----

----

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

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

|   | c. | In      the absence of action by the Board, the Executive shall continue to      receive his 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. | The      Executive shall be entitled to vacation and other leave in accordance with      policy for senior executives, or otherwise as approved by the      Board. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In      addition to paid vacation and other leave, the 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 the Executive a      leave or leaves of absence, with or without pay, at such time or times and      upon such terms and conditions as the Board in its discretion may      determine. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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 Company 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 Company 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 of any business dissimilar      from that of the Company, 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 Company and 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 Company and its affiliates to which      he may be exposed during the course of his employment.  The      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 Company and the Bank. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11. | Termination      and Termination Pay.  Subject to      Section 12 of this Agreement, Executive’s employment under this Agreement      may be terminated in the following  circumstances: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 the Executive through the last      day of the calendar month in which his death  occurred. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 or otherwise.  Executive will      receive the compensation due to him through his retirement      date. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ii. | In      the event of such Disability, Executive’s obligation to perform services      under this Agreement will terminate.  The Company will pay      Executive, as Disability pay, an amount equal to 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 Company in the same capacity as he was employed prior to      his termination for Disability; (B) his death; (C) upon 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 the Executive under any other disability      programs sponsored by the Company or its affiliates.  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      non-taxable medical and dental insurance plans) of the Company and its      affiliates, in which Executive participated prior to his Disability on the      same terms as if Executive were actively employed by the      Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | i. | The      Board may, by written notice to the Executive in the form and manner      specified in this paragraph, terminate his employment at any time, for      “Cause”.  The Executive shall have no right to receive      compensation or other benefits for any period after termination for      Cause.  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; |
|--------|-----|--------------------------|

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

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

|   | (6) | Willful      violation of any law, rule or regulation (other than traffic violations or      similar offenses) that reflects adversely on the reputation of the Company      and 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 Company unless there shall have been delivered to Executive a      copy of a resolution duly adopted at a meeting of such Board where 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, in which case Executive shall receive      only his compensation, vested rights and employee benefits up to the date      of his termination.  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      (i) his base salary in effect as of his termination date for the remaining      term of the Agreement, and (ii) the value of the benefits he would have      received during the remaining term of the Agreement under any retirement      programs (whether tax-qualified or non-qualified) in which Executive      participated prior to his termination (with the amount of the benefits      determined by reference to the benefits received by the Executive or      accrued on his behalf under such programs during the twelve (12) months      preceding his termination), payable in a single cash lump sum distribution      within ten (10) calendar days following such termination.  In      addition, the Executive shall  continue to participate in any      benefit plans of the Company or its affiliates that provide life insurance      and non-taxable medical and dental insurance, or similar coverage upon      terms no less favorable than the most favorable terms provided to senior      executives of the Company or its affiliates during such      period.  In the event that the Company or its affiliates are      unable to provide such coverage by reason of Executive no longer being an      employee, the Company shall pay the Executive the value of such benefits      in a single cash lump sum distribution within ten (10) calendar days      following his termination. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (1) | A      material reduction in Executive’s responsibilities or authority in      connection with his employment with the Company, or a material diminution      in the authority, duties or responsibilities of the officer to whom the      Executive is required toreport; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (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 the Executive to be nominated or re-nominated 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 he 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 of the Company      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 Company, 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 the Executive’s benefits      under one or more benefit plans maintained by the Company or an affiliate      as part of a good faith, overall reduction or elimination of such plans or      plans or benefits thereunder applicably 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 Company or any affiliate under a plan or plans in or      under which Executive is not entitled to  participate. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | g. | Continuing Covenant      Not to Compete or Interfere with      Relationships.  Regardless of anything herein to the      contrary, following a termination by the Company or Executive pursuant to      Section 11(f): |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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, the      Executive shall not serve as an officer, director or employee of any bank      holding company, bank, savings bank, 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 Company or its subsidiaries or affiliates from any office within fifty      (50) miles from the main office of the Company or any branch of the Bank      and, further, Executive shall not interfere with the relationship of the      Company, its subsidiaries or affiliates and any of its employees, agents,      or representatives. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (ii) | Acquisition of      Significant Share Ownership:  There is filed or required      to be filed 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 (b) 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      voting securities. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Change in Board      Composition:  During any period of two consecutive years,      individuals who constitute 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 Company’s Board of Directors; provided, however,      that for purposes of this clause (iii), each director who is first elected      by the board (or first nominated by the board for election by the      stockholders) by a vote of at least two-thirds (2/3) of the directors who      were directors at the beginning of the two-year period shall be deemed to      have also been a director at the beginning of such period;    or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Sale of      Assets:  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      Company shall terminate the Executive’s employment Without Cause, or (ii)      Executive voluntarily terminates his employment With Good Reason, the      Company shall, within ten (10) calendar days following the termination of      Executive’s employment, make a single lump sum cash payment to him equal      to three (3) times the 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(a) 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, the      Executive shall, for a thirty-six (36) month period following his      termination of employment, receive the value of the benefits he would have      received over such period under any retirement programs (whether      tax-qualified or nonqualified) in which the Executive participated prior      to his termination (with the amount of the benefits determined by      reference to the benefits received by the Executive or accrued on his      behalf under such programs during the twelve (12) months preceding the      Change in Control), payable as a single cash lump sum distribution within      ten (10) calendar days following such termination.  In addition,      the Executive shall and continue to participate in any benefit plans of      the Company and/or the Bank that provide life insurance and non-taxable      medical and dental insurance or similar coverage upon terms no less      favorable than the most favorable terms provided to senior executives of      the Company or its subsidiaries during such period.  In the      event that the Company or its subsidiaries are unable to provide such      coverage by reason of the Executive no longer being an employee, the      Company shall pay the Executive the value of such benefits in a single      cash lump sum distribution within ten (10) calendar days following his      termination. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | The      provisions of Section 12 and Sections 14 through 27, including the defined      terms used is such sections, shall continue in effect until the later of      the expiration of this Agreement or two (2) years following a Change in      Control. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13. | Indemnification      and Liability Insurance.  Subject to,      and limited by Section 27(b) of this Agreement, the Company shall provide      the following: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Indemnification.  The      Company agrees to indemnify the 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 Company or any      affiliate or subsidiary of the Company (whether or not he continues to be      a director or Executive at the time of incurring any such expenses or      liabilities) such expenses and liabilities to include, but not be limited      to, judgments, court costs, and attorney’s fees and the cost of reasonable      settlements, such settlements to be approved by the Board, if such action      is brought against the Executive in his capacity as an Executive or      director of the Company or any affiliate or subsidiary of the      Company.  Indemnification for expense shall not extend to      matters for which the Executive has been terminated for      Cause.  Nothing contained herein shall be deemed to provide      indemnification prohibited by applicable law or      regulation.  Notwithstanding anything herein to the contrary,      the obligations of this Section 13 shall survive the term of this      Agreement by a period of six (6)years. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | a. | Tax      Indemnification.  Anything in this Agreement to the      contrary notwithstanding and except as set forth below, in the event it      shall be determined that any payment, benefit or distribution made or      provided by the Company to or for the benefit of the Executive (whether      made or provided pursuant to the terms of this Agreement or otherwise)      (each referred to herein as a “Payment”), would be subject to the excise      tax imposed by Section 4999 of the Internal Revenue Code of 1986, as      amended (the “Code”) or any interest or penalties are incurred by the      Executive with respect to such excise tax (the excise tax, together with      any such interest and penalties, are hereinafter collectively referred to      as the “Excise Tax”), the Executive shall be entitled to receive an      additional payment (a “Gross-Up Payment”) in an amount such that, after      payment by the Executive of all taxes (including any interest or penalties      imposed with respect to such taxes), including, without limitation, any      income taxes (and any interest and penalties imposed with respect thereto)      and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an      amount of the Gross-Up Payment equal to the Excise Tax imposed upon the      Payments. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Determination of      Gross-Up Payment.  Subject to the provisions of Section      15(c) of this Agreement, all determinations required to be made under this      Section 15, including whether and when a Gross-Up Payment is required, the      amount of such Gross-Up Payment and the assumptions to be utilized in      arriving at such determination, shall be made by a certified public      accounting firm or independent tax counsel reasonably acceptable to the      Company as may be designated by the Executive (the “Consulting Firm”)      which shall provide detailed supporting calculations to the Company and      the Executive within fifteen (15) business days of the receipt of notice      from the Executive that there has been a Payment, or such earlier time as      is requested by the Company.  All fees and expenses of the      Consulting Firm shall be borne solely by the Company.  Any      Gross-Up Payment, as determined pursuant to this Section 15, shall be paid      by the Company to the Executive within five (5) business days of the later      of (i) the due date for the payment of any Excise Tax, and (ii) the      receipt of the Consulting Firm’s determination, provided however that the      Gross-Up Payment shall be made no later than December 31 of the calendar      year immediately following the calendar year in which the Executive remits      the Excise Tax to the applicable taxing authority.  Any      determination by the Consulting Firm shall be binding upon the Company and      the Executive.  As a result of the uncertainty in the      application of Section 4999 of the Code, at the time of the initial      determination by the Consulting Firm hereunder, it is possible that a      Gross-Up Payment will not have been made by the Company which should have      been made (an “Underpayment”), consistent with the calculations required      to be made hereunder.  In theevent |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | c. | Treatment of      Claims.  The Executive shall notify the Company in      writing of any claim by the Internal Revenue Service that, if successful,      would require a Gross-Up Payment to be made.  Such notification      shall be given as soon as practicable, but no later than ten (10) business      days, after the Executive is informed in writing of such claim and shall      apprise the Company of the nature of such claim and the date on which such      claim is requested to be paid.  The Executive shall not pay such      claim prior to the expiration of the thirty (30) day period following the      date on which it gives such notice to the Company (or any shorter period      ending on the date that payment of taxes with respect to such claim is      due).  If the Company notifies the Executive in writing prior to      the expiration of this period that it desires to contest such claim, the      Executive shall: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | give      the Company any information reasonably requested by the Company relating      to such claim; |
|--------|----|--------------------------------------------------------------------------------------------------------|

|   | ii. | take      such action in connection with contesting such claim as the Company shall      reasonably request in writing from time to time, including, without      limitation, accepting legal representation with respect to such claim by      an attorney reasonably selected by theCompany; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | cooperate      with the Company in good faith in order to effectively contest such claim;      and |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | iv. | permit      the Company to participate in any proceedings relating to such claim;      provided, however, that the Company shall bear and pay directly all costs      and expenses (including additional interest and penalties) incurred in      connection with such contest and indemnity and hold the Executive      harmless, on an after-tax basis, for any Excise Tax or related taxes,      interest or penalties imposed as a result of such representation and      payment of costs and expenses.  Without limitation on the      foregoing provisions of this Section 15(c) of this Agreement, the Company      shall control all proceedings taken in connection with such contest and,      at their option, may pursue or forgo any and all administrative appeals,      proceedings, hearings and conferences with the taxing authority with      respect to such claim and may, at their option, either direct the      Executive to pay the tax claimed and sue for a refund or contest the claim      in any permissible manner.  Further, the Executive agrees to      prosecute such contest to a determination before any administrative      tribunal, in a court of initial jurisdiction and in one or more appellate      courts, as the Company shall determine; provided, however, that if the      Company directs the Executive to pay such claim and sue for a refund, the      Company shall advance the amount of such payment to the Executive, on an      interest-free basis (including interest or penalties with respect      thereto).  Furthermore, the Company’s control of the contest      shall be limited to issues with respect to which a Gross-Up Payment would      be payable hereunder and the Executive shall be entitled to settle or      contest, as the case may be, any other issues raised by the Internal      Revenue Service or any other taxingauthority. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Adjustments to the      Gross-Up Payment.  If, after the receipt by the Executive      of an amount advanced by the Company pursuant to Section 15(c) of this      Agreement, the Executive becomes entitled to receive any refund with      respect to such claim, the Executive shall (subject to the Company’s      compliance with the requirements of Section 15(c) of this Agreement)      promptly pay to the Company the amount of such refund (together with any      interest paid or credited thereon after applicable taxes).  If,      after the receipt by the Executive of an amount advanced by the      Company |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | b. | Since      the Company 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 Company. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a. | The      Board may terminate Executive’s employment at any time, but any      termination by the Company, 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. | Any      payments made to employees pursuant to this Agreement, or otherwise, are      subject to and conditioned upon their compliance with 12 U.S.C. §1828(k)      and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and      Indemnification Payments. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | 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 Company or the Bank      is or becomes a publicly tradedcompany. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | NEWPORT      FEDERAL SAVINGS BANK |   |
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