Document:

Exhibit 10.8 -- Executive Retirement Plan

 Exhibit 10.8 
  
 EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN 
  
 EXECUTIVE AGREEMENT 
  
 THIS AGREEMENT is made and entered into this          day of
                , 2002, by and between Bay-Vanguard Federal Savings Bank, a bank organized and existing under the laws of the State of Maryland
(hereinafter referred to as the “Bank”), and                         , an Executive of the Bank
(hereinafter referred to as the “Executive”). 
  
 WHEREAS, the Executive is now in the employ of the Bank and has for many years faithfully served the Bank. It is the consensus of the Board of Directors (hereinafter referred to as the “Board”) that the Executive’s
services have been of exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board further believes that the Executive’s experience, knowledge
of corporate affairs, reputation and industry contacts are of such value, and the Executive’s continued services so essential to the Bank’s future growth and profits, that it would suffer severe financial loss should the Executive
terminate their services; 
  
 ACCORDINGLY, the Board has
adopted the Bay-Vanguard Federal Savings Bank Executive Supplemental Retirement Plan (hereinafter referred to as the “Executive Plan”) and it is the desire of the Bank and the Executive to enter into this Agreement under which the Bank
will agree to make certain payments to the Executive upon the Executive’s retirement or to the Executive’s beneficiary(ies) in the event of the Executive’s death pursuant to the Executive Plan; 
  
 FURTHERMORE, it is the intent of the parties hereto that this
Executive Plan be considered an unfunded arrangement maintained primarily to provide supplemental retirement benefits for the Executive, and be considered a non-qualified benefit plan for purposes of the Employee Retirement Security Act of 1974, as
amended (“ERISA”). The Executive is fully advised of the Bank’s financial status and has had substantial input in the design and operation of this benefit plan; and 
  
 NOW THEREFORE, in consideration of services the Executive has performed in the past and those to be performed in the
future, and based upon the mutual promises and covenants herein contained, the Bank and the Executive agree as follows: 
  

	I.	DEFINITIONS 

  

	 	A.	Effective Date: 

  
 The Effective Date of the Executive Plan shall be
                        , 2002. 
  

	 	B.	Plan Year: 

  
 Any reference to the “Plan Year” shall mean a calendar year from January 1st to December 31st. In the year of implementation, the term
“Plan Year” shall mean the period from the Effective Date to December 31st of the year of the Effective Date. 
  

	 	C.	Retirement Date: 

  
 Retirement Date shall mean retirement from service with the Bank which becomes effective on the first day of the calendar month following the month in
which the Executive reaches age sixty-five (65) or such later date as the Executive may actually retire. 
  

	 	D.	Termination of Service: 

  
 Termination of Service shall mean the Executive’s voluntary resignation of service by the Executive or the Bank’s discharge of the Executive
without cause, prior to the Normal Retirement Age (Subparagraph I [J]). 
  

	 	E.	Pre-Retirement Account: 

  
 A Pre-Retirement Account shall be established as a liability reserve account on the books of the Bank for the benefit of the Executive. Prior to the
Executive’s Retirement Date (Subparagraph I [C]), such liability reserve account shall be increased or decreased each Plan Year, until the aforestated event occurs, by the Index Retirement Benefit (Subparagraph I [F]). 
  

	 	F.	Index Retirement Benefit: 

  
 The Index Retirement Benefit for each Executive in the Executive Plan for each Plan Year shall be equal to the excess (if any) of the Index (Subparagraph
I [G]) for that Plan Year over the Cost of Funds Expenses (Subparagraph I [H]) for that Plan Year, divided by a factor equal to 1.00 minus the marginal tax rate. 
  

 2 

	 	G.	Index: 

  
 The Index for any Plan Year shall be the aggregate annual after-tax income from the life insurance contract(s) described hereinafter as defined by FASB
Technical Bulletin 85-4. This Index shall be applied as if such insurance contract(s) were purchased on the Effective Date of the Executive Plan. 
  

			
	 Insurance Company:
	  	Jefferson Pilot Life Insurance Company
	 Policy Form:
	  	Flexible Premium Adjustable Life
	 Policy Name:
	  	ESP 100
	 Insured’s Age and Sex:
	  	 
	 Riders:
	  	None
	 Ratings:
	  	None
	 Option:
	  	Level
	 Face Amount:
	  	$
	 Premiums Paid:
	  	$
	 Number of Premium Payments:
	  	Single
	 Assumed Purchase Date:
	  	 
		
	 Insurance Company:
	  	Jefferson Pilot Life Insurance Company
	 Policy Form:
	  	Flexible Premium Adjustable Life
	 Policy Name:
	  	ESP 100
	 Insured’s Age and Sex:
	  	 
	 Riders:
	  	None
	 Ratings:
	  	None
	 Option:
	  	Level
	 Face Amount:
	  	$
	 Premiums Paid:
	  	$
	 Number of Premium Payments:
	  	Single
	 Assumed Purchase Date:
	  	 
		
	 Insurance Company:
	  	Jefferson Pilot Financial Insurance Company
	 Policy Form:
	  	Flexible Premium Adjustable Life
	 Policy Name:
	  	ESP 100
	 Insured’s Age and Sex:
	  	 
	 Riders:
	  	None
	 Ratings:
	  	None
	 Option:
	  	Level
	 Face Amount:
	  	$
	 Premiums Paid:
	  	$
	 Number of Premium Payments:
	  	Single
	 Assumed Purchase Date:
	  	 

  
 If such contracts of
life insurance are actually purchased by the Bank, then the actual policies as of the dates they were actually purchased shall be used in calculations under this Executive Plan. If such contracts of life insurance are not purchased or are
subsequently surrendered or lapsed, then the Bank shall receive annual policy illustrations that assume the above-described policies were purchased or had not subsequently surrendered or lapsed. Said illustration shall be 

  

 3 

 
received from the respective insurance companies and will indicate the increase in policy values for purposes of calculating the amount of the Index.

  
 In either case, references to the life insurance contracts
are merely for purposes of calculating a benefit. The Bank has no obligation to purchase such life insurance and, if purchased, the Executive and the Executive’s beneficiary(ies) shall have no ownership interest in such policy and shall always
have no greater interest in the benefits under this Executive Plan than that of an unsecured creditor of the Bank. 
  

	 	H.	Cost of Funds Expense: 

  
 The Cost of Funds Expense for any Plan Year shall be calculated by taking the sum of the amount of premiums for the life insurance policies described in
the definition of “Index” plus the amount of any after-tax benefits paid to the Executive pursuant to the Executive Plan (Paragraph II hereinafter) plus the amount of all previous years after-tax Costs of Funds Expense, and multiplying
that sum by the Average After-Tax Cost of Funds [Subparagraph I (K)]. 
  

	 	I.	Mutual to Stock Conversion or a Change of Control: 

  
 Mutual to Stock Conversion shall mean any of the following: (i) the conversion of the Bank from a mutual savings bank to an entity that issues stock and
is owned by its shareholders, (ii) the Bank merging with another mutual savings bank; or, (iii) the Bank merging with a mutual holding company. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement.

  

	 	J.	Normal Retirement Age: 

  
 Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65). 
  

	 	K.	Average After-Tax Cost of Funds: 

  
 The Average After-Tax Cost of Funds means, at any particular time, a ratio, the numerator of which is the total interest expense as set forth on Schedule
RI-Income Statement of the Bank’s most recently filed Consolidated Report of Condition and Income (the “Thrift Financial Report”) and the denominator of which is an amount equal to: (i) the amount of deposits in domestic offices (sum
of total of columns A and C from Schedule RC-E of the Thrift Financial Report), plus (ii) the amount of Federal funds purchased and securities sold under 

  

 4 

	 	 
agreements to repurchase, as set forth on Schedule RC-Balance Sheet of the Thrift Financial Report. In the event that the Thrift Financial Report is
discontinued or is changed in any way that it is no longer a valid method for determining Average After-Tax Cost of Funds, the method for determining Average After-Tax Cost of Funds may be changed at the sole discretion of the Bank.

  

	 	L.	Early Retirement Date: 

  
 Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive
has attained age sixty (60). 
  

	II.	INDEX BENEFITS 

  

	 	A.	Retirement Benefits: 

  
 Subject to Subparagraph II (D) hereinafter, an Executive who remains in the employ of the Bank until the Normal Retirement Age (Subparagraph I [J]) shall
be entitled to receive the balance in the Pre-Retirement Account in one hundred eighty (180) equal monthly installments commencing thirty (30) days following the Executive’s retirement. In addition to these payments and commencing in
conjunction therewith, the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year subsequent to the Executive’s retirement, and including the remaining portion of the Plan Year following said retirement, shall be paid to the Executive
until the Executive’s death. 
  

	 	B.	Termination of Service: 

  
 Subject to Subparagraph II (D), should an Executive suffer a Termination of Service the Executive shall be entitled to receive the balance in the
Pre-Retirement Account payable to the Executive in one hundred eighty (180) equal monthly installments commencing thirty (30) days following the Executive’s Normal Retirement Age (Subparagraph I [J]). In addition to these payments and
commencing in conjunction therewith, the Index Retirement Benefit for each Plan Year subsequent to the year in which the Executive attains Normal Retirement Age, and including the remaining portion of the Plan Year in which the Executive attains
Normal Retirement Age, shall be paid to the Executive until the Executive’s death. 
  

 5 

	 	C.	Death: 

  
 Should the Executive die while there is a balance in the Executive’s Pre-Retirement Account (Subparagraph I [E]), said unpaid balance of the
Executive’s Pre-Retirement Account shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, the unpaid balance
shall be paid as set forth herein to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. 
  

	 	D.	Discharge for Cause: 

  
 Should the Executive be Discharged for Cause at any time, all benefits under this Executive Plan shall be forfeited. The term “for cause” shall
mean: (i) the conviction of a felony involving fraud; or (ii) a breach of fiduciary duty involving personal profit. If a dispute arises as to discharge “for cause,” such dispute shall be resolved by arbitration as set forth in this
Executive Plan. 
  

	 	E.	Death Benefit: 

  
 Except as set forth above, there is no death benefit provided under this Agreement. 
  

	 	F.	Disability Benefit: 

  
 In the event the Executive becomes disabled prior to any Termination of Service, and the Executive’s employment is terminated because of such
disability, he shall immediately begin receiving the benefits in Subparagraph II (A) above. Such benefit shall begin without regard to the Executive’s Normal Retirement Age and the Executive shall be one hundred percent (100%) vested in the
entire benefit amount. If there is a dispute regarding whether the Executive is disabled, such dispute shall be resolved by a physician selected by the Bank and such resolution shall be binding upon all parties to this Agreement. 
  

	 	G.	Early Retirement: 

  
 Subject to Subparagraph II (D), should the Executive elect Early Retirement or be discharged without cause by the Bank subsequent to the Early Retirement
Date [Subparagraph I (L)], the Executive shall be entitled to receive the balance in the Pre-Retirement Account paid in one hundred eighty (180) equal annual installments commencing thirty (30) days following the Executive’s Early 

  

 6 

	 	 
Retirement Date [Subparagraph I (L)]. In addition to these payments and commencing in conjunction therewith, the Index Retirement Benefit for each Plan Year
subsequent to the year in which the Executive retires early, and including the remaining portion of the plan Year in which the Executive retires early, shall be paid to the Executive until the Executive’s death. 

  

	III.	RESTRICTIONS UPON FUNDING 

  
 The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Executive Plan. The
Executive, their beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation. 
  
 The Bank reserves the absolute right, at its sole discretion, to either fund
the obligations undertaken by this Executive Plan or to refrain from funding the same and to determine the extent, nature and method of such funding. Should the Bank elect to fund this Executive Plan, in whole or in part, through the purchase of
life insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall any Executive be deemed to have any lien nor
right, title or interest in or to any specific funding investment or to any assets of the Bank. 
  
 If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the Executive, then the Executive shall assist the Bank by
freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities. 
  

	IV.	MUTUAL TO STOCK CONVERSION OR CHANGE OF CONTROL 

  
 Upon a Mutual to Stock Conversion or a Change of Control (as defined in Subparagraph I (I) herein), if the Executive’s employment is subsequently
terminated, except for cause, then the Executive shall receive the benefits promised in this Agreement immediately or, upon attaining Early Retirement Age, whichever event shall last occur, as if the Executive had been continuously employed by the
Bank until Normal Retirement Age. The Executive will also remain eligible for all promised death benefits in this Agreement. In addition, no sale, merger, consolidation or conversion of the Bank shall take place unless the new or surviving entity
expressly acknowledges the obligations under this Agreement and agrees to abide by its terms. 
  

 7 

	V.	MISCELLANEOUS 

  

	 	A.	Alienability and Assignment Prohibition: 

  
 Neither the Executive, nor the Executive’s surviving spouse, nor any other beneficiary(ies) under this Executive Plan shall have any power or right
to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or
separate maintenance owed by the Executive or the Executive’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Executive or any beneficiary attempts assignment,
commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate. 
  

	 	B.	Binding Obligation of the Bank and any Successor in Interest: 

  
 The Bank shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank,
firm or person expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank under this Executive Plan. This Executive Plan shall be binding upon the parties hereto, their successors, beneficiaries, heirs and personal
representatives. 
  

	 	C.	Amendment or Revocation: 

  
 It is agreed by and between the parties hereto that, during the lifetime of the Executive, this Executive Plan may be amended or revoked at any time or
times, in whole or in part, by the mutual written consent of the Executive and the Bank. 
  

	 	D.	Gender: 

  
 Whenever in this Executive Plan words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter
gender, whenever they should so apply. 
  

	 	E.	Effect on Other Bank Benefit Plans: 

  
 Nothing contained in this Executive Plan shall affect the right of the Executive to participate in or be covered by any qualified or non-qualified
pension, profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan constituting a part of the Bank’s existing or future compensation structure. 
  

	 	F.	Headings: 

  
 Headings and subheadings in this Executive Plan are inserted for reference and convenience only and shall not be deemed a part of this Executive Plan.

  

 8 

	 	G.	Applicable Law: 

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

	 	H.	12 U.S.C. § 1828(k): 

  
 Any payments made to the Executive pursuant to this Executive Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
§ 1828(k) or any regulations promulgated thereunder. 
  

	 	I.	Partial Invalidity: 

  
 If any term, provision, covenant, or condition of this Executive Plan is determined by an arbitrator or a court, as the case may be, to be invalid, void,
or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Executive Plan shall remain in full force and effect notwithstanding such partial invalidity.

  

	 	J.	Employment: 

  
 No provision of this Executive Plan shall be deemed to restrict or limit any existing or future employment agreement by and between the Bank and the
Executive, nor shall any conditions herein create specific employment rights to the Executive nor limit the right of the Employer to discharge the Executive with or without cause. In a similar fashion, no provision shall limit the Executive’s
rights to voluntarily sever the Executive’s employment at any time. 
  

	VI.	ERISA PROVISION 

  

	 	A.	Named Fiduciary and Plan Administrator: 

  
 The “Named Fiduciary and Plan Administrator” of this Executive Plan shall be Bay-Vanguard Federal Savings Bank until its resignation or removal
by the Board. As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control and administration of the Executive Plan. The Named Fiduciary may delegate to others certain aspects of the management and operation
responsibilities of the Executive Plan including the employment of advisors and the delegation of ministerial duties to qualified individuals. 
  

 9 

	 	B.	Claims Procedure and Arbitration: 

  
 In the event a dispute arises over benefits under this Executive Plan and benefits are not paid to the Executive (or to the Executive’s
beneficiary(ies) in the case of the Executive’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Named Fiduciary and Plan Administrator named above within sixty (60) days from
the date payments are refused. The Named Fiduciary and Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, they shall provide in writing within sixty (60) days of receipt of such claim the specific
reasons for such denial, reference to the provisions of this Executive Plan upon which the denial is based and any additional material or information necessary to perfect the claim. Such written notice shall further indicate the additional steps to
be taken by claimants if a further review of the claim denial is desired. A claim shall be deemed denied if the Named Fiduciary and Plan Administrator fail to take any action within the aforesaid sixty-day period. 
  
 If claimants desire a second review they shall notify the Named Fiduciary
and Plan Administrator in writing within sixty (60) days of the first claim denial. Claimants may review this Executive Plan or any documents relating thereto and submit any written issues and comments it may feel appropriate. In their sole
discretion, the Named Fiduciary and Plan Administrator shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and
shall include reference to specific provisions of the Plan Agreement upon which the decision is based. 
  
 If claimants continue to dispute the benefit denial based upon completed performance of this Executive Plan or the meaning and effect of the terms and
conditions thereof, then claimants may submit the dispute to an arbitrator for final arbitration. The arbitrator shall be selected by mutual agreement of the Bank and the claimants. The arbitrator shall operate under any generally recognized set of
arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination.

  
 Where a dispute arises as to the Bank’s discharge of the
Executive “for cause,” such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder. 
  

 10 

	VII.	TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS 

  
 The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will
continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Executive Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change of
Control (Subparagraph I[I]), this paragraph shall become null and void effective immediately upon said Change of Control. 
  
 IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof on the first day set forth
hereinabove, and that, upon execution, each has received a conforming copy. 
  

											
	 	 	 	 	 	 	 BAY-VANGUARD FEDERAL
 SAVINGS
BANK
 Baltimore, Maryland

					
	 	 	 	 	 	 	 By:
	 	 
	 Witness
	 	 	 	 	 	 	 	Title
					
	 	 	 	 	 	 	 	 	 
	 Witness
	 	 	 	 	 	 	 	 

  

 11 

 BENEFICIARY DESIGNATION FORM 
 FOR THE EXECUTIVE SUPPLEMENTAL RETIREMENT 
 PLAN AGREEMENT 
  

	I.	PRIMARY DESIGNATION 

 (You may refer to
the beneficiary designation information prior to completion.) 
  

	 	A.	Person(s) as a Primary Designation: 

 (Please
indicate the percentage for each beneficiary.) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  

	 	B.	Estate as a Primary Designation: 

  
 My Primary Beneficiary is The Estate of
                                        
                                        
                                        
             as set forth in the last will and testament dated the              day of
             and any codicils thereto. 
  

	 	C.	Trust as a Primary Designation: 

  
 Name of the Trust:
                                        
                                        
                                        
         
 Execution Date of the Trust:
        /        /         
 Name of the Trustee:
                                        
                                        
                                        

 Beneficiary(ies) of the Trust (please indicate the percentage for each beneficiary): 
 ________________________________________________________________________________ 
  
 ________________________________________________________________________________ 
  
 Is this an Irrevocable Life Insurance Trust?  ̈ Yes  ̈ No 
 (If yes and this designation is for a Split Dollar agreement, an Assignment of Rights form should be completed.) 
  

	II.	SECONDARY (CONTINGENT) DESIGNATION 

  

	 	A.	Person(s) as a Secondary (Contingent) Designation: 

 (Please indicate the percentage for each Beneficiary.) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  
 Name                                      
                                      
Relationship                                      
                                  
/                    % 
  
 Address:                                     
                                        
                                        
                                        
                                
                             (Street)         
                                        
    (City)                                    
(State)                              (Zip) 
  

	 	B.	Estate as a Secondary (Contingent) Designation: 

  
 My Secondary Beneficiary is The Estate of
                                        
                                        
                                        
                 as set forth in my last will and testament dated the          day of
             and any codicils thereto. 
  

	 	C.	Trust as a Secondary (Contingent) Designation: 

  
 Name of the Trust:
                                        
                                        
                                        
         
 Execution Date of the Trust:
        /        /         
 Name of the Trustee:
                                        
                                        
                                        

  
 Beneficiary(ies) of the Trust (please indicate the percentage
for each beneficiary): 
 ________________________________________________________________________________ 
  
 ________________________________________________________________________________ 
  
 All sums payable under the Executive Supplemental Retirement Plan Agreement by reason of my death shall be paid to the Primary Beneficiary(ies), if he or she survives me, and if no Primary Beneficiary(ies) shall
survive me, then to the Secondary (Contingent) Beneficiary(ies). This beneficiary designation is valid until the participant notifies the bank in writing. 
  

													
							
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 Date

  

 RESOLUTION OF THE BOARD OF DIRECTORS OF 
 BAY-VANGUARD FEDERAL SAVINGS BANK 
  
 WHEREAS, the Board of Directors of Bay-Vanguard Federal Savings Bank (the “Bank”) maintains the Executive Supplemental Retirement Plan for Mr. Leonard and Ms. Mroz (the “Executive Plan”),
the Director Supplemental Retirement Plan for Bank directors (“Director Plan”) and the Life Insurance Endorsement Method Split Dollar Plan for certain employees of the Bank (“Split Dollar Agreements”) for the purpose of providing
payments upon retirement or death subject to the terms of the plans and agreements; and 
  
 WHEREAS, the Board of Directors of the Bank wishes to amend the Executive Plan, the Director Plan and the Split Dollar Agreements to revise the definition of a change in control. 
  
 NOW, THEREFORE, BE IT RESOLVED, that the Executive Plan shall be, and
hereby is, amended as follows: 
  
 First Change 

 
 Effective September 14, 2004, Article I, Section (I) of the Executive
Plan shall be deleted in its entirety and replace with the following new Article I, Section (I): 
  

	I.	“Change in Control” 

  
 For purposes of this Plan a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision (“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in
control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its judgment for that of the OTS); or 
  
 (ii) at such time as any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting
securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of the Bank; 
  
 (iii) at such time as individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority thereof, provided that any person becoming a 

 director subsequent to the date hereof whose election was approved by a vote of at least three-quarters
of the directors constituting the Incumbent Board (or members who were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely composed of members which are
Incumbent Board members (or members nominated by the Incumbent Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 
  
 (iv) at such time as a reorganization, merger, consolidation, or similar transaction occurs or is effectuated as a result of
which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or otherwise transferred to another corporation or
other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination
of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 
  
 Second Change 
  
 Effective September 14, 2004, the header in Section IV and the first sentence in Section IV of the Executive Plan shall be amended to delete the reference to a Mutual to Stock Conversion. 
  
 BE IT FURTHER RESOLVED, that Director Plan shall be, and hereby is,
amended as follows: 
  
 First Change 
  
 Effective September 14, 2004, Article I, Section (I) of the Director Plan
shall be deleted in its entirety and replace with the following new Article I, Section (I): 
  

	I.	“Change in Control” 

  
 For purposes of this Plan a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit 

 Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision
(“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its
judgment for that of the OTS); or 
  
 (ii) at such time as any
“person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of
the Bank; 
  
 (iii) at such time as individuals who constitute
the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a
vote of at least three-quarters of the directors constituting the Incumbent Board (or members who were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely
composed of members which are Incumbent Board members (or members nominated by the Incumbent Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 
  
 (iv) at such time as a reorganization, merger, consolidation, or similar
transaction occurs or is effectuated as a result of which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or
otherwise transferred to another corporation or other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 

 Second Change 
  
 Effective September 14, 2004, the header in Section IV and the first sentence in Section IV of the Executive Plan shall be
amended to delete the reference to a Mutual to Stock Conversion. 
  
 BE IT
FURTHER RESOLVED, that the Split Dollar Agreements shall be amended as follows: 
  
 First Change 
  
 Effective
September 14, 2004, Article XV of the Split Dollar Agreements shall be deleted in its entirety and replace with the following new Article XV: 
  
 XV. CHANGE IN CONTROL 
  
 For purposes of this Agreement a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision (“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in
control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its judgment for that of the OTS); or 
  
 (ii) at such time as any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting
securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of the Bank; 
  
 (iii) at such time as individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors constituting the Incumbent Board (or members who
were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely composed of members which are Incumbent Board members (or members nominated by the Incumbent
Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 

 (iv) at such time as a reorganization, merger, consolidation, or similar transaction occurs or is
effectuated as a result of which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or
otherwise transferred to another corporation or other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Agreement to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Agreement. Upon a Change in Control, if the Insured’s
employment is subsequently terminated, except for cause, then the Insured shall be 100% vested in the benefits promised under this Agreement.” 
  
 SECRETARY’S CERTIFICATE 
  
 The undersigned hereby certifies that he is the Secretary of Bay-Vanguard Federal Savings Bank; that the foregoing is a true and correct copy of
resolutions adopted at a meeting of the Board of Directors of the Savings Bank held on September 14, 2004, at which meeting a quorum was at all times present and acting; and that said resolutions are in full force and effect. 
  

			
	 Dated: September 14, 2004
	 	 /s/ Robert R. Kern, Jr.

	 	 	Robert R. Kern, Jr.
	 	 	SecretaryExhibit 10.9 -- Supplemental Executive Retirement Plan

 Exhibit 10.9 
  
 FORM OF 
  
 BAY-VANGUARD FEDERAL SAVINGS BANK 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  

 Form of 
 Bay-Vanguard Federal Savings Bank 
 Supplemental Executive Retirement Plan 
  
 Table of Contents 
  

			
	 Article I – Introduction
	  	1
		
	 Article II – Definitions
	  	2
		
	 Article III – Eligibility and Participation
	  	5
		
	 Article IV – Benefits
	  	6
		
	 Article V – Accounts
	  	8
		
	 Article VI – Supplemental Benefit Payments
	  	9
		
	 Article VII – Claims Procedures
	  	10
		
	 Article VIII – Amendment and Termination
	  	12
		
	 Article IX – General Provisions
	  	13

  

 Article I 
 Introduction 
  
 Section 1.01
Purpose, Design and Intent. 
  

	(a)	The purpose of the Bay-Vanguard Federal Savings Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Bay-Vanguard Federal Savings Bank (the
“Bank”) and its affiliates in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental
retirement benefits to such employees. 

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income Security Act of 1974,
as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Bank but for the applicable
limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

  

 1 

 Article II 
 Definitions 
  
 Section 2.01
Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,”
shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings: 
  
 (a) “Affiliate” means any corporation, trade or business, which, at
the time of reference, is together with the Bank, a member of a controlled group of corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as described in Sections 414(b),
414(c), and 414(m) of the Code, respectively, or any other organization treated as a single employer with the Bank under Section 414(o) of the Code. 
  
 (b) “Applicable Limitations” means one or more of the following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits under
tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

  
 (c) “Bank” means Bay-Vanguard Federal
Savings Bank, and its successors. 
  
 (d) “Board of Directors”
means the Board of Directors of the Bank. 
  
 (e) “Change in
Control” means the earliest occurrence of one 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 

  

 2 

 
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 its assets. 
  
 Notwithstanding anything in this Agreement to the contrary, in no event
shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for
purposes of this Agreement. 
  
 (f) “Code” means the
Internal Revenue Code of 1986, as amended. 
  
 (g)
“Committee” means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan. 
  
 (h) “Common Stock” means the common stock of the Company. 
  

(i) “Company” means BV Financial, Inc. and its successors. 
  
 (j) “Eligible Individual” means any Employee who participates in the ESOP or the 401(k) Plan, as the case may be,
and whom the Board of Directors determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
  
 (k) “Employee” means any person employed by the Bank or an Affiliate.

  
 (l) “Employer” means the Bank or Affiliate thereof
that employs the Employee. 
  
 (m) “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended. 
  
 (n)
“ESOP” means the Bay-Vanguard Federal Savings Bank Employee Stock Ownership Plan, as amended from time to time. 
  
 (o) “ESOP Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with the purchase of
Common Stock on behalf of the ESOP. 
  

 3 

 (p) “ESOP Valuation Date” means any day as of which the investment experience of the trust fund
of the ESOP is determined and individuals’ accounts under the ESOP are adjusted accordingly. 
  
 (q) “Effective Date” means January 1, 2004. 
  
 (r) “Participant” means an Eligible Employee who is entitled to benefits under the Plan. 
  
 (s) “Plan” means this Bay-Vanguard Federal Savings Bank Supplemental Executive Retirement Plan. 
  
 (t) “401(k) Plan” means the Bay-Vanguard Federal Savings Bank 401(k)
Profit Sharing Plan, as amended from time to time. 
  
 (u)
“Supplemental ESOP Account” means an account established by an Employer, pursuant to Section 5.01 of the Plan, with respect to a Participant’s Supplemental ESOP Benefit. 
  
 (v) “Supplemental ESOP Benefit” means the benefit credited to a
Participant pursuant to Section 4.01 of the Plan. 
  
 (w) “Supplemental
Savings Benefit” means the benefit credited to a Participant pursuant to Section 4.03 of the Plan. 
  
 (x) “Supplemental Savings Account” means an account established by an Employer, pursuant to Section 5.03 of the Plan, with respect to a
Participant’s Supplemental Savings Benefit. 
  
 (y) “Supplemental
Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant’s Supplemental Stock Ownership Benefit. 
  
 (z) “Supplemental Stock Ownership Benefit” means the benefit credited
to a Participant pursuant to Section 4.02 of the Plan. 
  

 4 

 Article III 
 Eligibility and Participation 
  
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible
Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation
at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

  

 5 

 Article IV 
 Benefits 
  
 Section 4.01
Supplemental ESOP Benefit. 
  
 As of the last day of each plan year of
the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP Benefit equal to the excess of (a) over (b), where: 
  

	(a)	Equals the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations; and 

  

	(b)	Equals the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations.

  
 Section 4.02 Supplemental Stock Ownership Benefit.

  

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less (ii), the
result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

  

 6 

	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of (i) and (ii) by (iii),
where: 

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

  
 Section 4.03 Supplemental Savings Benefit. 
  
 A Participant’s Supplemental Savings Benefit under the Plan shall be equal to the excess of (a) over (b), where: 
  

	(a)	is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the 401(k) Plan for a
particular year, if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 

  

	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the 401(k) Plan
for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

  

 7 

 Article V 
 Accounts 
  
 Section 5.01
Supplemental ESOP Benefit Account. 
  
 For each Participant who is
credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year, the Committee shall credit to the Participant’s Supplemental ESOP Account
the amount of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise
been made to the Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s
Supplemental ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.02 Supplemental Stock Ownership Account. 
  
 The Employer shall establish, as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the
Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The Committee shall credit the account with an amount equal to the appropriate number of shares
of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions
credited to a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.03 Supplemental Savings Account. 
  
 The Employer shall establish a memorandum account, the “Supplemental Savings
Account” for each Participant on its books, and each year the Committee will credit the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be
credited monthly with interest at a rate equal to the combined weighted return provided to the Participant’s account(s) under the 401(k) Plan. 
  

 8 

 Article VI 
 Supplemental Benefit Payments 
  
 Section 6.01 Payment of Supplemental ESOP Benefit. 
  

	(a)	A Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form, time and
medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage as he has benefits allocated to him under
the ESOP at the time the benefits become distributable to him under the ESOP. 

  
 Section 6.02 Payment of Supplemental Stock Ownership Benefit. 
  

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form,
time and medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

  
 Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form and at the
same time as his benefits are paid under the 401(k) Plan. 

  

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to his matching contributions under the 401(k)
Plan at the time the benefits become distributable to him under the 401(k) Plan. 

  
 Section 6.04 Alternative Payment of Benefits. 
  
 Notwithstanding the other provisions of this Article VI, a Participant may, with prior written consent of the Committee and upon such terms and conditions as the Committee may impose, request that the Supplemental
ESOP Benefit and/or the Supplemental Stock Ownership Benefit and/or the Supplemental Savings Benefit to which he is entitled be paid commencing at a different time, over a different period, in a different form, or to different persons, than the
benefit to which he or his beneficiary may be entitled under the ESOP or the 401(k) Plan. 
  

 9 

 Article VII 
 Claims Procedures 
  
 Section 7.01
Claims Reviewer. 
  
 For purposes of handling claims with respect to
this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates another person or group of persons as Claims Reviewer. 
  
 Section 7.02 Claims Procedure. 
  

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances require
the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before the expiration of the
initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the end of the initial 90-day
period. 

  

	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner
calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for the claimant to perfect
the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

  

	(d)	 Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the
claimant may have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant
receives written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the
claimant’s views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of such
60-day period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the
claim within 120 days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the form 

  

 10 

	 	 
of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim. 

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded
the claimant by this Article VII. 

  

 11 

 Article VIII 
 Amendment and Termination 
  
 Section
8.01 Amendment of the Plan. 
  
 The Bank may from time to time and at
any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become
entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal
or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently be ratified by the Board of Directors. 
  
 Section 8.02 Termination of the Plan. 
  
 The Bank may at any time terminate the Plan; provided, however, that such termination may not adversely affect the rights of any Participant
or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such termination without the consent of the Participant or beneficiary. Any amounts
credited to the supplemental accounts of any Participant shall remain subject to the provisions of the Plan and no distribution of benefits shall be accelerated because of termination of the Plan. 
  

 12 

 Article IX 
 General Provisions 
  
 Section 9.01
Unfunded, Unsecured Promise to Make Payments in the Future. 
  
 The
right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries,
shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of
ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any
benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s
beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
  
 Section 9.02 Committee as Plan Administrator. 
  

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 

  

	(b)	The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the duty and
responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative duties to employees of the Bank or an
Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by
the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the Committee shall be final and binding on all persons and parties concerned. 

  
 Section 9.03 Expenses. 
  
 Expenses of administration of the Plan shall be paid by the Bank or an Affiliate.

  
 Section 9.04 Statements. 
  
 The Committee shall furnish individual annual statements of accrued benefits to each
Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 
  

 13 

 Section 9.05 Rights of Participants and Beneficiaries. 
  

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be
entitled to hereunder. 

  

	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an Affiliate will be
sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank or an Affiliate and any Participant or other
individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of employment or service.

  
 Section 9.06 Incompetent Individuals. 

 
 The Committee may, from time to time, establish rules and procedures which it determines
to be necessary for the proper administration of the Plan and the benefits payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally
charged with that Participant’s or beneficiary’s care. Except as otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such
Participant’s or beneficiary’s benefits to such conservator, person legally charged with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such
Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the Bank or an Affiliate and the Plan for such Participant or beneficiary. 
  
 Section 9.07 Sale, Merger or Consolidation of the Bank. 
  
 The Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or
entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to Participant’s deferral accounts
shall be placed in a grantor trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to the provisions of Section 8.02
of the Plan. Any legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate of which the Participant is an Employee or, if
applicable, a member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
  

 14 

 Section 9.08 Location of Participants. 
  
 Each Participant shall keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries.
The Bank shall not be obligated to search for any person. If such person is not located within three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as
though the Participant or his beneficiary had died at the end of such three-year period. 
  
 Section 9.09 Liability of the Bank and its Affiliates. 
  
 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual acting as an employee or agent of the Bank shall be liable to any Participant, former Participant, beneficiary, or any other
person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Bank or any such employee or agent of the Bank. 
  
 Section 9.10 Governing Law. 
  
 All questions pertaining to the construction, validity and effect of the Plan shall be
determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the laws of the State of Maryland. 
  

 15 

 Having been adopted by its Board of Directors, this Plan is executed by its duly authorized officer this
             day of                     , 2004. 
  

									
	 	 	 	 	BAY-VANGUARD FEDERAL SAVINGS BANK
	 Attest:
	 	 	 	 
				
	  

	 	 	 	By:	 	  

	 Corporate Secretary
	 	 	 	 	 	 For the Entire Board of Directors

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]