Document:

EX-10.6

 Exhibit 10.6 

CULLMAN BANCORP, INC. 

2020 EQUITY INCENTIVE PLAN 

ARTICLE 1 – GENERAL 

Section 1.1 Purpose, Effective Date and Term. The purpose of the Cullman Bancorp, Inc. 2020
Equity Incentive Plan (the “Plan”) is to promote the long-term financial success of Cullman Bancorp, Inc. (the “Company”), and its Subsidiaries, including Cullman Savings Bank (the “Bank”), by
providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s stockholders through the ownership of additional common stock of the Company. The Plan
also provides eligible Participants with an opportunity to acquire an ownership interest, or otherwise increase their ownership interest, in the Company as an incentive for them to remain in the service of the Company and the Bank. The
“Effective Date” of the Plan shall be the date the Plan satisfies the applicable stockholder approval requirements. The Plan shall remain in effect as long as any Awards are outstanding; provided, however, that no Awards
may be granted under the Plan after the day immediately prior to the ten-year anniversary of the Effective Date. 

Section 1.2 Administration. The Plan shall be administered by the Compensation Committee of the
Company’s Board of Directors (the “Committee”), in accordance with Section 5.1. 

Section 1.3 Participation. Each Employee or Director of the Company or any Subsidiary of the
Company who is granted an Award in accordance with the terms of the Plan shall be a “Participant” in the Plan. The grant of Awards shall be limited to Employees and Directors of the Company or any Subsidiary. 

Section 1.4 Definitions. Capitalized terms used in this Plan are defined in Article 8 and
elsewhere in this Plan. 
 ARTICLE 2 – AWARDS 

Section 2.1 General. Any Award under the Plan may be granted singularly or in combination with another
Award (or Awards). Each Award under the Plan shall be subject to the terms and conditions of the Plan and such additional terms, conditions, limitations and restrictions as the Committee shall provide with respect to such Award and as evidenced
in the Award Agreement. Subject to the provisions of Section 2.6, an Award may be granted as an alternative to or replacement of an existing Award under the Plan or any other plan of the Company or any Subsidiary or as the form of payment
for grants or rights earned or due under any other compensation plan or arrangement of the Company or its Subsidiaries, including without limitation the plan of any entity acquired by the Company or any Subsidiary. The types of Awards that may
be granted under the Plan include: 
 (a) Stock Options. A Stock Option means a grant under Section 2.2 that represents
the right to purchase shares of Stock at an Exercise Price established by the Committee. Any Stock Option may be either an Incentive Stock Option (an “ISO”) that is intended to satisfy the requirements applicable to an
“Incentive Stock Option” described in Code Section 422(b), or a Non-Qualified Stock Option (a “Non-Qualified Option”) that is not
intended to be an ISO; provided, however, that no ISOs may be granted: (i) after the day immediately prior to the ten-year anniversary of the Effective Date or the date the Plan is approved by the Board,
whichever is earlier; or (ii) to a non-employee. Unless otherwise specifically provided by its terms, any Stock Option granted to an Employee under this Plan shall be an ISO to the maximum extent
permitted. Any ISO granted under this Plan that does not qualify as an ISO for any 

  
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reason (whether at the time of grant or as the result of a subsequent event) shall be deemed to be a Non-Qualified Option. In addition, any ISO granted
under this Plan may be unilaterally modified by the Committee to disqualify such Stock Option from ISO treatment such that it shall become a Non-Qualified Option; provided, however, that any such modification
shall be ineffective if it causes the Award to be subject to Code Section 409A (unless, as modified, the Award complies with Code Section 409A). 

(b) Restricted Stock Awards. A Restricted Stock Award means a grant of shares of Stock under Section 2.3 for no
consideration or such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan, subject to a vesting schedule.

Section 2.2 Stock Options.

(a) Grant of Stock Options. Each Stock Option shall be evidenced by an Award Agreement that shall: (i) specify the number of Stock
Options covered by the Award; (ii) specify the date of grant of the Stock Option; (iii) specify the vesting period or conditions to vesting; (iv) the Exercise Price; and (v) contain such other terms and conditions not
inconsistent with the Plan, including the effect of termination of a Participant’s employment or Service with the Company as the Committee may, in its discretion, prescribe. 

(b) Terms and Conditions. A Stock Option shall be exercisable in accordance with such terms and conditions and during such periods as
may be established by the Committee. In no event, however, shall a Stock Option expire later than ten (10) years after the date of its grant (or five (5) years with respect to ISOs granted to an Employee who is a 10% Stockholder). The
“Exercise Price” of each Stock Option shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant (or, if greater, the par value of a share of Stock); provided, however, that the Exercise Price of
an ISO shall not be less than 110% of Fair Market Value of a share of Stock on the date of grant if granted to a 10% Stockholder; provided further, that the Exercise Price may be higher or lower in the case of Stock Options granted or
exchanged in replacement of existing Awards held by an Employee or Director of, or service provider to, an acquired entity.
 (c) Method
of Exercise. Subject to the other terms and conditions hereof, a Participant may exercise any Stock Option, to the extent such Stock Option is vested, by giving written notice of exercise to the Company, provided, however, that in no event shall
a Stock Option be exercisable for a fractional share. The date of exercise of a Stock Option shall be the later of: (i) the date on which the Company receives such written notice; and (ii) the date on which the Participant pays the
applicable Exercise Price pursuant to this Section 2.2(c). The payment of the Exercise Price of a Stock Option shall be by cash or, subject to limitations imposed by applicable law, by such other means as the Committee may from time to time
permit, including: (i) by tendering, either actually or constructively by attestation, shares of Stock valued at Fair Market Value as of the day of exercise; (ii) by irrevocably authorizing a third party, acceptable to the Committee, to
sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Stock Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from
such exercise; (iii) by a net settlement of the Stock Option, using a portion of the shares obtained on exercise in payment of the Exercise Price of the Stock Option (and if applicable, any required tax withholding, to the extent permitted
under the Plan); (iv) by personal, certified or cashier’s check; (v) by other property deemed acceptable by the Committee; or (vi) by any combination thereof. The total number of shares that may be acquired upon the exercise of a
Stock Option shall be rounded down to the nearest whole share, with cash-in-lieu paid by the Company, at its discretion, for the value of any fractional share. 

  
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 (d) Prohibition of Cash Buy-Outs of Underwater
Stock Options. Under no circumstances will any underwater Stock Options which were granted under the Plan be bought back by the Company without stockholder approval. 

Section 2.3 Restricted Stock.  

(a) Grant of Restricted Stock. Each Restricted Stock Award shall be evidenced by an Award Agreement that shall: (i) specify the
number of shares of Stock covered by the Restricted Stock Award; (ii) specify the date of grant of the Restricted Stock Award; (iii) specify the vesting period; and (iv) contain such other terms and conditions not inconsistent with
the Plan, including the effect of termination of a Participant’s employment or Service with the Company. All Restricted Stock Awards shall be in the form of issued and outstanding shares of Stock that, at the discretion of the Committee, shall
be either: (x) registered in the name of the Participant and held by or on behalf of the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock; or
(y) registered in the name of, and delivered to, the Participant. In any event, the certificates evidencing the Restricted Stock Award shall at all times prior to the applicable vesting date bear the following legend: 

The Stock evidenced hereby is subject to the terms of an Award Agreement with Cullman Bancorp, Inc. dated [Date], made pursuant to the terms of
the Cullman Bancorp, Inc. 2020 Equity Incentive Plan, copies of which are on file at the executive offices of Cullman Bancorp, Inc., and may not be sold, encumbered, hypothecated or otherwise transferred except in accordance with the terms of such
Plan and Award Agreement, 
 or such other restrictive legend as the Committee, in its discretion, may specify. Notwithstanding the foregoing, the Company
may in its sole discretion issue Restricted Stock in any other approved format (e.g., electronically) in order to facilitate the paperless transfer of such Awards. In the event Restricted Stock is not issued in certificate form, the Company
and the transfer agent shall maintain appropriate bookkeeping entries that evidence Participants’ ownership of such Awards. Restricted Stock that is not issued in certificate form shall be subject to the same terms and conditions of the Plan as
certificated shares, including the restrictions on transferability and the provision of a stock power executed by the Participant in favor of the Company, until the satisfaction of the conditions to which the Restricted Stock Award is subject. 

(b) Terms and Conditions. Each Restricted Stock Award shall be subject to the following terms and conditions: 

(i) Dividends. Unless the Committee determines otherwise with respect to any Restricted Stock Award and specifies
such determination in the relevant Award Agreement, any dividends or distributions declared and paid with respect to shares of Stock subject to the Restricted Stock Award shall be immediately distributed to the Participant. If the Committee
determines to delay the distribution of dividends to a Participant until the vesting of an Award of Restricted Stock, the Committee shall cause the dividend (and any earnings thereon) to be distributed to the Participant no later than two and one-half months following the date on which the Restricted Stock vests. 
 (ii)
Voting Rights. Unless the Committee determines otherwise with respect to any Restricted Stock Award and specifies such determination in the relevant Award Agreement, a Participant shall have voting rights related to the unvested, non-forfeited Restricted Stock and such voting rights shall be exercised by the Participant in his or her discretion. 

  
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 (iii) Tender Offers and Merger Elections. Each Participant to
whom a Restricted Stock Award is granted shall have the right to respond, or to direct the response, with respect to the related shares of Restricted Stock, to any tender offer, exchange offer, cash/stock merger consideration election or other offer
made to, or elections made by, the holders of shares of Stock. Such a direction for any such shares of Restricted Stock shall be given by proxy or ballot (if the Participant is the beneficial owner of the shares of Restricted Stock for voting
purposes) or by completing and filing, with the inspector of elections, the trustee or such other person who shall be independent of the Company as the Committee shall designate in the direction (if the Participant is not such a beneficial owner), a
written direction in the form and manner prescribed by the Committee. If no such direction is given, then the shares of Restricted Stock shall not be tendered. 

(iv) The conditions for grant or vesting and the other provisions of Restricted Stock Awards need not be the same with respect
to each recipient. 
 Section 2.4 Vesting of Awards. The Committee shall specify the vesting
schedule or conditions of each Award. Unless the Committee specifies a different vesting schedule at the time of grant, Awards under the Plan awarded to an Employee shall be granted with a vesting rate not exceeding twenty percent (20%) per year,
with the first installment vesting no earlier than the one-year anniversary of the date of grant. Unless the Committee specifies a different vesting schedule at the time of grant, each Award granted to a
Director shall fully vest on the one-year anniversary following the date on which the Award was granted. If the right to become vested in an Award under the Plan (including the right to exercise a Stock
Option) is conditioned on the completion of a specified period of Service with the Company or its Subsidiaries, without it being granted in lieu of, or in exchange for, other compensation, then the required period of Service for full vesting shall
be determined by the Committee and evidenced in the Award Agreement (subject to acceleration of vesting, to the extent permitted by the Committee or set forth in the Award Agreement, in the event of the Participant’s death, Disability or
Involuntary Termination following a Change in Control). Notwithstanding anything to the contrary herein, except to the extent specified in Section 4.1(c), at least ninety-five percent (95%) of all Awards under the Plan shall be subject to a
vesting requirement of at least one year of Service following the grant of the Award unless accelerated due to death, Disability or Involuntary Termination following a Change in Control. 

Section 2.5 Deferred Compensation. If any Award would be considered “deferred compensation”
as defined under Code Section 409A (“Deferred Compensation”), the Committee reserves the absolute right (including the right to delegate such right) to unilaterally amend the Plan or the Award Agreement, without the consent of
the Participant, to maintain exemption from, or to comply with, Code Section 409A. Any amendment by the Committee to the Plan or an Award Agreement pursuant to this Section shall maintain, to the extent practicable, the original intent of the
applicable provision without violating Code Section 409A. A Participant’s acceptance of any Award under the Plan constitutes acknowledgement and consent to such rights of the Committee, without further consideration or action. Any
discretionary authority retained by the Committee pursuant to the terms of this Plan or pursuant to an Award Agreement shall not be applicable to an Award which is determined to constitute Deferred Compensation, if such discretionary authority would
contravene Code Section 409A. 
 Section 2.6 Prohibition Against Option Repricing. Except
for adjustments pursuant to Section 3.4, and reductions of the Exercise Price approved by the Company’s stockholders, neither the Committee nor the Board shall have the right or authority to make any adjustment or amendment that reduces or
would have the effect of reducing the Exercise Price of a Stock Option previously granted under the Plan, whether through amendment, cancellation (including cancellation in exchange for a cash 

  
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payment in excess of the Stock Option’s in-the-money value or in exchange for Options or other Awards) or
replacement grants, or other means. 
 Section 2.7. Effect of Termination of Service on Awards.
The Committee shall establish the effect of a Termination of Service on the continuation of rights and benefits available under an Award and, in so doing, may make distinctions based upon, among other things, the cause of Termination of Service
and type of Award. Unless otherwise specified by the Committee and set forth in an Award Agreement between the Company and the Participant or as set forth in an employment or severance agreement entered into by and between the Company and/or the
Bank and an Employee, the following provisions shall apply to each Award granted under this Plan: 
 (a) Upon a Participant’s
Termination of Service for any reason other than due to Disability, death, Retirement or termination for Cause, Stock Options shall be exercisable only as to those shares that were immediately exercisable by such Participant at the date of
termination, and Stock Options may be exercised only for a period of three (3) months following termination and any Restricted Stock Award that has not vested as of the date of Termination of Service shall expire and be forfeited. 

(b) In the event of a Termination of Service for Cause, all Stock Options granted to a Participant that have not been exercised and all
Restricted Stock Awards granted to a Participant that have not vested shall expire and be forfeited. 
 (c) Upon Termination of Service for
reason of Disability or death, all Stock Options shall be exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, and all Restricted Stock Awards shall vest as to all shares subject to an outstanding Award,
whether or not otherwise immediately vested, at the date of Termination of Service. Stock Options may be exercised for a period of one year following Termination of Service due to death or Disability or the remaining unexpired term of the Stock
Option, if less; provided, however, that no Stock Option shall be eligible for treatment as an ISO in the event such Stock Option is exercised more than one year following Termination of Service due to Disability and provided, further,
in order to obtain ISO treatment for Stock Options exercised by heirs or devisees of an optionee, the optionee’s death must have occurred while employed or within three months of Termination of Service. In the event of Termination of Service
due to Retirement, a Participant’s vested Stock Options shall be exercisable for one year following Termination of Service, provided that no Stock Option shall be eligible for treatment as an ISO in the event such Stock Option is exercised more
than three months following Termination of Service due to Retirement and any Stock Option or Restricted Stock Award that has not vested as of the date of Termination of Service shall expire and be forfeited. 

(d) Notwithstanding anything herein to the contrary, no Stock Option shall be exercisable beyond the last day of the original term of such
Stock Option. 
 (e) Notwithstanding the provisions of this Section 2.7, the effect of a Change in Control on the
vesting/exercisability of Stock Options and Restricted Stock Awards is as set forth in Article 4. 
 ARTICLE 3 – SHARES SUBJECT TO
PLAN 
 Section 3.1 Available Shares. The shares of Stock with respect to which Awards
may be made under the Plan shall be shares currently authorized but unissued, currently held or, to the extent permitted by applicable law, subsequently acquired by the Company as treasury shares, including shares purchased in the open market or in
private transactions. 

  
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 Section 3.2 Share Limitations.

(a) Share Reserve. Subject to the following provisions of this Section 3.2, the maximum number of shares of Stock that may be
delivered to Participants and their beneficiaries under the Plan shall be equal to 200,000 shares of Stock. The maximum number of shares of Stock that may be delivered pursuant to the exercise of Stock Options (all of which may be granted as ISOs)
is 120,000 shares of Stock. The maximum number of shares of Stock that may be issued as Restricted Stock Awards is 80,000 shares of Stock. The aggregate number of shares available for grant under this Plan and the number of shares of Stock subject
to outstanding awards shall be subject to adjustment as provided in Section 3.4. 
 (b) Computation of Shares Available. For
purposes of this Section 3.2, the number of shares of Stock available for the grant of additional Stock Options or Restricted Stock Awards shall be reduced by the number of shares of Stock previously granted, subject to the following:
(i) to the extent any shares of Stock covered by an Award (including Restricted Stock Awards) under the Plan are not delivered to a Participant or beneficiary for any reason, including because the Award is forfeited or canceled or because a
Stock Option is not exercised, then such shares shall not be deemed to have been delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan. To the extent: (i) a Stock Option is exercised
by using an actual or constructive exchange of shares of Stock to pay the Exercise Price; or (ii) shares of Stock are withheld to satisfy withholding taxes upon exercise or vesting of an Award granted hereunder; or (iii) shares are
withheld to satisfy the exercise price of Stock Options in a net settlement of Stock Options, then the number of shares of Stock available shall be reduced by the gross number of Stock Options exercised rather than by the net number of shares of
Stock issued. 
 Section 3.3 Limitations on Grants to Employees and Directors. 

(a) Employee Awards. 

(i) Stock Options – Employees. The maximum number of shares of Stock, in the aggregate, that may be covered by
a Stock Option granted to any one Employee under the Plan shall be 30,000 shares, all of which may be granted during any calendar year. This maximum amount represents approximately twenty-five percent (25%) of the maximum number of shares of Stock
that may be delivered pursuant to Stock Options under Section 3.2. 
 (ii) Restricted Stock Awards – Employees. The
maximum number of shares of Stock, in the aggregate, that may be subject to Restricted Stock Awards granted to any one Employee under the Plan shall be 20,000 shares, all of which may be granted during any calendar year. This maximum amount
represents approximately twenty-five percent (25%) of the maximum number of shares of Stock that may be issued as Restricted Stock Awards. 

(b) Director Awards.  

(i) Stock Options – Aggregate Limit. Individual non-employee Directors may be
granted Stock Options of up to 6,000 shares, in the aggregate, all of which may be granted during any calendar year and, in addition, all non-employee Directors, in the aggregate, may be granted up to 36,000
shares all of which may be granted during any calendar year. These maximum amounts represent approximately five percent (5%) and thirty percent (30%), respectively, of the maximum number of shares of Stock that may be delivered pursuant to Stock
Options under Section 3.2. 

  
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 (ii) Restricted Stock Awards – Aggregate Limit. Individual non-employee Directors may be granted Restricted Stock Awards of up to 4,000 shares, in the aggregate, all of which may be granted during any calendar year and, in addition, all
non-employee Directors, in the aggregate, may be granted up to 24,000 shares all of which may be granted during any calendar year. These maximum amounts represent approximately five percent (5%) and thirty
percent (30%), respectively, of the maximum number of shares of Stock that may be delivered pursuant to Restricted Stock Awards under Section 3.2. 

(iii) Initial Grants to Non-Employee Directors. Each
non-employee Director who is in the Service of the Company and/or a Subsidiary on the Effective Date (the date of the 2020 Company annual stockholder meeting at which stockholders approve the Plan (“2020
Annual Meeting”) shall automatically be granted an Award of Stock Options and Restricted Stock as follows: 
 (A)Stock Options
– Non-Employee Directors. Each non-employee Director who is in the Service of the Company and/or Subsidiary immediately following the 2020 Annual Meeting shall
receive, on the Effective Date, a grant of 4,800 Stock Options, and this amount represents approximately four percent (4.0%) of the maximum number of shares of Stock that may be delivered as Stock Options under Section 3.2. 

(B) Restricted Stock Awards – Non-Employee Directors. Each
non-employee Director who is in the Service of the Company and/or Subsidiary immediately following the 2020 Annual Meeting shall receive, on the Effective Date, a grant of 3,200 shares of Restricted Stock, and
this amount represents approximately four percent (4.0%) of the maximum number of shares of Stock that may be delivered as Restricted Stock Awards under Section 3.2. 

(c) The aggregate number of shares available for grant under this Plan and the number of shares subject to outstanding Awards, including the
limit on the number of Awards available for grant under this Plan described in this Section 3.3, shall be subject to adjustment as provided in Section 3.4. 

Section 3.4 Corporate Transactions.

(a) General. In the event any recapitalization, forward or reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, or exchange of shares of Stock or other securities, stock dividend or other special and nonrecurring dividend or distribution (whether in the form of cash, securities or other
property), liquidation, dissolution, or other similar corporate transaction or event, affects the shares of Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan and/or
under any Award granted under the Plan, then the Committee shall, in an equitable manner, adjust any or all of: (i) the number and kind of securities deemed to be available thereafter for grants of Stock Options or Restricted Stock Awards in
the aggregate to all Participants and individually to any one Participant; (ii) the number and kind of securities that may be delivered or deliverable in respect of outstanding Stock Options and Restricted Stock Awards; and (iii) the
Exercise Price of Stock Options. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Stock Options and Restricted Stock Awards (including, without limitation, cancellation of
Stock Options and Restricted Stock Awards in exchange for the in-the-money value, if any, of the vested portion thereof, or substitution or exchange of Stock Options and
Restricted Stock Awards using stock of a successor or other entity) in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence) affecting the Company or any parent or Subsidiary or the
financial statements of the Company or any parent or Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. 

  
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 (b) Merger in which Company is Not Surviving Entity. In the event of any merger,
consolidation, or other business reorganization (including, but not limited to, a Change in Control) in which the Company is not the surviving entity, unless otherwise determined by the Committee at any time at or after grant and prior to the
consummation of such merger, consolidation or other business reorganization, any Stock Options granted under the Plan which remain outstanding shall be converted into Stock Options to purchase voting common equity securities of the business entity
which survives such merger, consolidation or other business reorganization having substantially the same terms and conditions as the outstanding Stock Options under this Plan and reflecting the same economic benefit (as measured by the difference
between the aggregate Exercise Price and the value exchanged for outstanding shares of Stock in such merger, consolidation or other business reorganization), all as determined by the Committee prior to the consummation of such merger; provided,
however, that the Committee may, at any time prior to the consummation of such merger, consolidation or other business reorganization, direct that all, but not less than all, outstanding Stock Options be canceled as of the effective date of such
merger, consolidation or other business reorganization in exchange for a cash payment per share of Stock equal to the excess (if any) of the value exchanged for an outstanding share of Stock in such merger, consolidation or other business
reorganization over the Exercise Price of the Stock Option being canceled; provided, further, that in the event the Exercise Price of outstanding Stock Options exceed the value to be exchanged for an outstanding share of Stock (an
“Underwater Stock Option”) in such merger, consolidation or other business reorganization, the Committee may, in its discretion, cancel and terminate such Underwater Stock Options without the consent of the holder of the Stock
Option and without any payment to such holder. 
 Section 3.5 Delivery of Shares. Delivery of
shares of Stock or other amounts under the Plan shall be subject to the following: 
 (a) Compliance with Applicable
Laws. Notwithstanding any other provision of the Plan, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits under the Plan unless such delivery or distribution complies
with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any Exchange or similar entity. 

(b) Certificates. To the extent that the Plan provides for the issuance of shares of Stock, the issuance may be
effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any Exchange. 

ARTICLE 4 – CHANGE IN CONTROL 

Section 4.1 Consequence of a Change in Control. Subject to the provisions of Section 2.4
(relating to vesting and acceleration) and Section 3.4 (relating to the adjustment of shares), and except as otherwise provided in the Plan or as determined by the Committee and set forth in the terms of any Award Agreement or as set
forth in an employment, change in control, or severance agreement entered into by and between the Company and/or the Bank and an Employee: 

(a) At the time of an Involuntary Termination at or following a Change in Control, all Stock Options then held by the Participant shall become
fully earned and exercisable (subject to the expiration provisions otherwise applicable to the Stock Option). All Stock Options may be exercised for a period of one year following the Participant’s Involuntary Termination, provided, however,
that no Stock Option shall be eligible for treatment as an ISO in the event such Stock Option is exercised more than three (3) months following such Involuntary Termination. To the extent not specified herein or in the Award Agreement, the
Committee shall have the discretion to determine the treatment of outstanding unvested 

  
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Awards, provided, however, that any such Awards will be deemed earned and shall vest if not assumed by a successor entity. 

(b) At the time of an Involuntary Termination at or following a Change in Control, all Awards of Restricted Stock described in
Section 2.1(b) shall become fully earned and vested immediately. 
 Section 4.2 Definition of Change in
Control. For purposes of this Agreement, the term “Change in Control” shall mean the consummation by the Company or the Bank, in a single transaction or series of related transactions, of any of the following: 

(a) Merger: The Company or the Bank merges into or consolidates with another entity, or merges another bank or 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; 
 (b) Acquisition of Significant Share Ownership: A person or persons acting in concert has or have
become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s Voting Securities; provided, however, this clause (b) shall not apply to beneficial ownership of the Company’s or the Bank’s 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; 

(c) 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 (c), 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 who is appointed as a director as a result of a directive, supervisory
agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation shall be deemed to have also been a director at the beginning of such period; or 

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

(e) Notwithstanding the foregoing, a Change in Control shall not be deemed to occur as a result of or in connection with a second-step
conversion of Cullman Savings Bank, M.H.C. In addition and notwithstanding the foregoing, in the event that an Award constitutes Deferred Compensation, and the settlement of, or distribution of benefits under, such Award is to be triggered solely by
a Change in Control, then with respect to such Award, a Change in Control shall be defined as required under Code Section 409A, as in effect at the time of such transaction. 

ARTICLE 5 – COMMITTEE 

Section 5.1 Administration. The Plan shall be administered by the members of the Compensation
Committee of the Company who are Disinterested Board Members. If the Committee consists of fewer than three Disinterested Board Members, then the Board shall appoint to the Committee such additional Disinterested Board Members as shall be necessary
to provide for a Committee consisting of at least three Disinterested Board Members. Any members of the Committee who do not qualify as 

  
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Disinterested Board Members shall abstain from participating in any discussion or decision to make or administer Awards that are made to Participants who at the time of consideration for such
Award are persons subject to the short-swing profit rules of Section 16 of the Exchange Act. The Board (or if necessary to maintain compliance with the applicable listing standards, those members of the Board who are “independent
directors” under the corporate governance statutes or rules of any national Exchange on which the Company lists, has listed or seeks to list its securities) may, in their discretion, take any action and exercise any power, privilege or
discretion conferred on the Committee under the Plan with the same force and effect under the Plan as if done or exercised by the Committee. 

Section 5.2 Powers of Committee. The administration of the Plan by the Committee shall be subject
to the following: 
 (a) The Committee will have the authority and discretion to select from among the Company’s and its
Subsidiaries’ Employees and Directors who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the number of shares covered by the Awards, to establish the terms, conditions, features (including
automatic exercise in accordance with Section 7.18 hereof), restrictions (including without limitation, provisions relating to non-competition, non-solicitation and
confidentiality), and other provisions of such Awards (subject to the restrictions imposed by Article 6), to cancel or suspend Awards and to reduce, eliminate or accelerate any restrictions or vesting requirements applicable to an Award at any time
after the grant of the Award or to extend the time period to exercise a Stock Option, provided that such extension is consistent with Code Section 409A. Notwithstanding the foregoing, the Committee will not have the authority or discretion to
accelerate the vesting requirements applicable to an Award to avoid the one-year minimum vesting requirement pursuant to Section 2.4 (except to the extent permitted pursuant to Section 2.4 hereof).

 (b) The Committee will have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan. 
 (c) The
Committee will have the authority to define terms not otherwise defined herein. 
 (d) Any interpretation of the Plan by the Committee and
any decision made by it under the Plan is final and binding on all persons. 
 (e) In controlling and managing the operation and
administration of the Plan, the Committee shall take action in a manner that conforms to the charter and bylaws of the Company and applicable corporate law. 

(f) The Committee will have the authority to: (i) suspend a Participant’s right to exercise a Stock Option during a blackout period
(or similar restricted period) or to exercise in a particular manner (i.e., such as a “cashless exercise” or “broker-assisted exercise”) to the extent that the Committee deems it necessary or in the best interests of the Company
in order to comply with the securities laws and regulations issued by the SEC (the “Blackout Period”); and (ii) to extend the period to exercise a Stock Option by a period of time equal to the Blackout Period, provided that
such extension does not violate Section 409A of the Code, the Incentive Stock Option requirements or applicable laws and regulations. 

Section 5.3 Delegation by Committee. Except to the extent prohibited by applicable law, the
applicable rules of an Exchange upon which the Company lists its shares or the Plan, or as necessary to comply with the exemptive provisions of Rule 16b-3 promulgated under the Exchange Act, the Committee may
allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons 

  
 A-10 

 
selected by it, including: (a) delegating to a committee of one or more members of the Board who are not “non-employee directors,” within
the meaning of Rule 16b-3, the authority to grant Awards under the Plan to eligible persons who are not then subject to Section 16 of the Exchange Act; (b) delegating to a committee of one or more
members of the Board who would be eligible to serve on the Compensation Committee of the Company pursuant to the listing requirements imposed by any national securities exchange on which the Company lists, has listed or seeks to list its securities,
the authority to grant awards under the Plan; or (c) to the extent permitted by applicable law, the Board or Committee may also appoint a committee, composed of one or more senior executive officers of the Company, that may authorize Awards to
Employees (who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board or Committee and consistent with any limitations imposed by applicable law, the Committee or the Board. The acts of such delegates shall
be treated hereunder as acts of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and responsibilities and any Awards so granted. Any such allocation or delegation may be revoked by the Committee
at any time. 
 Section 5.4 Information to be Furnished to Committee. As may be permitted by
applicable law, the Company and its Subsidiaries shall furnish the Committee with such data and information as it determines may be required for it to discharge its duties. The records of the Company and its Subsidiaries as to a
Participant’s employment, termination of employment, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined by the Committee to be manifestly incorrect. Subject to applicable law, Participants
and other persons entitled to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan. 

Section 5.5 Committee Action. The Committee shall hold such meetings, and may make such administrative
rules and regulations, as it may deem proper. A majority of the members of the Committee shall constitute a quorum, and the action of a majority of the members of the Committee present at a meeting at which a quorum is present, as well as actions
taken pursuant to the unanimous written consent of all of the members of the Committee without holding a meeting, shall be deemed to be actions of the Committee. Subject to Section 5.1, all actions of the Committee shall be final and conclusive
and shall be binding upon the Company, Participants and all other interested parties. Any person dealing with the Committee shall be fully protected in relying upon any written notice, instruction, direction or other communication signed by a member
of the Committee or by a representative of the Committee authorized to sign the same in its behalf. 
 ARTICLE 6 - AMENDMENT AND
TERMINATION 
 Section 6.1 General. The Board may, as permitted by law, at any time,
amend or terminate the Plan, and may amend any Award Agreement, provided that no amendment or termination (except as provided in Section 2.5, Section 3.4 and Section 6.2) may cause the Award to violate Code Section 409A, may
cause the repricing of a Stock Option, or, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely impair the rights of any Participant or
beneficiary under any Award granted under the Plan prior to the date such amendment is adopted by the Board; provided, however, that, no amendment may (a) materially increase the benefits accruing to Participants under the Plan,
(b) materially increase the aggregate number of securities which may be issued under the Plan, other than pursuant to Section 3.4, or (c) materially modify the requirements for participation in the Plan, unless the amendment under
(a), (b) or (c) above is approved by the Company’s stockholders. 
 Section 6.2 Amendment to
Conform to Law and Accounting Changes. Notwithstanding any provision in this Plan or any Award Agreement to the contrary, the Committee may amend the Plan 

  
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or any Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of: (i) conforming the Plan or the Award Agreement to any present or
future law relating to plans of this or similar nature (including, but not limited to, Code Section 409A); or (ii) avoiding an accounting treatment resulting from an accounting pronouncement or interpretation thereof issued by the SEC or
Financial Accounting Standards Board subsequent to the adoption of the Plan or the making of the Award affected thereby, which, in the sole discretion of the Committee, may materially and adversely affect the financial condition or results of
operations of the Company. By accepting an Award under this Plan, each Participant agrees and consents to any amendment made pursuant to this Section 6.2 or Section 2.5 to any Award granted under the Plan without further consideration or
action. 
 ARTICLE 7 - GENERAL TERMS 

Section 7.1 No Implied Rights. 

(a) No Rights to Specific Assets. Neither a Participant nor any other person shall by reason of participation in the
Plan acquire any right in or title to any assets, funds or property of the Company or any Subsidiary whatsoever, including any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in
anticipation of a liability under the Plan. A Participant shall have only a contractual right to the shares of Stock or amounts, if any, payable or distributable under the Plan, unsecured by any assets of the Company or any Subsidiary, and
nothing contained in the Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. 

(b) No Contractual Right to Employment or Future Awards. The Plan does not constitute a contract of employment, and
selection as a Participant will not give any participating Employee the right to be retained in the employ of the Company or any Subsidiary or any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued
under the terms of the Plan. No individual shall have the right to be selected to receive an Award under the Plan, or, having been so selected, to receive a future Award under the Plan. 

(c) No Rights as a Stockholder. Except as otherwise provided in the Plan or in the Award Agreement, no Award under the Plan shall
confer upon the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights. 

Section 7.2 Transferability. Except as otherwise so provided by the Committee, ISOs under the
Plan are not transferable except: (i) as designated by the Participant by will or by the laws of descent and distribution; (ii) to a trust established by the Participant, if under Code Section 671 and applicable state law, the
Participant is considered the sole beneficial owner of the Stock Option while held in trust; or (iii) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, in the case of a transfer within the
meaning of this paragraph (iii), the Stock Option shall not qualify as an ISO as of the day of such transfer. The Committee shall have the discretion to permit the transfer of vested Stock Options (other than ISOs) under the Plan; provided,
however, that such transfers shall be limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and; provided, further, that
such transfers are not made for consideration to the Participant. 
 Awards of Restricted Stock shall not be transferable prior to the time
that such Awards vest in the Participant. 
 Section 7.3 Designation of Beneficiaries. A
Participant hereunder may file with the Company a written designation of a beneficiary or beneficiaries under this Plan and may from time to 

  
 A-12 

 
time revoke or amend any such designation (“Beneficiary Designation”). Any designation of beneficiary under this Plan shall be controlling over any other disposition,
testamentary or otherwise (unless such disposition is pursuant to a domestic relations order); provided, however, that if the Committee is in doubt as to the entitlement of any such beneficiary to any Award, the Committee may determine to
recognize only the legal representative of the Participant, in which case the Company, the Committee and the members thereof shall not be under any further liability to anyone. 

Section 7.4 Non-Exclusivity. Neither the adoption of this
Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem
desirable, including, without limitation, the granting of Restricted Stock Awards or Stock Options and such arrangements may be either generally applicable or applicable only in specific cases. 

Section 7.5 Award Agreement. Each Award granted under the Plan shall be evidenced by an Award
Agreement signed by the Participant. A copy of the Award Agreement, in any medium chosen by the Committee, shall be provided (or made available electronically) to the Participant. 

Section 7.6 Form and Time of Elections/Notification Under Code
Section 83(b). Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification or
revocation thereof, shall be filed with the Company at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require. Notwithstanding anything herein to the
contrary, the Committee may, on the date of grant or at a later date, as applicable, prohibit an individual from making an election under Code Section 83(b). If the Committee has not prohibited an individual from making this election, an
individual who makes this election shall notify the Committee of the election within ten (10) days of filing notice of the election with the Internal Revenue Service. This requirement is in addition to any filing and notification required under
the regulations issued under the authority of Code Section 83(b). 
 Section 7.7
Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information upon which the person is acting considers pertinent and reliable, and signed, made or presented by the proper
party or parties. 
 Section 7.8 Tax Withholding. Where a Participant is entitled to receive
shares of Stock upon the vesting or exercise of an Award, the Company shall have the right to require such Participant to pay to the Company the amount of any tax that the Company is required to withhold with respect to such vesting or exercise, or,
in lieu thereof, to retain, or to sell without notice, a sufficient number of shares of Stock to cover the minimum amount required to be withheld. To the extent determined by the Committee, a Participant shall have the right to direct the Company to
satisfy the minimum amount (or an amount up to a Participant’s highest marginal tax rate provided such withholding does not trigger liability accounting under FASB ASC Topic 718 or its successor) required for federal, state and local tax
withholding by: (i) with respect to a Stock Option, reducing the number of shares of Stock subject to the Stock Option (without issuance of such shares of Stock to the Stock Option holder) by a number equal to the quotient of (a) the total
minimum amount of required tax withholding divided by (b) the excess of the Fair Market Value of a share of Stock on the exercise date over the Exercise Price per share of Stock; and (ii) with respect to Restricted Stock Awards,
withholding a number of shares (based on the Fair Market Value on the vesting date) otherwise vesting that would satisfy the minimum amount of required tax withholding (or an amount up to a Participant’s highest marginal rate provided such
withholding does not trigger liability accounting under FASB ASC Topic 718 or its successor). Provided there are no adverse accounting consequences to the Company (a requirement to have liability 

  
 A-13 

 
classification of an award under FASB ASC Topic 718 is an adverse consequence), a Participant who is not required to have taxes withheld may request to the Company to withhold in accordance with
the preceding sentence as if the Award were subject to minimum tax withholding requirements or up to such Participant’s highest marginal tax rate. 

Section 7.9 Action by Company or Subsidiary. Any action required or permitted to be taken by the
Company or any Subsidiary shall be by resolution of its board of directors, or by action of one or more members of the Board (including a committee of the Board) who are duly authorized to act for the Board, or (except to the extent prohibited by
applicable law or applicable rules of the Exchange on which the Company lists its securities) by a duly authorized officer of the Company or such Subsidiary. 

Section 7.10 Successors. All obligations of the Company under the Plan shall be binding upon and
inure to the benefit of any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business, stock, and/or assets of
the Company. 
 Section 7.11 Indemnification. To the fullest extent permitted by law and the
Company’s governing documents, each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with Section 5.3, or an Employee of the Company,
shall be indemnified and held harmless by the Company against and from any loss (including amounts paid in settlement), cost, liability or expense (including reasonable attorneys’ fees) that may be imposed upon or reasonably incurred by him or
her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all
amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an
opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as
expressly provided by statute or regulation. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law,
or otherwise, or any power that the Company may have to indemnify them or hold them harmless. The foregoing right to indemnification shall include the right to be paid by the Company the expenses incurred in defending any such proceeding in advance
of its final disposition, provided, however, that, if required by applicable law, an advancement of expenses shall be made only upon delivery to the Company of an undertaking, by or on behalf of such persons to repay all amounts so advanced if it
shall ultimately be determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified for such expenses. 

Section 7.12 No Fractional Shares. Unless otherwise permitted by the Committee, no fractional
shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated by rounding down. 
 Section 7.13 Governing Law. The
Plan, all Awards granted hereunder, and all actions taken in connection herewith shall be governed by and construed in accordance with the laws of the State of Alabama without reference to principles of conflict of laws, except as superseded by
applicable federal law. The federal and state courts located in the State of Alabama, shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any award under this Plan, each
Participant and any other person claiming any rights under the Plan agrees to 

  
 A-14 

 
submit himself or herself and any legal action that the Participant brings under the Plan, to the sole jurisdiction of such courts for the adjudication and resolution of any such disputes. 

Section 7.14 Benefits Under Other Plans. Except as otherwise provided by the Committee or as set
forth in a Qualified Retirement Plan, Awards to a Participant (including the grant and the receipt of benefits) under the Plan shall be disregarded for purposes of determining the Participant’s benefits under, or contributions to, any Qualified
Retirement Plan, non-qualified plan and any other benefit plans maintained by the Participant’s employer. The term “Qualified Retirement Plan” means any plan of the Company or a
Subsidiary that is intended to be qualified under Code Section 401(a). 
 Section 7.15
Validity. If any provision of this Plan is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal or invalid provision has never been included herein. 
 Section 7.16 Notice. Unless
otherwise provided in an Award Agreement, all written notices and all other written communications to the Company provided for in the Plan or in any Award Agreement, shall be delivered personally or sent by registered or certified mail, return
receipt requested, postage prepaid (provided that international mail shall be sent via overnight or two-day delivery), or sent by facsimile, email or prepaid overnight courier to the Company at its
principal executive office. Such notices, demands, claims and other communications shall be deemed given: 
 (a) in the case of delivery by
overnight service with guaranteed next day delivery, the next day or the day designated for delivery; 
 (b) in the case of certified or
registered U.S. mail, five (5) days after deposit in the U.S. mail; or 
 (c) in the case of facsimile or email, the date upon which
the transmitting party received confirmation of receipt; provided, however, that in no event shall any such communications be deemed to be given later than the date they are actually received, provided they are actually received. 

In the event a communication is not received, it shall only be deemed received upon the showing of an original of the applicable receipt, registration or
confirmation from the applicable delivery service. Communications that are to be delivered by U.S. mail or by overnight service to the Company shall be directed to the attention of the Corporate Secretary, unless otherwise provided in the
Participant’s Award Agreement. 
 Section 7.17 Forfeiture Events. 

(a) The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall
be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting conditions of an Award. Such events include, but are not limited to, termination of
employment for cause, termination of the Participant’s provision of Services to the Company or any Subsidiary, violation of material Company or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that
may apply to the Participant, or other conduct of the Participant that is detrimental to the business or reputation of the Company or any Subsidiary. 

(b) If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under the federal securities laws, any Participant who is subject to automatic forfeiture under Section 304 of the 

  
 A-15 

 
Sarbanes-Oxley Act of 2002 or who is subject to clawback under Section 954 of the Dodd-Frank Act shall reimburse the Company the amount of any payment in settlement of an Award earned or
accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement. 

In addition, Awards granted hereunder are subject to any clawback policy adopted by the Board from time to time. 

Section 7.18 Automatic Exercise. In the sole discretion of the Committee exercised in accordance with
Section 5.2(a) above, any Stock Options that are exercisable but unexercised as of the day immediately before the tenth anniversary of the date of grant may be automatically exercised, in accordance with procedures established for this purpose
by the Committee, but only if the exercise price is less than the Fair Market Value of a share of Stock on such date and the automatic exercise will result in the issuance of at least one (1) whole share of Stock to the Participant after
payment of the exercise price and any applicable minimum tax withholding requirements. Payment of the exercise price and any applicable tax withholding requirements shall be made by a net settlement of the Stock Option whereby the number of shares
of Stock to be issued upon exercise are reduced by a number of shares having a Fair Market Value on the date of exercise equal to the exercise price and any applicable minimum tax withholding. 

Section 7.19 Regulatory Requirements. The grant and settlement of Awards under this Plan shall be
conditioned upon and subject to compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and the rules and regulations promulgated thereunder. 

ARTICLE 8 - DEFINED TERMS; CONSTRUCTION 

Section 8.1 In addition to the other definitions contained herein, unless otherwise specifically provided in an
Award Agreement, the following definitions shall apply: 
 (a) “10% Stockholder” means an individual who, at the time of grant,
owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 
 (b) “Award”
means any Stock Option or Restricted Stock Award or any or all of them, or any other right or interest relating to stock or cash, granted to a Participant under the Plan. 

(c) “Award Agreement” means the document (in whatever medium prescribed by the Committee) which evidences the terms and conditions
of an Award under the Plan. Such document is referred to as an agreement, regardless of whether a Participant’s signature is required. 

(d) “Board” means the Board of Directors of the Company. 

(e) If the Participant is subject to a written employment agreement (or other similar written agreement) with the Company or a Subsidiary that
provides a definition of termination for “Cause,” then, for purposes of this Plan, the term “Cause” shall have meaning set forth in such agreement. In the absence of such a definition, “Cause” means termination because
of a Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Bank’s Code of Ethics, material violation of the Sarbanes-Oxley requirements for officers
of public companies that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the reputation of the Bank, willfully engaging in actions that in the
reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Bank, intentional failure to perform stated duties, 

  
 A-16 

 
willful violation of any law, rule or regulation (other than routine traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of the contract. 

(f) “Change in Control” has the meaning ascribed to it in Section 4.2. 

(g) “Code” means the Internal Revenue Code of 1986, as amended, and any rules, regulations and guidance promulgated thereunder, as
modified from time to time. 
 (h) “Code Section 409A” means the provisions of Section 409A of the Code and any rules,
regulations and guidance promulgated thereunder, as modified from time to time. 
 (i) “Committee” means the Committee acting
under Article 5. 
 (j) “Director” means a member of the Board of Directors of the Company or a Subsidiary. A “Director
Emeritus” shall mean a former member of the Board of Directors of the Company or a Subsidiary but who continues to be associated with the Company or a Subsidiary as an adviser. 

(k) If the Participant is subject to a written employment agreement (or other similar written agreement) with the Company or a Subsidiary that
provides a definition of “Disability” or “Disabled,” then, for purposes of this Plan, the terms “Disability” or “Disabled” shall have meaning set forth in such agreement. In the absence of such a definition,
“Disability” shall be defined in accordance with the Bank’s long-term disability plan. To the extent that an Award hereunder is subject to Code Section 409A, “Disability” or “Disabled” shall mean that a
Participant: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than twelve months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering Employees. Except to the extent prohibited under Code Section 409A, if applicable, the Committee shall have discretion to
determine if a termination due to Disability has occurred. 
 (l) “Disinterested Board Member” means a member of the Board who:
(i) is not a current Employee of the Company or a Subsidiary; (ii) is not a former employee of the Company or a Subsidiary who receives compensation for prior Services (other than benefits under a
tax-qualified retirement plan) during the taxable year; (iii) has not been an officer of the Company or a Subsidiary; (iv) does not receive compensation from the Company or a Subsidiary, either
directly or indirectly, for services as a consultant or in any capacity other than as a Director except in an amount for which disclosure would not be required pursuant to Item 404 of SEC Regulation S-K in
accordance with the proxy solicitation rules of the SEC, as amended or any successor provision thereto; and (v) does not possess an interest in any other transaction, and is not engaged in a business relationship for which disclosure would be
required pursuant to Item 404(a) of SEC Regulation S-K under the proxy solicitation rules of the SEC, as amended or any successor provision thereto. The term Disinterested Board Member shall be interpreted in
such manner as shall be necessary to conform to the requirements of Rule 16b-3 promulgated under the Exchange Act and the corporate governance standards imposed on compensation committees under the listing
requirements imposed by any Exchange on which the Company lists or seeks to list its securities. 
 (m) [Reserved]. 

(n) “Employee” means any person employed by the Company or any Subsidiary. Directors who are also employed by the Company or a
Subsidiary shall be considered Employees under the Plan. 

  
 A-17 

 (o) “Exchange” means any national securities exchange on which the Stock may from
time to time be listed or traded. 
 (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 (q) “Exercise Price” means the price established with respect to a Stock Option pursuant to Section 2.2. 

(r) “Fair Market Value” on any date, means: (i) if the Stock is listed on an Exchange, the closing sales price on such Exchange
or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported; or (ii) if the Stock is not listed on a securities exchange, “Fair
Market Value” shall mean a price determined by the Committee in good faith on the basis of objective criteria consistent with the requirements of Code Section 422 and applicable provisions of Section 409A. 

(s) A termination of employment by an Employee Participant shall be deemed a termination of employment for “Good Reason” as a
result of the Participant’s resignation from the employ of the Company or any Subsidiary upon the occurrence of any of the following events: 

(i) a material diminution in Participant’s base compensation; 

(ii) a material diminution in Participant’s authority, duties or responsibilities; 

(iii) a change in the geographic location at which Participant must perform his or her duties that is more than thirty-five
(35) miles from the location of Participant’s principal workplace on the date of this Agreement; or 
 (iv) in the
event a Participant is a party to an employment, change in control, severance or similar agreement that provides a definition for “Good Reason” or a substantially similar term, then the occurrence of any event set forth in such definition.

 (t) “Immediate Family Member” means with respect to any Participant: (i) any of the Participant’s children,
stepchildren, grandchildren, parents, stepparents, grandparents, spouses, former spouses, siblings, nieces, nephews, mothers-in-law, fathers-in-law, sons-in-law, daughters-in-law, brothers-in-law or sisters-in-law, including relationships created by adoption; (ii) any
natural person sharing the Participant’s household (other than as a tenant or employee, directly or indirectly, of the Participant); (iii) a trust in which any combination of the Participant and persons described in section (i) and (ii)
above own more than fifty percent (50%) of the beneficial interests; (iv) a foundation in which any combination of the Participant and persons described in sections (i) and (ii) above control management of the assets; or (v) any other
corporation, partnership, limited liability company or other entity in which any combination of the Participant and persons described in sections (i) and (ii) above control more than fifty percent (50%) of the voting interests. 

(u) “Involuntary Termination” means the Termination of Service of a Participant by the Company or Subsidiary (other than termination
for Cause) or termination of employment by an Employee Participant for Good Reason. 
 (v) “ISO” has the meaning ascribed to it in
Section 2.1(a). 

  
 A-18 

 (w) “Non-Qualified Option” means the right
to purchase shares of Stock that is either: (i) granted to a Participant who is not an Employee; or (ii) granted to an Employee and either is not designated by the Committee to be an ISO or does not satisfy the requirements of
Section 422 of the Code. 
 (x) “Participant” means any individual who has received, and currently holds, an outstanding
Award under the Plan. 
 (y) [Reserved]. 

(z) “Restricted Stock” or “Restricted Stock Award” has the meaning ascribed to it in Sections 2.1(b) and 2.3.

(aa) [Reserved]. 
 (bb)
“Restriction Period” has the meaning set forth in Section 2.4(b)(iii). 
 (cc) “Retirement” means, unless otherwise
specified in an Award Agreement, retirement from employment or service on or after the attainment of age 65 (or age 70 as a Director). An Employee who is also a Director shall not be deemed to have terminated due to Retirement for purposes of
vesting of Awards and exercise of Stock Options until both Service as an Employee and Service as a Director has ceased. A non-employee Director will be deemed to have terminated due to Retirement under the
provisions of this Plan only if the non-employee Director has terminated Service on the Board(s) of Directors and any Subsidiary or affiliate in accordance with applicable Company policy, following the
provision of written notice to such Board(s) of Directors of the non-employee Director’s intention to retire. A non-employee Director who continues in Service as a
Director Emeritus or advisory director shall be deemed to be in Service of the Employer for purposes of vesting of Awards and exercise of Stock Options. 

(dd) “SEC” means the United States Securities and Exchange Commission. 

(ee) “Securities Act” means the Securities Act of 1933, as amended from time to time. 

(ff) “Service” means service as an Employee or non-employee Director of the Company or a
Subsidiary, as the case may be, and shall include service as a Director Emeritus or advisory director. Service shall not be deemed interrupted in the case of sick leave, military leave or any other absence approved by the Company or a Subsidiary, in
the case of transferees between payroll locations or between the Company, a Subsidiary or a successor. 
 (gg) “Stock” means the
common stock of the Company, $0.01 par value per share. 
 (hh) “Stock Option” has the meaning ascribed to it in
Section 2.1(a) and 2.2. 
 (ii) “Subsidiary” means any corporation, affiliate, bank or other entity which would be a
subsidiary corporation with respect to the Company as defined in Code Section 424(f) and, other than with respect to an ISO, shall also mean any partnership or joint venture in which the Company and/or other Subsidiary owns more than 50% of the
capital or profits interests. 

  
 A-19 

 (jj) “Termination of Service” means the first day occurring on or after a grant
date on which the Participant ceases to be an Employee or Director (including a Director Emeritus or advisory director) of the Company or any Subsidiary, regardless of the reason for such cessation, subject to the following: 

(i) The Participant’s cessation as an Employee shall not be deemed to occur by reason of the transfer of the Participant
between the Company and a Subsidiary or between two Subsidiaries. 
 (ii) The Participant’s cessation as an Employee
shall not be deemed to occur by reason of the Participant’s being on a bona fide leave of absence from the Company or a Subsidiary approved by the Company or Subsidiary otherwise receiving the Participant’s Services, provided such leave of
absence does not exceed six months, or if longer, so long as the Employee retains a right to reemployment with the Company or Subsidiary under an applicable statute or by contract. For these purposes, a leave of absence constitutes a bona fide leave
of absence only if there is a reasonable expectation that the Employee will return to perform Services for the Company or Subsidiary. If the period of leave exceeds six months and the Employee does not retain a right to reemployment under an
applicable statute or by contract, the employment relationship is deemed to terminate on the first day immediately following such six month period. For purposes of this sub-section, to the extent applicable,
an Employee’s leave of absence shall be interpreted by the Committee in a manner consistent with Treasury Regulation Section 1.409A-1(h)(1). 

(iii) If, as a result of a sale or other transaction, the Subsidiary for whom Participant is employed (or to whom the
Participant is providing Services) ceases to be a Subsidiary, and the Participant is not, following the transaction, an Employee of the Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated as the
Participant’s Termination of Service caused by the Participant being discharged by the entity for whom the Participant is employed or to whom the Participant is providing Services. 

(iv) Except to the extent Section 409A of the Code may be applicable to an Award, and subject to the foregoing paragraphs
of this sub-section, the Committee shall have discretion to determine if a Termination of Service has occurred and the date on which it occurred. In the event that any Award under the Plan constitutes
Deferred Compensation (as defined in Section 2.5 hereof), the term Termination of Service shall be interpreted by the Committee in a manner consistent with the definition of “Separation from Service” as defined under Code
Section 409A and under Treasury Regulation Section 1.409A-1(h)(ii). For purposes of this Plan, a “Separation from Service” shall have occurred if the Bank and Participant reasonably
anticipate that no further Services will be performed by the Participant after the date of the Termination of Service (whether as an employee or as an independent contractor) or the level of further Services performed will be less than 50% of the
average level of bona fide Services in the 36 months immediately preceding the Termination of Service. If a Participant is a “Specified Employee,” as defined in Code Section 409A and any payment to be made hereunder shall be
determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month
following Participant’s Separation from Service. 
 (v) With respect to a Participant who is a Director, cessation as a
Director will not be deemed to have occurred if the Participant continues as a Director Emeritus or advisory director. With respect to a Participant who is both an Employee and a Director, termination of employment as an Employee shall not
constitute a Termination of Service for purposes of the Plan so long as the Participant continues to provide Service as a Director, Director Emeritus or advisory director. 

  
 A-20 

 (kk) “Voting Securities” means any securities which ordinarily possess the power
to vote in the election of directors without the happening of any pre-condition or contingency. 

Section 8.2 In this Plan, unless otherwise stated or the context otherwise requires, the following uses apply: 

(a) actions permitted under this Plan may be taken at any time and from time to time in the actor’s reasonable discretion; 

(b) references to a statute shall refer to the statute and any successor statute, and to all regulations promulgated under or implementing the
statute or its successor, as in effect at the relevant time; 
 (c) in computing periods from a specified date to a later specified date,
the words “from” and “commencing on” (and the like) mean “from and including,” and the words “to,” “until” and “ending on” (and the like) mean “to, but excluding”; 

(d) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that
succeeds to the functions of the agency, authority or instrumentality; 
 (e) indications of time of day mean Eastern Time; 

(f) “including” means “including, but not limited to”; 

(g) all references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Plan unless otherwise specified;

 (h) all words used in this Plan will be construed to be of such gender or number as the circumstances and context require; 

(i) the captions and headings of articles, sections, schedules and exhibits appearing in or attached to this Plan have been inserted solely
for convenience of reference and shall not be considered a part of this Plan nor shall any of them affect the meaning or interpretation of this Plan or any of its provisions; 

(j) any reference to a document or set of documents in this Plan, and the rights and obligations of the parties under any such documents,
shall mean such document or documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof; and 

(k) all accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the
United States. 

  
 A-21EX-10.7

 Exhibit 10.7 
 CULLMAN SAVINGS BANK 
 DIRECTOR SPLIT DOLLAR AGREEMENT 

THIS DIRECTOR SPLIT DOLLAR AGREEMENT (this “Agreement”) is made as of this      day of
            , 2008 by and between Cullman Savings Bank, a federally chartered thrift, supervised by the Office of Thrift Supervision (the “Bank”), located in Cullman, Alabama, and
                    ] (the “Director”). 
 WHEREAS, to encourage the Director to remain a Director of the Bank, the Bank is willing to allocate a portion of the death proceeds of a life insurance policy on the Director’s life to the
Director’s beneficiary(ies) if the Director dies while actively serving as a member of the Board of Director’s of the Bank. The Bank will pay life insurance premiums from its general assets. 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Bank and the Director hereby agree as follows. 
 ARTICLE 1 

DEFINITIONS 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1 “Director’s Interest” means the benefit set forth in Section 2 
 1.2 “Insured” means the Director. 
 1.3
“Insurer” means each life insurance carrier in which there is a Split Dollar Policy Endorsement attached to this Split Dollar Agreement. 
 1.4 “Net Amount At Risk” as used in this agreement refers to the difference in the Death Benefit payable by the insurance carrier and the Cash Value of the policy(ies) owned by the Bank
on the Director’s life. 
 1.5 “Policy” means the specific life insurance policy or policies issued by the
Insurer(s). 
 1.6 “Split Dollar Policy Endorsement” means the form required by the Administrator or the
Insurer to indicate the Director’s interest, if any, in a Policy on the Director’s life. 
 1.7 “Termination
of Service” with the Bank means that the Director shall have ceased to be a member of the Board of Directors of the Bank for any reason whatsoever, excepting a leave of absence approved by the Bank. For purposes of this Agreement, if there
is a dispute over the status of the Director or the date of termination of the Director’s service, the Bank shall have the sole and absolute right to decide the dispute. 

 ARTICLE 2 
 POLICY OWNERSHIP/INTERESTS 
 2.1 Bank Ownership. The Bank is the
sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of any death proceeds remaining after the Director’s Interest has been paid under Section 2.2 of this Split Dollar
Agreement. 
 2.2 Director’s Interest. In the case of the Director’s death before Termination of Service, the
Director shall have the right to designate the beneficiary(ies) of death proceeds in the amount of the lesser of: 
 (a) one hundred percent (100%) of the portion of the insurance proceeds on the life of the Director and designated as the NAR (detailed on Schedule A) by the insurance carrier or; 

(b) the Participant’s benefit calculated under section 7.1 of the Cullman Savings Bank Directors’ Deferred Cash
Compensation Plan. This amount is detailed on Schedule A. 
 Subject to the terms of this Split Dollar Agreement, including but
not limited to the Bank’s right to terminate this Split Dollar Agreement under Section 8.8, the Bank hereby endorses the Director’s Interest to the Director and agrees to execute any other or further documents that may be required to
effectuate this Split Dollar Agreement. The Director shall have the right to elect and change settlement options specified in the Policy that may be permitted. However, the Director, the Director’s transferee, and the Director’s
beneficiary(ies) or estate shall have no rights or interests in the Policy for that portion of the death proceeds designated in this Section 2.2 if Termination of Service of the Director occurs before Director’s death. 

2.3 Premium Payment. The Bank shall pay any premiums due on the Policy. It is anticipated that the Policy will be a single premium
modified endowment contract 
 2.4 Imputed Income. The Bank shall impute income to the Director in an amount equal to
(a) the current term rate for the Director’s age, multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies). The current term rate is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority. 
 2.5 Internal Revenue Code Section 1035 Exchanges. The Director recognizes and agrees that the Bank may after this Director Split Dollar Agreement is adopted wish to exchange the
Policy of life insurance on the Director’s life for another contract of life insurance insuring the Director’s life. Provided that the Policy is replaced (or intended to be replaced) with a comparable policy of life insurance, the Director
agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing the Policy or, if necessary, for modifying or updating to a comparable insurer. 

  
 2 

 ARTICLE 3 
 BENEFICIARIES 
 3.1 Beneficiary Designations. The Director shall
designate a beneficiary by filing a written designation with the Bank. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary
and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 ARTICLE 4 
 GENERAL LIMITATIONS 

4.1 Termination of Service. Notwithstanding any provision of this Agreement to the contrary, the Director’s Interest in the
Policy shall terminate if the Director’s service as a member of the Board of Directors is terminated any reason by either party, including retirement, and the Bank’s obligations under this Agreement shall terminate as of the effective date
of the termination of service. 
 4.2 Removal. Notwithstanding any provision of this Agreement to the contrary, if the
Director is removed from the Board of Directors of the Bank or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under section 8(e)(4) or (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. 

4.3 Insurer. The Insurer shall be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in
accordance with the Policy shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be bound by or be deemed to have notice of the provisions of this Director Split Dollar Agreement. 

  
 3 

 ARTICLE 5 
 CLAIMS AND REVIEW PROCEDURES 
 5.1 Claims Procedure. If the
Administrator denies part of or the entire claim, the claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows: 

5.1.1 Initiation: Written Claim. The claimant initiates a claim by submitting to the Administrator a written claim
for the benefits. 
 5.1.2 Timing of Administrator Response. The Administrator shall respond to such
claimant within 90 days after receiving the claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the response period by an additional 90 days by notifying
the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the
Administrator expects to render its decision. 
 5.1.3 Notice of Decision. If the Administrator denies
part or all of the claim, then the Administrator shall notify the claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 (a) the specific reasons for the denial, 

(b) a reference to the specific provisions of this Agreement on which the denial is based, 

(c) a description of any additional information or material necessary for the claimant to perfect the claim and an
explanation of why it is needed, 
 (d) an explanation of this Agreement’s review procedures and the time
limits applicable to such procedures, and 
 (e) a statement of the claimant’s right, if any, to bring a
civil action under ERISA Section 502(a) following an adverse benefit determination on review. 
 5.2 Review
Procedure. If the Administrator denies part or all of the claim, then the claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows: 

5.2.1 Initiation of Written Request. To initiate the review, the claimant must file with the Administrator a
written request for review within 60 days after receiving the Administrator’s notice of denial. 
 5.2.2
Additional Submissions for Information Access. The claimant shall then have the opportunity to submit written comments, documents, records, and other 

  
 4 

 
information relating to the claim. The Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits. 
 5.2.3 Considerations on Review. In
considering the review, the Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 5.2.4 Timing of Administrator Response. The Administrator shall respond in writing to such claimant
within 60 days after receiving the request for review. If the Administrator determines that special circumstances require additional time for processing the claim, then the Administrator can extend the response period by an additional 60 days by
notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which
the Administrator expects to render its decision. 
 5.2.5 Notice of Decision. The Administrator shall
notify the claimant in writing of its decision on review. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(a) the specific reasons for the denial, 

(b) a reference to the specific provisions of this Agreement on which the denial is based, 

(c) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, and 

(d) a statement of the claimant’s right, if any, to bring a civil action under ERISA Section 502(a). 

ARTICLE 6 

ADMINISTRATION 
 6.1 Administration. This Director Split Dollar Agreement shall be administered by an Administrator, which shall consist of the Bank’s board of directors or such committee as the board shall
appoint. The Director may be a member of the Administrator. The Administrator shall also have the discretion and authority to: 
 (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Director Split Dollar Agreement and 

(b) decide or resolve any and all questions, including interpretations of this Director Split Dollar Agreement, as may
arise in connection with the Director Split Dollar Agreement. 

  
 5 

 6.2 Named Agents. In the administration of this Director Split Dollar Agreement, the
Administrator may employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Bank. 

6.3 Binding Effect of Decisions. The decision or action of the Administrator with respect to any question arising out of or in
connection with the administration, interpretation, and application of this Director Split Dollar Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Director Split Dollar Agreement. 
 6.4 Indemnity of Administrator. The Bank shall indemnify and hold harmless the
members of the Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Director Split Dollar Agreement, except in the case of willful misconduct by the
Administrator or any of its members. 
 6.5 Information. To enable the Administrator to perform its functions, the Bank
shall supply full and timely information to the Administrator on all matters relating to the date and circumstances of the retirement, death, or Termination of Employment of the Director and such other pertinent information as the Administrator may
reasonably require. 
 ARTICLE 7 
 MISCELLANEOUS 
 7.1 Amendment and Termination. This Director Split
Dollar Agreement shall terminate automatically if Termination as a Director occurs before the Director’s death. This Director Split Dollar Agreement shall also terminate upon the occurrence of any one of the following: 

(a) surrender, lapse, or other termination of the Policy by the Bank, which the Bank reserves the absolute right to do, or

 (b) cessation of the Bank’s business, which is not continued by the Bank’s successor, if any, or

 (c) written notice of termination by either of the Bank or the Director, or 

(d) bankruptcy, receivership, or dissolution of the Bank, or 

(e) distribution of the death benefit proceeds in accordance with Section 2.2 above, or 

(f) if the Director commits suicide within three years after the issuance of the Policy on the Director’s life.

  
 6 

 If this Director Split Dollar Agreement is terminated, the Bank may in its sole discretion
retain or terminate the Policy. 
 7.2 Binding Effect. This Agreement shall bind the Director and the Bank and their
beneficiaries, survivors, executors, administrators, and transferees. 
 7.3
Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached, or encumbered in any manner. 

7.4 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this
Agreement. 
 7.5 Applicable Law. Except to the extent preempted by the laws of the United States of America, the
validity, interpretation, construction, and performance of this Agreement shall be governed by and construed in accordance with the laws of the State of Alabama, without giving effect to the principles of conflict of laws of such state. 

7.6 Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director concerning the subject
matter hereof. No rights are granted to the Director’s beneficiary(ies) under this Agreement other than those specifically set forth herein. 
 7.7 Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held invalid, and to the full extent
consistent with law each such other provision shall continue in full force and effect. If any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of such provision, and to the full extent consistent
with law the remainder of such provision shall, together with all other provisions of this Agreement, continue in full force and effect. 
 7.8 Headings. The captions and section headings in this Agreement are included solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this
Agreement. 
 7.9 Notices. All notices, requests, demands, and other communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice.

  

	 	(a)	 If to the Bank, 

 to: The Board of Directors 
 Cullman Savings Bank 

316 Second Avenue S.W. 
 Cullman, AL 35055 

  
 7 

	 	(b)	 If to the Director, to: 

 [NAME] 
 [ADDRESS] 

[CITY], [ST] 

and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.

 7.10 Successors. By an assumption agreement in form and substance satisfactory to the Director, the Bank shall require
any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Director Split Dollar Agreement in the same
manner and to the same extent that the Bank would be required to perform this Director Split Dollar Agreement if no succession had occurred. 

  
 8 

 IN WITNESS WHEREOF, the Director and a duly authorized Bank officer have executed
this Agreement as of the day and year first written above. 
  

							
	DIRECTOR	 		 		 	 BANK
 Cullman Savings
Bank

				
	  
	 		 	By:	 	  

		 		 	Title:	 	  

 [NAME] 
 AGREEMENT TO COOPERATE WITH INSURANCE UNDERWRITING INCIDENT 
 TO INTERNAL
REVENUE CODE SECTION 1035 EXCHANGE 
 I acknowledge that I have read the Director Split Dollar Agreement and agree to be
bound by its terms, particularly the covenant on my part set forth in section 2.5 of the Director Split Dollar Agreement to provide medical information and cooperate with medical insurance-related testing required by an insurer to issue a comparable
insurance policy to cover the benefit provided under this Director Split Dollar Agreement. 
  

					
	  
	 		 	  

	Witness	 		 	Director

  
 9 

 SCHEDULE “A” 

To be completed for each Director 

 CULLMAN SAVINGS BANK 

DEATH BENEFIT PLAN 
 DESIGNATION OF BENEFICIARY 
 Director:
                                         
                
 Social Security Number:
            -            -            

 Definitions: 

Primary Beneficiary means the person(s) who will receive the Benefits in the event of the Director’s death. Proceeds will be divided in equal
shares if multiple primary beneficiaries are named, unless otherwise indicated. If percentages are listed, the total must equal 100%. 

Contingent Beneficiary means the person(s) who will receive the Benefits if the primary beneficiary is not living at the time of the
Director’s death. 
 Trust as Beneficiary Designation can be done by using the following written statement: “To [name of
trustee], trustee of the [name of trust], under a trust agreement dated [date of trust].” 
  

									
	 Primary
Beneficiary
	 	 DOB
	  	 Social Security #
	  	 Address
	  	 % of Proceeds

		 		  		  		  	
	  
	 	  
	  	  
	  	  
	  	  

		 		  		  		  	
	  
	 	  
	  	  
	  	  
	  	  

					
	 Contingent
Beneficiary
	 	 DOB
	  	 Social Security #
	  	 Address
	  	 % of Proceeds

		 		  		  		  	
	  
	 	  
	  	  
	  	  
	  	  

		 		  		  		  	
	  
	 	  
	  	  
	  	  
	  	  

 The undersigned Director acknowledges that Cullman Savings Bank (“Bank”) is providing this Death Benefit
subject to the terms and conditions of the Agreement entered into with Director; only to the extent that the Death Benefit is actually paid by the Insurer, and that Bank is also entitled to separate 

 

					
	  
	 		 	                , 2008
	Director’s Signature	 		 	Date
		
	Acknowledged Receipt by the Bank:	 	
			
	  
	 		 	                , 2008
	Officer	 		 	Date

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