Document:

TRI-COUNTY FEDERAL SAVINGS BANK OF WALDORF
                          RETIREMENT PLAN FOR DIRECTORS
                          -----------------------------

         The Board of Directors of  Tri-County  Federal  Savings Bank of Waldorf
has adopted this Retirement Plan for Directors, effective as of January 1, 1995.

                                    ARTICLE I

                                   DEFINITIONS
                                   -----------

         "Agreement"  shall mean the Deferred  Compensation  Agreement  attached
hereto as Exhibit A.

         "Bank" shall mean Tri-County Federal Savings Bank of Waldorf.

         "Benefit  Percentage"  shall be  determined  based on the number of the
Participant's  full years of service  on the Board as a  non-employee  Director,
whether before or after the Effective Date, and shall be determined according to
the following schedule:

        Full Years of Service on the                    Participant's
      Board As a Non-Employee Director                Benefit Percentage
      --------------------------------                ------------------

                 Less than 5                                    0%
                   5 to 9                                  33-1/3%
                  10 to 14                                 66-2/3%
                 15 or More                                   100%

         "Benefits"  shall  mean,  collectively,   the  benefits  payable  under
Articles II, III, IV, and V of the Plan.

         "Board" shall mean the Board of Directors of the Bank.

         "Change in Control"  shall have the meaning set forth in Section  13(b)
of the  Company's  1986 Stock  Option and  Incentive  Plan,  as in effect on the
Effective  Date. The decision of the Board as to whether a change in control has
occurred shall be conclusive and binding on all parties interested therein.

         "Company" shall mean Tri-County Financial Corporation.

         "Deferral  Account"  shall have the meaning set forth in Section 5.2 of
Article V of the Plan.

         "Director" shall mean a member of the Board.

         "Disability"  shall mean a physical or mental  condition,  which in the
sole  and  absolute  discretion  of  Board,  is  reasonably  expected  to  be of
indefinite  duration and to substantially  prevent

                                       1
<PAGE>

a  Participant  from  fulfilling  his or her duties or  responsibilities  to the
Company or the Bank.

         "Effective Date" shall have the meaning set forth in Article XVIII.

         "Multiplier"  shall have the meaning  set forth in Section  2.13 of the
Bank's Executive Incentive Compensation Plan.

         "Participant"  means  anyone who is a Director  at any time on or after
the Effective Date (whether or not the Director is an Employee).

         "Plan"  shall  mean this  Tri-County  Federal  Savings  Bank of Waldorf
Retirement Plan for Directors.

         "Surviving  Spouse" means the husband or wife of a Director at the time
of the  Director's  death,  provided  they  are not  then  divorced  or  legally
separated.

         "Vested  Percentage"  shall be  determined  based on the  number of the
Participant's full years of service on the Board as a nonemployee Director after
the Effective Date, and shall be determined according to the following schedule:

           Full Years of Service as a Non-Employee               Participant's
           Member of the Board Post-Effective Date             Vested Percentage
           ---------------------------------------             -----------------

                         Less than 1                                33-1/3%
                              1                                     66-2/3%
                          2 or more                                    100%

Notwithstanding the foregoing,  a Participant's Vested Percentage shall increase
to 100% in the  event he or she  retires  from the Board  for any  reason  after
attaining age 70 or incurring a Disability, as determined by the Board.

                                   ARTICLE II

                               RETIREMENT BENEFITS
                               -------------------

         In the event that a Participant's  service on the Board  terminates for
any reason other than death or Disability, the Bank shall pay the Participant an
annual  benefit for ten (10) years in an amount  equal to the product of (i) the
Participant's Benefit Percentage,  (ii) the Participant's Vested Percentage, and
(iii)  $3,000.  The payments due under this Article shall begin on the first day
of the second  month  following  the date of the  Participant's  termination  of
service on the Board,  and shall  thereafter  be made on the annual  anniversary
dates of such  first  payment  date.  Except  as  provided  in  Article  IV,  no
retirement

                                       2
<PAGE>

benefits shall be payable hereunder after the death of the Participant.

         Notwithstanding  the foregoing,  but only to the extent  required under
federal banking law, the amount payable hereunder shall be reduced to the extent
that on the date of a  Participant's  termination of employment,  either (i) the
present value of his or her Benefits  exceeds the limitations that are set forth
in Regulatory Bulletin 27a of the Office of Thrift Supervision,  as in effect on
the Effective Date, or (ii) such reduction is necessary to avoid  subjecting the
Bank to liability  under  Section 280G of the Internal  Revenue Code of 1986, as
amended.

                                   ARTICLE III

                               DISABILITY BENEFITS
                               -------------------

         In the event that a Participant's  service on the Board  terminates due
to his Disability,  the Bank shall pay the Participant an annual payment for ten
years in an amount  equal to the product of his Benefit  Percentage  and $3,000.
The payments  due under this Article  shall begin on the first day of the second
month following the date of the Participant's  termination of service, and shall
thereafter be made on the annual  anniversary  dates of such first payment date.
Except as  provided  in  Article  IV, no  disability  benefits  shall be payable
hereunder after the death of the Participant.

                                   ARTICLE IV

                                 DEATH BENEFITS
                                 --------------

         In the event  that a  Participant  dies  before  collecting  any of the
Benefits  provided  under  Article  II  or  III,  the  Bank  shall  pay  to  the
Participant's  Surviving Spouse, or if none, to the Participant's estate, a lump
sum payment  having a present  value  equal to five (5) times the annual  amount
that the Participant would have received under Article II if the Participant had
both  terminated  service on the Board on the date of his death,  and then had a
Vested  Percentage  equal  to 100%.  On the  other  hand,  in the  event  that a
Participant dies after commencing to receive the Benefits provided under Article
II or III, the Bank shall pay to the Participant's Surviving Spouse, or if none,
to the Participant's  estate, a lump sum payment having a present value equal to
the payments that the  Participant  would have received if the  Participant  had
survived to collect all Benefits  that would have been paid under  Article II or
III, as the case may be, from the date of the  Participant's  death  through the
date on which the  Participant  would have  received  the fifth  annual  payment
otherwise  payable under Article II or III, as the case may be. In either event,
such payment of Benefits  shall be made on or before the first day of the second
month  following  the date of the

                                       3
<PAGE>

Participant's death. No Benefits shall be payable hereunder to anyone other than
a Surviving Spouse or the Participant's estate.

                                    ARTICLE V

                              DEFERRED COMPENSATION
                              ---------------------
         This Article of the Plan  establishes a deferred  compensation  program
for Participants,  subject to the terms and conditions provided in this Plan, in
the trust  associated  with the Plan (the "Trust"),  and in the  Agreement.  The
terms and conditions of the Trust and the Agreement are  incorporated  herein by
reference and made a part hereof to the extent not inconsistent herewith.

         5.1 The Bank  expects  (but  shall be under no legal  obligation)  on a
quarterly  basis to  contribute  to the Trust  the  aggregate  amounts  deferred
pursuant to  Agreements  with  Participants,  which funds would then be used for
eventual  payment to said  Participants  under the terms and  conditions of this
Article.

         5.2 In accordance  with this Article,  a Participant may elect to defer
all or any portion of the fees and/or salary  otherwise  payable to him from the
Bank, in cash,  for any calendar  year in which the Plan is in effect.  Deferred
amounts  shall be credited by the Bank at the end of each calendar  quarter,  in
accordance   with  the  terms  of  the  Agreements   entered  into  between  the
Participants  and the Bank.  The  funds so  credited  quarter-annually  shall be
credited by the Bank to a bookkeeping  account ("Deferral  Account") in the name
of  each  Participant  according  to the  terms  of the  Participant's  Deferred
Compensation Agreement.  In addition to the funds deferred  quarter-annually and
credited to the Deferral  Accounts of  Participants,  the Bank shall adjust each
Account  at the  end of each  calendar  year  (i) to  credit  the  Participant's
Deferral Account for the  appreciation or depreciation  that would have occurred
if the Deferral  Account had been invested in savings  accounts  having a return
equal to the highest interest rate which the Bank pays, on the effective date of
the  Participant's  election and as adjusted on each subsequent  January 1st, on
certificates  of deposit,  regardless of their term, and (ii) at the end of each
calendar year to credit to the Participant's  Deferral Account a deemed matching
contribution by the Bank in an amount equal to the product of the Multiplier for
the calendar  year,  and one and one-half  percent  (1.5%) of the  Participant's
aggregate fee deferrals for the calendar year.

         5.3 A Participant's  Deferral  Account shall be paid in accordance with
those  terms set forth in the  Agreement  which is  applicable  to the  deferred
amounts,  except that the  Participant's  Deferral  Account  will be paid to the
Participant  (or his  estate) in a lump sum as soon as  practicable  following a
Change in Control.  If a  Participant  should die before  receiving all deferred
compensation  benefits payable under this Article, then such

                                       4
<PAGE>

payment(s) shall be made to the beneficiary designated by the Participant in his
or  her  Agreement  (and  in the  absence  of a  validly  designated  or  living
beneficiary, to the Participant's estate).

         5.4 Agreements  made hereunder  shall be prospective  only and shall be
irrevocable with respect to amounts deferred  pursuant to the Agreement,  except
that a  Participant  may at any  time  and  from  time to time  (i)  change  the
beneficiary  designated  in  paragraph 3 of the  Agreement,  and/or (ii) file an
Agreement which  supersedes a prior Agreement as to amounts deferred on or after
the  January  1st  which  coincides  with  or  next  follows  execution  of  the
superseding Agreement. In addition, a Participant may at any time file a written
notice with the Bank pursuant to which the Participant ceases future accruals as
soon as practicable after the Bank receives such notice.

                                   ARTICLE VI

                           SOURCE AND FORM OF BENEFITS
                           ---------------------------

         Benefits shall constitute an unfunded, unsecured promise by the Bank to
provide such payments in the future,  as and to the extent such Benefits  become
payable.  Benefits  shall be paid from the  general  assets of the Bank,  and no
person  shall,  by virtue of this Plan,  have any interest in such assets (other
than as an  unsecured  creditor  of the  Bank).  In the  event  that a trust  is
established  as described  herein at Article IX, the trustee of such trust shall
inform the Board  annually prior to the  commencement  of each fiscal year as to
the manner in which such trust assets shall be invested.

                                   ARTICLE VII

                                   ASSIGNMENT
                                   ----------

         Except as  otherwise  provided  by this  Plan,  it is  agreed  that the
Participant  nor any other  person or persons  shall have any right to  commute,
sell,  assign,  transfer,  encumber and pledge or otherwise  convey the right to
receive  any  Benefits  hereunder,  which  Benefits  and the rights  thereto are
expressly declared to be nonassignable and nontransferable.

                                  ARTICLE VIII

                            NO RETENTION OF SERVICES
                   TERMINATION OR SUSPENSION UNDER FEDERAL LAW
                   -------------------------------------------

         The Benefits  payable under this Plan shall be  independent  of, and in
addition  to,  any  other  compensation  payable  by the Bank to a  Participant,
whether fees, bonus, retirement income under employee benefit plans sponsored or
maintained  by the  Company or

                                       5
<PAGE>

the Bank, or  otherwise.  This Plan shall not be deemed to constitute a contract
of employment between the Bank and any Participant.

         If the  Participant  is  removed  and/or  permanently  prohibited  from
participating  in the  conduct of the Bank's  affairs by an order  issued  under
Sections  8(e)(4) or 8(g)(1) of the Federal  Deposit  Insurance Act ("FDIA") (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
parties shall not be affected.

         If the Bank is in default (as defined in Section 3(x)(1) of FDIA),  all
obligations under this Plan shall terminate as of the date of default;  however,
this Paragraph shall not affect the vested rights of the parties.

         All obligations  under this Plan shall terminate,  except to the extent
that  continuation of this Plan is necessary for the continued  operation of the
Bank:  (i) by the  Director of the Office of Thrift  Supervision  ("Director  of
OTS"), or his or her designee,  at the time that the Federal  Deposit  Insurance
Corporation  ("FDIC")  or  the  Resolution  Trust  Corporation  enters  into  an
agreement to provide  assistance to or on behalf of the Bank under the authority
contained in Section  13(c) of FDIA;  or (ii) by the Director of the OTS, or his
or her  designee,  at the time  that  the  Director  of the  OTS,  or his or her
designee approves a supervisory  merger to resolve problems related to operation
of the Bank or when the Bank is  determined  by the Director of the OTS to be in
an unsafe or unsound  condition.  Such action shall not affect any vested rights
of the parties.

         If a notice  served  under  Section  8(e)(3)  or (g)(1) of the FDIA (12
U.S.C.   1818(e)(3)  or  (g)(1))  suspends  and/or  temporarily   prohibits  the
Participant from participating in the conduct of the Bank's affairs,  the Bank's
obligations  under this Plan shall be suspended as of the date of such  service,
unless  stayed by  appropriate  proceedings.  If the  charges  in the notice are
dismissed, the Bank may in its discretion (i) pay the Participant all or part of
the compensation  withheld while its contract  obligations  were suspended,  and
(ii)  reinstate  (in  whole  or in  part)  any of  its  obligations  which  were
suspended.

                                   ARTICLE IX

                             RIGHTS OF PARTICIPANTS
                             ----------------------

         The rights of the Participants under this Plan shall be solely those of
unsecured  creditors of the Bank. In the event that the Bank shall  establish an
irrevocable trust to be attached hereto  ("Trust"),  such assets of the Bank may
be held by such  trust

                                       6
<PAGE>

pursuant to such Trust,  subject to claims by general  creditors  of the Bank by
appropriate judicial action as provided by such Trust.

                                    ARTICLE X

                   AUTOMATIC CASH-OUT UPON A CHANGE IN CONTROL
                   -------------------------------------------

         The  provisions of this Article shall  supersede any provisions of this
Plan to the contrary. In the event of a Change in Control while a Participant is
serving on the Board, the Participant's Vested Percentage shall become 100%, and
the present  value of his Benefits  shall be due and payable to the  Participant
(or, in the event of his death, his designated  beneficiary or if no beneficiary
is living or  designated,  his estate) in one  lump-sum  payment  within 10 days
following  such Change in Control.  In the event of a Change in Control  after a
Participant  terminates  service on the Board, the present value of any Benefits
not yet paid to the Participant (or his designated beneficiary or his estate, in
the event of his  death)  shall be due and  payable to the  Participant  (or his
designated  beneficiary  or estate,  in the event of his death) in one  lump-sum
payment within 10 days following such Change in Control.

                                   ARTICLE XI

                                 REORGANIZATION
                                 --------------

         The Bank  agrees that it will not merge or  consolidate  into any other
corporation or organization,  or permit its business activities to be taken over
by any  other  organization,  unless  and  until the  succeeding  or  continuing
corporation  or  other  organization  shall  expressly  assume  the  rights  and
obligations  of the Bank herein set forth.  The Bank further agrees that it will
not cease its business  activities  or terminate  its  existence,  other than as
heretofore set forth in this paragraph,  without having made adequate  provision
for the fulfillment of its obligation hereunder.

                                   ARTICLE XII

                            AMENDMENT AND TERMINATION
                            -------------------------

         The Board may amend or terminate the Plan at any time, provided that no
such amendment or termination shall,  without the written consent of an affected
Participant, alter or impair any rights of the Participants under the Plan.

                                  ARTICLE XIII

                                    STATE LAW
                                    ---------

         This Plan shall be construed and governed in all respects  under and by
the laws of the State of Maryland.  If any  provision of this Plan shall be held
by a court  of  competent  jurisdiction  to

                                       7
<PAGE>

be invalid or unenforceable,  the remaining  provisions hereof shall continue to
be fully effective.

                                   ARTICLE XIV

                                    HEADINGS
                                    --------

         Headings and  subheadings in this Plan are inserted for convenience and
reference only and constitute no part of this Plan.

                                   ARTICLE XV

                                     GENDER
                                     ------

         This Plan shall be  construed,  where  required,  so that the masculine
gender includes the feminine.

                                   ARTICLE XVI

                           INTERPRETATION OF THE PLAN
                           --------------------------

         The  Board  shall  have sole and  absolute  discretion  to  administer,
construe,  and  interpret  the Plan,  and the  decisions  of the Board  shall be
conclusive  and binding on all  affected  parties  (unless  such  decisions  are
arbitrary and capricious).

                                  ARTICLE XVII

                                   LEGAL FEES
                                   ----------

         In the event any dispute shall arise between a Participant and the Bank
as to the terms or  interpretation  of this Plan,  whether  instituted by formal
legal  proceedings or otherwise,  including any action taken by a Participant to
enforce the terms of this Plan or in  defending  against any action taken by the
Bank,  the Bank shall  reimburse  the  Participant  for all costs and  expenses,
including reasonable attorneys' fees, arising from such dispute,  proceedings or
actions;  provided that the Participant shall return such amounts to the Bank if
he fails to obtain a final judgment by a court of competent  jurisdiction  (or a
settlement of such dispute, proceedings, or actions) substantially in his favor.
Such  reimbursements  to a  Participant  shall  be  paid  within  10 days of the
Participant  furnishing to the Bank written evidence,  which may be in the form,
among other things,  of a cancelled  check or receipt,  of any costs or expenses
incurred by the Participant. Any such request for reimbursement by a Participant
shall be made no more frequently than at 30 day intervals.

                                       8
<PAGE>

                                  ARTICLE XVIII

                                 EFFECTIVE DATE
                                 --------------

         The effective  date of this Plan shall be January 1, 1995 provided that
Article V shall become effective on the date the Board approves the Plan. Unless
terminated  earlier in  accordance  with Article XII,  this Plan shall remain in
effect  during the term of service of the  Participants  and until all  Benefits
payable hereunder have been made.

                                       9TRI-COUNTY FEDERAL SAVINGS BANK

                            ------------------------

                             SPLIT DOLLAR AGREEMENT
                            ------------------------

     THIS AGREEMENT,  made and entered into this 28 day of August,  1996, by and
between TRI-COUNTY FEDERAL SAVINGS BANK, a corporation  chartered under the laws
of The State of  Maryland  and the  principal  office of which is located in the
Waldorf,   Maryland  (hereinafter  called  the  "Employer"),   and  Micahel  Leo
Middleton,   an  individual   residing  in  Maryland   (hereinafter  called  the
"Employee").

     WHEREAS,  the Employee is a valuable officer of the Employer,  and wants to
obtain life insurance under a policy to be paid for by the Employer; and

     WHEREAS,  the Employer wishes to retain the services of the Employee and to
help the  Employee  obtain  such life  insurance  not only for the  benefit  and
protection  of the  Employee's  family (by  contributing  toward  payment of the
premiums due on the policy on the Employee's  life), but also through  retaining
the right to death  benefits  that would assist the  Employer in  replacing  the
Employee if necessary due to the Employee's death; and

     WHEREAS,  the Employee will be the owner of the insurance  policy  acquired
pursuant to the terms of this  Agreement  and the policy will be assigned to the
Employer as security for the  repayment  of the amounts  that the Employer  will
contribute  toward payment of the premiums due on each policy listed on Schedule
A hereto;

     NOW, THEREFORE,  in consideration of the mutual covenants contained in this
Agreement, it is agreed as follows:

                                    ARTICLE I
                                   DEFINITIONS

     1.01  "Assignment"  shall refer to the collateral  assignment of the Policy
            ----------
that the  Employee  will grant to the  Employer and that will be evidenced by an
instrument of assignment filed with the Insurer.  The form of such instrument of
assignment is attached as Schedule B hereto.

     1.02 "Change of Control"  shall refer to the  acquisition of the beneficial
           -----------------
ownership  (as that  term is  defined  in Rule  13d-3 of the  General  Rules and
Regulations  under the  Securities  Exchange  Act of 1934) of 25% or more of the
voting  securities  of the  Employer  (or of any bank  holding  company  for the
Employer) by any person or by persons acting as a "group" (within the meaning of
Section  13(d) of the  Securities  Exchange  Act of 1934).  For purposes of this
subparagraph  only, the term "person"  refers to an individual or a corporation,
partnership,   trust,   association,   joint  venture,  pool,  syndicate,   sole
proprietorship,  unincorporated  organization  or any other  form of entity  not
specifically listed herein.

<PAGE>
     1.03 "Disability"  shall refer to that medically  determinable  physical or
           ----------
mental impairment that disables or incapacitates the Employee to the extent that
he is unable to perform his duties of  employment,  as stated in his  Employment
Agreement with the Employee,  and that establishes the Employee's eligibility to
receive disability benefits under his Employment Agreement.

     1.04  "Insurer"  shall  refer to any  insurance  company  that has issued a
            ------
policy.

     1.05  "Normal  Retirement"  shall  refer to an  Employee's  termination  of
            ------------------
service  with  the  Employer  on or after  the  Employee's  sixty-second  (62nd)
birthday for reasons other than death,  Disability,  Termination  for Cause,  or
Change of Control.

     1.06  "Policy"  shall refer to the insurance  policy or policies  listed on
            ------
Schedule A attached hereto.

     1.07 "Recovery Amount" shall mean the total amount of the Employer's share,
           ---------------
as set forth in Section 2.03(A), of the premiums paid by the Employer toward the
Policy,  except  that,  (i) in the context of the  Employee's  death while still
owning  the  Policy,  the  Recovery  Amount  shall  mean the amount to which the
Employer is entitled  under Section  3.02(B),  and (ii) in the context either of
the Employee's Termination for Cause or of the Employer's exercise of its rights
pursuant to Section 3.02 to receive the  Recovery  Amount from the cash value of
the Policy,  the  Recovery  Amount  shall mean the lesser of (a) the  Employer's
share of the premiums paid toward the Policy and (b) the cash surrender value of
the Policy as of the applicable determination date.

     1.08 "Termination for Cause" shall mean:
           ---------------------

          (A)  the Employer's termination of the Employee as a result of (1) the
               Employee's conviction of, or plea of nolo contendere to, a felony
                                                    ---- ----------
               or crime involving moral turpitude;  (2) the Employee's  personal
               dishonesty,   incompetence,   willful  misconduct,  breach  of  a
               fiduciary duty involving personal profit,  intentional failure to
               perform stated duties,  or willful violation of any law, rule, or
               regulation (other than traffic violations or similar offenses) or
               final  cease-and-desist  order;  or (3) the  Employee's  material
               breach of any  provision  of his  Employment  Agreement  with the
               Employer; or

          (B)  the removal of the Employee and/or  permanent  prohibition of the
               Employee  from  participating  in the  conduct of the  Employer's
               affairs by an order issued under  Sections  8(e)(4) or 8(g)(1) of
               the  Federal  Deposit  Insurance  Act  ("FDIA"),  12  U.S.C.  ss.
               1818(e)(4) or (g)(1).

                                       2
<PAGE>

                                   ARTICLE II
                          GENERAL TERMS AND CONDITIONS

     2.01  Application for Insurance.  The Employee will apply to the Insurer(s)
           -------------------------
for a Whole Life  Policy or  Policies  on his life in the face  amount  totaling
$2,000,000  and will do  everything  necessary to cause the Policy to be issued.
When the Policy is issued, the policy number,  face amount and plan of insurance
will be recorded  and  attached to this  Agreement,  and the Policy will then be
subject to the terms of this Agreement.

     2.02 Ownership of Policy. The Employee shall be the owner of the Policy and
          -------------------
may  exercise  all rights of  ownership  with  respect  to the Policy  except as
otherwise  provided in this Agreement and in the Assignment.  The Employee shall
have the right to name or change the beneficiary or beneficiaries of the Policy.
The Employee shall have the right to borrow against the Policy up to the maximum
loan  value of the  Policy,  reduced  by the  Recovery  Amount,  but  shall  not
otherwise  have the right to borrow  against  the Policy  except as set forth in
Section 5.02 of this Agreement. The Employer shall not borrow against the Policy
without the prior written  consent of the Employee.  While this  Agreement is in
force and effect,  the Employee shall not sell,  assign,  transfer,  exchange or
surrender or  otherwise  terminate  the Policy  without the  Employer's  written
consent.  The Employee may, however,  cause the surrender and termination of the
Policy at any time by providing  notice of the  termination  of the Agreement to
the Employer pursuant to Section 5.01.

     2.03 Payment of Premiums.  Subject to Section 3.01,  the Employer shall pay
          -------------------
the  premiums  on the Policy  during  the  Employee's  term of service  with the
Employer and for any period thereafter for which the Employer has the obligation
to pay  premiums  under  the  terms  of this  Agreement.  Each  premium  will be
allocated between the Employee and the Employer as follows:

          A.   The  Employer's  share of the premium  shall be the amount of the
               planned  periodic  premium  reduced  by an  amount  equal  to the
               economic benefit of the premium to the Employee,  as described in
               IRS Revenue Rulings 64-328 and 66-110 (the "Economic Benefit").

          B.   The  Employee's  share of the premium  shall be the amount of the
               Economic  Benefit.  Such share  shall be paid by the  Employer as
               agent for the  Employee  and shall be charged to the  Employee as
               cash  compensation,  and for all  purposes  shall be deemed  cash
               compensation to the Employee and not Employer-paid premiums.

     2.04  Employee's   Obligation  to  Employer.   The  Recovery  Amount  shall
           -------------------------------------
constitute  indebtedness  of the  Employee to the  Employer.  Repayment  of such
indebtedness  shall  be made in  accordance  with  Section  3.02 or 5.02 of this
Agreement.

                                       3
<PAGE>

     2.05  Assignment  of Policy.  The Employee  shall  collaterally  assign the
           ---------------------
Policy to the Employer as security for repayment of the Recovery  Amount through
execution  of the  form  of  Assignment  attached  as  Schedule  B  hereto.  The
Assignment may not be terminated, altered or changed without the written consent
of the Employer, but will terminate automatically upon the Employer's receipt of
the Recovery  Amount  pursuant to Section 3.02 or the Employee's  payment of the
Recovery Amount to the Employer pursuant to Section 5.02.

     2.06 Additional  Policy  Benefits and Riders.  The Employee may at any time
          ---------------------------------------
add a rider to the Policy.  Upon written  request by the Employer,  the Employee
will add a rider to the Policy for the benefit of the Employer.  The  additional
premium  for any  rider  that is added to the  Policy  will be paid by the party
entitled to receive the proceeds of the rider.

     2.07 Continuation of Employer's  Obligations upon Change of Control. Upon a
          --------------------------------------------------------------
Change of Control,  the Employer or its successor  organization  surviving after
the Change of Control shall be deemed to have assumed,  and shall be responsible
to discharge,  all  obligations of the Employer under this  Agreement.  Upon the
Employer's reorganization,  merger, consolidation,  or sale of substantially all
of its assets to another  organization,  the survivor or successor  organization
shall be deemed to have assumed,  and shall be  responsible  to  discharge,  all
obligations of the Employer under this Agreement,  and the term "Employer" shall
be deemed to refer to such successor or survivor organization.

                                   ARTICLE III
              EMPLOYER'S FUNDING OBLIGATIONS AND RIGHTS OF RECOVERY

     3.01 Employers Rights and Funding Obligations on Certain Events.
          ----------------------------------------------------------

          A.   Disability and Normal  Retirement.  If the Employee  resigns from
               ---------------------------------
               the  Employer's   employ  on  account  of  Disability  or  Normal
               Retirement,  the Employer shall pay the remaining premiums on the
               Policy if, as, and when due in the  ordinary  course,  subject to
               Section 2.03(A).

          B.   Termination  for  Cause.  Notwithstanding  any other  intervening
               -----------------------
               event,  upon the Employee's  Termination for Cause,  the Employer
               shall notify the Insurer of the Employee's Termination for Cause,
               and all rights,  title,  and interest in the Policy  shall,  upon
               such notice,  be  transferred  to the Employer under the terms of
               the  Policy as of the date of such  Termination  for  Cause.  The
               parties  hereby agree that the terms of the Policy shall  provide
               for the automatic  transfer of all rights,  title and interest to
               the Employer upon the conditions described in this Paragraph.

          C.   Termination  or Resignation  for Other Reasons.  In the event the
               ----------------------------------------------
               Employee is  terminated or resigns from service with the Employer
               for reasons  other than  Termination  for Cause,  Disability,  or
               Normal  Retirement,  this Agreement  shall continue in full force
               and effect, except that Employer

                                       4
<PAGE>

               shall have no further  obligation  to pay  premiums on the Policy
               upon such termination or resignation.

          D.   Termination  of  Agreement  by  Employee.  In the event  that the
               ----------------------------------------
               Employee provides written notice of termination of this Agreement
               to the Employer pursuant to Section 5.01, the Employer shall have
               no further  obligation to pay premiums on the Policy upon receipt
               of such notice.

     3.02 Employer's   Recovery  Upon  Death,   Resignation  or  Termination  of
          ----------------------------------------------------------------------
          Agreement.
          ---------

          A.   Disability  or  Normal  Retirement.  If the  Employee  terminates
               ----------------------------------
               employment  with the Employer on account of  Disability or Normal
               Retirement, the Employer shall have the right, subject to Section
               5.02,  to receive the Recovery  Amount from the death  benefit or
               the cash value of the Policy,  upon the earlier of the Employee's
               death or the Employee's provision of notice of termination of the
               Agreement pursuant to Section 5.01.

          B.   Death of Employee.  If the employee  dies while he still owns the
               -----------------
               Policy  (whether  or not the  Employee is then an Employee of the
               Employer),  the Employer shall have the right to receive one half
                                                                        --- ----
               of the death benefit payable under the Policy.

          C.   Termination of Agreement by Employee;  Termination or Resignation
               -----------------------------------------------------------------
               of Employee for Other Reasons.  In the event the Employee  either
               -----------------------------
               provides written notice of termination of this Agreement pursuant
               to Section 5.01 hereof,  or is terminated or resigns from service
               with the Employer for reasons other than  Termination  for Cause,
               Disability  or Normal  Retirement,  the  Employer  shall have the
               right,  subject to Section 5.02,  to receive the Recovery  Amount
               from the death  benefit  or cash  value of the  Policy  upon such
               provision of notice, termination or resignation.

                                   ARTICLE IV
                         PAYMENTS UPON DEATH OF EMPLOYEE

     4.01 Employer's Actions. Upon the death of the Employee, the Employer shall
          ------------------
promptly take all actions necessary to obtain the Recovery Amount from the death
benefit of the Policy.

     4.02 Payment of Death Benefit to  Beneficiary.  Subject to the terms of the
          ----------------------------------------
Assignment  and to Section  3.02(B)  hereof,  the  balance of the death  benefit
provided under the Policy,  if any, shall be paid directly to the beneficiary or
beneficiaries of the Policy in the manner designated by the Employee. No payment
shall be made to the  beneficiary  or  beneficiaries  of the  Policy  until  the
Recovery Amount has been paid to the Employer in accordance with Section 3.02(B)
hereof. The parties hereto agree that the beneficiary  designation  provision of
the Policy shall

                                       5
<PAGE>
 conform to the provisions hereof.

                                    ARTICLE V
                               RIGHTS OF EMPLOYEE

     5.01 Employee's Right to Terminate Agreement.  The Employee may at any time
          ---------------------------------------
effect the  termination  of this  Agreement by providing  written  notice to the
Board of Directors of the Employer.  Following such notice,  the Agreement shall
terminate either upon the Employee's  exercise of his option pursuant to Section
5.02 or upon the Employer's  receipt of the Recovery  Amount pursuant to Section
3.02(C).

     5.02  Employee's  Option  to  Receive  Release  of  Assignment.   Upon  the
           --------------------------------------------------------
occurrence of any of the events set forth in Section 3.02 that give the Employer
the right to receive the Recovery Amount from the cash value of the Policy,  the
Employee  shall have a 60-day  option to receive  from the Employer a release of
the Assignment in  consideration  of the Employee's cash payment of the Recovery
Amount to the Employer.  The Employer  agrees that the Employee  (solely for the
purpose of facilitating  his payment of the Recovery Amount to the Employer) may
borrow  or  withdraw  from the  Policy  cash  value  amounts  in  excess  of the
Employee's share of the cash value of the Policy.  If the Employee does not make
payment of the  Recovery  Amount  within the 60-day  period,  the  Employer  may
enforce  its right to receive the  Recovery  Amount from the cash value or death
benefit of the Policy.

                                   ARTICLE VI
                                  MISCELLANEOUS

     6.01  Termination of Agreement.  This Agreement shall terminate when either
           ------------------------
of the following events occur:

          A.   Receipt by the  Employer of the  Recovery  Amount  under  Section
               3.02, 4.01, or 5.02.

          B.   A transfer of rights to the Employer pursuant to Section 3.01(B).

     6.02 Suspension of Employer's Obligations.  In the event of the bankruptcy,
          ------------------------------------
receivership  or dissolution of the Employer,  or the "default" of the Employer,
as defined under  Section  3(x)(1) of the FDIA,  12 U.S.C.ss.  1813 (x)(1),  the
Employer's obligations under Section 2.03 shall be suspended.

     6.03 Amendment. This Agreement shall not be modified or amended except by a
          ---------
writing signed by the Employer and the Employee. This Agreement shall be binding
upon the heirs,  administrators  or executors and the  successors and assigns of
each party to this Agreement.

     6.04 Unfunded Arrangement.  The split-dollar arrangement established hereby
          --------------------
is an unfunded  employee  benefit plan maintained by the Employer  primarily for
the purpose of providing a life insurance death benefit for an Employee who is a
member of a select group of

                                       6
<PAGE>

management and a highly compensated  employee,  and the parties  acknowledge and
agree  that this  Agreement  is  exempt  from  Parts 2, 3 and 4 of the  Employee
Retirement Income Security Act of 1974.

     6.05 Claims Procedures.  The Employer,  Employee,  or any beneficiary under
          -----------------
the Policy may file a claim for benefits with the Insurer,  and shall be subject
to the claims procedure thereof.

     6.06 Binding  Agreement.  This Agreement shall be binding upon and inure to
          ------------------
the benefit of the Employer and its  successors  and  assignees and the Employee
and his assignees, heirs, executors, administrators and beneficiaries.

     6.07  Governing  Law.  This  Agreement  shall be  subject  to and  shall be
           --------------
construed in accordance with the laws of the State of Maryland.

                                       7
<PAGE>

     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the day and year first above written.

                                        TRI-COUNTY FEDERAL SAVINGS BANK

Attest: /s/ Michael L. Middleton        By: /s/ Henry A. Shorter, Jr.
        ----------------------------        ------------------------------------
                                            Henry A. Shorter, Jr.
                                            Acting in his capacity as a Director

Witness: /s/ C. Marie Brown                 /s/ Michael L. Middleton
         ---------------------------        ------------------------------------
                                            Michael L. Middleton
                                            ("Employee")

                                       8
<PAGE>
                         TRI-COUNTY FEDERAL SAVINGS BANK

                            ------------------------

                             SPLIT DOLLAR AGREEMENT

                            ------------------------

     THIS AGREEMENT,  made and entered into this 28 day of August,  1996, by and
between TRI-COUNTY FEDERAL SAVINGS BANK, a corporation  chartered under the laws
of The State of  Maryland  and the  principal  office of which is located in the
Waldorf,  Maryland  (hereinafter called the "Employer"),  and C. Marie Brown, an
individual residing in Maryland (hereinafter called the "Employee").

     WHEREAS,  the Employee is a valuable officer of the Employer,  and wants to
obtain life insurance under a policy to be paid for by the Employer; and

     WHEREAS,  the Employer wishes to retain the services of the Employee and to
help the  Employee  obtain  such life  insurance  not only for the  benefit  and
protection  of the  Employee's  family (by  contributing  toward  payment of the
premiums due on the policy on the Employee's  life), but also through  retaining
the right to death  benefits  that would assist the  Employer in  replacing  the
Employee if necessary due to the Employee's death; and

     WHEREAS,  the Employee will be the owner of the insurance  policy  acquired
pursuant to the terms of this  Agreement  and the policy will be assigned to the
Employer as security for the  repayment  of the amounts  that the Employer  will
contribute  toward payment of the premiums due on each policy listed on Schedule
A hereto;

     NOW, THEREFORE,  in consideration of the mutual covenants contained in this
Agreement, it is agreed as follows:

                                    ARTICLE I
                                   DEFINITIONS

     1.01  "Assignment"  shall refer to the collateral  assignment of the Policy
            ----------
that the  Employee  will grant to the  Employer and that will be evidenced by an
instrument of assignment filed with the Insurer.  The form of such instrument of
assignment is attached as Schedule B hereto.

     1.02 "Change of Control"  shall refer to the  acquisition of the beneficial
           -----------------
ownership  (as that  term is  defined  in Rule  13d-3 of the  General  Rules and
Regulations  under the  Securities  Exchange  Act of 1934) of 25% or more of the
voting  securities  of the  Employer  (or of any bank  holding  company  for the
Employer) by any person or by persons acting as a "group" (within the meaning of
Section  13(d) of the  Securities  Exchange  Act of 1934).  For purposes of this
subparagraph  only, the term "person"  refers to an individual or a corporation,
partnership,   trust,   association,   joint  venture,  pool,  syndicate,   sole
proprietorship,  unincorporated  organization  or any other  form of entity  not
specifically listed herein.

<PAGE>

     1.03 "Disability"  shall refer to that medically  determinable  physical or
           ----------
mental impairment that disables or incapacitates the Employee to the extent that
he is unable to perform his duties of  employment,  as stated in his  Employment
Agreement with the Employee,  and that establishes the Employee's eligibility to
receive disability benefits under his Employment Agreement.

     1.04  "Insurer"  shall  refer to any  insurance  company  that has issued a
            -------
policy.

     1.05  "Normal  Retirement"  shall  refer to an  Employee's  termination  of
            ------------------
service  with  the  Employer  on or after  the  Employee's  sixty-second  (62nd)
birthday for reasons other than death,  Disability,  Termination  for Cause,  or
Change of Control.

     1.06  "Policy"  shall refer to the insurance  policy or policies  listed on
            ------
Schedule A attached hereto.

     1.07 "Recovery Amount" shall mean the total amount of the Employer's share,
           ---------------
as set forth in Section 2.03(A), of the premiums paid by the Employer toward the
Policy,  except  that,  (i) in the context of the  Employee's  death while still
owning  the  Policy,  the  Recovery  Amount  shall  mean the amount to which the
Employer is entitled  under Section  3.02(B),  and (ii) in the context either of
the Employee's Termination for Cause or of the Employer's exercise of its rights
pursuant to Section 3.02 to receive the  Recovery  Amount from the cash value of
the Policy,  the  Recovery  Amount  shall mean the lesser of (a) the  Employer's
share of the premiums paid toward the Policy and (b) the cash surrender value of
the Policy as of the applicable determination date.

     1.08 "Termination for Cause" shall mean:
           ---------------------

          (A)  the Employer's termination of the Employee as a result of (1) the
               Employee's conviction of, or plea of nolo contendere to, a felony
                                                    ---- ----------
               or crime involving moral turpitude;  (2) the Employee's  personal
               dishonesty,   incompetence,   willful  misconduct,  breach  of  a
               fiduciary duty involving personal profit,  intentional failure to
               perform stated duties,  or willful violation of any law, rule, or
               regulation (other than traffic violations or similar offenses) or
               final  cease-and-desist  order;  or (3) the  Employee's  material
               breach of any  provision  of his  Employment  Agreement  with the
               Employer; or

          (B)  the removal of the Employee and/or  permanent  prohibition of the
               Employee  from  participating  in the  conduct of the  Employer's
               affairs by an order issued under  Sections  8(e)(4) or 8(g)(1) of
               the Federal  Deposit  Insurance Act ("FDIA"),  12 U.S.C.  Section
               1818(e)(4) or (g)(1).

                                       2
<PAGE>

                                   ARTICLE II
                          GENERAL TERMS AND CONDITIONS

     2.01  Application for Insurance.  The Employee will apply to the Insurer(s)
           -------------------------
for a Whole Life  Policy or  Policies  on his life in the face  amount  totaling
$1,000,000  and will do  everything  necessary to cause the Policy to be issued.
When the Policy is issued, the policy number,  face amount and plan of insurance
will be recorded  and  attached to this  Agreement,  and the Policy will then be
subject to the terms of this Agreement.

     2.02 Ownership of Policy. The Employee shall be the owner of the Policy and
          -------------------
may  exercise  all rights of  ownership  with  respect  to the Policy  except as
otherwise  provided in this Agreement and in the Assignment.  The Employee shall
have the right to name or change the beneficiary or beneficiaries of the Policy.
The Employee shall have the right to borrow against the Policy up to the maximum
loan  value of the  Policy,  reduced  by the  Recovery  Amount,  but  shall  not
otherwise  have the right to borrow  against  the Policy  except as set forth in
Section 5.02 of this Agreement. The Employer shall not borrow against the Policy
without the prior written  consent of the Employee.  While this  Agreement is in
force and effect,  the Employee shall not sell,  assign,  transfer,  exchange or
surrender or  otherwise  terminate  the Policy  without the  Employer's  written
consent.  The Employee may, however,  cause the surrender and termination of the
Policy at any time by providing  notice of the  termination  of the Agreement to
the Employer pursuant to Section 5.01.

     2.03 Payment of Premiums.  Subject to Section 3.01,  the Employer shall pay
          -------------------
the  premiums  on the Policy  during  the  Employee's  term of service  with the
Employer and for any period thereafter for which the Employer has the obligation
to pay  premiums  under  the  terms  of this  Agreement.  Each  premium  will be
allocated between the Employee and the Employer as follows:

          A.   The  Employer's  share of the premium  shall be the amount of the
               planned  periodic  premium  reduced  by an  amount  equal  to the
               economic benefit of the premium to the Employee,  as described in
               IRS Revenue Rulings 64-328 and 66-110 (the "Economic Benefit").

          B.   The  Employee's  share of the premium  shall be the amount of the
               Economic  Benefit.  Such share  shall be paid by the  Employer as
               agent for the  Employee  and shall be charged to the  Employee as
               cash  compensation,  and for all  purposes  shall be deemed  cash
               compensation to the Employee and not Employer-paid premiums.

     2.04  Employee's   Obligation  to  Employer.   The  Recovery  Amount  shall
           -------------------------------------
constitute  indebtedness  of the  Employee to the  Employer.  Repayment  of such
indebtedness  shall  be made in  accordance  with  Section  3.02 or 5.02 of this
Agreement.

                                       3
<PAGE>

     2.05  Assignment  of Policy.  The Employee  shall  collaterally  assign the
           ---------------------
Policy to the Employer as security for repayment of the Recovery  Amount through
execution  of the  form  of  Assignment  attached  as  Schedule  B  hereto.  The
Assignment may not be terminated, altered or changed without the written consent
of the Employer, but will terminate automatically upon the Employer's receipt of
the Recovery  Amount  pursuant to Section 3.02 or the Employee's  payment of the
Recovery Amount to the Employer pursuant to Section 5.02.

     2.06 Additional  Policy  Benefits and Riders.  The Employee may at any time
          ---------------------------------------
add a rider to the Policy.  Upon written  request by the Employer,  the Employee
will add a rider to the Policy for the benefit of the Employer.  The  additional
premium  for any  rider  that is added to the  Policy  will be paid by the party
entitled to receive the proceeds of the rider.

     2.07 Continuation of Employer's  Obligations upon Change of Control. Upon a
          --------------------------------------------------------------
Change of Control,  the Employer or its successor  organization  surviving after
the Change of Control shall be deemed to have assumed,  and shall be responsible
to discharge,  all  obligations of the Employer under this  Agreement.  Upon the
Employer's reorganization,  merger, consolidation,  or sale of substantially all
of its assets to another  organization,  the survivor or successor  organization
shall be deemed to have assumed,  and shall be  responsible  to  discharge,  all
obligations of the Employer under this Agreement,  and the term "Employer" shall
be deemed to refer to such successor or survivor organization.

                                   ARTICLE III
              EMPLOYER'S FUNDING OBLIGATIONS AND RIGHTS OF RECOVERY

     3.01 Employers Rights and Funding Obligations on Certain Events.
          ----------------------------------------------------------

          A.   Disability and Normal  Retirement.  If the Employee  resigns from
               ---------------------------------
               the  Employer's   employ  on  account  of  Disability  or  Normal
               Retirement,  the Employer shall pay the remaining premiums on the
               Policy if, as, and when due in the  ordinary  course,  subject to
               Section 2.03(A).

          B.   Termination  for  Cause.  Notwithstanding  any other  intervening
               -----------------------
               event,  upon the Employee's  Termination for Cause,  the Employer
               shall notify the Insurer of the Employee's Termination for Cause,
               and all rights,  title,  and interest in the Policy  shall,  upon
               such notice,  be  transferred  to the Employer under the terms of
               the  Policy as of the date of such  Termination  for  Cause.  The
               parties  hereby agree that the terms of the Policy shall  provide
               for the automatic  transfer of all rights,  title and interest to
               the Employer upon the conditions described in this Paragraph.

          C.   Termination  or Resignation  for Other Reasons.  In the event the
               ----------------------------------------------
               Employee is  terminated or resigns from service with the Employer
               for reasons  other than  Termination  for Cause,  Disability,  or
               Normal  Retirement,  this Agreement  shall continue in full force
               and effect, except that Employer

                                       4
<PAGE>

               shall have no further  obligation  to pay  premiums on the Policy
               upon such termination or resignation.

          D.   Termination  of  Agreement  by  Employee.  In the event  that the
               ----------------------------------------
               Employee provides written notice of termination of this Agreement
               to the Employer pursuant to Section 5.01, the Employer shall have
               no further  obligation to pay premiums on the Policy upon receipt
               of such notice.

     3.02  Employer's  Recovery  Upon  Death,   Resignation  or  Termination  of
           ---------------------------------------------------------------------
           Agreement.
           --------

          A.   Disability  or  Normal  Retirement.  If the  Employee  terminates
               ----------------------------------
               employment  with the Employer on account of  Disability or Normal
               Retirement, the Employer shall have the right, subject to Section
               5.02,  to receive the Recovery  Amount from the death  benefit or
               the cash value of the Policy,  upon the earlier of the Employee's
               death or the Employee's provision of notice of termination of the
               Agreement pursuant to Section 5.01.

          B.   Death of Employee.  If the employee  dies while he still owns the
               -----------------
               Policy  (whether  or not the  Employee is then an Employee of the
               Employer),  the Employer shall have the right to receive one half
                                                                        --- ----
               of the death benefit payable under the Policy.

          C.   Termination of Agreement by Employee;  Termination or Resignation
               -----------------------------------------------------------------
               of Employee for Other Reasons.  In the event the Employee  either
               -----------------------------
               provides written notice of termination of this Agreement pursuant
               to Section 5.01 hereof,  or is terminated or resigns from service
               with the Employer for reasons other than  Termination  for Cause,
               Disability  or Normal  Retirement,  the  Employer  shall have the
               right,  subject to Section 5.02,  to receive the Recovery  Amount
               from the death  benefit  or cash  value of the  Policy  upon such
               provision of notice, termination or resignation.

                                   ARTICLE IV
                         PAYMENTS UPON DEATH OF EMPLOYEE

     4.01 Employer's Actions. Upon the death of the Employee, the Employer shall
          ------------------
promptly take all actions necessary to obtain the Recovery Amount from the death
benefit of the Policy.

     4.02 Payment of Death Benefit to  Beneficiary.  Subject to the terms of the
          ----------------------------------------
Assignment  and to Section  3.02(B)  hereof,  the  balance of the death  benefit
provided under the Policy,  if any, shall be paid directly to the beneficiary or
beneficiaries of the Policy in the manner designated by the Employee. No payment
shall be made to the  beneficiary  or  beneficiaries  of the  Policy  until  the
Recovery Amount has been paid to the Employer in accordance with Section 3.02(B)
hereof. The parties hereto agree that the beneficiary  designation  provision of
the Policy shall

                                       5
<PAGE>

conform to the provisions hereof.

                                   ARTICLE V
                               RIGHTS OF EMPLOYEE

     5.01 Employee's Right to Terminate Agreement.  The Employee may at any time
          ---------------------------------------
effect the  termination  of this  Agreement by providing  written  notice to the
Board of Directors of the Employer.  Following such notice,  the Agreement shall
terminate either upon the Employee's  exercise of his option pursuant to Section
5.02 or upon the Employer's  receipt of the Recovery  Amount pursuant to Section
3.02(C).

     5.02  Employee's  Option  to  Receive  Release  of  Assignment.   Upon  the
           --------------------------------------------------------
occurrence of any of the events set forth in Section 3.02 that give the Employer
the right to receive the Recovery Amount from the cash value of the Policy,  the
Employee  shall have a 60-day  option to receive  from the Employer a release of
the Assignment in  consideration  of the Employee's cash payment of the Recovery
Amount to the Employer.  The Employer  agrees that the Employee  (solely for the
purpose of facilitating  his payment of the Recovery Amount to the Employer) may
borrow  or  withdraw  from the  Policy  cash  value  amounts  in  excess  of the
Employee's share of the cash value of the Policy.  If the Employee does not make
payment of the  Recovery  Amount  within the 60-day  period,  the  Employer  may
enforce  its right to receive the  Recovery  Amount from the cash value or death
benefit of the Policy.

                                   ARTICLE VI
                                  MISCELLANEOUS

     6.01  Termination of Agreement.  This Agreement shall terminate when either
           ------------------------
of the following events occur:

          A.   Receipt by the  Employer of the  Recovery  Amount  under  Section
               3.02, 4.01, or 5.02.

          B.   A transfer of rights to the Employer pursuant to Section 3.01(B).

     6.02 Suspension of Employer's Obligations.  In the event of the bankruptcy,
          ------------------------------------
receivership  or dissolution of the Employer,  or the "default" of the Employer,
as defined under Section 3(x)(1) of the FDIA, 12 U.S.C. Section 1813 (x)(1), the
Employer's obligations under Section 2.03 shall be suspended.

     6.03 Amendment. This Agreement shall not be modified or amended except by a
          ---------
writing signed by the Employer and the Employee. This Agreement shall be binding
upon the heirs,  administrators  or executors and the  successors and assigns of
each party to this Agreement.

     6.04 Unfunded Arrangement.  The split-dollar arrangement established hereby
          --------------------
is an unfunded  employee  benefit plan maintained by the Employer  primarily for
the purpose of providing a life insurance death benefit for an Employee who is a
member of a select group of

                                       6
<PAGE>

management and a highly compensated  employee,  and the parties  acknowledge and
agree  that this  Agreement  is  exempt  from  Parts 2, 3 and 4 of the  Employee
Retirement Income Security Act of 1974.

     6.05 Claims Procedures.  The Employer,  Employee,  or any beneficiary under
          -----------------
the Policy may file a claim for benefits with the Insurer,  and shall be subject
to the claims procedure thereof.

     6.06 Binding  Agreement.  This Agreement shall be binding upon and inure to
          ------------------
the benefit of the Employer and its  successors  and  assignees and the Employee
and his assignees, heirs, executors, administrators and beneficiaries.

     6.07  Governing  Law.  This  Agreement  shall be  subject  to and  shall be
           --------------
construed in accordance with the laws of the State of Maryland.

                                       7
<PAGE>

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the day and year first above written.

                                        TRI-COUNTY FEDERAL SAVINGS BANK

Attest: /s/ Michael L. Middleton        By: /s/ Henry A. Shorter, Jr.
        ----------------------------        ------------------------------------
                                            Henry A. Shorter, Jr.
                                            Acting in his capacity as a Director

Witness: /s/ Gregory C. Cockerham           /s/ C. Marie Brown
         ---------------------------        ------------------------------------
                                            C. Marie Brownn
                                            ("Employee")

                                       8

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