Exhibit 10.4


 


SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN



 


THIS SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN (this “Agreement”), originally adopted on the 31st day of December, 2020, by and between
Prosper Bank (the “Employer”), and Janak M. Amin (the “Executive”) is amended and restated in its entirety
to make certain clarifying changes to the Agreement as intended by the parties hereto.


 


WITNESSETH:


 


WHEREAS, the Executive
is employed as a senior officer by the Employer;


 


WHEREAS, the Employer
recognizes the valuable services the Executive performs for the Employer and wishes to encourage the Executive’s continued
employment by providing the Executive with additional retirement benefit incentives to further the Employer’s corporate objectives;
and


 


WHEREAS, the Employer
wishes to provide the Executive with additional retirement benefit incentives pursuant to the terms of this Agreement; and


 


WHEREAS, the Employer
and the Executive intend that this Agreement providing for supplemental retirement benefits shall at all times be administered
and interpreted in compliance with Code Section 409A; and


 


WHEREAS, this Agreement
shall at all times be administered and interpreted by the Employer in such a manner as to constitute an unfunded nonqualified deferred
compensation arrangement, maintained primarily to provide supplemental retirement benefits for the Executive, as a member of its
select group of management or highly compensated employees and this Agreement and the benefits offered hereunder shall be unfunded
for purposes of the Code and for purposes of Title I of ERISA.


 


NOW THEREFORE, in consideration
of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:


 


ARTICLE 1


DEFINITIONS


 


For the purpose of
this Agreement, the following phrases or terms shall have the indicated meanings:


 


1.1             
“Administrator” means the Board or its designee.


 


1.2             
“Affiliate” means any business entity with whom the Employer would be considered a single employer under
Section 414(b) and 414(c) of the Code. Such term shall be interpreted in a manner consistent with the definition of “service
recipient” contained in Code Section 409A.


 






     


     


    

 


1.3              “Base
Salary” means the cash compensation relating to services performed during any Plan Year, excluding bonuses, commissions,
distributions from nonqualified deferred compensation plans, fringe benefits, incentive payments, non-monetary awards, overtime,
relocation expenses, stock options and other fees, and automobile and other allowances paid to the Executive for services rendered
(whether or not such allowances are included in the Executive’s gross income). Base Salary shall be calculated before reduction
for amounts voluntarily deferred or contributed by the Executive pursuant to qualified or non-qualified plans and shall be calculated
to include amounts not otherwise included in the Executive’s gross income under Code Sections 125, 402(e)(3), 402(h), or
403(b) pursuant to plans established by the Employer; provided, however, that all such amounts will be included in compensation
only to the extent that had there been no such plan, the amount would have been payable in cash to the Executive.


 


1.4              “Beneficiary”
means the person or persons designated in writing by the Executive to receive benefits hereunder in the event of the Executive’s
death.


 


1.5             
“Board” means the Board of Trustees or Directors, as applicable, of the Employer.


 


1.6             
“Cause” means any of the following acts or circumstances: fraud in the performance of, or gross negligence
or gross neglect of, duties to the Employer; conviction of a felony or of a misdemeanor involving moral turpitude, fraud, disloyalty,
or dishonesty which brings or would have the likely potential in bringing significant public discredit or significant injury to
the Employer’s reputation or business; willful violation of any law or significant Employer policy committed in connection
with the Executive's employment that warrants termination of employment; if the Executive is subject to a final removal or prohibition
order issued pursuant to Section 8(e) of the Federal Deposit Insurance Act or by a final order of an appropriate federal or state
banking agency; or the occurrence or violation of any applicable provisions or conditions set forth in Sections 9.9 or 9.10 hereto.


 


1.7             
“Change in Control” means a change in the ownership or effective control of the Employer, or in the ownership
of a substantial portion of the assets of the Employer, as such change is defined in Code Section 409A and regulations thereunder;
provided however, the Employer’s conversion from a mutual form of ownership to a stock form of ownership shall not constitute
nor be deemed a Change in Control for purposes of this Agreement.


 


1.8             
“Claimant” means a person who believes that he or she is being denied a benefit to which he or she is
entitled hereunder.


 


1.9             
“Contribution” means the amount the Employer contributes to the Deferral Account, calculated according
to the provisions of Article 2.


 


1.10           
“Code” means the Internal Revenue Code of 1986, as amended.


 


1.11           
“Crediting Rate” means two percent (2%).


 






     


     


    

 


1.12          
 “Deferral Account” means the Employer’s accounting of the accumulated Contributions plus accrued
interest.


 


1.13           
“Disability” means a condition of the Executive whereby the Executive either: (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than
three (3) months under an accident and health plan covering employees of the Employer. The Administrator will determine whether
the Executive has incurred a Disability based on its own good faith determination and may require the Executive to submit to reasonable
physical and mental examinations for this purpose. The Executive will also be deemed to have incurred a Disability if determined
to be totally disabled by the Social Security Administration or in accordance with a disability insurance program, provided that
the definition of disability applied under such disability insurance program complies with the initial sentence of this Section.


 


1.14           
“Early Termination” means Separation from Service before Normal Retirement Age excluding a Separation
resulting from the Executive’s termination for Cause.


 


1.15           
“Effective Date” means the adoption date set forth above.


 


1.16           
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.


 


1.17            “Good
Reason Termination” means a Separation from Service caused by the Executive as a result of (i) a reduction by the Employer,
in any material respect, without the Executive’s consent, of the Executive’s authority, duties, compensation, benefits
or other material terms or conditions of the Executive’s employment (it being understood that a reduction in benefits by
reason of a reduction by the Employer in the benefits it provides to its employees generally shall not constitute good reason
and that the failure of the Executive to earn incentive compensation shall not be construed as a reduction in compensation): or
(ii) any reassignment of the Executive (without the Executive’s consent) to a location which is more than 35 miles from
the Executive’s primary location, provided, however, nothwithstanding (i) and (ii) above, there shall not be good reason
unless the Executive has first given the Employer written notice specifying in reasonable detail the circumstances on which the
Executive believes there is good reason and the Employer fails to remedy the same within thirty (30) days after the date of such
notice.


 


1.18           
“Involuntary Termination” means a Separation from Service other than a termination for Cause that is
due to the independent exercise of the Employer’s unilateral authority to terminate the Executive’s services, other
than due to the Executive’s implicit or explicit request, where the Executive was willing and able to continue performing
services.


 


1.19           
“Normal Retirement Age” means the Executive attaining age sixty-five (65).


 






     


     


    

 


1.20          
 “Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of
each year. The initial Plan Year shall commence on the adoption date and end on December 31, 2020.


 


1.21           
“Separation from Service” means a termination of the Executive’s employment with the Employer and
its Affiliates for reasons other than death, Disability. A Separation from Service may occur as of a specified date for purposes
of the Agreement even if the Executive continues to provide some services for the Employer or its Affiliates after that date, provided
that the facts and circumstances indicate that the Employer and the Executive reasonably anticipated at that date that either no
further services would be performed after that date, or that the level of bona fide services the Executive would perform after
such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%)
of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period (or the full period
during which the Executive performed services for the Employer, if that is less than thirty-six (36) months). A Separation from
Service will not be deemed to have occurred while the Executive is on military leave, sick leave, or other bona fide leave of absence
if the period of such leave does not exceed six (6) months or, if longer, the period for which a statute or contract provides the
Executive with the right to reemployment with the Employer. If the Executive’s leave exceeds six (6) months but the Executive
is not entitled to reemployment under a statute or contract, the Executive incurs a Separation from Service on the next day following
the expiration of such six (6) month period. In determining whether a Separation from Service occurs the Administrator shall take
into account, among other things, the definition of “service recipient” and “employer” set forth in Treasury
regulation §1.409A-1(h)(3). The Administrator shall have full and final authority, to determine conclusively whether a Separation
from Service occurs, and the date of such Separation from Service.


 


1.22           
“Specified Employee” means an individual that satisfies the definition of a “key employee”
of the Employer as such term is defined in Code §416(i) (without regard to Code §416(i)(5)), provided that the stock
of the Employer is publicly traded on an established securities market or otherwise, as defined in Code §1.897-1(m). If the
Executive is a key employee at any time during the twelve (12) months ending on December 31, the Executive is a Specified Employee
for the twelve (12) month period commencing on the first day of the following April.


 


1.23           
“Year of Service” means each twelve (12) consecutive month period of the Executive’s employment
commencing January 1, 2020.


 


Article
2


CONTRIBUTIONS


 


2.1               Initial
Contribution. As of the Effective Date, the Employer shall make a Contribution to the Deferral Account in the amount of twenty-five
percent (25%) of the Executive’s Base Salary since January 1, 2020 through December 31, 2020 plus the amount of interest
that would have been accrued at the Crediting Rate had the Contributions been made on a monthly basis since the Effective Date.


 






     


     


    

 


2.2              
Contributions. Commencing with the Plan Year following the Effective Date, the Employer shall make Contributions to the
Deferral Account on the last day of each month until the earliest of Normal Retirement Age, Separation from Service, Disability,
Change in Control or the Executive’s death, equal to twenty-five percent (25%) of the Executive’s Base Salary earned
during that month. Notwithstanding the forgoing, the Board may choose to contribute a greater or lesser amount prospectively in
its sole discretion.


 


Article
3


DEFERRAL
ACCOUNT


 


3.1               Establishing
and Crediting. The Employer shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral
Account the following amounts:


 


(a)       Any
Contributions hereunder; and


 


(b)       Interest
as follows: on the last day of each month interest shall be credited on the Deferral Account at an annual rate equal to the Crediting
Rate, compounded monthly.


 


3.2                Recordkeeping
Device Only. The Deferral Account is solely a bookkeeping entry and device for measuring amounts to be paid under this Agreement.
This Agreement does not establish or create in any manner a trust fund of any kind.


 


3.3               Vesting. The Executive’s
entitlement to the Deferral Account and all benefits provided under this Agreement shall be subject to the Executive’s completion
of requisite Years of Service for the Employer under the vesting schedule set forth in this Section 3.3. Upon the Executive’s
Early Termination, the Executive shall be entitled to the Deferral Account and benefits hereunder based on the vesting schedule
set forth in this Section 3.3. Notwithstanding the vesting schedule under this Section 3.3, in the event of a Change in Control
or the Executive’s Separation from Service upon Normal Retirement Age, as a result of the Executive’s death or Disability
or as a result of the Executive’s Early Termination which constitutes an Involuntary Termination or Good Reason Termination,
the Executive shall become fully 100% vested in the Deferral Account and benefits provided hereunder.


 


Completion of One Year
of Service - 20% Vested


 


Completion of Two Years
of Service – 40% Vested


 


Completion of Three
Years of Service – 60% Vested


 


Completion of Four
Years of Service – 80% Vested


 


Completion of Five
Years of Service – 100% Vested


 






     


     


    

 








ARTICLE 4


PAYMENT OF BENEFITS


 


4.1               Normal
Retirement Benefit. Upon the Executive’s Separation from Service after attaining Normal Retirement Age, the Employer
shall pay the Executive the Deferral Account balance calculated at Separation from Service. The Executive’s Deferral Account
shall be paid in one hundred eighty (180) consecutive monthly installments and shall commence the month following Separation from
Service.


 


4.2              Early
Termination Benefit. Upon the Executive’s Early Termination, the Employer shall pay the Executive the vested portion
of the Executive’s Deferral Account balance in one hundred eighty (180) consecutive equal monthly installments commencing
with the month following Separation from Service.


 


4.3              Disability
Benefit. If the Executive has incurred a Disability prior to attaining Normal Retirement Age, the Employer shall pay the Executive
the Deferral Account balance calculated as of the Executive’s date of Disability determination. The Executive’s Deferral
Account shall be paid in one hundred eighty (180) consecutive monthly installments and shall commence with the month following
the date of the determination of the Executive’s Disability.


 


4.4               Change
in Control Benefit. If a Change in Control occurs prior to the Executive having attained Normal Retirement Age, the Employer
shall pay the Executive the Deferral Account balance plus an additional amount equal to the total Employer Contributions and Crediting
Rate Interest made to the Executive’s Deferral Account for the twenty-four (24) month period immediately preceding the Change
in Control. The Deferral Account under this Section 4.4 shall be paid in the form of a lump sum to the Executive on the first day
of the thirteenth month following the Change in Control.


 


4.5               Death
Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service or Disability ,
the Employer shall pay the Executive’s Beneficiary a death benefit hereunder equal to the Deferral Account balance plus an
additional amount equal to the total Employer Contributions and Crediting Rate interest made to the Executive’s Deferral
Account for the twenty-four (24) month period immediately preceding the Executive’s date of death with such benefit being
paid over one hundred eighty (180) months using an annual interest rate equal to two percent (2%) compounded monthly. The death
benefit shall be paid in one hundred eighty (180) consecutive monthly installments and shall commence the month following the Executive’s
death. In the event of the Executive’s death after a Change in Control but prior to payment of the benefit described in Section
4.4, the benefit to be paid to the Executive’s Beneficiary shall be paid in the form otherwise payable to the Executive pursuant
to Section 4.4.


 


4. 6              Death Subsequent
to Commencement of Benefit Payments. In the event the Executive dies while receiving payments, but prior to receiving all payments
due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid
the Executive, had the Executive survived.


 






     


     


    

 


4.7               Termination
for Cause. Notwithstanding any provision of this Agreement, if the Employer terminates the Executive’s employment for
Cause at any time, including a termination of the Executive’s employment for Cause following the date the Executive shall
have attained Normal Retirement Age, the Executive shall forfeit all benefits under this Agreement.


 


4.8               Restriction
on Commencement of Distributions.  Notwithstanding any provision of this Agreement to the contrary, if the Executive is
considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions
hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during
the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive
during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following
Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would
have had this Section not applied.


 


4.9               Acceleration
of Payments. Except as specifically permitted herein, no acceleration of the time or schedule of any payment may be made hereunder.
Notwithstanding the foregoing, payments may be accelerated, in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4)
in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements
with the federal government; (iii) in compliance with the ethics laws or conflicts of interest laws; (iv) in limited cash-outs
(but not in excess of the limit under Code §402(g)(1)(B)); (v) to pay employment-related taxes; or (vi) to pay any taxes that
may become due at any time that the Agreement fails to meet the requirements of Code Section 409A.


 


4.10             Delays
in Payment by Employer. A payment may be delayed to a date after the designated payment date under any of the circumstances
described below, and the provision will not fail to meet the requirements of establishing a permissible payment event. The delay
in the payment will not constitute a subsequent deferral election, so long as the Employer treats all payments to similarly situated
participants on a reasonably consistent basis.


 


(a)       Payments
subject to Code Section 162(m). If the Employer reasonably anticipates that the Employer’s deduction with respect to
any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent
deemed necessary by the Employer to ensure that the entire amount of any distribution from this Agreement is deductible, the Employer
may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed
to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Employer reasonably
anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).


 


(b)       Payments
that would violate Federal securities laws or other applicable law. A payment may be delayed where the Employer
reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law provided
that the payment is made at the earliest date at which the Employer reasonably anticipates that the making of the payment
will not cause such violation. The making of a payment that would cause inclusion in gross income or the application of any
penalty provision of the Internal Revenue Code is not treated as a violation of law.


 






     


     


    

 


(c)       Solvency.
Notwithstanding the above, a payment may be delayed where the payment would jeopardize the ability of the Employer to continue
as a going concern.


 


4.11             Treatment
of Payment as Made on Designated Payment Date. Solely for purposes of determining compliance with Code Section 409A, any payment
under this Agreement made after the required payment date shall be deemed made on the required payment date provided that such
payment is made by the latest of: (i) the end of the calendar year in which the payment is due; (ii) the 15th day of
the third calendar month following the payment due date; (iii) if Employer cannot calculate the payment amount on account of administrative
impracticality which is beyond the Executive’s control, the end of the first calendar year which payment calculation is practicable;
and (iv) if Employer does not have sufficient funds to make the payment without jeopardizing the Employer’s solvency, in
the first calendar year in which the Employer’s funds are sufficient to make the payment.


 


4.12             Facility
of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator
may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his
or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee.
Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.


 


4.13              [Reserved]


 


4.14             Changes
in Form or Timing of Benefit Payments. The Employer and the Executive may, subject to the terms hereof, amend this Agreement
to delay the timing or change the form of payments. Any such amendment:


 


(a)       must
take effect not less than twelve (12) months after the amendment is made;


 


(b)       must,
for benefits distributable due solely to the arrival of a specified date, or on account of Separation from Service or Change in
Control, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally
scheduled to be made;


 


(c)       must,
for benefits distributable due solely to the arrival of a specified date, be made not less than twelve (12) months before distribution
is scheduled to begin; and





 


(d)       may
not accelerate the time or schedule of any distribution.


 






     


     


    

 


Article
5


Beneficiaries


 


5.1               Designation
of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s
death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will
revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only
when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the
Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required
to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator.
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.


 


5.2               Absence
of Beneficiary Designation. In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due
to a Beneficiary, there is no living Beneficiary validly named by the Executive, the Employer shall pay the benefit payment to
the Executive’s spouse. If the spouse is not living then the Employer shall pay the benefit payment to the Executive’s
living descendants per stirpes, and if there are no living descendants, to the Executive’s estate. In determining
the existence or identity of anyone entitled to a benefit payment, the Employer may rely conclusively upon information supplied
by the Executive’s personal representative, executor, or administrator.


 


Article
6


 ADMINISTRATION




 


6.1               Administrator
Duties. The Administrator shall be responsible for the management, operation, and administration of the Agreement. When making
a determination or calculation, the Administrator shall be entitled to rely on information furnished by the Employer, the Executive
or Beneficiary. No provision of this Agreement shall be construed as imposing on the Administrator any fiduciary duty under ERISA
or other law, or any duty similar to any fiduciary duty under ERISA or other law.


 


6.2               Administrator
Authority. The Administrator shall enforce this Agreement in accordance with its terms, shall be charged with the general administration
of this Agreement, and shall have all powers necessary to accomplish its purposes.


 


6.3               Binding
Effect of Decision. The decision or action of the Administrator with respect to any question arising out of or in connection
with the administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall
be final, conclusive and binding upon all persons having any interest in this Agreement.


 






     


     


    

 


6.4               Compensation,
Expenses and Indemnity. The Administrator shall serve without compensation for services rendered hereunder. The Administrator
is authorized at the expense of the Employer to employ such legal counsel and record keeper as it may deem advisable to assist
in the performance of its duties hereunder. Expense and fees in connection with the administration of this Agreement shall be
paid by the Employer.


 


6.5               Employer
Information. The Employer shall supply full and timely information to the Administrator on all matters relating to the Executive’s
compensation, death, Disability or Separation from Service, and such other information as the Administrator reasonably requires.


 


6.6               Termination
of Participation. If the Administrator determines in good faith that the Executive no longer qualifies as a member of a select
group of management or highly compensated employees, as determined in accordance with ERISA, the Administrator shall have the right,
in its sole discretion, to discontinue Contributions under this Agreement.


 


6.7               Compliance
with Code Section 409A. The Employer and the Executive intend that the Agreement comply with the provisions of Code Section
409A to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year prior to the year in which amounts
are actually paid to the Executive or Beneficiary. This Agreement shall be construed, administered and governed in a manner that
affects such intent, and the Administrator shall not take any action that would be inconsistent therewith.


 


Article
7


Claims
and Review Procedures


 


7.1               Claims
Procedure. A Claimant who believes that he or she is being denied a benefit to which he or she is entitled hereunder shall
make a claim for such benefits as follows.


 


(a)       Initiation
 – Written Claim. The Claimant initiates a claim by submitting to the Administrator a written claim for the benefits.
If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after
such notice was received by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which
the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.


 


(b)       Timing
of Administrator Response. The Administrator shall respond to such Claimant within forty-five (45) days after receiving the
claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator
can extend the response period by an additional thirty (30) days by notifying the Claimant in writing, prior to the end of the
initial forty-five (45) day period, that an additional period is required. The extension notice shall specifically explain the
standards on which entitlement to a disability benefit is based, the unresolved issues that prevent a decision on the claim and
the additional information needed from the Claimant to resolve those issues, and the Claimant shall be afforded at least forty-five
(45) days within which to provide the specified information.


 






     


     


    

 


(c)       Notice
of Decision. If the Administrator denies all or a part of the claim, the Administrator shall notify the Claimant in writing
of such denial in a culturally and linguistically appropriate manner. The Administrator shall write the notification in a manner
calculated to be understood by the Claimant. The notification shall set forth: (i) the specific reasons for the denial; (ii) a
reference to the specific provisions of this Agreement on which the denial is based; (iii) a notice that the Claimant has a right
to request a review of the claim denial and an explanation of the Plan’s review procedures and the time limits applicable
to such procedures; (iv) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review, and a description of any time limit for bringing such an action; (v) for any Disability
claim, a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (A) the views
presented by the Claimant of health care professionals treating the Claimant and vocational professionals who evaluated the Claimant;
(B) the views of medical or vocational experts whose advice was obtained on behalf of the Employer in connection with a Claimant’s
adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; or (C)
a disability determination regarding the Claimant presented by the Claimant made by the Social Security Administration (vi) for
any Disability claim, the specific internal rules, guidelines, protocols, standards or other similar criteria relied upon in making
the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria
do not exist; and (viii) for any Disability claim, 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 to the Claimant’s
claim for benefits. Whether a document, record, or other information is relevant to a claim for benefits shall be determined by
Department of Labor Regulation Section 2560.503-1(m)(8).


 


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


 


(a)       Additional
Evidence. Prior to the review of the denied claim, the Claimant shall be given, free of charge, any new or additional evidence
considered, relied upon, or generated by the Administrator, or any new or additional rationale, as soon as possible and sufficiently
in advance of the date on which the notice of adverse benefit determination on review is required to be provided, to give the Claimant
a reasonable opportunity to respond prior to that date.


 


(b)       Initiation
 – Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Administrator’s
notice of denial, must file with the Administrator a written request for review.


 






     


     


    








 


(c)       Additional
Submissions – Information Access. After such request the Claimant may submit written comments, documents, records and
other information relating to the claim. The 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.


 


(d)       Considerations
on Review. In considering the review, the Administrator shall consider 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. Additional
considerations shall be required in the case of a claim for Disability benefits. The claim shall be reviewed by an individual or
committee who did not make the initial determination that is subject of the appeal and who is not a subordinate of the individual
who made the determination. Additionally, the review shall be made without deference to the initial adverse benefit determination.
If the initial adverse benefit determination was based in whole or in part on a medical judgment, the Administrator will consult
with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment.
The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination
and will not be the subordinate of such individual. If the Administrator obtained the advice of medical or vocational experts in
making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Administrator will identify
such experts.


 


(e)       Timing
of Administrator Response. The Administrator shall respond in writing to such Claimant within forty-five (45) days after receiving
the request for review. If the Administrator determines that special circumstances require additional time for processing the claim,
the Administrator can extend the response period by an additional forty-five (45) days by notifying the Claimant in writing, prior
to the end of the initial forty-five (45) day period, that an additional period is required. The notice of extension must set forth
the special circumstances and the date by which the Administrator expects to render its decision.


 


(f)        Notice
of Decision. The Administrator shall notify the Claimant in writing of its decision on review. The Administrator shall
write the notification in a culturally and linguistically appropriate manner calculated to be understood by the Claimant. The
notification shall set forth: (i) the specific reasons for the denial; (ii) a reference to the specific provisions of this
Agreement on which the denial is based; (iii) 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; (iv) a statement of the Claimant’s right to bring a
civil action under ERISA Section 502(a); (v) for any Disability claim, a discussion of the decision, including an explanation
of the basis for disagreeing with or not following: (A) the views presented by the Claimant of health care professionals
treating the Claimant and vocational professionals who evaluated the Claimant; (B) the views of medical or vocational experts
whose advice was obtained on behalf of the Employer in connection with a Claimant’s adverse benefit determination,
without regard to whether the advice was relied upon in making the benefit determination; or (C) a disability determination
regarding the Claimant presented by the Claimant made by the Social Security Administration; and (vi) for any Disability
claim, the specific internal rules, guidelines, protocols, standards or other similar criteria relied upon in making the
adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar
criteria do not exist.


 






     


     


    

 


7.3       Exhaustion
of Remedies. The Claimant must follow these claims review procedures and exhaust all administrative remedies before taking
any further action with respect to a claim for benefits.


 


7.4       Failure
to Follow Procedures. In the case of a claim for Disability benefits, if the Administrator fails to strictly adhere to all
the requirements of this claims procedure with respect to a Disability claim, the Claimant is deemed to have exhausted the administrative
remedies available under the Agreement, and shall be entitled to pursue any available remedies under ERISA Section 502(a) on the
basis that the Administrator has failed to provide a reasonable claims procedure that would yield a decision on the merits of the
claim, except where the violation was: (a) de minimis; (b) non-prejudicial; (c) attributable to good cause or matters beyond the
Administrator’s control; (d) in the context of an ongoing good-faith exchange of information; and (e) not reflective of a
pattern or practice of noncompliance. The Claimant may request a written explanation of the violation from the Administrator, and
the Administrator must provide such explanation within ten (10) days, including a specific description of its basis, if any, for
asserting that the violation should not cause the administrative remedies to be deemed exhausted. If a court rejects the Claimant’s
request for immediate review on the basis that the Administrator met the standards for the exception, the claim shall be considered
as re-filed on appeal upon the Administrator’s receipt of the decision of the court. Within a reasonable time after the receipt
of the decision, the Administrator shall provide the claimant with notice of the resubmission.


 


ARTICLE 8


AMENDMENT AND TERMINATION


 


8.1       Agreement
Amendment Generally. Except as provided in Section 8.2, this Agreement may be amended only by a written agreement signed by
both the Employer and the Executive.


 


8.2       Amendment
to Ensure Proper Characterization of Agreement. Notwithstanding anything in this Agreement to the contrary, the Agreement
may be amended by the Employer at any time, if found necessary in the opinion of the Employer, (i) to ensure that the Agreement
is characterized as plan of deferred compensation maintained for a select group of management or highly compensated employees
as described under ERISA, (ii) to conform the Agreement to the requirements of any applicable law or (iii) to comply with the
written instructions of the Employer’s auditors or banking regulators.


 






     


     


    

 


8.3       Agreement
Termination Generally. Except as provided in Section 8.4, this Agreement may be terminated only by a written agreement signed
by the Employer and the Executive. Such termination shall not cause a distribution of benefits under this Agreement. Rather, upon
such termination benefit distributions will be made at the earliest distribution event permitted under Article 4.


 


8.4       Effect
of Complete Termination. Notwithstanding anything to the contrary in Section 8.3, and subject to the requirements of Code Section
409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate benefits
payable pursuant to this Agreement. In the event of a complete termination pursuant to subsection (a) or (c) below, the Employer
shall pay the Executive the Deferral Account balance. In the event of a complete termination pursuant to subsection (b) below,
the Employer shall pay the Executive the Present Value of the Deferral Account, calculated as described in Section 4.4 hereof.
In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.


 


(a)       Corporate
Dissolution or Bankruptcy. The Employer may terminate and liquidate this Agreement within twelve (12) months of a corporate
dissolution taxed under Code Section 331, or with the approval of a bankruptcy court, provided that all benefits paid under the
Agreement are included in the Executive’s gross income in the latest of: (i) the calendar year which the termination occurs;
(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 payment is administratively practicable.


 


(b)       Change
in Control. The Employer may terminate and liquidate this Agreement by taking irrevocable action to terminate and liquidate
within the thirty (30) days preceding or the twelve (12) months following a Change in Control. This Agreement will then be treated
as terminated only if all substantially similar arrangements sponsored by the Employer which are treated as deferred under a single
plan under Treasury Regulations §1.409A-1(c)(2) are terminated and liquidated with respect to each participant who experienced
the Change in Control so that the Executive and any participants in any such similar arrangements are required to receive all amounts
of compensation deferred under the terminated arrangements within twelve (12) months of the date the Employer takes the irrevocable
action to terminate the arrangements.


 


(c)       Discretionary
Termination. The Employer may terminate and liquidate this Agreement provided that: (i) the termination does not occur
proximate to a downturn in the financial health of the Employer; (ii) all arrangements sponsored by the Employer and
Affiliates that would be aggregated with any terminated arrangements under Treasury Regulations §1.409A-1(c) are
terminated; (iii) no payments, other than payments that would be payable under the terms of this Agreement if the termination
had not occurred, are made within twelve (12) months of the date the Employer takes the irrevocable action to terminate this
Agreement; (iv) all payments are made within twenty-four (24) months following the date the Employer takes the irrevocable
action to terminate and liquidate this Agreement; and (v) neither the Employer nor any of its Affiliates adopt a new
arrangement that would be aggregated with any terminated arrangement under Treasury Regulations §1.409A-1(c) if the
Executive participated in both arrangements, at any time within three (3) years following the date the Employer takes the
irrevocable action to terminate this Agreement.


 






     


     


    

 


Article
9


MISCELLANEOUS


 


9.1       No
Effect on Other Rights. This Agreement constitutes the entire agreement between the Employer 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.
Nothing contained herein will confer upon the Executive the right to be retained in the service of the Employer nor limit the right
of the Employer to discharge or otherwise deal with the Executive without regard to the existence hereof. Notwithstanding the above,
nothing contained herein alters, amends or limits the promises or obligations of the Executive under any restrictive covenants
entered into between Employer and the Executive, including but not limited to covenants not to compete or solicit, nor any of the
remedies afforded to Employer in the event the Executive breaches or attempts to breach such restrictive covenants.


 


9.2       State
Law. This Agreement and all rights hereunder shall be governed by and construed according to the laws of the Commonwealth of
Pennsylvania except to the extent preempted by the laws of the United States of America.


 


9.3       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 or invalid provision had never
been inserted herein.


 


9.4       Nonassignability.
Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.


 


9.5       Unsecured
General Creditor Status. Payment to the Executive or any Beneficiary hereunder shall be made from assets which shall continue,
for all purposes, to be part of the general, unrestricted assets of the Employer and no person shall have any interest in any such
asset by virtue of any provision of this Agreement. The Employer’s obligation hereunder shall be an unfunded and unsecured
promise to pay money in the future. In the event that the Employer purchases an insurance policy insuring the life of the Executive
to recover the cost of providing benefits hereunder, neither the Executive nor the Beneficiary shall have any rights whatsoever
in said policy or the proceeds therefrom.


 


9.6       Life
Insurance. If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations
under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply
such information as may be required by the Employer or the insurance company designated by the Employer.


 






     


     


    

 


9.7       Unclaimed
Benefits. The Executive shall keep the Employer informed of the Executive’s current address and the current address of
the Beneficiary. If the location of the Executive is not made known to the Employer within three years after the date upon which
any payment of any benefits may first be made, the Employer shall delay payment of the Executive’s benefit payment(s) until
the location of the Executive is made known to the Employer; however, the Employer shall only be obligated to hold such benefit
payment(s) for the Executive until the expiration of three (3) years. Upon expiration of the three (3) year period, the Employer
may discharge its obligation by payment to the Beneficiary. If the location of the Beneficiary is not made known to the Employer
by the end of an additional two (2) month period following expiration of the three (3) year period, the Employer may discharge
its obligation by payment to the Executive’s estate. If there is no estate in existence at such time or if such fact cannot
be determined by the Employer, the Executive and Beneficiary shall thereupon forfeit all rights to any benefits provided under
this Agreement.


 


9.8       Suicide
or Misstatement. Notwithstanding any provision in this Agreement to the contrary, no benefit shall be distributed hereunder
if the Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life
insurance policy covering the Executive and owned by the Employer denies coverage (i) for material misstatements of fact made by
the Executive on an application for life insurance, or (ii) for any other valid and justifiable reason.


 


9.9       Removal.
Notwithstanding anything in this Agreement to the contrary, the Employer shall not distribute any benefit under this Agreement
if the Executive is subject to a final removal or prohibition order issued pursuant to Section 8(e) of the Federal Deposit Insurance
Act. Furthermore, any payments made to the Executive pursuant to this Agreement shall, if required, comply with 12 U.S.C. 1828,
FDIC Regulation 12 CFR Part 359 and any other regulations or guidance promulgated thereunder.


 


9.10     Forfeiture
Provision. The Executive shall forfeit any non-distributed benefits under this Agreement if, within 12 months of Separation
from Service for any reason:


 


(i)       the
Executive solicits, offers employment to, or takes any other action intended (or that a reasonable person acting in like
circumstances would expect) to have the effect of causing any officer or employee of the Employer, or any of its respective subsidiaries
or affiliates, to terminate his or her employment with the Employer and/or accept employment with another employer; or


 


(ii)       the
Executive becomes an officer, employee, consultant, director, trustee, independent contractor, agent, joint venturer,
partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or
bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that competes with the
business of the Employer or any of their direct or indirect subsidiaries or affiliates that: (A) has a headquarters within
twenty-five (25) miles of any office of the Employer (the “Restricted Territory”), or (B) has one or more
offices, but is not headquartered, within the Restricted Territory, but in the latter case, only if the Executive would be
employed, conduct business or have other responsibilities or duties within the Restricted Territory; or


 






     


     


    

 


(iii)       the
Executive solicits, provides any information, advice or recommendation or takes any other action intended (or that a reasonable
person acting in like circumstances would expect) to have the effect of causing any customer of the Employer to terminate an existing
business or commercial relationship with the Employer.


 


In addition, the Executive shall forfeit
any non-distributed benefits under this Agreement if, at any time following the Executive’s Separation from Service for any
reason, the Executive divulges, discloses, uses, or communicates to others in any manner whatsoever, except for the benefit of
the Employer, any confidential information or trade secrets of the Employer including, but not limited to, the names and addresses
of customers or prospective customers, of the Employer, as they may have existed from time to time, or work performed or services
rendered for any customer; business development, sales and marketing plans and materials; any method and/or procedures relating
to projects or other work developed for the Employer; or profits, losses, earnings or other financial information concerning the
Employer; and any other information not generally known to the public which, if misused or disclosed to a competitor could reasonably
be expected to adversely affect Employer. The restrictions contained in this subparagraph apply to all confidential information
regarding the Employer, regardless of the source who provided or compiled such information. Notwithstanding anything to the contrary,
all information referred to herein shall not be considered confidential once it becomes known to the general public from sources
other than the Executive.


 


Notwithstanding the foregoing, following
an Involuntary Termination or a Good Reason Termination, subsection (i) of this Section, shall not apply and subsections (ii),
(iii) and (iv) shall only apply for twelve (12) months following such Involuntary Termination or Good Reason Termination, as applicable.
In addition, subsections (i), (ii) and (iii) shall not apply following a Change in Control.


 


9.11       Notice.
Any notice, consent or demand required or permitted to be given to the Employer or Administrator under this Agreement shall be
sufficient if in writing and hand-delivered or sent by registered or certified mail to the Employer’s principal business
office. Any notice or filing required or permitted to be given to the Executive or Beneficiary under this Agreement shall be sufficient
if in writing and hand-delivered or sent by mail to the last known address of the Executive or Beneficiary, as appropriate. Any
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 or
on the receipt for registration or certification.


 






     


     


    

 





9.12       Headings
and Interpretation. Headings and sub-headings in this Agreement are inserted for reference and convenience only and shall not
be deemed part of this Agreement. 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.


 


9.13       Alternative
Action. In the event it becomes impossible for the Employer or the Administrator to perform any act required by this Agreement
due to regulatory or other constraints, the Employer or Administrator may perform such alternative act as most nearly carries out
the intent and purpose of this Agreement and is in the best interests of the Employer, provided that such alternative act does
not violate Code Section 409A.


 


9.14       Coordination
with Other Benefits. The benefits provided for the Executive or the Beneficiary under this Agreement are in addition to any
other benefits available to the Executive under any other plan or program for employees of the Employer. This Agreement shall supplement
and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided herein.


 


9.15       Inurement.
This Agreement shall be binding upon and shall inure to the benefit of the Employer, its successor and assigns, and the Executive,
the Executive’s successors, heirs, executors, administrators, and the Beneficiary.


 


9.16       Tax
Withholding. The Employer may make such provisions and take such action as it deems necessary or appropriate for the withholding
of any taxes which the Employer is required by any law or regulation to withhold in connection with any benefits under the Agreement.


 


9.17       Responsibility
for Taxes. The Executive shall be responsible for the payment of all individual tax liabilities relating to any benefits paid
hereunder. The Executive acknowledges that in no event will the Employer be liable to the Executive for any taxes resulting from
the Executive’s participation in the Agreement, including any additional penalty, excise or other taxes that might be imposed
as a result of Code Section 409A.


 


9.18       Aggregation
of Agreement. If the Employer offers other non-qualified deferred compensation plans in addition to this Agreement, this Agreement
and those plans shall be treated as a single plan to the extent required under Code Section 409A.


 


IN WITNESS WHEREOF,
the Executive and a representative of the Employer have executed this Agreement document as indicated below:


 





	Executive:	 	Employer:
	JANAK M. AMIN	 	PROSPER BANK
	 	 	 
	/s/ Janak M. Amin	 	By:	/s/ Joseph Carroll
	 	 	Its:	Chairman of the Board