Exhibit 10.9





 


ST.
TAMMANY HOMESTEAD SAVINGS AND LOAN ASSOCIATION


ENDORSEMENT
SPLIT DOLLAR LIFE INSURANCE AGREEMENT


 


THIS ENDORSEMENT SPLIT
DOLLAR LIFE INSURANCE AGREEMENT (hereinafter referred to as the “Agreement”) is made and entered into this ______
day of _________________, 20___, by and between ST. TAMMANY HOMESTEAD SAVINGS AND LOAN ASSOCIATION (hereinafter referred to as
the “Bank”), a bank with its principal place of business located in Covington, Louisiana, and ______________________
(hereinafter referred to as the “Director”).


 


The purpose of this Agreement
is to retain and reward the Director, by dividing the death proceeds of certain life insurance policies which are owned by the
Bank on the life of the Director with the designated Beneficiary of the Director. The Bank 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	“Bank’s Interest”
means the benefit set forth in Section 2.1.



 


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



 


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



 


		1.4	“Board” means the Board
of Directors of the Bank as from time to time constituted.



 


		1.5	“Effective Date” means
January 1, 2014.



 


		1.6	“Director’s Interest”
means the benefit set forth in Section 2.2.



 


		1.7	“Insured” means the
individual Director whose life is insured.



 


		1.8	“Insurer” means the
insurance company issuing the Policy on the life of the Director.



 


		1.9	“Net Death Proceeds”
means the total death proceeds of the Policy minus the greater of (i) the cash surrender value or (ii) the aggregate premiums paid
by the Bank. 



 


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



 


		1.11	“Termination
for Cause” means the bank has terminated the Director’s service because of personal dishonesty, 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 the Agreement. For purposes of this
Agreement, no act or failure to act on the Director’s part shall be considered “willful” unless done, or omitted
to be done, by the Director not in good faith and without reasonable belief that the Director’s action or omission was in
the best interest of the Bank.


 


		1.12	“Vested Insurance Benefit”
means, subject to Section 2.3 herein, the Bank will provide the Director with continued insurance coverage until death, subject
to the forfeiture provisions detailed in Article 3. 



 


Article 2


Policy Ownership and Interests


 


		2.1	Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise
all incidents of ownership, except as limited herein. The Bank shall be the beneficiary of the remaining death proceeds of the
Policy after the Director’s Interest is determined according to Section 2.2 below.



 


		2.2	Director’s Interest. The Director, or the Director’s assignee, shall have the
right to designate the Beneficiary of one of the following death benefit amounts:



 


		2.2.1	Should the Director die on or before January 1, 2016, the Director’s Beneficiary, designated
in accordance with Article 6, shall be entitled to an amount equal to one hundred percent (100%) of the Net Death Proceeds.



 


		2.2.2	Should the Director die subsequent to January 1, 2016, the Director’s Beneficiary, designated
in accordance with Article 6, shall be entitled to an amount equal to eighty percent (80%) of the Net Death Proceeds.



 


		2.2	Bank has no Obligation to Pay.
Death proceeds payable under this Agreement shall be paid solely by the Insurer from the proceeds of any Policy on the life of
the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should
an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the
Bank cancel the Policy for any reason, Director’s Beneficiary shall not be entitled to a death benefit. 



 


Article 3


Forfeiture of Benefit


 


		3.1	Forfeiture of Benefit. Notwithstanding anything to the contrary herein, the Director shall
forfeit any right to a benefit under this Agreement if:



 


		(a)	The Director’s service is terminated
for Cause; or 



		(b)	The Director is subject to a final removal
or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance
Act (“FDIA”); or



		(c)	The Director provides written notice to
the Bank declining further participation in the Agreement.



 






    	 	 



     


    

 


Article 4


Comparable
Coverage


 


		4.1	Offer to Purchase. If the Bank discontinues a Policy while the Director has a Vested Insurance
Benefit that has not been forfeited, the Bank shall give the Director fifteen (15) days to purchase such Policy. The purchase price
shall be the greater of (i) the Bank’s share of the cash value of the Policy on the date of such assignment or (ii) the amount
of the premiums which have been paid by the Bank prior to the date of such assignment. Director agrees that this Agreement shall
satisfy written notice requirement.



 


Article 5


Premiums and Imputed Income


 


		5.1	Premium Payment. The Bank shall pay all premiums due on all Policies.



 


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



 


		5.3	Imputed Income. The Bank shall impute the economic benefit to the Director on an annual
basis, by adding the economic benefit to the Director’s 1099.



 


Article 6


Beneficiaries


 


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



 


		6.2	Beneficiary Designation; Change. The Director shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form, and delivering it to the Bank or its designated agent. The Director shall have the
right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form
and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance by the Bank of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last
Beneficiary Designation Form filed by the Director and accepted by the Bank prior to the Director’s death.



 


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



 




    	 	 



     


    

 


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



 


		6.5	Facility of Payment. If the Bank 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 Bank 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 Bank 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 Director and
the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for
such payment amount.



 


Article 7


Assignment


 


The Director may irrevocably
assign without consideration all of the Director’s Interest in this Agreement to any person, entity, or trust. In the event
the Director shall transfer all of the Director’s Interest, then all of the Director’s Interest in this Agreement shall
be vested in the Director’s transferee, who shall be substituted as a party hereunder, and the Director shall have no further
interest in this Agreement. Notwithstanding any assignment made by the Director under this Article 8, for the purpose of determining
benefits payable under this Agreement, Director’s service status shall continue to control the terms of any vesting and/or
forfeiture of benefits.


 


Article 8


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 Bank’s representations with regard to any definitions, interpretations or
Policy interests as specified under this Agreement.


 


Article 9


Claims and Review Procedure


 


		9.1	Claims Procedure. The Director 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:



 


		9.1.1	Initiation – Written Claim. The Claimant initiates a claim by submitting to the Bank
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.


 


		9.1.2	Timing of Bank Response. The Bank shall respond to such Claimant within ninety (90) days
after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim,
the Bank can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end
of the initial ninety (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 Bank expects to render its decision.



 


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



 


		(a)	The specific reasons for the denial;



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



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



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



 


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



 


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



 


		9.2.2	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 Bank shall also provide the Claimant,
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.



 


		9.2.3	Considerations on Review. In considering the review, the Bank 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.



 


		9.2.4	Timing of Bank’s Response. The Bank shall respond in writing to such Claimant within
sixty (60) days after receiving the request for review. If the Bank determines that special circumstances require additional time
for processing the claim, the Bank can extend the response period by an additional sixty (60) days by notifying the Claimant in
writing, prior to the end of the initial sixty (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 Bank expects to render its decision.


 


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



 


		(a)	The specific reasons for the denial;



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



		(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 to the Claimant’s claim for benefits.



 


Article 10


Amendments and Termination


 


Notwithstanding anything
to the contrary herein, the Bank may amend or terminate this Agreement only if: (i) continuation of the Agreement would cause significant
financial harm to the Bank, (ii) the Director agrees to such action, or (iii) the Bank’s banking regulator(s) issues a written
directive to amend or terminate the Agreement.


 


Article 11


Administration









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



 


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



 


		11.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation and application of 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.



 


		11.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted
for the purposes of assisting the Plan Administrator in performing its duties under this Agreement 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 such contracted party.



 






    	 	 



     


    

 


		11.5	Information. To enable any party contracted for the purposes of assisting the Plan Administrator
in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such
contracted party on all matters relating to the Fees of the Director, the date and circumstances of the retirement, Disability,
death or termination of the Director, and such other pertinent information as such contracted party may reasonably require.



 


Article 12


Miscellaneous


 


		12.1	Binding Effect. This Agreement shall bind the Director and the Bank, their beneficiaries,
survivors, executors, administrators and transferees and any Beneficiary.



 


		12.2	No Guarantee of Service. This Agreement is not a contract of service. It does not give the
Director the right to remain a Director of the Bank, nor does it interfere with the Bank’s right to discharge the Director.
It also does not require the Director to remain a Director nor interfere with the Director’s right to terminate service at
any time.



 


		12.3	Applicable Law. The Agreement and all rights hereunder shall be governed by and construed
according to the laws of the state where the principal offices of the Bank reside, except to the extent preempted by the laws of
the United States of America.



 


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



 


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



 


	 
	 
	 
	 


 


Such notice shall be deemed given
as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration
or certification.


 


Any notice or filing required or
permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail,
to the last known address of the Director.


 


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



 






    	 	 



     


    

 


IN WITNESS WHEREOF, the
parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof effective as of the day
set forth hereinabove, and that, upon execution, each has received a conforming copy.


 


	DIRECTOR:	 	BANK:
	 	 	 
	 	 	St. Tammany Homestead Savings and Loan Association
	 	 	 	 
	 	 	By	 
		 	 	 
	 	 	Title	 


 




    	 	 



     


    

 


BENEFICIARY DESIGNATION FORM


 


		x	New Designation



		 ̈	Change in Designation



 


I, _____________________ , designate
the following as Beneficiary under the Agreement:


 


Primary:


 


	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 


 


Contingent:


 


	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 


 


Notes:


		·	Please PRINT CLEARLY or TYPE the names
of the beneficiaries.



		·	To name a trust as beneficiary, please
provide the name of the trustee(s) and the exact name and date of the trust agreement.



		·	To name your estate as beneficiary,
please write “Estate of _[your name]_”.



		·	Be aware that none of the contingent
beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.



 


I understand that I may change these beneficiary
designations by delivering a new written designation to the Plan Administrator, which shall be effective only upon receipt and
acknowledgment by the Plan Administrator prior to my death.


 


	Name:	 	 	 	 
	 	 	 	 	 
	Signature:	 	 	Date:	 


 


SPOUSAL CONSENT (Required if Spouse is not named Beneficiary):


 


I consent to the beneficiary designation above, and acknowledge
that if I am named Beneficiary and our marriage is subsequently dissolved, the designation will automatically be revoked.


 


	Spouse Name:	 	 	 	 
	 	 	 	 	 
	Signature:	 	 	Date: 	 


 


Received by the Plan Administrator this _____
day of __________________, 2___


 


	By:	 	 
	 	 	 
	Title: