Exhibit 10.1



 Exhibit 10.1 
 STATE-INVESTORS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

 FOR 
 ANTHONY S. SCIORTINO 
 This Supplemental Executive
Retirement Agreement (the “Agreement”) is entered into by and between State-Investors Bank (the “Bank”) and Anthony S. Sciortino (the “Executive”), effective as of the 9th day of June 2009 (the “Effective
Date”). 
 PREAMBLE 
 The purpose of this Agreement is to provide the Executive with supplemental retirement benefits in order to provide him with a reasonable level of retirement income which will assist him in maintaining an
appropriate standard of living in retirement. An integral part of the Agreement is to encourage and induce the Executive to remain as a full-time executive officer of the Bank until he attains the retirement age of seventy-two (72) and to
recognize his prior service to the Bank. The parties intend that this Agreement shall at all times be characterized as a “top hat” plan of deferred compensation maintained for the Executive who is a highly compensated employee, as
described under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Agreement shall at all times satisfy Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). The provisions of the Agreement shall be construed to effectuate such intentions. The Agreement shall be unfunded for tax purposes and for purposes of Title I of ERISA. 

WITNESSETH: 
 WHEREAS, the Executive is currently Chairman, President and Chief Executive Officer of the Bank; 
 WHEREAS, the Executive has provided valuable service as an executive officer of the Bank for many years, and the Bank wishes to recognize such service and to encourage his continued service through
his retirement at age seventy-two (72); 
 WHEREAS, to induce the Executive to continue in the employ of
the Bank until age seventy-two (72), the Bank proposes to supplement the Executive’s retirement income by entering into this Agreement; and 
 WHEREAS, the Bank and the Executive desire for the Agreement to comply with Section 409A of the Code and the final regulations thereunder. 

NOW, THEREFORE, in consideration of the premises and the mutual promises of the parties hereto, the parties agree
as follows: 
 1. Service Period. This Agreement requires the Executive to serve as a full-time officer
of the Bank for a period of ten (10) years in order to receive the full Supplemental Retirement Benefit (as defined in Section 2 of this Agreement) provided by this Agreement, except as otherwise provided herein. In recognition of his
significant years of service to the Bank, the Executive was deemed to be fifty percent (50%) vested in the Supplemental Retirement Benefit as of the Effective Date of this Agreement. The Executive is thereafter required to provide an additional
ten (10) years of service in order to become 100% vested, and shall vest ratably (i.e., 5% per year for 10 years) in the full Supplemental Retirement Benefit for each additional year of service credit earned following the Effective Date of
this Agreement. For these purposes, the Executive shall receive credit for an additional year of service as of the last day of June of each calendar year while he is in the active service of the Bank, commencing June 30, 2010. 

2. Retirement Benefit. 
 (a) Upon any retirement by the Executive from the employ of the Bank on or after June 30, 2019 which constitutes a Separation from Service (as defined herein), the Executive shall be entitled to
receive from the 







 
Bank an annual supplemental retirement benefit equal to $100,000 (the “Supplemental Retirement Benefit”), payable in equal annual installments for ten (10) consecutive years. The
annual installment payments shall begin on the first day of the calendar quarter next following the Executive’s Separation from Service and shall continue thereafter on each annual anniversary of the first installment payment date hereunder
until a total of ten (10) such payments have been made, subject to Section 2(b) below. For purposes hereof, a Separation from Service shall mean a termination of the Executive’s services (whether as an employee or as an independent
contractor) to the Bank for any reason other than death. Whether a Separation from Service has occurred shall be determined in accordance with the requirements of Section 409A of the Code based on whether the facts and circumstances indicate
that the Bank and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent
contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month
period. 
 (b) Notwithstanding any provision of this Plan to the contrary, if the Executive is considered a
Specified Employee (as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder) at the time of the Executive’s Separation from Service, benefit distributions that are made as a result of the Separation from Service
may not be made or commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 2(b) is applicable to the Executive, any distribution which would otherwise be paid to the
Executive within the first six months following the Separation from Service shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Separation from Service. Any subsequent annual installments
shall be paid on the annual anniversary date of the date the first payment was actually paid. 
 3.
Death. In the event that the Executive has a Separation from Service under this Agreement and subsequently dies prior to the receipt of ten (10) years of Supplemental Retirement Benefits, the remainder of the Supplemental Retirement
Benefits shall be payable each year to the beneficiary(ies) designated by the Executive until all ten annual installments have been paid, except as set forth in Section 7 below. In the event the Executive dies prior to a Separation from Service
whether before or after age seventy-two (72), the beneficiary(ies) designated by the Executive shall receive the full Supplemental Retirement Benefit in a single lump sum payment within thirty (30) days following the Executive’s date of
death. 
 4. Early Separation from Service. 

(a) Except as set forth in Section 4(b) below, in the event that the Executive has a Separation from Service prior to
June 30, 2019, whether with or without Cause (as defined herein), the Executive shall be entitled to receive the Accrued Amount (as defined in Section 5 of this Agreement) payable in a lump sum on the first day of the calendar quarter next
following the Executive’s Separation from Service, subject to delay pursuant to Section 2(b) above. For purposes of this Agreement, termination of the Executive’s employment for Cause shall mean termination because of 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. For purposes of this paragraph, no act or failure to act on the Executive’s part shall be considered “willful” unless done, or omitted to be done, by
the Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best interest of the Bank. 
 (b) In the event that the Executive has a Separation from Service other than for Cause concurrently with or within two years following a Change in Control (as defined herein), the Executive shall receive
the full Supplemental Retirement Benefit set forth in Section 2 hereof beginning on the first day of the calendar quarter next following the Separation from Service and continuing thereafter until a total of ten (10) such payments have
been made, subject to delay pursuant to Section 2(b) above. For purposes of this Agreement, a “Change in Control” shall mean a change in the ownership of the Bank, a change in the effective control of the Bank or a change in the
ownership of a substantial portion of the assets of the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder; provided, however, that any future conversion of the Bank from the mutual to the stock form of
organization shall not be deemed to be a Change in Control. 

  
 2 








 5. Vested Benefit. The Executive shall be one hundred percent
(100%) vested in all amounts that are accrued for his benefit under the Plan as of the respective date of each accrual (the “Accrued Amount”). Pursuant to Section 1 of this Agreement, the Executive was deemed to be fifty percent
(50%) vested in the Supplemental Retirement Benefit as of the Effective Date of this Agreement. Notwithstanding anything in the Agreement to the contrary, in the event of the Executive’s death prior to a Separation from Service, the
Executive shall be deemed 100% vested in the Supplemental Retirement Benefit set forth in Section 2 hereof effective as of the date of the Executive’s death. In addition, notwithstanding anything in the Agreement to the contrary, if the
Executive has a Separation from Service either concurrently with or within two years following a Change in Control, the Executive shall be deemed 100% vested in the Supplemental Retirement Benefit set forth in Section 2 effective as of the date
of such Separation from Service. 
 6. Withholding. To the extent required by the law in effect at the
time payment of the Supplemental Retirement Benefit or Accrued Amount is made, the Bank shall withhold from such payment any taxes or other amounts required by law to be withheld. 

7. Designation of Beneficiary. The Executive may from time to time, by providing a written notification to the
Compensation Committee (or, if none, the Executive Committee) of the Bank (the “Committee”) substantially in the form attached hereto as Schedule A, designate any person or persons (who may be designated concurrently, contingently or
successively), his estate or any trust or trusts created by him to receive benefits which are payable under this Plan. Each beneficiary designation shall revoke all prior designations and will be effective only when filed in writing with the
Committee. If the Executive fails to designate a beneficiary or if a beneficiary dies before the date of the Executive’s death and no contingent beneficiary has been designated, then the benefits which are payable as aforesaid shall be paid to
his surviving spouse, or if none, to his estate. 
 8. Claims Procedure. The Executive or his designated
beneficiary or beneficiaries may make a claim for benefits under this Agreement by filing a written request with the Committee. If a claim is wholly or partially denied, the Committee shall furnish the claimant with written notice setting forth in a
manner calculated to be understood by the claimant: 
 (a) the specific reason or reasons for the denial;

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

 (c) a description of any additional material or information necessary for the claimant to perfect his claim
and an explanation why such material or information is necessary; and 
 (d) appropriate information as to the
steps to be taken if the claimant wishes to submit his claim for review. 
 Such notice shall be furnished to
the claimant within ninety (90) days after the receipt of his claim, unless special circumstances require an extension of time for processing his claim. If an extension of time for processing is required, the Committee shall, prior to the
termination of the initial ninety (90) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension and the date by which the Committee expects to render its decision. In no event shall an
extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period. 
 A
claimant may request the Committee to review a denied claim. Such request shall be in writing and must be delivered to the Committee within sixty (60) days after receipt by the claimant of written notification of denial of claim. A claimant or
his duly authorized representative may: 
  

	 	(a)	 review pertinent documents, and 


  

	 	(b)	 submit issues and comments in writing. 



  
 3 








 The Committee shall notify the claimant of its decision on review not later
than sixty (60) days after receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty
(120) days after receipt of a request for review. If an extension of time for review is required because of special circumstances, written notice of the extension must be furnished to the claimant prior to the commencement of the extension. The
Committee’s decision on the review shall be in writing and shall include specific reasons for the decision, as well as specific references to the pertinent provisions of this Agreement on which the decision is based. 

9. Unsecured Promise. Nothing contained in this Agreement shall create or require the Bank to create a trust of
any kind to fund the benefits payable hereunder. To the extent that the Executive or any other person acquires a right to receive payments from the Bank, such individual shall at all times remain an unsecured general creditor of the Bank.

 10. Assignment. The right of the Executive or any other person to the payment of benefits under this
Agreement shall not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, and any attempt to cause such benefits to be so subjected shall not be recognized by the Bank. 

11. Employment. Nothing contained herein shall be construed to grant the Executive the right to be retained in the
employ of the Bank or any other rights or interests other than those specifically set forth. 
 12.
Amendment, Suspension or Termination. This Agreement shall be binding upon and inure to the benefit of the Bank and the Executive. Prior to the commencement of payment of benefits to the Executive or his beneficiary, the Bank, upon sixty
(60) days prior written notice to the Executive, shall have the right to suspend, terminate or amend this Agreement; provided, however, no such suspension, termination or amendment shall adversely affect the rights of the Executive or any
beneficiary to the funds and benefits which have accrued as of the date of such action. 
 13. Entire
Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

 14. Successors. This Agreement shall be binding upon and inure to the benefit of the Bank, its
successors and assigns and the Executive and his heirs, executors, administrators, and legal representatives. 

15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Louisiana. 
 [signature page follows] 

  
 4 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

									
	Attest:	  		    	STATE-INVESTORS BANK
					
	By:	 	 /S/ Shirley A. Birrcher
	  		    	By:	 	 /S/ Jules G. Albert, Jr.

		 	Shirley A. Birrcher	  		    		 	Chairman of the Compensation Committee
		 	Corporate Secretary	  		    		 	On behalf of the Board of Directors
				
		 		  		    	EXECUTIVE
					
		 		  		    	By:	 	 /S/ Anthony S. Sciortino

		 		  		    		 	Anthony S. Sciortino


  
 5