SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
A. The Supplemental Executive Retirement Agreement (the "Agreement") dated December 9, 2004, as
amended April 18, 2006, by and between East Boston Savings Bank, a corporation organized and existing
under the laws of the Commonwealth of Massachusetts (the "Bank") and [NAME] (the "Director") is hereby
further amended as follows:
“(h) ‘Separation from Service’ is deemed to occur when the Bank
and the Director reasonably anticipate that no further services would be
performed by the Director for the Bank after a certain date or that the level
of bona fide service the Director would perform for the Bank after such
date (whether as an employee or as an independent contractor) would
permanently decrease to no more than 20 percent of the average level of
bona fide services performed by the Director for the Bank over the
immediately preceding 36-month period (or period of employment, if less
than 36 months).”
substituting therefor the phrase "Director's Separation from Service."
services" and substituting therefor the phrase "Director's disability."
services" and substituting therefor the phrase "Director's Separation from Service."
B. This Second Amendment shall be effective as of January 1, 2008.
C. Except as amended herein, the Agreement is hereby confirmed in all other respects.
EXECUTED under seal as of the day and year first above written, in the case of the Bank by its duly
1. Section 1 is hereby amended by adding the following subsection (h) at the end thereof:
2. Section 2(a) is hereby amended by deleting the phrase "Director's retirement" and
3. Section 2(c) is hereby amended by deleting the phrase "Director's cessation of
4. Section 2(d) is hereby amended by deleting the phrase "Director's cessation of
EAST BOSTON SAVINGS BANK