LIFE INSURANCE

                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                    AGREEMENT


Insurer:                            Jefferson Pilot Life Insurance Company
                                    Massachusetts Mutual Life Insurance Company

Policy Number:                      JP5296192
                                    0055802

Bank:                               BUCS Federal

Insured:                            Herbert J. Moltzan

Relationship of Insured to Bank:    Executive

Trust:                              Rabbi Trust for the Executive Supplemental
                                    Retirement Plan Agreement and the Life
                                    Insurance Endorsement Method Split Dollar
                                    Plan Agreement


The  respective   rights  and  duties  of  the  Bank  and  the  Insured  in  the
above-referenced policy shall be pursuant to the terms set forth below:


I.       DEFINITIONS

         Refer to the policy  contract for the  definition  of any terms in this
         Agreement that are not defined  herein.  If the definition of a term in
         the  policy  is  inconsistent  with  the  definition  of a term in this
         Agreement,  then  the  definition  of the  term  as set  forth  in this
         Agreement  shall  supersede and replace the  definition of the terms as
         set forth in the policy.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Trustee for the Rabbi Trust for
         the  Executive  Supplemental  Retirement  Plan  Agreement  and the Life
         Insurance  Endorsement  Method Split Dollar Plan  Agreement for its use
         and for the use of the Insured all in accordance  with this  Agreement.
         The  Trustee  at the  direction  of the Bank may,  to the extent of its
         interest,  exercise  the right to borrow or withdraw on the policy cash
         values.  Where the Trustee at the direction of the Bank and the Insured
         (or  assignee,  with the  consent  of the  Insured)  mutually  agree to
         exercise  the right to increase the  coverage  under the subject

<PAGE>

         Split  Dollar  policy,  then,  in such event,  the rights,  duties and
         benefits of the parties to such  increased  coverage shall continue to
         be subject to the terms of this Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary  or  beneficiaries  to receive the  Insured's  share of the
         proceeds payable upon the death of the Insured, and to elect and change
         a payment option for such beneficiary, subject to any right or interest
         the Trustee at the  direction of the Bank or the Trust may have in such
         proceeds, as provided in this Agreement.

IV.      PREMIUM PAYMENT METHOD

         Subject to the Bank's  absolute  right to surrender  or  terminate  the
         policy at any time and for any  reason,  the Bank or the Trustee at the
         direction of the Bank shall pay an amount equal to the planned premiums
         and any other premium  payments that might become necessary to keep the
         policy in force.

V.       TAXABLE BENEFIT

         Annually  the  Insured  will  receive  a taxable  benefit  equal to the
         assumed cost of insurance as required by the Internal  Revenue Service.
         The Bank (or its  administrator)  will report to the Insured the amount
         of imputed income each year on Form W-2 or its equivalent.

VI.      DIVISION OF DEATH PROCEEDS

         Subject to  Paragraphs  VII and IX herein,  the  division  of the death
         proceeds of the policy is as follows:

         A.       Should  the  Insured  be  employed  by the Bank at the time of
                  death,   the   Insured's   beneficiary(ies),   designated   in
                  accordance  with Paragraph III, shall be entitled to an amount
                  equal to eighty  percent  (80%) of the  net-at-risk  insurance
                  portion of the proceeds.  The net-at-risk insurance portion is
                  the total proceeds less the cash value of the policy.

         B.       Should the  Insured not be employed by the Bank at the time of
                  his or her death, the Insured's  beneficiary(ies),  designated
                  in accordance  with  Paragraph  III,  shall be entitled to the
                  percentage as set forth hereinbelow of the proceeds  described
                  in Subparagraph VI (A) above that corresponds to the number of
                  full years the Insured has been employed by the Bank since the
                  date of first employment.

                                       2

<PAGE>




                           Total Years
                           of Employment
                           with the Bank        Vested (to a maximum of 100%)
                           -------------        -----------------------------
                                1                          10%
                                2                          20%
                                3                          30%
                                4                          40%
                                5                          50%
                                6                          60%
                                7                          70%
                                8                          80%
                                9                          90%
                               10+                        100%

         C.       The Bank shall be entitled to the remainder of such proceeds.

         D.       The Bank and the  Insured  (or  assignees)  shall share in any
                  interest due on the death  proceeds on a pro rata basis as the
                  proceeds due each  respectively  bears to the total  proceeds,
                  excluding any such interest.

VII.     DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

         The Bank or the Trust shall at all times be entitled to an amount equal
         to the  policy's  cash  value,  as that term is  defined  in the policy
         contract, less any policy loans and unpaid interest or cash withdrawals
         previously  incurred by the Bank or the Trustee at the direction of the
         Bank and any  applicable  surrender  charges.  Such cash value shall be
         determined as of the date of surrender or death as the case may be.

VIII. RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

         In the event the policy involves an endowment or annuity  element,  the
         Bank's or the Trust'  right and interest in any  endowment  proceeds or
         annuity  benefits,  on  expiration of the  deferment  period,  shall be
         determined  under the  provisions of this  Agreement by regarding  such
         endowment  proceeds or the commuted  value of such annuity  benefits as
         the policy's cash value.  Such endowment  proceeds or annuity  benefits
         shall be  considered  to be like death  proceeds  for the  purposes  of
         division under this Agreement.

IX.      TERMINATION OF AGREEMENT

         This  Agreement  shall  terminate upon the occurrence of any one of the
         following:

         A.       The   Insured   shall  leave  the   employment   of  the  Bank
                  (voluntarily or involuntarily) prior to one year of employment
                  with the Bank from the date of first service;

                                       3

<PAGE>

         B.       Should the Executive be discharged  for Just Cause at anytime,
                  all benefits  under this  Executive  Plan Shall be  forfeited.
                  Discharge for "Just Cause" shall include  termination  because
                  of the Executive's personal dishonesty,  incompetence, willful
                  misconduct,   breach  of  fiduciary  duty  involving  personal
                  profit,  intentional failure to perform stated duties, willful
                  violation of any law, rule or  regulation  (other than traffic
                  violations  or  similar  offenses)  or final  cease-and-desist
                  order, or material breach of any provision of this Agreement.

         C.       Surrender,  lapse,  or other  termination of the Policy by the
                  Bank.

         Upon such  termination,  the Insured (or assignee) shall have a fifteen
         (15)  day  option  to  receive  from  the  Bank or the  Trustee  at the
         direction  of  the  Bank  an  absolute  assignment  of  the  policy  in
         consideration  of a cash  payment  to the  Bank or the  Trustee  at the
         direction of the Bank,  whereupon this Agreement shall terminate.  Such
         cash payment referred to hereinabove shall be the greater of:

A.                The Bank's or the Trust' share of the cash value of the policy
                  on the date of such assignment,  as defined in this Agreement;
                  or

B.                The amount of the premiums  that have been paid by the Bank or
                  the Trustee at the  direction of the Bank prior to the date of
                  such assignment.

         If, within said fifteen (15) day period,  the Insured fails to exercise
         said option,  fails to procure the entire aforestated cash payment,  or
         dies,  then the option shall  terminate  and the Insured (or  assignee)
         agrees that all of the  Insured's  rights,  interest  and claims in the
         policy  shall  terminate  as of the  date  of the  termination  of this
         Agreement.

         The Insured  expressly  agrees  that this  Agreement  shall  constitute
         sufficient  written  notice to the Insured of the  Insured's  option to
         receive an absolute assignment of the policy as set forth herein.

         Except  as  provided   above,   this  Agreement  shall  terminate  upon
         distribution of the death benefit proceeds in accordance with Paragraph
         VI above.

X.       INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         The Insured may not, without the written consent of the Bank, assign to
         any  individual,  trust  or other  organization,  any  right,  title or
         interest in the subject policy nor any rights,  options,  privileges or
         duties created under this Agreement.

XI.      AGREEMENT BINDING UPON THE PARTIES

         This  Agreement  shall bind the  Insured and the Bank or the Trustee at
         the  direction  of  the  Bank,   their  heirs,   successors,   personal
         representatives and assigns.

                                       4
<PAGE>

XII.     ERISA PROVISIONS

         The following provisions are part of this Agreement and are intended to
         meet the requirements of the Employee Retirement Income Security Act of
         1974 ("ERISA"):

         A.       Named Fiduciary and Plan Administrator.
                  ---------------------------------------

                  The  "Named   Fiduciary  and  Plan   Administrator"   of  this
                  Endorsement  Method  Split  Dollar  Agreement  shall  be  BUCS
                  Federal  until  its  resignation  or  removal  by the Board of
                  Directors. As Named Fiduciary and Plan Administrator, the Bank
                  or  the  Trustee  at  the  direction  of  the  Bank  shall  be
                  responsible for the management, control, and administration of
                  this  Split  Dollar  Plan as  established  herein.  The  Named
                  Fiduciary  may  delegate  to  others  certain  aspects  of the
                  management  and  operation   responsibilities   of  the  Plan,
                  including the employment of advisors and the delegation of any
                  ministerial duties to qualified individuals.

         B.       Funding Policy.
                  ---------------

                  Subject to the Bank's absolute right to surrender or terminate
                  the policy at any time and for any reason,  the funding policy
                  for this Split  Dollar Plan shall be to  maintain  the subject
                  policy in force by paying, when due, all premiums required.

         C.       Basis of Payment of Benefits.
                  -----------------------------

                  Direct  payment  by the  Insurer  is the basis of  payment  of
                  benefits  under this  Agreement,  with those  benefits in turn
                  being  based on the  payment of  premiums  as provided in this
                  Agreement.

         D.       Claim Procedures.
                  -----------------

                  Claim forms or claim  information as to the subject policy can
                  be obtained by contacting Benmark, Inc.  (800-544-6079).  When
                  the Named Fiduciary has a claim which may be covered under the
                  provisions  described  in the  insurance  policy,  they should
                  contact the office named above,  and they will either complete
                  a claim form and forward it to an authorized representative of
                  the  Insurer  or  advise  the  named  Fiduciary  what  further
                  requirements are necessary. The Insurer will evaluate and make
                  a decision as to payment.  If the claim is payable,  a benefit
                  check  will be  issued  in  accordance  with the terms of this
                  Agreement.

                  In the event that a claim is not  eligible  under the  policy,
                  the  Insurer  will  notify the Named  Fiduciary  of the denial
                  pursuant to the requirements under the terms of the policy. If
                  the Named  Fiduciary  is  dissatisfied  with the denial of the
                  claim and wishes to contest  such claim  denial,  they  should
                  contact the office  named above and they will assist in making
                  an inquiry to the Insurer.  All  objections  to the

                  Insurer's  actions should be in writing and submitted  to  the
                  office named above for transmittal to the Insurer.

                                       5
<PAGE>

XIII.    GENDER

         Whenever in this  Agreement  words are used in the  masculine or neuter
         gender, they shall be read and construed as in the masculine,  feminine
         or neuter gender, whenever they should so apply.

XIV.     INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

         The  Insurer  shall not be deemed a party to this  Agreement,  but will
         respect the rights of the parties as herein developed upon receiving an
         executed  copy of this  Agreement.  Payment  or  other  performance  in
         accordance with the policy provisions shall fully discharge the Insurer
         from any and all liability.

XV.      CHANGE OF CONTROL

         "Change in  Control"  shall  mean:  (i) the sale of all,  or a material
         portion,  of the assets of the BUCS Financial Corp.  ("Company") or the
         Bank;  (ii) the merger or  recapitalization  of the Company or the Bank
         whereby the Company or the Bank is not the  surviving  entity;  (iii) a
         change in control of the Company or the Bank,  as otherwise  defined or
         determined  by  the  Office  of  Thrift   Supervision   or  regulations
         promulgated by it; or (iv) the acquisition,  directly or indirectly, of
         the beneficial ownership (within the meaning of that term as it is used
         in Section 13(d) of the  Securities  Exchange Act of 1934 and the rules
         and regulations promulgated thereunder) of twenty-five percent (25%) or
         more of the outstanding voting securities of the Company by any person,
         trust, entity or group. This limitation shall not apply to the purchase
         of shares by  underwriters  in  connection  with a public  offering  of
         Company stock,  or the purchase of shares of up to twenty-five  percent
         (25%) of any class of  securities  of the  Company  by a  tax-qualified
         employee   stock  benefit  plan  which  is  exempt  from  the  approval
         requirements,  set  forth  under 12 C.F.R.  '574.3(c)(1)(vi)  as now in
         effect or as may hereafter be amended.  The term "person"  refers to an
         individual or a corporation,  partnership,  trust,  association,  joint
         venture,   pool,   syndicate,   sole   proprietorship,   unincorporated
         organization  or any  other  form of  entity  not  specifically  listed
         herein.

         Upon a Change of Control,  if the Insured's  employment is subsequently
         terminated,  except for cause,  then the  Insured  shall be one hundred
         percent  (100%) vested in the benefits  promised in this Agreement and,
         therefore,   upon   the   death   of   the   Insured,   the   Insured's
         beneficiary(ies)  (designated  in accordance  with Paragraph III) shall
         receive the death  benefit  provided  herein as if the Insured had died
         while employed by the Bank (see Subparagraphs VI [A]).

                                       6

<PAGE>


XVI.     AMENDMENT OR REVOCATION

         Subject to the Bank's  absolute  right to surrender  or  terminate  the
         policy at any time and for any reason,  it is agreed by and between the
         parties hereto that, during the lifetime of the Insured, this Agreement
         may be amended or revoked at any time or times, in whole or in part, by
         the mutual written consent of the Insured and the Bank.

XVII.    EFFECTIVE DATE

         The Effective Date of this Agreement shall be July 21, 2003.

XVIII.   SEVERABILITY AND INTERPRETATION

         If  a  provision   of  this   Agreement   is  held  to  be  invalid  or
         unenforceable,   the  remaining   provisions   shall   nonetheless   be
         enforceable  according to their terms.  Further,  in the event that any
         provision is held to be overbroad as written,  such provision  shall be
         deemed  amended to narrow its  application  to the extent  necessary to
         make  the  provision  enforceable  according  to law  and  enforced  as
         amended.

XIX.     APPLICABLE LAW

         The validity and  interpretation of this Agreement shall be governed by
         the laws of the state of Maryland.



                                       7

<PAGE>

                          BENEFICIARY DESIGNATION FORM
                      FOR LIFE INSURANCE ENDORSEMENT METHOD
                           SPLIT DOLLAR PLAN AGREEMENT

I.       PRIMARY DESIGNATION
         -------------------
         (You may refer to the beneficiary  designation  information  prior to
         completion of this form.)

A.       Person(s) as a Primary Designation:
         -----------------------------------
         (Please indicate the percentage for each beneficiary.)

Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)

B.       Estate as a Primary Designation:
         --------------------------------

My Primary Beneficiary is The Estate of _____________________________________ as
set forth in the last will and testament dated the _____ day of _______________,
_____ and any codicils thereto.

C.       Trust as a Primary Designation:
         -------------------------------

Name of the Trust:  ____________________________________________________________

Execution Date of the Trust: _____ / _____ / _________

Name of the Trustee: __________________________________________________________

Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary):

________________________________________________________________________________

________________________________________________________________________________
's this an Irrevocable Life Insurance Trust?  ________ Yes     ________ No
(If yes and this designation is for a Split Dollar  agreement,  an Assignment of
Rights form should be completed.)

                                       8
<PAGE>

II.     SECONDARY (CONTINGENT) DESIGNATION
        ----------------------------------

A.      Person(s) as a Secondary (Contingent) Designation: (Please indicate the
        percentage for each beneficiary.)

Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)

B.       Estate as a Secondary (Contingent) Designation:
         -----------------------------------------------

My Secondary Beneficiary is The Estate of ___________________________________ as
set forth in my last will and testament dated the ____ day of ___________, _____
and any codicils thereto.

C.       Trust as a Secondary (Contingent) Designation:
         ----------------------------------------------

Name of the Trust:  ____________________________________________________________

Execution Date of the Trust: _____ / _____ / _________

Name of the Trustee: __________________________________________________________

Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary):

________________________________________________________________________________

________________________________________________________________________________

All sums payable under the Life Insurance  Endorsement  Method Split Dollar Plan
Agreement  by reason of my death shall be paid to the Primary  Beneficiary(ies),
if he or she survives me, and if no Primary  Beneficiary(ies)  shall survive me,
then  to  the  Secondary   (Contingent)   Beneficiary(ies).   This   beneficiary
designation is valid until the participant notifies the bank in writing.


_____________________________________          _________________________________
Herbert J. Moltzan                             Date


                                       9
<PAGE>

                     EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

                                    AGREEMENT


         THIS   AGREEMENT   is  made  and   entered   into   this  ____  day  of
______________, 2003, by and between BUCS Federal, a bank organized and existing
under the laws of the United States of America  (hereinafter  referred to as the
"Bank"), and Herbert J. Moltzan, an Executive of the Bank (hereinafter  referred
to as the "Executive").

         WHEREAS,  the  Executive  is now in the  employ of the Bank and has for
many years  faithfully  served  the Bank.  It is the  consensus  of the Board of
Directors (hereinafter referred to as the "Board") that the Executive's services
have  been of  exceptional  merit,  in excess  of the  compensation  paid and an
invaluable  contribution to the profits and position of the Bank in its field of
activity. The Board further believes that the Executive's experience,  knowledge
of corporate  affairs,  reputation and industry  contacts are of such value, and
the Executive's  continued services so essential to the Bank's future growth and
profits,  that it would  suffer  severe  financial  loss  should  the  Executive
terminate their services;

         ACCORDINGLY,   the  Board  has  adopted  the  BUCS  Federal   Executive
Supplemental  Retirement Plan (hereinafter  referred to as the "Executive Plan")
and it is the desire of the Bank and the Executive to enter into this  Agreement
under which the Bank will agree to make certain  payments to the Executive  upon
the Executive's  retirement or to the Executive's  beneficiary(ies) in the event
of the Executive's death pursuant to the Executive Plan;

         FURTHERMORE, it is the intent of the parties hereto that this Executive
Plan be  considered  an unfunded  arrangement  maintained  primarily  to provide
supplemental  retirement  benefits  for  the  Executive,  and  be  considered  a
non-qualified  benefit  plan for  purposes  of the  Employee  Retirement  Income
Security Act of 1974,  as amended  ("ERISA").  The Executive is fully advised of
the  Bank's  financial  status and has had  substantial  input in the design and
operation of this benefit plan; and

         NOW THEREFORE, in consideration of services the Executive has performed
in the past and those to be performed  in the future,  and based upon the mutual
promises and covenants  herein  contained,  the Bank and the Executive  agree as
follows:


I.       DEFINITIONS

         A. Effective Date:
            ---------------

            The  Effective  Date of the  Executive  Plan shall be July 21, 2003.

<PAGE>

         B. Plan Year:
            ----------

               Any  reference to the "Plan Year" shall mean a calendar year from
               January 1st to December 31st. In the year of implementation,  the
               term "Plan Year" shall mean the period from the Effective Date to
               December 31st of the year of the Effective Date.

         C. Retirement Date:
            ----------------

               Retirement  Date shall mean retirement from service with the Bank
               that becomes  effective  on the first day of the  calendar  month
               following the month in which the Executive reaches age sixty-five
               (65) or such later date as the Executive may actually retire.

         D. Termination of Service:
            -----------------------

               Termination  of  Service  shall  mean the  Executive's  voluntary
               resignation  of service by the Executive or the Bank's  discharge
               of the Executive  without cause,  prior to the Normal  Retirement
               Age (Subparagraph I [J]).

         E. Pre-Retirement Account:
            -----------------------

               A  Pre-Retirement  Account  shall be  established  as a liability
               reserve  account on the books of the Bank for the  benefit of the
               Executive. Prior to the Executive's Termination of Service or the
               Executive's  retirement,  whichever event shall first occur, such
               liability  reserve  account shall be increased or decreased  each
               Plan  Year,  until the  aforestated  event  occurs,  by the Index
               Retirement  Benefit  (Subparagraph  I  [F]).  The  Pre-Retirement
               Account  shall be  credited  interest at a rate of prime plus two
               hundred (200) basis points until said account is paid in full and
               the account balance is zero.

         F. Index Retirement Benefit:
            -------------------------

               The Index Retirement  Benefit for each Executive in the Executive
               Plan for each Plan Year  shall be equal to the excess (if any) of
               the Index  (Subparagraph  I [G]) for that Plan Year over the Cost
               of Funds Expense (Subparagraph I [H]) for that Plan Year.

         G. Index:
            ------

               The  Index  for any  Plan  Year  shall  be the  aggregate  annual
               after-tax  income from the life insurance  contract(s)  described
               hereinafter  as defined by FASB  Technical  Bulletin  85-4.  This
               Index  shall be applied  as if such

                                       2
<PAGE>

               insurance contract(s) were purchased on the Effective Date of the
               Executive Plan.

<TABLE>
<CAPTION>
                <S>                                  <C>
                  Insurance Company:                    Jefferson Pilot Life Insurance Company
                  Policy Form:                          Flexible Premium Adjustable Life Insurance
                  Policy Name:                          ESP100
                  Insured's Age and Sex:                58 / Male
                  Riders:                               None
                  Ratings:                              None
                  Option:                               Level
                  Face Amount:                          $1,049,000
                  Premiums Paid:                        $500,000
                  Number of Premium Payments:           Single Premium Payment
                  Assumed Purchase Date:                July 1, 2003

                  Insurance Company:                    Massachusetts Mutual Life Insurance Company
                  Policy Form:                          Flexible Premium Adjustable Life Insurance
                  Policy Name:                          SL11B-9900
                  Insured's Age and Sex:                58 / Male
                  Riders:                               None
                  Ratings:                              None
                  Option:                               Level
                  Face Amount:                          $1,010,000
                  Premiums Paid:                        $500,000
                  Number of Premium Payments:           Single Premium Payment
                  Assumed Purchase Date:                July 1, 2003
</TABLE>

                  If such contracts of life insurance are actually  purchased by
                  the Bank,  then the actual  policies as of the dates they were
                  actually  purchased shall be used in  calculations  under this
                  Executive  Plan. If such  contracts of life  insurance are not
                  purchased or are subsequently  surrendered or lapsed, then the
                  Bank shall receive annual policy illustrations that assume the
                  above-described   policies   were   purchased   or   had   not
                  subsequently surrendered or lapsed. Said illustration shall be
                  received  from the  respective  insurance  companies  and will
                  indicate  the  increase  in  policy  values  for  purposes  of
                  calculating the amount of the Index.

                  In either case, references to the life insurance contracts are
                  merely for purposes of calculating a benefit.  The Bank has no
                  obligation to purchase such life  insurance and, if purchased,
                  the Executive and the Executive's  beneficiary(ies) shall have
                  no ownership  interest in such policy and shall always have no
                  greater  interest in the benefits  under this  Executive  Plan
                  than that of an unsecured creditor of the Bank.


                                       3
<PAGE>

         H. Cost of Funds Expense:
            ----------------------

               The Cost of Funds  Expense for any Plan Year shall be  calculated
               by  taking  the  sum of the  amount  of  premiums  for  the  life
               insurance  policies  described in the  definition of "Index" plus
               the  amount  of any  after-tax  benefits  paid  to the  Executive
               pursuant to the Executive Plan  (Paragraph II  hereinafter)  plus
               the  amount  of all  previous  years'  after-tax  Cost  of  Funds
               Expense,  and multiplying that sum by the Average  After-Tax Cost
               of Funds (Subparagraph I [K]).

         I. Change of Control:
            ------------------

               "Change  in  Control"  shall  mean:  (i) the  sale  of all,  or a
               material  portion,  of the  assets  of the BUCS  Financial  Corp.
               ("Company") or the Bank; (ii) the merger or  recapitalization  of
               the  Company or the Bank  whereby  the Company or the Bank is not
               the surviving entity; (iii) a change in control of the Company or
               the Bank,  as otherwise  defined or  determined  by the Office of
               Thrift Supervision or regulations  promulgated by it; or (iv) the
               acquisition,  directly or indirectly, of the beneficial ownership
               (within the  meaning of that term as it is used in Section  13(d)
               of the  Securities  Exchange  Act  of  1934  and  the  rules  and
               regulations  promulgated thereunder) of twenty-five percent (25%)
               or more of the  outstanding  voting  securities of the Company by
               any person,  trust,  entity or group.  This limitation  shall not
               apply to the  purchase of shares by  underwriters  in  connection
               with a public  offering  of Company  stock,  or the  purchase  of
               shares  of up to  twenty-five  percent  (25%)  of  any  class  of
               securities  of the  Company  by a  tax-qualified  employee  stock
               benefit plan which is exempt from the approval requirements,  set
               forth under 12 C.F.R. '574.3(c)(1)(vi) as now in effect or as may
               hereafter be amended.  The term "person"  refers to an individual
               or a corporation, partnership, trust, association, joint venture,
               pool, syndicate, sole proprietorship, unincorporated organization
               or any other form of entity not specifically listed herein.

         J. Normal Retirement Age:
            ----------------------

               Normal  Retirement Age shall mean the date on which the Executive
               attains age sixty-five (65).

         K. Average After-Tax Cost of Funds:
            --------------------------------

               Average  After-Tax Cost of Funds means, the total amount the Bank
               would have  earned on the  "overnight"  investments,  per current
               overnight  portfolio,  times the  inverse of the Bank's  combined
               marginal income tax rate.

                                       4
<PAGE>

          L.   Net Interest / Net Income:
               --------------------------

               Net interest shall be defined as the amount of interest  proceeds
               remaining  after all fees associated with the plan have been paid
               and the Bank has recouped its opportunity  costs (the amount BUCS
               Federal would have earned on "overnight" investments, per current
               overnight  portfolio) and has designated the  contribution to the
               Chief Executive Officer's  retirement fund. Net interest proceeds
               are to be used to fund a Chief Executive Officer  retirement fund
               provided that the Chief  Executive  Officer  generally  meets the
               major performance  standards  established for the Chief Executive
               Officer's annual bonus. Up to Fifty Thousand and 00/100th Dollars
               ($50,000.00)  per year shall be allocated to the retirement  fund
               for the Chief Executive  Officer.  Should the net income from the
               investment  fall  below  Fifty  Thousand  and  00/100th   Dollars
               ($50,000.00),  only  the  remaining  amount  of  income  will  be
               credited to the retirement  fund. The contribution to the fund is
               to be made  each  year at the time of Chief  Executive  Officer's
               compensation  review.  Any income proceeds remaining will be used
               to fund and or  offset  the cost of other  benefits  provided  to
               employees  of the  Bank  as  designated  by the  Chief  Executive
               Officer with Compensation Committee approval.

II.      INDEX BENEFITS

         A.  Retirement Benefits:
             --------------------

               Subject to  Subparagraph  II (D)  hereinafter,  an Executive  who
               remains in the employ of the Bank until the Normal Retirement Age
               (Subparagraph  I [J]) shall be entitled to receive the balance in
               the  Pre-Retirement  Account in one hundred fifty-six (156) equal
               monthly  installments  commencing  thirty (30) days following the
               Executive's retirement. Such employment of the Bank shall include
               years of service with BUCS Federal as a federal mutual bank and a
               stock  bank;  such  service  does not include  service  with BUCS
               Federal   Credit  Union.   In  addition  to  these  payments  and
               commencing subsequent to the Pre-Retirement Account being paid in
               full and said  account  balance  is zero,  the  Index  Retirement
               Benefit (Subparagraph I [F]) for each Plan Year subsequent to the
               year in which the Executive begins receiving the Index Retirement
               Benefit  hereunder,  and including  the remaining  portion of the
               Plan Year of the year in which the Executive begins receiving the
               Index  Retirement  Benefit  hereunder,   shall  be  paid  to  the
               Executive until the Executive's death.

         B.  Termination of Service:
             -----------------------

               Subject to  Subparagraph  II (D),  should an  Executive  suffer a
               Termination of Service the Executive shall be entitled to receive
               ten percent  (10%)

                                       5
<PAGE>

               times the number of full years of  employment  with the Bank from
               the date of first  employment  with  the  Bank (to a  maximum  of
               100%), times the balance in the Pre-Retirement Account payable to
               the  Executive  in one  hundred  fifty-six  (156)  equal  monthly
               installments   commencing   thirty   (30)  days   following   the
               Executive's  Normal  Retirement  Age  (Subparagraph  I  [J]).  In
               addition  to these  payments  and  commencing  subsequent  to the
               Pre-Retirement  Account  being  paid in  full  and  said  account
               balance is zero, ten percent (10%) times the number of full years
               of  employment  with the Bank  from the date of first  employment
               with the Bank, (to a maximum of 100%), times the Index Retirement
               Benefit  for each Plan Year  subsequent  to the year in which the
               Executive   begins   receiving  the  Index   Retirement   Benefit
               hereunder,  and including the remaining  portion of the Plan Year
               in which the  Executive  begins  receiving  the Index  Retirement
               Benefit  hereunder,  shall  be paid to the  Executive  until  the
               Executive's  death.  Such  employment  of the Bank shall  include
               years of service with BUCS Federal as a federal mutual bank and a
               stock  bank;  such  service  does not include  service  with BUCS
               Federal Credit Union.

         C.  Death:
             ------

               Should  the  Executive  die  while  there  is a  balance  in  the
               Executive's  Pre-Retirement  Account  (Subparagraph  I [E]), said
               unpaid balance of the Executive's Pre-Retirement Account shall be
               paid in a lump sum to the individual or individuals the Executive
               may have  designated  in writing and filed with the Bank.  In the
               absence  of any  effective  beneficiary  designation,  the unpaid
               balance  shall be paid as set forth herein to the duly  qualified
               executor or administrator of the Executive's estate. Said payment
               due  hereunder  shall be made the first day of the  second  month
               following the decease of the Executive.

          D. Discharge for Just Cause:
             -------------------------

               Should the Executive be discharged for Just Cause at anytime, all
               benefits under this Executive Plan Shall be forfeited.  Discharge
               for  "Just  Cause"  shall  include  termination  because  of  the
               Executive's    personal   dishonesty,    incompetence,    willful
               misconduct,  breach of fiduciary duty involving  personal profit,
               intentional  failure to perform stated duties,  willful violation
               of any law, rule or regulation (other than traffic  violations or
               similar  offenses) or final  cease-and-desist  order, or material
               breach of any provision of this Agreement.

         E. Death Benefit:
            --------------

               Except as set forth  above,  there is no death  benefit  provided
               under this Agreement.

                                       6

<PAGE>

III.     RESTRICTIONS UPON FUNDING

         The Bank shall have no obligation to set aside,  earmark or entrust any
         fund or money with which to pay its  obligations  under this  Executive
         Plan.  The  Executive,  their  beneficiary(ies),  or any  successor  in
         interest  shall be and remain simply a general  creditor of the Bank in
         the same  manner  as any  other  creditor  having a  general  claim for
         matured and unpaid compensation.

         The Bank  reserves  the  absolute  right,  at its sole  discretion,  to
         either fund the  obligations  undertaken  by this  Executive Plan or to
         refrain from funding the same and to determine  the extent,  nature and
         method of such funding.  Should the Bank elect  to fund this  Executive
         Plan,  in whole or in part,  through the  purchase  of life  insurance,
         mutual funds, disability policies or annuities,  the  Bank reserves the
         absolute right, in its sole  discretion,  to terminate  such funding at
         any  time,  in whole or in part.  At no time  shall  any  Executive  be
         deemed  to have any lien nor  right,  title or  interest  in or to  any
         specific funding investment or to any assets of the Bank.

         If  the Bank  elects  to  invest  in a life  insurance,  disability  or
         annuity  policy  upon  the life of the  Executive,  then the  Executive
         shall  assist  the Bank by freely  submitting  to a  physical  exam and
         supplying   such  additional   information  necessary  to  obtain  such
         insurance or annuities.

IV.      CHANGE OF CONTROL

         Upon a  Change  of  Control  (Subparagraph  I  [I]),  if the  Executive
         subsequently  suffers a Termination  of Service  (Subparagraph  I [D]),
         then the Executive  shall receive the one hundred percent (100%) of the
         balance in the Pre-Retirement  Account upon attaining Normal Retirement
         Age, as if the  Executive  had been  continuously  employed by the Bank
         until the  Executive's  Normal  Retirement Age. The Executive will also
         remain eligible for all promised death benefits in this Executive Plan.
         In addition,  no sale,  merger, or consolidation of the Bank shall take
         place unless the new or surviving  entity  expressly  acknowledges  the
         obligations under this Executive Plan and agrees to abide by its terms.

V.       DISABILITY

         In the  event  that  there is a  finding  of any  qualified  period  of
         disability for the Executive, the Bank will deposit into the Contingent
         Disability Trust for the Executive  (hereafter "Trust") an amount equal
         to  the  accrued  liability   retirement  account  established  on  the
         Executive's  behalf pursuant to this Agreement.  No other benefits will
         be owed to the  Executive  under  this  Agreement  during the Period of
         Disability.

         An Executive is considered  under a Period of Disability only if he has
         a condition  that  satisfies the definition of disability as defined in
         the Mass Mutual  disability

                                       7
<PAGE>

          policy purchased by the Bank in conjunction with the implementation of
          this benefit agreement.  If the Bank has no such policy, the Executive
          will  be  considered  to  be  disabled  based  on  the  definition  of
          disability in the Bank's long-term group disability  policy.  If there
          is a dispute regarding whether the Executive is disabled, such dispute
          shall  be  resolved  by a  physician  selected  by the  Bank  and such
          resolution shall be binding upon all parties to this Agreement.

         If the  Executive is under a Period of  Disability  on the date that he
         reaches  Normal  Retirement  Age, this  agreement  shall  automatically
         terminate  and the  Executive  shall  not be  entitled  to any  further
         benefits under this Agreement.

         If the Period of Disability ends prior to Normal Retirement Age and the
         Executive returns to active employment with the Bank, the Bank will pay
         the  Executive a reduced  retirement  benefit  amount.  The  retirement
         benefit  amount  shall be reduced by the thirteen  year annual  annuity
         that would be payable at Normal  Retirement Age from the Trust assuming
         the  trust  assets  earned a net  rate of four  percent  (4%)  annually
         starting from the date of the existence of said Trust.

VI.      MISCELLANEOUS

         A. Alienability and Assignment Prohibition:
            ----------------------------------------

               Neither the Executive,  nor the Executive's surviving spouse, nor
               any other  beneficiary(ies)  under this Executive Plan shall have
               any power or right to transfer, assign, anticipate,  hypothecate,
               mortgage, commute, modify or otherwise encumber in advance any of
               the benefits payable  hereunder nor shall any of said benefits be
               subject to  seizure  for the  payment  of any  debts,  judgments,
               alimony or  separate  maintenance  owed by the  Executive  or the
               Executive's beneficiary(ies), nor be transferable by operation of
               law in the event of bankruptcy,  insolvency or otherwise.  In the
               event  the  Executive  or any  beneficiary  attempts  assignment,
               commutation,  hypothecation, transfer or disposal of the benefits
               hereunder,  the  Bank's  liabilities  shall  forthwith  cease and
               terminate.

         B. Binding Obligation of the Bank and any Successor in Interest:
            -------------------------------------------------------------

               The Bank shall not merge or consolidate into or with another bank
               or sell  substantially all of its assets to another bank, firm or
               person  until  such  bank,  firm or person  expressly  agree,  in
               writing,  to assume and discharge the duties and  obligations  of
               the Bank under this Executive  Plan. This Executive Plan shall be
               binding upon the parties hereto, their successors, beneficiaries,
               heirs and personal representatives.

                                       8
<PAGE>

         C. Amendment or Revocation:
            ------------------------

               Subject to Paragraph VII, it is agreed by and between the parties
               hereto that, during the lifetime of the Executive, this Executive
               Plan may be amended or revoked at any time or times,  in whole or
               in part, by the mutual  written  consent of the Executive and the
               Bank.

         D. Gender:
            -------

               Whenever in this  Executive  Plan words are used in the masculine
               or neuter  gender,  they  shall be read and  construed  as in the
               masculine,  feminine or neuter  gender,  whenever  they should so
               apply.

         E. Effect on Other Bank Benefit Plans:
            -----------------------------------

               Nothing  contained in this  Executive Plan shall affect the right
               of the Executive to participate in or be covered by any qualified
               or non-qualified pension,  profit-sharing,  group, bonus or other
               supplemental  compensation or fringe benefit plan  constituting a
               part of the Bank's existing or future compensation structure.

         F. Headings:
            ---------

               Headings and  subheadings in this Executive Plan are inserted for
               reference and convenience  only and shall not be deemed a part of
               this Executive Plan.

         G. Applicable Law:
            ---------------

               The laws of the State of Maryland  shall  govern the validity and
               interpretation of this Agreement.

          H. 12 U.S.C. ss. 1828(k):
             ----------------------

               Any payments  made to the  Executive  pursuant to this  Executive
               Plan, or  otherwise,  are subject to and  conditioned  upon their
               compliance  with  12  U.S.C.   ss.  1828(k)  or  any  regulations
               promulgated thereunder.

          I. Partial Invalidity:
             -------------------

               If any term, provision,  covenant, or condition of this Executive
               Plan is determined  by an arbitrator or a court,  as the case may
               be, to be invalid,  void, or  unenforceable,  such  determination
               shall  not  render  any  other  term,  provision,   covenant,  or
               condition invalid, void, or unenforceable, and the Executive Plan
               shall  remain  in full  force  and  effect  notwithstanding  such
               partial invalidity.

                                       9
<PAGE>

          J. Employment:
             -----------

               No provision of this  Executive  Plan shall be deemed to restrict
               or limit any  existing  employment  agreement  by and between the
               Bank and the Executive,  nor shall any  conditions  herein create
               specific  employment  rights to the Executive nor limit the right
               of the Employer to discharge the Executive with or without cause.
               In a similar  fashion,  no provision  shall limit the Executive's
               rights to  voluntarily  sever the  Executive's  employment at any
               time.

VI.      ERISA PROVISION

         A. Named Fiduciary and Plan Administrator:
            ---------------------------------------

               The "Named  Fiduciary and Plan  Administrator"  of this Executive
               Plan shall be BUCS Federal  until its  resignation  or removal by
               the Board.  As Named Fiduciary and Plan  Administrator,  the Bank
               shall   be   responsible   for  the   management,   control   and
               administration  of the Executive  Plan.  The Named  Fiduciary may
               delegate  to  others  certain   aspects  of  the  management  and
               operation  responsibilities  of the Executive  Plan including the
               employment of advisors and the delegation of  ministerial  duties
               to qualified individuals.

         B. Claims Procedure and Arbitration:
            ---------------------------------

               In the event a dispute  arises over benefits under this Executive
               Plan  and  benefits  are  not  paid to the  Executive  (or to the
               Executive's  beneficiary(ies)  in the  case  of  the  Executive's
               death) and such  claimants feel they are entitled to receive such
               benefits,  then a  written  claim  must  be  made  to  the  Named
               Fiduciary  and Plan  Administrator  named above within sixty (60)
               days from the date payments are refused.  The Named Fiduciary and
               Plan  Administrator  shall  review the  written  claim and if the
               claim is  denied,  in whole or in part,  they  shall  provide  in
               writing  within  sixty  (60) days of  receipt  of such  claim the
               specific reasons for such denial,  reference to the provisions of
               this  Executive  Plan  upon  which  the  denial  is based and any
               additional  material  or  information  necessary  to perfect  the
               claim.  Such written notice shall further indicate the additional
               steps to be taken by claimants  if a further  review of the claim
               denial is desired.  A claim  shall be deemed  denied if the Named
               Fiduciary and Plan  Administrator  fail to take any action within
               the aforesaid sixty-day period.

               If claimants  desire a second  review they shall notify the Named
               Fiduciary  and Plan  Administrator  in writing  within sixty (60)
               days  of the  first  claim  denial.  Claimants  may  review  this
               Executive Plan or any documents  relating  thereto and submit any
               written  issues and  comments it may feel

                                       10
<PAGE>

               appropriate.  In their sole  discretion,  the Named Fiduciary and
               Plan Administrator shall then review the second claim and provide
               a written  decision  within  sixty  (60) days of  receipt of such
               claim.  This decision shall  likewise state the specific  reasons
               for  the  decision  and  shall  include   reference  to  specific
               provisions  of the Plan  Agreement  upon  which the  decision  is
               based.

               If  claimants  continue to dispute the benefit  denial based upon
               completed  performance  of this Executive Plan or the meaning and
               effect of the terms and  conditions  thereof,  then claimants may
               submit the dispute to an arbitrator  for final  arbitration.  The
               arbitrator  shall be selected by mutual agreement of the Bank and
               the claimants.  The arbitrator  shall operate under any generally
               recognized  set of  arbitration  rules.  The parties hereto agree
               that they and their heirs, personal  representatives,  successors
               and assigns  shall be bound by the  decision  of such  arbitrator
               with  respect to any  controversy  properly  submitted  to it for
               determination.

               Where  a  dispute  arises  as to  the  Bank's  discharge  of  the
               Executive  "for cause," such dispute shall  likewise be submitted
               to arbitration as above described and the parties hereto agree to
               be bound by the decision thereunder.

VII.  TERMINATION OR  MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
      RULES OR REGULATIONS

     The Bank is entering into this Agreement  upon the assumption  that certain
     existing tax laws,  rules and regulations  will continue in effect in their
     current form. If any said  assumptions  should change and said change has a
     detrimental effect on this Executive Plan, then the Bank reserves the right
     to terminate or modify this Agreement accordingly. Upon a Change of Control
     (Subparagraph  I [I]),  this paragraph shall become null and void effective
     immediately upon said Change of Control.


                                       11
<PAGE>



                          BENEFICIARY DESIGNATION FORM
                         FOR THE EXECUTIVE SUPPLEMENTAL
                            RETIREMENT PLAN AGREEMENT


I.       PRIMARY DESIGNATION
         -------------------
         (You may refer to the beneficiary  designation  information  prior to
         completion of this form.)

A.       Person(s) as a Primary Designation:
         -----------------------------------
         (Please indicate the percentage for each beneficiary.)

Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)

B.       Estate as a Primary Designation:
         --------------------------------

My Primary Beneficiary is The Estate of _____________________________________ as
set forth in the last will and testament dated the _____ day of _________, _____
and any codicils thereto.

C.       Trust as a Primary Designation:
         -------------------------------

Name of the Trust:  ____________________________________________________________

Execution Date of the Trust: _____ / _____ / _________

Name of the Trustee: ___________________________________________________________

Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary):

________________________________________________________________________________

________________________________________________________________________________

Is this an Irrevocable Life Insurance Trust?  ________ Yes     ________ No
(If yes and this designation is for a Split Dollar  agreement,  an Assignment of
Rights form should be completed.)


<PAGE>

II.     SECONDARY (CONTINGENT) DESIGNATION
        ----------------------------------

A.      Person(s) as a Secondary (Contingent) Designation:
         --------------------------------------------------
        (Please  indicate the percentage for each beneficiary.)

Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)


Name___________________________________   Relationship______________  / _______%

Address:________________________________________________________________________
                (Street)                  (City)           (State)         (Zip)

B.       Estate as a Secondary (Contingent) Designation:
         -----------------------------------------------

My Secondary Beneficiary is The Estate of ___________________________________ as
set forth in my last will and testament dated the _____ day of __________, _____
and any codicils thereto.

C.       Trust as a Secondary (Contingent) Designation:
         ----------------------------------------------

Name of the Trust:  ____________________________________________________________

Execution Date of the Trust: _____ / _____ / _________

Name of the Trustee: ___________________________________________________________

Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary):
________________________________________________________________________________
________________________________________________________________________________

All sums payable under the Executive  Supplemental  Retirement Plan Agreement by
reason of my death shall be paid to the Primary  Beneficiary(ies),  if he or she
survives me, and if no Primary  Beneficiary(ies)  shall  survive me, then to the
Secondary (Contingent)  Beneficiary(ies).  This beneficiary designation is valid
until the participant notifies the bank in writing.


________________________________________            ____________________________
Herbert J. Moltzan                                  Date