FSEA First Seacoast Bancorp, Inc. - 8-K

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 5, 2025, First Seacoast Bank, the wholly owned subsidiary of First Seacoast Bancorp, Inc., and James R. Brannen entered
into an amendment to the First Seacoast Bank Salary Continuation Agreement for James R. Brannen (the “SCA”).  Under the amendment, if Mr. Brannen separates from service  other than at or following a change in control, he will receive an annual
benefit of $64,817.  Unless Mr. Brannen becomes disabled or dies, the benefit payments will begin on the first day of the second month following his separation from service and will be paid monthly for a period of 120 months. If Mr. Brannen becomes
disabled, the benefit will be paid in 120 monthly installments commencing on the first day of the month following the date he reaches age 66.  If Mr. Brannen dies before a separation from service, his beneficiary will receive the benefit paid in a
lump sum on the first day of the second month following his death.  If he dies following his separation from service but before receiving benefits under the agreement, his beneficiary will receive the benefits he would have otherwise continued to
have received, paid in a lump sum on the first day of the second month following his death.  If Mr. Brannen dies while receiving benefits, his beneficiary will continue to receive the benefit payments (at the same time and in the same form) he would
have continued to have received under the agreement. The $64,817 annual benefit equals the accrued benefit determined under the SCA as of January 1, 2025.  Accordingly, as a result of the amendment, Mr. Brannen’s benefit outside of a change in
control is now fixed and will no longer increase over time.

If there is a change in control, Mr. Brannen will receive an annual benefit of $132,209.  The benefit will be paid to him at the
same time and in the same form the benefit would have otherwise been paid under the agreement upon his separation from service, death or disability, provided, however, that if he separates from service within two years of a change in control, the
benefit will be paid to him in a lump sum on the first day of the second month following his separation from service.

The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the
amendment included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

10.1

Third Amendment to Salary Continuation Agreement for
James R. Brannen

104

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