FSEA First Seacoast Bancorp Inc

On February 10, 2022, First Seacoast Bank (the “Bank”) and the non-employee members of the Board of Directors of the Bank entered into amendments to the Supplemental Director Retirement Agreements (the “Agreements”) previously entered into by the Bank and the directors.  Each of the amendments to the Agreements (the “Amendment”) is substantially the same.  The amendment for Mr. Lynch is different than the others in form, but is substantively the same.  The amendments eliminate the formula for determining the normal annual retirement benefit (previously “70% of Final Base Fee”) and replaces it with a fixed annual benefit of $20,000. The amendment also eliminates the formula for determining the benefit payable on a change in control (previously tied to the normal annual retirement formula with certain imputed increases in the Base Fee) and replacing it with a fixed amount equal to the present value of $200,000.  The effect of the amendments is to eliminate the variable and increasing costs associated with the Agreements. Instead, since the normal annual retirement benefit will be a fixed amount, the future costs associated with the Agreements is now more predictable.  It is the intention of the Bank that no new directors of the Bank would enter into similar agreements.

The foregoing description of the Amendments does not purport to be complete and is qualified in its entirety by reference to the Amendments included as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6 , 10.7 and 10.8 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02.