Exhibit 10.6


 


LIFE INSURANCE


ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT


 


	Insurer:	Alexander Hamilton Life Insurance Company
	 	Security Life of Denver
	 	 
	Policy Number: 	AH5061751
	 	001078872
	 	 
	Bank:	St. Tammany Homestead Savings &
	 	Loan Association
	 	 
	Insured: 	William David Crumhorn
	 	 
	Relationship of Insured to Bank: 	Executive


 


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 all terms in this Agreement.


 


		II.	POLICY TITLE AND OWNERSHIP



 


Title and ownership shall reside
in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the extent
of its interest, exercise the right to borrow or withdraw on the policy cash values. Where 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 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 Bank
may have in such proceeds, as provided in this Agreement.


 


		IV.	PREMIUM PAYMENT METHOD



 


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 and die on or before the 12th day of July, 2001, the
Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred
percent (100%) 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 be employed by the Bank and die subsequent to the 12th day of July, 2001, the
Insured’s beneficiary(ies), designated in accordance with Paragraph Ill, 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.



 


		C.	Should the Insured not be employed by the Bank at the time of his or her death and die on or before
the 12th day of July, 2001, 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 Effective Date of this Agreement. Should the Insured not be employed
by the Bank at the time of his or her death and die subsequent to the 12th day of July, 2001, the Insured’s beneficiary(ies)
shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove:



 


	Total Years	 	 	 
	of Employment	 	 	 
	with the Bank	 	Vested (to
    a maximum of 100%)	 
	 	 	 	 	 
	0-4	 	 	0	%
	5 or more	 	 	100	%



 


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



 


		E.	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 THCASH SURRENDER VALUE OF THE POLICY



 


The Bank 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




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previously incurred by 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 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:


 


		1.	The Insured shall leave the employment of the Bank (voluntarily or involuntarily) prior to five
(5) full years of employment with the Bank from the Effective Date of this agreement, or



 


		2.	The Insured shall be discharged from employment with the Bank for cause. The term for “cause”
shall mean any of the following that result in an adverse effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission
of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the willful violation of any law, rule,
or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v)
a breach of fiduciary duty involving personal profit.



 


		3.	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 an absolute assignment of the policy in consideration
of a cash payment to the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be the
greater of:


 


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



 


		2.	The amount of the premiums which have been paid by 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.


 




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		X.	INSURED’S QR 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, their heirs, successors, personal representatives and assigns.


 


		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 St. Tammany Homestead Savings & Loan Association
until resignation or removal by the Board of Directors. As Named Fiduciary and Plan Administrator, 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.



 


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 The Benefit Marketing Group, Inc. (770-952-1529). 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.


 




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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 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.


 


		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
for any and all liability.


 


		XV.	MUTUAL TO STOCK CONVERSION OR CHANGE OF CONTROL



 


Mutual to Stock
Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and
is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement.
For the purposes of this Agreement, transfers on account of deaths or gifts, transfers between family members or transfers to a
qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.
Upon a Mutual to Stock Conversion or 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) & (B)].


 


		XVI.	AMENDMENT OR REVOCATION



 


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 12, 1999.


 


		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 over broad 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.


 




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		XIX.	APPLICABLE LAW



 


The validity and interpretation of
this Agreement shall be governed by the laws of the State of Louisiana.


 


Executed at Covington, Louisiana this 19th day of November, 1999.


 


	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana


 


	 /s/
    Christina Easen-Finnen	 	By: 	 /s/
    William G. Silversten, Treasurer
	Witness	 	 	Title:
	 	 	 	 
	/s/ Dana Whitaker	 	/s/ W. David Crumhorn
	Witness	 	William David Crumhorn


 




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FIRST AMENDMENT TO THE


LIFE INSURANCE ENDORSEMENT METHOD


SPLIT DOLLAR PLAN AGREEMENT EFFECTIVE JULY
12, 1999


 


THIS AMENDMENT,
made and entered into this 2nd day of February, 2007, by and between St. Tammany Homestead Savings & Loan Association,
a savings and loan association organized and existing under the laws of the State of Louisiana, hereinafter referred to as the
“Bank”, and William D. Crumhorn, a Key Employee and Executive of the Bank, hereinafter referred to as the “Executive”,
shall effectively amend the Life Insurance Endorsement Method Split Dollar Plan Agreement effective July 12, 1999 as follows:


 


		1)	Life Insurance Endorsement Method Split Dollar Plan Agreement, The Security Life of Denver “Insurer”
and “Policy Number” shall be deleted from page one (1) and replaced with the following:



 


		Insurer:	Security
Life of Denver


 


		Policy
                              Number:	1574066


 


This Amendment shall be effective the 12th day
of July, 2005.


 


To the extent that any paragraph, term, or
provision of the Life Insurance Endorsement Method Split Dollar Plan Agreement is not specifically amended herein, or in any other
amendment thereto, said paragraph, term, or provision shall remain in full force and effect as set forth in said Agreement.


 


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


 


	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana


 


	 /s/
    Alvin L. Ross, III	 	By: 	/s/ Dana Whitaker, AVP
	Witness	 	 	Title:
	 	 	 	 
	/s/ Erin Hughes	 	/s/ W. David Crumhorn
	Witness	 	William David Crumhorn