TABLE OF CONTENTS

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ARTICLE I - THE PLAN		2
1.01	Interpretation of Plan Document	2
1.02	Exclusive Benefit	2

ARTICLE II - DEFINITIONS		3
2.01	“Account”	3
2.02	“Affiliated Company”	3
2.03	“Allocation Date”	3
2.04	“Beneficiary”	3
2.05	“Board”	3
2.06	“Committee”	3
2.07	“Company”	3
2.08	“Compensation”	4
2.09	“Dividend Account”	4
2.10	“Effective Date”	4
2.11	“Employee”	4
2.12	“Entry Date”	5
2.13	“Hour of Service”	5
2.14	“Limitation Year”	7
2.15	“Member”	7
2.16	“One-Year Break in Service”	7
2.17	“Participating Company”	7
2.18	“Period of Service”	7
2.19	“Period of Severance”	9
2.20	“Plan”	9
2.21	“Plan Year”	9
2.22	“Stock”	9
2.23	“Trust”	9
2.24	“Trustee”	10
2.25	“Year of Vesting Service”	10

ARTICLE III - MEMBERSHIP		11
3.01	Eligibility for Membership	11
3.02	Determination of Eligibility by the Committee	11
3.03	Duration of Membership	11
3.04	Unpaid Leaves of Absence	11

ARTICLE IV - CONTRIBUTIONS		13
4.01	Company Contribution	13
4.02	Payment of Contributions	13
4.03	Reversion of Certain Contributions	13
4.04	Member’s Contributions	14

ARTICLE V - MEMBERS’ ACCOUNTS		15
5.01	Maintenance of Accounts	15
5.02	Compensation Schedule	16
5.03	Allocation of Company Contributions	16
5.04	Allocation of Forfeitures	16
5.05	Valuation of Assets Other than Stock	16
5.06	Allocation of Trust Assets Other than Stock	17
5.07	Dividends on Stock	18
5.08	Distributions and Forfeitures	18
5.09	Limitations on Allocations	19

ARTICLE VI - BENEFITS		22
6.01	Restrictions on Payments and Distributions	22
6.02	Retirement	22
6.03	Disability Retirement	22
6.04	Death Benefits	23
6.05	Termination of Employment Prior to Retirement or Death	25
6.06	Reemployment	26
6.07	Manner and Timing of Distributions	27
6.08	Discharge of Trustee’s Obligations to Make Payment	29
6.09	Special Distribution from Account and Dividend Account	29

ARTICLE VII - AMENDMENT AND TERMINATION		31
7.01	Right to Amend or Terminate	31
7.02	Amendment for Tax Exemption	31
7.03	Liquidation of Trust in Event of Termination	31
7.04	Termination of Plan and Trust	32

ARTICLE VIII - ADMINISTRATION OF THE PLAN		33
8.01	Named Fiduciaries	33
8.02	Appointment of Committee	33
8.03	Powers of Committee	34
8.04	Action by Committee	34
8.05	Discretionary Action	34
8.06	Evidence on Which Committee May Act	35
8.07	Employment of Agents	35
8.08	Compensation and Expense of Committee	36
8.09	Indemnification	36
8.10	Claims Procedure	36
8.11	Claims Procedure for Disability Determinations	39

ARTICLE IX - THE TRUST		45
9.01	Trust Agreement	45
9.02	Exercise of Voting Rights	45
9.03	Tender Offer or Exchange Offer	46

ARTICLE X - THE COMPANY		48
10.01	Powers of the Company	48
10.02	No Contract of Employment	48
10.03	Liability of Company	48
10.04	Action by Company	48
10.05	Successor to Business of Company	49
10.06	Dissolution of the Company	49

ARTICLE XI - ESOP LOANS		50
11.01	ESOP Loan	50
11.02	Use of ESOP Loan Proceeds	50
11.03	Terms and Conditions	50
11.04	Collateral for ESOP Loan	51
11.05	Suspense Accounts	51

ARTICLE XII - TOP-HEAVY PROVISIONS		53
12.01	Article Controls	53
12.02	Definitions	53
12.03	Top-Heavy Status	56
12.04	Minimum Benefit	56
12.05	Termination of Top-Heavy Status	57

ARTICLE XIII - ADDITIONAL PARTICIPATING COMPANIES		58
13.01	Participation	58
13.02	Effective Date	58
13.03	Administration	58
13.04	Termination	58
13.05	Allocation of Forfeitures	58
13.06	Contributions	58

ARTICLE XIV - MISCELLANEOUS		60
14.01	Spendthrift Provision	60
14.02	Appointment of Person to Receive Payment	60
14.03	Construction	60
14.04	Impossibility of Performance	61
14.05	Definition of Words	61
14.06	Titles	61
14.07	Merger or Consolidation	61
14.08	Special Provisions for Certain Leased Employees	61
14.09	USERRA and HEART ACT	62
14.10	Correction Methods	63
14.11	Writings	63

ARTICLE XV - DIRECT ROLLOVERS		64
15.01	Application of this Article	64
15.02	Definitions	64

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ARTICLE XVI -	MINIMUM DISTRIBUTION REQUIREMENTS	67
16.01	General Rules	67
16.02	Time and Manner of Distribution	67
16.03	Required Minimum Distributions During Member’s Lifetime	68
16.04	Required Minimum Distributions After Member’s Death	69
16.05	Definitions	69

ARTICLE XVII -	CHANGE IN CONTROL	71
17.01	Definition of Change in Control; Pending Change in Control	71
17.02	Vesting on Change in Control	74
17.03	Repayment of Share Acquisition Loan	74
17.04	Plan Termination After Change in Control	74
17.05	Amendment of Article XVII	74

ARTICLE I - THE PLAN

1.01 Interpretation of Plan Document. The Plan and the Trust are established for the purpose of providing retirement and other benefits to the Employees of the Company in the form of deferred stock bonuses and is established for the exclusive benefit of the eligible Employees and their Beneficiaries. The Plan is hereby designated as an employee stock ownership plan within the meaning of Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”) and Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) and as such is designed to invest primarily in qualified employer securities. Reference to a specific Section of the Code or ERISA shall include such provisions, any valid regulation or ruling promulgated thereunder and any provision of future law that amends, supplements or supersedes such provision. So far as possible, this Plan document shall be interpreted in a manner consistent with these purposes and with the intent of the Company that the Plan established hereunder and the related trust shall satisfy those provisions of the Code and ERISA relating to exempt employees’ plans and trusts.

1.02 Exclusive Benefit. Except as expressly authorized in Section 4.03, in no event shall the corpus or income of the Plan be paid or diverted to the Company or be used for any purpose other than the exclusive benefit of the Members or their Beneficiaries; provided, however, that neither the use of qualifying employer securities held by the Plan as a pledge, as collateral or otherwise, to secure any ESOP Loan pursuant to Article XI nor any subsequent loss of such securities in connection with a default of such loan nor the use of any assets of the Trust to pay interest on or to repay such loan pursuant to Article XI shall constitute a violation of this provision.

ARTICLE II - DEFINITIONS

Whenever used herein, unless the context clearly indicates otherwise, the following words shall have the following meanings:

2.01 “Account” means the account established and maintained for each Member pursuant to Article V.

2.02 “Affiliated Company” means (a) a corporation which, together with the Company, is a member of a controlled group of corporations (as defined in Section 414(b) of the Code), (b) a trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the Code) with the Company, (c) a corporation, partnership or other entity which, together with the Company, is a member of an affiliated service group (as defined in Section 414(m) of the Code) or (d) any other entity required to be aggregated with the Company pursuant to regulations promulgated under Section 414(o) of the Code. For purposes of determining an Employee’s Hours of Service, Periods of Eligibility Service, Years of Vesting Service and the occurrence of a One-Year Break in Service, any period of employment with an Affiliated Company shall be deemed to be employment with the Company.

2.03 “Allocation Date” means December 31 and any other date which the Committee in its sole discretion may select.

2.04 “Beneficiary” means the person or persons designated pursuant to the provisions of Section 6.04 of this Plan to receive distribution of such Member’s share upon his death.

2.05 “Board” means the board of directors of the Company in office from time to time.

2.06 “Committee” means the ESOP Committee constituted under Article VIII of this Plan in office from time to time.

2.07 “Company” means HarborOne Bank, or any successor to all or a major portion of its business which adopts and continues the Plan and the Trust pursuant to Section 10.05.

2.08 “Compensation” of a Member for any period includes all wages and other compensation reported on Box 1 of Form W-2 and shall include all amounts which would have been paid to the Member as Compensation but for an election by such Member under Section 125, 132(f) or 401(k) of the Code, but excludes (a) all contributions or benefits under this Plan or any other qualified retirement plan, (b) any compensation paid prior to the Member’s Entry Date, (c) reimbursements and other expense allowances, fringe benefits (cash or non-cash), moving expenses, deferred compensation and welfare benefits, and (d) all non-cash compensation. A Member’s Compensation for any Limitation Year shall not be taken into account for any purpose of the Plan, to the extent that such Compensation exceeds $265,000 (as adjusted by the Commissioner for increases in the cost-of-living in accordance with Section 401(a)(17)(B) of the Code). The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, beginning in such calendar year over which compensation is determined (determination period). If a determination period consists of fewer than 12 months, the annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12.

2.09 “Dividend Account” means the account established and maintained for each Member pursuant to Article V for the purpose of holding dividends paid by HarborOne Bancorp, Inc. with respect to allocated shares of Stock held in the Trust. This Dividend Account shall be fully vested and nonforfeitable at all times.

2.10 “Effective Date” means , 2016, the effective date of the Plan.

2.11 “Employee” means any person who is employed by the Company or a Participating Company as a common law employee at the time such person’s services are

rendered to the Company or a Participating Company, has federal income tax withheld by the Company or a Participating Company at such times, and who receives a Form W-2 from the Company or a Participating Company in the ordinary course with respect to such service. An Employee’s employment shall be deemed to have commenced on the date on which he first performs an Hour of Service as an Employee. An individual classified by the Company or a Participating Company as performing service in a nonemployee capacity (including, but not limited to, an individual classified as an independent contractor, or consultant) shall not be considered an “Employee” for purposes of the Plan (regardless of the status of the individual for income tax withholding or other purposes) for any period during which he is so classified even if such classification is later changed for any reason.

2.12 “Entry Date” means the Effective Date and the first day of each calendar month thereafter.

2.13 “Hour of Service” means:

(a) Each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Company or an Affiliated Company. These hours shall be credited to the Employee for the Computation Period or Periods in which duties are performed;

(b) Each hour for which an Employee is paid, or entitled to payment, by the Company or an Affiliated Company on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty or other leave of absence; provided that no more than 501 Hours of Service shall be credited under this paragraph with respect to any single continuous period of absence for which no duties are performed. Hours

under this paragraph shall be calculated and credited pursuant to Section 2530.200b-2(b) and (c) of the Department of Labor Regulations which are incorporated herein by this reference;

(c) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company or an Affiliated Company. The same Hours of Service shall not be credited both under paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). These hours shall be credited to the Employee for the Plan Year to which the award or agreement pertains rather than the Plan Year in which the award, agreement or payment is made; and

(d) Each hour for which an Employee is credited pursuant to Section 3.04;

(e) Solely for purposes of determining whether a One-Year Break in Service, as defined in Section 2.16, has occurred in a Plan Year, an individual who is absent from work for maternity or paternity reasons shall receive credit for the Hours of Service which would otherwise have been credited to such individual but for such absence, or in any case in which such hours cannot be determined, eight Hours of Service per day of such absence. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence: (i) by reason of the pregnancy of the individual; (ii) by reason of the birth of the child of the individual; (iii) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual; or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement. The total number of hours treated as Hours of Service under this paragraph (e) by reason of any one such pregnancy or placement shall not exceed 501 hours. Hours of Service credited under this paragraph (e) shall be credited in the first Computation Period in which such crediting is necessary to prevent a One-Year Break in Service.

(f) An “Hour of Service” also means each hour for which an Employee was directly or indirectly paid or entitled to payment by Nations Heritage Federal Credit Union or Merrimack Mortgage Company, Inc. prior to the time it became an Affiliated Company.

2.14 “Limitation Year” means the 12-consecutive-month period ending on December 31 of each year.

2.15 “Member” means any Employee who is eligible to participate in the Plan as determined under Article III of this Plan.

2.16 “One-Year Break in Service” means any Plan Year during which an Employee has not completed or been credited with more than 500 Hours of Service.

2.17 “Participating Company” means an Affiliated Company which has adopted this Plan.

2.18 “Period of Service” means a period of employment commencing on the Employee’s Employment Commencement Date or Reemployment Commencement Date, whichever is applicable, and ending on the Employee’s Severance from Service Date. For purposes of this Section, the following definitions shall apply:

(a) “Employment Commencement Date” means the date on which the Employee first performs an Hour of Service.

(b) “Reemployment Commencement Date” means the first date, following a Period of Severance that is not required to be taken into account under the service spanning rules described below in this Section, on which the Employee performs an Hour of Service.

(i) The date on which an Employee incurs a termination from employment by reason of a quit, retirement, discharge or death; or

(ii) The first anniversary of the first date of a period in which an Employee remains absent from employment (with or without pay) with the Company or an Affiliated Company for any reason other than a quit, retirement, discharge or death, such as vacation, holiday, sickness, disability, leave of absence or layoff. Notwithstanding the foregoing, the Severance from Service Date of an Employee who is absent from employment beyond the first anniversary of the first day of absence for maternity or paternity reason is the second anniversary of the first day of such absence.

Periods of Service shall generally be aggregated unless such Periods of Service may be disregarded under Section 410(b)(5) or 411(a)(4) of the Code. In determining a Period of Service, the Plan shall take into account the following Periods of Severance, if any:

(1) The Period of Severance from the date on which an Employee incurs a Severance from Service Date by reason of a quit, discharge or retirement to the date on which such Employee performs an Hour of Service, provided that such Hour of Service is performed within 12 months of the Severance from Service Date; and

(2) The Period of Severance from the date on which an Employee incurs a Severance from Service Date by reason of a quit, discharge or retirement during an absence from employment of 12 months or less for any reason other than a quit, discharge, retirement or death, to the date on which such Employee performs an Hour of Service provided that such Hour of Service is performed within 12 months of the date on which such Employee was first absent from employment.

For purposes of measurement, a period of Service may be divided into 12-month periods, each constituting a one-year Period of Service. A one-year Period of Service determined for eligibility purposes shall be referred to herein as a “Period of Eligibility Service,” which shall be

credited only at the end of the 12-month period and an Employee shall not be deemed to accumulate proportionate amounts of such Periods of Eligibility Service during the period.

2.19 “Period of Severance” means a continuous period of time that begins on an Employee’s Severance from Service Date, and ends when an Employee returns to employment with the Company or an Affiliated Company.

In the case of an Employee who is absent from work for maternity or paternity reason beyond the first anniversary of the first day of such absence, a Period of Severance begins on the second anniversary of the first day of such absence. The period of absence between the first and second anniversaries of the first day of absence from work for maternity or paternity reason is neither a Period of Service nor a Period of Severance.

A one-year Period of Severance shall be determined on the basis of a 12-consecutive-month period, beginning on the Severance from Service Date and ending on the first anniversary of such date, provided that the Employee during such 12-consecutive-month periods does not perform an Hour of Service.

2.20 “Plan” means the “HarborOne Bank Employee Stock Ownership Plan” as set forth herein, and as it may be amended from time to time.

2.21 “Plan Year” means the fiscal year of the Trust, being the 12-consecutive-month period ending on December 31 of each year, except that the Plan Year ending December 31, 2016 shall only cover the period from the Effective Date to December 31, 2016.

2.22 “Stock” means shares of the voting common stock of HarborOne Bancorp, Inc.

2.23 “Trust” means the sum of the assets held in the trust or trusts established pursuant to the Plan plus all contributions made hereunder and held by the Trustee in a trust or trusts created pursuant hereto, increased by gains, profits, or income thereon and decreased by any

ARTICLE III - MEMBERSHIP

3.01 Eligibility for Membership. Each Employee employed on the Effective Date who has attained age 21 and has completed a Period of Eligibility Service shall become a Member on the Effective Date. Each other Employee, including each future Employee, shall become a Member under the Plan on the Entry Date coincident with or next following the date on which he attains age 21 and completes one Period of Eligibility Service.

3.02 Determination of Eligibility by the Committee. The determination of an Employee’s eligibility for membership under the Plan shall be made by the Committee from the Company’s records, and the Committee’s decisions on these matters shall be conclusive and binding upon all persons.

3.03 Duration of Membership. A Member shall continue as an active Member until his employment with the Company is terminated and, except as otherwise provided in Article V, shall cease to be an active Member entitled to share in contributions hereunder immediately upon such termination of employment. A former active Member shall once again become an active Member on the date on which he again becomes an Employee of the Company.

3.04 Unpaid Leaves of Absence. In the case of an Employee who leaves the Company to enter the armed services of the United States of America and who returns to its employ at or before the expiration of 90 days after the date on which he is first entitled to be released from active duty in the armed services (or at such later date as the Company may approve or as may be required by law) or an Employee who, with the approval of the Company and without pay, is absent from work on account of sickness, temporary disability, temporary layoff, jury duty, vacation or for any other similar reason, shall be credited by the Committee with the number of Hours of Service obtained by multiplying the number of hours in his regular work week immediately prior to the date such absence began by the duration (in weeks) of the absence. For

ARTICLE IV - CONTRIBUTIONS

4.01 Company Contribution. For each Plan Year, the Company shall contribute to the Trust that amount of cash and/or that number of shares of Stock as may be voted by the Board as a regular contribution to the Trust. The amount of the Company contributions to the Trust for any Plan Year, when added to any contributions made with respect to that Plan Year under any other qualified plan to which the Company contributes, shall not exceed the maximum amount deductible for Federal income tax purposes for the Company’s fiscal year beginning in the Plan Year with respect to which such contributions are made. Notwithstanding the foregoing, if the Plan borrows money to acquire shares of Stock, the Company shall contribute cash to the Plan at such times and in such amounts as are necessary to enable the Plan to meet its obligations under any such loan. In the event that any contribution made by the Company is in excess of the maximum amount deductible for Federal income tax purposes for the Company’s fiscal year beginning in the Plan Year, such excess contribution shall be carried over to a subsequent fiscal year of the Company when it can be deducted from the Company’s income.

4.02 Payment of Contributions. The contributions made by the Company to the Trust for each Plan Year shall be paid into the Trust at such time or times as the Company determines but not later than the time required by law in order for the Company to obtain a deduction of the amount of such payment for Federal income tax purposes.

4.03 Reversion of Certain Contributions. Except as otherwise expressly provided in Section 4.01, all contributions made by the Company pursuant to Sections 4.01 shall be made upon the condition that such contributions are fully deductible for Federal income tax purposes. In the event that any such deduction is disallowed in whole or in part, then the Company may direct the Trustee to return such contribution (to the extent disallowed) to the Company at any time within the 12-month period commencing on the date of disallowance. In the event the

ARTICLE V - MEMBERS’ ACCOUNTS

5.01 Maintenance of Accounts. The Committee shall maintain a book Account for each Member for the purpose of recording his interest in the Trust. The Account of each Member shall be credited as of each Allocation Date with such Member’s share of Company contributions, his share of any forfeitures, and his share of the net increase or decrease in the Trust assets by reason of any changes in the value of the Trust assets other than Stock, any earnings on the Trust assets, and any expenses charged against the Trust. Each Member’s Account shall be in two parts (Part A and Part B). Part A shall consist of that number of shares representing the Member’s share of the Stock (other than Stock held in a suspense account pursuant to Article XI) held by the Trust, and Part B shall consist of that number of dollars representing the Member’s share of the other assets of the Trust. In maintaining the Accounts of Members and the parts thereof, the Committee shall direct the Trustee to adopt such accounting methods or make such equitable adjustments as the Committee determines to be necessary or appropriate as long as such methods or adjustments are consistent with the standards set forth in this Plan. The Committee shall direct the Trustee to maintain adequate records of the cost basis of all shares of Stock allocated to each Member’s Account. In the event that Trust assets other than Stock are used to acquire Stock, the Committee shall direct the Trustee to debit Part B of the Account of each Member and to credit the acquired Stock to Part A of the Account of each Member in proportion to such Member’s share of the assets so used. In the event Stock is disposed of in return for such other assets, the Committee shall direct the Trustee to debit Part A of the Account of each Member and to credit the acquired assets to Part B of the Account of each Member in proportion to such Member’s share of the disposed Stock. Notwithstanding the foregoing, the Committee shall also direct the Trustee to maintain a Dividend Account for each

Member to which shall be allocated each Member’s share of dividends paid by HarborOne Bancorp, Inc. with respect to allocated shares of Stock held in the Trust.

5.02 Compensation Schedule. As soon as practicable after the end of each Plan Year, the Company shall deliver to the Committee a schedule showing the name of each Member (a) who was an Employee on the last day of the Plan Year, or (b) who retired, became disabled or died (within the meaning of Section 6.02 to 6.04) during such Plan Year, and opposite the name of each such Member the amount of Compensation paid to him during such Plan Year. The schedule shall also contain such other information as the Committee may reasonably require for the proper administration of the Plan and Trust.

5.03 Allocation of Company Contributions. Once the total contributions have been made by the Company for the Plan Year and the Company has provided the schedule required to be furnished to the Committee pursuant to Section 5.02, and after the Account balances of the Members have been adjusted as provided in Section 5.06 and forfeitures determined and allocated under Section 5.04, the Committee shall allocate a portion of the sum of Company contributions to the Account of each Member listed on said schedule, which amount shall bear the same ratio to the sum of Company contributions as the Compensation of each Member shown on said schedule bears to the total Compensation listed for all such Members.

5.04 Allocation of Forfeitures. Any amounts forfeited by Members pursuant to Section 6.05(d) shall be allocated, as of the end of each Plan Year, to the Accounts of Members who are entitled to share in the Company contributions for such Plan Year on the same basis as that described in Section 5.03 for the allocation of the Company contributions to the Trust.

5.05 Valuation of Assets Other than Stock. As of each Allocation Date, the Trustee shall determine the total net worth of the Trust assets (other than Stock) by evaluating all of such

assets and its liabilities (other than liabilities covered by Article XI) as of that date, but excluding from the assets (a) the amount of the contributions made by the Company with respect to the period which includes said Allocation Date, and (b) any dividends on allocated shares of Stock which accrued after the preceding Allocation Date (“Current Dividends”). In determining the net worth of such Trust assets, the Trustee shall value such Trust assets at their fair market value and shall determine the fair market value of assets with no readily ascertainable market value on any reasonable basis it deems appropriate. There shall be included as of the Allocation Date, without implied limitation, income on hand, income accrued, dividends payable but not paid, and uninvested cash, whether income or principal; and there shall be deducted as of the Allocation Date, without implied limitation, liabilities accrued (other than liabilities covered by Article XI). A determination by the Trustee of the fair market value of any of the Trust assets, or of the net worth of said Trust assets, shall be conclusive and binding upon all persons.

5.06 Allocation of Trust Assets Other than Stock. The net worth of such Trust assets as determined on each Allocation Date pursuant to Section 5.05 shall be compared with the total of all amounts standing to the credit of Part B of the Accounts all Members of the Plan, as of such Allocation Date, excluding from Part B of the Accounts of said Members any Current Dividends and any amounts credited from the contributions of the Company with respect to the period ending with said Allocation Date. The excess or deficiency of such net worth as so compared with the total Part B account balances of the Accounts of all Members shall be credited or charged to Part B of the Accounts of all such Members in the proportion that each such Part B account balance bears to the total of all such Part B account balances. Current Dividends shall be credited to the Dividend Account of each Member. Prior to the time that the Current Dividends are reinvested in shares of Stock or distributed in cash to Members, they shall

be invested in a short-term money market vehicle or other similar cash equivalents. Dividend Accounts shall be adjusted each Allocation Date in a manner similar to the adjustments to Part B of the Members’ Accounts as prescribed by this Section 5.06.

5.07 Dividends on Stock. At the sole discretion of the Company, dividends on allocated shares of Stock held under the Trust on the record date may be (a) paid in cash directly to the Members, (b) paid to the Trustee and distributed in cash to the Members no later than 90 days after the close of the Plan Year in which paid, or (c) paid to the Trustee and allocated to the Members’ Accounts as provided in Section 5.06. Members may elect to receive any Current Dividends allocated to their Dividend Accounts in cash within 90 days after the close of the Plan Year in which paid, or reinvested in shares of Stock. A Member who fails to make an affirmative dividend election shall be deemed to have elected to reinvest the Current Dividends in shares of Stock. If any dividend on allocated shares of Stock is to be distributed in cash to the Members, the Committee shall direct the Trustee to follow the provisions of Section 5.06 in determining the amount of cash which is to be distributed to each Member. Dividends on unallocated shares of Stock held under the Trust on the record date shall be paid to the Trustee and applied towards payments on an ESOP Loan described in Article XI.

5.08 Distributions and Forfeitures. Whenever a distribution is made to or in behalf of a Member in accordance with the provisions of Article VI, such Member’s Accounts shall be charged with the amount of such distribution. Whenever a Member shall forfeit all or any portion of the amount standing to the credit of his Accounts in accordance with the provisions of Section 6.05, such Member’s Accounts shall be charged with the amount of such forfeiture.

In the event that a Member forfeits a portion of his Accounts pursuant to Section 6.05(d), such forfeiture shall be made with respect to the various types of assets in his Accounts on the following basis:

(a) such forfeiture shall first be made with respect to assets other than Stock, if any;

(b) to the extent that such forfeiture exceeds the amount of assets available under (a), it shall next be made with respect to Stock, if any, which had not been released to the Member’s Accounts from a Suspense Account established pursuant to Article XI; and

(c) to the extent that such forfeiture exceeds the amount of assets available under (a) and (b), it shall be made with respect to any other Stock credited to the Member’s Accounts.

5.09 Limitations on Allocations. Notwithstanding anything hereinabove to the contrary, the amount credited to the Account of any Member for any Limitation Year pursuant to Section 5.03 (dealing with Company contributions), or this Section 5.09 or as a forfeiture pursuant to Section 5.04 shall be reduced to the extent that such amount would cause

(a) the amount of such Member’s nondeductible contributions under any other qualified plan maintained by the Company or any affiliate (within the meaning of Sections 414(b), (c), (m) and (o) of the Code and subject to Section 415(h) thereof), plus

(b) the Company contributions and the forfeitures credited to the accounts of such Member under the Plan and any other defined contribution plan maintained by the Company or any affiliate (within the meaning of Sections 414(b), (c), (m) and (o) of the Code and subject to Section 415(h) thereof) for such Limitation Year to exceed the lesser of

(A) $53,000, as adjusted pursuant to Section 415(d) of the Code, or

(B) One-hundred percent of such Member’s compensation (determined in accordance with Treasury Regulations Section 1.415c-2(d)(4) for such Limitation Year.

The compensation limit referred to in (B) above shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition.

For purposes of this Section 5.09, the Company and all Affiliated Companies shall be considered one employer, and the limitations shall be applicable to the total benefits received from the Company and all Affiliated Companies. Furthermore, in determining what is an Affiliated Company for this purpose, the phrase “more than 50%” shall be substituted for “at least 80%” each place it appears in Section 1563(a)(i) of the Code.

If the amount allocated to a Member’s Accounts exceeds the maximum permissible amount permitted by this Section 5.09, the error shall be corrected in accordance with the correction methods under the Employee Plans Compliance Resolution System.

Solely for purposes of this Section 5.09, a Member’s “compensation” as used herein shall also include the following items of compensation if they are paid after the Member’s severance from employment with the Company, provided that such compensation is paid by the later of 2½ months after severance from employment with the Company or the end of the Limitation Year that includes the date of severance from employment, and such amounts would have been included in the definition of compensation if they were paid prior to the Member’s severance from employment:

(1) Compensation for services during the Member’s regular working hours, or compensation outside the Member’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, if such payment would have been made if the Member had continued in employment with the Company;

(2) Payment for unused accrued bona fide sick, vacation or other leave, but only if the Member would have been able to use the leave if employment had continued; and

(3) Payment under a nonqualified deferred compensation plan, but only if the payment would have been paid to the Member at the same time if the Member had continued in employment with the Company and only to the extent that the payment is includible in the Member’s gross income.

Other post-severance payments not described above shall not be considered “compensation” under this Section 5.09.

Notwithstanding the foregoing, if no more than one-third of the Company contributions for any Limitation Year are allocated to the group of Members consisting of Highly Compensated Employees (within the meaning of Section 414(q) of the Code), Company contributions applied to the repayment of interest on such ESOP Loan (as defined in Article XI) and forfeitures of Stock acquired with the proceeds of such loan allocated to a Member’s Account shall be disregarded in determining the maximum amount that can be allocated to his Account under this Section 5.09.

ARTICLE VI - BENEFITS

6.01 Restrictions on Payments and Distributions. No shares of Stock or other property of the Trust shall be paid out or distributed by the Trustee except (a) for the purchase or other acquisition of Stock or other appropriate investments, (b) for defraying the expenses, including taxes, if any, of administering the Plan and Trust as elsewhere provided herein, (c) for the repayment of loans or indebtedness or satisfaction of obligations incurred in connection with loans made to the Trust or indebtedness incurred by it, (d) for the purpose of making distributions to or for the benefit of Members in accordance with the provisions of this Article VI or Section 5.07, or (e) for the return of Company contributions pursuant to Sections 1.03 or 4.03.

All benefits payable under the Plan shall be paid or provided for solely from the Trust, and the Company, Committee and Trustee assume no liability or responsibility therefor.

6.02 Retirement. Upon retirement of a Member, which shall be deemed to mean any termination of his employment with the Company at or after his attainment of age 55, for a reason other than the disability or death of such Member, the Committee shall direct the Trustee to distribute, in accordance with the provisions of Section 6.07, the full amount standing to the credit of such Member’s Account and Dividend Account. A Member shall become fully vested in his Account upon his attainment of age 55.

6.03 Disability Retirement. If a Member is disabled, the Committee shall direct the Trustee to distribute, in accordance with the provisions of Section 6.07, the full amount standing to the credit of such Member’s Account and Dividend Account. A Member is considered disabled for purposes of this Plan if he becomes eligible to receive Social Security disability benefits.

6.04 Death Benefits.

(a) Upon the death of any Member who has a surviving spouse, the Committee shall direct the Trustee to distribute the full amount standing to the credit of such Member’s Account and Dividend Account to the Member’s surviving spouse, unless the exception provided by paragraph (b) of this Section 6.04 applies.

(b) The requirement of paragraph (a) of this Section 6.04 shall not apply if (i) the Member elects to designate a Beneficiary other than his spouse and (A) his spouse consents to such election in a writing that acknowledges the effect of the election, (B) such election designates a Beneficiary which may not be changed without the consent of the spouse (or the consent of the spouse expressly permits designations by the Member without any requirement of further consent by the spouse), and (C) the spouse’s consent acknowledges the effect of the election and is witnessed by a notary public or a representative of the Plan, or (ii) it is established to the satisfaction of the Committee that the consent of the surviving spouse could not have been obtained because there is no spouse, because the spouse cannot be located, or because of other circumstances prescribed by regulations under Section 417(a)(2) of the Code.

A former spouse shall be treated as a surviving spouse to the extent benefits must be paid to such former spouse upon the Member’s death pursuant to a qualified domestic relations order (as defined in Section 414(p) of the Code), except that no consent shall be required from such former spouse with respect to the designation of a Beneficiary to receive benefits not subject to said order.

(c) If, and only if, a Member is permitted under this Section 6.04 to designate a Beneficiary other than his surviving spouse, then such Member’s Account and Dividend Account shall be distributed in accordance with this paragraph (c) of Section 6.04. Such a

Member shall have the right to designate one or more Beneficiaries, including contingent Beneficiaries, entitled to receive the amount payable in behalf of such Member under the provisions of this Plan in the event of death. Such designation shall be made in writing in such manner as the Committee shall determine. A Member may change such designation from time to time, and may revoke such designation, provided, however, that any subsequent designation must meet the requirements of this Section 6.04. Upon the death of any Member, the Committee shall distribute, for the benefit of such Member’s Beneficiaries and in accordance with the provisions of Section 6.07, the full amount standing to the credit of the Member’s Account. If a Member dies without having designated a Beneficiary, or if none of the designated Beneficiaries survives the Member, or if the Committee is in doubt as to the effective status of a Beneficiary designation, all amounts payable in behalf of the Member shall be distributed to:

(a) his spouse,

(b) his natural and adopted children, per stirpes,

(d) his brothers and sisters, in equal share,

(e) his executors and administrators.

The amount payable shall be paid to the first-named person surviving the Member or class with one or more persons surviving the Member, in the order named, to the exclusion of all subsequently-named persons and classes. If a Beneficiary entitled to receive any amount payable on behalf of a Member under the Plan dies prior to having received the entire amount, the undistributed balance, together with any accumulated interest thereon, shall be distributed to the estate of such Beneficiary in accordance with Section 6.07.

6.05 Termination of Employment Prior to Retirement or Death.

(a) If a Member’s employment with the Company and all Affiliated Companies is terminated under circumstances other than as provided in Sections 6.02 through 6.04, such Member shall be entitled to a benefit equal to the amount standing to the credit of his Dividend Account and the vested percentage standing to the credit of his Account determined in accordance with the following schedule:

Years of Vesting Service	Percentage Vested

Less than 2	0	%
At least 2 but less than 3	20	%
At least 3 but less than 4	40	%
At least 4 but less than 5	60	%
At least 5 but less than 6	80	%
6 or more	100	%

A Member absent from the employ of the Company on an absence with respect to which he is credited with Hours of Service pursuant to Section 3.04 shall not be considered to have terminated his employment for purposes of this Section.

(b) The benefit determined in accordance with the provisions of this Section 6.05 shall never be adjusted or altered in any fashion on account of any Years of Vesting Service which the Member completes upon any reemployment with the Company, except as provided in Section 6.06.

(c) The determination of the amount to which such Member is entitled in accordance with this Section 6.05 shall be made by the Committee and communicated to the Trustee, and the Committee’s determination shall be conclusive and binding upon all persons. Distribution of such benefit shall be made in accordance with the provisions of Section 6.07.

(d) Any amounts standing to the credit of a Member’s Account to which he is not entitled at the time of his termination of employment with the Company and all Affiliated

Companies shall be forfeited by him the earlier of (a) the date the Member receives a total distribution of his vested account balances from the Plan or (b) the date he incurs five consecutive One-Year Breaks in Service. Amounts forfeited pursuant to this paragraph shall be allocated to the Accounts of remaining Members in accordance with the provisions of Section 5.04 as of the end of the Plan Year in which the forfeiture occurs.

6.06 Reemployment. If a terminated Member is reemployed by the Company, he shall again become a Member upon reemployment pursuant to Section 3.03. Except as provided below, all future Company contributions on his behalf shall be credited to his Account, and all his prior Years of Vesting Service shall be restored for the purpose of calculating the vested portion of such Account.

If such a terminated Member was not 100 percent vested under Section 6.05(a) at the time of his prior termination, the following special provisions shall apply:

(a) If such a terminated Member is reemployed after incurring five or more consecutive One Year Breaks in Service, he shall have no right to the previously forfeited portion of his Account.

(b) If such a terminated Member is reemployed before incurring five consecutive One Year Breaks in Service, the full amount, if any, which was forfeited from his Account as a result of his prior termination shall be restored to his Account as of the last day of the Plan Year which contains the date of reemployment. In order to effect the restoration of previously forfeited amounts to a Member’s Account, the Committee shall have the authority to direct the Trustee to use any unallocated amounts for said purpose. In making such restoration, the Committee shall direct the Trustee to first utilize any available forfeitures, and then Company contributions.

6.07 Manner and Timing of Distributions.

(a) Whenever a Member’s Account and Dividend Account become distributable pursuant to Sections 6.02 through 6.05 hereof to such Member or his Beneficiary, distribution of said Accounts shall be made by the payment of the full amount distributable in one lump sum, in cash or in shares of Stock or partially in cash and partially in shares of Stock as selected by such Member or his Beneficiary in writing; provided, however, that the Committee shall direct the Trustee to distribute cash in lieu of fractional shares. Distributions shall generally be processed on a quarterly basis on such date selected by the Committee with respect to terminated Members (or Beneficiaries in the case of deceased Members) who have returned their distribution forms to the Committee at least 15 days (or such other period permitted by the Committee) prior to the quarterly distribution date. If cash is to be distributed in lieu of shares of Stock, the Trustee may either sell such shares at fair market value to HarborOne Bancorp, Inc. or on the open market and distribute the cash proceeds (net of selling expenses) or utilize cash already held in the Trust.

(b) Whenever during any Plan Year, the amount standing to the credit of a Member’s Accounts become distributable pursuant to Sections 6.02 through 6.05, the Committee shall direct the Trustee to distribute the vested portion of the Member’s Accounts within a reasonable time after such separation of service or death. Such distributions may commence less than 30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations is given, provided that:

(i) the Committee clearly informs the Member that the Member has a right to a period of at least 30 days after receiving the notice to consider the decision of

whether or not to elect a distribution (and, if applicable, a particular distribution option), and

(ii) the Member, after receiving the notice, affirmatively elects a distribution.

(c) Notwithstanding any provision elsewhere herein to the contrary, in order to comply with Sections 401(a)(14), 411(a)(11), 414(p) and 417 of the Code, the following provisions shall apply:

(i) If a Member’s aggregate account balance to be distributed upon disability or severance under Section 6.03 or 6.05 is greater than $1,000, such Account shall not be distributed in whole or in part until the Member attains age 65, dies or requests a distribution in writing whichever is earliest. If a Member’s aggregate account balance to be distributed upon disability or severance under Section 6.03 or 6.05 does not exceed $1,000, the Committee shall direct the Trustee to distribute such Account directly to the Member in a lump sum payment.

(ii) In no event (unless the Member otherwise consents in writing) shall the distribution of a Member’s account begin later than the 60th day after the close of the Plan Year in which the later of the following events occurs:

(A) the Member’s 65th birthday; or

(B) the tenth anniversary of the date on which the Member first became a Member; or

(iii) If, and to the extent that, any portion of a Member’s Account is payable to a former spouse or dependent pursuant to a qualified domestic relations order within the meaning of Sections 401(a)(13)(B) and 414(p) of the Code, the provisions of said order shall govern the distribution thereof. Distribution may be made to the alternate payee under a qualified domestic relations order with respect to the Member prior to the time such Member’s Account otherwise becomes distributable if such Member would have been entitled to receive such amount under this Article VI had he terminated employment with the Company.

6.08 Discharge of Trustee’s Obligations to Make Payment. Whenever the Trustee is required to make any payment or payments to any person in accordance with the provisions of this Article VI or Article VII, the Committee shall notify the Trustee in writing of such person’s last known address as it appears in the Company’s records; and the obligation of the Trustee to make such payment or payments shall be fully discharged by mailing the same to the address specified by the Committee.

6.09 Special Distribution from Account and Dividend Account.

(a) For the first Plan Year in which a Member attains age 55 and completes at least ten years of Plan membership, and for the five succeeding Plan Years, such Member may elect to receive an amount from his Account and Dividend Account not exceeding his Diversified Investment Amount determined as of the end of the Plan Year. Such election must be filed in writing with the Committee during the 90 day period immediately following the end of the Plan Year to which it relates.

(b) For purposes of (a) above, a Member’s Diversified Investment Amount for each Plan Year is equal to (i) 25 percent of the sum of (A) the portion of the Member’s account

balances as of the end of the Plan Year attributable to Stock, and (B) amounts previously distributed to the Member pursuant to this Section 6.09, minus (ii) amounts previously distributed to the Member pursuant to this Section 6.09. The portion of the Member’s account balance attributable to Stock shall be determined by multiplying the number of shares of Stock held in his Account and Dividend Account by a fraction the numerator of which is the number of shares of Stock allocated under the Plan to the Accounts and Dividend Accounts of all Members (not to exceed the number of shares of Stock held under the Plan as of the end of the Plan Year) and the denominator of which is the total number of shares of Stock allocated under the Plan to the Accounts and Dividend Accounts of all Members as of the end of the Plan Year.

(c) Any distribution required to be made under this Section 6.09 shall be made no later than 180 days after the end of the Plan Year to which such distribution relates.

(d) Notwithstanding anything to the contrary above, 50 percent shall be substituted for 25 percent in (b)(i) above for the last Plan Year for which the Member may make an election under this Section 6.09.

(e) Notwithstanding anything to the contrary above, if the fair market value (determined as of the date immediately preceding the first day a Member is eligible to make an election under (a) above) of the portion of a Member’s account balance attributable to Stock acquired by the Plan is $500 or less, then the provisions of this Section 6.09 shall not be applicable to such Member and he shall not be eligible to receive a distribution from his Account and Dividend Account pursuant to this Section 6.09.

ARTICLE VII - AMENDMENT AND TERMINATION

7.01 Right to Amend or Terminate. The Company reserves the right at any time and from time to time to amend the Plan, or discontinue or terminate the Plan and the Trust by delivering to the Trustee a copy of an amendment or appropriate Board’s resolution of discontinuance or termination certified by an officer of the Company. Notwithstanding the foregoing, and except as provided in Section 7.02 or as permitted by the Code or ERISA, the Company shall not have any power to amend or terminate this Plan in such manner as would cause or permit any of the Trust assets to be diverted to purposes other than for the exclusive benefit of the Employees of the Company or their Beneficiaries or would cause a reduction in the amount theretofore credited to any Member’s Account and Dividend Account or would cause or permit any portion of the Trust assets to revert to or become the property of the Company; and provided further that the rights and responsibilities of the Trustee with respect to the Trust assets shall not be altered in any manner without its written consent.

7.02 Amendment for Tax Exemption. The Company reserves the right to amend the Plan and the Trust in such manner as may be necessary or advisable so that the Plan and may qualify and continue to qualify as a tax-qualified plan and that the Trust may qualify and continue to qualify as an exempt employees’ trust under the provisions of the Code as now in force or as it may hereafter be changed or amended; and any such amendment may be made retroactively.

7.03 Liquidation of Trust in Event of Termination. In the event of termination or partial termination (within the meaning of Section 411(d)(3) of the Code) of the Plan and the Trust, or complete discontinuance of contributions thereto by the Company, the rights of all Members (or, in the case of a partial termination, the Members affected thereby) to amounts theretofore credited to their accounts shall be fully vested and nonforfeitable. In the event of

such termination, partial termination or discontinuance, the Trustee shall hold the assets of the Trust in accordance with the provisions of the Plan and distribute such assets from time to time to Members entitled thereto in accordance with such provisions; provided that the Committee in its discretion may direct the Trustee to apply the amount standing to the credit of an affected Member’s Account and Dividend Account for his benefit, in accordance with Section 6.07, at any time after such termination, partial termination or discontinuance but prior to the time when such Member would otherwise become entitled thereto under the Plan. In the event that the Company shall terminate the Trust at any time prior to the complete distribution of all property held by the Trustee pursuant to such provisions, the Trustee shall (a) pay the liabilities, if any, of the Trust; (b) value the remaining assets of the Trust as of the date of termination and adjust the Accounts of the Members in accordance with Sections 5.05 and 5.06; and (c) distribute the assets of the Trust in Stock or partly in Stock and partly in cash to and among the Members in liquidation in proportion to the amounts standing to the credit of their respective Accounts and Dividend Accounts under the Trust as of the termination date.

7.04 Termination of Plan and Trust. The Plan and the Trust hereunder shall in any event terminate whenever all property held by the Trustee shall have been distributed in accordance with the terms hereof.

ARTICLE VIII - ADMINISTRATION OF THE PLAN

8.01 Named Fiduciaries. The named fiduciaries with respect to the Plan shall be the Company, the Committee and the Trustee. The responsibilities of the named fiduciaries shall be allocated as provided herein, and each such fiduciary shall have only those responsibilities and obligations that are specifically imposed upon it by this Plan document and the Trust agreement. It is intended that each of the named fiduciaries shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under the Plan and shall not be responsible for any act or omission of any other fiduciary. The Company and the Committee, as named fiduciaries, shall be entitled to delegate all or any part of their fiduciary responsibilities and obligations to any other person or entity. In the event of any such delegation, (a) the named fiduciary shall not be liable for any act or omission of the person to whom the responsibility has been delegated as long as the selection and retention of such person is prudent and (b) the person to whom the fiduciary powers and obligations are delegated shall be responsible only for the proper exercise of the powers, duties, responsibilities and obligations that have been specifically delegated to him.

8.02 Appointment of Committee. The Company shall appoint a Committee of three or more persons, any or all of whom may be officers or Employees of the Company or any other individuals, to be known as an “ESOP Committee.” The Committee is the Plan Administrator for all purposes of ERISA. The members of the Committee shall serve at the pleasure of and may be removed by the Company. Vacancies in the Committee arising by resignation, death, removal or otherwise shall be filled by the Company. The number of members of the Committee shall be as designated by the Company from time to time. The Trustee shall accept and may rely upon a certification by the Company as to the number and identity of the individuals comprising the Committee from time to time.

8.03 Powers of Committee. The Committee is hereby vested with all the discretionary powers and authority necessary in order to carry out its duties and responsibilities in connection with the administration of the Plan and the Trust as herein provided, and is authorized to make such rules and regulations as it may deem necessary or desirable to carry out the provisions of the Plan and the Trust. The Committee shall determine, in its sole discretion, any question arising in the administration, interpretation and application of the Plan and the Trust, including, without limitation, any questions of fact and any questions submitted by the Trustee on a matter necessary for it properly to discharge its duties; and the decision of the Committee shall be conclusive and binding on all persons.

8.04 Action by Committee. The Committee shall act by a majority of its members at the time in office and such action may be taken by vote at a meeting or in writing without a meeting. The Committee may by such majority action authorize any one or more of its members, or any other person, to execute any direction or document or take any other action on behalf of the Committee, and in such event any one of the members of the Committee may certify in writing to the Trustee or any other person the taking of such action and the name or names of the persons so authorized, including himself. The execution of any direction, document, or certificate in behalf of the Committee by any of its members shall constitute his certification of his authority with respect thereto, and the Trustee or other person shall be protected in accepting and relying upon any such direction, document, or certificate and is released from inquiry into the authority of any of the members of the Committee.

8.05 Discretionary Action. Wherever under the provisions of this Plan the Committee is given any discretionary power or powers, such power or powers shall not be exercised in such

manner as to cause any discrimination in favor of or against any Employee or class of Employees.

8.06 Evidence on Which Committee May Act. In taking any action or determining any fact or question which may arise under the Plan and the Trust, the Committee may, with respect to the affairs of any the Company or its Employees, rely upon any statement by the Company with respect thereto. In the event that any dispute may arise regarding the distribution of any sums or regarding any act to be performed by the Committee or the Trustee, the Committee may in its sole discretion direct that such distribution be retained or postponed or direct the postponement of the performance of such act until actual adjudication of such dispute shall have been made in a court of competent jurisdiction, or until the Company, the Committee or the Trustee shall have been indemnified against loss to the satisfaction of the Committee; provided, however, that in the event of any such dispute, the Committee may rely upon and act in accordance with any directions received from the Company.

8.07 Employment of Agents. The Committee may employ agents, including, but not limited to, custodians, record keepers, accountants, consultants or attorneys, to exercise and perform such of the powers and duties of the Committee hereunder as the Committee may delegate to them, and otherwise to render such services to the Committee as the Committee may determine, and the Committee may enter into agreements setting forth the terms and conditions of such service. The compensation of such agents shall be an expense chargeable in accordance with Section 8.08. The Committee shall be fully protected in delegating any such power or duty to, or in acting upon the advice of, any such agent, in whole or in part, and except as may be required by Federal law, shall not be liable for any act or omission of any such agent, the

Committee’s only duty being to use reasonable care in the selection and retention of any such agent.

8.08 Compensation and Expense of Committee. The members of the Committee shall serve without compensation for services as such, but all expenses of the Committee, shall be paid by the Trust; provided, the Company, in its sole discretion, may elect to pay all or any portion of such expenses. Such expenses shall include any expenses incident to the functioning of the Trust, including but not limited to attorneys’ fees and the compensation of other agents, accounting and clerical charges, expenses, if any, of being bonded as required by ERISA, and other costs of administering the Plan and the Trust.

8.09 Indemnification. The Company shall indemnify and hold harmless each member of the Committee from and against any and all claims, losses, damages, expenses (including reasonable attorneys’ fees approved by the Company), and liability (including any reasonable amounts paid in settlement with the Company’s approval), arising from any act or omission of such member, except with respect to a matter as to which such member shall have been judicially determined (or determined by the majority vote of disinterested members of the Board in the event such matter shall have been compromised or settled) not to have acted in good faith in the reasonable belief that the action or omission of such member was in the best interest of the Members and Beneficiaries of the Trust.

8.10 Claims Procedure.

(a) If a Member, Beneficiary, alternate payee, or their authorized representative (hereinafter the “Claimant”) asserts a right to a benefit under the Plan which has not been received, the Claimant must file a claim for such benefit with the Committee on forms

provided by the Committee. The Committee shall render its decision on the claim within 90 days after its receipt of the claim.

If special circumstances apply, the 90-day period may be extended by an additional 90 days; provided, written notice of the extension is provided to the Claimant during the initial 90-day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim.

If the Committee wholly or partially denies the claim, the Committee shall provide written notice to the Claimant within the time limitations of the immediately preceding paragraph. Such notice shall set forth:

(i) the specific reasons for the denial of the claim;

(ii) specific reference to pertinent provisions of the Plan on which the denial is based;

(iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary;

(iv) a description of the Plan’s claims review procedures, and the time limitations applicable to such procedures; and

(v) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA if the claim denial is appealed to the Committee and the Committee fully or partially denies the claim.

(b) A Claimant whose application for benefits is denied may request a full and fair review of the decision denying the claim by filing, in accordance with such procedures as the Committee may establish, a written appeal which sets forth the documents, records and other information relating to the claim within 60 days after receipt of the notice of the denial from the

Committee. In connection with such appeal and upon request by the Claimant, a Claimant may review (or receive free copies of) all documents, records or other information relevant to the Claimant’s claim for benefit, all in accordance with such procedures as the Committee may establish. If a Claimant fails to file an appeal within such 60-day period, he shall have no further right to appeal.

(c) A decision on the appeal by the Committee shall include a review by the Committee that takes into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The Committee shall render its decision on the appeal not later than 60 days after the receipt by the Committee of the appeal. If special circumstances apply, the 60-day period may be extended by an additional 60 days; provided, written notice of the extension is provided to the Claimant during the initial 60-day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim on appeal.

If the Committee wholly or partly denies the claim on appeal, the Committee shall provide written notice to the Claimant within the time limitations of the immediately preceding paragraph. Such notice shall set forth:

(i) the specific reasons for the denial of the claim;

(ii) specific reference to pertinent provisions of the Plan on which the denial is based;

(iii) a statement of the Claimant’s right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and

(iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA.

(d) In no event may a claim for benefits be filed by a Claimant more than 120 days after the applicable “Notice Date,” as defined in (i) through (iii) below.

(i) In any case where benefits are paid to the Claimant as a lump sum, the Notice Date shall be the date of payment of the lump sum.

(ii) In any case where the Committee (prior to the filing of a claim for benefits under this Section 8.10) determines that an individual is not entitled to benefits from the Plan and the Committee provides written notice to such individual of its determination, the Notice Date shall be the date of the individual’s receipt of such notice.

(iii) In any case where the Committee provides an individual, in connection with a distributable event under the Plan, a written statement of the vested account balance as of a specific date, the Notice Date shall be the latest date of the individual’s receipt of such notice.

In no event may any legal proceeding regarding entitlement to benefits or any aspect of benefits under the Plan be commenced later than the earliest of (i) two years after the applicable Notice Date; or (ii) one year after the date a Claimant receives a decision from the Committee regarding his appeal, or (iii) the latest date otherwise prescribed by applicable law.

8.11 Claims Procedure for Disability Determinations

(a) If a Member, Beneficiary, alternate payee, or their authorized representative (hereinafter the “Claimant”) asserts a right to a benefit on account of disability under the Plan which has not been received, the Claimant must file a claim for such benefit with

the Committee on forms provided by the Committee. The Committee shall render its decision on the claim within 45 days after its receipt of the claim.

If special circumstances apply, the 45-day period may be extended by an additional 30 days if necessitated by matters beyond the control of the Plan. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant before the end of the original 45-day period. This 30-day period may be extended for an additional 30-day period if necessitated by matters beyond the control of the Plan. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant before the end of the first 30-day period.

Each notice of an extension shall be given in writing and shall describe

(i) the circumstances for the extension,

(ii) the date by which a decision is expected,

(iii) the requirements for benefit eligibility,

(iv) the unresolved issues preventing a decision,

(v) the additional information needed to resolve the issues,

(vi) the date by which the additional information must be provided (which shall not be less than 45 days after the notice is provided).

(vii) a statement that (A) if a Claimant fails to submit the requested information within the time specified in accordance with (vi) above, the claim decision will be made based on the information available for review and (B) the review period (as extended) will be tolled until the end of the time specified in (vi) above or, if earlier, the date the information is received.

(viii) the specific reasons for the denial of the claim;

(ix) specific reference to pertinent provisions of the Plan on which the denial is based;

(x) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary;

(xi) a description of the Plan’s claims review procedures, and the time limitations applicable to such procedures;

(xii) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA if the claim denial is appealed to the Committee and the Committee fully or partially denies the claim;

(xiii) notification of the right to receive, without charge, upon request, a copy of any internal rules, guidelines, protocols, or other similar criteria used as a basis for the denial; and

(xiv) if the denial is based on a medical necessity or experimental or similar exclusion or limit, notification of the right to receive, upon request, an explanation of the scientific or clinical judgment that was used in applying the terms of the Plan to the medical circumstances.

information relating to the claim within 180 days after receipt of the notice of the denial from the Committee. In connection with such appeal and upon request by the Claimant, a Claimant may review (or receive free copies of) all documents, records or other information relevant to the Claimant’s claim for benefit, all in accordance with such procedures as the Committee may establish. If a Claimant fails to file an appeal within such 180-day period, he shall have no further right to appeal.

(c) A decision on the appeal by the Committee shall include a review by the Committee that takes into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The Committee shall render its decision on the appeal not later than 45 days after the receipt by the Committee of the appeal. If special circumstances apply, the 45-day period may be extended by an additional 45 days; provided, written notice of the extension is provided to the Claimant during the initial 45-day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim on appeal.

(i) the specific reasons for the denial of the claim;

(ii) specific reference to pertinent provisions of the Plan on which the denial is based;

(iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA;

(v) notification of the right to receive, without charge, upon request, a copy of any internal rules, guidelines, protocols, or other similar criteria used as a basis for the denial; and

(vi) if the denial is based on a medical necessity or experimental or similar exclusion or limit, notification of the right to receive, upon request, an explanation of the scientific or clinical judgment that was used in applying the terms of the Plan to the medical circumstances.

(d) In no event may a claim for benefits be filed by a Claimant more than 120 days after the applicable “Notice Date,” as defined in (i) through (iii) below.

(i) In any case where benefits are paid to the Claimant as a lump sum, the Notice Date shall be the date of payment of the lump sum.

(ii) In any case where the Committee (prior to the filing of a claim for benefits under this Section 8.11) determines that an individual is not entitled to benefits from the Plan and the Committee provides written notice to such individual of its determination, the Notice Date shall be the date of the individual’s receipt of such notice.

(iii) In any case where the Committee provides an individual, in connection with a distributable event under the Plan, a written statement of the vested

ARTICLE IX - THE TRUST

9.01 Trust Agreement. The Company shall have in effect an agreement with one or more individuals or with a corporate trustee or trustees selected by the Company to manage and operate the Trust and to receive, hold, invest and disburse the contributions and other income of the Trust in accordance with the Plan. The Company may modify any such agreement from time to time to accomplish the purposes of the Plan, and the Company may remove any Trustee and appoint any successor or successors. The Trustee shall pay from the Trust any expenses incident to the operation of the Plan or the Trust to the extent authorized by the Company in accordance with the applicable provisions of ERISA and this Plan.

9.02 Exercise of Voting Rights.

(a) Except as otherwise provided in subsection (b), the Trustee is hereby authorized to vote upon the Stock and any other securities comprising the Trust or otherwise consent to or request any action on the part of the issuer of such securities, and to give general and special proxies or powers of attorney, with or without power of substitution, and to participate in reorganizations, recapitalizations, consolidations, mergers and similar transactions with respect to such securities; to deposit such securities (if any) in a voting trust, or with any protective or like committee, or with a Trustee, or with depositories designated thereby; and generally to exercise any of the powers of an owner with respect to such securities which the Trustee deems to be for the best interest of the Trust to exercise.

(b) Each Member shall have the power to instruct the Trustee as to how the Stock (including any fractional shares) held in his Account and Dividend Account should be voted at all stockholders’ meetings. The Trustee shall vote such Stock in accordance with such instructions. To facilitate such right, the Trustee, with the assistance of the Committee, shall deliver to each Member a copy of all proxies, notices and other information which HarborOne

Bancorp, Inc. distributes to its shareholders generally and the Committee shall establish such procedures for the collection of Members’ instructions in the voting of such Stock and the timely transmission of such instructions to the Trustee as it shall determine to be appropriate. Any such Stock with respect to which voting instructions have been sought but have not been timely received by the Trustee shall not be voted by the Trustee. Any Stock with respect to which the Trustee has the power to vote but which has not been allocated to the accounts of any Member shall be voted by the Trustee in the same proportion as the Trustee is directed to vote the Stock with respect to which instructions have been received up to 24 hours before the commencement of the shareholders’ meeting. In the event no shares have been allocated, the Trustee shall vote all shares of unallocated Stock as directed by the Committee. Members do not acquire ownership of Stock held by the Trustee for their account unless and until the Trustee delivers to them in accordance with Article VI hereof, stock certificates which have been registered in their names on the stock books of HarborOne Bancorp, Inc.

9.03 Tender Offer or Exchange Offer. In the event of a tender offer or exchange offer by any person (including the Company or HarborOne Bancorp, Inc.) for any or all shares of Stock held in the Trust, each Member shall have the right and shall be afforded the opportunity to direct in writing whether the Stock (including any fractional shares) allocable to his Account and Dividend Account shall be tendered or exchanged in response to such offer. The Trustee shall act with respect to such Stock in accordance with such written instructions. Any Stock held by the Trustee which is not yet allocable to any Member’s Account and Dividend Account and any Stock with respect to which written instructions have been sought but have not been timely received by the Trustee shall be tendered or exchanged in the same proportion as the Stock which is allocable to the Members’ Accounts and Dividend Accounts and with respect to which

ARTICLE X - THE COMPANY

10.01 Powers of the Company. The Company shall have the power to amend or terminate the Plan and the Trust as provided in Article VII, to appoint and remove members of the Committee as provided in Article VIII, to appoint and remove the Trustee as provided in Article IX, and to do such other acts and things as are provided elsewhere herein.

10.02 No Contract of Employment. Neither the Plan nor the Trust shall not be construed as creating any contract of employment between the Company and any Member, Employee or other person, and nothing herein contained shall give any person the right to be retained in the employ of the Company or otherwise restrain the Company’s right to deal with its employees, including Members and Employees, and their hiring discharge, layoff, compensation, and all other conditions of employment in all respects as though the Plan and the Trust did not exist.

10.03 Liability of Company. Subject to its agreement to indemnify the Committee as provided in Section 8.09 and except as otherwise provided by applicable Federal law, neither the Company nor any person acting on behalf of the Company shall be liable for any act or omission on the part of any member of the Committee or the Trustee, or for any act performed or the failure to perform any act by any person with respect to the Plan or Trust, the Company’s only duty being to use reasonable care in the selection of the members of the Committee and the Trustee.

10.04 Action by Company. Whenever under the terms of this Plan the Company is permitted or required to take any action, such action shall be taken by the Board or by any committee or officer of the Company thereunto duly authorized, by the Board or otherwise. In such event, any such committee or officer may certify to the Trustee or any person the taking of such action and the name and names of the officers so authorized, including himself. The

execution of any direction, document or certificate on behalf of the Company by any of its officers shall constitute his certification of his authority with respect thereto, and the Trustee or other person shall be protected in accepting and relying upon any such direction, document or certificate and are released from inquiry into the authority of any officer of the Company.

10.05 Successor to Business of Company. Unless this Plan and the Trust be sooner terminated, a successor to the business of the Company, by whatever form or manner resulting, may continue the Plan and the Trust by executing an appropriate supplemental agreement and such successor shall ipso facto succeed to all the rights, powers and duties of the Company hereunder. The employment of any Employee who has continued in the employ of such successor shall not be deemed to have been terminated or severed for any purposes hereunder by reason of such succession.

10.06 Dissolution of the Company. In the event that the Company is dissolved by reason of bankruptcy or insolvency or otherwise, without any provision being made for the continuation of this Plan and the Trust by a successor to the business of the Company, the Plan and the Trust hereunder shall terminate, and the Trustee shall proceed in the same manner as though the Plan and the Trust were being terminated by the Company as provided in Section 7.03.

ARTICLE XI - ESOP LOANS

11.01 ESOP Loan. For purposes of this Article XI, an “ESOP Loan” means a loan made to the Trust by a party in interest (as that term is defined in Section 3(14) of ERISA) or a loan to the Trust which is guaranteed or otherwise secured by a party in interest and which, in either case, satisfies all of the requirements for an exempt loan under Section 408(b)(3) of ERISA and Section 4975(d)(3) of the Code and all applicable regulations thereunder (such statutes and regulations being collectively referred to herein as the “ESOP Rules”).

11.02 Use of ESOP Loan Proceeds. The Plan is designed to invest primarily in Stock and the Trustee is authorized and directed pursuant to the Plan document and the Trust agreement to acquire shares of Stock to the extent such Stock is reasonably available. To effectuate this purpose, the Trustee is authorized to enter into ESOP Loans and to apply the proceeds thereof to the acquisition of shares of Stock or to the repayment of such ESOP Loans or a prior ESOP Loan. All shares of Stock acquired with the proceeds of an ESOP Loan shall while held by the Trustee be free from any put, call or other option, or any buy-sell or similar arrangement. Any actions by the Trustee under this Section shall be at the direction of the Committee.

11.03 Terms and Conditions. Any such ESOP Loan shall be upon such terms and conditions, consistent with the ESOP Rules and this Article XI, as the Committee shall determine. Such terms and conditions shall, in addition to those terms and conditions required by the ESOP Rules, include the following:

(a) the recourse of the lender against the Trust shall be limited to one or more of the following: (i) any collateral given for the ESOP Loan, (ii) Company contributions made subsequent to the date of the ESOP Loan, and (iii) earnings attributable to such collateral or the investment of such contributions;

(b) the aggregate of all payments under the ESOP Loan by the Trust shall not exceed the aggregate of items (ii) and (iii) under (a) above at the date of any such payment;

(c) in the event of a default under an ESOP Loan, the value of Trust assets transferred to the lender shall not exceed the amount of the default, provided further that if the lender is a party in interest a transfer of Trust assets upon default shall be made only if, and to the extent of, the Trust’s failure to meet the ESOP Loan’s payment schedule;

(d) the interest rate must not be in excess of a reasonable rate;

(e) the ESOP Loan must be for a specific term and may not be payable at the demand of any person, except in the case of default.

11.04 Collateral for ESOP Loan. The Committee is hereby authorized to direct the Trustee to collateralize an ESOP Loan by giving a security interest in all or any portion of the Stock acquired with the proceeds of said Loan (or the proceeds of a previous ESOP Loan repaid by said Loan). No other Trust assets may be so used as collateral. In the event that Stock is used by the Trustee as collateral for an ESOP Loan, such Stock shall be released from such encumbrance at an annual rate which is geared to the rate of total repayment (principal plus interest) of the ESOP Loan or the rate of principal repayment of the ESOP Loan provided that all applicable requirements of the ESOP Rules shall be satisfied.

11.05 Suspense Accounts. All Stock acquired with the proceeds of an ESOP Loan shall be credited to a Suspense Account rather than allocated among the Members’ Accounts. In the event there is more than one ESOP Loan outstanding, two or more Suspense Accounts shall be established as provided herein. If such Stock is being used as collateral, it shall be withdrawn from the Suspense Account at the same time and on the same basis as it is released from encumbrance. If such Stock is not used as collateral, it shall be withdrawn from the Suspense

ARTICLE XII - TOP-HEAVY PROVISIONS

12.01 Article Controls. Any provisions of the Plan to the contrary notwithstanding, the provisions of this Article XII shall control the Plan to the extent required to cause the Plan to comply with the requirements imposed by Section 416 of the Code.

12.02 Definitions. Where the following words and phrases appear in this Article XII, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary:

(a) Account Balance. As of any Valuation Date, the aggregate amount credited to an individual’s account or accounts under the Plan and all other qualified defined contribution plans maintained by the Company or an Affiliated Company increased by (i) the aggregate distributions made to such individual from the Plan or any other such plan during a five-year period ending on the Determination Date, and (ii) the amount of any contributions due as of the Determination Date immediately following such Valuation Date. The amount of Account balances of a Member as of the Determination Date shall be increased by the distributions made with respect to the Member under the Plan and any plan in the Aggregation Group during the one-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been in the Aggregation Group. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “five-year period” for “one-year period.”

(b) Accrued Benefit. As of any Valuation Date, the present value of the cumulative accrued benefit (excluding the portion thereof which is attributable to rollover or transfer contributions made by or on behalf of such individual to such plan from another qualified plan sponsored by an entity other than the Company or an Affiliated Company, to

proportional subsidies, or to ancillary benefits) of an individual under an qualified defined benefit plan maintained by the Company or an Affiliated Company increased by (i) the aggregate distributions made to such individual from such plan within a five-year period ending on the Determination Date and (ii) the estimated benefit accrued by such individual between such Valuation Date and the Determination Date immediately following such Valuation Date. The Accrued Benefit of Non-Key Employees shall be determined under (A) the method, if any, that uniformly applies for accrual purposes under all defined benefit plans maintained by the Company and Affiliated Company, or (B) if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Section 411(b)(1)(C) of the Code. The Accrued Benefit of a Member as of the Determination Date shall be increased by the distributions made with respect to the Member under the Plan and any plan in the Aggregation Group during the one-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been in the Aggregation Group. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “five-year period” for “one-year period.”

(c) Aggregation Group. The group of qualified plans (whether or not terminated) maintained by the Company and each Affiliated Company consisting of (i) each plan in which a Key Employee participates and each other plan which enables a plan in which a Key Employee participates to meet the requirements of Sections 401(a)(4) or 410 of the Code, or (ii) each plan in which a Key Employee participates, each other plan which enables a plan in which a Key Employee participates to meet the requirements of Sections 401(a)(4) or 410 of the Code, and any other plan which the Committee elects to include as a part of such group;

provided, however, that the Committee may not elect to include a plan if its inclusion would cause the group to fail the requirements of Sections 401(a)(4) and 410 of the Code.

(d) Determination Date. For the first Plan Year of any plan, the last day of such Plan Year, and for each subsequent Plan Year of such plan, the last day of the preceding Plan Year. If two or more plans are being aggregated, they shall be aggregated by adding together the results for each plan as of the Determination Dates for such plans that fall within the same calendar year.

(e) Former Key Employee. With respect to any Plan Year, any individual who was a Key Employee in a previous Plan Year but who is not a Key Employee with respect to such Plan Year. For purposes of this definition, a beneficiary (who would not otherwise be a Key Employee) of a deceased former Key Employee shall be deemed to be a Former Key Employee in substitution for such deceased Former Key Employee.

(f) Key Employee. With respect to any Plan Year, any employee (and any beneficiary of a deceased employee) of the Company or an Affiliated Company who is a “Key Employee” as determined in accordance with Section 416(i)(1) of the Code.

(g) Non-Key Employee. With respect to any Plan Year, any employee of the Company or an Affiliated Company who is not a Key Employee.

(h) Plan Year. With respect to any plan, the annual accounting period used by such plan for annual reporting purposes.

(i) Valuation Date. With respect to any Plan Year, the most recent date within the 12-month period ending on a Determination Date as of which the Trust fund established was valued and the net income (or loss) thereof allocated to Members’ accounts.

12.03 Top-Heavy Status. The Plan shall be deemed to be top-heavy if, as of any Determination Date, (i) the sum (computed in accordance with Section 416(g) of the Code and the regulations promulgated thereunder) of the Account Balances of Key Employees under the Plan exceeds 60 percent of the sum of the Account Balances of all individuals (excluding Former Key Employees and individuals who have not performed any services for the Company or an Affiliated Company at any time during the one-year period ending on the Determination Date) under the Plan unless an Aggregation Group including the Plan is not top-heavy or (ii) an Aggregation Group including the Plan is top-heavy. An Aggregation Group shall be deemed to be top-heavy as of a Determination Date if the sum (computed in accordance with Section 416(g)(2)(B) of the Code and the regulations promulgated thereunder) of the Account Balances of the Key Employees under all defined contribution plans included in the Aggregation Group and the Accrued Benefit of all Key Employees under all defined benefit plans included in the Aggregation Group exceeds 60 percent of the sum of the Account Balances and the Accrued Benefit of all individuals (excluding the Account Balances and the Accrued Benefit of former Key Employees and individuals who have not performed any services for the Company or an Affiliated Company at any time during the one-year period ending on the Determination Date) under such plans. The foregoing determination shall be made by the Committee.

12.04 Minimum Benefit. If the Plan is determined to be top-heavy for a Plan Year, then each Member who is a Non-Key Employee and who is an Eligible Employee as of the last day of such Plan Year shall be entitled to a minimum contribution which, when added to the amount of any Company contributions and forfeitures allocated under this Plan and all other defined contribution plans maintained by the Company or an Affiliated Company will cause the sum of such contributions to equal the lesser of (i) 3 percent of such Eligible Employee’s compensation

ARTICLE XIII - ADDITIONAL PARTICIPATING COMPANIES

13.01 Participation. Any Affiliated Company may become a Participating Company by vote of the board of directors of such Affiliated Company adopting the Plan and the Trust as a plan and trust for the benefit of its employees.

13.02 Effective Date. The participation of any Participating Company shall take effect as of the date specified in its action to adopt the Plan and the Trust.

13.03 Administration. Each Participating Company shall be deemed the “Company” with respect to its Employees and shall have and exercise all the rights, powers, and duties thereof with respect to the Plan as applied to itself and its Employees and that part of the Trust which represents the Accounts of Members employed by it. Subject to Sections 13.04 and 13.06, each Participating Company hereby authorizes HarborOne Bank to exercise on its behalf all such rights, powers, and duties, including amendment or termination of the Plan.

13.04 Termination. If the Plan shall be terminated by any one Participating Company, the Trust shall be valued and assets representing the Accounts of all Members employed by such Participating Company shall be segregated into a separate trust and held subject to the provisions of the Plan and all rights, powers, and duties of the Company with respect to such separate trust shall be exercised by such Participating Company.

13.05 Allocation of Forfeitures. Whenever part or all of the Account of any Member shall be forfeited by him and reallocated among the Accounts of the remaining eligible Members pursuant to Sections 5.04 and 6.05(d), such amount shall be reallocated to the Accounts of all eligible Members, regardless of whether they are Employees of the Participating Company which last employed the former Member whose Account (or part thereof) is being forfeited.

13.06 Contributions. Each participating employer, including the Company and each Participating Company, shall make contributions hereunder, on behalf of its Employees, in

ARTICLE XIV - MISCELLANEOUS

14.01 Spendthrift Provision. Beneficial interests of Members or their Beneficiaries in the Trust shall not be assignable nor subject to attachment nor receivership, nor shall they pass to any trustee in bankruptcy or be reached or applied by any legal process for the payment of any obligations of any such person, except as otherwise provided under Section 401(a)(13) of the Code.

14.02 Appointment of Person to Receive Payment. Upon the appointment by a court having jurisdiction of a legal representative for a Member or Beneficiary, following a judicial determination that such Member or Beneficiary is of unsound mind, any payment or distribution hereunder shall thereafter be made to such legal representative. In the event any amount shall become payable hereunder to any person (or his Beneficiary or estate), and if after written notice from the Committee mailed to such person’s last known address as shown on the Company’s records, such person or his personal representative shall not have presented himself to the Committee or notified the Committee in writing of his address within one year after the mailing of such notice, then the Committee shall in its discretion appoint one or more of the spouse or blood relatives of such person to receive such amount, including any amount thereafter becoming due to such person (or his estate), in the proportions determined by the Committee. Any action of the Committee hereunder shall be binding and conclusive upon all persons.

14.03 Construction. In any question of interpretation or other matter of doubt, the Committee, the Trustee and the Company may rely upon the opinion of counsel for the Company or any other attorney-in-law designated by the Company. The provisions of this Plan shall be construed, administered and enforced according to the laws of the United States and, to the extent permitted by such laws, by the laws of the Commonwealth of Massachusetts. All contributions to the Trust shall be deemed to be made in the Commonwealth of Massachusetts.

14.04 Impossibility of Performance. In case it becomes impossible for the Company, the Committee or the Trustee to perform any act under this Plan and the Trust, that act shall be performed which in the judgment of the Company, the Committee or the Trustee, respectively, will most nearly carry out the intent and purpose of this Plan and the Trust. All parties who are in any way interested in this Plan and the Trust shall be bound by any acts performed under such condition.

14.05 Definition of Words. Feminine or neuter pronouns shall be substituted for those of the masculine form, and the plural shall be substituted for the singular, in any place or places herein where the context may require such substitution or substitutions.

14.06 Titles. The titles of articles and sections are included only for convenience and shall not be construed as a part of this Plan or in any respect affecting or modifying its provisions.

14.07 Merger or Consolidation. In the event that this Plan is merged with or consolidated with any other plan, or the assets or liabilities accrued under this Plan are transferred to any other plan, each Member’s benefit under such other plan shall be at least as great immediately after such merger, consolidation or transfer (if such plan were then to terminate) as the benefit to which he would have been entitled under this Plan immediately before such merger, consolidation or transfer (if the Plan were then to terminate).

14.08 Special Provisions for Certain Leased Employees. A “leased employee” shall receive credit for Hours of Service, Periods of Eligibility Service and Years of Vesting Service for the entire period during which he is a leased employee of the Company or an Affiliated Company as if he were an Employee of the Company or an Affiliated Company; provided, however, that a leased employee shall not be an Employee eligible to participate in the Plan as

long as he remains a leased employee. For purpose of this Section 14.08, the term “leased employee” means any person (a) who is not an Employee of the Company or an Affiliated Company and (b) who pursuant to an agreement between the Company or an Affiliated Company and any other person (a “leasing organization”) has performed services for the Company or an Affiliated Company on a substantially full-time basis for a period of at least one year and such services are performed under the primary direction or control by the Company or an Affiliated Company. Notwithstanding the foregoing, if leased employees constitute less than 20 percent of the Company’s and Affiliated Company’s nonhighly compensated work force within the meaning of Section 414(n)(5) of the Code, a person who is covered by a money purchase pension plan maintained by the leasing organization which provides a nonintegrated employer contribution rate of at least 10 percent of compensation, immediate participation and full and immediate vesting shall not be considered a “leased employee.”

14.09 USERRA and HEART ACT.

(a) Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credits with respect to qualified military service shall be provided in accordance with Section 414(u) of the Code.

(b) (i) An individual receiving a differential wage payment from the Company, as defined in Section 3401(h)(2) of the Code, shall be treated as an Employee of the Company, (ii) the differential wage payment is treated as Compensation, and (iii) the Plan shall not be treated as failing to meet the requirements of any provision described in Section 414(u)(1)(C) of the Code by reason of any contribution or benefit which is based on the differential wage payment.

(c) The Beneficiaries of a Member who dies while performing qualified military service shall be entitled to any additional benefits provided under the Plan as if the Member resumed service with the Company and then terminated employment on account of death.

(d) A Member who dies or becomes disabled while performing qualified military service shall be treated as if the Member had resumed employment in accordance with the Member’s reemployment rights under Section 414(u) of the Code on the date before the actual date of death or disability (as the case may be) and terminated employment on the actual date of death or disability (as the case may be). Accordingly, such Member shall receive vesting service during his period of qualified military service and shall receive employer contributions for such service to the extent required by Section 414(u) of the Code.

14.10 Correction Methods. The Company may make any corrections under the Plan necessary to retain the qualified status of the Plan and the Trust under Code Sections 401(a) and 501(a). Such corrections shall include, but not be limited to, any corrections described in the Internal Revenue Service’s Employee Plans Compliance Resolution System.

14.11 Writings. Whenever under the terms of the Plan a Member, former Member, Beneficiary or alternate payee is required to make a claim, request, election or direction in writing, such claim, request, election or direction may be made in such other form allowable by the Committee on a nondiscriminatory basis.

ARTICLE XV - DIRECT ROLLOVERS

15.01 Application of this Article. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Article, a distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

15.02 Definitions. Whenever used in this Article, the following words shall have the following meanings:

(a) Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); and a hardship distribution. Any amount that is distributed on account of hardship shall not be eligible rollover distribution and the distributee may not elect to have any portion of such a distribution paid directly to an eligible retirement plan. A direct trustee-to-trustee transfer to an individual retirement account described in Section 408(a) or Section 408A of the Code or an individual retirement annuity described in Section 408(b) of the Code established for purposes of receiving a distribution on behalf of a non-spouse beneficiary shall also be considered an eligible rollover distribution.

(b) Eligible retirement plan: An eligible retirement plan is an individual retirement account described in Section 408(a) or Section 408A of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity plan described in Section 403(b) of the Code, a qualified trust described in Section 401(a) of the Code that accepts the distributee’s eligible rollover distribution and an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from the Plan. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse or surviving non-spouse beneficiary, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Section 414(p) of the Code; provided however that in the case of an eligible rollover distribution to a surviving non-spouse beneficiary, an eligible retirement plan is an individual retirement account described in Section 408(a) or Section 408A (“IRA”) of the Code and an individual retirement annuity described in Section 408(b) of the Code that will be treated as an inherited IRA pursuant to the provisions of Section 402(c)(11) of the Code.

(c) Distributee: A distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse or surviving non-spouse beneficiary and the employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse, non-spouse beneficiary or former spouse. In the case of a rollover to a non-spouse beneficiary, the determination of any required

ARTICLE XVI - MINIMUM DISTRIBUTION REQUIREMENTS

16.01 General Rules.

(a) Precedence. The requirements of this Article will take precedence over any inconsistent provisions of the Plan.

(b) Requirements of Treasury Regulations Incorporated. All distributions required under this Article will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Internal Revenue Code.

16.02 Time and Manner of Distribution.

(a) Required Beginning Date. The Member’s entire interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date.

(b) Death of Member Before Distributions Begin. If the Member dies before distributions begin, the Member’s entire interest will be distributed as follows:

(i) By December 31 of the calendar year containing the fifth anniversary of the Member’s death.

(ii) If the Member’s surviving spouse is the Member’s sole Designated Beneficiary and the surviving spouse dies after the Member but before distributions to the surviving spouse begin, this Section 16.02(b) will apply as if the surviving spouse were the Member.

For purposes of this Section 16.02(b) and Section 16.04, unless Section 16.02(b)(ii) applies, distributions are considered to begin on the Member’s Required Beginning Date. If Section 16.02(b)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 16.02(b)(i).

(c) Forms of Distribution. Unless the Member’s interest is distributed in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with Sections 16.03 and 16.04 of this Article.

16.03 Required Minimum Distributions During Member’s Lifetime.

(a) Amount of Required Minimum Distribution for each Distribution Calendar Year. During the Member’s lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the lesser of:

(i) the quotient obtained by dividing the Member’s account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Member’s age as of the Member’s birthday in the Distribution Calendar Year; or

(ii) if the Member’s sole Designated Beneficiary for the Distribution Calendar Year is the Member’s spouse, the quotient obtained by dividing the Member’s account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Member’s and spouse’s attained ages as of the Member’s and spouse’s birthdays in the Distribution Calendar Year.

(b) Lifetime Required Minimum Distributions Continue Through Year of Member’s Death. Required minimum distributions will be determined under this Section 16.03 beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Member’s date of death.

16.04 Required Minimum Distributions After Member’s Death. If the Member dies on or after the date distributions begin, his remaining account balance shall be distributed to his Beneficiary in a lump sum as soon as practicable.

16.05 Definitions.

(a) Designated Beneficiary. The individual who is designated as the Beneficiary under Section 6.04 of the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-4, Q&A-1, of the Treasury regulations.

(b) Distribution Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the Member’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Member’s Required Beginning Date. For distributions beginning after the Member’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 16.02(b). The required minimum distribution for the Member’s first Distribution Calendar Year will be made on or before the Member’s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Member’s Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year.

(c) Life Expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

(d) Member’s Account Balance. The account balance as of the last valuation date in the calendar year immediately preceding the Distribution Calendar Year (valuation

ARTICLE XVII - CHANGE IN CONTROL

17.01 Definition of Change in Control; Pending Change in Control.

(a) A Change in Control shall be deemed to have occurred upon the happening of any of the following events:

(i) any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than HarborOne Bancorp, Inc., any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of HarborOne Bancorp, Inc. or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of HarborOne Bancorp, Inc. representing 40 percent or more of the combined voting power of HarborOne Bancorp, Inc.’s then outstanding securities having the right to vote in an election of HarborOne Bancorp, Inc.’s Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from HarborOne Bancorp, Inc.); or

(ii) persons who, as of the Effective Date, constitute the Board of Directors of HarborOne Bancorp, Inc. (the “Incumbent Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of such Board of Directors, provided that any person becoming a director of HarborOne Bancorp, Inc. subsequent to the date hereof shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either (A) a vote of at least a majority of the Incumbent Directors or (B) a vote of at least a majority of the Incumbent Directors

who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board of Directors of HarborOne Bancorp, Inc. or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of HarborOne Bancorp, Inc., including by reason of an agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or

(iii) the consummation of (A) any consolidation or merger of HarborOne Bancorp, Inc. where the stockholders of HarborOne Bancorp, Inc., immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the company or entity issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), and the entity which results from such consolidation or merger agrees in writing to assume and perform HarborOne Bancorp, Inc.’s and the Company’s obligations under the Plan or (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of HarborOne Bancorp, Inc. or of the Bank.

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing, solely as the result of an acquisition of securities by HarborOne Bancorp, Inc. that, by reducing the number of shares of Voting Securities

outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person to 40 percent or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from HarborOne Bancorp, Inc.) and immediately thereafter beneficially owns 25 percent or more of the combined voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i).

(b) A Pending Change in Control shall be deemed to have occurred upon the happening of any of the following events:

(i) approval by the stockholders of HarborOne Bancorp, Inc. of a transaction, or a plan for the consummation of a transaction, which, if consummated, would result in a Change in Control;

(ii) approval by the Board of Directors of HarborOne Bancorp, Inc. of a transaction, or a plan for the consummation of a transaction, which, if consummated, would result in a Change in Control;

(iii) the commencement of a tender offer (within the meaning of section 14(d)(i) of the Exchange Act, as amended) for securities issued by HarborOne Bancorp, Inc., which, if completed, would result in a Change in Control;

(iv) the furnishing or distribution of a proxy statement or other document, whether or not in opposition to management, soliciting proxies, consents or authorizations (within the meaning of section 14 of the Exchange Act) in respect of

securities issued by HarborOne Bancorp, Inc. in favor of any election, transaction or other action which, if effected, would result in a Change in Control.

17.02 Vesting on Change in Control. Notwithstanding any other provision of the Plan, upon the effective date of a Change in Control, the Account of each person who would then, upon termination of the Plan, be entitled to a benefit, shall be fully vested and nonforfeitable.

17.03 Repayment of Share Acquisition Loan. Notwithstanding any other provision of the Plan, upon the occurrence of a Change in Control, the Committee shall direct the Trustee to sell a sufficient number of shares of Stock to repay any outstanding ESOP Loan, all remaining shares of Stock which had been unallocated (or the proceeds from the sale thereof, if applicable) shall be allocated among the accounts of all individuals with undistributed Account balances on the effective date of such Change in Control who are employed by the Company on the effective date of such Change in Control. Such allocation of shares of Stock or proceeds shall be in proportion to the balance credited to their Accounts immediately prior to such allocation.

17.04 Plan Termination After Change in Control. Notwithstanding any other provision of the Plan, after repayment of the loan and allocation of shares of Stock or proceeds as provided in Section 17.03, the Plan shall be terminated and all amounts shall be distributed as soon as practicable.

17.05 Amendment of Article XVII. Notwithstanding any other provision of the Plan, this Article XVII of the Plan may not be amended after the earliest date on which a Change in Control or Pending Change in Control occurs, except to the extent any amendment is required by the Internal Revenue Service as a condition to the continued treatment of the Plan as a tax-qualified plan under section 401(a) of the Code.

		HARBORONE BANK


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