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Form Of Bay State Executive Retirement Plan

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FORM OF
BAY STATE FEDERAL SAVINGS BANK
MANAGEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


2


TABLE OF CONTENTS


ARTICLE I .................................................................. 1
PURPOSE OF THE PLAN .................................................... 1


ARTICLE II .................................................................. 2
DEFINITIONS.............................................................. 2
2.1 Bank........................................................ 2
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2.2 Board of Directors ......................................... 2
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2.3 Change in Control........................................... 2
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2.4 Code........................................................ 3
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2.5 Committee................................................... 3
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2.6 Company..................................................... 3
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2.7 Company Stock............................................... 3
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2.8 Eligible Employee........................................... 3
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2.9 Employee.................................................... 3
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2.10 ERISA....................................................... 3
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2.11 ESOP........................................................ 3
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2.12 Nonqualified Plan........................................... 3
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2.13 Participant................................................. 3
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2.14 SERP Benefit................................................ 3
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2.15 SERP........................................................ 3
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2.16 Termination for Cause....................................... 3
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2.17 Termination of Service...................................... 4
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ARTICLE III.................................................................. 4
PARTICIPATION........................................................... 4


3.1 Eligibility for Participation............................... 4
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3.2 Commencement of Participation............................... 4
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3.3 Vesting..................................................... 4
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3.4 Termination of Participation................................ 5
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ARTICLE IV................................................................... 5
BENEFITS TO PARTICIPANTS................................................ 5


4.1 SERP Benefits............................................... 5
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4.2 Form of Benefits............................................ 6
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ARTICLE V.................................................................... 6
ADMINISTRATION.......................................................... 6


5.1 The Committee............................................... 6
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5.2 Duties of the Committee..................................... 6
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5.3 Liability of the Committee.................................. 7
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3


5.4 Expenses.................................................... 7
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ARTICLE VI................................................................... 8
AMENDMENT AND TERMINATION............................................... 8


6.1 Amendment and Termination................................... 8
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ARTICLE VII.................................................................. 8
MISCELLANEOUS PROVISIONS................................................ 8


7.1 No Right to Continual Employment............................ 8
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7.2 Non-Alienation of Benefits.................................. 8
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7.3 Payment if Participant is Incompetent....................... 9
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7.4 Termination for Cause....................................... 9
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7.5 The Bank Sole Source of Benefits............................ 9
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7.6 Lost Participants........................................... 9
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7.7 Withholding................................................. 9
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7.8 Governing Law...............................................10
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7.9 Operation as Unfunded Nonqualified Plan.....................10
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(iii)


4


BAY STATE FEDERAL SAVINGS BANK
MANAGEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


EFFECTIVE ______________, 199_


WHEREAS, effective ________________, 199__ Bay State Federal Savings Bank (the "Bank") adopted Bay State Federal Savings Bank Employee Stock Ownership Plan (the "ESOP"), a tax-qualified employee stock ownership plan; and


WHEREAS, the ESOP is leveraged with a ______-year exempt loan used to acquire shares of Company Stock; and


WHEREAS, the final payment with respect to the ESOP loan is scheduled to be made by the ESOP trustee on _____________, 20___; and


WHEREAS, the Bank expects that certain key management employees will retire from the employ of the Bank prior to final payment of the ESOP loan and the final allocation of Company Stock acquired with the proceeds of the ESOP loan; and


WHEREAS, the Board of Directors of the Bank (the "Board of Directors") desires to implement a plan to provide certain key management employees with benefits to replace the benefits to which they would have otherwise been entitled under the ESOP had they remained in the employ of the Bank until the complete repayment of the ESOP loan and the final allocation of Company Stock acquired with the proceeds of the ESOP loan;


NOW, THEREFORE, by resolution of the Board of Directors of the Bank, the Bay State Federal Savings Bank Management Supplemental Executive Retirement Plan (the "SERP") has been established.


ARTICLE I
PURPOSE OF THE PLAN


The purpose of the SERP is to provide certain key management employees of the Bank who retire prior to complete repayment of the ESOP loan and the final allocation of Company Stock acquired with the proceeds of the ESOP loan with benefits to make up lost benefits to which they would otherwise have been entitled under the terms of the ESOP had they continued their employment with the Bank until complete repayment of the ESOP loan.


5


ARTICLE II
DEFINITIONS


The following definitions shall apply for the purposes of this SERP unless a different meaning is clearly indicated by the context.


2.1 Bank means Bay State Federal Savings Bank, having its principal office at 1299 Beacon Street, Brookline, Massachusetts 02146 and its successors or assigns.


2.2 Board of Directors means the Board of Directors of the Bank, as duly constituted from time to time.


2.3 Change in Control of the Company or the Bank means an event of a nature that: (i) would be required to be reported in response to Item 1(a) of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); or (ii) results in a Change in Control of the Bank or the Company within the meaning of the Change in Bank Control Act and the Rules and Regulations promulgated by the Federal Deposit Insurance Corporation ("FDIC") at 12 C.F.R. Section 303.4(a) with respect to the Bank and the Board of Governors of the Federal Reserve System ("FRB") at 12 C.F.R. Section 225.41(b) with respect to the Company, as in effect on the date hereof; or (iii) results in a transaction requiring prior FRB approval under the Bank Holding Company Act of 1956 and the regulations promulgated thereunder by the FRB at 12 C.F.R. Section 225.11, as in effect on the date hereof except for the Company's acquisition of the Bank; or (iv) without limitation such a Change in Control shall be deemed to have occurred at such time as (A) any "person" (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank or the Company representing 20% or more of the Bank's or the Company's outstanding securities except for any securities of the Bank purchased by the Company in con
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