Exhibit 10.3


 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement


 


St. Landry Homestead Federal Savings
Bank 


Supplemental Life Insurance Agreement


 


This Supplemental
Life Insurance Agreement (this “Agreement”) is adopted this November 18, 2020, by and between ST. LANDRY HOMESTEAD
FEDERAL SAVING BANK, located in Opelousas, Louisiana (the “Company”), and JOSEPH ZANCO (the “Executive”).


 


The purpose of this
Agreement is to retain and reward the Executive, by dividing the death proceeds of certain life insurance policies which are owned
by the Company on the life of the Executive with the designated beneficiary of the Executive. The Company will pay the life insurance
premiums from its general assets.


 


ARTICLE 1


DEFINITIONS


 


Whenever used in this Agreement, the following
terms shall have the meanings specified:


 


		1.1	“Beneficiary”
                                         means each designated person, or the estate of the deceased Executive, entitled to
                                         benefits, if any, upon the death of the Executive.



 


		1.2	“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.



 


		1.3	“Board”
                                         means the Board of Directors of the Company as from time to time constituted.



 


		1.4	“Company’s
                                         Interest” means the benefit set forth in Section 3.2.



 


		1.5	“Executive’s
                                         Interest” means the benefit set forth in Section 3.1.



 


		1.6	“Effective
                                         Date” means November 18, 2020.



 


		1.7	“Insured”
                                         means the Executive.



 


		1.8	“Insurer”
                                         means the insurance company issuing the life insurance policy on the life of the Insured.



 


		1.9	“Net
                                         Death Proceeds” means the total death proceeds of the Policy minus the cash
                                         surrender value.



 


		1.10	“Policy”
                                         means the individual insurance policy or policies adopted by the Company for purposes
                                         of insuring the Executive’s life under this Agreement.



 


		1.11	“Termination
                                         of Employment” means the termination of Executive’s service for any reason,
                                         voluntarily or involuntarily.



 






     


     


    

 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement




 


ARTICLE 2


PARTICIPATION


 


		2.1	Termination of Participation. The Executive’s
                                                                             rights under the Agreement shall automatically cease and his or her participation in this Agreement shall automatically
                                                                             terminate upon (i) his Termination of Employment prior to age sixty-five (65) or (ii) the Executive’s age seventy-five
                                                                             (75) provided that the Executive remains in the continuous employ of the Company until age sixty-five (65). If the Company
                                                                             decides to maintain the Policy after the Executive’s termination of participation in the Agreement, the Company shall
                                                                             be the direct beneficiary of the entire death proceeds of the Policy.



 


ARTICLE 3


POLICY OWNERSHIP/INTERESTS


 


		3.1	Executive’s
                                         Interest. The Executive, or the Executive’s assignee, shall have the right
                                         to designate the Beneficiary of an amount of death proceeds equal to FIVE HUNDRED THOUSAND
                                         DOLLARS ($500,000), not to exceed the Net Death Proceeds and subject to:



 


		(a)	Forfeiture
                                         of Executive’s rights upon termination of Participation as set forth in Section
                                         2.1; and



		(b)	Termination
                                         of the Agreement and the corresponding forfeiture of rights in accordance with Article
                                         9 hereof.



 


		3.2	Company’s
                                         Interest. The Company shall own the Policy and shall have the right to exercise all
                                         incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds
                                         of the Policy after the Executive’s Interest is determined according to Section
                                         3.1.



 


ARTICLE 4


PREMIUMS


 


		4.1	Premium
                                         Payment. The Company shall pay all premiums due on all Policies.



 


		4.2	Economic
                                         Benefit. The Company shall determine the economic benefit attributable to the Executive
                                         based on the life insurance premium factor for the Executive’s age multiplied by
                                         the aggregate death benefit payable to the Executive’s beneficiary. The “life
                                         insurance premium factor” is the minimum factor applicable under guidance published
                                         pursuant to IRS Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.



 


		4.3	Imputed
                                         Income. The Company shall impute the economic benefit to the Executive on an annual
                                         basis, by adding the economic benefit to the Executive’s W-2, or if applicable,
                                         Form 1099.



 


ARTICLE 5


BENEFICIARIES


 


		5.1	Beneficiary.
                                         The Executive shall have the right, at any time, to designate a Beneficiary(ies)
                                         to receive any benefits payable under the Agreement to a beneficiary 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 agreement or plan of the Company
                                         in which the Executive participates.



 


		5.2	Beneficiary
                                         Designation; Change. The Executive shall designate a Beneficiary by completing and
                                         signing the Beneficiary Designation Form, and delivering it to the Company 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 Company’s rules and procedures, as in effect from time to time.
Upon the acceptance by the Company of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall
be cancelled. The Company shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted
by the Company prior to the Executive’s death.



 






     


     


    

 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement




 


		5.3	Acknowledgement.
                                         No designation or change in designation of a Beneficiary shall be effective until
                                         received, accepted and acknowledged in writing by the Company or its designated agent.



 


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



 


		5.5	Facility
                                         of Payment. If the Company 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 Company 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 Company 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 6


ASSIGNMENT


 


The Executive may
irrevocably assign without consideration all or part of the Executive’s Interest in this Agreement to any person, entity
or trust. In the event the Executive shall transfer all or part of the Executive’s Interest, then all or part of the Executive’s
Interest in this Agreement shall be vested in the Executive’s transferee, who shall be substituted as a party hereunder,
and the Executive shall have no further interest in this Agreement.


 


ARTICLE 7


INSURER


 


The Insurer shall
be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of
this Agreement. The Insurer shall have the right to rely on the Company’s representations with regard to any definitions,
interpretations or Policy interests as specified under this Agreement.


 


ARTICLE 8


CLAIMS AND REVIEW PROCEDURE


 


		8.1	Claims
                                         Procedure. The 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:



 


		8.1.1	Initiation – Written Claim. The claimant initiates
                                         a claim by submitting to the Company a written claim for the benefits.



 






     


     


    

 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement




 


		8.1.2	Timing of Company Response.
                                         The Company shall respond to such claimant within 90 days after receiving the claim.
                                         If the Company determines that special circumstances require additional time for processing
                                         the claim, the Company 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 Company expects to render its decision.



 


		8.1.3	Notice of Decision. If
                                         the Company denies part or all of the claim, the Company shall notify the claimant in
                                         writing of such denial. The Company shall write the notification in 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.



 


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



 


		8.2.1	Initiation – Written
                                         Request. To initiate the review, the claimant, within 60 days after receiving the
                                         Company’s notice of denial, must file with the Company a written request for review.



 


		8.2.2	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 Company
                                         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.



 


		8.2.3	Considerations on Review.
                                         In considering the review, the Company 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.



 


		8.2.4	Timing of Company’s
                                         Response. The Company shall respond in writing to such claimant within 60 days after
                                         receiving the request for review. If the Company determines that special circumstances
                                         require additional time for processing the claim, the Company 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 Company expects to
                                         render its decision.



 


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



 






     


     


    

 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement




 


		(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 9


AMENDMENTS AND TERMINATION


 


This
Agreement may only be amended or terminated by mutual consent of the Company and the Executive. Provided, however, the Company
in its sole discretion may surrender the Policy at any time, and upon any such surrender the Agreement shall automatically terminate.


 


ARTICLE 10


ADMINISTRATION


 


		10.1	Company Duties. This Agreement
                                         shall be administered by the Company which shall consist of the Board, or such committee
                                         or persons as the Board may choose (the “Plan Administrator”). The Company
                                         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 this Agreement.



 


		10.2	Agents. In the administration
                                         of this Agreement, the Company 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 counsel to the Company.



 


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



 


		10.4	Indemnity of Company. The Company
                                         shall indemnify and hold harmless the members of the Company 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 Company or
                                         any of its members.



 


ARTICLE 11


MISCELLANEOUS


 


		11.1	Binding Effect. This Agreement
                                         shall bind the Executive and the Company, their beneficiaries, survivors, executors,
                                         administrators and transferees and any Beneficiary.



 


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



 






     


     


    

 


St. Landry Homestead Federal Savings Bank


Supplemental Life Insurance Agreement




 


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



 


		11.4	Reorganization. The Company
                                         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 Company
                                         under this Agreement. Upon the occurrence of such event, the term “Company”
                                         as used in this Agreement shall be deemed to refer to the successor or survivor company.



 


		11.5	Notice. Any notice or filing
                                         required or permitted to be given to the Company under this Agreement shall be sufficient
                                         if in writing and hand-delivered, or sent by registered or certified mail, to the legal
                                         address of the Company.



 


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 or 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.


 


		11.6	Entire Agreement. This Agreement,
                                         along with the Executive’s Beneficiary Designation Form constitute the entire agreement
                                         between the Company and the Executive as to the subject matter hereof. No rights are
                                         granted to the Executive under this Agreement other than those specifically set forth
                                         herein.



 


***


 


IN WITNESS WHEREOF, the Executive and a duly authorized representative
of the Company have executed this Agreement as of the date indicated above.


 


	EXECUTIVE:	 	ST. LANDRY HOMESTEAD
	 	 	FEDERAL SAVINGS BANK:
	 	 	 
	/s/ Joseph Zanco	 	By	/s/ Jutta Codori
	Signature	 	 
	 	 	 
	JOSEPH ZANCO	 	Title