Document:

Exhibit 10.5

 Exhibit 10.5 
 FORM OF 
 CHANGE IN CONTROL AGREEMENT 
 This AGREEMENT (“Agreement”) is hereby entered into as of __________, 2007, by and between PROFILE BANK, F.S.B. (the
“Bank”), _________________ (“Executive”), and [PROFILE BANCORP, INC.] (the “Company”), the holding company of the Bank, as guarantor. 
 WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect Executive’s position with the Bank in the event of a change in control of the Bank or the
Company for the period provided for in this Agreement; and 
 WHEREAS, Executive and the Board of Directors of the Bank (the
“Board of Directors”) desire to enter into an agreement setting forth the terms and conditions of payments due to Executive in the event of a Change in Control and the related rights and obligations of each of the parties. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
  

	1.	Term of Agreement. 

 a.    The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective Date”) and ending on the [third] anniversary of the
Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 1. 
 b.    Prior to the first anniversary of the Effective Date, the Board of Directors may extend the term of this Agreement for an additional one (1) year period beyond the then effective expiration date, provided that
Executive shall not have given at least sixty (60) days’ written notice of Executive’s desire that the term not be extended. 
 c.    Notwithstanding anything in this Section to the contrary, this Agreement shall terminate if Executive or the Bank terminates Executive’s employment prior to a Change in Control. 
  

	2.	Change in Control. 

 a.    Upon the occurrence of a Change in Control of the Bank or the Company followed by the termination of Executive’s employment in accordance with the terms of this Agreement, other than for Cause, as defined in
Section 2c. of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate employment at any time during the
remaining term of this Agreement following an event constituting “Good Reason.” 
 “Good Reason” means, unless Executive
has consented in writing thereto, the occurrence following a Change in Control, of any of the following: 
  

	 	i.	the assignment to Executive of any duties materially inconsistent with Executive’s position, including any material diminution in status, title, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Bank reasonably promptly after receipt of notice from Executive; 

  

	 	ii.	a reduction of Executive’s base salary in effect immediately prior to the Change in Control; 

  

	 	iii.	the relocation of Executive’s office to a location more than thirty-five (35) miles from its location as of the date of this Agreement; 

  

	 	iv.	the taking of any action by the Bank or any of its affiliates or successors that would materially adversely affect Executive’s overall compensation and benefits package, unless
such changes to the compensation and benefits package are made on a non-discriminatory basis and affect substantially all employees; or 

  

	 	v.	the failure of the Bank or the Company to obtain the assumption in writing of the Bank’s obligation to perform this Agreement by any successor within thirty (30) days
after a reorganization, merger, consolidation, sale or other disposition of assets. 

 b.    For purposes of
this Agreement, a “Change in Control” shall be deemed to occur on the earliest of any of the following events: 
 i.    Merger: The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result less than a majority of the combined voting
power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation; 
 ii.    Acquisition of Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or
another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner
of 25% or more of a class of the Company’s voting securities, but this clause (ii) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly
beneficially owns 50% or more of its outstanding voting securities; 
 iii.    Change in Board Composition: During
any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided,
however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at
the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 
 iv.    Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 
 c.     Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for “Cause”. Termination for Cause shall mean termination of employment due to
personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than 

  

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traffic violations or similar offenses) or final cease and desist order, or material breach of any provision of this Agreement. Notwithstanding the
foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board
of Directors at a meeting of the Board of Directors called and held for the purpose of finding (after reasonable notice to Executive and an opportunity for Executive, together with counsel, to be heard before the Board of Directors) that Executive
engaged in conduct justifying termination for Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. During the period
beginning on the date of the Notice of Termination for Cause pursuant to Section 4 hereof through the Date of Termination (as defined in Section 4), stock options granted to Executive under any stock option plan shall not be exercisable
nor shall any unvested stock awards granted to Executive under any stock benefit plan of the Company vest. At the Date of Termination, such stock options and any such unvested stock awards shall become null and void and shall not be exercisable by
or delivered to Executive at any time subsequent to such termination for Cause. 
  

	3.	Termination Benefits. 

 a.    If Executive voluntarily terminates employment (in accordance with Section 2a. of this Agreement) or is involuntarily terminated within one year following a Change in Control, Executive shall receive:

  

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

  

	 	ii.	Continued health, medical and life insurance coverage which Executive participated in as of the date of the Change in Control (collectively, the “Employee Benefit Plans”)
for a period of [thirty-six (36)] months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s termination of employment. To the
extent that benefits required under this Section 3a. cannot be provided under the terms of such plans because Executive is no longer an employee, the Bank shall enter into alternative arrangements that will provide Executive with comparable
benefits. 

 b.    Notwithstanding the preceding provisions of this Section 3, in no event shall the
aggregate payments or benefits to be made or afforded to Executive (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”), or any successor thereto, and to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount which is one dollar ($1.00) less than three (3) times Executive’s “base amount,” as
determined in accordance with said Section 280G of the Code. The Executive shall determine the allocation of the required reduction among the Termination Benefits provided under this Section 3. 
  

	4.	Notice of Termination. 

 a.    The Bank or Executive shall communicate any intended termination of this Agreement by means of a Notice of Termination to the other party. For purposes of this Agreement, a “Notice of Termination” shall
mean a written notice indicating the specific termination provision in this Agreement 

  

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relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment. 

b.    “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a
termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

 The Bank shall make
all payments provided for under this Agreement. The Company, however, unconditionally guarantees all amounts and benefits due to Executive and, if the Bank does not timely pay or provide such amounts and benefits, the Company shall pay or provide
such amounts and benefits. 
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any
benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to Executive without reference to this
Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
  

	7.	No Attachment. 

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

	8.	Modification and Waiver. 

 a.    This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
 b.    No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party
charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a
waiver of such term or condition for the future or as to any act other than that specifically waived. 
  

	9.	Severability. 

 If, for any reason, any
provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof
shall to the full extent consistent with law continue in full force and effect. 
  

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	10.	Headings for Reference Only. 

 The headings
of sections and paragraphs are included in this Agreement solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references to the masculine in this Agreement
shall apply to both the masculine and the feminine. 
  

	11.	Governing Law. 

 Except to the extent
preempted by federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of New Hampshire, without regard to principles of conflicts of law of that state. 
  

	12.	Arbitration. 

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

	13.	Payment of Legal Fees. 

 All reasonable
legal fees and expenses paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration
or settlement. 
  

	14.	Indemnification. 

 The Company or the Bank
shall provide Executive (and Executive’s heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense and shall indemnify Executive (and Executive’s heirs,
executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred in connection with or arising out of any action, suit or proceeding in which Executive may be involved by
reason of having been a director or officer of the Company or the Bank (whether or not Executive continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be
limited to, judgments, court costs, attorneys’ fees and the costs of reasonable settlements. 
  

	15.	Successors to the Bank and the Company. 

 The Bank and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company, expressly and
unconditionally to assume and agree to perform the Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent that the Bank and the Company would be required to perform if no such succession or
assignment had taken place. 
  

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 16.    Required Provisions. In the event any of the foregoing provisions of this
Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail. 
  

	 	a.	The Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice
Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. 

  

	 	b.	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

  

	 	c.	If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

	 	d.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this Agreement shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	e.	All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank:
(i) by the Director of the OTS (or his or her designee), at the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c)
of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his or her designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of
the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

  

	 	f.	Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12
C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

  

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

									
	ATTEST:	 		 	PROFILE BANK, F.S.B.	 	
					
	 	 		 	By:	 	 	 	
	Corporate Secretary	 		 		 	For the Entire Board of Directors	 	

  

									
	ATTEST:	 		 	 [PROFILE BANCORP, INC.]
 (Guarantor)
	 	
					
	 	 		 	By:	 	 	 	
	Corporate Secretary	 		 		 	For the Entire Board of Directors	 	

  

									
	WITNESS:	 		 	EXECUTIVE	 	
				
	 	 		 	 	 	
	Corporate Secretary	 		 		 		 	

  

 7Exhibit 10.6

 Exhibit 10.6 
 FORM OF 
 PROFILE BANK, FSB 
 EMPLOYEE SEVERANCE COMPENSATION PLAN 
  

	A.	Purpose. 

 The primary purpose of the Profile
Bank, FSB Employee Severance Compensation Plan (the “Plan”) is to ensure the successful continuation of the business of Profile Bank, FSB (the “Bank”) and the fair and equitable treatment of the Bank’s employees following a
Change in Control (as defined below). 
  

	B.	Covered Employees. 

 Subject to paragraph C
below, any employee of the Bank with at least one year of service as of his or her termination date shall be eligible to receive a Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of a
Change in Control and ending on the first anniversary of such date, (i) the employee’s employment with the Bank is involuntarily terminated or (ii) the employee terminates employment with the Bank voluntarily after being offered
continued employment in a position that is not a Comparable Position (as defined below). 
  

	C.	Limitations on Eligibility for Change in Control Severance Benefits or Management Restructuring Benefits. 

  

	 	(1)	No employee shall be eligible for a Change in Control Severance Benefit if (a) his or her employment is terminated for “Cause,” (b) he or she is offered a
Comparable Position and declines to accept such position, or (c) the employee is, at the time of termination of employment, a party to an individual employment agreement or change in control agreement with the Bank and/or Profile Bancorp, Inc.
(the “Company”). 

  

	 	(2)	For purposes of this Plan, a termination of employment for “Cause” shall include termination because of the employee’s personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or
material breach of any provision of the Plan. 

  

	 	(3)	For purposes of this Plan, a “Comparable Position” shall mean a position that would (a) provide the employee with base compensation and benefits that are comparable
in the aggregate to those provided to the employee prior to the Change in Control; (b) provide the employee with an opportunity for variable bonus compensation that is comparable to the opportunity provided to the employee prior to the Change
in Control; (c) be in a location that would not require the employee to increase his or her daily one way commuting distance by more than thirty-five (35) miles as compared to the employee’s commuting distance immediately prior to the
Change in Control; and (d) have job skill requirements and duties that are comparable to the requirements and duties of the position held by the employee prior to the Change in Control. 

	D.	Definitions of Change in Control. 

 For
purposes of this Plan, “Change in Control” means the occurrence of any one of the following events: 
  

	 	(1)	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result, less than a majority of the
combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation; 

  

	 	(2)	Acquisition of Significant Share Ownership: A report on Schedule 13D or another form or schedule (other than Schedule 13G) is filed or required to be filed under Sections
13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner(s) of 25% or more of a class of the Company’s voting securities, but
this clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities;

  

	 	 (3)
	 Change in Board Composition: During any period of two consecutive years, individuals who constitute the
Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (3), each director who is
first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

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

  

	E.	Determination of the Change in Control Severance Benefit. 

  

	 	(1)	The Change in Control Severance Benefit payable to an eligible employee under this Plan shall be determined under the following schedule: 

  

	 	(a)	An eligible employee who does not receive a benefit pursuant to paragraph (b) of this Section shall receive a Change in Control Severance Benefit equal to the product of
(i) the employee’s years of service from his or her hire date (including partial years) through the termination date and (ii) an amount equal to two (2) weeks of the employee’s Base Compensation (as defined below). A
“year of service” shall mean each 12-month period of service following an employee’s hire date determined without regard the number of hours worked during such period(s). The minimum payment to an eligible employee under this
paragraph shall be an amount equal to two (2) weeks of Base Compensation and the maximum payment to an eligible employee shall be an amount equal to six (6) months of Base Compensation. 

  

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	 	(b)	An eligible employee-officer designated by the Board of Directors prior to a Change in Control shall receive a Change in Control Severance Benefit equal to twelve (12) months
of Base Compensation. 

  

	 	(c)	The Change in Control Severance Benefit shall be paid in a lump sum not later than five (5) business days after the date of the employee’s termination of employment.

  

	 	(2)	For purpose of determinations under this paragraph E, “Base Compensation” shall mean: 

  

	 	(a)	For salaried employees, the employee’s annual base salary at the rate in effect on his or her termination date or, if greater, the rate in effect on the date immediately
preceding the Change in Control. 

  

	 	(b)	For employees whose compensation is determined in whole or in part on the basis of commission income, the employee’s base salary at termination (or, if greater, the
employee’s base salary on the date immediately preceding the effective date of the Change in Control), if any, plus the commissions earned by the employee in the twelve (12) full calendar months preceding his or her termination date (or,
if greater, the commissions earned in the twelve (12) full calendar months immediately preceding the effective date of the Change in Control). 

  

	 	(c)	For hourly employees, the employee’s total hourly wages for the twelve (12) full calendar months preceding his or her termination date or, if greater, the twelve
(12) full calendar months preceding the effective date of the Change in Control. 

  

	F.	Withholding. 

 All payments will be subject
to customary withholding for federal, state and local tax purposes. 
  

	G.	Parachute Payment. 

 Notwithstanding anything
in this Plan to the contrary, if a Change in Control Severance Benefit to an employee who is a “Disqualified Individual” shall be in an amount which includes an “Excess Parachute Payment,” taking into account payments under this
Plan and otherwise, the benefit payable under this Plan shall be reduced to the maximum amount which does not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute Payment” shall have the
same meanings as under Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision thereto. 
  

	H.	Administration. 

 The Plan is administered by
the Board, which shall have the discretion to interpret the terms of the Plan and to make all determinations about eligibility and payment of benefits. All decisions of the Board, any action taken by the Board with respect to the Plan and within the
powers granted to the Board under the Plan, and any interpretation by the Board of any term or condition of the Plan, are conclusive and binding on all persons, and will be given the maximum possible deference allowed by law. The Board may delegate
and reallocate any authority and responsibility with respect to the Plan. 
  

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	I.	Source of Payments. 

 Unless otherwise
determined by the Board, all payments and benefits provided under this Agreement shall be paid solely by the Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the
duplication of any payment or benefit. 
  

	J.	Inalienability. 

 In no event may any
Employee sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest be subject to the claims of creditors, nor liable to attachment, execution or other legal process.

  

	K.	Governing Law. 

 The provisions of the Plan
will be construed, administered and enforced in accordance with the laws of the State of New Hampshire, except to the extent that federal law applies. 
  

	L.	Severability. 

 If any provision of the Plan
is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 
  

	M.	No Employment Rights. 

 Neither the
establishment nor the terms of this Plan shall be held or construed to confer upon any employee the right to a continuation of employment by the Bank, nor constitute a contract of employment, express or implied. The Bank reserves the right to
dismiss or otherwise deal with any employee to the same extent and on the same basis as though this Plan had not been adopted. Nothing in this Plan is intended to alter the at-will status of the Bank’s employees, it being understood that,
except to the extent otherwise expressly set forth to the contrary in an individual employment-related agreement, the employment of any employee may be terminated at any time by either the Bank or the employee with or without cause. 
  

	N.	Amendment and Termination. 

 The Plan may be
terminated or amended in any respect by resolution adopted by a majority of the Board, unless a Change in Control has previously occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution,
deletion, revocation or termination in any respect whatsoever. The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Bank, certifying that the amendment or
termination has been approved by the Board. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights hereunder. A proper termination of the Plan automatically shall effect a termination of
all employees’ rights and benefits hereunder. 
  

	O.	Required Provisions. 

  

	 	(1)	In the event any of the provisions of this Section O are in conflict with the terms of this Plan, this Section O shall prevail. 

  

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	 	(2)	The Bank’s Board of Directors may terminate an employee’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice an
employee’s right to compensation or other benefits under this Plan. An employee shall not have the right to receive compensation or other benefits for any period after Termination for Cause. 

  

	 	(3)	If an employee is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Plan shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are
dismissed, the Bank may in its discretion: (i) pay the employee all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

  

	 	(4)	If an employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Plan shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

	 	(5)	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations under this Plan shall terminate as of
the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	(6)	All obligations under this Plan shall be terminated, except to the extent determined that continuation of the Plan is necessary for the continued operation of the Bank: (i) by
the Director of the Office of Thrift Supervision (OTS), or his designee, at the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the
operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

  

	 	(7)	Any payments made to employees pursuant to this Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R.
Part 359, Golden Parachute and Indemnification Payments. 

  

 5 

 This plan has been approved and adopted by the Board of Directors of the Bank and is effective as of
[date]. 
  

									
		 		 		 	PROFILE BANK, FSB
					
	Attest:	 	  
	 		 	By:	 	  

		 		 		 		 	For the Entire Board of Directors

  

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