Document:

Exhibit 10.4

 Exhibit 10.4 
 PEOPLES FEDERAL BANCSHARES, INC. 
 EMPLOYMENT
AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of
                    , 2010 (the “Effective Date”), by and between Peoples Federal Bancshares, Inc. (the “Company”), a Maryland
corporation, with its principal offices located at 435 Market Street, Boston, Massachusetts 02135, and                      (“Executive”).
Any reference herein to the “Bank” shall refer to Peoples Federal Savings Bank, the wholly-owned subsidiary of the Company. 
 WHEREAS, the Executive is currently employed as                      of the Bank pursuant to an
employment agreement between the Bank and the Executive originally entered into as of                      (the “Bank Agreement”);

 WHEREAS, the Company desires also to enter into this Agreement with Executive so that the Company is
assured of the continued availability of the Executive’s services as provided in this Agreement; and 
 WHEREAS, the Executive is willing to serve the Company on the terms and conditions hereinafter set forth and has agreed to such changes. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
  

	1.	Position and Responsibilities. 

 (a) During the period of Executive’s employment under this Agreement, Executive agrees to serve as                      of the Company.
Executive shall perform all duties and shall have all powers which are commonly incident to the offices of                      or which, consistent
with that office, are delegated to him by the Board of Directors of the Company (the “Board of Directors” or “Board”) or the [President of the Company]. 
 (b) During the period of Executive’s employment under this Agreement, except for periods of absence occasioned by illness, vacation, and reasonable leaves of absence, Executive
shall devote substantially all of his business time, attention, skill and efforts to the faithful performance of his duties under this Agreement, including activities and services related to the organization, operation and management of the Company
and its affiliates, as well as participation in community, professional and civic organizations; provided, however, that, with the approval of the Board of Directors, as evidenced by a resolution of the Board of Directors, from time to time,
Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, companies or organizations, which, in the judgment of the Board of Directors, will not present any conflict of interest with the
Company or its affiliates, or materially affect the performance of Executive’s duties pursuant to this Agreement. 
 (c)
The Executive will be furnished with the working facilities and staff customary for executive officers with the title and duties set forth in this Agreement and as are necessary for him to perform his duties. The location of such facilities and
staff shall be at the principal administrative offices of the Company, or at such other site or sites customary for such offices. 

	2.	Term of Employment. 

 (a)
The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the Effective Date and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made
pursuant to this Section 2. 
 (b) The term of this Agreement shall be extended for one day each day so that a constant
thirty-six (36) calendar month term shall remain in effect, until such time as the Board or Executive elects not to extend the term of the Agreement by giving written notice to the other party in accordance with the terms of this Agreement, in
which case the term of this Agreement shall be fixed and shall end on the third anniversary of the date of such written notice. Commencing within ninety (90) days of the first anniversary of the Effective Date and as of each anniversary
thereafter (each, an “Anniversary Date”), the disinterested members of the Board of Directors shall determine whether to continue the renewals of the Agreement on a daily basis or to notify the Executive that the Agreement shall not be
renewed. If notice of nonrenewal is provided to the Executive, then in such case the term of this Agreement shall become fixed and shall cease at the end of thirty-six (36) full calendar months following the Anniversary Date. 
 (c) Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Company may terminate Executive’s
employment with the Company at any time during the term of this Agreement, subject to the terms and conditions of this Agreement. 
  

	3.	Compensation and Benefits. 

 (a) Base Salary. The Company agrees to pay Executive during the term of this Agreement a base salary (“Base Salary”) at the rate of $             per annum,
payable in accordance with the Company’s customary payroll practices. The Board of Directors of the Company shall review annually the rate of Executive’s Base Salary based upon factors they deem relevant, and may maintain or increase his
Base Salary, provided that no such action shall reduce the rate of Base Salary below the rate in effect on the Effective Date. In the absence of action by the Board of Directors, Executive shall continue to receive his Base Salary at the per annum
rate specified on the Effective Date or, if another rate has been established under the provisions of this Section 3, the rate last properly established by action of the Board of Directors. 
 (b) Incentive Compensation. Executive shall be entitled to participate in discretionary bonuses or other incentive compensation
programs that the Board of Directors may award from time to time to senior management employees pursuant to bonus plans or otherwise. 
 (c) Automobile and Cellular Phone. The Bank or the Company shall provide Executive with, and Executive shall have the primary use of, an automobile owned or leased by the Bank or the Company and the Bank or the Company shall pay (or
reimburse Executive) for all expenses of insurance, registration, operation and maintenance of the automobile. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile, as the Bank or

  

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the Company may establish from time to time, and the Bank or the Company shall annually include on Executive’s Form W-2 any amount attributable to Executive’s personal use of such
automobile. The Bank or the Company shall also provide Executive with a cellular phone and shall pay (or reimburse) Executive for all reasonable expenses related to the business use of such phone. All expenses and reimbursements shall be paid
promptly by the Bank or the Company and in any event no later than March 15 of the year immediately following the year in which the expenses were incurred. [Leetch and Sullivan contracts only] 
 (d) Vacation and Holidays. Executive shall take vacation at a time mutually agreed upon by the Company and Executive. Executive shall
receive his Base Salary and other benefits during periods of vacation. Executive shall also be entitled to paid legal holidays in accordance with the policies of the Company. 
 (e) Other Employee Benefits. In addition to any other compensation or benefits provided for under this Agreement, Executive shall be entitled to continue to participate in any
employee benefit plans, arrangements and perquisites of the Company or the Bank in which he participated or was eligible to participate as of the Effective Date. Executive shall also be entitled to participate in any employee benefits or perquisites
the Company offers to full-time employees or executive management in the future. The Company will not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect
Executive’s rights or benefits thereunder without separately providing for an arrangement that ensures Executive receives or will receive the economic value that Executive would otherwise lose as a result of any adverse changes. Without
limiting the generality of the foregoing provisions of this paragraph, Executive shall be entitled to participate in or receive benefits under all plans relating to stock options, restricted stock awards, stock purchases, pension, profit sharing,
employee stock ownership, supplemental retirement, directors’ retirement, group life insurance, medical and other health and welfare coverage that are made available by the Company currently or at any time in the future during the term of this
Agreement, subject to and on a basis consistent with, the terms, conditions and overall administration of such plans and arrangements. 
 (f) Retirement Benefits. In the event the Executive’s employment is terminated on or after the Executive attains the age of sixty-five (65), then the Executive and the Executive’s spouse shall be entitled to receive for the
life of the Executive and the Executive’s spouse, at no cost to either individual, participation in a supplemental medical retiree insurance plan and a prescription drug benefit plan offered by the Bank or the Company; provided that any
insurance premiums payable by the Bank or the Company, or any successors, shall be payable at such times and in such amounts as if the Executive was still an employee of the Bank or the Company, subject to any increases in such amounts imposed by
the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Bank or the Company in any taxable year shall not affect the amount of insurance premiums required to be paid by the Bank or the Company in any other
taxable year; and provided further that if the Executive or the Executive’s spouse’s participation in a supplemental medical retiree insurance plan or prescription drug benefit plan is barred, the Bank or the Company shall arrange to
provide the Executive or the Executive’s spouse with insurance benefits substantially similar to those which the Executive or the Executive’s spouse was entitled to receive under this Section 3(f) at no additional cost to the
Executive or the Executive’s spouse. [Leetch and Sullivan contracts only]  
  

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	4.	Payments to Executive Upon an Event of Termination. 

 (a) Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 4 shall apply. Unless Executive
agrees otherwise, as used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Company of Executive’s full-time employment for any reason other than a
termination governed by Section 6 of this Agreement; or (ii) Executive’s resignation from the Company for “Good Reason.” Good Reason shall include any of the following: 
  

	 	(A)	 failure to reappoint Executive as
                    ; 

  

	 	(B)	 material change in Executive’s functions, duties or responsibilities with the Company or its affiliates, which change would cause
Executive’s position to become one of lesser responsibility, importance or scope from the position and attributes thereof described in Section 1 of this Agreement; 

  

	 	(C)	 relocation of Executive’s principal place of employment by more than twenty-five (25) miles from its location at the Effective Date of
this Agreement; 

  

	 	(D)	 material reduction in the benefits and perquisites provided to Executive from those being provided as of the Effective Date of this Agreement
(except for any reduction that is part of an employee-wide reduction in pay or benefits); 

  

	 	(E)	 liquidation or dissolution of the Company other than liquidations or dissolutions that are caused by reorganizations that do not affect the status
of Executive; or 

  

	 	(F)	 breach of this Agreement by the Company. 

 Upon the occurrence of any event described in clauses (A) through (F), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon not less
than 30 days prior written notice given within a reasonable period of time (not to exceed 90 days) after the event giving rise to the right to elect, which termination by Executive shall be an Event of Termination. The Company shall have 30 days to
cure the condition giving rise to the Event of Termination, provided that the Company may elect to waive said 30-day period. 
 (b) Upon Executive’s termination of employment in accordance with paragraph (a) of this Section 4, as of the Date of Termination, as defined in Section 7 of this Agreement, the Company shall be obligated to pay
Executive, or, in the event of his death following the Date of Termination, his beneficiary(ies), or his estate, as the case may be, an amount equal to the sum of: (i) the Base Salary and incentive compensation that would have been paid to
Executive for the remaining term of this Agreement had the Event of Termination not occurred (based on Executive’s then current Base Salary and most recently paid or accrued bonus at the time of the

  

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Event of Termination) plus (ii) the value of all employee benefits that would have been provided to Executive for the remaining term of this Agreement had the Event of Termination not
occurred, based on the most recent level of contribution, accrual or other participation by or on behalf of Executive. Such amounts shall be paid to Executive in a single cash lump sum distribution within thirty (30) days following
Executive’s Event of Termination; provided however, if the Executive is a “Specified Employee,” as defined in Treasury Regulation 1.409-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Code,
such payment shall be delayed until the first day of the seventh full month following the Executive’s Date of Termination. Such payments shall not be reduced in the event Executive obtains other employment following termination of employment
with the Company. 
 (c) In addition to the payments provided for in paragraph (b) of this Section 4, upon
Executive’s termination of employment in accordance with the provisions of paragraph (a) of this Section 4, to the extent that the Company continues to offer any life insurance, non-taxable medical, health, or dental insurance plan or
arrangement in which Executive or his dependents participates as of the date of the Event of Termination (each being a “Welfare Plan”), Executive and his covered dependents shall continue participating in such Welfare Plans, subject to the
same premium contributions on the part of Executive as were required immediately prior to the Event of Termination until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority
owner; or (iii) the end of the remaining term of this Agreement. If the Company does not offer the Welfare Plans at any time after the Event of Termination, then the Company shall provide Executive with a payment equal to the premiums for such
benefits for the period which runs until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the end of the remaining term of this Agreement, with such
amounts payable to Executive in a single cash lump sum distribution within thirty (30) days following Executive’s Event of Termination; provided, however, if the Executive is a “Specified Employee,” as defined in Treasury
Regulation 1.409-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Code, such payment shall be delayed until the first day of the seventh full month following the Executive’s Date of Termination.

  

	5.	Change in Control. 

 (a)
For purposes of this Agreement, a “Change in Control” shall mean one of the following events: 
 (i)
There occurs a “Change in Control” of the Company, as defined or determined by either the Company’s primary federal regulator or under regulations promulgated by such regulator; 
 (ii) As a result of, or in connection with, any merger or other business combination, sale of assets or contested election,
wherein the persons who were non-employee directors of the Company before such transaction or event cease to constitute a majority of the Board of Directors of the Company or any successor to the Company; 
  

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 (iii) The Company transfers all or substantially all of its assets to
another corporation or entity which is not an affiliate of the Company; 
 (iv) The Company is merged or
consolidated with another corporation or entity and, as a result of such merger or consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors
of the Company; or 
 (v) The Company sells or transfers more than a fifty percent (50%) equity interest in
the Company to another person or entity which is not an affiliate of the Company, excluding a sale or transfer to a person or persons who are employed by the Company. 
 (b) If any of the events described in paragraph (a) of this Section 5, constituting a Change in Control, have occurred or the Board of Directors determines that a Change in Control has occurred,
Executive shall be entitled to the benefits provided for in paragraphs (c), (d), and (e) of this Section 5 upon his termination of employment at any time during the term of this Agreement on or after the date the Change in Control occurs
due to (i) Executive’s dismissal, (ii) Executive’s resignation following any demotion, loss of title, office or significant authority or responsibility, reduction in annual compensation or benefits or relocation of his principal
place of employment by more than twenty-five (25) miles from its location immediately prior to the Change in Control, or (iii) Executive’s resignation for any reason within ninety (90) days of the effective date of a Change in
Control, unless Executive’s termination is for Just Cause as defined in Section 6 of this Agreement; provided, however, that such benefits shall be reduced by any payments made under Section 4 of this Agreement. 
 (c) Upon the occurrence of a Change in Control followed by Executive’s termination of employment, as provided for in paragraph
(b) of this Section 5, the Company shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the greater of the
payments and benefits due for the remaining term of the Agreement, pursuant to the provisions of Section 4 of this agreement, or three (3) times Executive’s average Annual Compensation over the five (5) most recently completed
calendar years ending with the year immediately preceding the effective date of the Change in Control. In determining Executive’s average Annual Compensation, “Annual Compensation” shall include Base Salary and any other taxable
income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses (whether paid or accrued for the applicable period), as well as retirement benefits,
director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s benefit during any such year, profit sharing, employee stock ownership plan and other retirement contributions or benefits, including any
tax-qualified plan or arrangement (whether or not taxable) made or accrued on behalf of Executive for such year. All amounts payable to the Executive shall be paid in a single cash lump sum distribution within thirty (30) days following such
termination of Executive’s employment; provided, however, if the Executive is a “Specified Employee,” as defined in Treasury Regulation 1.409-1(i), then, solely to the extent required to avoid penalties under Section 409A of the
Code, such payment shall be delayed until the first day of the seventh full month following the Executive’s Date of Termination. 
  

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 (d) Upon the occurrence of a Change in Control and Executive’s termination of
employment in connection therewith, to the extent that the Company continues to offer any life insurance, non-taxable medical, health, or dental insurance plan or arrangement in which Executive or his dependents participated immediately prior to the
Change in Control (each being a “Welfare Plan”), Executive and his covered dependents shall continue participating in such Welfare Plans, subject to the same premium contributions on the part of Executive as were required immediately prior
to the Change in Control, until the earlier of (i) Executive’s death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the expiration of thirty-six (36) months. [For
Leetch and Sullivan contract only: In addition, Executive shall be entitled to the benefit provided under Section 3(f) above if Executive’s termination following a Change in Control occurs after Executive attains age sixty-five or
within three years prior to Executive’s sixty-fifth birthday.] If the Company does not offer the Welfare Plans at any time after the Change in Control, the Company shall provide Executive with a payment equal to the premiums for such
benefits for the period which runs until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the expiration of 36 months, with such amounts payable to
Executive in a single cash lump sum distribution within thirty (30) days following Executive’s Event of Termination; provided, however, if the Executive is a “Specified Employee,” as defined in Treasury Regulation 1.409-1(i),
then, solely to the extent required to avoid penalties under Section 409A of the Code, such payment shall be delayed until the first day of the seventh full month following the Executive’s Date of Termination. 
 (e) The use or provision of any membership, license, automobile use or other perquisites shall be continued during the remaining term of the
Agreement on the same financial terms and obligations as were in place immediately prior to the Change in Control, provided however, that if such expenses are paid in the first instance by the Executive, the Company shall reimburse the Executive
therefore. Such reimbursement shall be paid promptly by the Company and in any event no later than March 15 of the year immediately following the year in which such expenses were incurred. To the extent that any item referred to in this
paragraph will, at the end of the term of this Agreement, no longer be available to Executive, Executive will have the option to purchase all rights then held by the Company to such item for a price equal to the then fair market value of the item.

 (f) For purposes of this Agreement, “Event of Termination” and “termination of employment” shall mean
“Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Company and Executive reasonably anticipate that the level of bona fide services Executive
would perform after termination would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period.

  

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	6.	Termination for Just Cause. 

 The phrase termination for “Just Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order or material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive
shall not be deemed to have been terminated for Just Cause unless and until there shall have been delivered to him a Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a simple
majority of all of the members of the Board of Directors at a meeting of the Board of Directors called and held for that purpose, finding that, in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying
termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Just Cause. 
  

	7.	Notice. 

 (a) Any
purported termination by the Company or by Executive shall be communicated by means of a Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall
indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so
indicated. 
 (b) “Date of Termination” shall mean the date specified in the Notice of Termination. 
  

	8.	Post-Termination Obligations. 

 Payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with Section 9 for one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s
employment with the Company. Executive shall, upon reasonable notice, furnish such information and assistance as may reasonably be required by the Company in connection with any litigation to which it or any of its affiliates is, or may become, a
party. 
  

	9.	Non-Competition and Non-Disclosure. 

 (a) Upon any termination of Executive’s employment pursuant to Section 4 of this Agreement, Executive agrees not to compete with the Company or its affiliates for a period of one (1) year
following such termination in any city, town or county in which Executive’s normal business office is located and the Company or any of its affiliates has an office or has filed an application for regulatory approval to establish an office,
determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board of Directors. Executive agrees that during such period and within said cities, towns and counties, Executive shall not
work for or advise, consult or otherwise serve with, directly or indirectly, any

  

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entity whose business materially competes with the depository, lending or other business activities of the Company or its affiliates. The parties hereto, recognizing that irreparable injury will
result to the Company or its affiliates, its business and property in the event of Executive’s breach of this Section 9(a), agree that in the event of any such breach by Executive, the Company or its affiliates will be entitled, in
addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Executive
represents and admits that, in the event of the termination of his employment pursuant to Section 4 of this Agreement, Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other
lines and/or of a different nature than the Company or its affiliates, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Company or its
affiliates from pursuing any other remedies available to the Company or its affiliates for such breach or threatened breach, including the recovery of damages from Executive. 
 (b) Executive recognizes and acknowledges that his knowledge of the business activities and plans for business activities of the Company and its affiliates, as it may exist from time
to time, is a valuable, special and unique asset of the business of the Company and its affiliates. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business
activities of the Company and its affiliates to any person, firm, corporation or other entity for any reason or purpose whatsoever, unless expressly authorized by the Board of Directors or required by law. Notwithstanding the foregoing, Executive
may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Company or its affiliates. In the event of a breach or
threatened breach by Executive of the provisions of this Section 9(b), the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, knowledge of the past, present, planned or considered business
activities of the Company or its affiliates or from rendering any services to any person, firm, corporation or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be
construed as prohibiting the Company from pursuing any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from Executive. 
  

	10.	Death and Disability. 

 (a) Death. Notwithstanding any other provision of this Agreement to the contrary, in the event of Executive’s death during the term of this Agreement, the Company shall immediately pay his estate any salary and bonus accrued but
unpaid as of the date of his death, and, for a period of six (6) months after Executive’s death, the Company shall continue to provide his dependents with the same non-taxable medical insurance benefits existing on the date of his death
and shall pay Executive’s designated beneficiary all compensation that would otherwise be payable to him pursuant to Section 3(a) of this Agreement, within thirty (30) days of such death. This provision shall not negate any rights
Executive or his beneficiaries may have to death benefits under any employee benefit plan of the Company. 
  

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 (b) Disability. 
 (i) Termination of Executive’s employment based on “Disability” shall be construed to comply with
Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not
less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company; or (iii) Executive is determined to be totally disabled by
the Social Security Administration. The provisions of Section 10(b) shall apply upon the termination of the Executive’s employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments
hereunder shall commence within thirty (30) days. 
 (ii) In the event of Disability,
Executive’s obligation to perform services under this Agreement will terminate. In the event of such termination, Executive shall continue to receive A) one hundred percent (100%) of his monthly Base Salary (at the annual rate in effect on
the Date of Termination) through the one hundred eightieth (180th) day following the Date of Termination by reason of Disability and B) sixty percent (60%) of his monthly Base Salary from the one hundred eighty-first (181st) day following termination through the earlier of the date of his death or the date he attains age 70. Such
payments shall be reduced by the amount of any short- or long-term disability benefits payable to Executive under any disability program and any retirement benefits payable to Executive under any tax-qualified retirement plan sponsored by the
Company, but in no event shall Executive’s Disability benefit be reduced below zero. In addition, during any period of Executive’s Disability, Executive and his dependents shall, to the greatest extent possible, continue to be covered
under life insurance and non-taxable medical and dental plans of the Company in which Executive participated prior to the occurrence of Executive’s Disability, on the same terms as if Executive were actively employed by the Company.
Notwithstanding anything to the contrary herein, no payments shall be made hereunder which would violate Code Section 409A. Accordingly, any payments required hereunder shall commence within thirty (30) days from the date of determination
of Executive’s Disability and shall be paid no less frequently than monthly during the period that Executive is Disabled. 
  

	11.	Source of Payments: No Duplication of Benefits. 

 Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, are paid or received by Executive under the Employment Agreement
in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion
to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. 
 [With respect to Sullivan agreement, this Section shall read as follows: 
 Source of Payments. All payments provided for in this Agreement shall be timely paid in cash or check from the general funds of the Company.] 
  

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	12.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment or change in control agreement between the Company or any predecessor of the Company and
Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to
receiving fewer benefits than those available to him without reference to this Agreement. 
  

	13.	No Attachment. 

 (a)
Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation, or to execution, attachment, levy or similar
process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement shall be binding upon and inure to the benefit of Executive and the Company and their respective successors and assigns. 
  

	14.	Modification and Waiver. 

 (a) This Agreement may not be modified or amended, except by an instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver
or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future as to any act other than that specifically waived. 
  

	15.	Severability. 

 If, for
any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any remaining part of such provision not held so invalid, and each such other
provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
  

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	16.	Headings for Reference Only. 

 The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  

	17.	Governing Law. 

 This
Agreement shall be governed by the laws of the Commonwealth of Massachusetts without regard to principles of conflicts of law of the Commonwealth of Massachusetts. 
  

	18.	Arbitration. 

 Any dispute
or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three (3) arbitrators sitting in a location selected by Executive within fifty (50) miles from the
location of the Company, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be
entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
 In the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in
favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of all back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due
Executive under this Agreement. Such payment shall occur no later than two and one-half (2 1/2) months after the dispute is settled or resolved in Executive’s favor. 
  

	19.	Payment of Legal Fees. 

 All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company only if Executive is
successful pursuant to a legal judgment, arbitration or settlement. Such payment or reimbursement shall occur no later than two and one-half (2 1/2) months after the dispute is settled or resolved in
Executive’s favor. 
  

	20.	Indemnification. 

 (a) The
Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors
and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his
having been a director or officer of the Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court
costs, attorneys’ fees and the costs of reasonable settlements. 
  

 12 

	21.	Successors to the Company. 

 The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company, expressly and unconditionally to assume
and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. 
 22. Miscellaneous. In the event any of the provisions of this Section 22 are in conflict with the other terms of this Agreement,
this Section 22 shall prevail. 
  

	(a)	 The Board may terminate Executive’s employment at any time, but any termination by the Company, other than termination for Just Cause, shall
not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after termination for Just Cause as defined in Section 6
hereinabove. 

  

	(b)	 Any payments made to employees pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
§1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

 [Signature Page Follows] 
  

 13 

 SIGNATURES 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

							
	 ATTEST:
	 		 	 PEOPLES FEDERAL BANCSHARES, INC.

				
	  
	 		 	 By:
	 	  

	 Secretary
	 		 		 	 For the Entire Board of Directors

			
	 WITNESS:
	 		 	 EXECUTIVE:

			
	  
	 		 	  

	 Secretary
	 		 	

  

 14Exhibit 10.5

 Exhibit 10.5 
 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

 PEOPLES FEDERAL MHC 
 SALARY CONTINUATION AGREEMENT 
 THIS
SALARY CONTINUATION AGREEMENT (the “Agreement”) is adopted this 13th day of September, 2006, by and between PEOPLES FEDERAL MHC, a corporation located in Boston, Massachusetts (the “Company”) and MAURICE H. SULLIVAN, JR. (the
“Executive”). 
 The purpose of this Agreement is to provide specified benefits to the Executive, a
member of a select group of management or highly compensated employees who contribute materially to the continued growth, development, and future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of
Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time. 
 Article 1

 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	 “Account Value” means the amount shown on Schedule A under the heading Account Value. The parties expressly acknowledge that the
Account Value may be different than the liability that should be accrued by the Company, under Generally Accepted Accounting Principles (“GAAP”), for the Company’s obligation to the Executive under this Agreement. The Account Value on
any date other than the end of a Plan Year shall be determined by adding the prorated increase attributable for the current Plan Year to the Account Value for the previous Plan Year. 

  

	1.2	 “Beneficiary” means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death
of the Executive determined pursuant to Article 4. 

  

	1.3	 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes,
signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 

  

	1.4	 “Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.5	 “Change in Control” means: 

  

	 	(a)	 There occurs a “Change in Control” of the Company, as defined or determined by either the Company’s primary federal regulator or
under regulations promulgated by such regulator; 

  

 1 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	(b)	 As a result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were
non-employee directors of the Company before such transaction or event cease to constitute a majority of the Board of Directors of the Company or any successor to the Company; 

  

	 	(c)	 The Company transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Company;

  

	 	(d)	 The Company is merged or consolidated with another corporation or entity and, as a result of such merger of consolidation, less than sixty percent
(60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Company; or 

  

	 	(e)	 The Company sells or transfers more than a fifty percent (50%) equity interest in the Company to another person or entity which is not an
affiliate of the Company, excluding a sale or transfer to a person or persons who are employed by the Company. 

 Notwithstanding anything in this Agreement to the contrary, in no event shall the conversion of the Company from mutual to stock form (including, without limitation, through the formation of a stock
holding company) or the reorganization of the Company into the mutual holding company form of organization constitute a Change in Control for purposes of this Agreement. 
  

	1.6	 “Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.7	 “Disability” means Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under
an accident and health plan covering employees of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Bank. Upon the
request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination. 

  

	1.8	 “Early Termination” means Separation from Service before Normal Retirement Age except when such Separation from Service occurs:
(i) within twelve (12) months following a Change in Control; or (ii) due to death, Disability, or Termination for Cause. 

  

	1.9	 “Effective Date” means May 1, 2006. 

  

 2 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	1.10	 “Normal Retirement Age” means the Executive attaining age sixty-five (65). 

  

	1.11	 “Normal Retirement Date” means the later of Normal Retirement Age or Separation from Service. 

  

	1.12	 “Plan Administrator” means the plan administrator described in Article 6. 

  

	1.13	 “Plan Year” means each twelve-month period commencing on December 1 and ending on November 30 of each year. The initial
Plan Year shall commence on the Effective Date of this Agreement and end on the following November 30. 

  

	1.14	 “Schedule A” means the schedule attached to this Agreement and made a part hereof. Schedule A shall be updated upon a change in any
of the benefits under Articles 2 or 3. 

  

	1.15	 “Separation from Service” means the termination of the Executive’s employment with the Bank for reasons other than death.
Whether a Separation from Service takes place is determined based on the facts and circumstances surrounding the termination of the Executive’s employment and whether the Bank and the Executive intended for the Executive to provide significant
services for the Bank following such termination. A termination of employment will not be considered a Separation from Service if: 

  

	 	(a)	 the Executive continues to provide services as an employee of the Bank at an annual rate that is twenty percent (20%) or more of the services
rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the
average annual remuneration earned during the final three full calendar years of employment (or, if less, such lesser period), or 

  

	 	(b)	 the Executive continues to provide services to the Bank in a capacity other than as an employee of the Bank at an annual rate that is fifty percent
(50%) or more of the services rendered, on average, during the immediately preceding three full calendar years of employment (or if employed less than three years, such lesser period) and the annual remuneration for such services is fifty
percent (50%) or more of the average annual remuneration earned during the final three full calendar years of employment (or if less, such lesser period). 

  

	1.16	 “Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of
the Company if any stock of the Company is publicly traded on an established securities market or otherwise. 

  

	1.17	 “Termination for Cause” has that meaning set forth in Article 5. 

  

 3 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

 Article 2 
 Distributions During Lifetime 
  

	2.1	 Normal Retirement Benefit. Upon the Normal Retirement Date, the Company shall distribute to the Executive the benefit described in this
Section 2.1 in lieu of any other benefit under this Article. 

  

	 	2.1.1	 Amount of Benefit. The annual benefit under this Section 2.1 is Seventy Seven Thousand Five Hundred Dollars ($77,500).

  

	 	2.1.2	 Distribution of Benefit. The Company shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for twenty (20) years. 

  

	2.2	 Early Termination Benefit. Upon Early Termination, the Company shall distribute to the Executive the benefit described in this
Section 2.2 in lieu of any other benefit under this Article. 

  

	 	2.2.1	 Amount of Benefit. The annual benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year
in which Separation from Service occurs. 

  

	 	2.2.2	 Distribution of Benefit. The Company shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following the Executive’s attainment of Normal Retirement Age. The annual benefit shall be distributed to the Executive for twenty (20) years. 

  

	2.3	 Disability Benefit. If the Executive experiences a Disability which results in a Separation from Service prior to Normal Retirement Age, the
Company shall distribute to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article. 

  

	 	2.3.1	 Amount of Benefit. The annual benefit under this Section 2.3 is the Disability Benefit set forth on Schedule A for the Plan Year
in which Separation from Service due to Disability occurs. 

  

	 	2.3.2	 Distribution of Benefit. The Company shall distribute the annual benefit to the Executive in twelve (12) equal monthly
installments commencing on the first day of the month following the Executive’s Separation from Service due to Disability. The annual benefit shall be distributed to the Executive for twenty (20) years. 

  

	2.4	 Change in Control Benefit. Upon a Change in Control followed within twelve (12) months by a Separation from Service, the Company shall
distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article. 

  

 4 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	2.4.1	 Amount of Benefit. The annual benefit under this Section 2.4 is the Change in Control Benefit set forth on Schedule A for the
Plan Year in which the Executive’s Separation from Service occurs. 

  

	 	2.4.2	 Distribution of Benefit. The Company shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for twenty (20) years. 

  

	2.5	 Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a
Specified Employee at Separation from Service under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Separation from Service may not commence earlier than six
(6) months after the date of such Separation from Service. Therefore, in the event this Section 2.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months
following the Separation from Service shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Separation from Service. All subsequent distributions shall be paid in the manner specified.

  

	2.6	 Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of the Account Value into the
Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested
Account Value, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure. 

  

	2.7	 Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Company may, subject
to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment: 

  

	 	(a)	 may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder;

  

	 	(b)	 must, for benefits distributable under Section 2.2 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution;

  

	 	(c)	 must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years
from the date the first distribution was originally scheduled to be made; and 

  

	 	(d)	 must take effect not less than twelve (12) months after the amendment is made. 

  

 5 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

 Article 3 
 Distribution at Death 
  

	3.1	 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall distribute to the
Beneficiary the benefit described in this Section 3.1. This benefit shall be distributed in lieu of the benefits under Article 2. 

  

	 	3.1.1	 Amount of Benefit. The benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  

	 	3.1.2	 Distribution of Benefit. The Company shall distribute the annual benefit to the Beneficiary in twelve (12) equal monthly installments
for twenty (20) years commencing the first day of the month following receipt by the Company of the Executive’s death certificate. 

  

	3.2	 Death During Distribution of a Benefit. If the Executive dies after any benefit distributions have commenced under this Agreement but before
receiving all such distributions, the Company shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts that would have been distributed to the Executive had the Executive survived.

  

	3.3	 Death After Separation from Service But Before Benefit Distributions Commence. If the Executive is entitled to benefit
distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Company shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit
distributions shall commence within thirty (30) days following receipt by the Company of the Executive’s death certificate. 

 Article 4 
 Beneficiaries 
  

	4.1	 Beneficiary. The Executive shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefit distributions under this
Agreement upon the death of the Executive. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other plan of the Company in which the Executive participates.

  

	4.2	 Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and
delivering it to the Plan Administrator or its designated agent. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and
the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and
procedures, as in effect from time to time. Upon the

  

 6 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	 
acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on
the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death. 

  

	4.3	 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in
writing by the Plan Administrator or its designated agent. 

  

	4.4	 No Beneficiary Designation. If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the
Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate. 

  

	4.5	 Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person
declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of
such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a
distribution for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount. 

 Article 5 
 General Limitations 
  

	5.1	 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this
Agreement if the Company’s Board of Directors terminates the Executive’s employment for: 

 (a) Personal dishonesty; 
 (b) Incompetence; 
 (c) Willful misconduct; 
 (d) Any breach of fiduciary duty involving personal profit; 
 (e)
Intentional failure to perform stated duties; or 
 (f) Willful violation of any law, rule, regulation (other
than traffic violations or similar offenses), or final cease and desist order. 
  

 7 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	5.2	 Suicide or Misstatement. The Company shall not pay any benefit under this Agreement if the Executive commits suicide within two years after
the Effective Date. In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on any application for life insurance owned by the Company on the Executive’s life.

  

	5.3	 Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this
Agreement if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

  

	5.4	 Competition After Separation from Service. The Company shall not pay any benefit under this Agreement if the Executive, within twelve
(12) months following Separation from Service, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in
a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee, or in any other capacity whatsoever, any enterprise conducted in the marketing area of the Company, which enterprise is, or may
deemed to be, competitive with any business carried on by the Company as of the date of termination of the Executive’s employment or retirement. This section shall not apply following a Change in Control. 

 Article 6 
 Administration of Agreement 
  

	6.1	 Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee
or person(s) as the Board shall appoint. The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and
regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement to the extent the exercise of such discretion and
authority does not conflict with Section 409A of the Code and regulations thereunder. 

  

	6.2	 Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as
it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company. 

  

	6.3	 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement.

  

 8 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	6.4	 Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all
claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	6.5	 Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the
Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Separation from Service of the Executive, and such other pertinent information as the Plan Administrator may reasonably require.

  

	6.6	 Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after the end of each Plan
Year, a statement setting forth the benefits to be distributed under this Agreement. 

 Article 7

 Claims And Review Procedures 
  

	7.1	 Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she
believes should be distributed shall make a claim for such benefits as follows: 

  

	 	7.1.1	 Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If
such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of
the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant. 

  

	 	7.1.2	 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim.
If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end
of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision. 

  

	 	7.1.3	 Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of
such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	 The specific reasons for the denial; 

  

 9 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	(b)	 A reference to the specific provisions of the Agreement on which the denial is based; 

  

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

  

	 	(d)	 An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 

  

	 	(e)	 A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on
review. 

  

	7.2	 Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair
review by the Plan Administrator of the denial, as follows: 

  

	 	7.2.1	 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice
of denial, must file with the Plan Administrator a written request for review. 

  

	 	7.2.2	 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records
and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in
applicable ERISA regulations) to the claimant’s claim for benefits. 

  

	 	7.2.3	 Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the
claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	7.2.4	 Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the
request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days by notifying the claimant in
writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

  

	 	7.2.5	 Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write
the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	 The specific reasons for the denial; 

  

 10 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	(b)	 A reference to the specific provisions of the Agreement on which the denial is based; 

  

	 	(c)	 A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

  

	 	(d)	 A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

 Article 8 
 Amendments and Termination 
  

	8.1	 Amendments and Termination Generally. This Agreement may be amended or terminated on only by a written agreement signed by the Company and
the Executive. If the Bank’s Board of Directors, however, determines that the Executive is no longer a member of a select group of management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death,
Disability or retirement, the Bank may terminate this Agreement. In the event of such termination, the benefit shall be the Account Value determined as of the date the Agreement is terminated; provided, however, that except as provided in
Section 8.2, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, in the event of such termination, benefit distributions will be made at the earliest distribution event permitted under
Article 2 or Article 3. 

 Additionally, the Company may unilaterally amend this Agreement to
conform with written directives to the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated
thereunder. 
  

	8.2	 Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 8.1, if the Company terminates this
Agreement in the following circumstances: 

  

	 	(a)	 Within thirty (30) days before, or twelve (12) months after a Change in Control, provided that all distributions are made no later than
twelve (12) months following such termination of the Agreement and further provided that all the Company’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all
participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; 

  

	 	(b)	 Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included
in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first
calendar year in which the distribution is administratively practical; or 

  

 11 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	 	(c)	 Upon the Company’s termination of this and all other non-account balance plans (as referenced in Section 409A of the Code or the
regulations thereunder), provided that all distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and the Company does not adopt any new non-account balance plans for
a minimum of five (5) years following the date of such termination; 

 the Company may
distribute the Account Value, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms. 
 Article 9 
 Miscellaneous 
  

	9.1	 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, administrators and
transferees. 

  

	9.2	 No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Executive the right to remain as an
employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate service at any time.

  

	9.3	 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  

	9.4	 Tax Withholding and Reporting. The Company shall withhold any taxes that are required to be withheld, including but not limited to taxes owed
under Section 409A of the Code and regulations thereunder, from the benefits provided under this Agreement. The Executive acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate
taxing authority(ies). Further, the Company shall satisfy all applicable reporting requirements, including those under Section 409A of the Code and regulations thereunder. 

  

	9.5	 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of Massachusetts, except to the extent preempted by the
laws of the United States of America. 

  

	9.6	 Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under
this Agreement. The benefits represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors. Any insurance on the Executive’s life or other informal funding asset is a general asset of the Company to which the Executive and Beneficiary have no preferred or secured claim. 

  

 12 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

	9.7	 Reorganization. The Company shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its
assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as
used in this Agreement shall be deemed to refer to the successor or survivor company. 

  

	9.8	 Entire Agreement. This Agreement constitutes the entire agreement between the Company 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. 

  

	9.9	 Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the
masculine gender includes the feminine and use of the singular includes the plural. 

  

	9.10	 Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this
Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative acts do not
violate Section 409A of the Code. 

  

	9.11	 Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any
of its provisions. 

  

	9.12	 Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect
the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein. 

  

	9.13	 Notice. Any notice or filing required or permitted to be given to the Company or Plan Administrator under this Agreement shall be sufficient
if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

  

	
	 Peoples Federal Savings Bank

	 435 Market Street

	 Boston, MA

 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the
postmark on the receipt for registration or certification. 
  

 13 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
  
  

 Any notice or filing required or permitted to be given to the Executive
under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Executive. 
  

	9.14	 Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be
interpreted consistent with the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement. 

  

	9.15	 Rescissions. Any modification to the terms of this Agreement that would inadvertently result in an additional tax liability on the part of
the Executive, shall have no effect to the extent the change in the terms of the plan is rescinded by the earlier of a date before the right is exercised (if the change grants a discretionary right) and the last day of the calendar year during which
such change occurred. 

 IN WITNESS WHEREOF, the Executive and a duly authorized
representative of the Company have signed this Agreement. 
  

							
	 EXECUTIVE:
	 		  	 COMPANY:

				
	 /s/ Maurice H. Sullivan, Jr.
	 		  	 By:
	 	 /s/ Thomas J. Leetch

	 Maurice H. Sullivan, Jr.
	 		  	 Title: President and COO

  

 14 

 PEOPLES FEDERAL MHC 
 Salary Continuation Agreement 
 BENEFICIARY DESIGNATION FORM 
  
  

	{    }	 New Designation 

  

	{    }	 Change in Designation 

 I,
                                        ,
designate the following as Beneficiary under the Agreement: 
  

				
	 Primary:
	  		
	  
	  	        	% 
		
	  
	  	        	% 
	 Contingent:
	  		
	  
	  	        	% 
		
	  
	  	        	% 

 Notes: 
  

	 	•	 	 Please PRINT CLEARLY or TYPE the names of the beneficiaries. 

  

	 	•	 	 To name a trust as Beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

  

	 	•	 	 To name your estate as Beneficiary, please write “Estate of [your name]”. 

  

	 	•	 	 Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 I understand that I may change these beneficiary designations by delivering a new written designation
to the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand that the designations will be automatically revoked if the Beneficiary predeceases me, or, if
I have named my spouse as Beneficiary and our marriage is subsequently dissolved. 
  

							
	 Name:
	 	  
	 		 	
				
	 Signature:
	 	  
	 	 Date:
	 	                      

		 		 		 	

 Received by the Plan Administrator this      day of
            , 2     
  

							
	 By:
	 	  
	 		 	
				
	 Title:
	 	  
	 		 	
		 		 		 	

 FIRST AMENDMENT TO 
 SALARY CONTINUATION AGREEMENT 
 First
Amendment, dated as of December 16, 2008 (the “Amendment”), to the Salary Continuation Agreement, dated as of September 13, 2006 (as amended, the “Salary Continuation Agreement”), by and among Peoples Federal MHC (the
“Company”) and Maurice H. Sullivan (the “Executive”). Capitalized terms which are not defined herein shall have the same meaning as set forth in the Salary Continuation Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to amend the Salary Continuation Agreement to comply with the final regulations issued in April 2007 by the Internal Revenue Service under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, pursuant to Section 8.1 of the
Salary Continuation Agreement, the Company may unilaterally amend the Salary Continuation Agreement to comply with the requirements of Section 409A of the Code, without consent from the Executive; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the
sufficiency of which is hereby acknowledged, the Company hereby amends the Salary Continuation Agreement as follows: 
 Section 1. Amendment to Section 1.15 of the Salary Continuation Agreement. Section 1.15 of the Salary Continuation Agreement is hereby amended to read in its entirety as follows: 
 ““Separation from Service” means the termination of the Executive’s employment with the Bank for reasons
other than death. Whether a Separation from Service has occurred shall be determined in accordance with the requirements of Section 409A of the Code based on whether the facts and circumstances indicate that the Bank and the Executive
reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently
decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period.” 
 Section 2. Amendment to Section 1.16 of the Salary Continuation Agreement. Section 1.16 of the Salary
Continuation Agreement is hereby amended to read in its entirety as follows: 
 ““Specified
Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) in the event the Bank or any corporate parent is or becomes publicly traded on an established securities market or
otherwise.” 

 Section 3. Amendment to Section 2.7 of the Salary Continuation
Agreement. Section 2.7 of the Salary Continuation Agreement is hereby amended to read in its entirety as follows: 
 “Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of Article 8, amend the Agreement to delay
the timing or change the form of distributions. Any such amendment: 
  

	 	(a)	 may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

  

	 	(b)	 must, for benefits distributable under Sections 2.1 and 2.2, be made at least twelve (12) months prior to the first scheduled distribution;

  

	 	(c)	 must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from
the date the first distribution was originally scheduled to be made; and 

  

	 	(d)	 must take effect not less than twelve (12) months after the amendment is made.” 

 Section 4. Amendment to Section 3.1.2 of the Salary Continuation Agreement. Section 3.1.2 of the
Salary Continuation Agreement is hereby amended to read in its entirety as follows: 
 “The Bank shall
distribute the annual benefit to the Beneficiary in twelve (12) equal monthly installments for twenty (20) years commencing within (90) days following the Executive’s death. The Beneficiary shall be required to provide to the
Bank the Executive’s death certificate.” 
 Section 5. Amendment to Section 3.3 of
the Salary Continuation Agreement. Section 3.3 of the Salary Continuation Agreement is hereby amended to read in its entirety as follows: 
 “If the Executive is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions, the Bank shall distribute
to the Beneficiary the same benefits to which the Executive was entitled prior to death, except that the benefit distributions shall commence on the earlier of (a) ninety (90) days following the Executive’s death, or (b) the date
the benefits would have commenced if the Executive had not died. The Beneficiary shall be required to provide to the Bank the Executive’s death certificate.” 
 Section 6. Amendment to Section 8.2 of the Salary Continuation Agreement. Section 8.2 of the Salary Continuation Agreement is hereby amended to read in its
entirety as follows: 
 “8.2 Plan Terminations Under Section 409A. Notwithstanding anything to
the contrary in Section 8.1, if the Bank terminates this Agreement in the following circumstances: 
 (a)
Within thirty (30) days before a Change in Control, provided that all distributions are made no later than twelve (12) months following such

  

 2 

 
irrevocable termination of this Agreement and further provided that all of the arrangements sponsored by the Bank that would be aggregated with this Agreement under Treasury Regulation
§1.409A-1(c)(2) are terminated so the Executive and all participants under the other aggregated arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months
of the date the Bank irrevocably takes all necessary action to terminate such arrangements; 
 (b) With twelve
(12) months of a dissolution of the Bank taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under this Agreement are included in the
Executive’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar
year in which the distribution is administratively practicable; or 
 (c) Upon the Bank’s termination of
this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulation §1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the
termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) no payments are made within twelve (12) months of the termination of the arrangements other than payments that would be payable
under the terms of the arrangements if the termination had not occurred, (iii) all termination distributions are made no later than twenty-four (24) months following such termination, and (iv) the Bank does not adopt any new
arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; 
 the Bank may distribute the Account Value, determined as of the date of the termination of the Agreement, to the Executive in
a lump sum subject to the above terms.” 
 Section 7. Effectiveness. This Amendment shall
be deemed effective as of the date first above written, as if executed on such date. Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Salary Continuation Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected. 
 Section 8. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and
construed in accordance with the laws of Massachusetts, except to the extent preempted by the laws of the United States of America. 
 Section 9. Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Section 409A of the Code. 
  

 3 

 IN WITNESS WHEREOF, the Company has duly executed this Amendment as of the
day and year first written above. 
  

			
	 PEOPLES FEDERAL MHC

		
	 By:
	 	 /s/ Thomas J. Leetch

	 Name:
	 	 Thomas J. Leetch

	 Title:
	 	 President & CEO

	
	 EXECUTIVE

	
	 /s/ Maurice H. Sullivan

	 Maurice H. Sullivan

  

 4

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