Document:

FORM OF CHANGE IN CONTROL AGREEMENT

 Exhibit 10.4 
 FORM OF 
 WALDEN FEDERAL SAVINGS AND LOAN ASSOCIATION 
 CHANGE IN CONTROL AGREEMENT 
 This
AGREEMENT (“Agreement”) is hereby entered into as of                     , 2007, by and between WALDEN FEDERAL SAVINGS AND
LOAN ASSOCIATION (the “Bank”),                              (“Executive”), and
HOMETOWN BANCORP, INC. (the “Company”), the holding company of the Bank, as guarantor. 
 WHEREAS, the Company and
the Bank recognize the importance of Executive to their operations and wish to protect Executive’s position in the event of a change in control for the period provided for in this Agreement; and 
 WHEREAS, Executive and the Boards of Directors of the Company and the Bank desire to enter into an agreement setting forth the terms and
conditions of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
 1. Term of
Agreement. 
 a. The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of
this Agreement (the “Effective Date”) and ending on the date that is three (3) years after the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 1. Notwithstanding anything in
this Section 1 to the contrary, the term of the Agreement shall be fixed at one year as of the effective date of a Change in Control. 
 b. Commencing on the first anniversary of the Effective Date and continuing each anniversary date thereafter, the Board of Directors of the Bank (the “Board of Directors”) may extend the term of this Agreement for an additional
one (1) year period beyond the then effective expiration date, provided that Executive shall not have given at least sixty (60) days’ written notice of Executive’s desire that the term not be extended. 
 c. Notwithstanding anything in this Section 1 to the contrary, this Agreement shall terminate (i) if Executive or the Bank terminates
Executive’s employment prior to a Change in Control and (ii) on the first anniversary of the effective date of a Change in Control. 
 2.
Change in Control. 
 a. Upon the occurrence of a Change in Control (as defined in Section 2c.) followed at any time during
the remaining term of the Agreement by the termination of Executive’s employment in accordance with the terms of the Agreement, other than for Cause (as defined in Section 2d.), the provisions of Section 3 of the Agreement shall
apply. 
 b. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at
any time during the remaining term of the Agreement following the occurrence of an event constituting “Good Reason.” “Good Reason” means, unless Executive has consented in writing thereto, the occurrence following a Change in
Control of any of the following: 

	 	i.	A material reduction in Executive’s responsibilities or authority in connection with his employment with the Company or the Bank; 

  

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

  

	 	iii.	A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in Section 2c. of this Agreement, any reduction in
salary or material reduction in benefits below the amounts to which Executive was entitled prior to the Change in Control; 

  

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

  

	 	v.	A relocation of Executive’s principal business office by more than thirty-five (35) miles from its current location; or 

  

	 	vi.	Liquidation or dissolution of the Company or the Bank. 

 Notwithstanding the foregoing, if the Company or the Bank reduces or eliminates the Executive’s benefits under one or more plans as part of a good faith, overall reduction or elimination of such benefits or plans, in a manner that does
not discriminate against Executive (except as such discrimination may be necessary to comply with law), the Company’s or the Bank’s action shall not constitute Good Reason for termination or a material breach of this Agreement, provided
that benefits of the same type or to the same general extent are not subsequently made available to other officers of the Company and the Bank, or any company that controls either of them, under a plan or program in which Executive is not entitled
to participate. 
 c. For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the earliest of any of the
following events: 
  

	 	i.	Merger: The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, 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 or the Bank immediately before the merger or consolidation.

  

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

  

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	 	 iii.
	 Change in Board Composition: During any period of two consecutive years, individuals who constitute the
Company’s or the Bank’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 or the Bank’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 or the Bank 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. 
 d. Executive shall not have the right to receive termination benefits pursuant to Section 3 of this Agreement upon termination for Cause. Termination
for Cause shall mean termination of Executive’s employment because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed
to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board of Directors at a meeting of the Board of
Directors called and held for the purpose of finding (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board of Directors), that Executive engaged in conduct justifying termination for
Cause and specifying the particulars of such conduct in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. During the period beginning on the date of the Notice of
Termination for Cause pursuant to Section 4 of this Agreement through the Date of Termination, stock options granted to Executive under any stock option plan shall not be exercisable nor shall any unvested stock awards granted to Executive
under any stock benefit plan of the Bank, the Company or any subsidiary or affiliate thereof, vest. At the Date of Termination, such stock options and any such unvested stock awards shall become null and void and shall not be exercisable by or
delivered to Executive at any time following his termination for Cause. 
 3. Termination Benefits. 
 a. If, on or after the effective date of a Change in Control, Executive’s employment is voluntarily (in accordance with Section 2b.) or
involuntarily terminated (other than for Cause) during the remaining term of the Agreement, Executive shall receive: 
  

	 	i.	a lump sum cash payment equal to three times the Executive’s base salary as of the termination date. Such payment shall be made not later than ten (10) calendar days
following Executive’s termination of employment under this Section 3. 

  

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	 	ii.	Continued benefit coverage under all group medical, dental and life insurance plans in which Executive participated as of the date of the Change in Control (collectively, the
“Employee Benefit Plans”) for a period of thirty-six months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s termination of
employment. Solely for purposes of benefit continuation under the Employee Benefit Plans, Executive shall be deemed to be an active employee. To the extent that the Bank cannot provide any benefits required under this Section 3a. under the
terms of the Employee Benefit Plans, the Bank shall enter into alternative arrangements that will provide Executive with comparable benefits. 

 b. Notwithstanding any contrary provisions of this Section 3, in no event shall the aggregate payments or benefits to be made or afforded to Executive (the “Termination Benefits”) constitute an
“excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) or any successor thereto, and to avoid such a result, the Termination Benefits will be reduced, if necessary, to an
amount that is one dollar ($1.00) less than three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G of the Code. The Executive shall determine the allocation of the reduction among the
Termination Benefits. 
 4. Notice of Termination. 
 a. The Bank or Executive shall communicate any purported termination by means of a Notice of Termination to the other party(ies). For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment. 
 b. “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall not
be less than thirty (30) days from the date such Notice of Termination is given). 
 5. Source of Payments. 
 The Bank shall make in a timely manner all payments provided for under this Agreement in cash or check from its general funds. The Company, however,
unconditionally guarantees payment and the provision of all amounts and benefits due to Executive under this Agreement. If the Bank does not timely pay or provide such amounts and benefits, the Company shall pay or provide such amounts and benefits.

 6. Effect on Prior Agreements and Existing Benefit Plans. 
 This Agreement contains the entire understanding between the parties and supersedes any prior agreement between the Bank or the Company and Executive, except that this Agreement shall not effectively reduce any
benefit or compensation otherwise inuring to Executive. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in
this Agreement shall confer upon Executive the right to continue in the employ of the Bank or the Company or shall impose on the Bank or the Company any obligation to retain Executive as an employee for any period. 
  

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 7. No Attachment. 
 a. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to
execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to do so shall be null, void and of no effect. 
 b. This Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank, the Company and their respective successors and assigns.

 8. Modification and Waiver. 
 a.
This Agreement may be modified or amended only by means of a written instrument signed by the parties. 
 b. No term or condition of this
Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No written waiver shall be
deemed a continuing waiver unless specifically stated as such, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than
that specifically waived. 
 9. Severability. 
 If all or part of any provision of this Agreement is held invalid for any reason, such invalidity shall not affect the validity of any other provision or part of this Agreement, and all other provisions and parts of
this Agreement shall continue in full force and effect. 
 10. Headings for Reference Only. 
 The headings of sections and paragraphs in this Agreement are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. In addition, any references to the masculine shall apply to both the masculine and the feminine. 
 11. Governing Law. 
 Except to the extent preempted by federal law, the validity, interpretation, performance, and
enforcement of this Agreement shall be governed by the laws of New York, without regard to conflicts of law principles. 
 12. Arbitration.

 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted
before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered
on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement. 
  

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 13. Payment of Legal Fees. 
 All reasonable legal fees and expenses paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank or the Company, but only if
Executive is successful pursuant to a legal judgment, arbitration or settlement. 
 14. Indemnification. 
 The Company or the Bank shall provide Executive (and Executive’s heirs, executors and administrators) with coverage under a standard directors’
and officers’ liability insurance policy and shall indemnify Executive (and Executive’s heirs, executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred in
connection with or arising out of any action, suit or proceeding in which Executive may be involved by reason of his service as a director or officer of the Company or the Bank (whether or not Executive continues to serve as a director or officer at
the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs, attorneys’ fees and the costs of reasonable settlements. 
 15. Successors to the Bank and the Company. 
 The Bank and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company, expressly and
unconditionally to assume and agree to perform the Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent that the Bank and the Company would be required to perform if no such succession or
assignment had taken place. 
 16. Required Provisions. In the event any of the foregoing provisions of this Section 16 are in conflict
with the terms of this Agreement, this Section 16 shall prevail. 
 a. The Bank’s board of directors may terminate Executive’s
employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation
or other benefits for any period after termination for Cause. 
 b. If Executive is suspended from office and/or temporarily prohibited from
participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while its contract obligations
were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 c. If Executive is removed
and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the
Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 d. If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this Agreement shall terminate as of the date of
default, but this paragraph shall not affect any vested rights of the contracting parties. 
  

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 e. All obligations under this Agreement shall be terminated, except to the extent determined that
continuation of the contract is necessary for the continued operation of the Bank: (i) by the Director of the OTS (or his or her designee), at the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide
assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his or her designee) at the time the Director (or
his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested,
however, shall not be affected by such action. 
 f. Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to
and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 
  

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 SIGNATURES 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first set forth above. 
  

					
	ATTEST:	 	WALDEN FEDERAL SAVINGS AND LOAN ASSOCIATION
			
	  
	 	By:	 	  

		 		 	For the Entire Board of Directors
		
	ATTEST:	 	HOMETOWN BANCORP, INC.
		 	(Guarantor)
			
	  
	 	By:	 	  

	Corporate Secretary	 		 	For the Entire Board of Directors
			
	 [SEAL]
	 		 	
			
	WITNESS:	 		 	EXECUTIVE
			
	  
  
	 		 	  
  

  

 8FORM OF WALDEN FEDERAL DIRECTORS' RETIREMENT PLAN

 Exhibit 10.5 
 FORM OF 
 WALDEN FEDERAL SAVINGS AND LOAN ASSOCIATION 
 DIRECTORS’ RETIREMENT PLAN 
 ARTICLE I 
 DEFINITIONS 
 Administrator means the Board of Directors of the Bank, which shall have the authority to manage and control the operation of this Plan as set forth in Article III of the Plan. 
 Bank means Walden Federal Savings and Loan Association, Walden, New York. 
 Beneficiary means the individual or individuals designated by a Director to receive benefits in the event of death. 
 Benefit Payment means the benefit payment amount used to calculate a Director’s benefit under Section 2.1 as determined under the
following schedule: 
  

			
	 Years of Service as a Director
	  	Benefit Payment Amount
	 1-9
	  	$500 per completed Year of Service
	 10 but less than 20
	  	$5,000
	 20 or more
	  	$7,500

 For purposes of this definition, a “Year of Service” shall mean each 12-month period of service
completed by a Director, beginning with the date the Director commenced service as a member of the Board of Directors. 
 Cause
means, with respect to a Director’s termination for Cause, removal as a result of the Director’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform
stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar infractions) or a final cease-and-desist order. 
 Change in Control means the occurrence of any one of the following events: 
  

	 	(1)	Merger: Hometown Bancorp, Inc., the holding company for the Bank (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. 

  

	 	(2)	Acquisition of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner(s) of 25% or more of a class of the Company’s voting
securities, but this 

	 	 
clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or
indirectly beneficially owns 50% or more of its outstanding voting securities. 

  

	 	 (3)
	 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 (3), 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 

  

	 	(4)	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

 Notwithstanding anything in this Plan to the contrary, in no event shall the conversion of the Bank to the full stock holding company form of
organization constitute a “Change in Control” for purposes of this Plan. 
 Director means a member of the Board of
Directors of the Bank serving as of the Effective Date. The Board may, in its sole discretion, designate any new member of the Board of Directors as a Director for purposes of this Plan. 
 Effective Date means March 9, 2007. 
 Normal Retirement Age shall mean age 65. 
 Plan means this Walden Federal Savings and Loan Association
Directors’ Retirement Plan. 
 Vested Percentage shall mean the percentage of the benefit under Section 2.1 to which
a Director is entitled at termination of service on or after Normal Retirement Age (other than upon a Change in Control). The Vested Percentage shall be determined in accordance with the following schedule: 
  

				
	Completed Years
of Service
Following the
Effective Date	  	Vested Percentage	 
	Less than 1	  	0	%
	1	  	20	%
	2	  	40	%
	3	  	60	%
	4	  	80	%
	5 or more	  	100	%

 For purposes of this definition, a “Year of Service” shall mean each 12-month period of service
completed by a Director after the Effective Date, or, for Directors who commence service after the Effective Date, each 12-month period of service completed after designation as a Director. 
 ARTICLE II 
 BENEFITS 
 2.1 Director Benefits. Upon a Director’s termination of service (the “Termination Date”), other than upon removal for Cause,
the Director shall be entitled to receive an annual benefit in an amount determined by applying the following formula: 
 Annual
Director Benefit = (Benefit Payment x Director Vested Percentage) 
  

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 Except as otherwise provided for herein, the annual benefit, if any, payable under this Section 2.1 shall be paid to
the Director (or, if applicable, the Director’s designated Beneficiary) for ten (10) consecutive years, commencing within sixty (60) days following the Termination Date and continuing on each anniversary of the payment date
thereafter. Upon the death of a Director after the commencement of annual benefit payments, any remaining installments shall be paid to the Director’s designated Beneficiary(ies). In the event the Director’s death occurs after attainment
of Normal Retirement Age, but prior to commencement of annual benefit payments under the Plan, the Director’s designated Beneficiary shall be paid in a lump sum amount that is actuarially equivalent to the Director’s total annual benefit,
determined as of the Director’s date of death, and payable within sixty (60) days following the date of death. Notwithstanding anything in this Plan to the contrary, in the event a Director’s termination of service (other than
termination for Cause) occurs on or after the effective date of a Change in Control, the Director’s Benefit Payment shall be calculated as if the Director had attained Normal Retirement Age, completed twenty (20) Years of Service, and had a
vested percentage of 100%; such benefit shall be paid in the form of a lump sum amount that is actuarially equivalent to the Director’s total annual benefit. The lump sum payment shall be made to the Director (or the Director’s designated
Beneficiary) not later than ten (10) days after the effective date of the Change in Control. In determining any lump sum amount, the Administrator shall use the same interest rate used by the Bank under FAS 87 to compute its liability with
respect to the Plan. Except as otherwise set forth herein, no benefit shall be payable upon termination of service prior to attainment of Normal Retirement Age. 
 Section 2.2 Removal for Cause. Notwithstanding anything in this Plan to the contrary, no benefit shall be payable under this Plan to a Director who is removed as a Director of the Bank or any
affiliate of the Bank for Cause. 
 ARTICLE III 
 ADMINISTRATION 
 Section 3.1 Administration of Plan. The Administrator shall have
complete responsibility for the administration of this Plan. The Administrator shall have full power and authority to adopt rules and regulations for the administration of this Plan; provided, however, that such rules and regulations are not
inconsistent with the provisions of this Plan. 
 Section 3.2 Delegation of Responsibility. The Administrator may delegate
duties involved in the administration of this Plan to such person or persons whose services are deemed by it to be necessary or convenient. 
 Section 3.3 Payment of Benefits. The amounts payable as benefits under this Plan shall be paid solely from the general assets of the Bank. No Director shall have any interest in any specific assets of the Bank under the
terms of this Plan. This Plan shall not be considered to create an escrow account, trust fund or other funding arrangement of any kind or a fiduciary relationship between any Director and the Bank. The Bank’s obligations under this Plan are
purely contractual and shall not be funded or secured in any way. 
 Section 3.4 Construction of Plan. The Bank shall have
the power to construe the Plan and to determine all questions of fact or law arising under the Plan. It may correct any defect, supply any omission or reconcile any inconsistency in the Plan in such manner and to such extent as it may deem
appropriate. 
 Section 3.5 Designation of Beneficiaries. Each Director shall designate a Beneficiary and a contingent
Beneficiary to whom death benefits due under the Plan at the date of his death shall be paid. If any Director fails to designate a Beneficiary or if the designated Beneficiary predeceases any director, death benefits due under the Plan at that
Director’s death shall be paid to his contingent Beneficiary or, if none, to the deceased Director’s surviving spouse, if any, and, if none, to the deceased Director’s estate. 
  

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 ARTICLE IV 
 AMENDMENT OR TERMINATION OF PLAN 
 Section 4.1 Termination. The Bank may terminate
this Plan at any time. The Bank shall treat all Directors as if they had ceased being a Director on the effective date of the termination of this Plan and shall pay to each such Director annual amounts determined in accordance with Article 2 and
based on their Benefit Payments and Vested Percentages in effect on the Plan termination date. 
 Section 4.2 Amendment.
The Bank may amend the provisions of this Plan at any time; provided, however, that no amendment shall adversely affect the rights of Directors or their Beneficiaries with respect to the amounts payable had this Plan terminated immediately prior to
the amendment. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Successors. This Plan shall be binding upon the successors of the Bank.

 Section 5.2 Duration of Plan. Subject to Section 4.1, this Plan shall terminate on the date on which each
Director’s benefits have been distributed in full pursuant to the terms of this Plan. 
 Section 5.3 Governing Law.
This Plan shall be construed and interpreted pursuant to, and in accordance with, the laws of the State of New York, except to the extent that federal law applies. 
 Section 5.4 Non-Alienation. No Director or his Beneficiary shall have any right to anticipate, pledge, alienate or assign any of his rights under this Plan, and any effort to do so shall be null and
void. The benefits payable under this Plan shall be exempt from the claims of creditors or other claimants and from all orders, decrees, levies and executions and any other legal process to the fullest extent that may be permitted by law.

 Section 5.5 Gender and Number. Words in one (1) gender shall be construed to include the other genders where
appropriate; words in the singular or plural shall be construed as being in the plural or singular where appropriate. 
 Section 5.6
Headings. The headings in this Plan are solely for convenience of reference and shall not affect its interpretation. 
 Section 5.7 Disclaimer. The Bank makes no representations or assurances and assumes no responsibility as to the performance by any parties, solvency, compliance with state and federal securities regulation or state and
federal tax consequences of this Plan or participation therein. It shall be the responsibility of the respective Directors to determine such issues or any other pertinent issues to their own satisfaction. 
  

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 Section 5.8 Section 409A Compliance. This Plan shall be interpreted in accordance
with, and shall comply in form and operation with, Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, the Board of Directors of the Bank may adopt such amendments to the Plan or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Board of Directors of the Bank determines are necessary or appropriate to (a) exempt the benefits under the Plan from
Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided for under the Plan, or (b) comply with the requirements of Section 409A (including, without limitation, any related Department of Treasury
guidance). 
  

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