# EDGAR Filing Document

**Accession Number:** 0001016178
**File Stem:** 0000943374-25-000371
**Filing Date:** 2025-8
**Character Count:** 84479
**Document Hash:** f8912974aeebca88a4324b029fcbe161
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000943374-25-000371.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000943374-25-000371

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARVER BANCORP INC
- **CENTRAL INDEX KEY:** 0001016178
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133904174
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289342
- **FILM NUMBER:** 251192188

**BUSINESS ADDRESS:**
- **STREET 1:** 75 W 125TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10027-4512
- **BUSINESS PHONE:** 2128764747

**MAIL ADDRESS:**
- **STREET 1:** 75 W 125TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10027-4512

#### Registration No. 333-_________

#### <br>
**As filed with the Securities and Exchange Commission on August 7, 2025**

**** 

<br> **UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________

**** 

<br> **FORM S-8**

**** 

<br> **REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**** 

<br> **Carver Bancorp, Inc.**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **Delaware** | **13-3904174** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer Identification No.) |

---

#### 75 West 125th Street

#### New York, New York 10027
(Address of Principal Executive Offices)

**** 

<br> **Carver Bancorp, Inc. 2024 Equity Incentive Plan**

(Full Title of the Plan)

Copies to:

---

| | |
|:---|:---|
| Mr. Donald Felix | Lawrence M.F. Spaccasi, Esquire |
| President and | Marc P. Levy, Esquire |
| Chief Executive Officer | Luse Gorman, PC |
| Carver Bancorp, Inc. | 5335 Wisconsin Ave., N.W., Suite 780 |
| 75 West 125<sup>th</sup> Street | Washington, DC 20015-2035 |
| New York, New York 10027 | (202) 274-2000 |
| (718) 230-2900 |  |
| (Name, Address and Telephone |  |
| Number of Agent for Service) |  |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ⌧ Smaller reporting company⌧ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

#### PART I.

#### Items 1 and 2. Plan Information, and Registrant Information and Employee Plan Annual Information
The documents containing the information specified in Parts I and II of Form S-8 have been or will be sent or given to participants in the Carver Bancorp, Inc. 2024 Equity Incentive Plan (the "Equity Plan") as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act").

Such documents are not being filed with the Commission, but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.

#### PART II.

#### Item 3. Incorporation of Documents by Reference
The following documents previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company's [Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001016178/000101617825000010/carv-20250331.htm) for the fiscal year ended March 31, 2025 (File No. 001-13007), filed with the Commission on June 24, 2025, pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company's [Annual Report on Form 10-K/A](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001016178/000110465925071731/tm2521935d1_10ka.htm) for the fiscal year ended March 31, 2025 (File No. 001-13007), filed with the Commission on July 29, 2025, pursuant to Section 13(a) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Company's [Current Report on Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001016178/000094337425000211/form8k.htm) filed with the Commission on May 16, 2025 (File No. 001-13007); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The description of the Company's common stock contained in the [Registration Statement on Form S-4](https://www.sec.gov/Archives/edgar/data/1016178/0000882377-96-000095-index.html) originally filed with the Commission on June 7, 1996, as amended on June 27, 1996 (File No. 333-05559), and as updated by [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1016178/000101617820000015/fy2020-ex42.htm) to our Annual Report on Form 10-K for the year ended March 31, 2020, filed with the Commission on August 6, 2020 (File No. 001-13007).

All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed incorporated by reference into this Registration Statement and to be a part thereof from the date of the filing of such documents. Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or therein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the prospectus.

All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the detailed information, including financial statements, appearing in the documents incorporated herein or therein by reference.

#### Item 4. Description of Securities
Not applicable.

#### Item 5. Interests of Named Experts and Counsel
None.

------

#### Item 6. Indemnification of Directors and Officers
Articles IX and X of the Certificate of Incorporation of the Company set forth circumstances under which directors, officers, employees and agents of the Company may be insured or indemnified against liability which they incur in their capacities as such.

**Article IX. Limitation of Director Liability** 

A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is expressly prohibited by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended.

Any amendment, termination or repeal of this Article IX or any provisions hereof shall not adversely affect or diminish in any way any right or protection of a director of the Corporation existing with respect to any act or omission occurring prior to the time of the final adoption of such amendment, termination or repeal.

In addition to any requirements of law or of any other provisions of this Certificate of Incorporation, the affirmative vote of the holders of not less than eighty percent (80%) of the total number of votes eligible to be cast by the holders of all outstanding shares of Capital Stock entitled to vote thereon shall be required to amend, alter, rescind or repeal any provision of this Article IX.

#### Article X.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification

**Section 1. Actions, Suits or Proceedings Other than by or in Right of the Corporation**. To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any person who is or was or has agreed to become a director or officer of the Corporation who was or is made a party to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was or has agreed to become a director or officer of the Corporation, or by reason of any action alleged to have been taken or omitted in such capacity, and the Corporation may indemnify any other person who is or was or has agreed to become an employee or agent of the Corporation who was or is made a party to or is threatened to made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal or administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was or has agreed to become an employee or agent of the Corporation, or by reason of any action alleged to have been taken or omitted in such capacity, against costs, charges, expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful. Notwithstanding anything contained in this Article X, but subject to Section 7 hereof, the Corporation shall not be obligated to indemnify any director or officer in connection with an action, suit or proceeding, or part thereof, initiated by such person against the Corporation unless such action, suit or proceeding, or part thereof, was authorized or consented to by the Board of Directors.

**Section 2. Actions or Suits by or in the Right of the Corporation**. To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any person who is or was or has agreed to become a director or officer of the Corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was or has agreed to become a director or officer of the Corporation, or by reason of any action alleged to have been taken or omitted in such capacity, and the corporation may indemnify any other person who is or was or has agreed to become an employee or agent of the Corporation who was or is made a party or is threatened to be made a party to any threatened, pending or completed action or suit by

------

or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was or has agreed to become an employee or agent of the Corporation, or by reason of any action alleged to have been taken or omitted in such capacity, against costs, charges and expenses (including attorneys' fees) actually and reasonably incurred by him or her or on his or her behalf in connection with defense or settlement of such action or suit and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation, except no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of such liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Court of Chancery or such other court shall deem proper. Notwithstanding anything contained in this Article X, but subject to Section 7 hereof, the corporation shall not be obligated to indemnify any director of officer in connection with an action or suit, or part thereof, initiated by such person against the Corporation unless such action or suit, or part thereof, was authorized or consented to by the Board of Directors.

**Section 3. Indemnification for Costs, Charges and Expenses of a Successful Party**. To the extent that a director, officer, employee or agent of the Corporation has been successful, on the merits or otherwise (including, without limitation, the dismissal of an action without prejudice), in defense of any action, suit or proceeding referred to in Section 1 or 2 of this Article X, or in defense of any claim, issue or matter therein, such person shall be indemnified against all costs, charges and expenses (including attorneys' fees) actually and reasonably incurred by such person or on such person's behalf in connection therewith.

**Section 4. Indemnification for Expenses of a Witness**. To the extent that any person who is or was or has agreed to become a director or officer of the Corporation is made a witness to any action, suit or proceeding to which he or she is not a party by reason of the fact that he or she was, is or has agreed to become a director or officer of the Corporation, or is or was serving or has agreed to serve as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, at the written request of the Corporation, such person shall be indemnified against all costs, charges and expenses actually and reasonably incurred by such person or on such person's behalf in connection therewith.

To the extent that any person who is or was or has agreed to become an employee or agent of the Corporation is made a witness to any action, suit or proceeding to which he or she is not a party by reason of the fact that he or she was, is or has agreed to become an employee or agent of the Corporation, or is or was serving or has agreed to serve as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, at the written request of the Corporation, such person may be indemnified against all costs, charges and expenses actually and reasonably incurred by such person or on such person's behalf in connection herewith.

\* \* \*

**Section 6. Advancement of Costs, Charges and Expenses**. Costs, charges and expenses (including attorneys' fees) incurred by or on behalf of a director or officer in defending a civil or criminal action, suit or proceeding referred to in Section 1 or 2 of this Article X shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding; provided, however, that the payment of such costs, charges and expenses incurred by or on behalf of a director or officer in advance of the final disposition of such action, suit or proceeding shall be made only upon receipt of a written undertaking by or on behalf of the director or officer to repay all amounts so advanced in the event that it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation as authorized in this Article X or by law. No security shall be required for such undertaking and such undertaking shall be accepted without reference to the recipient's financial ability to make repayment. The majority of the directors who were not parties to such action, suit or proceeding may, upon approval of such director or officer of the Corporation, authorize the Corporation's counsel to represent such person, in any action, suit or proceeding, whether or not the Corporation is a party to such action, suit or proceeding.

\* \* \*

**Section 9. Other Rights; Continuation of Right to Indemnification; Individual Contracts**. The indemnification and advancement of costs, charges and expenses provided by or granted pursuant to this Article X shall not be deemed exclusive of any other rights to which those persons seeking indemnification or advancement of

------

costs, charges and expenses may be entitled under law (common or statutory) or by any Bylaw, agreement, policy of indemnification insurance or vote of stockholders or directors or otherwise, both as to action in his or her official capacity and as to action in any other capacity while holding office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the legatees, heirs, distributes, executors and administrators of such person. Nothing contained in this Article X shall be deemed to prohibit the Corporation from entering into, and the Corporation is specifically authorized to enter into, agreements with directors, officers, employees and agents providing indemnification rights and procedures different from those set forth herein. All rights to indemnification under this Article X shall be deemed to be a contract between the Corporation and each director, officer, employee or agent of the Corporation who serves or served in such capacity at any time while this Article X is in effect.

\* \* \*

**Section 11. Insurance**. The Corporation may purchase and maintain insurance, at its expense, to protect itself and any person who is or was a director, officer, employee or agent of the Corporation against any costs, charges or expenses, liability or loss incurred by such person in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify such person against such costs, charges or expenses, liability or loss under the Certificate of Incorporation or applicable law; provided, however, that such insurance is available on acceptable terms as determined by the Board. To the extent that any director, officer, employee or agent is reimbursed by an insurance company under an indemnification insurance policy for any costs, charges, expenses (including attorney's fees), judgments, fines and amounts paid in settlement to the fullest extent permitted by any applicable portion of this Article X, the Bylaws, any agreement, the policy or indemnification insurance or otherwise, the Corporation shall not be obligated to reimburse the person to be indemnified in connection with such proceeding.

#### Item 7. Exemption From Registration Claimed.
Not applicable.

**Item 8. Exhibits.**

---

| | | |
|:---|:---|:---|
| Regulation S-K<br> Exhibit Number | Document | Reference to Prior Filing or<br> Exhibit No. Attached Hereto |
| [4](https://www.sec.gov/Archives/edgar/data/1016178/0000882377-96-000095-index.html) | [Form of Common Stock Certificate](https://www.sec.gov/Archives/edgar/data/1016178/0000882377-96-000095-index.html) | \* |
| [5](ex5-s8_080525.htm) | [Opinion of Luse Gorman, PC](ex5-s8_080525.htm) | Attached as Exhibit 5 |
| [10.1](https://www.sec.gov/Archives/edgar/data/1016178/000110465924113051/tm2425801d1_defc14a.htm) | [Carver Bancorp, Inc. 2024 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1016178/000110465924113051/tm2425801d1_defc14a.htm) | \*\* |
| [10.2](ex10-2_s8080525.htm) | [Form of Incentive Stock Option Award Agreement for the Carver Bancorp, Inc. 2024 Equity Incentive Plan](ex10-2_s8080525.htm) | Attached as Exhibit 10.2 |
| [10.3](ex10-3_s8080525.htm) | [Form of Non-Statutory Stock Option Award Agreement for the Carver Bancorp, Inc. 2024 Equity Incentive Plan](ex10-3_s8080525.htm) | Attached as Exhibit 10.3 |
| [10.4 ](ex10-4_s8080525.htm) | [Form of Restricted Stock Award Agreement for the Carver Bancorp, Inc. 2024 Equity Incentive Plan](ex10-4_s8080525.htm) | Attached as Exhibit 10.4 |
| [10.5](ex10-5_s8080525.htm) | [Form of Restricted Stock Unit Award Agreement for the Carver Bancorp, Inc. 2024 Equity Incentive Plan](ex10-5_s8080525.htm) | Attached as Exhibit 10.5 |
| [23.1](ex5-s8_080525.htm) | [Consent of Luse Gorman, PC](ex5-s8_080525.htm) | Contained in Exhibit 5 |
| [23.2](ex23-2_s8080525.htm) | [Consent of Independent Registered Public Accounting Firm](ex23-2_s8080525.htm) | Attached as Exhibit 23.2 |

---

------

---

| | | |
|:---|:---|:---|
| [24](#POWEROFATTORNEY) | [Power of Attorney](#POWEROFATTORNEY) | Contained on Signature Page |
| 107 | Filing Fee Table | Attached as Exhibit 107 <br>|

---

_________________________

\* Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 (File No. 333-05559) filed by the Company under the Securities Act, with the Commission on June 7, 1996, as amended on June 27, 1996 and all amendments or reports filed for the purpose of updating such description.

\*\* Incorporated by reference to Appendix A to the proxy statement for the Annual Meeting of Stockholders of Carver Bancorp, Inc. (File No. 001-13007), filed by the Company under the Exchange Act on October 31, 2024.

#### Item 9. Undertakings
The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (section 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fees" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided, however*, that paragraphs 1(i) and 1(ii) above do not apply if the information required to be included in a post-effective amendment by these paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. That, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

------

#### SIGNATURES

**The Registrant.** Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on this 7th day of August, 2025.

---

| | |
|:---|:---|
|  | **CARVER BANCORP, INC.**<br>|
| By: | /s/ Donald Felix |
|  | Donald Felix |
|  | President and Chief Executive Officer |
|  | (Duly Authorized Representative) |

---

#### POWER OF ATTORNEY

We, the undersigned directors and officers of Carver Bancorp, Inc. (the "Company") hereby severally constitute and appoint Donald Felix, as our true and lawful attorney and agent, to do any and all things in our names in the capacities indicated below which said Donald Felix may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be issued upon the exercise of stock options and the award of restricted stock under the Carver Bancorp, Inc. 2024 Equity Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said Donald Felix shall do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Donald Felix | President and Chief Executive Officer | August 7, 2025 |
| Donald Felix | (Principal Executive Officer) |  |
| /s/ Christina L. Maier | First Senior Vice President and Chief Financial Officer | August 7, 2025 |
| Christina L. Maier | (Principal Accounting Officer and Principal Financial Officer) |  |
| /s/ Lewis P. Jones III | Chairman | August 7, 2025 |
| Lewis P. Jones III |  |  |

---

------

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Colvin W. Grannum | Director | August 7, 2025 |
| Colvin W. Grannum |  |  |
| /s/ Dr. Pazel G. Jackson, Jr. | Director | August 7, 2025 |
| Dr. Pazel G. Jackson, Jr. |  |  |
| /s/ Jillian E. Joseph | Director | August 7, 2025 |
| Jillian E. Joseph |  |  |
| /s/ Kenneth J. Knuckles | Director | August 7, 2025 |
| Kenneth J. Knuckles |  |  |
| /s/ Craig C. MacKay | Director | August 7, 2025 |
| Craig C. MacKay<br>|  |  |
| Robin L. Nunn | Director |  |

---

## Ex-5

**EXHIBIT 5**<br>

#### LUSE GORMAN, PC

#### ATTORNEYS AT LAW

#### 5335 WISCONSIN AVENUE, N.W., SUITE 780

#### WASHINGTON, D.C. 20015

#### TELEPHONE (202) 274-2000

#### FACSIMILE (202) 362-2902

#### www.luselaw.com

August 7, 2025

Board of Directors

Carver Bancorp, Inc.

75 West 125th Street

New York, New York 10027

---

| | |
|:---|:---|
| **Re:** | **<u>Carver Bancorp, Inc.</u>** <u>-</u> **<u>Registration Statement on Form S-8</u>** |

---

Members of the Board of Directors:

You have requested the opinion of this firm as to certain matters in connection with the registration of 350,000 shares of common stock, par value $0.01 per share (the "Shares"), of Carver Bancorp, Inc. (the "Company") to be issued pursuant to the Carver Bancorp, Inc. 2024 Equity Incentive Plan (the "Equity Plan").

In rendering the opinion expressed herein, we have examined originals or copies, certified or otherwise identified to our satisfaction of the following: (i) the Company's Registration Statement on Form S-8 (the "Form S-8") to be filed with the Securities Exchange Commission (the "Commission") under the Securities Act, on the date hereof; (ii) the Certificate of Incorporation of the Company, as currently in effect; (iii) the Bylaws of the Company, as currently in effect; (iv) the Equity Plan; (v) certain resolutions of the board of directors of the Company relating to the approval of the Equity Plan, the filing of the Registration Statement and certain related matters; and (vi) applicable statutes and regulations governing the Company. We have assumed the authenticity, accuracy and completeness of all documents in connection with the opinion expressed herein. We have also assumed the legal capacity and genuineness of the signatures of persons signing all documents in connection with which the opinions expressed herein are rendered.

Based on the foregoing, we are of the following opinion:

Following the effectiveness of the Form S-8, the Shares, when issued in accordance with the terms and conditions of the Equity Plan, will be legally issued, fully paid and non-assessable.

This opinion has been prepared solely for the use of the Company in connection with the preparation and filing of the Form S-8, and should not be used for any other purpose or relied upon by any other person without the prior express written consent of this firm.

We consent to the filing of this opinion letter as an exhibit to the Registration Statement on Form S-8. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Luse Gorman, PC</u> |
| LUSE GORMAN, PC |

---

## Exhibit 10.2

**EXHIBIT 10.2**<br>

#### FORM OF

#### INCENTIVE STOCK OPTION AWARD AGREEMENT

Granted by

#### CARVER BANCORP, INC.

under the

#### 2024 EQUITY INCENTIVE PLAN

This Incentive Stock Option Award Agreement ("**Option**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2024 Equity Incentive Plan (the "**Plan**") of Carver Bancorp, Inc. (the "**Company**"), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the "**Participant**") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (the "**Committee**") or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" includes the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant**:__________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant**: __________, <u> </u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option**:____<br>
 (subject to adjustment pursuant to Section 9 hereof). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Award is intended to be an Incentive Stock Option. The Option will be an Incentive Stock Option to the maximum extent permitted under the tax laws, which means that up to $100,000 of Options that vest in any one calendar year will be Incentive Stock Options (based on the exercise price of the Option). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note that for purposes of determining the maximum number of Options that can vest in any one calendar year as Incentive Stock Options, the Options granted to you pursuant to this Agreement that vest in a calendar year will be aggregated with any earlier Option grant you received that vest in the same calendar year. If you vest in the maximum number of Incentive Stock Options in which you are permitted to vest for a calendar year under a prior Option Award, any Options that you receive under this Agreement that vest in the same calendar year will be considered Non-Qualified Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Exercise price per share:** $_______ <br>
 (subject to adjustment pursuant to Section 9 hereof). <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expiration Date of Option:** _________<u>,</u> <u> </u>. Notwithstanding anything in this Agreement to the contrary, no part of
 this Option may be exercised at any time on or after the expiration date. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Vesting Schedule**. Unless sooner vested in accordance with the
 terms of the Plan and this Agreement, the Option granted hereunder will vest (i.e., become exercisable) in accordance with the following schedule:

 

<br> <u>Vesting Date</u> <u>Number of Shares Exercisable</u>

As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan in the event of death or Disability or an Involuntary Termination of Service at or following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exercise Procedure and Delivery of Notice of Exercise of Option**. 
 This Option may be exercised in whole or in part by the Participant's delivery to the Company of written notice (the "**Notice of Exercise of Option** "
 attached hereto as Exhibit A or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, in
 accordance with Section 2.2(b) of the Plan. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Delivery of Shares.** Delivery of shares of Stock upon the
 exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Adjustment Provisions.** **** <br> This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the
 events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Accelerated Vesting and Exercisability Period**. Notwithstanding
 the vesting schedule set forth in Section 6 of this Agreement, the vesting and exercisability of this Option upon a Termination of Service in certain events will be as follows: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death**. In the event of the Participant's Termination of Service by reason of death, any unvested portion of the Option subject to this Agreement will vest and any unexercised portion of the Option may thereafter be exercised by the Participant's legal representative or beneficiaries for a period of one (1) year from the Participant's death. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability**. In the event of the Participant's Termination of Service by reason of the Participant's Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant's legal representative for a period of one (1) year following the Termination of Service due to Disability. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Change in Control.** In the event of the Participant's Involuntary Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the Participant or the Participant's legal representative for a period of one (1) year following the Participant's Involuntary Termination of Service.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause***.* In the event of the Participant's Termination of Service for Cause, all Options subject to this Agreement that have not been exercised will immediately expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Retirement**. In the event of Participant's Termination of Service due to Retirement, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination for a period of one (1) year following the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Other Termination***.* In the event of the Participant's Termination from Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in Control or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months following the termination.

**Incentive Option Treatment**. The Incentive Stock Options granted hereunder are subject to the requirements of Section 421 of the Internal Revenue Code. No Option will be eligible for treatment as an Incentive Stock Option in the event such Option is exercised more than three months following Termination of Service (except in the case of Termination of Service due to Disability). To obtain Incentive Stock Option treatment for Options exercised by heirs or devisees of the Participant, the Participant's death must have occurred while the Participant was employed or within three months of the Participant's Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Miscellaneous.** 

<br> 11.1 No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

<br> 11.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

---

| | |
|:---|:---|
| 11.3 | Except as otherwise provided by the Committee, Incentive Stock Options under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described under (3), the Option will not qualify as an Incentive Stock Option as of the day of the transfer. |

---

---

| | |
|:---|:---|
| 11.4 | Under current tax laws, an Option that is exercised as an Incentive Stock Option is not subject to ordinary income taxes so long as it is held for the requisite holding period, e.g., two (2) years from the date of grant of the Option and one (1) year from the date of exercise, whichever is later. |

---

<br> 11.5 This Agreement will be governed by and construed in accordance with the laws of the State of New York.

<br> 11.6 The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.

------

<br> 11.7 This Option is subject to forfeiture in accordance with the provisions of Section 7.17 of the Plan or as otherwise authorized by the Company.

#### [Signature Page to Follow]

------

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

#### CARVER BANCORP, INC.
By: _________________________

Its: _________________________

#### PARTICIPANT'S ACCEPTANCE
The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

#### PARTICIPANT

#### <br>

#### _____________________________<br>

------

#### EXHIBIT A

#### NOTICE OF EXERCISE OF OPTION

I hereby exercise the stock option (the "Option") granted to me by Carver Bancorp, Inc. (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Incentive Stock Option Agreement (the "Agreement") and the Carver Bancorp, Inc. 2024 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $______ per share.

I elect to pay the exercise price by:

---

| | |
|:---|:---|
| ___ | Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price. |

---

---

| | |
|:---|:---|
| ___ | Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.\* |

---

---

| | |
|:---|:---|
| ___ | My check in the sum of $_______<u>and</u> stock of the Company with a fair market value of $______, in full/partial payment of the purchase price.**\*** |

---

<br> ___ A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum required tax withholding).

<br> ___ Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________

Participant's signature

\* If I elect to exercise by exchanging shares I already own, I will <u>constructively</u> return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

## Exhibit 10.3

**EXHIBIT 10.3**<br>

#### FORM OF

#### NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

Granted by

#### CARVER BANCORP, INC.

under the

#### 2024 EQUITY INCENTIVE PLAN

This Non-Qualified Stock Option Award Agreement ("**Option**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2024 Equity Incentive Plan (the "**Plan**") of Carver Bancorp, Inc. (the "**Company**"), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the "**Participant**") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (the "**Committee**") or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" includes the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant**:________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant**: ____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option**:_________________ (subject to adjustment pursuant to Section 9 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This is a Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Exercise price per share:** $_______ <br>
 (subject to adjustment pursuant to Section 9 below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expiration Date of Option:** ___________. Notwithstanding
 anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration date. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Vesting Schedule**. Unless sooner vested in accordance with the
 terms of the Plan and this Agreement, the Option granted hereunder will vest (i.e., become exercisable) in accordance with the following schedule:

 

<br> <u>Vesting Date</u> <u>Number of Shares Exercisable</u>

------

As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan in the event of death or Disability or an Involuntary Termination of Service at or following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exercise Procedure and Delivery of Notice of Exercise of Option**. 
 This Option may be exercised in whole or in part by the Participant's delivery to the Company of written notice (the "**Notice of Exercise of Option** "
 attached hereto as Exhibit A or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, in
 accordance with Section 2.2(b) of the Plan. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Delivery of Shares.** Delivery of shares of Stock upon the
 exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Adjustment Provisions.** <br> This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Accelerated Vesting and Exercisability Period**. Notwithstanding
 the vesting schedule set forth in Section 6 of this Agreement, the vesting and exercisability of this Option upon a Termination of Service in certain events will be as follows: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death**. In the event of the Participant's Termination of Service by reason of death, any unvested portion of the Option subject to this Agreement will vest and any unexercised portion of the Option may thereafter be exercised by the Participant's legal representative or beneficiaries for a period of one (1) year from the Participant's death. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability**. In the event of the Participant's Termination of Service by reason of the Participant's Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant's legal representative for a period of one (1) year following the Termination of Service due to Disability. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Change in Control**. In the event of the Participant's Involuntary Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the Participant or the Participant's legal representative for a period of one (1) year following the Participant's Involuntary Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause**. In the event of the Participant's Termination of Service for Cause, all Options subject to this Agreement that have not been exercised will immediately expire and be forfeited.

(v) **Retirement**. In the event of Participant's Termination of Service due to Retirement, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination for a period of one (1) year following the termination.

------

(vi) **Other Termination***.* In the event of the Participant's Termination from Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in Control or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months following the termination.

11. **Miscellaneous.**

<br> 11.1 No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

<br> 11.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

---

| | |
|:---|:---|
| 11.3 | At the discretion of the Committee, a Non-Qualified Option granted under the Plan may be transferable by the Participant, provided, however, that transfers will be limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and provided, further, that the transfers are not made for consideration to the Participant. |

---

<br> 11.4 This Agreement will be governed by and construed in accordance with the laws of the State of New York.

<br> 11.5 This Option will be subject to any required federal, state and local tax withholding, which may be affected in the manner or manners permitted by the Company. <br>

<br> 11.6 The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.

<br> 11.7 This Option is subject to forfeiture in accordance with the provisions of Section 7.17 of the Plan or as otherwise authorized by the Company.

#### [Signature Page to Follow]

------

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

#### CARVER BANCORP, INC.
By:___________________________

Its: ___________________________

#### PARTICIPANT'S ACCEPTANCE
The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

#### PARTICIPANT

#### <br>

#### _____________________________<br>

------

#### EXHIBIT A

#### NOTICE OF EXERCISE OF OPTION

I hereby exercise the stock option (the "Option") granted to me by Carver Bancorp, Inc. (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Non-Qualified Stock Option Agreement (the "Agreement") and the Carver Bancorp, Inc. 2024 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $______ per share.

I elect to pay the exercise price by:

---

| | |
|:---|:---|
| ___ | Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price. |

---

---

| | |
|:---|:---|
| ___ | Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.\* |

---

---

| | |
|:---|:---|
| ___ | My check in the sum of $_______<u>and</u> stock of the Company with a fair market value of $______, in full/partial payment of the purchase price.**\*** |

---

<br> ___ A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum required tax withholding).

<br> ___ Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________

Participant's signature

\* If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

## Exhibit 10.4

**EXHIBIT 10.4**<br>

#### FORM OF

#### RESTRICTED STOCK AWARD AGREEMENT

Granted by

#### CARVER BANCORP, INC.

under the

#### 2024 EQUITY INCENTIVE PLAN

This Restricted Stock Award Agreement ("**Restricted Stock Award**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2024 Equity Incentive Plan (the "**Plan**") of Carver Bancorp, Inc. (the "**Company**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan. The holder of this Restricted Stock Award (the "**Participant**") hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (the "**Committee**") or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant:** _____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant**: _____________________

**** 

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award:** _____________ <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Vesting Schedule**. Except
 as otherwise provided in the Plan and this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

<u>Date</u> <u>Number of Shares Vested</u>

<br> Vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan (in the event of death, Disability or an Involuntary Termination at or following a Change in Control).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Grant of Restricted Stock Award**. <br> The Restricted Stock Award will be in the form of issued and outstanding shares of Stock. The shares of Restricted Stock may be evidenced in such manner as the Committee determines, including electronically and/or solely on the books and records maintained by the transfer agent. <br> If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the
 Restricted Stock. The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Terms and Conditions**. <br>

---

| | |
|:---|:---|
| 6.1 | The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters that require shareholder vote.<br>|

---

---

| | |
|:---|:---|
| 6.2 | Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be retained and distributed to the Participant after the Restricted Stock vests. If the Restricted Stock does not vest, the Participant will forfeit the dividends. Any stock dividends declared and paid with respect to shares of Stock subject to this Restricted Stock Award will be issued and be subject to the same restrictions and the same vesting schedule as the underlying share of Restricted Stock on which the dividend was declared. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Delivery of Shares**. <br> Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the
 applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Adjustment Provisions**. <br> This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in,
 and in accordance with the provisions of, Section 3.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Effect of Termination of Service on Restricted Stock Award**. This
 Restricted Stock Award will vest as follows upon a Termination of Service: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death**. In the event of the Participant's Termination of Service by reason of the Participant's death, any unvested shares of Restricted Stock subject to this Agreement will vest. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability**. In the event of the Participant's Termination of Service by reason of Disability, any unvested shares of Restricted Stock subject to this Agreement will vest. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Change in Control.** In the event of the Participant's Involuntary Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will vest.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause***.* In the event of the Participant's Termination of Service for Cause, all shares of Restricted Stock subject to this Agreement that have not vested will expire and be forfeited. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Other Termination***.* In the event of the Participant's Termination of Service for any reason other than due to death, Disability, Cause or an Involuntary Termination at or following a Change in Control, all shares of Restricted Stock subject to this Agreement that have not vested as of the date of the Termination of Service will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Miscellaneous**.

<br> 10.1 This Restricted Stock Award will not confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights, except as otherwise provided herein. <br>

<br> 10.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant. <br>

<br> 10.3 The shares of Restricted Stock subject to this Agreement are not transferable prior to the time the shares vest.<br>

<br> 10.4 This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New York. <br>

---

| | |
|:---|:---|
| 10.5 | This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.<br>|

---

<br> 10.6 This Restricted Stock Award is subject to any required federal, state and local tax withholding that may be effected in the manner determined by the Company. <br>

---

| | |
|:---|:---|
| 10.7 | Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the Participant's employment or service at any time, nor confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate.<br>|

---

<br> 10.8 This Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan. <br>

<br> 10.9 This Restricted Stock Award is subject to forfeiture in accordance with Section 7.17 of the Plan or as otherwise authorized by the Company.

#### <br> [Signature page follows]

------

IN WITNESS WHEREOF, the Company has caused this document to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set forth above.

#### CARVER BANCORP, INC.
By:______________________________

Its: ______________________________

#### PARTICIPANT'S ACCEPTANCE
The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

#### PARTICIPANT

#### <br>

#### _________________________________<br>

#### <br>

## Exhibit 10.5

**EXHIBIT 10.5**<br>

#### FORM OF

#### RESTRICTED STOCK UNIT AWARD AGREEMENT

Granted by

#### CARVER BANCORP, INC.

under the

#### 2024 EQUITY INCENTIVE PLAN

This Restricted Stock Unit Award Agreement ("**Restricted Stock Unit Award**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2024 Equity Incentive Plan (the "**Plan**") of Carver Bancorp, Inc. (the "**Company**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided or made available to each person granted a Restricted Stock Unit Award pursuant to the Plan. The holder of this Restricted Stock Unit Award (the "**Participant**") hereby accepts this Restricted Stock Unit Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (the "**Committee**") or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant:** _____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant :______________________** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of Restricted Stock Units covered by the Restricted Stock Unit Award:** _____________ <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Vesting Schedule**. Except
 as otherwise provided in the Plan and this Agreement, this Restricted Stock Unit Award first becomes earned in accordance with the vesting schedule specified herein.

<u>Date</u> <u>Number of Units Vested</u>

<br> Vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan (in the event of death, Disability or an Involuntary Termination at or following a Change in Control).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Grant and Settlement of Restricted Stock Unit Award**. <br> The Restricted Stock Unit Award will be denominated in shares of Stock, except that no shares of Stock are actually awarded to Participant on the date of grant. The Restricted Stock Units will be credited to the Participant's account, subject to the terms of the Plan and this Agreement. On or as soon as practicable after the vesting of
 any Restricted Stock Units, the Company shall deliver to the Participant either electronically through book-entry at the Company's transfer agent or physically one or more certificates representing whole shares of Stock (one share of
 Stock for each Restricted Stock Unit). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Voting and Dividend Equivalent Rights**. <br>

---

| | |
|:---|:---|
| 6.1 | The Participant will not have the right to vote the shares of Stock underlying this Award until the Restricted Stock Units become vested and are settled in Stock.<br>|

---

---

| | |
|:---|:---|
| 6.2 | Subject to the restrictions, limitations and conditions described in the Plan and/or this Agreement, Restricted Stock Units will earn dividend equivalent rights during the vesting period at the rate of dividends per share paid by the Company on the Stock. Dividend equivalent rights will be accrued but not paid until the Restricted Stock Units are earned, vested and issued. Dividend equivalent rights will be forfeited if the Restricted Stock Units are forfeited. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Delivery of Shares**. <br> Delivery of shares of Stock under this Restricted Stock Unit Award will comply with all applicable laws (including, the requirements of the Securities Act), and the
 applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Code Section 409A.** The Restricted Stock Unit Award and payments
 made pursuant to this Agreement and the Plan are intended to satisfy the "short-term deferral" rule set forth in Code Section 409A and the regulations of the United States Treasury Department issued thereunder ()"**Treasury Regulations** "). Notwithstanding any other provision in this Agreement or the Plan, the Company, to the extent it deems necessary or advisable in its sole
 discretion, reserves the right, but shall not be required, to unilaterally amend or modify this Agreement so that the Restricted Stock Units granted to the Participant qualify for exemption from or comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Adjustment Provisions**. <br> This Restricted Stock Unit Award, including the number of shares subject to the Restricted Stock Unit Award, will be adjusted upon the
 occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Effect of Termination of Service on Restricted Stock Unit Award**. 
 This Restricted Stock Unit Award will vest as follows upon a Termination of Service: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death**. In the event of the Participant's Termination of Service by reason of the Participant's death, any unvested Restricted Stock Units subject to this Agreement will vest. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability**. In the event of the Participant's Termination of Service by reason of Disability, any unvested Restricted Stock Units subject to this Agreement will vest.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Change in Control.** In the event of the Participant's Involuntary Termination of Service at or following a Change in Control, any unvested Restricted Stock Units subject to this Agreement will vest. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause***.* In the event of the Participant's Termination of Service for Cause, all Restricted Stock Units subject to this Agreement that have not vested will expire and be forfeited. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Other Termination***.* In the event of the Participant's Termination of Service for any reason other than due to death, Disability, Cause or an Involuntary Termination at or following a Change in Control, all Restricted Stock Units subject to this Agreement that have not vested as of the date of the Termination of Service will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Miscellaneous**.

<br> 11.1 This Restricted Stock Unit Award will not confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights, except as otherwise provided herein. <br>

<br> 11.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.<br>

<br> 11.3 The Restricted Stock Units subject to this Agreement are not transferable until the expiration of the Restriction Period. <br>

<br> 11.4 This Restricted Stock Unit Award will be governed by and construed in accordance with the laws of the State of New York. <br>

---

| | |
|:---|:---|
| 11.5 | This Restricted Stock Unit Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.<br>|

---

<br> 11.6 This Restricted Stock Unit Award is subject to any required federal, state and local tax withholding that may be effected in the manner determined by the Company. <br>

---

| | |
|:---|:---|
| 11.7 | Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the Participant's employment or service at any time, nor confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate.<br>|

---

<br> 11.8 This Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan. <br>

<br> 11.9 This Restricted Stock Unit Award is subject to forfeiture in accordance with Section 7.17 of the Plan or as otherwise authorized by the Company.

#### [Signature page follows]

------

IN WITNESS WHEREOF, the Company has caused this document to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Unit Award set forth above.

#### CARVER BANCORP, INC.
By:_____________________

Its: _____________________

#### PARTICIPANT'S ACCEPTANCE
The undersigned hereby accepts the foregoing Restricted Stock Unit Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

#### PARTICIPANT

__________________________<br>

## Exhibit 23.2

**EXHIBIT 23.2**<br>

<u>Consent of Independent Registered Public Accounting Firm</u><br>

We hereby consent to the incorporation by reference in this Registration Statement of our report dated June 24, 2025, relating to the consolidated financial statements of Carver Bancorp, Inc. (the Company) appearing in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

/s/ BDO, USA, P.C.<br>

New York, New York

August 1, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CARVER BANCORP INC**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common stock, $0.01 par value per share | Other | 350000 | $2.04 | $714000.00 | 0.0001531 | $109.31 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $714000.00  |  | $109.31  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $109.31  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (a) Together with an indeterminate number of additional shares that may be necessary to adjust the number of shares reserved for issuance pursuant to the Carver Bancorp, Inc. 2024 Equity Incentive Plan (the "Equity Plan") as a result of a stock split, stock dividend or similar adjustment of the outstanding common stock of Carver Bancorp, Inc. (the "Company") pursuant to 17 C.F.R. Section 230.416(a) under the Securities Act of 1933, as amended (the "Securities Act"). (b) Estimated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and (h) under the Securities Act to be equal to $2.04 per share, the average of the high and low prices of the Company's common stock as reported on the NASDAQ Stock Market LLC on August 1, 2025. (c) Represents the number of shares of common stock reserved for issuance under the Equity Plan for any grants of stock options, restricted stock and restricted stock units.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---