Document:

<PAGE>

                                     FORM OF

                        RESTRICTED STOCK AWARD AGREEMENT
              FOR THE BV FINANCIAL, INC. 2005 EQUITY INCENTIVE PLAN

This Award Agreement is provided to _______________ (the "Participant") by BV
Financial, Inc. (the "Company") as of ___________, the date the Compensation
Committee awarded the Participant restricted Shares pursuant to the BV
Financial, Inc. 2005 Equity Incentive Plan (the "2005 Plan"), subject to the
terms and conditions of the 2005 Plan and this Award Agreement:

         1.   NUMBER OF SHARES SUBJECT
              TO YOUR RESTRICTED STOCK AWARD:    _________ Shares (subject to
                                                 adjustment as may be necessary
                                                 pursuant to Section 11 of the
                                                 2005 Plan).

         2.   GRANT DATE:  _________

Unless sooner vested in accordance with Section 3 of the Terms and Conditions
(attached hereto) or otherwise in the discretion of the Committee, the
restrictions imposed under Section 2 of the Terms and Conditions will expire as
to the following percentage of the Shares awarded hereunder, on the following
respective dates; provided that Participant is then still employed by or in
service with the Company or any of its subsidiaries:

        Percentage of             Number of Shares
       Shares Vesting                 Vesting                Vesting Date
       --------------                 -------                ------------
           _____                       _____                     _____
           _____                       _____                     _____
           _____                       _____                     _____
           _____                       _____                     _____

         IN WITNESS WHEREOF, BV Financial, Inc., acting by and through the
Compensation Committee of the Board of Directors of the Company, has caused this
Award Agreement to be executed as of the Grant Date.

                                     BV FINANCIAL, INC.

                                     By:
                                         ---------------------------------------
                                         On behalf of the Compensation Committee

ACCEPTED BY PARTICIPANT:

----------------------------------
[           ]

---------------------------
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF SHARES. The Grant Date and number of Shares underlying a
         Participant's Restricted Stock Award are stated on page 1 of this Award
         Agreement. Capitalized terms used herein and not otherwise defined
         shall have the meanings assigned to such terms in the 2005 Plan.

2.       RESTRICTIONS. The unvested Shares underlying a Participant's Restricted
         Stock Award are subject to the following restrictions ("Restricted
         Shares") until they expire or terminate.

         (a)   Restricted Shares may not be sold, transferred, exchanged,
               assigned, pledged, hypothecated or otherwise encumbered.

         (b)   If a Participant's employment or service with the Company or any
               Affiliate terminates for any reason other than as set forth in
               paragraph (b) of Section 3 hereof, then the Participant forfeits
               all of his rights, title and interest in and to the Restricted
               Shares as of the date of termination, and such Restricted Shares
               shall revert to the Company under the terms of the 2005 Plan.

         (c)   Restricted Shares are subject to the vesting schedule set forth
               on page 1 of this Award Agreement.

3.       EXPIRATION AND TERMINATION OF RESTRICTIONS. The restrictions imposed
         under Section 2 will expire on the earliest to occur of the following
         (the period prior to such expiration being referred to herein as the
         "Restricted Period"):

         (a)   As to the percentages of the Shares specified on page 1 of this
               Award Agreement, on the respective dates specified on page 1;
               provided the Participant is then still employed by or in service
               of the Company or an Affiliate; or

         (b)   Termination of a Participant's employment by reason of death or
               Disability; or

         (c)   A Change in Control.

4.       DELIVERY OF SHARES. Once the Shares are vested (SEE VESTING SCHEDULE ON
         PAGE 1), the 2005 Plan Trustee will distribute the Shares (and
         accumulated dividends and earnings, if any) in accordance with the
         instructions it receives from the Participant.

5.       VOTING AND DIVIDEND RIGHTS. A Participant, as beneficial owner of the
         Shares, shall have full voting and dividend rights with respect to the
         Shares during and after the Restricted Period. If a Participant
         forfeits any rights he or she may have under this Award Agreement in
         accordance with Section 2, the Participant shall no longer have any
         rights as a shareholder with respect to the Restricted Shares or any
         interest therein and the Participant shall no longer be entitled to
         receive dividends on such Shares.

                                       2

<PAGE>

6.       CHANGES IN CAPITAL  STRUCTURE.  In the event of a corporate  event or
         transaction involving the Company (including, without limitation, any
         stock dividend, stock split, extraordinary cash dividend,
         recapitalization, reorganization, merger, consolidation, split-up,
         spin-off, combination or exchange of shares), the Committee may adjust
         this award to preserve the benefits or potential benefits of this
         award. Without limiting the foregoing, in the event of a subdivision of
         the outstanding Stock (stock-split), a declaration of a dividend
         payable in Stock, or a combination or consolidation of the outstanding
         Stock into a lesser number of Shares, the Shares then subject to this
         Award Agreement shall automatically be adjusted proportionately.

7.       NO RIGHT OF CONTINUED EMPLOYMENT. Nothing in this Award Agreement shall
         interfere with or limit in any way the right of the Company or any
         Affiliate to terminate a Participant's employment or service at any
         time, nor confer upon a Participant any right to continue in the employ
         or service of the Company or any Affiliate.

8.       PAYMENT OF TAXES. A Participant  may make an election to be taxed upon
         his or her Restricted Stock Award under Section 83(b) of the Code
         within 30 days of the Grant Date. If an 83(b) Election is not made,
                                           --------------------------------
         upon vesting of the Restricted Stock Award the Committee is entitled to
         require as a condition of delivery: (i) that the Participant remit an
         amount sufficient to satisfy any and all federal, state and local (if
         any) tax withholding requirements and employment taxes (I.E., FICA and
         FUTA), (ii) that the withholding of such sums come from compensation
         otherwise due to the Participant or from Shares due to the Participant
         under the 2005 Plan, or (iii) any combination of the foregoing. Any
         withholding shall comply with Rule 16b-3 or any amendments or
         successive rule. OUTSIDE DIRECTORS OF THE COMPANY ARE SELF-EMPLOYED AND
         NOT SUBJECT TO TAX WITHHOLDING.

9.       PLAN CONTROLS. The terms contained in the 2005 Plan are incorporated
         into and made a part of this Award Agreement and this Award Agreement
         shall be governed by and construed in accordance with the 2005 Plan. In
         the event of any actual or alleged conflict between the provisions of
         the Plan and the provisions of this Agreement, the provisions of the
         Plan shall be controlling and determinative.

10.      SEVERABILITY. If any one or more of the provisions contained in this
         Agreement is deemed to be invalid, illegal or unenforceable, the other
         provisions of this Agreement will be construed and enforced as if the
         invalid, illegal or unenforceable provision had never been included.

11.      NOTICE. Notices and communications under this Agreement must be in
         writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                           BV Financial, Inc.
                           1230 Light Street
                           Baltimore, Maryland  21230
                           Attn:   Edmund T. Leonard

                                       3
<PAGE>

         or any other address designated by the Company in a written notice to
         Participant. Notices to Participant will be directed to the address of
         Participant then currently on file with the Company, or at any other
         address given by Participant in a written notice to the Company.

12.      SUCCESSORS. This Award Agreement shall be binding upon any successor of
         the Company, in accordance with the terms of this Award Agreement and
         the 2005 Plan.

                                       4

<PAGE>

                                     FORM OF

                     INCENTIVE STOCK OPTION AWARD AGREEMENT
              FOR THE BV FINANCIAL, INC. 2005 EQUITY INCENTIVE PLAN

This Award Agreement is provided to ________________ (the "Participant") by BV
Financial, Inc. (the "Company") as of _________, the date the Compensation
Committee granted the Participant the right and option to purchase Shares
pursuant to the BV Financial, Inc. 2005 Equity Incentive Plan (the "2005 Plan"),
subject to the terms and conditions of the 2005 Plan and this Award Agreement:

         1.   OPTION GRANT:                You have been granted an INCENTIVE
                                           STOCK OPTION (referred to in this
                                           Agreement as your "Option").
         2.   NUMBER OF SHARES
              SUBJECT TO YOUR OPTION:      ___________  Shares  (subject to
                                           adjustment as may be necessary
                                           pursuant to Section 11 of the 2005
                                           Plan).

         3.   GRANT DATE:                  ___________

         4.   EXERCISE PRICE:              You may purchase Shares covered by
                                           your Option at a price of $_______
                                           per share.

         Unless sooner vested in accordance with Section 2 of the Terms and
Conditions (attached hereto) or otherwise in the discretion of the Committee,
the Options shall vest (become exercisable) in accordance with the following
schedule:
<TABLE>
<CAPTION>
      Continuous Status              Percentage of           Number of Shares
      as a Participant              Option Vested/            Available for
      after Grant Date             Number of Shares             Exercise           Vesting Date
      ----------------             ----------------             --------           ------------
      <S>                                <C>                      <C>                  <C>
      Less than 1 year                   _____                    _____              ______
           1 year                        _____                    _____              ______
           2 years                       _____                    _____              ______
           3 years                       _____                    _____              ______
           4 years                       _____                    _____              ______
           5 years                       _____                    _____              ______
</TABLE>

         IN WITNESS WHEREOF, BV Financial, Inc. acting by and through, has
         caused this Award Agreement to be executed.

                                     BV FINANCIAL, INC.

ACCEPTED BY PARTICIPANT:             By:
                                         ---------------------------------------
                                         On behalf of the Compensation Committee

--------------------------
[              ]

--------------------------
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF OPTION. The Grant Date, Exercise Price and number of Shares
         subject to your Option are stated on page 1 of this Award Agreement.
         Capitalized terms used herein and not otherwise defined shall have the
         meanings assigned to such 2005 Plan. The Company intends this grant to
         qualify as an Incentive Stock Option.

2.       VESTING OF OPTIONS. The Option shall vest (become exercisable) in
         accordance with the schedule shown on page 1 of this Award Agreement.
         Notwithstanding the vesting schedule on page 1, the Option will also
         vest and become exercisable:

         (a)      Upon a Participant's death or Disability during his or her
                  Continuous Status as a Participant; or

         (b)      Upon a Change in Control.

3.       TERM OF OPTIONS AND LIMITATIONS ON RIGHT TO EXERCISE. The term of the
         Options will be for a period of ten (10) years, expiring at 5:00 p.m.,
         Eastern Time, on the tenth anniversary of the Grant Date (the
         "Expiration Date"). To the extent not previously exercised, the vested
         Options will lapse prior to the Expiration Date upon the earliest to
         occur of the following circumstances:

         (a)      Three (3) months after the termination of the Participant's
                  Continuous Status as a Participant for any reason other than
                  by reason of the Participant's death or Disability.

         (b)      Twelve (12) months after termination of the Participant's
                  Continuous Status as a Participant by reason of Disability.

         (c)      Twelve (12) months after the date of the Participant's death,
                  if Participant dies while employed, or during the three-month
                  period described in subsection (a) above or during the
                  twelve-month period described in subsection (b) above and
                  before the Options otherwise lapse. Upon the Participant's
                  death, the Options may be exercised by Participant's
                  beneficiary designated pursuant to the Plan.

         (d)      At the end of the remaining original term of the Option if the
                  Participant's employment is involuntarily or constructively
                  terminated within twelve (12) months of a Change in Control.
                  Options exercised after three (3) months from the
                  Participant's termination of employment will be treated as
                  Non-Statutory Stock Options for tax purposes.

         The Committee may, prior to the lapse of the Options under the
         circumstances described in paragraphs (a), (b), (c) or (d) above,
         extend the time to exercise the Options as determined by the Committee
         in writing. If the Participant returns to employment with the Company
         during the designated post-termination exercise period, then the
         Participant shall be restored to the status the Participant held prior

                                       2

<PAGE>

         to such termination but no vesting credit will be earned for any period
         the Participant was not in Continuous Status as a Participant. If the
         Participant or his or her beneficiary exercises an Option after
         termination of service, the Options may be exercised only with respect
         to the Shares that were otherwise vested on the Participant's
         termination of service.

4.       EXERCISE OF OPTION. A Participant may exercise his or her Option
         by providing:

         (a)    a written notice of intent to exercise to Edmund T. Leonard at
                the address and in the form specified by the Compensation
                Committee of the Board of Directors of the Company from time to
                time; and

         (b)    payment to the Company in full for the Shares subject to such
                exercise (unless the exercise is a cash-less exercise. Payment
                for such Shares can be made in cash, Company common stock
                ("stock swap"), a combination of cash and Company common stock
                or a "cash-less exercise" (if permitted by the Committee).

5.       BENEFICIARY DESIGNATION.  A Participant may, in the manner determined
         by the Committee, designate a beneficiary to exercise his or her rights
         hereunder and to receive any distribution with respect to the Options
         upon his or her death. A beneficiary, legal guardian, legal
         representative, or other person claiming any rights hereunder is
         subject to all terms and conditions of this Award Agreement and the
         2005 Plan, and to any additional restrictions deemed necessary or
         appropriate by the Committee. If no beneficiary has been designated or
         survives the Participant, the Options may be exercised by the legal
         representative of the Participant's estate, and payment shall be made
         to the Participant's estate. Subject to the foregoing, a beneficiary
         designation may be changed or revoked by the Participant at any time
         provided the change or revocation is filed with the Company.

6.       WITHHOLDING.

         (a)   EXERCISE OF INCENTIVE
               STOCK OPTION:
                                            Under this Award Agreement, there
                                            are no regular federal or state
                                            income or employment tax liabilities
                                            upon the exercise of an Incentive
                                            Stock Option (SEE INCENTIVE STOCK
                                            OPTION HOLDING PERIOD), although the
                                            excess, if any, of the Fair Market
                                            Value of the shares of Common Stock
                                            on the date of exercise over the
                                            Option Price will be treated as
                                            income for alternative minimum tax
                                            ("AMT") purposes and may subject you
                                            to AMT in the year of exercise.
                                            Please check with your tax advisor.

         (b)   DISQUALIFYING DISPOSITION:

                                            In the event of a disqualifying
                                            disposition (described below), you
                                            may be required to pay BV Financial,

                                       3

<PAGE>

                                            Inc. or its Affiliates (based on the
                                            federal and state regulations in
                                            place at the time of exercise) an
                                            amount sufficient to satisfy all
                                            federal, state and local tax
                                            withholding.

         (c)   INCENTIVE STOCK OPTION
               HOLDING PERIOD:
                                            In order to receive Incentive Stock
                                            Option tax treatment under Section
                                            422 of the Code, you may not dispose
                                            of shares acquired under an
                                            Incentive Stock Option Award (i) for
                                            two (2) years from the Date of Grant
                                            and (ii) for one (1) year after the
                                            date you exercise your Incentive
                                            Stock Option. YOU MUST NOTIFY THE
                                            COMPANY WITHIN TEN (10) DAYS OF AN
                                            EARLY DISPOSITION OF COMMON STOCK
                                            (I.E., A "DISQUALIFYING
                                            DISPOSITION").

7.       LIMITATION OF RIGHTS. The Options do not confer to the Participant or
         the Participant's beneficiary designated pursuant to Paragraph 5 any
         rights of a shareholder of the Company unless and until Shares are in
         fact issued to such person in connection with the exercise of the
         Options. Nothing in this Award Agreement shall interfere with or limit
         in any way the right of the Company or any Affiliate to terminate the
         Participant's service at any time, nor confer upon the Participant any
         right to continue in the service of the Company or any Affiliate.

8.       STOCK RESERVE. The Company shall at all times during the term of this
         Award Agreement reserve and keep available such number of Shares as
         will be sufficient to satisfy the requirements of this Award Agreement.

9.       RESTRICTIONS ON TRANSFER AND PLEDGE.  No right or interest of the
         Participant in the Options may be pledged, encumbered, or hypothecated
         to or in favor of any party other than the Company or an Affiliate, or
         shall be subject to any lien, obligation, or liability of the
         Participant to any other party other than the Company or an Affiliate.
         The Options are not assignable or transferable by the Participant other
         than by will or the laws of descent and distribution or pursuant to a
         domestic relations order that would satisfy Section 414(p)(1)(A) of the
         Code if such Section applied to an Option under the 2005 Plan;
         provided, however, that the Committee may (but need not) permit other
         transfers. The Options may be exercised during the lifetime of the
         Participant only by the Participant or any permitted transferee.

10.      PLAN CONTROLS. The terms contained in the 2005 Plan are incorporated
         into and made a part of this Award Agreement and this Award Agreement
         shall be governed by and construed in accordance with the 2005 Plan. In
         the event of any actual or alleged conflict between the provisions of
         the 2005 Plan and the provisions of this Award Agreement, the
         provisions of the 2005 Plan shall be controlling and determinative.

                                       4

<PAGE>

11.      SUCCESSORS. This Award Agreement shall be binding upon any successor of
         the Company, in accordance with the terms of this Award Agreement and
         the 2005 Plan.

12.      SEVERABILITY. If any one or more of the provisions contained in this
         Award Agreement is invalid, illegal or unenforceable, the other
         provisions of this Award Agreement will be construed and enforced as if
         the invalid, illegal or unenforceable provision had never been
         included.

13.      NOTICE. Notices and communications under this Award Agreement must be
         in writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                           BV Financial, Inc.
                           1230 Light Street
                           Baltimore, Maryland  21230
                           Attn:   Edmund T. Leonard

         or any other address designated by the Company in a written notice to
         the Participant. Notices to the Participant will be directed to the
         address of Participant then currently on file with the Company, or at
         any other address given by Participant in a written notice to the
         Company.

                                       5

<PAGE>

                                     FORM OF

                   NON-STATUTORY STOCK OPTION AWARD AGREEMENT
              FOR THE BV FINANCIAL, INC. 2005 EQUITY INCENTIVE PLAN

This Award Agreement is provided to _______________ (the "Participant") by BV
Financial, Inc. (the "Company") as of _________, the date the Compensation
Committee granted the Participant the right and option to purchase Shares
pursuant to the BV Financial, Inc. 2005 Equity Incentive Plan (the "2005 Plan"),
subject to the terms and conditions of the 2005 Plan and this Award Agreement:

         1.   OPTION GRANT:              You have been granted a NON-STATUTORY
                                         STOCK OPTION (referred to in this
                                         Agreement as your "Option"). Your
                                         Option is NOT intended to qualify as an
                                         "incentive stock option" under Section
                                         422 of the Internal Revenue Code of
                                         1986, as amended.
         2.   NUMBER OF SHARES
              SUBJECT TO YOUR OPTION:    ________  Shares (subject to adjustment
                                         as may be necessary pursuant to Section
                                         11 of the 2005 Plan).

         3.   GRANT DATE:                ________

         4.   EXERCISE PRICE:            You may purchase Shares covered by your
                                         Option at a price of $______ per share.

         Unless sooner vested in accordance with Section 2 of the Terms and
         Conditions (attached hereto) or otherwise in the discretion of the
         Committee, the Options shall vest (become exercisable) in accordance
         with the following schedule:
<TABLE>
<CAPTION>

             Continuous Status
             as a Participant               Percentage of            Number of Shares
             after Grant Date               Option Vested         Available for Exercise    Vesting Date
             ----------------               -------------         ----------------------    ------------
             <S>                                <C>                        <C>                  <C>
             Less than 1 year                   _____                      _____                _____
                  1 year                        _____                      _____                _____
                  2 years                       _____                      _____                _____
                  3 years                       _____                      _____                _____
                  4 years                       _____                      _____                _____
                  5 years                       _____                      _____                _____
</TABLE>

         IN WITNESS WHEREOF, BV Financial, Inc., acting by and through the
         Compensation Committee of the Board of Directors of the Company, has
         caused this Award Agreement to be executed.

                                     BV FINANCIAL, INC.

ACCEPTED BY PARTICIPANT:             By:
                                         ---------------------------------------
                                         On behalf of the Compensation Committee

--------------------------
[            ]

--------------------------
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF OPTION. The Grant Date, Exercise Price and number of Shares
         subject to your Option are stated on page 1 of this Award Agreement.
         Capitalized terms used herein and not otherwise defined shall have the
         meanings assigned to such terms in the 2005 Plan.

2.       VESTING OF OPTIONS. The Option shall vest (become exercisable) in
         accordance with the schedule shown on page 1 of this Award Agreement.
         Notwithstanding the vesting schedule on page 1, the Option will also
         vest and become exercisable:

         (a)      Upon a Participant's death or Disability during his or her
                  Continuous Status as a Participant; or

         (b)      Upon a Change in Control.

3.       TERM OF OPTIONS AND LIMITATIONS ON RIGHT TO EXERCISE. The term of the
         Options will be for a period of ten (10) years, expiring at 5:00 p.m.,
         Eastern Time, on the tenth anniversary of the Grant Date (the
         "Expiration Date"). To the extent not previously exercised, the vested
         Options will lapse prior to the Expiration Date upon the earliest to
         occur of the following circumstances:

         (a)      Three (3) months after the termination of the Participant's
                  Continuous Status as a Participant for any reason other than
                  by reason of the Participant's death or Disability.

         (b)      Twelve (12) months after termination of the Participant's
                  Continuous Status as a Participant by reason of Disability.

         (c)      Twelve (12) months after the date of the Participant's death,
                  if the Participant dies while employed, or during the
                  three-month period described in subsection (a) above or during
                  the twelve-month period described in subsection (b) above and
                  before the Options otherwise lapse. Upon the Participant's
                  death, the Options may be exercised by the Participant's
                  beneficiary designated pursuant to the 2005 Plan.

         (d)      At the end of the remaining original term of the Option if the
                  Participant's employment is involuntarily or constructively
                  terminated within twelve (12) months of a Change in Control.

         The Committee may, prior to the lapse of the Options under the
         circumstances described in paragraphs (a), (b), (c) or (d) above,
         extend the time to exercise the Options as determined by the Committee
         in writing and subject to federal regulations. If the Participant
         returns to employment with the Company during the designated
         post-termination exercise period, then the Participant shall be
         restored to the status the Participant held prior to such termination
         but no vesting credit will be earned for any period the Participant was
         not in Continuous Status as a Participant. If the Participant or his or

                                        2

<PAGE>

         her beneficiary exercises an Option after termination of service, the
         Options may be exercised only with respect to the Shares that were
         otherwise vested on the Participant's termination of service.

4.       EXERCISE OF OPTION. A Participant may exercise his or her Option by
         providing:

         (a)      a written notice of intent to exercise to Edmund T. Leonard at
                  the address and in the form specified by the Compensation
                  Committee of the Board of Directors of the Company from time
                  to time; and

         (b)      payment to the Company in full for the Shares subject to such
                  exercise (unless the exercise is a cash-less exercise).
                  Payment for such Shares can be made in cash, Company common
                  stock ("stock swap"), a combination of cash and Company common
                  stock or a "cash-less exercise" (if permitted by the
                  Committee).

5.       BENEFICIARY DESIGNATION.  A Participant may, in a manner determined by
         the Committee, designate a beneficiary to exercise his or her rights
         hereunder and to receive any distribution with respect to the Options
         upon his or her death. A beneficiary, legal guardian, legal
         representative, or other person claiming any rights hereunder is
         subject to all terms and conditions of this Award Agreement and the
         2005 Plan, and to any additional restrictions deemed necessary or
         appropriate by the Committee. If no beneficiary has been designated or
         survives the Participant, the Options may be exercised by the legal
         representative of the Participant's estate, and payment shall be made
         to the Participant's estate. Subject to the foregoing, a beneficiary
         designation may be changed or revoked by the Participant at any time
         provided the change or revocation is filed with the Company.

6.       WITHHOLDING. The Company or any employer Affiliate has the authority
         and the right to deduct or withhold, or require the Participant to
         remit to the Company, an amount sufficient to satisfy federal, state,
         and local (if any) withholding taxes and employment taxes (I.E., FICA
         and FUTA). OUTSIDE DIRECTORS OF THE COMPANY ARE SELF-EMPLOYED AND ARE
         NOT SUBJECT TO TAX WITHHOLDING.

7.       LIMITATION OF RIGHTS. The Options do not confer to the Participant or
         the Participant's beneficiary designated pursuant to Paragraph 5 any
         rights of a shareholder of the Company unless and until Shares are in
         fact issued to such person in connection with the exercise of the
         Options. Nothing in this Award Agreement shall interfere with or limit
         in any way the right of the Company or any Affiliate to terminate the
         Participant's employment at any time, nor confer upon the Participant
         any right to continue in the service of the Company or any Affiliate.

8.       RESTRICTIONS ON TRANSFER AND PLEDGE.  No right or interest of the
         Participant in the Options may be pledged, encumbered, or hypothecated
         to or in favor of any party other than the Company or an Affiliate, or
         shall be subject to any lien, obligation, or liability of the
         Participant to any other party other than the Company or an Affiliate.
         The Options are not assignable or transferable by the Participant other

                                       3

<PAGE>

         than by will or the laws of descent and distribution or pursuant to a
         domestic relations order that would satisfy Section 414(p)(1)(A) of the
         Code if such Section applied to an Option under the 2005 Plan;
         provided, however, that the Committee may (but need not) permit other
         requested transfers. The Options may be exercised during the lifetime
         of the Participant only by the Participant or any permitted transferee.

9.       PLAN CONTROLS. The terms contained in the 2005 Plan are incorporated
         into and made a part of this Award Agreement and this Award Agreement
         shall be governed by and construed in accordance with the 2005 Plan. In
         the event of any actual or alleged conflict between the provisions of
         the 2005 Plan and the provisions of this Award Agreement, the
         provisions of the 2005 Plan shall be controlling and determinative.

10.      SUCCESSORS. This Award Agreement shall be binding upon any successor of
         the Company, in accordance with the terms of this Award Agreement and
         the 2005 Plan.

11.      SEVERABILITY. If any one or more of the provisions contained in this
         Award Agreement is invalid, illegal or unenforceable, the other
         provisions of this Award Agreement will be construed and enforced as if
         the invalid, illegal or unenforceable provision had never been
         included.

12.      NOTICE. Notices and communications under this Award Agreement must be
         in writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                           BV Financial, Inc.
                           1230 Light Street
                           Baltimore, Maryland  21230
                           Attn:   Edmund T. Leonard

         or any other address designated by the Company in a written notice to
         the Participant. Notices to the Participant will be directed to the
         address of Participant then currently on file with the Company, or at
         any other address given by Participant in a written notice to the
         Company.

13.      STOCK RESERVE. The Company shall at all times during the term of this
         Agreement reserve and keep available such number of Shares as will be
         sufficient to satisfy the requirements of this Agreement.

                                       4Exhibit 4.1

                           CERTIFICATE OF DESIGNATIONS
                                       OF
                                 CNE GROUP, INC.
                       ADOPTED PURSUANT TO SECTION 151(g)
                                     OF THE
                        DELAWARE GENERAL CORPORATION LAW

      RESOLVED, that pursuant to the authority expressly granted to the Board of
Directors (the "Board of Directors") of CNE Group, Inc., a Delaware  Corporation
(the  "Company"),  by the provisions of the Amended and Restated  Certificate of
Incorporation  of the  Company  and the  provisions  of  Section  151(g)  of the
Delaware General Corporation Law, the Board of Directors hereby creates a series
of preferred stock, par value $0.00001 per share, and determines the designation
and number of shares of Series AAA Preferred Stock which  constitute such series
and the relative rights, preferences and limitations of such series as follows:

      1.  Designation  and Number of Series AAA Preferred  Stock.  The series of
          ------------------------------------------------------
Preferred Stock shall be designated as "Series AAA Preferred Stock" (hereinafter
called  the  "Series  AAA  Preferred  Stock")  and shall  consist  of a total of
10,000,000  shares of Series AAA Preferred Stock,  with a par value $0.00001 per
share.

      2.  Dividends.  The  holders of Series AAA  Preferred  Stock  shall not be
          ---------
entitled to receive any dividends.

      3. Liquidation Preference.
         ----------------------

         (a) In the event of any  liquidation,  dissolution or winding up of the
Company,  either  voluntary or involuntary,  after payment by the Company to the
holders of the Company's Series AA Preferred  Stock,  which may be issued with a
liquidating preference value of up to $1,000,000,  from the then existing assets
of  the  Company  an  amount  equal  the  liquidation  preference  of  the  then
outstanding  Series AA Preferred  Stock, and after payment by the Company to the
holders of the Company's  Series A Preferred  Stock,  which may be issued with a
liquidating preference value of up to $1,392,630,  from the then existing assets
of  the  Company  an  amount  equal  the  liquidation  preference  of  the  then
outstanding  Series A Preferred  Stock,  and after payment by the Company to the
holders of the Company's  Series B Preferred  Stock,  which may be issued with a
liquidating  preference value of up to $4,400,  from the then existing assets of
the Company an amount equal the liquidation  preference of the then  outstanding
Series B  Preferred  Stock,  holders  of Series  AAA  Preferred  Stock  shall be
entitled  to  receive,  prior  and  in  preference  to any  distribution  of any
remaining  assets of the  Company to the  holders of Common  Stock and any other
Preferred  Stock not then equal or senior to the Series AA Preferred  Stock,  by
reason of their ownership thereof, an amount equal to the sum of $60.00 for each
outstanding  share of Series AAA Preferred  Stock (the "Original  Issue Price").
If, upon the  occurrence of the  liquidation,  dissolution  or winding up of the

<PAGE>

Company,  the assets and funds thereof  distributed to the holders of the Series
AAA Preferred  Stock shall be insufficient to permit the payment to such holders
in full of the  Original  Issue Price,  then the entire  assets and funds of the
Company, after the payment to the holders of the Series AAA Preferred Stock, the
Series A  Preferred  Stock and the Series B Preferred  Stock as provided  above,
legally  available  for  distribution  shall be  distributed  ratably  among the
holders  of the  Series  AAA  Preferred  Stock in  proportion  to the  amount of
Preferred Stock held by each holder.

         (b) In the event of a  liquidation  as  described  above,  all non-cash
assets of the Company shall be valued as follows:

            (i)  Securities  not subject to legend,  investment  letter or other
similar restrictions on free marketability:

               (A) If  traded on a  recognized  securities  exchange,  the value
shall be deemed to be the average of the  closing  prices of the  securities  on
such exchange over the thirty day period ending three days prior to the closing;

               (B) If  actively  traded  over-the-counter,  the  value  shall be
deemed  to be the  average  of the  closing  bid or sale  prices  (whichever  is
applicable)  over the thirty day period  ending three days prior to the closing;
and

               (C) If there is no active public  market,  the value shall be the
fair market value  thereof,  as mutually  determined by the  Company's  Board of
Directors, which determination shall be final absent fraud or manifest error.

            (ii)  Securities  subject  to  legend,  investment  letter  or other
similar  restrictions shall be valued by an appropriate discount from the market
value as determined in accordance with subsection (i) (C) above.

      4. Redemption. The holders of the Series AAA Preferred Stock shall have no
         ----------
right of redemption.

      5. Conversion.
         ----------

         (a)  Automatic  Conversion.  Each share of Series AAA  Preferred  Stock
shall be automatically  converted (the "Automatic  Conversion") into 62.4 shares
of the Company's Common Stock (the "Conversion Rate"),  subject to adjustment as
provided in Section 6 below,  immediately and only after stockholder approval or
            ---------
majority  shareholder  consent  for  such  conversion  has  been  obtained  (the
"Automatic  Conversion Event").  The Company shall provide each holder of Series
AAA  Preferred  Stock with notice of such  approval  within 15 days after it has
been obtained and within 30 days thereafter, it shall issue the number of shares
of Common Stock into which the Series AAA Preferred Stock has been converted and
deliver to the holder of the shares of converted  Series AAA  Preferred  Stock a
certificate or certificates therefor,  registered in his name, representing such
shares of

<PAGE>

Common Stock against delivery by the holder to the Company of the certificate or
certificates  representing  his shares of converted  Series AAA Preferred Stock.
After the Conversion Event has occurred,  all Series AAA stock shall become void
and cease to exist and the holders  thereof only shall have the right to receive
the shares of Common Stock issuable to them upon the occurrence of the Automatic
Conversion  against  delivery  of the  certificates  representing  the shares of
converted  Series AAA Preferred  Stock.  All holders of the Series AAA Preferred
Stock  shall vote their  shares in favor of the  Automatic  Conversion  and such
other actions as may be required to effect the Automatic  Conversion,  including
but not  limited to amending  the  Company's  Certificate  of  Incorporation  to
increase the number of shares of Common Stock the Company is authorized to issue
to  provide  for the  shares of Common  Stock that shall be needed to effect the
Automatic  Conversion.  The provisions of this Paragraph 5(a) may not be amended
                                               --------------
or  otherwise  changed  by either the  Company or the  holders of the Series AAA
Preferred  Stock and shall remain in full force and effect as long as any shares
of Series AAA Preferred Stock shall remain outstanding.

         (b)  Taxes  on  Shares  Issued.  The  issue of  stock  certificates  on
conversion  of Series AAA  Preferred  Stock shall be made without  charge to the
holders for any tax in respect of such issue. The Company shall not, however, be
required to pay any tax which may be payable in respect of any transfer involved
in the  issue and  delivery  of Common  Stock in any name  other  than that of a
holder of Series AAA Preferred  Stock,  and the Company shall not be required to
issue or deliver any  certificates  representing  such Common  Stock  unless and
until the person or persons  requesting the issue thereof shall have paid to the
Company the amount of such tax or shall have  established to the satisfaction of
the Company that such tax has been paid.

         (c)  Covenants  of the  Company  Relating  to  Conversion.  The Company
covenants and agrees that (i) it will use its best efforts,  as expeditiously as
possible,   to  obtain   stockholder   approval  to  amend  its  Certificate  of
Incorporation  to increase the number of shares of Common Stock it is authorized
to issue to one  billion  shares,  and (ii) from and after the date  hereof  and
until the date of conversion of the Series AAA Preferred Stock:

            (A) All shares of Common stock that may be issued upon conversion of
            Series AAA Preferred Stock will upon issue be validly issued,  fully
            paid and non-assessable, free from all taxes, liens and charges with
            respect to the issue  thereof  except as provided in Paragraph  5(b)
                                                                 ---------------
            above,  and will not be  subject  to the  preemptive  rights  of any
            stockholder of the Company;

            (B) If any shares of Common  Stock to be provided for the purpose of
            conversion  of Series AAA Preferred  Stock  require  approval of any
            governmental  authority  under any  federal or state law before such
            shares may be validly  issued upon  conversion,  the Company will in
            good faith and as  expeditiously  as possible attempt to secure such
            approval  and the  Company's  obligation  to  deliver  shares of the
            Common Stock upon

<PAGE>

            conversion of Series AAA Preferred  Stock shall be abated until such
            approval is obtained; and

            (C) If, and  thereafter so long as, the Common Stock shall be listed
            on any national securities exchange,  the Company will, if permitted
            by the rules of such  exchange,  list and keep listed so long as the
            Common  Stock  shall be so listed on such  exchange,  upon  official
            notice of issuance,  all Common Stock  issuable  upon  conversion of
            Series AAA Preferred Stock.

      6.  Adjustment in Conversion Rate.
          -----------------------------

         (a)  Adjustments  for Change in Capital  Stock.  Except as  provided in
Paragraph  6(g)  below,  if the  Company  shall (i)  declare a  dividend  on its
---------------
outstanding  Common Stock in shares of its capital  stock,  (ii)  subdivide  its
outstanding  Common  Stock,  (iii) combine its  outstanding  Common Stock into a
smaller  number of  shares,  or (iv) issue any  shares of its  capital  stock by
reclassification  of its Common Stock  (including any such  reclassification  in
connection with a consolidation or merger in which the Company is the continuing
corporation), then in each such case the conversion privilege and the conversion
rate (the "Conversion Rate") in effect immediately prior to such action shall be
adjusted so that if the Series AAA Preferred Stock is thereafter converted,  the
holder  thereof  may  receive  the number and kind of shares  that he would have
owned  immediately  following such action if Series AAA Preferred Stock had been
converted  immediately  prior  to such  action.  Such  adjustment  shall be made
successively  whenever such an event shall occur.  The  adjustment  shall become
effective  immediately  after  the  record  date in the  case of a  dividend  or
distribution  and  immediately  after  the  effective  date  in  the  case  of a
subdivision, combination or reclassification.  If after an adjustment the holder
upon  conversion of Series AAA Preferred Stock may receive shares of two or more
classes of capital stock of the Company,  the Company's Board of Directors shall
determine the allocation of the adjusted  Conversion Rate between the classes of
capital stock.  After such allocation,  the conversion  privilege and Conversion
Rate of each class of capital stock shall thereafter be subject to adjustment on
terms comparable to those applicable to Common Stock in this Section 6.
                                                             ---------

         (b) Action to Permit Valid Issuance of Common Stock.  Before taking any
action which would cause an adjustment  reducing the  Conversion  Rate below the
then par value,  if any, of the shares of Common Stock issuable upon  conversion
of Series AAA Preferred  Stock, the Company will take all corporate action which
may, in the opinion of its  counsel,  be necessary in order that the Company may
validly  and  legally  issue  shares  of such  Common  Stock  at  such  adjusted
Conversion Rate.

         (c) Minimum  Adjustment.  No adjustment in the Conversion Rate shall be
required  if such  adjustment  is less than 1% of the then  existing  Conversion
Rate; provided,  however, that any adjustments which by reason of this Paragraph
      --------   -------                                               ---------
6(c) are not required to be made shall be carried forward and taken into account
----
in any subsequent  adjustment.  All  calculations  under this Section 6 shall be
                                                              ---------
made to the nearest one-hundredth of a share.

<PAGE>

         (d) Notice of Adjustment. Whenever the Conversion Rate is adjusted, the
Company shall  promptly mail to the holders of the Series AAA Preferred  Stock a
notice of the adjustment  together with a certificate  from the Company's  Chief
Financial  Officer briefly stating (i) the facts requiring the adjustment,  (ii)
the adjusted  Conversion  Rate and the manner of  computing  it, and the date on
which such adjustment becomes effective.  The certificate shall be evidence that
the adjustment is correct, absent manifest error.

         (e) Prohibition against Certain Reductions of Conversion Rate. Anything
to the  contrary  notwithstanding,  in no event  shall  the  Conversion  Rate be
reduced below the par value of the Common Stock.

         (f) Notice of Certain Transactions. If (i) the Company takes any action
that would require an adjustment in the Conversion Rate pursuant to this Section
                                                                         -------
6; or (ii) there is a liquidation  or  dissolution  of the Company,  the Company
-
shall mail to the holders of the Series AAA Preferred  Stock,  a notice  stating
the  proposed   record  date  for  a   distribution   or  effective  date  of  a
reclassification,   consolidation,   merger,  transfer,  lease,  liquidation  or
dissolution.  The  Company  shall mail the  notices at least 15 days before such
date.

         (g)  Reorganization  of Company.  If the Company  and/or the holders of
Common Stock are parties to a merger,  consolidation  or a transaction  in which
(i) the Company transfers or leases  substantially  all of its assets;  (ii) the
Company  reclassifies  or changes its  outstanding  Common  Stock;  or (iii) the
Common Stock is exchanged for securities,  cash or other assets;  the person who
is the  transferee  or lessee of such  assets or is  obligated  to deliver  such
securities,  cash or other assets shall assume the  obligations and terms of the
Series  AAA  Preferred  Stock.  If the  issuer of  securities  deliverable  upon
conversion of the Series AAA Preferred  Stock is an affiliate of the  surviving,
transferee or lessee corporation, that issuer shall join in such assumption. The
assumption  agreement  shall provide that the Series AAA  Preferred  Stock shall
convert into the kind and amount of  securities,  cash or other assets which the
holder of the Series AAA Preferred Stock would have owned  immediately after the
consolidation,  merger,  transfer, lease or exchange if his Series AAA Preferred
Stock  had  been  converted   immediately  before  the  effective  date  of  the
transaction.  The assumption  agreement shall provide for adjustments that shall
be as nearly  equivalent as may be practical to the adjustments  provided for in
this Section 6. The  successor  company  shall mail to all holders of the Series
     ---------
AAA Preferred Stock, a notice briefly  describing the assumption  agreement.  If
this subsection applies, Paragraph 6(a) above does not apply.
                         --------------

         7.  Registration Rights.
             -------------------

(a)  Demand  Registration  Rights.  Upon  receipt of notice  (the  "Registration
Request Notice")  requesting  registration under the Securities Act of 1933 (the
"Securities  Act")  by a  holder  of the  Series  AAA  Preferred  Stock  for the
registration  of the Series  AAA  Preferred  Stock  held by such  holder and the
Common  Stock  into  which his  Series  AAA  Preferred  Stock  may be  converted
(collectively  the  "Registerable  Securities"),  the Company will offer to each
other holder of Series AAA Preferred Stock the opportunity to

<PAGE>

include his Registerable  Securities in such registration.  The Company will use
its best  efforts  to file with the  Securities  and  Exchange  Commission  (the
"Commission")  as  promptly  as  practicable  but in no event later than 30 days
after its receipt of the Registration  Request Notice, a registration  statement
(the "Demand Registration Statement"), and will use its best efforts to have the
Demand Registration  Statement declared effective and remain effective until the
earliest of two years thereafter,  the date that all the Registerable Securities
registered thereby have been sold or, in the reasonable opinion of the Company's
counsel, the Registerable  Securities may be sold publicly without registration.
The  Company  will  also  use its  best  efforts  to  qualify  the  Registerable
Securities  under the  securities  laws of the state  where the  holder  resides
provided the Company is not required to execute a general  consent to service or
to qualify to do business in such state. This offer to each holder shall be made
within 10 days after the Company receives the Registration  Request Notice. If a
holder desires to include his Registerable Securities in the Demand Registration
Statement,  he shall notify the Company in writing  within 10 days after receipt
of such notice from the Company,  in which event the Company  shall  include the
holder's  Registerable  Securities in the Demand  Registration  Statement.  This
Demand  Registration  right may be exercised one time only. If the Holder elects
to include his Registerable  Securities in the Demand Registration Statement, he
will,  in a timely  fashion,  provide  the  Company  and its  counsel  with such
information  and execute such documents as the Company's  counsel may reasonably
require to prepare and process the Demand Registration  Statement. If the holder
elects not to include his  Registerable  Securities in the "Demand  Registration
Statement,"  he  shall  have  no  further  rights  to  the  registration  of his
Registerable Securities under this Section 7 (a).
                                   -------------

         (b) "Piggy Back" Registration Rights. If at any time after the issuance
of the Series AAA Preferred  Stock,  the Company proposes to file a Registration
Statement under the Securities Act with respect to any of its securities (except
one relating to employee benefit plans or a merger or similar  transaction),  it
shall give written  notice of its intention to effect such filing to all holders
of the  Series  AAA  Preferred  Stock  at least 30 days  prior  to  filing  such
Registration Statement (the "Piggy-Back Registration Statement").  If a holder's
Registerable  Securities  have not been  previously  registered  as  provided in
Section  7 (a)  above,  and the  holder  desires  to  include  his  Registerable
--------------
Securities in the Piggy-Back Registration Statement, he shall notify the Company
in writing  within 10 days after  receipt of such  notice from the  Company,  in
which event the Company  shall include the holder's  Registerable  Securities in
the  Piggy-Back  Registration  Statement.  If a holder  elects  to  include  his
Registerable  Securities in the Piggy-Back  Registration  Statement as set forth
herein, he shall, in a timely fashion,  provide the Company and its counsel with
such  information  and execute  such  documents  as its  counsel may  reasonably
require to prepare and process the Piggy-Back Registration Statement.

         (c) Copies of  Registration  Statements and  Prospectuses.  The Company
will provide each holder who elects to include his Registerable  Securities in a
Registration  Statement  as provided by this Section 7 with a copy of the Demand
                                             ---------
Registration Statement or Piggy-Back Registration Statement, as the case may be,
and any amendments thereto,  and copies of the final prospectus included therein
in such quantities as may reasonably be

<PAGE>

required  to permit the  holder to sell his  Registerable  Securities  after the
Demand Registration Statement or Piggy-Back  Registration Statement, as the case
may be, is declared effective by the Commission.

         (d) The  Company's  Obligation to Bear  Expenses of  Registration.  The
Company will bear all expenses (except underwriting discounts and commission, if
any,  and the  legal  fees and  expenses,  if any,  of  counsel  to the  holder)
necessary  and  incidental  to the  performance  of its  obligations  under this
Section 7.
---------

         (e)  Indemnification.  The Company and each holder  whose  Registerable
Securities are included in a Registration  Statement  pursuant to this Section 7
shall  provide   appropriate  cross  indemnities  to  each  other  covering  the
information   supplied  by  the   indemnifying   party  for  inclusion  in  such
Registration Statement.

         (f)  Restriction on Registration  Rights.  Anything to the contrary not
withstanding,  the Company  shall not be required to register  any  Registerable
Securities that, in the reasonable opinion of the Company's counsel, may be sold
pursuant to the exemption from registration  provided by Section (k) of Rule 144
promulgated under the Securities Act.

8.  Voting  Rights.  Effective  immediately  upon  filing  this  Certificate  of
    --------------
Designations  with the Secretary of State of Delaware,  each share of Series AAA
Preferred  Stock  shall have the right to cast 62.4 votes on any and all matters
brought before the Company's stockholders for a vote on an as-converted basis as
if each share of Series AAA Preferred  Stock had already  converted  into Common
Stock.

9.  Protective  Provisions.  So long as any shares of Series AAA Preferred Stock
    ----------------------
are outstanding, the Company shall not, without first obtaining the approval (by
vote or by written  consent,  as  provided  by law) of the holders of at least a
majority of the then outstanding  shares of Series AAA Preferred Stock (i) alter
or change the rights,  preferences  of  privileges  of the Series AAA  Preferred
Stock so as to  affect  adversely  such  Series  AAA  Preferred  Stock;  or (ii)
increase or decrease  (other than by redemption or conversion  into Common Stock
as  provided  herein)  the total  number  of  authorized  shares  of Series  AAA
Preferred  Stock; or (iii) authorize or issue, or obligate itself to issue,  any
other  equity  security,  including  any  other  security  convertible  into  or
exercisable  for any equity  security  having a preference  over,  or being on a
parity with, the Series AAA Preferred Stock.

10.  Notices.  Any notice  required by the provisions  hereof to be given to the
     -------
holders of the Series AAA Preferred  Stock shall be deemed given if deposited by
mail,  postage  prepaid,  and  addressed  to each holder of record at his or her
address appearing on the books of the Company.

/s/ George W. Benoit
-------------------------
George W. Benoit
Chairman of the Board and
Chief Executive Officer

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