Document:

Exhibit 10.6

 Exhibit 10.6 

CHANGE IN CONTROL 

SEVERANCE AGREEMENT 

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (the “Agreement”) is entered into as of June 14, 2012, by and between THE
VICTORY BANK (the “Bank”) and SAUL S. RIVKIN (the “Executive”). 
 WHEREAS, the Executive has made
significant contributions to the success of the Bank; and 
 WHEREAS, the Bank wishes to provide additional incentives for the
Executive to remain in the employment of the Bank. 
 NOW THEREFORE, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 1. Termination
after a Change in Control. 
 (a) Cash benefit. Notwithstanding any other provisions in this Agreement, if the
Executive’s employment terminates involuntarily, but without Cause, or voluntarily, but with Good Reason, in either case within 12 months after a Change in Control, the Bank shall make a lump-sum payment to the Executive in an amount in cash
equal to one (1) times the Executive’s base salary (at the rate in effect immediately prior to the Change in Control or, if higher, the rate in effect when the Executive terminates employment). Unless a delay in payment is required under
Section 1(b) of this Agreement, the payment required under this Section 1(a) shall be made within five (5) business days after the Executive’s employment termination. The amount payable to the Executive hereunder shall not be
reduced to account for the time value of money or discounted to present value. If the Executive’s employment terminates involuntarily, but without Cause, before the Change in Control occurs but after discussions regarding the Change in Control
commence, then for purposes of this Agreement the Executive’s employment shall be deemed to have terminated immediately after the Change in Control and, unless delay is required under Section 1(b) of this Agreement, the Executive shall be
entitled to the cash benefit under this Section 1(a) within five (5) business days after the Change in Control. 
 (b) Payment
of the benefit. If, at the time his employment terminates, the Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if the cash severance
benefit under Section 1(a) would be considered deferred compensation under Section 409A of the Code, and finally if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, payment of
the benefit under Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the
month in which the Executive’s employment terminates. 
 (c) Change in Control. 

For purposes of this Agreement “Change in Control” means a change in ownership, change in effective control or change in ownership of a substantial
portion of assets of the Bank or The Victory Bancorp, Inc., as defined for purposes of Section 409A of the Code. 

 (d) Involuntary termination with Cause. For purposes of this Agreement termination of the
Executive’s employment shall be considered an involuntary termination with Cause if the Executive shall have been terminated for any of the following reasons: 

(1) a material act of dishonesty in performing the Executive’s duties on behalf of the Bank; 

(2) a willful misconduct that in the judgment of the board of directors will likely cause economic damage to the Bank or its affiliates or
injury to the business reputation of the Bank or its affiliates; 
 (3) a breach of fiduciary duty involving personal profit; 

(4) the intentional failure of the Executive to perform his stated duties after written notice thereof from his supervisor or the board of
directors of the Bank; or 
 (5) a willful violation of any law, rule or regulation (other than minor or routine traffic violations or
similar offenses) that reflects adversely on the reputation of the Bank or its affiliates, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order. 

No act, or failure to act, on the Executive’s part shall be considered “willful” unless he has acted, or failed to act, with an absence of good
faith and without reasonable belief that his action or failure to act was in the best interest of the Bank. 
 (e) Voluntary termination
with Good Reason. For purposes of this Agreement a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses (1) and (2) are satisfied – 

(1) a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if any of the following occur
without the Executive’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance written consent – 

(i) a material diminution of the Executive’s base salary, 

(ii) a material diminution of the Executive’s authority, duties, or responsibilities, 

(iii) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to report, or

 (iv) a change by more than twenty-five (25) miles in the geographic location at which the Executive must perform services. 

(2) the Executive must give notice to the Bank of the existence of one or more of the conditions described in clause (1) within sixty (60)
days after the initial existence of the condition, and the Bank shall have thirty (30) days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more of the conditions
described in clause (1) must occur within six (6) months after the initial existence of the condition. 

  
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 2. Continuation of Benefits. 

(a) Benefits. Subject to Section 2(b) of this Agreement, if the Executive becomes entitled to a severance benefit pursuant to
Section 1(a) of this Agreement, the Bank shall continue or cause to be continued life and health insurance coverage substantially identical to the coverage maintained for the Executive before termination and in accordance with the same schedule
prevailing before employment termination. The insurance coverage shall cease twelve (12) months after the Executive’s termination of employment. 

(b) Alternative lump-sum cash payment. If (x) under the terms of the applicable policy or policies for the insurance benefits
specified in Section 2(a) it is not possible to continue coverage for the Executive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee” within the meaning of Section 409A of
the Code, if any of the continued insurance coverage benefits specified in Section 4.2(a) would be considered deferred compensation under Section 409A of the Code, and finally, if an exemption from the six-month delay requirement of
Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, the Bank shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Bank’s projected cost to maintain
that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for twelve (12) months. The lump-sum payment shall be made five
(5) days after employment termination or, if Section 1(b) applies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

 3. Termination for Which No Benefits Are Payable. Despite anything in this Agreement to the contrary, the Executive shall
be entitled to no benefits under this Agreement if the Executive’s employment terminates with Cause, if the Executive dies while actively employed by the Bank, or if the Executive becomes totally disabled while actively employed by the Bank.
For purposes of this Agreement, the Executive will be considered to have become totally disabled if the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. The benefits, if any, payable to the Executive or the Executive’s beneficiary or estate relating to the Executive’s
death or disability shall be determined solely by such benefit plans or arrangements as the Bank may have with the Executive relating to death or disability, not by this Agreement. 

4. Term of Agreement. 

(a) The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement
(the “Effective Date”) and continuing for twelve (12) full months thereafter, plus (ii) any and all extensions of the initial term made pursuant to this Section 4. 

(b) Commencing as of the first anniversary of the Effective Date and continuing as of each anniversary of the Effective Date thereafter, the
disinterested members of the board of directors of the Bank may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes twelve (12) full months from the applicable anniversary of the Effective
Date, unless the Executive elects not to extend the term of this Agreement by giving written notice at least thirty (30) days prior to the applicable anniversary date. 

5. Limitation of Benefits Under Certain Circumstances. In the event that the aggregate payments or benefits to be made or
afforded to the Executive in the event of a Change of Control (whether under this Agreement or otherwise) would be deemed to include an “excess parachute payment” under Section 280G of the Code or any successor thereto, then such
payments or benefits shall 

  
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be reduced to the extent necessary to avoid treatment as an “excess parachute payment”, with the reduction among such payments and benefits to be made first to payments and benefits
payable or provided under this Agreement. 
 6. This Agreement Is Not an Employment Contract. The parties hereto acknowledge
and agree that (x) this Agreement is not a management or employment agreement and (y) nothing in this Agreement shall give the Executive any rights or impose any obligations to continued employment by the Bank or any subsidiary or
successor of the Bank. 
 7. Withholding of Taxes. The Bank may withhold from any benefits payable under this Agreement all
Federal, state, local or other taxes as may be required by law, governmental regulation, or ruling. 
 8. Successors and Assigns.

 (a) This Agreement shall be binding upon the Bank and any successor to the Bank, including any persons acquiring directly or
indirectly all or substantially all of the business or assets of the Bank by purchase, merger, consolidation, reorganization, or otherwise. But, this Agreement and the Bank’s obligations under this Agreement are not otherwise assignable,
transferable, or delegable by the Bank. By agreement in form and substance satisfactory to the Executive, the Bank shall require any successor to all or substantially all of the business or assets of the Bank expressly to assume and agree to perform
this Agreement in the same manner and to the same extent the Bank would be required to perform had no succession occurred. 
 (b) This
Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and legatees. 

(c) This Agreement is personal in nature. Without written consent of the other party, neither party shall assign, transfer, or delegate this
Agreement or any rights or obligations under this Agreement except as expressly provided in this Section 8. Without limiting the generality of the foregoing, the Executive’s right to receive payments hereunder is not assignable or
transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment or transfer that is contrary to this
Section 8, the Bank shall have no liability to pay any amount to the assignee or transferee. 
 9. Notices. Any notice
under this Agreement shall be deemed to have been effectively made or given if in writing and personally delivered, delivered by mail properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable
overnight delivery service, or sent by facsimile. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive on the books and records of the Bank at the time of the delivery
of the notice, and properly addressed to the Bank if addressed to the board of directors at the Bank’s executive offices. 
 10.
Captions and Counterparts. The headings and subheadings in this Agreement are included solely for convenience and shall not affect the interpretation of this Agreement. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the same agreement. 
 11. Amendments and
Waivers. No provision of this Agreement may be modified, waived, or discharged unless the waiver, modification, or discharge is agreed to in a writing signed by the Executive and by the Bank. No waiver by either party hereto at any time of
any breach by the other party 

  
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hereto or waiver of compliance with any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. 
 12. Severability. The provisions of this Agreement are severable. The
invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions of this Agreement. Any provision held to be invalid or unenforceable shall be reformed to the extent and solely to the extent
necessary to make it valid and enforceable. 
 13. Governing Law, Jurisdiction and Forum. This Agreement shall be construed
under and governed by the internal laws of Pennsylvania, without giving effect to any conflict of laws provision or rule that would cause the application of the laws of any jurisdiction other than Pennsylvania. By entering into this Agreement, the
Executive acknowledges that the Executive is subject to the jurisdiction of both the federal and state courts in Pennsylvania. 
 14.
Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive concerning the subject matter. No rights are granted to the Executive under this Agreement other than those specifically set forth. No
agreements or representations, oral or otherwise, expressed or implied concerning the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. This Agreement supersedes and replaces in its entirety any
prior severance or employment agreement between the Bank and the Executive. 
 15. No Mitigation Required. The Executive shall
not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall any profits, income, earnings, or other benefits from any source whatsoever create any mitigation, offset,
reduction, or any other obligation on the part of the Executive hereunder or otherwise. 
 16. Internal Revenue Code
Section 409A. The Bank and the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the requirements of
Section 409A of the Code, the provision shall nevertheless be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Executive to additional tax or interest under Section 409A of the
Code, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Bank shall not be
required to incur any additional compensation expense as a result of the reformed provision. 
 17. Effect of Federal Banking Statutes
and Regulations. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Bank whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with
Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359. In addition, the Executive agrees that this Agreement is subject to amendment at any time in
order to comply with laws that are applicable to the Bank (including regulations and rules relating to any governmental program in which Company or the Bank may participate). 

  
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 18. Source of Payments. All payments provided in this Agreement shall be timely
paid in cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not
timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 
 IN WITNESS WHEREOF, the
parties have executed this Change in Control Severance Agreement as of the date first written above. 
  

	
	THE VICTORY BANK
	
	

 Chairman & CEO
	
	EXECUTIVE
	
	

	Saul S. Rivkin

  
 6Exhibit 10.7

 Exhibit 10.7 
  

 
 MEMORANDUM 
  

			
	TO:	  	C Hutt, T Thompson
		
	FROM:	  	Jim Gillen
		
	DATE:	  	August 10, 2009
		
	RE:	  	Bonus Discussion

  
  

Per our discussion last week, Chuck’s bonus which is based on the net gain on loan sales will be calculated as follows: 

 

	 	1.	Once the 2009 gain on loan sales reaches $434,000 a bonus of $34,000 is guaranteed to be paid out at year end. If the aggregate gain on loan sales does not reach $434,000 in calendar 2009, no bonus will be paid out in
2009. Once the $34,000 bonus is guaranteed, this is the minimum bonus that will be paid regardless of the payout amount listed below in the payout table. For Example, if total gains on loan sales total $550,000 for calendar year 2009, the
corresponding payout is listed at $27,500. However, since this amount exceeds the trigger amount of $434,000, the guaranteed payout of $34,000 remains. 

  

	 	2.	Chuck’s year-end bonus may exceed $34,000 if, in accordance with the bonus table below, gain on loan sales reach $700,000 for calendar 2009. You can see below the corresponding payout for $700,000 gain on loan
sales is $35,000, thus greater than the above referenced $34,000. 

  

	 	3.	At Chuck’s discretion he may carve out various bonus amounts for the benefit of other department employees. Should Chuck distribute part of this bonus to Ralph Cirino, he will be “reimbursed” up to a
maximum of $2,500. Since it was agreed that the Cirino bonus will not decrease the bonus allocated to Chuck. 

  

									
	Aggregate Gain on Sales	  	Payout Rate	 	 	Payout	 
			
	 $300,000.00
	  	 	4	% 	 	$	12,000.00	  
	 $350,000.00
	  	 	4	% 	 	$	14,000.00	  
	 $400,000.00
	  	 	4	% 	 	$	16,000.00	  
	 $450,000.00
	  	 	4	% 	 	$	18000.00	  
	 $500,000.00
	  	 	4	% 	 	$	20,000.00	  
	 $550,000.00
	  	 	5	% 	 	$	27,500.00	  
	 $600,000.00
	  	 	5	% 	 	$	30,000.00	  
	 $650,000.00
	  	 	5	% 	 	$	32,500.00	  
	 $700,000.00
	  	 	5	% 	 	$	35,000.00	  
	 $750,000.00
	  	 	5	% 	 	$	37,500.00	  
	 $800,000.00
	  	 	5	% 	 	$	40,000.00	  
	 $850,000.00
	  	 	5	% 	 	$	42,500.00	  
	 $900,000.00
	  	 	5	% 	 	$	45,000.00	  
	 $950,000.00
	  	 	5	% 	 	$	47,500.00	  
	 $1,000,000.00
	  	 	5.5	% 	 	$	55,000.00	  
	 $1,100,000.00
	  	 	5.5	% 	 	$	60,500.00	  
	 $1,200,000.00
	  	 	5.5	% 	 	$	66,000.00	  

 Memorandum 
 RE:
Bonus Discussion 
  Page
 2
 
  
 Example 1: Assumes
$700,000. in annual gain on loan sales and that Ralph Cirino is given a $2,500 bonus. 
  

																					
	 2009 Aggregate Gain on Loan Sales
	  	Bonus
Amount	 	  	Amt. Paid
R. Cirino	 	  	Amt. Paid
To C.Hutt	 	  	Bonus
Add-back	 	  	Hutt-Final
Bonus	 
	 $700,000
	  	$	35,000	  	  	$	2,500	  	  	$	32,500	  	  	$	2,500	  	  	$	35,000	  

 Example 2: Assumes $700,000. in annual gain on loan sales and that Ralph Cirino is not given a bonus. 

 

																					
	 2009 Aggregate Gain on Loan Sales
	  	Bonus
Amount	 	  	Amt. Paid
R. Cirino	 	  	Amt. Paid
To C.Hutt	 	  	Bonus
Add-back	 	  	Hutt-Final
Bonus	 
	 $700,000
	  	$	35,000	  	  	$	0	  	  	$	35,000	  	  	$	0	  	  	$	35,000	  

 Example 3: Assumes $800,000 in annual gain on loan sales, and that Ralph Cirino is given a $2,500 bonus. 

 

																					
	 2009 Aggregate Gain on Loan Sales
	  	Bonus
Amount	 	  	Amt. Paid
R. Cirino	 	  	Amt. Paid
To C.Hutt	 	  	Bonus
Add-back	 	  	Hutt-Final
Bonus	 
	 $800,000
	  	$	40,000	  	  	$	2,500	  	  	$	37,500	  	  	$	2,500	  	  	$	40,000	  

 Example 4. : Assumes $800,000 in annual gain on loan sales, and that Ralph Cirino is not given a bonus. 

 

																					
	 2009 Aggregate Gain on Loan Sales
	  	Bonus
Amount	 	  	Amt. Paid
R. Cirino	 	  	Amt. Paid
To C.Hutt	 	  	Bonus
Add-back	 	  	Hutt-Final
Bonus	 
	 $800,000
	  	$	40,000	  	  	$	0	  	  	$	40,000	  	  	$	0	  	  	$	40,000	  

 The trigger amount of $434,000 and guaranteed payout of $34,000 noted in this memorandum apply only to
calendar year 2009. If any outstanding questions remain, please don’t hesitate to contact me. 

  
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