EX-10.7
from S-1
15 pages
Whereas, the Bank Previously Established the Director Retirement Plan, Effective April 1, 2006 (The “2006 Plan”) in Order to Induce Individuals to Serve as Non-Employee Directors (“Directors”), to Reward Those Who Have Served the Bank Loyally for a Significant Number of Years Upon Retirement From the Board, and to Encourage Others to Serve in Their Stead; and Whereas, the 2006 Plan Was Amended and Restated, Effective as of April 1, 2008 (“2008 Plan”) to Include Those Directors Who Became Members of the Board Upon the Acquisition of Dedham Cooperative Bank, and for Certain Other Purposes; and Whereas, the Bank and the Directors Wish to Further Amend and Restate the 2008 Plan in the Manner Set Forth Herein in Order to Modify the Vesting Schedule for Directors of the Bank Who Become Directors on or After 2009 (As Further Amended and Restated, the “Plan”); and Whereas, the 2008 Plan and the Plan as Further Amended and Restated Are Intended to Comply With Section 409a of the Internal Revenue Code (“Code”) and No Revisions to the Plan Have Changed the Time or Form of Benefit Delivery Under the Plan. Now, Therefore, in Consideration of the Premises and the Mutual Promises Herein Contained, the Bank and the Directors Agree as Follows: 1. Effective Date. the Initial Effective Date of the Plan Was April 1, 2006. the Plan Was Amended and Restated Effective as of April 1, 2008, and Was Further Amended and Restated Effective July 18, 2013. 2. Certain Definitions
12/34/56