PILGRIM BANK RETENTION BONUS AGREEMENTRetention Bonus Agreement • March 21st, 2018 • Pilgrim Bancshares, Inc. • State commercial banks • Massachusetts
This Retention Bonus Agreement (the “Agreement”) is entered into on this 15th day of June, 2017 by and between Pilgrim Bank (the "Bank") and Christopher G. McCourt (the "Executive"). To incentivize and retain the Executive, the Bank is willing to provide a cash retention bonus payable at the end of a specified period as defined herein, provided that the Executive is continuously employed with the Bank at the end of the specified period. The objective of this Agreement is to align the interests of the Executive with the interests of the Bank to obtain superior results for the Bank and to encourage the Executive to remain employed with the Bank. The retention bonus award under this Agreement is intended to be exempt from Section 409A of the Internal Revenue Code under the “short term deferral rule” set forth in Treasury Regulations Section 1.409A-1(b)(4). Furthermore, this Agreement is intended to be a "bonus program" under U.S. Department of Labor regulation 2510.3-2(c) and shall be con
