2019 Belmont Savings Bank Incentive Compensation Plan

Exhibit 10.6

BSB Bancorp, Inc.

INCENTIVE COMPENSATION PLAN

2019

Purpose of the Plan

BSB Bancorp, Inc. (the Company) has adopted this Incentive Compensation Plan (the Plan) for the purpose of supporting the organizational and financial objectives of the Company as defined in the Company’s Business Plan. This Plan provides incentive compensation (Incentive Awards) to certain named Executive Officers and other key contributing officers (the Participants). The Plan is designed to ensure that participants do not take on undue risk to achieve payouts. All participants with responsibility for managing risk have goals for risk control and clawback provisions in the Plan.

The Plan is further intended to attract, motivate, and retain high quality executives and to support continued growth and profitability of the Company. Participation in the Incentive Plan is dependent upon one’s responsibility within the Company and ability to influence the Company’s strategic outcomes. Individual incentive payout targets will be shared with each participant. It is important to note that this Plan is established to reward and recognize participants for meeting set objectives. This Plan is not meant to be a substitute for salary increases.

Key Terms

Performance Objectives

Company-Wide Goals include the Performance Categories:

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Individual Goals should include up to six of the following:

After the year end close, Participants in the Plan will report on the achievement of their Individual Goals. Division Heads will summarize individual achievements and recommend to the Company President the percentage payout based on the Individual Goals achieved. The Director of Human Resources will calculate the payouts and report to the President for approval of the Compensation Committee. Incentive awards will be calculated on year to date regular earnings (exclusive of commissions or incentive payments).

The Compensation Committee will be responsible for any interpretation of the Plan relating to the Executive Officers named in the Company’s annual proxy statement (“Named Executive Officers”), including the Company President, and the Compensation Committee’s decision shall be final and binding on all parties. The Company President will be responsible for any interpretation of the Plan relating to all Participants, other than the Named Executive Officers, and his decision shall be final and binding on all parties.

At the beginning of each Plan year, but no later than March 15^th of the Plan Year, the Compensation Committee will consider changes for the upcoming year and determine the weighting for each performance metric.

The Compensation Committee may consider extraordinary occurrences impacting Bank earnings which may be excluded when determining the performance against goals to ensure that the best interests of the Company are protected.

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Incentive Plan Participants

The Compensation Committee shall designate the Participants in the Plan who are Named Executive Officers. The Company President is authorized to name Participants in the Plan other than the Named Executive Officers. Officers hired prior to the third Quarter (October 1), will be included in the plan. A master list of Participants will be shared with the Company President, Compensation Committee, and Senior Management.

At the Beginning of Plan Year

After Close of the Plan Year

Definitions

Each group of Officers has a Maximum Target bonus as a percentage of their salaries. The Maximum Target is met when an individual achieves all objectives and exceeds the important objectives.

The incentive payout for each officer classification will be weighted to include a percentage based on Company-Wide Goals and a percentage based on Individual Goals. Company-Wide Goals will be weighted higher than Individual Goals when considering incentive recommendations for Executive Officers.

For the President and Executive Vice Presidents, Company-Wide Goals are weighted at 75%, for Senior Vice Presidents 50%, and for Vice Presidents and other Officers 25%. The Compensation Committee will determine the performance against the Company-Wide Goals.

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The following table represents the weighting structure.

Other Considerations

It is not possible to consider all issues that will invariably materialize as plans are developed and implemented. Therefore, the Bank President will act on individual cases as issues are identified. The plan is “discretionary” based on individual performance consistent with the business plan. Participants on final written warning will be disqualified from receiving an incentive payout for the plan year. The Compensation Committee will also weigh progress on Regulatory matters in determining the performance of management with respect to Company-Wide Goals.

Eligible participants are required to return a signed acknowledgement of this policy by March 15 annually.

Withholding for Taxes

The Company shall deduct from all payments under this Plan any federal or state taxes required by law to be withheld with respect to such payments. This payment is subject to 401k deductions and Company match. No other voluntary deductions will be taken from this payment.

Clawback Policy

Any bonus or incentive compensation paid or payable under this Plan is subject to the Clawback Policy for Incentive Compensation adopted by BSB Bancorp, Inc. on December 21, 2016.

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BSB Bancorp.Inc.

2019 Incentive Plan Ranges

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BSB Bancorp.Inc

INCENTIVE COMPENSATION PLAN

2019 ACKNOWLEDGEMENT

I acknowledge the receipt of the 2019 BSB Bancorp. Inc Incentive Plan document and I understand it is my responsibility to read and understand the Plan.

The Plan is subject to change annually.

Return the signed copy to HR by March 15 for recordkeeping.

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