Document:

Exhibit 10.9

 

FORM OF COLUMBIA BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

     

     

    

 

COLUMBIA BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

Table of Contents

 

	ARTICLE I	Introduction	1
	 	 	 
	ARTICLE II	Definitions	1
	 	 	 
	ARTICLE III	Eligibility and Participation	4
	 	 	 
	ARTICLE IV	Benefits	4
	 	 	 
	ARTICLE V	Accounts	5
	 	 	 
	ARTICLE VI	Supplemental Benefit Payments	6
	 	 	 
	ARTICLE VII	Claims Procedures	7
	 	 	 
	ARTICLE VIII	Amendment and Termination	8
	 	 	 
	ARTICLE IX	General Provisions	8

 

     

     

    

 

ARTICLE I

INTRODUCTION

 

		Section 1.01	Purpose, Design and Intent.

 

(a)       The
purpose of this Columbia Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Columbia Bank
(the “Bank”) in retaining the services of key employees until their retirement, to induce such employees to use their
best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental retirement benefits to
such employees, which cannot otherwise be provided under the Bank’s employee stock ownership plan.

 

(b)       The
Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of
the Employee Retirement Income Security Act of 1974, as amended. In this respect, the Plan is specifically designed to provide
certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored
by the Bank but for the applicable limitations placed on benefits and contributions under such plans by various provisions of the
Internal Revenue Code of 1986, as amended.

 

ARTICLE II

DEFINITIONS

 

Section 2.01         Definitions.In
this Plan, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed
to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary
of a Participant, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized
terms shall have the following meanings:

 

(a)       “Affiliate”
means any corporation, trade or business, which, at the time of reference, is together with the Bank, a member of a controlled
group of corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service
group, as described in Sections 414(b), 414(c), and 414(m) of the Code, respectively, or any other organization treated as a single
employer with the Bank under Section 414(o) of the Code.

 

		(b)	“Applicable Limitations” means
one or more of the following, as applicable:

 

		(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under
Section 415(c) of the Code; and

 

		(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17)
of the Code, be taken into account in determining contributions to and benefits under tax-qualified plans; and

 

		(iii)	the maximum limitations, under Section 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions
that may be made to a qualified defined contribution plan.

 

		(c)	“Bank” means Columbia Bank and
its successors.

 

		(d)	“Board of Directors” means the
Board of Directors of the Bank.

 

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		(e)	“Change in Control” means the
first occurrence of any of the following events:

 

		(i)	the acquisition by any person (within the meaning of Section 13(d) of the Securities Exchange Act
of 1934 (“Act”)), other than by Columbia Bank MHC, the Company, the Bank, any other subsidiary of the Company,
and any employee benefit plan of the Company or the Bank or any other subsidiary of the Company, of fifty percent (50%) or more
of the combined voting power entitled to vote generally in the election of the directors of the Company’s or the Bank’s
then outstanding voting securities;

 

		(ii)	the persons who were serving as the members of the Company Board of Directors (“Company Board”)
or Bank Board of Directors (“Bank Board”) immediately prior to the commencement of a proxy contest relating to the
election of directors or a tender or exchange offer for voting securities of the Company or the Bank, as applicable (“Incumbent
Directors”), shall cease to constitute at least a majority of such board (or the board of directors of any successor
to the Company or the Bank, as applicable) at any time within one year of the election of directors as a result of such contest
or the purchase or exchange of voting securities of the Company or the Bank, as applicable, pursuant to such offer, provided that
any director elected or nominated for election to the Company Board or Bank Board, as applicable, by a majority of the Incumbent
Directors then still in office and whose nomination or election was not made at the request or direction of the person(s) initiating
such contest or making such offer shall be deemed to be an Incumbent Director for purposes of this subsection (ii); or

 

		(iii)	a sale, transfer, or other disposition of all or substantially all of the assets of the Company
or the Bank which is consummated and immediately following which the persons who were the owners of the Company or the Bank, as
applicable, immediately prior to such sale, transfer, or disposition, do not own, directly or indirectly and in substantially the
same proportions as their ownership immediately prior to the sale, transfer, or disposition, more than fifty percent (50%) of the
combined voting power entitled to vote generally in the election of directors of (i) the entity or entities to which such assets
or ownership interest are sold or transferred or (ii) an entity that, directly or indirectly, owns more than fifty percent (50%)
of the combined voting power entitled to vote generally in the election of directors of the entities described in clause (i).

 

Notwithstanding anything
herein to the contrary, the issuance of common stock by the Company or the Bank shall not be deemed to be a Change in Control nor
shall any subsequent “second-step” conversion and stock issuance be deemed to be a Change in Control for purposes of
this Plan.

 

To the extent necessary
to comply with Code Section 409A, a Change in Control will be deemed to have occurred only if the event also constitutes a change
in the effective ownership or effective control of the Company or the Bank, as applicable, or a change in the ownership of a substantial
portion of the assets of the Company or the Bank, as applicable, in each case within the meaning of Treasury Regulation section
1.409A-3(i)(5).

 

(f)        “Code”
means the Internal Revenue Code of 1986, as amended.

 

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(g)       “Committee”
means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan.

 

(h)        “Common
Stock” means the common stock of the Company.

 

(i)        “Company”
means Columbia Financial, Inc. and its successors.

 

(j)        “Eligible
Individual” means any Employee who participates in the ESOP, as the case may be, and whom the Board of Directors
determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes
of Sections 101, 201, and 301 of ERISA.

 

(k)        “Employee”
means any person employed by the Bank or an Affiliate.

 

(l)        “Employer”
means the Bank or Affiliate thereof that employs the Employee.

 

(m)      “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

(n)       “ESOP”
means the Columbia Bank Employee Stock Ownership Plan, as amended from time to time.

 

(o)      “ESOP
Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with
the purchase of Common Stock on behalf of the ESOP.

 

(p)      “ESOP
Valuation Date” means any day as of which the investment experience of the trust fund of the ESOP is determined and
individuals’ accounts under the ESOP are adjusted accordingly.

 

(q)      “Effective
Date” means [_____].

 

(r)       “Participant”
means an Eligible Employee who is entitled to benefits under the Plan.

 

(s)       “Plan”
means this Columbia Bank Supplemental Executive Retirement Plan, as amended from time to time.

 

(t)       “Separation
from Service” means a termination of a Participant’s services (whether as an employee or as an independent
contractor) to the Bank. 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 Participant reasonably
anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant
would performed after a certain date or (whether as an employee or as an independent contractor) would permanently decrease to
no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent
contractor) over the immediately preceding thirty-six (36) month period.

 

(u)      “Supplemental
ESOP Account” means an account established by an Employer, pursuant to Section 5.01 of the Plan, with respect to
a Participant’s Supplemental ESOP Benefit.

 

(v)      “Supplemental
ESOP Benefit” means the benefit credited to a Participant pursuant to Section 4.01 of the Plan.

 

    	 	3	 

     

    

 

(w)        “Supplemental
Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with
respect to a Participant’s Supplemental Stock Ownership Benefit.

 

(x)        “Supplemental
Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan.

 

ARTICLE III

ELIGIBILITY AND PARTICIPATION

 

		Section 3.01	Eligibility and Participation.

 

(a)       Each
Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as
such by the Board of Directors. An Eligible Employee whom the Board of Directors designates as a Participant in the Plan shall
commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible
Employee’s date of participation at the same time it designates the Eligible Employee as a Participant in the Plan.

 

(b)       The
Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided
for under Article IV of the Plan.

 

ARTICLE IV

BENEFITS

 

		Section 4.01	Supplemental ESOP Benefit.

 

As of the last day of each
plan year of the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP Benefit
equal to the excess of (a) over (b), where:

 

(a)       Equals
the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection
with the repayment of an ESOP Acquisition Loan that would otherwise be allocated to the accounts of the Participant under the ESOP
for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations;
and

 

(b)       Equals
the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection
with the repayment of an ESOP Acquisition Loan that are actually allocated to the accounts of the Participant under the provisions
of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable
Limitations.

 

		Section 4.02	Supplemental Stock Ownership Benefit.

 

(a)       Upon
a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock
Ownership Benefit equal to (i) less (ii), the result of which is multiplied by (iii), where:

 

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		(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition
Loans (together with any dividends, cash proceeds, or other medium related to such ESOP Acquisition Loans) that would have been
allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant
continued in the employ of the Employer through the first ESOP Valuation Date following the last scheduled payment of principal
and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and

 

		(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition
Loans (together with any dividends, cash proceeds, or other medium related to such ESOP Acquisition Loans) and allocated for the
benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the
Change in Control; and

 

		(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control.

 

(b)          For
purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by
multiplying the sum of (i) and (ii) by (iii), where:

 

		(i)	Equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition
Loan and allocated for the benefit of the Participant under the ESOP as of the three most recent ESOP Valuation Dates preceding
the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years);

 

		(ii)	Equals the average number of shares of Common Stock credited to the Participant’s Supplemental
ESOP Account for the three most recent plan years of the ESOP (such that the three most recent plan years coincide with the three
most recent ESOP Valuation Dates referred to in (i) above); and

 

		(iii)	Equals the original number of scheduled annual payments on the ESOP Acquisition Loan.

 

ARTICLE V

ACCOUNTS

 

		Section 5.01	Supplemental ESOP Benefit Account.

 

For each Participant who
is credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books,
a Supplemental ESOP Account. Each year, the Committee shall credit to the Participant’s Supplemental ESOP Account the amount
of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal
to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise been made to the
Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued
under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental ESOP Account
shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock
accounts under the ESOP.

 

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		Section 5.02	Supplemental Stock Ownership Account.

 

The Employer shall establish,
as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the Committee shall credit
to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan.
The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium
of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock
shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental
Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the
Participant’s non-stock accounts under the ESOP.

 

		Section 5.03	Supplemental Savings Account.

 

The Employer shall establish
a memorandum account on its books, a Supplemental Savings Account, for each Participant, and each year the Committee will credit
the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental
Savings Account shall be credited monthly with interest at a rate equal to the combined weighted return provided to the Participant’s
account(s) under the 401(k) Plan.

 

ARTICLE VI

SUPPLEMENTAL BENEFIT PAYMENTS

 

		Section 6.01	Payment of Supplemental ESOP Benefit.

 

(a)       A
Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death,
to his beneficiary (as designated on a form acceptable to the Employer), in a single lump sum cash payment as soon as administratively
practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service.

 

(b)       A
Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage
as he has with respect to benefits allocated to him under the ESOP at the time the benefits become distributable to him under the
ESOP.

 

		Section 6.02	Payment of Supplemental Stock Ownership Benefit.

 

(a)       A
Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s
death, to his beneficiary (as designated on a form acceptable to the Employer), in a single lump sum cash payment as soon as administratively
practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service.

 

(b)       A
Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this
Plan.

 

		Section 6.03	Payment of Supplemental Savings Benefit.

 

(a)       A
Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death,
to his beneficiary (as designated on a form acceptable to the Employer) in a single sum cash payment, as soon as administratively
practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service.

 

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(b)       A
Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he
has to any matching contributions under the 401(k) Plan at the time of his Separation from Service.

 

		Section 6.04	Payment to Specified Employees.

 

Notwithstanding anything
in Article VI, if when a Separation from Service occurs the Participant is a “specified employee” within the meaning
of Section 409A of the Code, the benefit shall be paid to the Participant in a single lump sum cash payment without interest on
the first business day of the seventh (7th) month after which the Participant incurs a Separation from Service.

 

ARTICLE VII

CLAIMS PROCEDURES

 

		Section 7.01	Claims Reviewer.

 

For purposes of handling
claims with respect to this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates another
person or group of persons as Claims Reviewer.

 

		Section 7.02	Claims Procedure.

 

(a)       An
initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with
the terms of this Section 7.02.

 

(b)       Not
later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the
claimant, unless special circumstances require the extension of such 90-day period. If such extension is necessary, the Claims
Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such
extension before the expiration of the initial 90-day period. Such notice shall specify the reason or reasons for the extension
and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from
the end of the initial 90-day period.

 

(c)       In
the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s
written notification shall specify, in a manner calculated to be understood by the claimant, the reason for the denial; a reference
to the Plan or other document or form that is the basis for the denial; a description of any additional material or information
necessary for the claimant to perfect the claim; an explanation as to why such information or material is necessary; and an explanation
of the applicable claims procedure.

 

(d)       Should
the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of
the claimant’s claim, the claimant may have a full and fair review of the claim by the Committee upon written request submitted
by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after
the claimant receives written notification that the claimant’s claim has been denied. In connection with such review, the
claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the
claimant’s views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days
after receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day
period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before
the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the claim within one hundred
and twenty (120) days of the receipt of the claimant’s written request for review. The action of the Committee shall be in
the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original
claim.

 

    	 	7	 

     

    

 

(e)       In
no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted
all of the remedies and procedures afforded the claimant by this Article VII.

 

ARTICLE VIII

AMENDMENT AND TERMINATION

 

		Section 8.01	Amendment of the Plan.

 

The Bank may from time
to time and at any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant
or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled
prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee shall be authorized
to make minor or administrative changes to the Plan, as well as amendments required by applicable federal or state law (or authorized
or made desirable by such statutes); provided, however, that such amendments must subsequently be ratified by the Board of Directors.
Any amendments made to the Plan shall be subject to any restrictions on amendment that are applicable to ensure continued compliance
under Section 409A.

 

		Section 8.02	Termination of the Plan.

 

The Bank may terminate
the Plan at any time; provided, however, that such termination may not adversely affect the rights of any Participant or beneficiary
with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to
the effective date of such termination without the consent of the Participant or beneficiary. Any amounts credited to the supplemental
accounts of any Participant shall remain subject to the provisions of the Plan.

 

This section is subject
to the same restrictions related to compliance with Section 409A that generally apply to the Plan. In accordance with these restrictions,
the Bank intends to have the maximum discretionary authority to terminate the Plan and make distributions in connection with a
Change in Control, and the maximum flexibility with respect to how and to what extent to carry this out following a Change in Control
as is permissible under Section 409A.

 

ARTICLE IX

GENERAL PROVISIONS

 

		Section 9.01	Unfunded, Unsecured Promise to Make Payments in the
Future.

 

The right of a Participant
or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank
or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries, shall have any rights in or against
any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall
be considered entirely unfunded both for tax purposes and for purposes of Title I of ERISA. Any funds invested hereunder shall
continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in
the event of bankruptcy or insolvency. Accounts under this Plan and any benefits which may be payable pursuant to this Plan are
not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment
by creditors of a Participant or a Participant’s beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate
to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily,
for the satisfaction of the debts of, or other obligations or claims against, such Participant or beneficiary, including claims
for alimony, support, separate maintenance and claims in bankruptcy proceedings.

 

    	 	8	 

     

    

 

		Section 9.02	Committee as Plan Administrator.

 

(a)       The
Plan shall be administered by a Committee designated by the Board of Directors of the Bank.

 

(b)       The
Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate.
The Committee shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the
payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative duties
to employees of the Bank or an Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables,
valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person
employed or retained by the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of
the Committee shall be final and binding on all persons and parties concerned. The Committee, as Plan Administrator, shall interpret
this Plan for all purposes in accordance with Code Section 409A and the regulations thereunder and any provision of the Plan shall
be deemed modified to the extent necessary to comply with Code Section 409A and the regulations thereunder.

 

		Section 9.03	Expenses.

 

Expenses of administration
of the Plan shall be paid by the Bank or an Affiliate.

 

		Section 9.04	Statements.

 

The Committee shall furnish
individual annual statements of accrued benefits to each Participant, or current beneficiary, in such form as determined by the
Committee or as required by law.

 

		Section 9.05	Rights of Participants and Beneficiaries.

 

(a)       The
sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions
and to receive whatever benefits he may be entitled to hereunder.

 

(b)       Nothing
in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan
or assets of the Bank or an Affiliate will be sufficient to pay any benefit hereunder.

 

(c)       The
adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank
or an Affiliate and any Participant or other individual. The Plan shall not affect the right of the Bank or an Affiliate to deal
with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions
of employment or service.

 

    	 	9	 

     

    

 

		Section 9.06	Incompetent Individuals.

 

The Committee may, from
time to time, establish rules and procedures which it determines to be necessary for the proper administration of the Plan and
the benefits payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent
and a conservator or other person is appointed and legally charged with that Participant’s or beneficiary’s care. Except
as otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial
affairs, the Committee may pay such Participant’s or beneficiary’s benefits to such conservator, person legally charged
with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and
maintenance of such Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the
Bank or an Affiliate and the Plan for such Participant or beneficiary.

 

		Section 9.07	Sale, Merger or Consolidation of the Bank.

 

The Plan may be continued
after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or entity only if,
and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger,
consolidation or other Change in Control, any amounts credited to a Participant’s accounts shall be placed in a grantor trust
to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor
entity, then the Plan shall be terminated subject to the provisions of Section 8.02 of the Plan. Any legal fees incurred by a Participant
in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the
Bank or an Affiliate of which the Participant is an Employee or, if applicable, a member of the Board of Directors, shall be paid
by the resulting or succeeding entity.

 

		Section 9.08	Location of Participants.

 

Each Participant shall
keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries. The Bank
shall not be obligated to search for any person. If such person is not located within three (3) years after the date on which payment
of the Participant’s benefits payable under this Plan may first be made, payment may be made as though the Participant or
his beneficiary had died at the end of such three-year period.

 

		Section 9.09	Liability of the Bank and its Affiliates.

 

Notwithstanding any provision
herein to the contrary, neither the Bank nor any individual acting as an employee or agent of the Bank shall be liable to any Participant,
former Participant, beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the
Plan, unless attributable to fraud or willful misconduct on the part of the Bank or any such employee or agent of the Bank.

 

		Section 9.10	Governing Law.

 

All questions pertaining
to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and,
to the extent not preempted by such laws, by the laws of the State of New Jersey.

 

		Section 9.11	Section 409A of the Code

 

This Plan is intended to
comply with the applicable requirements of Section 409A of the Code and its corresponding regulations and related guidance, and
shall be administered in accordance with Section 409A of the Code to the extent Section 409A of the Code applies to the Plan. To
the extent that any provision of this Plan would cause a conflict with the requirements of Section 409A of the Code, or would cause
the administration of the Plan to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed
null and void to the extent permitted by applicable law.

 

[Signature page follows]

 

    	 	10	 

     

    

 

This Plan has been approved and adopted by the
Board of Directors of the Bank and is effective as of January 1, 2018.

 

	Attest:	 	COLUMBIA BANK
	 	 	 	 
	 	 	By:	 
	 	 		For the entire of Board of Directors

 

    	 	11Exhibit 10.11

 

COLUMBIA BANK

DIRECTOR DEFERRED COMPENSATION PLAN

Effective September 1, 2007

 

Purpose

 

The purpose of this Columbia
Bank Director Deferred Compensation Plan (the “Plan”) is to provide a deferred compensation opportunity to members
of the Board of Directors of Columbia Bank. The Plan is intended to be unfunded for tax purposes and to comply with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended and the Treasury regulations or any other authoritative guidance
issued thereunder.

 

Article 1

Definitions

 

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

 

Bank
means Columbia Bank, a federal savings bank.

 

Benefit
Election Form means the Form attached as Exhibit 2.

 

Change
of Control means a “change in control” for purposes of Section 409A.

 

Code
means the Internal Revenue Code of 1986, as amended.

 

Bank
means Columbia Bank, and any successor.

 

Deferral
Account means the Bank’s accounting of the Director’s accumulated Deferrals plus accrued interest.

 

Deferral
Election Form means the Form attached as Exhibit 1.

 

Deferrals
means the amount of the Director’s Fees which the Director elects to defer according to this Plan.

 

Director
means a member of the Board of Directors of the Bank.

 

Effective
Date means September 1, 2007.

 

Fees
means the total cash compensation (including retainers and meeting fees) payable to a Director during a Plan Year.

 

Plan
Year means the calendar year; provided, however, that the initial Plan Year shall be the period beginning on the Effective
Date and ending December 31, 2007.

 

Section
409A means Code section 409A and the Treasury regulations or other authoritative guidance issued thereunder.

 

Termination
of Service means that the Director ceases to be a member of the Bank’s Board of Directors for any reason whatsoever
other than by reason of a leave of absence, which is approved by the Bank. Notwithstanding the preceding, a Termination of Service
shall not include any event that does not qualify as a “Separation from Service” under Section 409A.

 

     

     

    

 

Article 2

Deferral Election

 

2.1       Timing
of Election; Deferral Amount. A Director shall make a deferral election under the Plan by filing with the Bank a
signed Deferral Election Form within the deadlines established by the Bank, provided that, except as provided below, in no event
shall such an election be made after the last day of the Plan Year preceding the Plan Year in which the services giving rise to
the Fees to be deferred are to be performed. A Director may elect to defer up to one hundred (100) percent of Fees expected to
be earned during a Plan Year.

 

2.2       First
Year of Eligibility. Notwithstanding Section 2.1, if and to the extent permitted by the Bank, in the case of the
first Plan Year in which a Director becomes eligible to participate in the Plan, the Director may make a deferral election at times
other than those permitted above, provided that such election is made no later than thirty (30) days after the date the Director
becomes eligible to participate in the Plan. Such election will apply only with respect to Fees attributable to services performed
after the date the election is made.

 

2.3       Election
Changes. Subject to Section 4.3, a Director may not change his or her deferral election that is in effect for a
Plan Year, unless permitted by the Bank in compliance with Section 409A.

 

2.4       Validity
of Elections. The Bank reserves the right to determine the validity of all deferral elections made under the Plan
in accordance with the requirements of applicable law, including Section 409A. If the Bank, in its sole discretion, determines
that an election is not valid under applicable law, the Bank may treat the deferral election as null and void, and cause the Bank
to pay Fees to the affected Director without regard to the Director’s deferral election. By way of example and not limitation,
if the Bank determines that a deferral election should have been made at a time that is earlier than the time it is actually made
(even if such election would otherwise comply with the terms of the Plan), the Bank will have the right to disregard such election
and to have the Employer pay the Fees to the affected Director without regard to the Director’s deferral election.

 

Article 3

Deferral Account

 

3.1       Establishing
and Crediting. The Bank shall establish a Deferral Account on its books for each participating Director and shall
credit to the Deferral Account the following amounts:

 

3.1.1       Deferrals.
The Fees deferred by the Director as of the time the Fees would have otherwise been paid to the Director.

 

3.1.2       Interest.
Interest is to be accrued on the account balance based on the Federal Funds Rate increased by one percent. The interest shall be
credited on the first business day of the Plan Year, compounded monthly. The interest rate determined as of the first business
day of the Plan Year shall be the same rate used for the entirety of the Plan Year. The Bank may alter the interest crediting rate
formula prospectively with respect to any future Plan Year.

 

    	 	2	 

     

    

 

3.2       Statement
of Accounts. The Bank shall provide to the Director, within one hundred twenty (120) days after the end of each
Plan Year, a statement setting forth the Deferral Account balance as of the end of such Plan Year.

 

3.3       Accounting
Device Only. The Deferral Account is solely a device for measuring amounts to be paid under this Plan. The Deferral
Account is not a trust fund of any kind. The Director is a general unsecured creditor of the Bank for the payment of benefits.
The benefits represent the mere promise of the Bank to pay such benefits. The Director’s rights are not subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s
creditors.

 

Article 4

Payment of Benefits

 

4.1       Termination
of Service Benefit. Upon Termination of Service for any reason, the Bank shall pay to the Director the benefit described
in this Section 4.1 in lieu of any other benefit under the Plan.

 

4.1.1       Amount
of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the Director’s Termination
of Service.

 

4.1.2       Payment
of Benefit. The Bank shall pay the benefit under this Section 4.1 to the Director (i) in a lump sum as soon as practicable
following the Director’s Termination of Service or (ii) as an annual benefit in twelve (12) equal monthly installments payable
over a period of up to ten (10) years on the first day of each month commencing with the month following the Director’s Termination
of Service. If installments are elected, the Bank shall credit interest pursuant to Section 3.1.2 on the remaining Deferral Account
balance during any applicable installment payment period. Notwithstanding the preceding, the Director’s benefit shall automatically
be paid in a lump sum as soon as practicable following the Director’s Termination of Service if (i) the Director has failed
to timely make an election for the payment of the benefit, or (ii) the value of the Director’s Deferral Account as of the
date of the Director’s Termination of Service is ten thousand dollars ($10,000) or less.

 

4.2       Change
of Control Benefit. If irrevocably elected by the Director on a Benefit Election Form (Exhibit 2) duly completed,
executed and submitted to the Bank by the date of the Director’s initial deferral election under the Plan, the Bank shall
pay to the Director the benefit described in this Section 4.2.

 

4.2.1       Amount
of Benefit. The benefit under this Section 4.2 is the Deferral Account balance at the Change of Control.

 

4.2.2       Payment
of Benefit. The Bank shall pay the benefit under this Section 4.2 to the Director (i) in a lump sum as soon as practicable
following the Change in Control or (ii) as an annual benefit in twelve (12) equal monthly installments payable over a period of
up to ten (10) years on the first day of each month commencing with the month following the Change in Control. If installments
are elected, the Bank shall credit interest pursuant to Section 3.1.2 on the remaining Deferral Account balance during any applicable
installment period. Notwithstanding the preceding, if the Director has made the payment election under Section 4.2, the Director’s
benefit shall automatically be paid in a lump sum as soon as practicable following the Director’s Termination of Service
if (i) the Director has failed to timely make an election for the form of the benefit, or (ii) the value of the Director’s
Deferral Account as of the date of the Change in Control is ten thousand dollars ($10,000) or less.

 

    	 	3	 

     

    

 

4.3       Unforeseeable
Emergency Distribution. Upon the Bank’s determination (following petition by the Director) that the Director
has suffered an unforeseeable emergency as described below, the Bank shall (i) terminate the then effective deferral election of
the Director to the extent permitted under Section 409A, and (ii) distribute to the Director all or a portion of the Deferral Account
balance as determined by the Bank, but in no event shall the distribution be greater than the amount determined by the Bank that
is necessary to satisfy the unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which the unforeseeable emergency is or may be relieved through reimbursement
or compensation by insurance or otherwise or by liquidation of the Director’s assets (to the extent the liquidation of assets
would not itself cause severe financial hardship); provided, however, that such distribution shall be permitted solely to the extent
permitted under Section 409A. For purposes of this Section, “unforeseeable emergency” means a severe financial hardship
to the Director resulting from (a) an illness or accident of the Director, the Director’s spouse or a dependent (as defined
in Code Section 152(a)) of the Director, (b) a loss of the Director’s property due to casualty, or (c) other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Director, each as determined to exist by
the Bank.

 

4.5        In-Service
Distributions. A Participant may also elect to receive some or all of each year's deferrals and related earnings on a specific
distribution date prior to his or her separation from service, as such term is defined under Section 409A, which distribution date
is at least two (2) years after the end of the Plan Year to which such deferrals relate Each specific distribution date shall be
deemed to create a separate deferral account for the Participant, and a maximum of three (3) separate accounts may be established
and maintained by each Participant. Any amount distributable to a Participant shall be distributed in a lump sum on the specified
date. A specified payment date may be extended to a later date only as provided in Section 4.6 of this Plan.

 

4.6       Modification
of Prior Benefit Elections. If permitted by the Bank, but subject to limitations below, a Participant may elect to change
the time or form of payment to him or her, by submitting a new Benefit Election Form to the Bank, provided the following conditions
are met:: (i) such change will not take effect until at least twelve (12) months after the date on which the new election is made
and approved by Bank; (ii) if the original election is pursuant to a specified time or fixed schedule, the change cannot be made
less than twelve (12) months before the date of the first scheduled original payment, and (iii) in the case of an election related
to a payment other than a payment on account of death, disability, or unforeseeable emergency, the first payment with respect to
which the change is made must be deferred for a period of not less than five (5) years from the date such payment would otherwise
have been made.

 

Article 5

Claims and Review Procedures

 

5.1       Claims
Procedure. The Bank shall notify any person or entity that makes a claim against the Agreement (the “Claimant”)
in writing within ninety (90) days of Claimant’s written application for benefits, of his or her eligibility or non-eligibility
for benefits under the Agreement. If the Bank determines that the Claimant is not eligible for benefits or full benefits, the notice
shall set forth (1) the specific reasons for such denial, (2) specific reference to the provisions of the Agreement on which the
denial is based, (3) a description of any additional information or material necessary for the Claimant to perfect his or her claim
and a description of why it is needed and (4) an explanation of the Agreement’s claims review procedure and other appropriate
information as to the steps to be taken if the Claimant wishes to have the claim reviewed. If the Bank determines that there are
special circumstances requiring additional time to make a decision, the Bank shall notify the Claimant of the special circumstances
and the date by which a decision is expected to be made, and may extend the time for up to ninety (90) days.

 

    	 	4	 

     

    

 

5.2       Review
Procedure. If the Claimant is determined by the Bank not to be eligible for benefit, or if the Claimant believes
that he or she is entitled to greater or different benefits, the Claimant shall have the opportunity to have such claim reviewed
by the Bank by filing a petition for review with the Bank within sixty (60) days after receipt of the notice issued by the Bank.
Said petition shall state the specific reasons which the Claimant believes entitle him or her to benefits or to greater or different
benefits. Within sixty (60) days after receipt by the Bank of the petition, the Bank shall afford the Claimant (and counsel, if
any) an opportunity to present his of her position to the Bank verbally or in writing, and the Claimant (or counsel) shall have
the tight to review the pertinent documents. The Bank shall notify the Claimant of its decision in writing within the 60-day period
stating specifically the basis of its decision, written in a manner calculated to be understood by the Claimant and the specific
provisions of the Agreement on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient,
the decision may be deferred for up to another sixty (60) days at the election of the Bank, but notice of this deferral shall be
given to the Claimant.

 

Article 6

Amendments and Termination

 

6.1       Termination.
Although the Bank anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Bank
will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, the Bank reserves the right to discontinue
its sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of the Directors, by action of
its full Board of Directors. The termination of the Plan shall not adversely affect any Director’s or beneficiary’s
right to receive the payment of any benefits under the Plan as of the date of termination, including the right of the Director
or beneficiary to be paid Plan benefits accrued through the date of termination in accordance with the Plan terms and the Director’s
distribution elections in effect at the time of termination.

 

6.2       Amendment.
The Bank may, at any time, amend or modify the Plan in whole or in part, by action of its full Board of Directors; provided, however,
that no amendment or modification shall be effective to decrease or restrict the rights of a Director is his or her Deferral Account
in existence at the time the amendment or modification is made, including the right to be paid Plan benefits accrued through the
date of the amendment or modification in accordance with the Plan terms and the Director’s distribution elections in effect
at the time of the amendment or modification.

 

Article 7

Miscellaneous

 

7.1       Binding
Effect. This Plan shall bind the Director and the Bank and their beneficiaries, survivors, executors, administrators
and transferees.

 

7.2       No
Guarantee of Service. This Plan is not a contract for service. It does not give the Director the right to remain
in the service of the Employer, nor does it interfere with the Employer’s right to replace the Director. It also does not
require the Director to remain in the service of the Employer nor interfere with the Director’s right to terminate service
at any time.

 

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

 

    	 	5	 

     

    

 

7.4       Tax
Withholding. The Employer shall withhold any taxes that are required to be withheld from the benefits provided under
this Plan.

 

7.5       Applicable
Law. The Plan and all rights hereunder shall be governed by the laws of New Jersey, except to the extent preempted
by federal law.

 

7.6       Unfunded
Arrangement. The Director and any beneficiary of the Director are general unsecured creditors of the Bank for the
payment of benefits under this Plan. The benefits represent the mere promise by the Bank to pay 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 Director’s life is a general asset of the Bank to which the Director and the Director’s
beneficiary have no preferred or secured claim.

 

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

 

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

 

7.9       Administration.
The Bank shall have powers which are necessary to administer this Plan, including but not limited to:

 

(a)       Interpreting
the provisions of the Plan;

 

(b)       Establishing
and revising the method of accounting for the Plan;

 

(c)       Maintaining
a record of benefit payments; and

 

 (d)       Establishing rules and prescribing any forms necessary or desirable to administer the Plan.

 

7.10      Prohibited
Acceleration/Distribution Timing. This Section shall take precedence over any other provision of the Plan to the
contrary. No provision of this Plan shall be followed if following the provision would result in the acceleration of the time or
schedule of any payment from the Plan (i) as would require income tax to a Director prior to the date on which the amount is distributable
to or on behalf of the Director under Article 4 or (ii) which would result in penalties to the Director under Section 409A. In
addition, if the timing of any distribution election would result in any tax or other penalty (other than ordinarily payable Federal,
state or local income or payroll taxes), which tax or penalty can be avoided by payment of the distribution at a later time, then
the distribution shall be made (or commence, as the case may be) on (or as soon as practicable after) the first date on which such
distributions can be made (or commence) without such tax or penalty.

 

7.11      Aggregation
of Employers. To the extent required under Section 409A, if the Bank is a member of a controlled group of corporations
or a group of trades or business under common control (as described in Code Section 414(b) or (c)), all members of the group shall
be treated as a single employer for purposes of whether there has occurred a Termination of Service and for any other purposes
under the Plan as Section 409A shall require.

 

7.12      Designation
of Beneficiar(ies). Each Participant shall have the right to designate a beneficiary or beneficiaries (including
contingent beneficiaries) to receive any benefits payable upon the death of a Participant. No such designation shall be effective
unless completed and submitted in accordance with rules and procedures established by the Bank for this purpose. In the absence
of an effective beneficiary designation, the Participant’s designated beneficiary shall be assumed to be the Participant’s
surviving spouse or, if none, the Participant’s estate.

 

    	 	6	 

     

    

 

EXHIBIT 1

 

COLUMBIA BANK

DIRECTOR DEFERRED COMPENSATION PLAN

 

Deferral Election Form

 

Deadline for Completion: ____________, 2007

 

PARTICIPANT
INFORMATION (Please Print in Ink)

 

	Name:	 
	Social Security Number:	 
	Address:	 
	Telephone Number:	 

 

ELECTION TO DEFER

 

I hereby elect to reduce my compensation as
a director of Columbia Bank to be earned during the period ______________, 2007 through December 31, 2007 by the percentage(s)
and/or amount(s) indicated below. I understand that the amount indicated below will be credited to my Deferral Account under the
Plan.

 

(Choose any whole percentage from 0%
to 100% or any whole dollar amount):

 

 

 

I acknowledge that I have been offered an opportunity
to participate in the Plan. I will participate in the Plan in accordance with my elections on this form.

 

I understand that any election under this Plan
is subject to all of the applicable terms of the Plan. I acknowledge that the election made herein will continue until the end
of the above indicated calendar year, unless subsequently changed by me, pursuant to rules contained in the Plan. I hereby acknowledge
(a) that my Plan benefits are subject to the claims of the Bank’s creditors should the Bank become bankrupt or insolvent,
and (b) that a copy of the Plan document and has been provided to me. All capitalized terms not defined in this Deferral Election
Form shall have the same meaning as indicated in the Plan.

 

	Date:	 	 	Signature:	 

 

    	 	Exhibit 1-1	 

     

    

 

EXHIBIT 2

 

COLUMBIA BANK

DIRECTOR DEFERRED COMPENSATION PLAN

 

Benefit Election Form/Beneficiary Designation

 

DIRECTOR
INFORMATION (Please Print in Ink)

 

	Name:	 
	Social Security Number:	 
	Address:	 
	Telephone Number:	 

 

I.        FORM OF DISTRIBUTION. I request payments under the plan to be made in the following forms and at the following times
(check one under each category as applicable):

 

A.           In the event benefits
become payable to me upon Termination of Service, I hereby elect that such payments be made to me in the following form:

 

		(1)	_______            As an annual benefit in twelve (12) equal monthly installments
payable over a period of ____ years (not to exceed ten (10) years) on the first day of each month commencing with the month following
my Termination of Service

 

		(2)	_______            As a lump sum payable as soon as practicable following
my Termination of Service

 

B.            I
hereby elect that any benefits due to me under this Plan be paid upon the occurrence of a Change in Control in the following form:

 

		(1)	_______            As an annual benefit in twelve (12) equal monthly installments payable over a period of ____ years
(not to exceed ten (10) years) on the first day of each month commencing with the month following a Change in Control

 

		(2)	_______            As a lump sum payable as soon as practicable following a Change in Control

 

		(3)	_______            I hereby elect not to have my benefits payable upon a Change in Control, but instead to have my
benefits paid upon the occurrence of a benefit entitlement event (e.g., Termination of Service) occurring at a later date.

 

 C.            I hereby elect that any benefits due me under this Plan with respect to the amounts covered by my Deferral Election Form for the Plan Year ending December 31, _____, shall be paid to me on ___________________ (specified date must be at least two years after the end of the indicated Plan Year).

 

    	 	Exhibit 2-1	 

     

    

 

		II.	BENEFICIARY DESIGNATION

 

I hereby revoke any prior designations of death
benefit beneficiary/ies under the Plan, and I hereby designate the following beneficiary/ies to receive any benefit payable on
account of my death under the Plan, subject to my right to change this designation and subject to the terms of the Plan:

 

	A.	Primary Beneficiary/ies	 
	 	 	 
	 	Name/Address/Telephone	 
	 	 	 
	 	Relationship to Participant	 
	 	% of Plan Benefit	 
	 	Date of Birth	 
	 	Social Security Number	 

 

B.          Contingent
Beneficiary/ies (Will receive indicated portions of Plan benefit if no Primary Beneficiary/ies survive the Participant)

 

	 	Name/Address/Telephone	 
	 	 	 
	 	Relationship to Participant	 
	 	% of Plan Benefit	 
	 	Date of Birth	 
	 	Social Security Number	 

 

I acknowledge that I have been given a copy
of the Plan and I agree that the above elections and designations are subject to all of the terms of the Plan. All capitalized
terms not defined in this Benefit Election Form shall have the same meaning as indicated in the Plan.

 

	Date:	 	 	Signature:	 

 

    	 	Exhibit 2-2

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