SECOND AMENDMENT TO SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
Exhibit
10.15
SECOND
AMENDMENT
TO
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:
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1.
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Section
1 is hereby amended by adding the following subsection (h) at the end
thereof:
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“(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).”
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2.
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Section
2(a) is hereby amended by deleting the phrase "Director's retirement"
and
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substituting
therefor the phrase "Director's Separation from Service."
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3.
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Section
2(c) is hereby amended by deleting the phrase "Director's cessation
of
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services"
and substituting therefor the phrase "Director's disability."
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4.
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Section
2(d) is hereby amended by deleting the phrase "Director's cessation
of
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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 authorized officer.
EAST
BOSTON SAVINGS BANK
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ATTEST:
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BY:
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WITNESS:
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BY:
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