Document:

Exhibit 10.8

 Exhibit 10.8 
 PEOPLES FEDERAL SAVINGS BANK 
 VOLUNTARY DEFERRED COMPENSATION
PLAN 
 FOR EXECUTIVES 
 (Effective January 1, 2006) 

 

 

 TABLE OF CONTENTS 
  

			
	 1. Establishment and Purpose of the Plan
	  	1
		
	 2. Administration
	  	1
		
	 3. Eligibility
	  	1
		
	 4. Deferrals of Compensation
	  	1
		
	 5. Accounts under the Plan
	  	1
		
	 6. Deemed Investment of Accounts
	  	2
		
	 7. Change in Investment Directions
	  	2
		
	 8. Crediting of Accounts
	  	2
		
	 9. Status of Investments
	  	2
		
	 10. Vesting
	  	3
		
	 11. Payment of Accounts
	  	3
		
	 12. Unforeseeable Emergency
	  	5
		
	 13. Designation of Beneficiaries
	  	5
		
	 14. Nonalienation
	  	5
		
	 15. Indemnification
	  	5
		
	 16. Severability
	  	6
		
	 17. Waiver
	  	6
		
	 18. Notices
	  	6
		
	 19. Governing Law
	  	6
		
	 20. Construction of Language
	  	6
		
	 21. Amendment or Discontinuance
	  	6

  

 ii 

 VOLUNTARY DEFERRED COMPENSATION PLAN 
 FOR EXECUTIVES 
 (Effective January 1, 2006) 

1. Establishment and Purpose of the Plan. This Voluntary Deferred Compensation Plan for Executives (the
“Plan”) is established to enable employees of Peoples Federal Savings Bank (the “Bank”) and its subsidiaries to defer a portion of their compensation that would otherwise be paid to them as employees and to, instead, receive such
amounts at a later date. The Plan is intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and other relevant provisions of the American Jobs Creation Act of 2004, as amended,
and the Treasury Regulations promulgated thereunder. 
 2. Administration. The Plan shall be administered
by the Compensation Committee of the Bank or such other committee appointed either by the Board of Directors of the Bank (the “Board”) or by such Compensation Committee (the “Committee”). The Committee shall be authorized to
interpret the Plan and make decisions regarding any questions arising thereunder, and any such interpretation or decision of the Committee shall, unless overruled or modified by the Board, be final, conclusive and binding upon all employees of the
Bank and its subsidiaries and upon any person claiming benefits or rights under the Plan by or through any such individual. No member of the Committee shall be entitled to act on or decide any matter relating solely to himself or herself or any of
his or her rights or benefits under the Plan. The Committee may, in its discretion, designate a person or persons to carry out such duties or functions as the Committee so determines. Notwithstanding any provision of the Plan to the contrary, any
duty or function which may be performed by the Committee or its delegates under the Plan may instead be performed by the Board if the Board so determines in its sole discretion. 
 3. Eligibility. Members of the management of the Bank and its subsidiaries which are selected or named by the
Compensation Committee shall be permitted to participate in the Plan. To the extent, if any, the provisions of the Employee Retirement Income Security Act of 1974, as amended, apply to this Plan with respect to any employees of the Bank or its
subsidiaries, it is intended that this program be limited to a select group of management or highly compensated employees, within the meaning of such law. 
 4. Deferrals of Compensation. With respect to each year as to which an individual has been designated as eligible to participate in this Plan, the individual may elect to become a Participant in
the Plan by submitting to the Committee or its designee a written election to defer receipt of either a percentage of the amount, or specified dollar amount, that would otherwise be earned by the Participant in connection with his or her services as
an employee of the Bank or one or more of its subsidiaries in the next following calendar year. Except as otherwise provided by the Committee in accordance with law, such election shall be made on or before the last day of the calendar year
preceding the calendar year with respect to which the election relates. With respect to each individual who first becomes an eligible Participant, such an individual may defer receipt of compensation in the same year he/she first becomes eligible to
participate in the Plan provided the election applies only to compensation deferred for services preformed subsequent to the date the election is filed with the Committee through the end of the calendar year and the election is made within 30 days
after the individual first becomes an eligible Participant. 
 5. Accounts under the Plan. Amounts
deferred by a Participant pursuant to Paragraph 4 hereof (or amounts contributed under paragraph 5, if any) shall be maintained in an Account for such Participant by the Bank or by the subsidiary of the Bank responsible to pay the compensation being
deferred by the participant hereunder. 

 6. Deemed Investment of Accounts. The Account maintained on behalf of
each Participant with respect to the amounts deferred by that Participant hereunder with respect to each year of participation by the Participant shall be deemed to be invested in, and shall be adjusted to reflect earnings and losses of, such
investments or investment funds as is designated as available from time to time by the Committee. To the extent the Committee makes available alternative deemed investment vehicles with respect to amounts eligible to be deferred under the Plan, each
Participant shall, upon making a deferral election hereunder, designate, in the form and manner prescribed by the Committee, that the amounts to be credited to his or her Account be applied in such proportions as he or she may designate, in such
multiples as is permitted by the Committee, in each deemed investment made available by the Committee. The Committee may make available different deemed investments for amounts deferred at different times under the Plan, and may change the available
deemed investments under the Plan from time to time. The Committee may also designate that only one deemed investment be available with respect to any amounts deferred hereunder, in which event that deemed investment shall apply to all such amounts
without regard to any other election that a Participant may desire. 
 7. Change in Investment
Directions. A Participant may, in the form and manner prescribed by the Committee, elect to change his or her investment direction with respect to all or a portion of the amounts then held, or to be held, in such Participant’s Account, with
such election and new investment direction becoming effective the first day of any calendar quarter (i.e January 1, April 1, July 1 or October 1), provided such investment direction election is made, and not revoked,
prior to the first day of such calendar quarter. Such direction may relate solely to amounts already allocated to the Participant’s Account (in which event it shall constitute a direction to transfer amounts in the Participant’s Account
among the various available deemed investments) or may relate solely to amounts to be deferred in the future, or may relate to both amounts already allocated to the Participant’s Account and amounts to be deferred in the future. Any investment
direction election made by a Participant shall remain in effect until changed, to the extent such change is permitted under the Plan. 
 8. Crediting of Accounts. Each Participant’s Account shall be deemed credited at the end of each calendar quarter (or on such other dates as is designated by the Committee) with the earnings
or losses that the amount in the Account would have experienced had the Account actually been invested in the deemed investment designated by the Participant or, as appropriate, the Committee. 
 9. Status of Investments. All investments made by the Bank or any other subsidiary of the Bank pursuant to this Plan
will be deemed made solely for the purpose of aiding such entity in measuring and meeting its obligations under the Plan. Further, such entities are not limited to the investments described in the provisions set forth above but are merely obligated
to provide payments pursuant to the terms of this Plan that reflect the investment returns offered by the deemed investments made available under the Plan. The Bank or, as applicable, one or more of the subsidiaries of the Bank, will be named sole
owner of all such investments and of all rights and privileges conferred by the terms of the instruments evidencing such investments. This Plan places no obligation upon any entity to invest any portion of the amount in a Participant’s Account,
to invest or continue to invest in any specific asset, to liquidate any particular investment, or to apply in any specific manner the proceeds from the sale, liquidation, or maturity of any particular investment. Nothing stated herein shall cause
such investments to be treated as anything but the general assets of the Bank or, as applicable, other subsidiaries of the Bank, nor will anything stated herein cause such investments to represent the vested, secured or preferred interest of the
Participant or his or her beneficiaries designated under this Plan. Participants hereunder

  

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have the status of unsecured creditors with respect to their Accounts, and it is intended that the Plan be unfunded for tax purposes and, to any extent applicable, for purposes of Title I of the
Employee Retirement Income Security Act of 1974, as amended. 
 10. Vesting. Participants shall be fully
vested in all amounts in their accounts at all times. 
 11. (a) Payment of Accounts. At the time a Participant
elects to defer compensation hereunder, the Participant shall designate the time and the manner of the payment of the amounts to be allocated to such Participant’s Account with respect to such deferral of compensation. Except as otherwise
provided below, payment to a Participant shall commence upon a fixed date selected by the Participant at the time of the deferral chosen from the following dates: 
 (I) The last day of a calendar quarter ending at least two years from the end of the calendar year in
which the deferred compensation would otherwise become payable, but no later than the end of the calendar quarter in which occurs the Participant’s 75th birthday. 
 (ii) The last day of any one of the four calendar quarters ending after the service of the Participant with the Bank or any of is subsidiaries terminates (as designated by the Participant at the time of
deferral). 
 Except as otherwise provided below, the form of payment of deferred amounts in a Participant’s Account shall
be designated by the Participant at the time the election to defer compensation is made and shall be from among the following options, to the extent such optional forms are made available by the Committee. All forms of payment shall be based on the
value of a Participant’s Account attributable to the particular deferral election and all forms of payment shall be actuarially equivalent to each other. The options that may be made available are: 
 (A) a lump sum; 
 (B) a number of quarterly installments or annual installments, limited in such manner as is determined by the Committee; or 
 (C) one or more forms of annuity, with such terms as shall be determined by the Committee 
 (D) a designated dollar amount (to the extent such amount is allocated to the Participant’s Account with respect to the deferral of compensation in question) or percentage of
the Participant’s account at the end of one or more calendar quarters otherwise available for election for the commencement of distributions as described above, with the remainder of the amount subject to such designation to be distributed
commencing at such other date chosen by the Participant at the time of the deferral. 
 In the event that payment is to be made
in the form of an annuity, the amount of each annuity payment shall be determined by the Committee or its designee in its sole discretion, which amount shall be based

  

 3 

 
on the amounts that could be payable under one or more commercial annuity products that could be purchased with the amount in a Participant’s Account that is to be paid in the form of an
annuity at a date set by the Committee that is within 60 days of the starting date of the annuity, with the identity of the commercial annuity products to be used for this purpose to be determined in the sole discretion of the Committee, or by the
Committee’s designee in accordance with standards established by the Committee. Any such determination, and the determination by the Committee or its delegates of the amount of any annuity payments to be made hereunder shall be final and
binding upon all Participants and beneficiaries. In the event that the Committee or its designee, in their sole and absolute discretion, shall direct that a commercial annuity be purchased in order to fund any payment obligations hereunder, such
annuity contract, when purchased, shall be the property of the Bank or other purchasing subsidiary of the Bank, and the Participant will continue to be no more than an unsecured creditor of the Bank or, as applicable, another subsidiary of the Bank,
as described above. Each Participant’s Account under the Plan shall be reduced by the amount of any distribution hereunder. 
 Notwithstanding any provision of the Plan to the contrary, a Participant who is a specified employee as defined in the regulations promulgated under Code Section 409A may not commence receipt of his/her benefit until the first day of
the seventh month following his/her separation from service. For purposes of Code Section 409A, the Committee shall determine which Participant are specified employees as of December 31 in accordance with the Regulations promulgated under
Section 409A. Such determination by the Committee shall be effective for the twelve month period commencing on April 1. 
 (b) Payment Upon Unforeseeable Emergency. A Participant may also, solely to the extent permitted by the Committee, direct that a portion of the amounts payable to the Participant be distributed in
the event of an Unforeseeable Emergency (as defined below), 
 (c) Payments Upon Death. To the extent
permitted by the Committee, a Participant may elect that if the Participant dies before payments of a deferred amount have otherwise commenced to the Participant, the amount allocated to the Participant’s Account be distributed to the
Participant’s Beneficiary (as defined below) either on the last day of the calendar quarter in which the Participant dies (or as soon as practicable thereafter) or on the last day of the first calendar quarter in the calendar year immediately
following the date of the Participant’s death; provided, however that if no such election is made, payment shall be made in a single lump sum at the end of the calendar quarter in which the Participant died, or as soon as practicable
thereafter. If payments of a deferred amount in the form of installments have already commenced to the Participant, they shall continue to be made after the Participant’s death to the Participant’s Beneficiary in accordance with the Act to
avoid acceleration of payment, who shall otherwise be granted the same rights as were held by the Participant hereunder. 
  

 4 

 (d) Additional Payment Elections. Notwithstanding the preceding
provisions of this Paragraph 11 to the contrary, a Participant may subsequently elect, in such form and manner as may be prescribed by the Committee, a revised commencement date for the amounts credited to his or her Account, in lieu of the date(s)
initially selected, provided that any such election is not effective until 12 months following such election, that the election provides that payment will be deferred for at least five (5) years from the date such payment would otherwise have
been made (except for death as provided above), and the election is made at least 12 months prior to the first scheduled payment. Further, notwithstanding the preceding provisions of this Paragraph 11 to the contrary, a Participant may also
subsequently elect, in such form and manner as may be prescribed by the Committee, that the amounts credited to his or her Account be paid in any one of the forms of benefit payment provided under this Paragraph 11 in lieu of the form of payment
initially selected, provided that any such election is not effective for 12 months, that the election to modify the form of distribution provides that payment will be deferred for at least five (5) years from the date such payment would
otherwise have been made (except for death as provided above), and such election is made at least 12 months prior to the first scheduled payment. 
 12. Unforeseeable Emergency. A Participant may request, in writing to the Committee, a request for a withdrawal from his/her Account if the Participant experiences an Unforeseeable Emergency.
Withdrawals for the purpose of an Unforeseeable Emergency are limited to the extent needed to satisfy the emergency, which cannot be met by the Participant utilizing other resources. The Committee shall make a determination with regard to the
Unforeseeable Emergency in accordance with Code Section 409A and the Treasury Regulations promulgated thereunder. 
 13. Designation of Beneficiaries. In the event that a Participant dies prior to the receipt of all amounts payable to him or her pursuant to the Plan, all remaining amounts credited to his or her Account shall be paid to such one or
more Beneficiaries and in such proportions as the Participant may designate, in accordance with the provisions of Paragraph 11. If no Beneficiary has been named by the Participant, or if a named Beneficiary has predeceased the Participant and no
successor beneficiary has been named or if a beneficiary designation is otherwise ineffective, payment shall be made to the estate of the Participant, and if any Beneficiary shall die after payments to that Beneficiary have commenced, if any
remaining payments would otherwise be made to such Beneficiary, they shall instead be made to the estate of the Beneficiary. A Beneficiary designation pursuant to this Paragraph 13 shall not be effective unless it is in writing and is received by
the Committee prior to the death of the Participant making the designation. 
 14. Nonalienation. The
right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s
beneficiaries. 
 15. Indemnification. The Bank shall indemnify, hold harmless and defend each member of
the Board, each member of the Committee, each member of the Benefits Committee, and each of their designees who are employees of the Bank or any of its subsidiaries, against any reasonable costs, including legal fees, incurred by them, or arising
out of any action, suit or proceeding in which they may be involved, as a result of their efforts, in good faith, to defend or enforce the terms of the Plan. 
  

 5 

 16. Severability. A determination that any provision of the Plan is
invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof 
 17.
Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions of the Plan shall not be deemed a waiver of such term, covenant or condition. A waiver of any provision of the Plan must be made in writing,
designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times. 
 18. Notices. Any notice or other communication required or permitted to be given to a party
under the Plan shall be deemed given if personally delivered or if mailed, postage prepaid, by certified mail, return receipt requested, to the party at the address listed below, or at such other address as one such party may by written notice
specify to the other: 
 (a) if to the Committee: 
  

					
	 Attention:
	 	 Chairman -
	 	 Compensation Committee

		 		 	 Peoples Federal Savings Bank

		 		 	 435 Market Street

		 		 	 Brighton, MA 02135

 (b) if to any party other than the Committee, to such party at the address last published by such party by written notice to the Committee. 
 19. Governing Law. The Plan shall be construed, administered and enforced according to the laws of the Commonwealth of Massachusetts, except to the extent that such laws are preempted by federal
law. 
 20. Construction of Language. Wherever appropriate in the Plan, words used in the singular may be
read in the plural, words in the plural may be read in the singular, and words importing the male gender shall be deemed equally to refer to the feminine or the neuter. Any reference to an Article or Section shall be to an Article or Section of the
Plan, unless otherwise indicated. 
 21. Amendment or Discontinuance. The Board or the Compensation
Committee of the Board may amend, discontinue or terminate the Plan at any time in accordance with applicable law; provided, however, that no amendment or discontinuance shall affect the rights of Participants to amounts already allocated to their
Accounts under the Plan. The Benefits Committee of the Bank may make any amendment to the Plan that may be necessary or appropriate to facilitate the administration, management, and interpretation of the Plan or to conform the Plan thereto or that
may be necessary or appropriate to satisfy requirements of law, provided that any such amendment does not significantly affect the cost to the Bank or any of its subsidiaries of maintaining the Plan. Notwithstanding the foregoing, no amendment by
the Compensation Committee of the Board or the Benefits Committee of the Bank shall be made to

  

 6 

 
the extent that any such amendment would cause any Participant who administers any employee benefit plan of the Bank (or any subsidiary of the Bank) and who, in accordance with the terms of any
such plan or applicable law, must be ‘disinterested’, to cease to qualify as an ‘outside’ director, within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, and the treasury regulations
thereunder. 
 In witness whereof, Peoples Federal Savings Bank has caused this Voluntary Deferred Compensation Plan for
Executives to be executed effective as of the 1st day of January, 2006. 
  

			
	 Peoples Federal Savings Bank

		
	 By:
	 	 /s/ Maurice H. Sullivan, Jr.

		 	     Chairman of the Board

  

					
	 Attest:
	 		 	
			
	 /s/ Bernard Burke
	 		 	 /s/ Thomas J. Leetch

	     Secretary
	 		 	     President

  

 7 

 AMENDMENT NUMBER ONE TO 
 PEOPLES FEDERAL SAVINGS BANK 
 VOLUNTARY DEFERRED COMPENSATION
PLAN 
 FOR EXECUTIVES 
 THIS AMENDMENT NUMBER ONE (this “Amendment”) to the Peoples Federal Savings Bank Voluntary Deferred Compensation Plan for Executives (the “Plan”) is made and entered into effective as
of December 16, 2008 by Peoples Federal Savings Bank (the “Bank”). 
 RECITALS: 
 WHEREAS, the Bank desires to amend the Plan to ensure that the Plan complies with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”); and 
 WHEREAS, the Board of Directors of the Bank may amend
the Plan from time to time; 
 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 Board hereby amends the Plan as follows: 
 Section 1. Amendment to Section 11 of the Plan. Section 11 of the Plan is hereby amended to add Section 11(e) to read in its entirety as follows: 
 “(e) For purposes of this Plan, “terminates” and “separation from service” shall mean
“Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Bank and Participant reasonably anticipate that the level of bona fide services Participant
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.”

 Section 2. Amendment to Section 12 of the Plan. Section 12 of the Plan is hereby
amended to add Section 12(a) to read in its entirety as follows: 
 “(a) “Unforeseeable
Emergency” shall mean a severe financial hardship to the Participant resulting from (1) an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (within the meaning of Section 152(a)
of the Code), (2) a loss of the Participant’s property due to casualty, or (3) other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The amount of such distribution
may not exceed the amounts necessary to satisfy the emergency. The circumstances that will constitute an “Unforeseeable Emergency” will depend on the facts of each case, but, in any case, payment may not be made in the event that such
hardship is or may be relieved: 
 (1) through reimbursement or compensation by insurance or
otherwise; 

 (2) by liquidation of the Participant’s assets, to the
extent that liquidation of such assets would not itself cause severe financial hardship; or 
 (3) by cessation of deferrals under the Plan.” 
 Section 3. Amendment to Section 21
of the Plan. Section 21 of the Plan is hereby amended to read in its entirety as follows: 
 “21.
Amendment or Termination of the Plan 
  

	 	(a)	 The Bank reserves the right to amend or terminate the Plan at any time, except that no such amendment will affect the benefits or rights to which
any Participant became entitled prior to such amendment or termination. A termination of the Plan will not be a distributable event, except in the three circumstances set forth in Section 21(b) below. 

  

	 	(b)	Termination. Under no circumstances may the Plan permit the acceleration of the time or form of any payment under the Plan prior to the payment events specified
herein, except as provided in this Section 21(b). The Bank may, in its discretion, elect to terminate the Plan in any of the following three circumstances and accelerate the payment of the entire unpaid balance of the Participant’s
benefits as of the date of such payment in accordance with Section 409A of the Code: 

  

	 	(i)	 the Plan is irrevocably terminated within the 30 days preceding a Change in Control (as defined in Section 409A of the Code, but excluding any
conversion of the Bank from mutual to stock form (including, without limitation, through the formation of a stock holding company) or the reorganization of the Bank into the mutual holding company form of organization) and (1) all arrangements
sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation §1.409A-1(c)(2) are terminated, and (2) each Participant participating in the Plan and all participants under the other aggregated arrangements receive
all of their benefits under the terminated arrangements within 12 months of the date the Bank irrevocably takes all necessary action to terminate the Plan and the other aggregated arrangements; 

  

	 	(ii)	 the Plan is irrevocably terminated at a time that is not proximate to a downturn in the financial health of the Bank and (1) all arrangements
sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a Participant participated in such arrangements are terminated, (2) no payments are made within 12 months of the date the Bank takes all
necessary action to irrevocably terminate the arrangements, other than payments that would be payable under the terms of the arrangements if the termination had not occurred, (3) all payments are made within 24 months of the date the Bank takes
all necessary action to irrevocably terminate the arrangements, and (4) the Bank does not adopt a new arrangement that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a Participant participated in both arrangements,
at any time within three years following the date the Bank takes all necessary action to irrevocably terminate the Plan; or 

  

 2 

	 	(iii)	 the Plan is terminated within 12 months of a corporate dissolution 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 by each Participant under the Plan are included in the Participant’s gross income in the later of (1) the calendar year in which the termination of the Plan
occurs, or (2) the first calendar year in which the payment is administratively practicable.” 

 Section 4. Addition of a New Section 22 of the Plan. The Plan is hereby amended to add a new Section 22 to read in its entirety as follows: 
 “22. Claims Procedures 
  

	 	(a)	 This Section is based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and
codified at 29 C.F.R. Section 2560.503-1. If any provision of this Section conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 

  

	 	(b)	 The Participant or any beneficiary who believes he or she is entitled to any benefit under the Plan (a “Claimant”) may file a claim with
the Bank. The Bank shall review the claim itself or appoint an individual or an entity to review the claim. 

  

	 	(i)	 Initial Decision. The Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is allowed or
denied, unless the Claimant receives written notice from the Bank or appointee of the Bank prior to the end of the ninety (90) day period stating that special circumstances require an extension of the time for decision, with such extension not
to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. 

  

	 	(ii)	Manner and Content of Denial of Initial Claims. If the Bank denies a claim, it must provide to the Claimant, in writing or by electronic communication:

  

	 	(A)	 The specific reasons for the denial; 

  

	 	(B)	 A reference to the provision of the Plan upon which the denial is based; 

  

	 	(C)	 A description of any additional information or material that the Claimant must provide in order to perfect the claim; 

 

	 	(D)	 An explanation of why such additional material or information is necessary; 

  

 3 

  

	 	(E)	 Notice that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the Claimant wishes to
request a review of the claim denial; and 

  

	 	(F)	 A statement of the Participant’s right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) following a denial on review of the initial denial. 

  

	 	(c)	 Review Procedures 

  

	 	(i)	 Request For Review. A request for review of a denied claim must be made in writing to the Bank within sixty (60) days after receiving
notice of denial. The decision upon review will be made within sixty (60) days after the Bank’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision will be
rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial sixty (60) day period and must explain the special circumstances
and provide an expected date of decision. 

 The reviewer shall afford the Claimant an
opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Bank. The reviewer shall take into account all comments, documents, records and other information
submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination. 
  

	 	(ii)	Manner and Content of Notice of Decision on Review. Upon completion of its review of an adverse claim determination, the Bank will give the Claimant, in writing
or by electronic notification, a notice containing: 

  

	 	(A)	 its decision; 

  

	 	(B)	 the specific reasons for the decision; 

  

	 	(C)	 the relevant provisions of the Plan upon which its decision is based; 

  

	 	(D)	 a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents, records
and other information in the Bank’s files which is relevant to the Claimant’s claim for benefits; 

  

	 	(E)	 a statement describing the Claimant’s right to bring an action for judicial review under Section 502(a) of ERISA; and

  

 4 

	 	(F)	 if an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review, a statement that
a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant upon request. 

  

	 	(d)	 For purposes of the time periods specified in this Section, the period of time during which a benefit determination is required to be made begins at
the time a claim is filed in accordance with the procedures herein without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all
information necessary, the period for making the determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds. 

  

	 	(e)	 If the Bank fails to follow the claims procedures required by this Section, a Claimant shall be deemed to have exhausted the administrative remedies
available under the Plan and shall be entitled to pursue any available remedy under Section 502(a) of ERISA on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. A
Claimant’s compliance with the foregoing provisions of this Section is a mandatory requisite to a Claimant’s right to commence any legal action with respect to any claims for benefits under the Plan. 

  

	 	(f)	 Notwithstanding anything in this Plan to the contrary, the Bank may determine, in its sole and absolute discretion, to review any claim for benefits
submitted by a Claimant under this Agreement.” 

 Section 5. No Further
Modification. Except as expressly amended hereby, the Plan remains unmodified and in full force and effect. 
 Section 6. 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. 
 IN WITNESS WHEREOF, the Bank has duly executed this Amendment as of the day and year first
written above. 
  

			
	PEOPLES FEDERAL SAVINGS BANK
		
	 By:
	 	 /s/ Thomas J. Leetch

	 Name:
	 	 Thomas J. Leetch

	 Title:
	 	 President & CEO

  

 5Exhibit 10.9

 Exhibit 10.9 
 PEOPLES FEDERAL SAVINGS BANK 
 AMENDED AND RESTATED

 VOLUNTARY DEFERRED COMPENSATION 
 AND 
 SUPPLEMENTAL EMPLOYEE STOCK OWNERSHIP 
 PLAN 
 FOR
EXECUTIVES 
 (Effective             
    , 2010) 

 TABLE OF CONTENTS 
  

					
	 1.
	  	 Purpose of the Plan.
	  	1
			
	 2.
	  	 Administration.
	  	1
			
	 3.
	  	 Eligibility.
	  	2
			
	 4.
	  	 Deferrals of Compensation.
	  	2
			
	 5.
	  	 Supplemental ESOP Benefits.
	  	2
			
	 6.
	  	 Accounts under the Plan.
	  	3
			
	 7.
	  	 Deemed Investment of Accounts.
	  	3
			
	 8.
	  	 Change in Investment Directions.
	  	3
			
	 9.
	  	 Crediting of Accounts.
	  	4
			
	 10.
	  	 Status of Investments.
	  	4
			
	 11.
	  	 Vesting.
	  	4
			
	 12.
	  	 Payment of Accounts.
	  	4
			
	 13.
	  	 Unforeseeable Emergency.
	  	7
			
	 14.
	  	 Designation of Beneficiaries.
	  	7
			
	 15.
	  	 Nonalienation.
	  	8
			
	 16.
	  	 Indemnification.
	  	8
			
	 17.
	  	 Severability.
	  	8
			
	 18.
	  	 Waiver.
	  	8
			
	 19.
	  	 Notices.
	  	8
			
	 20.
	  	 Governing Law.
	  	9
			
	 21.
	  	 Construction of Language.
	  	9
			
	 22.
	  	 Amendment or Termination of the Plan.
	  	9
			
	 23.
	  	 Claims Procedures
	  	10

 PEOPLES FEDERAL SAVINGS BANK 
 AMENDED AND RESTATED VOLUNTARY DEFERRED COMPENSATION AND 
 SUPPLEMENTAL EMPLOYEE STOCK OWNERSHIP PLAN FOR EXECUTIVES 
 PREAMBLE 
 This Amended and Restated Voluntary Deferred Compensation and Supplemental Employee Stock Ownership Plan for Executives
(“Plan”) of Peoples Federal Savings Bank (the “Bank”) is adopted effective as of the closing date of the reorganization of Peoples Federal Savings Bank from the mutual holding company structure to the stock holding company
structure. The Plan was initially adopted effective as of January 1, 2006 and was subsequently amended as of December 16, 2008. The Plan as amended and restated shall in all respects be subject to the provisions set forth herein.

 This Plan is being amended and restated to add a supplemental employee stock ownership plan feature which is
intended to provide those executives of the Bank, who are listed in Appendix A, which is attached hereto, with the economic value of the annual allocations which are not accrued or credited to such executive’s account under the Peoples Federal
Savings Bank Employee Stock Ownership Plan (“ESOP”) due to the limitations imposed by Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”). No benefits payable under this Plan shall be deemed
to be grandfathered for purposes of Section 409A of the Code. 
 The Plan shall at all times be
characterized as a “top hat” plan of deferred compensation maintained for a select group of management or highly compensated employees, as described under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security
Act of 1974, as amended, (“ERISA”) and any regulations relating thereto. The Plan has been and shall continue to be operated in compliance with Section 409A of the Code. The Plan is an unfunded plan for tax purposes. The provisions of
the Plan shall be construed to effectuate such intentions. 
 Accordingly, the Bank hereby adopts this amended
and restated Plan pursuant to the terms and provisions set forth below: 
 1. Purpose of the Plan. This
Plan will continue to enable eligible executives of the Bank and its subsidiaries to defer a portion of their compensation that would otherwise be paid to them as executives and to, instead, receive such amounts at a later date. This portion of the
Plan shall be referred to as the “Deferral portion” of the Plan. In addition, this Plan will credit eligible executives of the Bank with amounts equal to the contributions which are not accrued or credited under the ESOP due to the
limitations imposed by Sections 401(a)(17) and 415 of the Code. This portion of the Plan shall be referred to as the “Supplemental ESOP” portion of the Plan. 
 2. Administration. The Plan shall be administered by the Compensation Committee of the Bank or such other committee appointed either by the Board of Directors of the Bank (the
“Board”) or by such Compensation Committee (the “Committee”). The Committee shall be

 
authorized to interpret the Plan and make decisions regarding any questions arising thereunder, and any such interpretation or decision of the Committee shall, unless overruled or modified by the
Board, be final, conclusive and binding upon all executives of the Bank and its subsidiaries and upon any person claiming benefits or rights under the Plan by or through any such individual. No member of the Committee shall be entitled to act on or
decide any matter relating solely to himself or herself or any of his or her rights or benefits under the Plan. The Committee may, in its discretion, designate a person or persons to carry out such duties or functions as the Committee so determines.
Notwithstanding any provision of the Plan to the contrary, any duty or function which may be performed by the Committee or its delegates under the Plan may instead be performed by the Board if the Board so determines in its sole discretion.

 3. Eligibility. Executives of the Bank and its subsidiaries who are selected or named by the Committee
shall be permitted to participate in the Plan, provided that only a select group of management or highly compensated employees may participate in this Plan. The Committee, may from time to time designate, in its sole discretion, an executive to
participate in either the Deferral portion of the Plan, the Supplemental ESOP portion of the Plan or both portions. A list of the persons designated as eligible for participation in each portion of the Plan shall be attached hereto as Appendix A.

 4. Deferrals of Compensation. With respect to each year as to which an individual has been designated
as eligible to participate in this Plan, the individual (“Participant”) may elect to participate in the Deferral portion of the Plan by submitting to the Committee or its designee a written election to defer receipt of either a percentage
of the Participant’s compensation, or specified dollar amount, that would otherwise be earned by the Participant in connection with his or her services as an employee of the Bank or one or more of its subsidiaries in the next following calendar
year. Except as otherwise provided by the Committee in accordance with law, such election shall be made on or before the last day of the calendar year preceding the calendar year with respect to which the election relates. With respect to each
individual who first becomes an eligible Participant, such an individual may defer receipt of compensation in the same year he/she first becomes eligible to participate in the Plan provided the election applies only to compensation deferred for
services performed subsequent to the date the election is filed with the Committee through the end of the calendar year and the election is made within 30 days after the individual first becomes an eligible Participant. 
 Any deferral election in effect as of the effective date of this amended and restated Plan shall continue in effect, until
changed in accordance with the terms of this Section. 
 5. Supplemental ESOP Benefits. A Participant who
is eligible for the Supplemental ESOP portion of the Plan (“ESOP Participant”), shall be entitled to be credited with an annual Bank contribution determined as set forth in this Section 5 (“Supplemental ESOP Benefit”), which
shall be recorded in the ESOP Participant’s Account pursuant to Section 6 of this Plan. The amount of the Supplemental ESOP Benefit is equal to the sum of the difference (expressed in dollars) between “(X)” and “(Y)”
where: 
 (a) “X” is the number of shares of common stock (“Stock”) of
Peoples Federal Bancshares, Inc (“Company”) that would have been allocated to the account of the ESOP Participant for the period from January 1 to December 31 (“Plan Year”) under

  

 2 

 
the ESOP but for the maximum limitations under Sections 401(a)(17) and 415 of the Code (collectively, the “Applicable Limitations), multiplied by the fair market value of such Stock on the
last day of the ESOP Plan Year (December 31) for which the allocation is made; and 
 (b)
“Y” is the number of shares of Stock actually allocated to the account of the ESOP Participant for the relevant ESOP Plan Year, multiplied by the fair market value of such Stock on the last day of the Plan Year (December 31) for which the
allocation is made. 
 The Supplemental ESOP Benefit, which shall be credited to the ESOP Participant’s
Account under this Plan as of December 31 of each year, as applicable, shall be deemed to be invested in accordance with the ESOP Participant’s investment elections pursuant to Sections 7 and 8 of this Plan. The Supplemental ESOP Benefit
will be paid to the ESOP Participant pursuant to Section 12 of this Plan and the benefit will be subject to all other terms of this Plan. 
 6. Accounts under the Plan. Amounts deferred by a Participant (all references to Participant shall include ESOP Participant, as applicable) pursuant to Paragraph 4 hereof (or amounts credited under
paragraph 5, if any) shall be maintained in an Account for such Participant by the Bank or by the subsidiary of the Bank responsible to pay the compensation being deferred by the Participant or contributed on his/her behalf hereunder. The Account
shall consist of sub-accounts, which shall include an Elective Deferral Account, Supplemental ESOP Benefit Account, and any other sub-account the Committee deems necessary, in order to track the deferrals, contributions and investment gains and
losses on behalf of a Participant. 
 7. Deemed Investment of Accounts. The Account maintained on behalf
of each Participant with respect to the amounts deferred by that Participant hereunder (or amounts contributed under paragraph 5, if any) with respect to each year of participation by the Participant shall be deemed to be invested in, and shall be
adjusted to reflect earnings and losses of, such investments or investment funds as is designated as available from time to time by the Committee. To the extent the Committee makes available alternative deemed investment vehicles with respect to
amounts eligible to be deferred under the Plan, each Participant shall, upon making a deferral election hereunder, designate, in the form and manner prescribed by the Committee, that the amounts to be credited to his or her Account (or amounts
contributed under paragraph 5, if any) be applied in such proportions as he or she may designate, in such multiples as is permitted by the Committee, in each deemed investment made available by the Committee. The Committee may make available
different deemed investments for amounts deferred at different times under the Plan, and may change the available deemed investments under the Plan from time to time. The Committee may also designate that only one deemed investment be available with
respect to any amounts deferred hereunder, in which event that deemed investment shall apply to all such amounts without regard to any other election that a Participant may desire. 
 8. Change in Investment Directions. A Participant may, in the form and manner prescribed by the Committee, elect to
change his or her investment direction with respect to all or a portion of the amounts then held, or to be held, in such Participant’s Account, with such

  

 3 

 
election and new investment direction becoming effective the first day of any calendar quarter (i.e January 1, April 1, July 1 or October 1), provided such
investment direction election is made, and not revoked, prior to the first day of such calendar quarter. Such direction may relate solely to amounts already allocated to the Participant’s Account (in which event it shall constitute a direction
to transfer amounts in the Participant’s Account among the various available deemed investments) or may relate solely to amounts to be deferred in the future, or may relate to both amounts already allocated to the Participant’s Account and
amounts to be deferred in the future. Any investment direction election made by a Participant shall remain in effect until changed, to the extent such change is permitted under the Plan. 
 9. Crediting of Accounts. Each Participant’s Account shall be deemed credited at the end of each calendar
quarter (or on such other dates as is designated by the Committee) with the earnings or losses that the amount in the Account would have experienced had the Account actually been invested in the deemed investment designated by the Participant or, as
appropriate, the Committee. 
 10. Status of Investments. All investments made by the Bank or any other
subsidiary of the Bank pursuant to this Plan will be deemed made solely for the purpose of aiding such entity in measuring and meeting its obligations under the Plan. Further, such entities are not limited to the investments described in the
provisions set forth above but are merely obligated to provide payments pursuant to the terms of this Plan that reflect the investment returns offered by the deemed investments made available under the Plan. The Bank or, as applicable, one or more
of the subsidiaries of the Bank, will be named sole owner of all such investments and of all rights and privileges conferred by the terms of the instruments evidencing such investments. This Plan places no obligation upon any entity to invest any
portion of the amount in a Participant’s Account, to invest or continue to invest in any specific asset, to liquidate any particular investment, or to apply in any specific manner the proceeds from the sale, liquidation, or maturity of any
particular investment. Nothing stated herein shall cause such investments to be treated as anything but the general assets of the Bank or, as applicable, other subsidiaries of the Bank, nor will anything stated herein cause such investments to
represent the vested, secured or preferred interest of the Participant or his or her beneficiaries designated under this Plan. Participants hereunder have the status of unsecured creditors with respect to their Accounts, and it is intended that the
Plan be unfunded for tax purposes and, to any extent applicable, for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. 
 11. Vesting. Participants shall be fully vested in all amounts in their Deferral Accounts at all times. Participants in the Supplemental ESOP shall be vested in their
Supplemental ESOP Account to the same extent that they are vested in their account in the tax-qualified ESOP. 
 12. Payment of Accounts. 
 (a) At the time a Participant elects to defer compensation hereunder,
the Participant shall designate the time and the manner of the payment of the amounts to be allocated to such Participant’s Account with respect to such deferral of compensation (and amounts credited under paragraph 5, if any). Except as
otherwise provided below, payment to a Participant shall commence upon a fixed date selected by the Participant at the time of the deferral chosen from the following dates: 
 (i) The last day of a calendar quarter ending at least two years from the end of the
calendar year in which the deferred compensation would otherwise become payable, but no later than the end of the calendar quarter in which occurs the Participant’s 75th birthday; or 
  

 4 

 (ii) The last day of any one of the four calendar quarters
ending after the Participant experiences a Separation from Service (as defined in Section 12(f) of this Plan) (as designated by the Participant at the time of deferral). 
 Except as otherwise provided below, the form of payment of deferred amounts in a Participant’s Account shall be
designated by the Participant at the time the election to defer compensation is made and shall be from among the following options, to the extent such optional forms are made available by the Committee. All forms of payment shall be based on the
value of a Participant’s Account attributable to the particular deferral election (including amounts credited under paragraph 5, if any) and all forms of payment shall be actuarially equivalent to each other. The options that may be made
available are: 
 (A) a lump sum; 
 (B) a number of quarterly installments or annual installments, limited in such manner as is determined by the
Committee; 
 (C) one or more forms of annuity, with such terms as shall be determined by the
Committee; or 
 (D) a designated dollar amount (to the extent such amount is allocated to the
Participant’s Account with respect to the deferral of compensation in question) or percentage of the Participant’s account at the end of one or more calendar quarters otherwise available for election for the commencement of distributions
as described above, with the remainder of the amount subject to such designation to be distributed commencing at such other date chosen by the Participant at the time of the deferral. 
 In the event that payment is to be made in the form of an annuity, the amount of each annuity payment shall
be determined by the Committee or its designee in its sole discretion, which amount shall be based on the amounts that could be payable under one or more commercial annuity products that could be purchased with the amount in a Participant’s
Account that is to be paid in the form of an annuity at a date set by the Committee that is within 60 days of the starting date of the annuity, with the identity of the commercial annuity products to be used for this purpose to be determined in the
sole discretion of the Committee, or by the Committee’s designee in accordance with standards established by the Committee. Any such determination and the determination by the Committee or its delegates of the amount of any annuity payments to
be made hereunder shall be final and binding upon all Participants and beneficiaries. In the event that the Committee or its designee, in their sole and absolute discretion, shall direct that a commercial annuity be purchased in order to fund any
payment obligations hereunder,

  

 5 

 
such annuity contract, when purchased, shall be the property of the Bank or other purchasing subsidiary of the Bank, and the Participant will continue to be no more than an unsecured creditor of
the Bank or, as applicable, another subsidiary of the Bank, as described above. Each Participant’s Account under the Plan shall be reduced by the amount of any distribution hereunder. 
 (b) Payment Upon Unforeseeable Emergency. A Participant may also, solely to the extent permitted by
the Committee, direct that a portion of the amounts payable to the Participant be distributed in the event of an Unforeseeable Emergency (as defined in Section 13 of this Plan). 
 (c) Payments Upon Death. To the extent permitted by the Committee, a Participant may elect that if the
Participant dies before payments of a deferred amount have otherwise commenced to the Participant, the amount allocated to the Participant’s Account be distributed to the Participant’s Beneficiary (as defined below) either on the last day
of the calendar quarter in which the Participant dies (or as soon as practicable thereafter) or on the last day of the first calendar quarter in the calendar year immediately following the date of the Participant’s death; provided, however that
if no such election is made, payment shall be made in a single lump sum at the end of the calendar quarter in which the Participant died, or as soon as practicable thereafter. If payments of a deferred amount in the form of installments have already
commenced to the Participant, they shall continue to be made after the Participant’s death to the Participant’s Beneficiary in accordance with the Act to avoid acceleration of payment, who shall otherwise be granted the same rights as were
held by the Participant hereunder. 
 (d) Additional Payment Elections. Notwithstanding
the preceding provisions of this Paragraph 12 to the contrary, a Participant may subsequently elect, in such form and manner as may be prescribed by the Committee, a revised commencement date for the amounts credited to his or her Account, in lieu
of the date(s) initially selected, provided that any such election is not effective until 12 months following such election, that the election provides that payment will be deferred for at least five (5) years from the date such payment would
otherwise have been made (except for death as provided above), and the election is made at least 12 months prior to the first scheduled payment. Further, notwithstanding the preceding provisions of this Paragraph 12 to the contrary, a Participant
may also subsequently elect, in such form and manner as may be prescribed by the Committee, that the amounts credited to his or her Account be paid in any one of the forms of benefit payment provided under this Paragraph 12 in lieu of the form of
payment initially selected, provided that any such election is not effective for 12 months, that the election to modify the form of distribution provides that payment will be deferred for at least five (5) years from the date such payment would
otherwise have been made (except for death as provided above), and such election is made at least 12 months prior to the first scheduled payment. 
 (e) 409A Requirements. For purposes of this Plan, “terminates” and “separation from service” shall mean “Separation from Service” as defined in
Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Bank and Participant reasonably anticipate that the level of bona fide services

  

 6 

 
Participant 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. Notwithstanding any provision of the Plan to the contrary, a Participant who is a specified employee as defined in the regulations promulgated under Code Section 409A may not commence
receipt of his/her benefit until the first day of the seventh month following his or her Separation from Service. For purposes of Code Section 409A, the Committee shall determine which Participants are specified employees as of December 31
in accordance with the Regulations promulgated under Section 409A. Such determination by the Committee shall be effective for the twelve month period commencing on April 1. 
 13. Unforeseeable Emergency. A Participant may request, in writing to the Committee, a request for a withdrawal from
his/her Account if the Participant experiences an Unforeseeable Emergency. Withdrawals for the purpose of an Unforeseeable Emergency are limited to the extent needed to satisfy the emergency, which cannot be met by the Participant utilizing other
resources. The Committee shall make a determination with regard to the Unforeseeable Emergency in accordance with Code Section 409A and the Treasury Regulations promulgated thereunder. 
 (a) “Unforeseeable Emergency” shall mean a severe financial hardship to the Participant resulting from (1) an
illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (within the meaning of Section 152(a) of the Code), (2) a loss of the Participant’s property due to casualty, or (3) other
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The amount of such distribution may not exceed the amounts necessary to satisfy the emergency. The circumstances that will constitute
an “Unforeseeable Emergency” will depend on the facts of each case, but, in any case, payment may not be made in the event that such hardship is or may be relieved: 
 (i) through reimbursement or compensation by insurance or otherwise; 
 (ii) by liquidation of the Participant’s assets, to the extent that liquidation of such assets would not
itself cause severe financial hardship; or 
 (iii) by cessation of deferrals under the Plan.

 14. Designation of Beneficiaries. In the event that a Participant dies prior to the receipt of all
amounts payable to him or her pursuant to the Plan, all remaining amounts credited to his or her Account shall be paid to such one or more Beneficiaries and in such proportions as the Participant may designate, in accordance with the provisions of
Paragraph 12. If no Beneficiary has been named by the Participant, or if a named Beneficiary has predeceased the Participant and no successor beneficiary has been named or if a beneficiary designation is otherwise ineffective, payment shall be made
to the estate of the Participant, and if any Beneficiary shall die after payments to that Beneficiary have commenced, if any remaining payments would otherwise be made to such Beneficiary, they shall instead be made to the estate

  

 7 

 
of the Beneficiary. A Beneficiary designation pursuant to this Paragraph 14 shall not be effective unless it is in writing and is received by the Committee prior to the death of the Participant
making the designation. 
 15. Nonalienation. The right to receive a benefit under the Plan shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s beneficiaries. 
 16. Indemnification. The Bank shall indemnify, hold harmless and defend each member of the Board, each member of the
Committee, each member of the Benefits Committee, and each of their designees who are employees of the Bank or any of its subsidiaries, against any reasonable costs, including legal fees, incurred by them, or arising out of any action, suit or
proceeding in which they may be involved, as a result of their efforts, in good faith, to defend or enforce the terms of the Plan. 
 17. Severability. A determination that any provision of the Plan is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 
 18. Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions of the Plan shall
not be deemed a waiver of such term, covenant or condition. A waiver of any provision of the Plan must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any
right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
 19. Notices. Any notice or other communication required or permitted to be given to a party under the Plan shall be deemed given if personally delivered or if mailed, postage prepaid, by certified
mail, return receipt requested, to the party at the address listed below, or at such other address as one such party may by written notice specify to the other: 
 (a) if to the Committee: 
  

					
	 Attention:
	 	 Chairman -
	 	 Compensation Committee

		 		 	 Peoples Federal Savings Bank

		 		 	 435 Market Street

		 		 	 Brighton, MA 02135

 (b) if to any party other than the Committee, to such party at the address last published by such party by written notice to the Committee. 
  

 8 

 20. Governing Law. The Plan shall be construed, administered and
enforced according to the laws of the Commonwealth of Massachusetts, except to the extent that such laws are preempted by federal law. 
 21. Construction of Language. Wherever appropriate in the Plan, words used in the singular may be read in the plural, words in the plural may be read in the singular, and words importing the male
gender shall be deemed equally to refer to the feminine or the neuter. 
 22. Amendment or Termination of the
Plan. 
 (a) The Bank reserves the right to amend or terminate the Plan at any time, except
that no such amendment will affect the benefits or rights to which any Participant became entitled prior to such amendment or termination. A termination of the Plan will not be a distributable event, except in the three circumstances set forth in
Paragraph 22(b) below. 
 (b) Termination. Under no circumstances may the Plan permit the acceleration of
the time or form of any payment under the Plan prior to the payment events specified herein, except as provided in this Section 22(b). The Bank may, in its discretion, elect to terminate the Plan in any of the following three circumstances and
accelerate the payment of the entire unpaid balance of the Participant’s benefits as of the date of such payment in accordance with Section 409A of the Code: 
 (i) the Plan is irrevocably terminated within the 30 days preceding a Change in Control and (1) all
arrangements sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation §1.409A-1(c)(2) are terminated, and (2) each Participant participating in the Plan and all participants under the other aggregated
arrangements receive all of their benefits under the terminated arrangement within 12 months of the date the bank irrevocably takes all necessary action to terminate the Plan and the other aggregated arrangements; 
 (ii) the Plan is irrevocably terminated at a time that is not proximate to a downturn in the financial health
of the Bank and (1) all arrangements sponsored by the Bank that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a Participant participated in such arrangements are terminated, (2) no payments are made within 12
months of the date the Bank takes all necessary action to irrevocably terminate the arrangements, other than payments that would be payable under the terms of the arrangements if the termination had not occurred, (3) all payments are made
within 24 months of the date the Bank takes all necessary action to irrevocably terminate the arrangements, and (4) the Bank does not adopt a new arrangement that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if a
Participant participated in both arrangements, at any time within three years following the date the Bank takes all necessary action to irrevocably terminate the Plan; or 
 (iii) the Plan is terminated within 12 months of a corporate dissolution taxed under Section 331 of the
Code, or with the approval of a bankruptcy court

  

 9 

 
pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred by each Participant under the Plan are included in the Participant’s gross income in the later of (1) the
calendar year in which the termination of the Plan occurs, or (2) the first calendar year in which the payment is administratively practicable. 
 23. Claims Procedures 
 (a) This Section is
based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and codified at 29 C.F.R. Section 2560.503-1. If any provision of this Section conflicts with the requirements of those
regulations, the requirements of those regulations will prevail. 
 (b) The Participant or any
beneficiary who believes he or she is entitled to any benefit under the Plan (a “Claimant”) may file a claim with the Bank. The Bank shall review the claim itself or appoint an individual or an entity to review the claim. 
 (i) Initial Decision. The Claimant shall be notified within ninety (90) days after the claim is
filed whether the claim is allowed or denied, unless the Claimant receives written notice from the Bank or appointee of the Bank prior to the end of the ninety (90) day period stating that special circumstances require an extension of the time
for decision, with such extension not to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. 
 (ii) Manner and Content of Denial of Initial Claims. If the Bank denies a claim, it must provide to the Claimant, in writing or by electronic communication: 
 (A) The specific reasons for the denial; 
 (B) A reference to the provision of the Plan upon which the denial is based; 
 (C) A description of any additional information or material that the Claimant must provide in order to
perfect the claim; 
 (D) An explanation of why such additional material or information is
necessary; 
 (E) Notice that the Claimant has a right to request a review of the claim denial
and information on the steps to be taken if the Claimant wishes to request a review of the claim denial; and 
 (F) A statement of the Participant’s right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) following a denial
on review of the initial denial. 
  

 10 

 (c) Review Procedures. 
 (i) Request for Review. A request for review of a denied claim must be made in writing to the Bank
within sixty (60) days after receiving notice of denial. The decision upon review will be made within sixty (60) days after the Bank’s receipt of a request for review, unless special circumstances require an extension of time for
processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial sixty (60) day
period and must explain the special circumstances and provide an expected dated of decision. 
 The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Bank. The reviewer shall take into account all
comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination. 
 (ii) Manner and Content of Notice of Decision on Review. Upon completion of its review of an adverse claim
determination, the Bank will give the Claimant, in writing or by electronic notification, a notice containing: 
 (A) its decision; 
 (B) the specific reasons for
the decision; 
 (C) the relevant provisions of the Plan upon which its decision is based;

 (D) a statement that the Claimant is entitled to receive, upon request and without charge,
reasonable access to, and copies of, all documents, records and other information in the Bank’s files which is relevant to the Claimant’s claim for benefits; 
 (E) a statement describing the Claimant’s right to bring an action for judicial review under
Section 502(a) of ERISA; and 
 (F) if an internal rule, guideline, protocol or other
similar criterion was relied upon in making the adverse determination on review, a statement that a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant upon request. 
 (d) For purposes of the time periods specified in this Section, the period of time during which a benefit
determination is required to be made begins at the time a claim is filed in accordance with the procedures herein without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due
to a Claimant’s failure to submit all information necessary, the period for making the determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds. 
  

 11 

 (e) If the Bank fails to follow the claims procedures
required by this Section, a Claimant shall be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to pursue any available remedy under Section 502(a) of ERISA on the basis that the Plan has failed
to provide a reasonable claims procedure that would yield a decision on the merits of the claim. A Claimant’s compliance with the foregoing provisions of this Section is a mandatory requisite to a Claimant’s right to commence any legal
action with respect to any claims for benefits under the Plan. 
 (f) Notwithstanding anything in
this Plan to the contrary, the Bank may determine, in its sole and absolute discretion, to review any claim for benefits submitted by a Claimant under this Agreement. 
 [signature on next page] 
  

 12 

 IN WITNESS WHEREOF, Peoples Federal Savings Bank has caused this
Amended and Restated Voluntary Deferred Compensation and Supplemental Employee Stock Ownership Plan for Executives to be executed effective as of the      day of
                 , 2010. 
  

					
		 		 	PEOPLES FEDERAL SAVINGS BANK
	 ATTEST:
	 		 	
			
	  
	 		 	  

	 Secretary
	 		 	 President

  

 13 

 Appendix A 
 Peoples Federal Savings Bank 
 Amended and Restated

 Voluntary Deferred Compensation 
 and 
 Supplemental Employee Stock Ownership Plan 
 for Executives 
 Effective Date:                      , 2010 
  

			
	 ESOP Participant
	 	 Date of Participation

		
	 Maurice H. Sullivan, Jr.
	 	
		
	 Thomas J. Leetch
	 	
		
	 James J. Gavin
	 	

  

 14

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