Exhibit 10.16



 Exhibit 10.16 
 BALTIMORE COUNTY SAVINGS BANK, FSB 
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT 
 THIS SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (the “Agreement”) is adopted this
27th day of April, 2004, by and between BALTIMORE COUNTY SAVINGS BANK, FSB, a federally-chartered savings association located in Baltimore, Maryland (the
“Bank”), and WILLIAM LOUGHRAN (the “Executive”). 
 The purpose of this Agreement is to provide specified benefits
to the Executive, a member of a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of the Bank. This Agreement shall be unfunded for tax purposes and
for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time. The Bank will pay the benefits from its general assets. 
 The Bank and the Executive agree as provided herein. 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	“Accrual Balance” means the liability accrued by the Bank and reported in its financial statements, in accordance with Generally Accepted Accounting Principles
(“GAAP”), for the Bank’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106 (“FAS
106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual Balance shall be reported by the Bank to the
Executive on Schedule A. 

  

	1.2	“Beneficiary” means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive determined
pursuant to Article 4. 

  

	1.3	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan
Administrator to designate one or more Beneficiaries. 

  

	1.4	“Company” means BCSB Bancorp, Inc., or any holding company that becomes sole owner of the Bank. 

  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended. 









	1.6	“Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six percent. However, the Plan
Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP. 

  

	1.7	“Early Termination” means the Termination of Employment before Normal Retirement Age for reasons other than death, Termination for Cause, or following a Change of
Control. 

  

	1.8	“Early Termination Date” means the month, day and year in which Early Termination occurs. 

  

	1.9	“Effective Date” means November 1, 2003. 

  

	1.10	“Final Compensation” means the highest consecutive three-calendar-year average of the cash compensation paid to the Executive by the Bank and reported on Form W-2,
plus salary reduction contributions pursuant to Sections 125 and 401(k) of the Code. 

  

	 1.11
	 “Normal Retirement Age” means the Executive’s 65th birthday. 


  

	1.12	“Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Employment. 

  

	1.13	“Plan Administrator” means the plan administrator described in Article 8. 

  

	1.14	“Plan Year” means each twelve-month period commencing on the Effective Date. 

  

	1.15	“Projected Final Compensation” means Final Compensation inflated by four percent annually commencing on the date of death, and continuing until Normal Retirement
Age. 

  

	1.16	“Termination for Cause” has that meaning set forth in Article 5. 

  

	1.17	“Termination of Employment” means that the Executive ceases to be an employee of the Bank for any reason, voluntary or involuntary, other than by reason of a leave
of absence approved by the Bank. 

 Article 2 
 Benefits During Lifetime 
  

	2.1	Normal Retirement Benefit. Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Bank shall pay to the Executive the benefit
described in this Section 2.1 in lieu of any other benefit under this Article. 

  

	 	2.1.1	Amount of Benefit. The annual benefit under this Section 2.1 is sixteen and two-tenths percent (16.2 %) of the Executive’s Final Compensation at the Normal
Retirement Date. 









	 	2.1.2	Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following
the Executive’s Normal Retirement Date. The annual benefit shall be paid to the Executive for fifteen (15) years. 

  

	2.2	Early Termination Benefit. Upon Early Termination, the Bank shall pay to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this
Article. 

  

	 	2.2.1	Amount of Benefit. The annual benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year during which the Early
Termination Date occurs. This benefit is determined by vesting the Executive in one hundred percent (100%) of the Accrual Balance and by converting the Accrual Balance at Early Termination to the benefit set forth in Section 2.2.2 by
applying the Discount Rate. 

  

	 	2.2.2	Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following
the Executive’s Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen (15) years. 

 Article 3 
 Death Benefits 
  

	3.1	Death During Active Service. If the Executive dies while in the active service of the Bank, the Bank shall pay to the Beneficiary the benefit described in this
Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 

  

	 	3.1.1	Amount of Benefit. The annual benefit under this Section 2.3 is sixteen and two-tenths percent (16.2%) of the Executive’s Projected Final Compensation.


  

	 	3.1.2	Payment of Benefit. The Bank shall pay the annual benefit to the Beneficiary in twelve (12) equal monthly installments commencing with the month following the
Executive’s death. The annual benefit shall be paid to the Beneficiary for fifteen (15) years. 

  

	3.2	Death During Payment of a Benefit. If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments,
the Bank shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 

  

	3.3	 Death After Termination of Employment But Before Payment of a Benefit Commences. If the Executive is entitled to any benefit payments under Article 2 of this
Agreement, but dies prior to the commencement of said benefit payments, the 











	 	 
Bank shall pay the same benefit payments to the Beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence
on the first day of the month following the date of the Executive’s death. 


 Article 4 
 Beneficiaries 
  

	4.1	Beneficiary Designation. The Executive shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable under this Agreement upon the death
of the Executive. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Bank in which the Executive participates. 

  

	4.2	Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan
Administrator or its designated agent. The Executive’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently
dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to
time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form
filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death. 

  

	4.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or
its designated agent. 

  

	4.4	No Beneficiary Designation. If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the
Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate. 

  

	4.5	Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person
incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable
person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the
Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount. 








 Article 5 
 General Limitations 
  

	5.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the Bank’s Board of
Directors terminates the Executive’s employment for: 

  

	 	(a)	Gross negligence or gross neglect of duties to the Bank; 

  

	 	(b)	Commission of a felony or of a gross misdemeanor involving moral turpitude; 

  

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed in connection with the Executive’s employment and resulting in a material
adverse effect on the Bank; or 

  

	 	(d)	Issuance of an order for removal of the Executive by the Bank’s banking regulators. 

  

	5.2	Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Executive commits suicide within two years after the Effective Date. In addition, the
Bank shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on any application for life insurance owned by the Bank on the Executive’s life. 

  

	5.3	Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, to the extent any benefit would create an excise tax under the excess parachute
rules of Section 280G of the Code, the Bank shall reduce the benefit paid under this Agreement to the maximum benefit that would not result in any such excise tax. 

 Article 6 
 Claims And Review Procedures 
  

	6.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a
claim for such benefits as follows: 

  

	 	6.1.1	Initiation — Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. 

  

	 	6.1.2	 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If the Plan
Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 











	 	 
days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must
set forth the special circumstances and the date by which the Plan Administrator expects to render its decision. 


  

	 	6.1.3	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan
Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based; 

  

	 	(c)	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 

  

	 	(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 

  

	 	(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

  

	6.2	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of
the denial, as follows: 

  

	 	6.2.1	Initiation — Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice of denial, must file with the
Plan Administrator a written request for review. 

  

	 	6.2.2	Additional Submissions — Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating
to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits. 

  

	 	6.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim,
without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	6.2.4	 Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the request for
review. If 











	 	 
the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response
period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the
Plan Administrator expects to render its decision. 


  

	 	6.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based; 

  

	 	(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

  

	 	(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

 Article 7 
 Amendments and Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Bank and the Executive. Provided, however, if the Bank’s Board
of Directors determines that the Executive is no longer a member of a select group of management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death or retirement, the Bank may amend or terminate this
Agreement. Upon such amendment or termination the Bank shall pay benefits to the Executive as if Early Termination occurred on the date of such amendment or termination, regardless of whether Early Termination actually occurs. 
 Article 8 
 Administration of
Agreement 
  

	8.1	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the Board shall
appoint. The Executive may be a member of the Plan Administrator. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this
Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement. 









	8.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting
through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank. 

  

	 8.3
	 Binding Effect of Decisions. The decision or action, of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement
and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Executive or Beneficiary shall be deemed to have any right, vested or nonvested, regarding the
continued use of any previously adopted assumptions, including but not limited to the Discount Rate. 


  

	8.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or
liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	8.5	Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the retirement, death, or Termination of Employment of the Executive, and such other pertinent information as the Plan Administrator may reasonably require. 

  

	8.6	Annual Statement. The Plan Administrator shall provide to the Executive, within 120 days after the end of each Plan Year, a statement setting forth the benefits payable under
this Agreement. 

 Article 9 
 Miscellaneous 
  

	9.1	Binding Effect. This Agreement shall bind the Executive and the Bank, and their beneficiaries, survivors, executors, successors, administrators and transferees.


  

	9.2	No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Bank, nor does it
interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 

  

	9.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 









	9.4	Tax Withholding. The Bank shall withhold any taxes that, in its reasonable judgment, are required to be withheld from the benefits provided under this Agreement. The
Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). 

  

	9.5	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Maryland, except to the extent preempted by the laws of the United States
of America. 

  

	9.6	Unfunded Arrangement. The Executive and Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the
mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the
Executive’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim. 

  

	9.7	Reorganization. The Bank shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or
person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event, the term “Bank” as used in this Agreement shall be
deemed to refer to the successor or survivor company. 

  

	9.8	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive
by virtue of this Agreement other than those specifically set forth herein. 

  

	9.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender includes the
feminine and use of the singular includes the plural. 

  

	9.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement, the Bank or Plan
Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank. 

  

	9.11	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.










	9.12	Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but
this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein. 

  

	9.13	Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or
sent by registered or certified mail, to the address below: 

 ___________________________ 
 ___________________________ 
 ___________________________ 
 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark on the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to
the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Executive. 
 IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement. 
  

									
	EXECUTIVE:	 		 	BANK:
				
		 		 		 	 BALTIMORE COUNTY SAVINGS
 BANK,
FSB

				
	/s/ William Loughran	 		 	By	 	Gary C. Loraditch
	William Loughran	 		 	Title	 	President








 FIRST AMENDMENT 
 TO TIDE 
 BALTIMORE COUNTY SAVINGS BANK, FSB 
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT 
 DATED APRIL 27, 2004 
 FOR 
 WILLIAM LOUGHRAN 
 THIS FIRST AMENDMENT is
adopted this 20th day of December, 2006, effective as of January 1, 2005, by and between Baltimore County
Savings Bank, FSB, a federally-chartered savings association located in Baltimore, Maryland (the “Bank”), and William Loughran (the “Executive”). 
 The Bank and the Executive executed the Supplemental Executive Retirement Agreement on April 27, 2004 effective as of November 1, 2003. 
 The undersigned hereby amend the Agreement for the purpose of bringing the Agreement into compliance with Section 409A of the Internal Revenue Code.
Therefore, the following changes shall be made: 
 The following Section 1.15a shall be added to the Agreement immediately following
Section 1.15: 
  

	1.15a	“Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank if any stock of the Bank
is publicly traded on an established securities market or otherwise, as determined by the Plan Administrator based on the twelve (12) month period ending each December 31 (the “identification period”). If the Executive is
determined to be a Specified Employee for an identification period, the Executive shall be treated as a Specified Employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of the fourth month
following the close of the identification period. 

 Section 1.17 of the Agreement shall be deleted in its entirety and
replaced by the following: 
  

	1.17	“Termination of Employment” means the termination of the Executive’s employment with the Bank for reasons other than death. Whether a Termination of Employment
takes place is determined in accordance with the requirements of Code Section 409A and related Treasury guidance or Regulations based on ‘the facts and circumstances surrounding the termination of the Executive’s employment and
whether the Bank and the Executive intended for the Executive to provide significant services for the Bank following such termination. A Termination of Employment will not have occurred if: 









	 	(a)	the Executive continues to provide services as an employee of the Bank at an annual rate that is twenty percent (20%) or more of the services rendered, on average, during the
immediately preceding three (3) full calendar years of employment (or, if employed less than three (3) years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the average annual
remuneration earned during the final three (3) full calendar years of employment (or, if less, such lesser period), or 

  

	 	(b)	the Executive continues to provide services to the Bank in a capacity other than as an employee of the Bank at an annual rate that is fifty percent (50%) or more of the
services rendered, on average, during the immediately preceding three (3) full calendar years of employment (or if employed less than three (3) years, such lesser period) and the annual remuneration for such services is fifty percent
(50%) or more of the average annual remuneration earned during the final three (3) full calendar years of employment (or if less, such lesser period). 

 The Executive’s employment relationship will be treated as continuing intact while the
Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave of absence does not exceed six (6) months, or if longer, so long as the Executive’s right to reemployment with the Bank is provided
either by statute or by contract. If the period of leave ,exceeds six (6) months and there is no right to
reemployment, a Termination of Employment will be deemed to have occurred as of the first date immediately following such six (6) month period. 
 The following Sections 2.3, 2.4 and 2.5 shall be added to the Agreement immediately following Section 2.2.2: 
  

	2.3	Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of
Employment under such procedures as established by the Bank in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such
Termination of Employment. Therefore, in the event this Section 2.3 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be
accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified. 

  

	2.4	Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any amount into the Executive’s income as a result of the failure of this
non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Accrual Balance, a distribution shall be made as soon as is administratively
practicable following the discovery of the plan failure. 









	2.5	Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes:


  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; 

  

	 	(b)	must, for benefits distributable under Section 2.2, be made at least twelve (12) months prior to the first scheduled distribution; 

  

	 	(c)	must, for benefits distributable under Sections 2.1 and 2.2, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was
originally scheduled to be made; and 

  

	 	(d)	must take effect not less than twelve (12) months after the election is made. 

 Article 7 of the Agreement shall be deleted in its entirety and replaced by the following: 
 Article 7 
 Amendments and Termination 
  

	7.1	Amendments. This Agreement may be amended only by a written agreement signed by the Bank and the Executive. However, the Bank may unilaterally amend this Agreement to conform
with written directives to the Bank from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and guidance promulgated
thereunder. 

  

	7.2	Plan Termination Generally. This Agreement may be terminated by the Bank and the Executive. The benefit hereunder shall be the Accrual Balance as of the date the Agreement is
terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination benefit distributions will be made at the earliest distribution
event permitted under Article 2 or Article 3. 

  

	7.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, this Agreement terminates in the following circumstances:


  

	 	(a)	 Within thirty (30) days before or twelve (12) months after a change in the ownership or effective control of the Bank, or in the ownership of a
substantial portion of the assets of the Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided
that all the 











	 	 
Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements
are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; 


  

	 	(b)	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income
in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution
is administratively practical; or 

  

	 	(c)	Upon the Bank’s termination of this and all other non-account balance plans (as referenced in Section 409A of the Code or the regulations thereunder), provided that all
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and the Bank does not adopt any new non-account balance plans for a minimum of five (5) years following
the date of such termination; 

 the Bank may distribute the Accrual Balance, determined as of the date of the termination of
the Agreement, to the Executive in a lump sum subject to the above terms. 
 Section 9.10 of the Agreement shall be deleted in its
entirety and replaced by the following: 
  

	9.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by the Agreement, the Bank or Plan
Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank. Any alternative acts shall be restricted to actions which do not violate
Section 409A of the Code. 

 The following Section 9.14 shall be added to the Agreement immediately following
Section 9.14. 
  

	9.14	Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with the
requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement. 








 IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment.

  

									
	EXECUTIVE:	 		 	Baltimore County Savings Bank, FSB
				
	/s/ William Loughran	 		 	By	 	/s/ William M. Loughran
	William Loughran	 		 	Title	 	EVP