----

----

|   | a. | The      term of this Agreement shall be (i) the initial term, consisting of the      period commencing on the date of this Agreement (the “Effective Date”) and      ending on the third anniversary of the Effective Date, plus (ii) any and      all extensions of the initial term made pursuant to this Section 3,      provided, however, that all changes intended to comply with Code Section      409A shall be effective retroactively to October 14, 2005; and provided      further, that no retroactive changes shall affect the compensation or      benefits previously provided to theExecutive. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Commencing      December 2006 and each December thereafter, the disinterested members of      the boards of directors of the Bank may extend the Agreement an additional      year such that the remaining term of the Agreement shall be thirty-six      (36) months, unless Executive elects not to extend the term of this      Agreement by giving written notice in accordance with Section 19 of this      Agreement.  The Board of Directors of the Bank (the “Board”)      will review the Agreement and Executive’s performance annually for      purposes of determining whether to extend the Agreement and the rationale      and results thereof shall be included in the minutes of the Board’s      meeting.  The Board of Directors of the Bank shall give notice      to Executive as soon as possible after such review as to whether the      Agreement is to be extended. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | The      Bank agrees to pay Executive during the term of this Agreement a base      salary at the rate of $_______________ per year, payable in accordance      with customary payroll practices. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | The      Board shall review the rate of Executive’s base salary at least annually      based upon factors they deem relevant, and may maintain or increase his      base salary, provided that no such action shall reduce the rate of base      salary below the rate in effect on the Effective  Date. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | In      the absence of action by the Board, Executive shall continue to receive      base salary at the annual rate specified on the Effective Date or, if      another rate has been established under the provisions of this Section 4,      the rate last properly established by action of the Board under the      provisions of this Section 4. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Executive      shall be entitled to vacations and other leave in accordance with policy      for senior executives, or otherwise as approved by the    Board. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In      addition to paid vacations and other leave, Executive shall be entitled,      without loss of pay, to absent himself voluntarily from the performance of      his employment for such additional periods of time and for such valid and      legitimate reasons as the Board may, in its discretion,      determine.  Further, the Board may grant to Executive a leave or      leaves of absence, with or without pay,at |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | During      the term of this Agreement, Executive: (i) shall devote all his time,      attention, skill, and efforts to the faithful performance of his duties      hereunder; provided, however, that from time to time, Executive may serve      on the boards of directors of, and hold any other offices or positions in,      companies or organizations which will not present any conflict of interest      with the Bank or any of its subsidiaries or affiliates, unfavorably affect      the performance of Executive’s duties pursuant to this Agreement, or      violate any applicable statute or regulation and (ii) shall not engage in      any business or activity contrary to the business affairs or interests of      the Bank or any of its subsidiaries or  affiliates. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Nothing      contained in this Agreement shall prevent or limit Executive’s right to      invest in the capital stock or other securities or interests of any      business dissimilar from that of the Bank, or, solely as a passive,      minority investor, in any business. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Executive      agrees to maintain the confidentiality of any and all information      concerning the operation or financial status of the Bank; the names or      addresses of any of its borrowers, depositors and other customers; any      information concerning or obtained from such customers; and any other      information concerning the Bank or its subsidiaries or affiliates to which      he may be exposed during the course of his      employment.  Executive further agrees that, unless required by      law or specifically permitted by the Board in writing, he will not      disclose to any person or entity, either during or subsequent to his      employment, any of the above-mentioned information which is not generally      known to the public, nor shall he employ such information in any way other      than for the benefit of the Bank. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Death.  Executive’s      employment under this Agreement shall terminate upon his death during the      term of this Agreement, in which event Executive’s estate shall be      entitled to receive the compensation due to Executive through the last day      of the calendar month in which his death  occurred. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | b. | Retirement.  This      Agreement shall be terminated upon Executive’s retirement under the      retirement benefit plan or plans in which he participates pursuant to      Section 6 of this Agreement orotherwise. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Disability. |
|--------|----|-------------|

|   | i. | The      Board or Executive may terminate Executive’s employment after having      determined Executive has a Disability.  For these purposes, the      Executive shall be deemed to have a “Disability” in any case in which it      is determined the Executive (A) is unable to engage in any substantial      gainful activity by reason of any medically determinable physical or      mental impairment which can be expected to result in death, or last for a      continuous period of not less than twelve (12) months; (B) by reason of      any medically determinable physical or mental impairment which can be      expected to result in death, or last for a continuous period of not less      than twelve (12) months, is receiving income replacement benefits for a      period of not less than three months under an accident and health plan      covering employees of the Bank; or (C) is totally disabled by the Social      Security Administration.  As a condition to any benefits, the      Board may require Executive to submit to such physical or mental      evaluations and tests as it deems reasonably  appropriate. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | In      the event of such Disability, Executive’s obligation to perform services      under this Agreement will terminate.  The Bank will pay      Executive, as Disability pay, an amount equal to seventy-five percent      (75%) of Executive’s bi-weekly rate of base salary in effect as of the      date of his termination of employment due to Disability. Disability      payments will be made on a monthly basis and will commence on the first      day of the month following the effective date of Executive’s termination      of employment for Disability and end on the earlier of: (A) the date he      returns to full-time employment at the Bank in the same capacity as he was      employed prior to his termination for Disability; (B) his death; (C) upon      his attainment of age 65 or (D) the date this Agreement would have expired      had Executive’s employment not terminated by reason of disability. Such      payments shall be reduced by the amount of any short- or long-term      disability benefits payable to Executive under any other disability      programs sponsored by the Bank.  In addition, during any period      of Executive’s Disability, Executive and his dependents shall, to the      greatest extent possible, continue to be covered under all non-taxable      benefit plans (including life insurance and medical and dental insurance      plans) of the Bank, in which Executive participated prior to his      Disability on the same terms as if Executive were actively employed by the      Bank. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Termination for      Cause. |
|--------|----|-----------------------------|

|   | i. | The      Board may, by written notice to Executive in the form and manner specified      in this paragraph, immediately terminate his employment at any time, for      “Cause.”  Executive shall have no right to receive compensation      or other benefits for any period after termination for Cause except for      vested benefits.  Termination for Cause shall mean termination      because of, in the good faith determination of the Board,      Executive’s: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Personal      dishonesty; |
|--------|-----|---------------------------|

|   | (2) | Incompetence; |
|--------|-----|---------------|

|   | (3) | Willful      misconduct; |
|--------|-----|--------------------------|

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|   | (4) | Breach      of fiduciary duty involving personalprofit; |
|--------|-----|---------------------------------------------------------|

|   | (5) | Intentional      failure to perform stated duties under this  Agreement; |
|--------|-----|--------------------------------------------------------------------------|

|   | (6) | Willful      violation of any law, rule or regulation (other than traffic violations or      similar offenses) that reflects adversely on the reputation of the Bank,      any felony conviction, any violation of law involving moral turpitude, or      any violation of a final cease-and-desist order;  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Material      breach by Executive of any provision of this  Agreement. |
|--------|-----|------------------------------------------------------------------------|

|   | ii. | Notwithstanding      the foregoing, Executive shall not be deemed to have been terminated for      Cause by the Bank unless there shall have been delivered to Executive a      copy of a resolution duly adopted by the affirmative vote of a majority of      the entire membership of the Board at a meeting of such Board called and      held for the purpose of finding that, in the good faith opinion of the      Board, Executive was guilty of the conduct described above and specifying      the particulars thereof. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | Voluntary Termination      by Executive.  In addition to his other rights to      terminate under this Agreement, Executive may voluntarily terminate      employment during the term of this Agreement upon at least sixty (60) days      prior written notice to the Board. Following a voluntary termination of      employment under this Section 11(e), Executive will be subject to the      restrictions set forth in Sections 11(g)(i) and 11(g)(ii) of this      Agreement for a period of one (1) year from his termination      date. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Without Cause or With      Good Reason. |
|--------|----|-----------------------------------------|

|   | i. | In      addition to termination pursuant to Sections 11(a) through 11(e), the      Board may, by written notice to Executive, immediately terminate his      employment at any time for a reason other than Cause (a termination      “Without  Cause”) and Executive may, by written notice to the      Board, immediately terminate this Agreement at any time for “Good Reason”      (as defined below). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Subject      to Section 12 of this Agreement, in the event of termination under this      Section 11(f), Executive shall be entitled to receive an amount equal to      his base salary for the remaining term of the Agreement payable in a      single  cash lump sum distribution within ten (10) calendar days      following such termination.  Also, in such event, Executive      shall, for the remaining term of the Agreement, continue to participate in      any benefit plans of the Bank including life insurance and non-taxable      medical and dental insurance coverage, upon terms and conditions no less      favorable than the most favorable terms and conditions provided to senior      executives of the Bank during such period.  In the event that      the Bank is unable to provide such coverage by reason of Executive no      longer being an employee, the Bank shall pay the Executive the value of      such benefits in a single cash lump sum distribution within ten (10)      calendar days following histermination. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | “Good      Reason” shall exist if, without Executive’s express written consent, the      Bank materially breaches any of its obligations under this      Agreement.  Without limitation, such a material breach shall be      deemed to occur upon the occurrence of any of the    following: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (1) | A      material reduction in Executive’s responsibilities or authority in      connection with his employment with theBank; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Assignment      to Executive of duties of a non-executive nature or duties for which he is      not reasonably equipped by his skills and  experience; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Failure      of Executive to be nominated or renominated to the Board to the extent      Executive is a Board member prior to the Effective  Date; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | A      material reduction in Executive’s salary or benefits contrary to the terms      of this Agreement, or following a Change in Control as defined in Section      12 of this Agreement, any reduction in salary or material reduction in      benefits below the amounts to which Executive was entitled prior to the      Change in Control; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Termination      of incentive and benefit plans (other than the Bank’s tax-qualified      plans), programs or arrangements, or reduction of Executive’s      participation to such an extent as to materially reduce their aggregate      value below their aggregate value as of the Effective  Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | A      requirement that Executive relocate his principal business office or his      principal place of residence outside of the area consisting of a      twenty-five (25) mile radius from the current main office and any branch      of the Bank, or the assignment to Executive of duties that would      reasonably require such a relocation;or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Liquidation      or dissolution of the Bank, other than liquidations or dissolutions that      are caused by reorganizations that do not negatively affect the status      of  the Executive, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv. | Notwithstanding      the foregoing, a reduction or elimination of Executive’s benefits under      one or more benefit plans maintained by the Bank as part of a good faith,      overall reduction or elimination of such plans or plans or benefits      thereunder applicable to all participants in a manner that does not      discriminate against Executive (except as such discrimination may be      necessary to comply with law) shall not constitute an event of Good Reason      or a material breach of this Agreement, provided that benefits of the type      or to the general extent as those offered under such plans prior to such      reduction or elimination are not available to other officers of the Bank      or any company that controls either of them under a plan or plans in or      under which Executive is not entitled to  participate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | v. | For      purposes of this Agreement, any termination of Executive’s employment      shall be construed to require a “Separation from Service” in accordance      with Code Section 409A and the regulations promulgated thereunder, such      that the Bank and Executive reasonably anticipate that the level of bona      fide services Executive would perform after termination would permanently      decrease to a level that is less than 50% 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. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | Executive’s      obligations under Section 10(c) of this Agreement will continue in effect;      and |
|--------|----|------------------------------------------------------------------------------------------------------------|

|   | ii. | During      the period ending on the first anniversary of such termination, Executive      shall not serve as an officer, director or employee of any bank or its      subsidiaries or affiliates holding company, bank, savings association,      savings and loan holding company, or mortgage company (any of which, a      “Financial Institution”) which Financial Institution offers products or      services competing with those offered by the Bank from any office within      fifty (50) miles from the main office or any branch of the Bank and shall      not interfere with the relationship of the Bank, its subsidiaries or      affiliates and any of their employees, agents, or      representatives. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | For      purposes of this Agreement, a “Change in Control” means any of the      following events: |
|--------|----|----------------------------------------------------------------------------------------------------------------|

|   | i. | Merger: The      Bank or the Company merges into or consolidates with another entity, or      merges another entity into the Bank or the Company, and as a result less      than a majority of the combined voting power of the resulting entity      immediately after the merger or consolidation is held by persons who were      members of the Bank or the Company immediately before the merger or      consolidation; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Acquisition of      Significant Share Ownership:  The Company files, or is      required to file, a report on Schedule 13D or another form or schedule      (other than Schedule 13G) required under Sections 13(d) or 14(d) of the      Securities Exchange Act of 1934, if the schedule discloses      that  the filing person or persons acting in concert has or have      become the beneficial owner of 25% or more of a class of the Company’s      voting securities, but this clause (ii) shall not apply to beneficial      ownership of Company voting shares held in a fiduciary capacity by an      entity of which the Company directly or indirectly beneficially owns 50%      or more of its outstanding votingsecurities. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | Change in Board      Composition:  During any period of two consecutive years,      individuals who constitute the Bank’s or the Company’s Board of Directors      at the beginning of the two-year period cease for any reason to constitute      at least a majority of the Bank’s or the Company’s Board of Directors;      provided, however, that for purposes of this clause  (iii), |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | iv. | Sale of      Assets:  The Bank or the Company sells to a third party      all or substantially all of itsassets. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | b. | Termination.  If      within the period ending two (2) years after a Change in Control, (i) the      Bank shall terminate Executive’s employment Without Cause, or (ii)      Executive voluntarily terminates his employment With Good Reason, the Bank      shall, within ten (10) calendar days following the termination of      Executive’s employment, make a single lump sum cash payment to him equal      to 2.99 times Executive’s average Annual Compensation (as defined in this      Section 12(b)) over the five (5) most recently completed calendar years      ending with the year immediately preceding the effective date of the      Change in Control.  In determining Executive’s average Annual      Compensation, Annual Compensation shall include base salary and any other      taxable income, including, but not limited to, amounts related to the      granting, vesting or exercise of restricted stock or stock option awards,      commissions, bonuses (whether paid or accrued for the applicable period),      as well as, retirement benefits, director or committee fees and fringe      benefits paid or to be paid to Executive or paid for Executive’s benefit      during any such year, profit sharing, employee stock ownership plan and      other retirement contributions or benefits, including to any tax-qualified      plan or arrangement (whether or not taxable) made or accrued on behalf of      Executive of such year. The cash payment      made under this Section 12(b) shall be made in lieu of any payment also      required under Section 11(f) of this Agreement because of a termination in      such period.  Executive’s rights under Section 11(f ) are not      otherwise affected by this Section 12.  Also, in such event,      Executive shall, following his termination of employment, continue to      participate in any benefit plans of the Bank that provide life insurance      and non-taxable medical and dental insurance coverage upon terms no less      favorable than the most favorable terms provided to senior executives      during such period.  In the event that the Bank is unable to      provide such coverage by reason of Executive no longer being an employee,      the Bank shall pay the Executive the value of such benefits in a single      cash lump sum distribution within ten (10) calendar days following his      termination.  The life and non-taxable medical and dental      insurance coverage or other arrangement provided under this Section 12(b)      shall cease upon the earlier of:  (i) the Executive’s death;      (ii) his employment by another employer other than one of which he is the      majority owner; or (iii) the expiration of thirty-six (36) months from his      termination of employment. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | The      provisions of Section 12 and Sections 14 through 25, including the defined      terms used in such sections, shall continue in effect until the later of      the expiration of this Agreement or two years following a Change in      Control. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Notwithstanding      anything in this Section 12, a “Change in Control” for purposes of this      Agreement shall not include any corporate restructuring transaction by the      Bank in mutual or stock form, including but not limited to a mutual to      stock conversion or mutual holding company reorganization or minority      stock offering, provided that the Board of Directors of the Bank      immediately preceding such transaction constitutes at least a majority of      the Board of Directors of the Bank after such  transaction. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.                Indemnification and      Liability Insurance. |
|--------|--------------------------------------------------------------------------------------------------------------------|

|   | a. | Indemnification.  The      Bank agrees to indemnify Executive (and his heirs, executors, and      administrators), and to advance expenses related thereto, to the fullest      extent permitted under applicable law and regulations against any and all      expenses and liabilities reasonably incurred by him in connection with or      arising out of any action, suit, or proceeding in which he may be involved      by reason of his having been a director or Executive of the Bank or any of      its subsidiaries |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | b. | Insurance.  During      the period in which indemnification of Executive is required under this      Section, the Bank shall provide Executive (and his heirs, executors, and      administrators) with coverage under a directors’ and officers’ liability      policy at the expense of the Bank, at least equivalent to such coverage      provided to directors and senior executives of the  Bank. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | This      Agreement shall inure to the benefit of and be binding upon any corporate      or other successor of the Bank which shall acquire, directly or      indirectly, by merger, consolidation, purchase or otherwise, all or      substantially all of the assets or stock of the  Bank. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Since      the Bank is contracting for the unique and personal skills of Executive,      Executive shall be precluded from assigning or delegating his rights or      duties hereunder without first obtaining the written consent of the      Bank. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | The      Bank may terminate Executive’s employment at any time, but any termination      by the Bank, other than Termination for Cause, shall not prejudice      Executive’s right to compensation or other benefits under this      Agreement.  Executive shall not have the right to receive      compensation or other benefits for any period after Termination for Cause      as defined in Section 11(d)hereinabove. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | If      Executive is suspended from office and/or temporarily prohibited from      participating in the conduct of the Bank’s affairs by a notice served      under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12      U.S.C. Section 1818(e)(3) or (g)(1); the Bank’s obligations under this      Agreement shall be suspended as of the date of service, unless stayed by      appropriate proceedings.  If the charges in the notice are      dismissed, the Bank may, in its discretion:  (i) pay Executive      all or part of the compensation withheld while their contract obligations      were suspended; and (ii) reinstate (in whole or in part) any of the      obligations which were suspended. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | If      Executive is removed and/or permanently prohibited from participating in      the conduct of the Bank’s affairs by an order issued under Section 8(e)(4)      or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section      1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement      shall terminate as of the effective date of the order, but vested rights      of the contracting parties shall not be  affected. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | If      the Bank is in default as defined in Section 3(x)(1) of the Federal      Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1) all obligations of the      Bank under this Agreement shall terminate as of the date of default, but      this paragraph shall not affect any vested rights of the contracting      parties. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | All      obligations of the Bank under this Agreement shall be terminated, except      to the extent determined that continuation of the contract is necessary      for the continued operation of the institution:  (i) by the      Director of the OTS (or his designee) or the FDIC, at the time the FDIC      enters into an agreement to provide assistance to or on behalf of the Bank      under the authority contained in Section 13(c) of the Federal Deposit      Insurance Act, 12 U.S.C. Section 1823(c); or (ii) by the Director of the      OTS (or his designee) at the time the Director (or his designee) approves      a supervisory merger to resolve problems related to the operations of the      Bank or when the Bank is determined by the Director to be in an unsafe or      unsound condition.  Any rights of the parties that have already      vested, however, shall not be affected by such  action. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Any      payments made to Executive pursuant to this Agreement, or otherwise, are      subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k)      and 12 C.F.R. Section 545.121 and any rules and regulations promulgated      thereunder. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | Notwithstanding      the foregoing, in the event the Executive is a Specified Employee (as      defined herein), then, solely, to the extent required to avoid penalties      under Code Section 409A, the Executive’s payments shall be paid on the      first day of the seventh month following the Executive’s Separation from      Service (together with interest thereon at the prevailing prime      rate).  A “Specified Employee” shall be interpreted to comply      with Code Section 409A and shall mean a key employee within the meaning of      Code Section 416(i) (without regard to paragraph 5 thereof), but an      individual shall be a “Specified Employee” only if the Bank, or the      Company, is or becomes a publicly traded  company. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | All      payments provided for in this Agreement shall be timely made in cash or      check from the general funds of the Bank.  The Company, however,      unconditionally guarantees payment and provision of all amounts and      benefits due hereunder to Executive and, if such amounts and benefits due      from the Bank are not timely paid or provided by the Bank, such amounts      and benefits shall be paid or provided by the  Company. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Notwithstanding      any provision herein to the contrary, to the extent that payments and      benefits, as provided by this Agreement, are paid to or received by      Executive under the Employment Agreement in effect between Executive and      the Company (the “Company Agreement”), such compensation payments and      benefits paid by the Company will be subtracted from any amount due      simultaneously to Executive under similar provisions of this      Agreement.  Payments pursuant to this Agreement and the Company      Agreement shall be allocated in proportion to the level of activity and      the time expended on such activities by Executive as determined by the      Company and the Bank. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | NEWPORT      FEDERAL SAVINGS BANK |
|--------|--------|-----------------------------------|
|   |   |                              |   |
|   |   |                              |   |
|   |   | By:                               |   |
| Date   |   |                              | For      the Entire Board of Directors |
|   |   |                              |   |
|   |   |                              |   |
|   |   | EXECUTIVE                         |
|   |   |                              |   |
|   |   |                              |   |
|   |   | By:                               |   |
| Date   |   |                              |   |
|   |   |                              |   |

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