corporate transaction occurs that has the effect of transferring a controlling influence over management of the Bank to a natural person, corporate or other business entity other than its current management or Directors, or
(4) a completed liquidation or dissolution of the Bank or sale or other disposition of all or substantially all of the assets of the Bank is consummated, other than to individuals or entities who were the beneficial owners of the Bank
immediately prior to such sale or disposition. 

  

	8.	Arbitration 

 Any controversy or claim
arising out of or relating to the Agreement, or the breach thereof, or any failure to agree where agreement of the parties is necessary pursuant hereto, including the determination of the scope of this agreement to arbitrate, shall be resolved by
the following procedures: 
  

	 	a.	The parties agree to submit any dispute to final and binding arbitration administered by the American Arbitration Association (the “AAA”), pursuant to the Commercial
Arbitration Rules of the AAA as in effect at the time of submission. The arbitration shall be held in Providence, Rhode Island before a single neutral, independent, and impartial arbitrator (the “Arbitrator”). 

  

	 	b.	Unless the parties have agreed upon the selection of the Arbitrator before then, the AAA shall appoint the Arbitrator within thirty (30) days after the submission to AAA for
binding arbitration. The arbitration hearings shall commence within fifteen (15) days after the selection of the Arbitrator. Each party shall be limited to two pre-hearing depositions each lasting no longer than two (2) hours. The parties
shall exchange documents to be used at the hearing no later than ten (10) days prior to the hearing date. Each party shall have no longer than three (3) hours to present its position, and the entire proceedings before the Arbitrator shall
be on no more than two (2) hearing days within a two week period. The award shall be made no more than ten (10) days following the close of the proceeding. The Arbitrator’s award shall not include consequential, exemplary, or punitive
damages. The Arbitrator’s award shall be a final and binding determination of the dispute and shall be fully enforceable in any court of competent jurisdiction. Except in a proceeding to enforce the results of the arbitration, neither party nor
the Arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties. 

  

	9.	Taxes 

  

	 	a.	The Bank shall have the right to deduct from all amounts to be paid by the Bank to the Employee under the Agreement any taxes required by law to be withheld.

  

	 	b.	The Employee should consult his/her own legal and tax advisors concerning personal tax consequences of being eligible for, and receiving benefit payments under, the Agreement.

  

	10.	IRS Section 409A 

 The Bank intends in good
faith that this plan comply with Internal Revenue Code Section 409A. To the extent any provision of this plan is deemed inconsistent with that section, said provision is hereby expunged and the plan shall be deemed amended to comply with said
law and the Bank shall take such steps as to amend the plan so that it complies in form with Section 409A. 

	11.	Miscellaneous Provisions 

  

	 	a.	This Agreement shall be binding upon and inure to the benefit of any successor of the Bank and any such successor shall be deemed substituted for the Bank under the terms of this
Agreement. 

  

	 	b.	This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto. 

  

	 	c.	This Agreement shall be governed and construed in accordance with the law of the State of Rhode Island. 

  

	 	d.	The benefits provided by the Bank to the Employee pursuant to this Agreement are in the nature of a fringe benefit and shall in no event be construed to affect or limit the
Employee’s current or prospective salary increases, cash bonuses or profit-sharing distributions or credits or his right to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group, bonus or other
supplemental compensation or fringe benefit plan. 

  

	 	e.	The Plan Administrator shall be the Chairman of the Board or his/her designee. In the event a dispute arises over benefits payable under this Agreement and benefits are not paid to
the Employee (or to his estate in the case of the Employee’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Plan Administrator within sixty (60) days from the date
payments are refused. The Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, it shall provide in writing within sixty (60) days of receipt of such claim its specific reasons for such denial,
reference to the provisions of the Agreement upon which the denial is based and any additional material or information necessary to perfect the claim. Such written notice shall further indicate the additional steps to be taken by claimants if a
further review of the claim denial is desired. A claim shall be deemed to have been denied if the Plan Administrator fails to take any action within the aforesaid sixty-day period. 

 If claimants desire a second review they shall notify the Plan Administrator in writing within ninety (90) days of the first claim denial. Claimants
may review this Agreement or any documents relating thereto and submit any written issues and comments they may feel appropriate. In its sole discretion, the Plan Administrator shall then review the second claim and provide a written decision within
sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and shall include reference to specific provisions of this Agreement upon which the decision is based. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by it duly authorized representative, on the day and year first above written.

  

	
	
	   
	Employee
	
	   
	Authorized Representative

 BENEFICIARY STATEMENT 
 I,
                                        
         hereby name as a beneficiary under the Supplemental Executive Retirement Agreement dated
                        , 2007 as follows: 
  

							
				
	Primary:	 	  	 	/	 	  
		 	Name	 		 	Relationship
		 	
				
	Secondary:	 	  	 	/	 	  
		 	Name	 		 	Relationship

  

			
		
	Signed:	 	  
		
	Dated:Exhibit 10.2

 Exhibit 10.2 
 FORM OF EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENTS BETWEEN NEWPORT 
 FEDERAL SAVINGS BANK AND
KEVIN M. MCCARTHY, NINO MOSCARDI AND BRUCE A. WALSH 
 On March 31, 2007, Newport Federal Savings Bank entered into an executive split dollar life
insurance agreement with Mr. Moscardi that is substantially identical to the attached Form of Executive Split Dollar Life Insurance Agreement. On the same date, Newport Federal Savings Bank increased the benefits to Messrs. McCarthy and Walsh
under their existing Executive Split Dollar Life Insurance Agreements, which are also substantially identical to the attached Form of Executive Split Dollar Life Insurance Agreement. The individual agreements differ from the attached form of
agreement only with respect to the information contained in Schedule A to each agreement. The Schedules A provide as follows: 
  

	 	(i)	Payments to the executives pursuant to Section 5.a of the agreement would be: (a) in the case of Mr. McCarthy, $100,000 plus the cash asset value of his life
insurance policy, (b) in the case of Mr. Walsh, $60,000 plus the cash asset value of his life insurance policy, and (c) in the case of Mr. Moscardi, the cash asset value of his life insurance policy. 

  

	 	(ii)	Payments to the executives pursuant to Section 5.b of the agreement would be equal to the lesser of $300,000, $100,000 and $150,000 for the beneficiaries of Messrs. McCarthy,
Walsh and Moscardi, respectively, or the total insurance proceeds less the cash asset value of the policy for each executive. 

 EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
 THIS AGREEMENT, made and entered into this 31st day of March, 2007, by and among Newport Federal Savings Bank (hereinafter referred to as the “Bank”), a
Bank organized and existing under the laws of Rhode Island, and                             
(hereinafter referred to as the “Executive”). 
 WHEREAS, the Executive has performed his/her duties in an efficient and
capable manner; and 
 WHEREAS, the Bank is desirous of retaining the services of the Executive; and 
 WHEREAS, the Bank is desirous of assisting the Executive in paying for life insurance on his/her own life; and 
 WHEREAS, the Bank has determined that this assistance can best be provided under a “split-dollar” arrangement; and 
 WHEREAS, the Bank and the Executive have applied for insurance policy(ies) on the Executive’s life; and 
 WHEREAS, the Bank and the Executive agree to make said insurance policy subject to this split-dollar agreement; and 
 WHEREAS, it is now understood and agreed that this split-dollar agreement is to be effective as of the date on which the Policy was issued;

 NOW, THEREFORE, for value received and in consideration of the mutual covenants contained herein, the parties agree as follows:

  

	1.	Definitions 

  

	 	a)	“Split Dollar Insurance Benefit” means the life insurance benefit payable to the Executive’s beneficiary in an amount as shown on Schedule A.

  

	2.	Allocation of Premiums 

  

	 	a)	The Executive will pay that portion of the annual premiums due on the policy that is equal to the lesser of (a) the amount of the entire economic benefit (including any
economic benefit attributable to the use of policy dividends) that would be taxable to the Executive but for such payment, or (b) the amount of the premium due on the policy. The Bank will pay the remainder of the premium. The economic benefit
that would be taxable to the Executive will be computed in accordance with IRS Revenue Rulings in effect on the effective date of this agreement. 

  

	3.	Payment of Premiums 

  

	 	a)	Any premium or portion thereof which is payable by the Executive under any Article of this agreement may at the election of the Executive be deducted from the cash compensation
otherwise payable to the Executive and the Bank agrees to transmit that premium or portion, along with any premium or portion thereof payable by it, to the Insurance Company on or before the premium due date. 

	4.	Rights in the Policy 

  

	 	a)	The Bank is the owner of any insurance policy, with the insured having only the right to name a beneficiary for any split dollar insurance benefit. 

  

	 	b)	Upon the death of the Executive while this agreement is in force, the Executive’s named beneficiary will be entitled to receive from the Policy proceeds an amount equal to the
Split Dollar Death Benefit. The remainder of the Policy Proceeds will be paid to Bank. Within 60 days after the death of the Executive, the Bank will provide to the Insurance Company a written statement indicating the amount of the Policy proceeds
which it is entitled to receive. 

  

	5.	Death Proceeds 

  

	 	a)	Upon the death of the Executive while actively employed, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A.

  

	 	b)	If the Executive retires or his/her employment with the Bank is otherwise terminated, other than for cause, and if the Executive has been employed by the Bank for at least Ten
(10) Years, then the Split Dollar Insurance Benefit is payable at death in an amount per Schedule A. 

  

	 	c)	If the Executive terminates employment without having been employed by the Bank for at least the Ten (10) Years, then the Executive will not be entitled to any payments
hereunder. 

  

	 	d)	If the Executive is terminated for cause, then the Executive and his/her beneficiary will not be entitled to any payments hereunder. Termination for Cause shall mean
the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable
disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank, which failure continues for more than thirty days after written notice
given to the Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such failure or for good reason (good reason shall mean (1) a reduction in the
Employee’s annual base salary as in effect on the date hereof; or (2) a significant diminution in the nature or scope of the Employee’s responsibilities, authorities, powers, functions or duties; or (3) a material breach by the
Bank of any of the provisions of this Agreement which failure or breach shall have continued for thirty (30) days after written notice from the Employee to the Bank specifying the nature of such failure or breach). 

  

	6.	Miscellaneous Provisions 

  

	 	a)	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive
by virtue of this Agreement other than those specifically set forth herein. 

  

	 	b)	This instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto. 

  

	 	c)	This Agreement shall be governed and construed in accordance with the law of the State of Rhode Island. 

  

	7.	Liability of Insurers 

 The insurers are not
parties to this Agreement. With respect to any Policies of insurance issued pursuant to this Agreement, the insurers shall have no liability except as set forth in the Policies. Such insurers shall not 

 
be bound to inquire into or take notice of any of the covenants herein contained as to Policies of life insurance, or as to the application of the proceeds
of such Policies. 
 The insurers shall be discharged from all liability in making payments of the proceeds and in permitting rights and
privileges under the policies to be exercised to the provisions of the Policies. 
 IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals, the Bank by its duly authorized officer, on the day and year first above written. 
  

	
	
	   
	Executive
	
	   
	Bank Officer

 SCHEDULE A 
 SPLIT DOLLAR DEATH BENEFIT 
  

	I.	Upon the death of the Executive while actively employed the named beneficiary is entitled to an amount equal to the Total Death Proceeds less: 

  

	 	a.	                                    

  

	II.	If the Executive retires or his/her employment with the Bank is otherwise terminated, other than for cause, and if the Executive has been employed by the Bank for at least Ten
(10) Years, then the Split Dollar Insurance Benefit payable at death is equal to the lesser of: 

  

	 	a.	                                    

  

	 	b.	                                    

  

	III.	If the Executive terminates employment without having been employed by the Bank for at least the Ten (10) Years, then the Executive will not be entitled to any payments
hereunder. 

 The Executive may opt out of the plan at any time by providing written notice to the Bank. 

 EXECUTIVE SPLIT DOLLAR LIFE INSURANCE PLAN 
 BENEFICIARY STATEMENT 
 I,
                                    , do hereby name as a
beneficiary under the Executive Split Dollar Life Insurance plan dated
                                 as follows: 
  

							
				
	Primary:	 	  	 	/	 	  
		 	Name	 		 	Relationship
		 	
				
	Secondary:	 	  	 	/	 	  
		 	Name	 		 	Relationship

  

			
		
	Signed:	 	  
		
	Dated:

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