Amended and Restated Executive Life Insurance Agreement with Craig Montanaro

WHEREAS, Kearny Bank (the “Bank”) entered into an Executive Life Insurance Agreement, dated as of August 15, 2005, as amended by an addendum and two amendments (the “Prior Agreement”) with Craig L. Montanaro (the “Insured”); and

WHEREAS, the Bank and the Executive wish to replace the Prior Agreement with this Amended and Restated Executive Life Insurance Agreement, effective as of July 1, 2022 (the “Agreement”); and

WHEREAS, the Insured’s beneficiary elections under the Prior Agreement shall continue in full force and effect under this Agreement; and

WHEREAS, pursuant to Section XIV of the Agreement, the Bank may amend the Agreement at any time prior to Change in Control and during the lifetime of the Insured.

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

Refer to the policy contract for the definition of terms in this Agreement, which are not otherwise defined in this Agreement, which policy contract is incorporated by reference.

Title and ownership of the Policies referenced above shall reside in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this

Agreement.

The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force. Notwithstanding the foregoing, the Bank shall have the absolute and sole right to terminate and surrender the policy that is the subject matter of this Agreement.

Annually, the Insured will recognize a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service (“IRS”), as determined from time to time. The Bank (or its administrator) will report to the Insured the amount of such imputed income each year on IRS Form W-2 or its equivalent.

Subject to Paragraphs VII and X herein, the division of the death proceeds of the Policy is as follows:

entered into between the Bank and the Insured, effective as of July 1, 2021 (the “SERP”), shall be satisfied by reference to Section VI(A) of this Agreement, and (ii) the reference to the Split Dollar Agreement, as such term is defined in the SERP, shall refer to this Agreement.

The Bank shall at all times be entitled to one hundred percent (100%) of the Policy’s cash value, as that term is defined in the Policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank. Such cash value shall be determined as of the date of surrender or death as the case may be.

If a Change of Control shall occur prior to the Insured’s termination of employment or Retirement, then the death benefit coverage set forth in Section VI shall remain in effect until the Insured’s death notwithstanding anything in this Agreement to the contrary, unless this Agreement is otherwise terminated pursuant to its terms not less than one year prior to such date of a Change in Control. For the avoidance of doubt, this Agreement may not be amended or terminated after a Change in Control.  Coverage under this Agreement for the Insured who terminates employment with the Bank (for reasons other than death or prior to a Change in Control) prior to satisfaction of the Retirement requirements of Section VI (and prior to the occurrence of a Change of Control) will cease on his last day of employment with the Bank.

For purposes of the above, a “Change of Control” shall mean:

immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the subject Policy nor any rights, options, privileges or duties created under this Agreement, other than the right to name a Beneficiary(ies) from time to time.

Prior to a Change in Control, this Agreement shall terminate upon the occurrence of any one of the following:

Bank to sever its relationship with the Insured, if the Bank is subjected to banking regulatory restrictions limiting its ability to pay such compensation to the Insured, upon the occurrence of the bankruptcy, insolvency, receivership or dissolution of the Bank, or upon a determination by the Bank to terminate this Agreement or such Policy in its sole discretion as may otherwise be determined by the Bank in good faith.

Upon such Policy termination, the Insured (or assignee) shall have a fifteen (15) day right to elect to receive from the Bank an absolute assignment of the Policy in consideration of a cash payment from the Insured to the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be equal to the cash value of the Policy on the date of such assignment, as defined in this Agreement.

If, within said fifteen (15) day period, the Insured fails to exercise said option with respect to assignment of such Policy, fails to pay to the Bank the entire aforestated cash payment, or dies, then the option shall terminate and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the Policy shall terminate as of the date of the termination of this Agreement.

The Insured expressly agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to receive an absolute assignment of the policy as set forth herein.

Except as provided above, this Agreement shall terminate upon distribution of the death benefit proceeds in accordance with Paragraph VI above.

This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.

Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed copy of this Agreement. Payment or other performance in accordance with the policy provisions shall fully discharge the Insurer from any and all liability.

It is agreed by and between the parties hereto that, at any time prior to a Change in Control of the Bank and during the lifetime of the Insured, this Agreement may be amended, terminated or revoked at any time or times, in whole or in part, by the Bank within its sole discretion upon

delivery of written notice to the Insured not less than 90 days prior to the effective date of such amendment, termination or revocation.

If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms. Further, in the event that any provision is held to be overbroad as written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended.

XVI. APPLICABLE LAW

The validity and interpretation of this Agreement shall be governed by the laws of the State of New Jersey.

XVII. ERISA PROVISIONS

The following provisions regarding the named fiduciary, the funding policy, the payment of benefits, and the claims procedure are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”):

of any additional material or information necessary for the claimant to perfect the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may have a full and fair review of the claim by the Bank upon written request therefor submitted by the claimant or the claimant’s duly authorized representative and received by the Bank within 60 days after the claimant receives written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s views as to the issues, in writing. The Bank shall act to deny or accept the claim within 60 days after receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day period. If such extension is necessary, the Bank shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Bank shall act to deny or accept the claim within 120 days of the receipt of the claimant’s written request for review. The action of the Bank shall be in the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim. In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded the claimant by this Section XVII.

Executed at the offices of the Bank in Fairfield, New Jersey, this June 15, 2022.