Document:

Deferral Plan

 Exhibit 10.4 
 FORM OF 
 FRANKLIN FINANCIAL CORPORATION 

STOCK-BASED DEFERRAL PLAN 
  

	1.	Purpose. 

 This
Franklin Financial Corporation Stock-Based Deferral Plan (the “Plan”) provides Directors and certain Eligible Officers of Franklin Financial Corporation and its affiliates with the opportunity to elect to defer compensation received for
their service and, thereby, accumulate additional shares of Franklin Financial Corporation common stock. The Plan is intended to constitute a deferred compensation plan that satisfies the requirements of Section 409A of the Code. 

 

	2.	Definitions. 

 As
used in the Plan, the following terms have the meanings indicated: 
 Board means the Board of Directors of the Company.

 Change in Control shall mean a change in control as defined in Internal Revenue Code Section 409A and rules,
regulations, and guidance of general application thereunder issued by the Department of the Treasury, including – 
  

	 	(a)	Change in ownership: a change in ownership of the Company, a corporation of which the Bank is a wholly owned subsidiary, occurs on the date any one person
or group accumulates ownership of the Company stock constituting more than 50% of the total fair market value or total voting power of the Company stock, 

  

	 	(b)	Change in effective control: (i) any one person or more than one person acting as a group acquires within a 12-month period ownership of the Company
stock possessing 30% or more of the total voting power of the Company stock, or (ii) a majority of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed in advance by a majority of the
Board, or 

  

	 	(c)	Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the Company’s assets occurs if in a
12-month period any one person or more than one person acting as a group acquires from the Company assets having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the Company’s assets
immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Company’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with
the assets. 

 Notwithstanding the foregoing, a Change in Control shall not occur as a result of a second step
conversion of Fairfield County Bank. 
 Code means the Internal Revenue Code of 1986, as amended. 

Committee means the Compensation Committee of the Board or any other committee of the Board designated as the administrator of the
Plan. 
 Company means Franklin Financial Corporation and its successors. 

 Company Stock means the common stock of the Company. 

Compensation means (i) in the case of a Participant who is a Director, the cash retainer fees, meeting (board and committee)
fees and other cash compensation payable to the Participant in connection with his or her service on the Board or the board of directors of any affiliate of the Company for any Plan Year and (ii) in the case of a Participant who is an Eligible
Officer, base salary and any cash incentive compensation. 
 Deferred Stock Account means a bookkeeping account
reflecting the investment of a Participant’s deferred Compensation in Company Stock Units and any adjustments thereto. 

Director means a member of the Board. 
 Effective Date means                         , 2011. 

Eligible Officer means an officer of the Company or an affiliate of the Company who is designated by the Board as eligible to
defer Compensation through the Plan. 
 Participant means a Director or Eligible Officer who elects to defer Compensation
through the Plan. 
 Plan Year means the calendar year. 

Separation from Service is intended to have the same meaning as under Code section 409A and any regulations or guidance issued
under such provision. 
 Stock Unit means a hypothetical share of Company Stock. Each Stock Unit held in a Deferred Stock
Account shall be deemed to have the same value, from time to time, as a share of Company Stock. 
 Trust means a trust
created for the purposes specified in Section 10. 
  

	3.	Participation in the Plan. 

 A Director serving on the Board of the Company shall be eligible to participate in the Plan as of the Effective Date. A Director who joins the Board following the Effective Date shall be eligible to
participate in the Plan upon his or her first day of service as a Participant. An officer of the Company or an affiliate shall participate in the Plan only upon designation as an Eligible Officer by the Board. Participation in the Plan by a Director
or Eligible Officer shall commence upon the submission of a timely deferral election form to the Committee in the manner prescribed below. 
  

	4.	Deferrals. 

  

	 	(a)	A Participant may elect to defer the payment of Compensation (in increments of 1% up to 100% or in a specified dollar amount) that would otherwise be payable in cash
during the Plan Year by completing a deferral election. A deferral election must specify the applicable percentage of Compensation that the Participant wishes to defer. A deferral election shall pertain to all Compensation payable during a Plan
Year. 

  
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	 	(b)	A deferral election must be in writing and be delivered to the Company prior to the start of the Plan Year (or, in the case of an Eligible Officer who elects to defer
performance-based incentive compensation, not later than June 30 of the year to which the compensation relates) to which it pertains. A deferral election shall be irrevocable and may not be amended with respect to the Plan Year to which it
pertains. A deferral election may be made only for a single Plan Year. 

  

	 	(c)	All amounts deferred under the Plan shall be held as Stock Units. With respect to all amounts for which a deferral election is made, the Company shall transfer such
amounts to the Trust as soon as is reasonably practicable after the time when the Compensation otherwise would have been payable in cash to the Participant (or pursuant to a Participant’s election under Section 17) or at such other times
as the Committee, in its sole discretion, shall determine. Thereafter, the trustee of the Trust shall determine the number of Stock Units to be credited to an individual Participant’s Deferred Stock Account by reference to the total number of
shares of Company Stock acquired by the Trust with the proceeds of each transfer and the proportion that the Participant’s Compensation included in such transfer bears to the total of all Compensation transferred. 

 

	5.	Stock Unit Accounting. 

  

	 	(a)	All Stock Units credited to a Participant’s Deferred Stock Account shall be credited with hypothetical cash dividends equal to the cash dividends that are declared
and paid on Company Stock if any. On each record date, the Company shall determine the amount of cash dividends to be paid per share of Company Stock. On the payment date of such dividend, the Company shall credit an equal amount of hypothetical
cash dividends to each Stock Unit. The hypothetical cash dividends shall be converted into Stock Units by reference to the reinvestment of such dividends by the trustee of the Trust as set forth in Section 7. 

 

	 	(b)	Stock Units may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered. 

 

	6.	Distribution of Accounts. 

  

	 	(a)	A Participant may elect the timing of distributions from the Participant’s Deferred Stock Account. Distributions from a Participant’s Deferred Stock Account
shall commence at one of the following specified events elected by the Participant: 

  

	 	(i)	the Participant’s Separation from Service for any reason (including resignation or death); or 

 

	 	(ii)	a specified number of years between one year and five years after the Participant’s Separation from Service. 

In addition, a Participant may make a separate election for distributions to commence at a Change in Control. 

 

	 	(b)	 If a Participant does not make an election under subsection (a)(ii), distribution of the Participant’s Deferred Stock Account shall commence at
Separation from Service. Prior to Separation from Service, a Participant who has previously elected commencement at Separation from Service (or made no previous election) may make one subsequent

  
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election. The subsequent election must be submitted at least twelve months prior to Separation from Service and shall take effect twelve months after the date on which it is submitted. The
subsequent distribution election must elect the specified time under subsection (a)(ii) as five years after Separation from Service. The Committee may establish additional procedures, conditions, and limitations relating to the submission of a
subsequent election. 

  

	 	(c)	A Participant’s Accounts shall be distributed in a single lump sum payment, unless the Participant elects to receive a distribution in equal annual installments
over at least two and not more than 10 years. 

  

	 	(d)	Payment of Stock Units shall be made only in whole shares of Company Stock equal to the number of whole Stock Units. Fractional shares shall be disregarded for
distribution purposes. 

  

	 	(e)	Despite any contrary provision of this Plan, if, when the Participant’s service terminates, the Participant is a “specified employee,” as defined in Code
Section 409A, and if any payments under Article 6 of this Agreement will result in additional tax or interest to the Participant because of Section 409A, the Participant shall not be entitled to the payment under Article 6 until the
earliest of (i) the date that is at least six months after termination of the Participant’s employment for reasons other than the Participant’s death, (ii) the date of the Participant’s death, or (iii) any earlier date
that does not result in additional tax or interest to the Participant under Section 409A. If any provision of this Agreement would subject the Participant to additional tax or interest under Section 409A, the Company shall reform the
provision. However, the Company shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Participant to additional tax or interest. 

 

	7.	Trust. 

  

	 	(a)	As soon as practicable after the Effective Date, the Company shall establish a trust for the purposes set forth in this Plan. The Company shall from time to time
transfer to the Trust cash in an amount equal to Participants’ deferred Compensation (including amounts transferred pursuant to a Participant’s election under Section 17) for the purpose of acquiring shares of Company Stock. In no
event shall the Company issue or contribute shares of Company Stock directly to the Trust. 

  

	 	(b)	The Trust and its assets shall remain subject to the claims of the Company’s creditors. All benefit obligations under this Plan shall be paid from the general
assets of the Company, which shall include the assets of the Trust in the event of the Company’s insolvency. Any interest that the Participant may be deemed to have under this Plan may not be sold, hypothecated or transferred (including,
without limitation, transfer by gift), except by will or the laws of descent and distribution. Shares issued to the Trust shall be issued in the name of the trustee. The trustee shall invest all cash dividends on Company Stock in additional shares
of Company Stock. Unless otherwise determined by the Committee, a Participant shall have the right to direct the trustee as to the voting of the number of shares of Company Stock equal to the aggregate number of Stock Units in the Participant’s
Deferred Stock Account. 

  

	 	(c)	The Company shall bear all expenses associated with the acquisition of Company Stock by the Trust and the maintenance of the Trust 

  
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	8.	No Acceleration of Benefits. 

 Notwithstanding any other provision in this Plan to the contrary, the time or schedule for any payment of a Participant’s Deferred Stock Account under this Plan shall not be accelerated under any
circumstances. 
  

	9.	Effect of Stock Dividends and Other Changes to Company Stock. 

 In the event of a stock dividend, stock split or combination of shares, recapitalization or merger in which the Company is the surviving corporation or other change in the Company’s capital stock,
the number and kind of shares of Company Stock to be subject to the Plan and the maximum number of shares which are authorized for distribution under the Plan shall be appropriately adjusted by the Board, whose determination shall be binding on all
persons. 
  

	10.	Interpretation and Administration of the Plan. 

 The Committee shall administer, construe and interpret the Plan. Any decision of the Committee with respect to the Plan shall be final, conclusive and binding upon all Participants. The Committee may act
by a majority of its members. The Committee may authorize any member of the Committee or any officer of the Company to execute and deliver documents on behalf of the Committee. The Committee may consult with counsel, who may be counsel to the
Company, and shall not incur any liability for action taken in good faith in reliance upon the advice of counsel. The Committee may designate an officer of the Company to be authorized to take or cause to be taken such actions of a ministerial
nature as necessary to effectuate the intent and purposes of the Plan, including issuing Company Stock for the Plan, maintaining records of the Plan, and arranging for distributions in accordance with this Plan document. The Committee shall
interpret this Plan for all purposes in accordance with Code Section 409A and the regulations thereunder and any provision of the Plan shall be deemed modified to the extent necessary to comply with Code Section 409A and the regulations
thereunder. 
  

	11.	Term of the Plan. 

The Plan shall become effective as of the Effective Date and continue in effect unless terminated by action of the Board. Any termination
of the Plan by the Board shall not alter or impair any of the rights or obligations for any benefit previously deferred under the Plan. 
  

	12.	Termination or Amendment of the Plan. 

 The Board may suspend or terminate the Plan or revise or amend the Plan in any respect; provided, any amendment or termination of the Plan shall not adversely affect a Participant with respect to any
benefit previously deferred under the Plan; provided, however, that approval of an amendment to the Plan by the stockholders of the Company shall be required to the extent, if any, that stockholder approval of such amendment is required by
applicable law, rule or regulation. 
  

	13.	Rights Under the Plan. 

 The Plan shall not constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain any person as a Director or employee for any period of time. 

  
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	14.	Beneficiary. 

 A
Participant may designate in writing delivered to the Committee, one or more beneficiaries (which may include a trust) to receive any distributions under the Plan after the death of the Participant. If a Participant fails to designate a beneficiary,
or no designated beneficiary survives the Participant, any payments to be made with respect to the Participant after death shall be made to the personal representative of the Participant’s estate. 

 

	15.	Notice. 

 All
notices and other communications required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (i) if to the Company
– at its principal business address to the attention of the Chairman of the Committee; (ii) if to any Participant – at the last address of the Participant known to the sender at the time the notice or other communication is sent.

  

	16.	Construction. 

 The
Plan shall be construed and enforced according to the laws of the State of Connecticut, unless federal law applies. All transactions under this Plan shall also be subject to compliance with applicable securities laws. Reference to one gender
includes the other, and references to the singular and plural include each other. 
  

	17.	Special Transfer Rule. 

 A Participant who, as of the Effective Date, is a participant in the 2001 Deferred Compensation Plan for Directors and Senior Officers of Franklin Federal Savings Bank, 2006 Deferred Compensation Plan for
Directors and Senior Officers of Franklin Federal Savings Bank, 2008 Deferred Compensation Plan for Directors and Senior Officers of Franklin Federal Savings Bank, and 2009 Deferred Compensation Plan for Directors and Senior Officers of Franklin
Federal Savings Bank (collectively referred to herein as the “Prior Plans”) may elect not later than 30 days after the Effective Date to effect a one-time transfer to this Plan of all or any portion of the amounts accrued by the Company as
of                            , 2011, with respect to the Participant’s benefits under any of the
Prior Plans. All transferred amounts shall be treated in the same manner as any other compensation deferred under this Plan and shall, for all purposes, be subject to the provisions of this Plan. A Participant who elects to make a transfer from the
Prior Plans shall acknowledge in writing at the time of election that the Participant’s participation in the Prior Plans shall cease effective with such transfer. All distribution elections made under the Prior Plans will be in effect for this
Plan. 

  
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	18.	Prior Plans  

 A
funds transferred into this Plan from the Prior Plans by operation of Section 17 shall be subject to the benefit and distribution provisions and/or elections of the appropriate Prior Plan. 

This Plan was approved by the Board of Directors
effective                    , 2011 and is hereby executed by a duly authorized officer of the Bank on
                                    , 2011. 

 

	
	  
	Duly Authorized Officer

  

	
	ATTEST:
	
	  
	                        ,
2011

  
 72001 Deferred Comp Plan

 Exhibit 10.5 
 AMENDED AND RESTATED 
 FRANKLIN FEDERAL SAVINGS BANK 

2001 DEFERRED COMPENSATION PLAN FOR DIRECTORS AND SENIOR 
 OFFICERS 
  

	I.	PURPOSE 

 Franklin Federal
Savings Bank (the “Bank”) originally established this 2001 Deferred Compensation Plan for Directors and Senior Officers of Franklin Federal Savings Bank (the “Plan”) on April 17, 2001. The purpose of the Plan is to aid the
Bank in retaining Directors and Senior Officers of outstanding competence, dedication and loyalty as well as to provide incentive for those Directors and Senior Officers (the “Participants”) to enhance the long-term value of the Bank. The
Plan creates an unfunded deferred compensation arrangement that is modeled after the compensation incentives for directors and senior officers of recently converted publicly traded stock thrift corporations regulated by the Office of Thrift
Supervision (referred to herein as “Recently Converted Thrifts”), as such incentives are typically found in Recognition and Retention Plans (“RRP”), Stock Option Plans (“SOP”) and Employee Stock Ownership Plans
(“ESOP”). 
 Consistent with these objectives, the Bank maintains a bookkeeping account for each Participant. The
account was credited initially with an Earned Award based on the current valuation of the Bank, seniority and office, consistent with similar practices of Recently Converted Thrifts. The Earned Award has and will be increased or decreased annually
by an amount calculated separately for each Participant, based on the performance of the Bank, as well as on dates upon which a Participant completes certain specified terms of service to the Bank. 

The Participants shall be entitled, within certain limits, to cash distributions equal to the vested amounts in their individual accounts
upon the occurrence of certain events as defined and set forth herein. Administration, distributions, vesting, and other requirements of the Plan are discussed more fully below. 

 

	II.	EFFECTIVE DATE AND AMENDMENTS 

 The Plan was originally adopted by the Board of the Bank on April 17, 2001, effective on April 1, 2001 (the “Effective Date”). The First Amendment to the Plan was approved by the Board
on June 26, 2001, the Second Amendment to the Plan was approved by the Board on June 26, 2003, the Third Amendment to the Plan was approved by the Board on August 19, 2004, the Fourth Amendment to the Plan was approved by the Board on
February 15, 2005, and the Fifth Amendment to the Plan was approved by the Board on August 22, 2006. 
 This Amendment
and Restatement of the Plan, which was adopted by the Board on February 19, 2008, is intended to incorporate the applicable provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the
Section 409A regulations and all applicable guidance issued under Section 409A by the Internal Revenue Service (collectively referred to herein as “Section 409A”) insofar as the specific rules of Section 409A are applicable
to Awards that vested or will vest after December 31, 2004. It is the intention of the Bank that any portion of an Award that vested prior to January 1, 2005 shall not be subject to Section

  

 
409A and shall receive the full benefit of the grandfathering protection afforded to nonqualified deferred compensation amounts that vested prior to January 1, 2005. To the extent necessary
to give effect to the preceding sentence, the Board may construe this Plan as two separate plans. All provisions of this Amended and Restated Plan that relate specifically to the requirements of Section 409A shall be effective as of
January 1, 2005. 
 The Amendment and Restatement of the Plan was amended by the Board on August 25, 2009. 

 

	III.	DEFINITIONS 

 The
following terms used in this Plan shall have the following meanings (unless otherwise expressly provided herein): 
  

	 	3.1	“Annual Net Income” shall mean the “net earnings (loss)” of the Bank for each Fiscal Year determined in accordance with generally accepted
accounting principles, as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. “Net earnings (loss)” of the Bank is the amount reported in the schedules to the consolidated financial statements of
Franklin Financial Corporation MHC (“Franklin MHC”) and subsidiaries, as audited by the independent auditors for Franklin MHC. 

  

	 	3.2	“Annual Pre-Tax Income” shall mean the “earnings (loss) before provision for income taxes” of the Bank for each Fiscal Year determined in accordance
with generally accepted accounting principles, as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. “Earnings (loss) before provision for income taxes” of the Bank is the amount reported in the
schedules to the consolidated financial statements of Franklin MHC and subsidiaries, as audited by the independent auditors for Franklin MHC. 

  

	 	3.3	“Award” shall mean the product of the RRP/ESOP Share, on an individual Participant basis, multiplied by the Initial Valuation 

 

	 	3.4	“Bank” shall mean Franklin Federal Savings Bank, a wholly owned subsidiary of Franklin MHC. 

 

	 	3.5	“Board” shall mean the full Board of Directors of the Bank, as changed from time to time. 

 

	 	3.6	“Calculation Date” shall mean September 30 or any other day or date specifically identified herein as a Calculation Date.

  

	 	3.7	“Capital” shall mean the total of the common stock plus the additional paid in capital plus the retained earnings of the Bank, as adjusted for unusual and/or
non-recurring items as determined at the discretion of the Board. This definition of Capital equates to “Capital Before Accumulated Other Comprehensive Income (Loss)” per the Bank’s unaudited internal financial statements beginning
January 1, 2005, and to the comparable amounts before that date, both as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. Capital shall be retroactively adjusted to include any audit adjustments
subsequently made to the year-end financial statements. 

  
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	 	3.8	“Conversion” shall mean any occurrence that causes the Bank and Franklin MHC to change from the mutual holding company form of organization to a
publicly traded stock corporation owned entirely by public shareholders. 

  

	 	3.9	“Directors” shall mean non-officer, or “outside,” members of the Board of Directors of the Bank who are not full-time employees of the Bank.

  

	 	3.10	“Disability” shall mean the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an
accident and health plan covering employees or Directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees or Directors of
the Bank provided that the definition of “disability” applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of the plan administrator, the Participant must submit proof
to the plan administrator of the Social Security Administration’s or the provider’s determination. 

  

	 	3.11	“Early Retirement Age” shall mean any date on which a Participant has attained at least age 55 and has completed at least ten years of service with the
Bank. 

  

	 	3.12	“Earned Award” shall mean the product of the Award multiplied by the Seniority Factor. The Earned Award shall be adjusted on each Calculation Date to
reflect changes in the Seniority Factor occurring since the prior Calculation Date. 

  

	 	3.13	“Effective Date” shall mean April 1, 2001. 

  

	 	3.14	“ESOP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to senior officers under
an Employee Stock Ownership Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.15	“ESOP Share” shall mean a percentage representing the portion of the ESOP Allocation awarded to an individual Participant. A schedule showing the ESOP
Share is attached as Schedule A. 

  

	 	3.16	“Fiscal Year” shall mean the Bank’s accounting year of twelve months commencing October 1 of each year and ending September 30 of the
following year. 

  

	 	3.17	“Initial Valuation” shall mean the Capital of the Bank on September 30, 2000, as reported in the audited financial statements of the Bank. For the
purposes of this Plan, the Initial Valuation shall be $92,512,204. 

  
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	 	3.18	“Normal Retirement Age” shall mean (1) age 65 for Directors of the Bank and (2) for Senior Officers, the age at which a Senior Officer may
retire with full Social Security benefits or other earlier age elected by the Board. In no event shall Normal Retirement Age be earlier than the earliest date on which a Participant may retire under the Pension Plan for the Employees of Franklin
Federal Savings Bank. 

  

	 	3.19	“Participants” shall mean the Directors and Senior Officers of the Bank, as listed on the attached Schedule A. 

 

	 	3.20	“Plan Multiplier” shall mean, on an individual Participant basis, the SOP Share divided by the RRP/ESOP Share, as listed on Schedule A, rounded to two
decimal places. After September 30, 2005, the Plan Multiplier shall be the lesser of (1) the Plan Multiplier on April 1, 2001 or (2) 1.00 for all Participants. After September 30, 2010, the Plan Multiplier shall be zero for
all Participants. 

  

	 	3.21	“Return on Equity” shall mean the percentage obtained by dividing the Annual Net Income of the Bank by the average balance of Capital of the Bank. The
average balance of Capital of the Bank shall be the average of the month-end balances of Capital for the period of computation, which shall include the month-end balance immediately preceding the period of computation. 

 

	 	3.22	“RRP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to directors and senior
officers under a Recognition and Retention Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.23	“RRP/ESOP Annual Award” shall mean the product of (1) Total Deferred Compensation as of September 30 of the year preceding the year of
calculation multiplied by (2) Return on Equity for the year preceding the year of calculation. For the period from April 1 - September 30, 2001, “RRP/ESOP Annual Award” shall mean the product of (1) the Earned Award at
April 1, 2001 multiplied by (2) 2.62%. 

  

	 	3.24	“RRP/ESOP Share” shall mean a percentage representing the sum of the RRP Share and the ESOP Share. A schedule showing the RRP/ESOP Share is attached as
Schedule A. 

  

	 	3.25	“RRP Share” shall mean a percentage representing the portion of the RRP Allocation awarded to an individual Participant. A schedule showing the RRP
Share is attached as Schedule A. 

  

	 	3.26	“Seniority Factor” shall mean a percentage based on the number of years a Participant has been employed by the Bank or served on the Board, as the case
may be. The percentage shall be as follows: 

  

	 	(a)	Less than two years – 00.00% 

  

	 	(b)	Two or more years, but less than four years – 20.00% 

  

	 	(c)	Four or more years, but less than six years – 40.00% 

  

	 	(d)	Six or more years, but less than eight years – 60.00% 

  
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	 	(e)	Eight or more years, but less than ten years – 80.00% 

  

	 	(f)	Ten or more years – 100.00% 

  

	 	3.27	“Senior Officers” shall mean certain senior officers of the Bank, as listed on the attached Schedule A. 

 

	 	3.28	“SOP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to directors and senior
officers under a Stock Option Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.29	“SOP Annual Award” shall mean the product of (1) the RRP/ESOP Annual Award multiplied by (2) the Plan Multiplier. 

 

	 	3.30	“SOP Share” shall mean a percentage representing the portion of the SOP Allocation awarded to an individual Participant. A schedule showing the SOP
Share is attached as Schedule A. 

  

	 	3.31	“Termination of Employment” shall mean the date upon which the Participant no longer is employed by the Bank or serves on the Bank’s Board, as the
case may be. With respect to the treatment of any portion of any Award vesting after December 31, 2004, a Termination of Employment means the termination of a Participant’s employment or, if the Participant is a Director, service with the
Bank, for reasons other than in connection with the Participant’s death or Disability or a Change of Control. Whether a Termination of Employment takes place is determined based on the facts and circumstances surrounding the Termination of
Employment and whether the Bank and the Participant intended for the Participant to provide significant services to the Bank following such termination. 

  

	 	3.32	“Total Deferred Compensation” shall mean the sum of (1) the Earned Award, (2) the RRP/ESOP Annual Award, and (3) the SOP Annual Award
given to each Participant on a cumulative basis. 

  

	 	3.33	“Total Deferred Compensation Account” shall mean a bookkeeping account kept in the name of each Participant stating the Total Deferred Compensation of
a Participant under the Plan. The Total Deferred Compensation Account shall have sub-accounts showing the Earned Award, RRP/ESOP Annual Award, and SOP Annual Award components. A sample Total Deferred Compensation Account is attached hereto as
Schedule B. 

  

	 	3.34	“Vested Percentage” shall mean the percentage of a Participant’s Total Deferred Compensation that is nonforfeitable. The Vested Percentage shall
be 0.06083% for each Participant as of the Effective Date and shall increase by 0.06083% for each day of employment with the Bank or service on the Board, as the case may be, thereafter. In no event shall the Vested Percentage exceed 100%.

  

	IV.	ADMINISTRATION 

  

	 	4.1	Administration by Board. The Plan shall be administered by the Board. 

  
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	 	4.2	Total Deferred Compensation Account. The Bank shall cause a Total Deferred Compensation Account to be kept for each Participant in a format similar to that
contained in Schedule B. The Total Deferred Compensation Account shall be adjusted annually on the Calculation Date to reflect increases to the Earned Award due to Seniority and the addition or subtraction of the RRP/ESOP Annual Award and the SOP
Annual Award. 

  

	 	4.3	No Fiduciary Relationship. Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. To the extent that any
Participant acquires a right to receive payments from the Bank under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Bank. 

 

	V.	ALLOCATION OF BENEFITS 

  

	 	5.1	Allocation of Benefits. The benefits given to the Participants under the Plan shall be allocated as follows: 

 

	 	(a)	Earned Award. As of the Effective Date, the Total Deferred Compensation Account of each Participant shall be credited with the amount of the Participant’s
Earned Award without further action by the Board. On each Calculation Date thereafter, each Participant’s Earned Award shall be adjusted for changes in the Participant’s Seniority Factor since the prior Calculation Date.

  

	 	(b)	RRP/ESOP Annual Award and SOP Annual Award. Each Fiscal Year on the Calculation Date, the Total Deferred Compensation Account of each Participant shall be
credited or debited with the Participant’s RRP/ESOP Annual Award and SOP Annual Award for that Fiscal Year. 

  

	 	5.2	End of Senior Officer Awards. Notwithstanding any other provision of the Plan, a Senior Officer shall no longer receive RRP/ESOP Annual Awards or SOP Annual
Awards or adjustments to the Earned Award due to changes in the Seniority Factor upon attainment of Normal Retirement Age. However, if a Senior Officer is requested by the Board to continue performing services for the Bank as a Senior Officer beyond
his or her Normal Retirement Age (“Continued Service”), he or she shall be entitled to an RRP/ESOP Annual Award and SOP Annual Award for each year of Continued Service, the value of which RRP/ESOP Annual Award and SOP Annual Award shall be
pro-rated for the number of days in the Bank’s employment during a Fiscal Year. A Senior Officer requested by the Board to perform Continued Service will also be entitled to any applicable adjustments to the Earned Award due to changes in such
Senior Officer’s Seniority Factor during his or her Continued Service. If a Senior Officer is also a Director of the Bank at his or her Normal Retirement Age or his or her Early Retirement Age and terminates his or her employment as a Senior
Officer but does not terminate his or her service as a Director of the Bank, then 80% of his or her Vested Percentage multiplied by each component of his or her Total Deferred Compensation shall be set aside in a separate account, to be paid as
elected in Section 6.3(b) below, when he or she terminates his or her employment as a Senior Officer, and he or she shall be considered a Director with respect to the remaining 20% of each component of his or her Total Deferred Compensation.

  
 6 

  

	 	5.3	Forfeiture of Rights under the Plan. The contingent right of a Participant to receive distributions under the Plan shall be forfeited upon the occurrence of any
one or more of the following events: 

  

	 	(a)	If the Participant engages in acts that, in the sole discretion of the Board, constitute embezzlement of the Bank’s funds or fraud against the Bank; or

  

	 	(b)	If the Participant shall enter into a business or employment which the Board, excluding the Participant in question if such Participant is a member of the Board,
determines to be (i) detrimentally competitive with the business of the Bank and (ii) substantially injurious to the Bank’s financial interests. 

 

	 	5.4	Terminated Participants. 

  

	 	(a)	Subject to Sections 5.3 and 6.2(b), a Participant who has incurred a Termination of Employment shall be entitled to his or her vested benefits as of the date of
Termination of Employment, and such Participant shall not accrue any additional benefits under the Plan after incurring a Termination of Employment, except for interest paid on installment distributions pursuant to Section 6.3.

  

	 	(b)	A Participant who has incurred a Termination of Employment and who thereafter is re-employed by the Bank shall not participate in the Plan upon re-employment.

  

	VI.	DISTRIBUTIONS 

  

	 	6.1	Payment of Distributions. Participants shall be entitled to distributions upon the occurrence of both of the following: 

 

	 	(a)	the Participant’s Termination of Employment, and 

  

	 	(b)	the Participant’s attainment of Normal Retirement Age, Early Retirement Age, death, or Disability. 

 

	 	6.2	Amount of Distributions. The amount of any distribution shall be determined as follows: 

 

	 	(a)	 If a Participant is entitled to distributions because of Termination of Employment as a result of or in conjunction with death, Disability, reaching
Early Retirement Age or reaching Normal Retirement Age, that Participant is entitled to a distribution equal to his Vested Percentage multiplied by his Total Deferred Compensation. For purposes of this Section 6.2(a), the amount of the Total
Deferred Compensation shall be calculated as of the last day of the last full month of the Participant’s employment or service on the Bank’s Board, as the case may be. This

  
 7 

	 	 
amount shall include increases to the Earned Award due to changes in the Seniority Factor since the prior Calculation Date and a pro rata amount calculated on a monthly basis of the
Participant’s RRP/ESOP Annual Award and SOP Annual Award for the Fiscal Year in which Termination of Employment occurs. 

  

	 	(b)	If, however, the Participant, in the determination of the Board, such determination to be made in the Board’s sole discretion, terminates his employment other than
for the reasons in Section 6.2(a), the Participant is entitled to a distribution equal to his Vested Percentage multiplied by his Total Deferred Compensation in the amount of that Participant’s Total Deferred Compensation on the most
recent Calculation Date. 

  

	 	6.3	Method of Payments. 

  

	 	(a)	Cash Payments. Any amounts to which a Participant is entitled under the Plan shall be distributed in cash. 

 

	 	(b)	Timing and Manner of Payment. 

  

	 	(1)	In the event a Participant becomes entitled to a distribution pursuant to Section 6.2(a), such Participant may elect to receive distributions under one of the
following payment options, subject to Section 6.7 herein: 

  

	 	(i)	a lump sum distribution within ten business days of Termination of Employment, 

 

	 	(ii)	a lump sum distribution on the first business day of January of the year following Termination of Employment, 

 

	 	(iii)	at a Participant’s option, in five or ten equal annual installments, with interest at the rate specified below, beginning on the first business day of the month
following Termination of Employment and continuing on the first business day of the same month of each succeeding year until such installments are paid in full. 

 

	 	(iv)	at a Participant’s option, in five or ten equal annual installments, with interest at the rate specified below, beginning on the first business day of January of
the year following Termination of Employment and continuing on the first business day of January of each succeeding year until such installments are paid in full. 

 A Participant shall file a written payment option election with the Bank on a form provided by the Bank prior to his or her Termination of Employment. With respect to the portion of any Award that vested
prior to January 1, 2005, a Participant may change his or her payment option at any time and from time to time prior to Termination of Employment. Any change in a Participant’s payment option shall not be effective until

  
 8 

 
the year following the year in which the change was filed with the Bank. If a Participant fails to designate properly the manner of payment of the Participant’s benefits under the Plan, such
payment will be in a lump sum distributed within ten business days of Termination of Employment. 
 Distributions made under
Options (b)(1)(iii) and (b)(1)(iv) shall accrue interest on the unpaid balance from the first installment date at the Federal Home Loan Bank of Atlanta’s PRC 5 or PRC 10 rate, as applicable, in effect on the date of Termination of Employment,
which interest shall be payable on the date that each succeeding annual installment is payable until the total unpaid balance plus interest is paid in full. 
 This paragraph shall apply only to the distribution of any portion of an Award vesting after December 31, 2004. All changes in the form or timing of distributions hereunder must comply with the
following requirements. The changes (i) may not accelerate the time or schedule of any distribution, except as provided in Section 409A; (ii) must, for benefits distributable upon Termination of Employment, delay the commencement of
distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (iii) must take effect not less than twelve (12) months after the election is made. 

 

	 	(2)	In the event a Participant or his or her Beneficiary becomes entitled to a distribution pursuant to Section 6.2(b), such distribution shall be paid in a lump sum
within ten business days of the earlier of (1) the Bank’s receiving notice of or otherwise becoming aware of the death of the Participant or (2) when the Participant attains age 55 if the Participant has at least ten years of service
with the Bank upon Termination of Employment or when the Participant reaches Normal Retirement Age if the Participant has less than ten years of service with the Bank upon Termination of Employment. 

 

	 	(3)	Notwithstanding the timing and manner of payments, in no event shall the Participant be entitled to receive in any one calendar year an amount that would cause the
Participant’s total compensation for that year to exceed the amount that is deductible by the Bank pursuant to the provisions of the Internal Revenue Code of 1986, as amended. Any amounts that are not paid to the Participant pursuant to the
foregoing provision shall be carried forward and paid to the Participant on the first business day of January of the next succeeding year. 

  

	 	6.4	Distributions Upon Death. Unless the Participant names a Primary Designated Beneficiary(ies) and Contingent Designated Beneficiary(ies) pursuant to
Section 6.5, any distributions to which a Participant is entitled upon the Participant’s death shall be made to such Participant’s estate. 

  

	 	6.5	 Designated Beneficiary(ies). In the event a Participant desires that, upon the Participant’s death, any distributions to which the
Participant is entitled be made to one or more persons and/or trusts other than the Participant’s estate (“Primary Designated Beneficiary(ies)”), the Participant must file with the Bank a form

  
 9 

	 	 
provided by the Bank naming the Primary Designated Beneficiary(ies) (the “Designation of Beneficiary(ies) Form”). A Participant may also name one or more persons and/or trusts as
contingent Designated Beneficiary(ies) on the Designation of Beneficiary(ies) Form (“a Contingent Designated Beneficiary(ies)”) to receive any distributions to which the deceased Participant is entitled if the Primary Designated
Beneficiary(ies) is (are), for any reason, unable to receive such distributions. A Designation of Beneficiary(ies) Form will be effective only after the signed form is filed with the Bank while the Participant is alive and will cancel all
Designation of Beneficiary(ies) Forms signed and filed earlier with the Bank. If all of the Primary Designated Beneficiary(ies) and the Contingent Designated Beneficiary(ies), if named, are deceased, dissolved, or unable to receive distributions for
any reason whatsoever, the Bank shall pay any unpaid amount to such Participant’s estate. 

  

	 	6.6	Distributions Upon Income Inclusion Under Section 409A. Upon the inclusion of any amount into a Participant’s income as a result of the failure of this
non-qualified deferred compensation plan to comply with the requirements of Section 409A, to the extent such tax liability can be covered by the Participant’s Total Deferred Compensation Account balance, a distribution shall be made as
soon as is administratively practicable following the discovery of the plan failure. 

  

	 	6.7	Restrictions on Timing of Distributions. This Section 6.7 shall only apply to the distribution of any portion of an Award vesting after December 31,
2004. Notwithstanding any provision of this Plan to the contrary, if the Participant is considered a Specified Employee (as defined below) at Termination of Employment under such procedures as established by the Bank in accordance with
Section 409A, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment, or if earlier, the date of death. Therefore, in the event this
paragraph is applicable to the Participant, any distribution which would otherwise be paid within the first six months following the Termination of Employment shall be accumulated and paid in a lump sum on the first day of the seventh month
following the Termination of Employment, or, if earlier, within sixty (60) days from the date of the Participant’s death. All subsequent distributions shall be paid in the manner specified. For purposes of this Section 6.7, a
“Specified Employee” shall mean a service provider who, as of the date of the service provider’s Termination of Employment, is a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the
Bank, which determination shall be made in accordance with Section 409A, but only if any stock of the Bank is publicly traded on an established securities market or otherwise. 

 

	VII	VESTING 

  

	 	7.1	Vested Amount. Except as provided in Sections 7.2 and 7.3, below, a Participant who is entitled to distributions shall only be entitled to distribution of the
amount which is the product of the Participant’s Vested Percentage multiplied by his or her Total Deferred Compensation Account. 

  
 10 

  

	 	7.2	Death, Disability, Conversion, Change of Control. In the event of the death or Disability of a Participant prior to Termination of Employment, the Vested
Percentage for that Participant shall automatically become 100%. In the event of a Conversion, as defined in Section 3.8, the Vested Percentage for each Participant shall automatically become 100% on the last day of the last full month prior to
the date of the prospectus offering shares of the Bank to its members. In the event of a Change of Control, as set forth in Section 8.3, below, the Vested Percentage for each Participant shall automatically become 100% as of the last day of the
last full month prior to the date the Bank ceases to exist as an independent entity. 

  

	 	7.3	Retirement. In the event of the retirement of a Participant at Normal Retirement Age, the Vested Percentage for that Participant shall automatically become 100%.
In the event of the retirement of a Participant at Early Retirement Age, the Vested Percentage shall be computed in accordance with Section 3.34, provided, however, the Board, in its sole discretion, may increase such Vested Percentage up to
100%. 

  

	VIII.	 MISCELLANEOUS PROVISIONS 

  

	 	8.1	Compliance with OTS Regulations. It is the intention of the Board that this Plan be in full compliance with the Regulations promulgated by the Office of Thrift
Supervision, or any similar successor agency of the United States government (“OTS Regulations”). If, at any point in time and for whatever reason, the Plan is deemed by the Office of Thrift Supervision not to be in compliance with the OTS
Regulations, the Board may take whatever action it deems necessary to insure that the Plan regains compliance status, including amending the Plan or benefits given hereunder. 

 

	 	8.2	Conversion. Notwithstanding anything in this Plan to the contrary, this Section 8.2 shall not apply to any portion of an award vesting after
December 31, 2004. It is the intention of the Board that the deferred compensation awards given to the Participants under the Plan are in lieu of and not in addition to any benefits that may be awarded to Participants should the Bank convert
from a mutual organization to a publicly traded stock corporation. Therefore, if a Conversion should occur: 

  

	 	(a)	The Vested Percentage for each Participant shall automatically become 100% as provided in Section 7.2. 

 

	 	(b)	The Total Deferred Compensation of each Participant shall be calculated as of the last day of the last full month prior to the date of the prospectus offering shares of
the Bank to its members. (This date shall be considered a Calculation Date.) This amount shall include a pro rata amount computed on a monthly basis of the Participant’s RRP/ESOP Annual Award and SOP Annual Award for the Fiscal Year in which
Conversion occurs plus any increases to the Earned Award due to changes in the Seniority Factor since the prior Calculation Date. 

  

	 	(c)	The SOP Annual Award component of each Participant’s Total Deferred Compensation Account shall be distributed in cash within ten business days of the date of the
prospectus offering shares of the Bank to its members. 

  
 11 

  

	 	(d)	The Earned Award component and the RRP/ESOP Annual Award component of each Participant’s Total Deferred Compensation Account shall continue to operate as provided
herein until actual Recognition and Retention Plan shares of publicly-traded stock (“Actual RRP Stock”) and actual Employee Stock Ownership Plan shares of publicly-traded stock (“Actual ESOP Stock”) are awarded to, or are legally
released to, and vest with a Participant. Upon vesting of Actual RRP Stock, the Total Deferred Compensation of the Participant shall be reduced by the lesser of (1) the amount of income included in the taxable income of the Participant under
the Internal Revenue Code of 1986, as amended, as a result of receiving Actual RRP Stock and (2) the product of (i) the Participant’s Total Deferred Compensation excluding the SOP Annual Award component as of the most recent
Calculation Date multiplied by (ii) 20% multiplied by (iii) the percentage derived from dividing the RRP Share by the RRP/ESOP Share. Upon the legal release of Actual ESOP Stock to the individual ESOP account of the Participant, the Total
Deferred Compensation of the Participant shall be reduced by the lesser of (1) the amount of expense recorded by the Bank in accordance with AICPA Statement of Position 93-6 as a result of the Participant’s ESOP account being credited with
Actual ESOP Stock and (2) the product of (i) the Participant’s Total Deferred Compensation excluding the SOP Annual Award component as of the most recent Calculation Date multiplied by (ii) 20% multiplied by (iii) the
percentage derived from dividing the ESOP Share by the RRP/ESOP Share. 

  

	 	8.3	Change of Control. In the event the Bank ceases to exist as an independent entity due to a change of control in which the Bank is merged with or acquired by
another entity (a “Change of Control”), then the Total Deferred Compensation of each Participant shall be calculated as of the last day of the last full month prior to the date the Bank ceases to exist as an independent entity. This amount
will include a pro rata amount of the RRP/ESOP Annual Award and SOP Annual Award for the Fiscal Year in which Change of Control occurs plus any increases to the Earned Award due to changes in the Seniority Factor since the prior Calculation Date.
The Vested Percentage multiplied by the Total Deferred Compensation of each Participant shall be distributed in cash in accordance with the payment option selected by the Participant under Section 6.3(b). With respect to the treatment under
this Section 8.3 of any portion of an Award vesting after December 31, 2004, a “Change of Control” shall mean a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the assets
of the Bank, as such change is defined in Section 409A. Notwithstanding anything in this Plan to the contrary, in no event shall a Change of Control include a Conversion. 

 

	 	8.4	Rights of Creditors. To the extent permitted by law, the right of any Participant in any benefit or to any payment hereunder shall not be subject in any manner
to attachment or other legal process for the debts of such Participant; and any such benefit or payment shall not be subject to anticipation, sale, transfer, assignment, or encumbrance. 

  
 12 

  

	 	8.5	No Rights as Director or Senior Officer. Neither the Plan nor any benefits given hereunder shall confer upon a Participant a right to continue in the Bank’s
employment, or to continue in service on the Bank’s Board, as the case may be. 

  

	 	8.6	Benefits Nontransferable. Except as otherwise provided herein, a Participant’s benefits under the Plan are not transferable other than by will or the laws
of descent and distribution. 

  

	 	8.7	Virginia Law. The Plan shall be governed by, construed and interpreted according to the laws of the Commonwealth of Virginia without regard to conflicts of law
principles. 

  

	 	8.8	Arbitration. Any controversy, claim, or dispute arising out of or relating to the interpretation or benefits under this Plan will be resolved through final and
binding arbitration. Such arbitration shall be held in Richmond, Virginia, in accordance with the then-current Rules of Conciliation and Arbitration of the American Arbitration Association. 

 

	 	8.9	Compliance with Section 409A; Recission. This Plan shall at all times be administered and the provisions of this Plan shall be interpreted consistent with
the requirements of Section 409A. Any modification to the terms of this Plan that would inadvertently result in an additional tax liability on the part of a Participant shall have no effect, provided the change in the terms of the Plan is
rescinded by the earlier of a date before the right is exercised (if the change grants a discretionary right) and the last day of the calendar year during which such change occurred. 

 

	IX.	AMENDMENT AND TERMINATION 

  

	 	9.1	Amendment and Termination of the Plan. Subject to Section 9.2 and 9.3, the Board of Directors may, at any time, terminate or suspend the Plan or amend it
from time to time in such respects as it deems desirable; provided that no termination or amendment of the Plan shall adversely affect the rights of any Participant earned up to the time of termination or amendment without the written consent of
such Participant, as the case may be. 

  

	 	9.2	Treatment of Awards Vested Prior to January 1, 2005. Should the Board terminate or suspend the Plan, the Total Deferred Compensation of each Participant
which is related to the portion of an Award that vested prior to January 1, 2005 shall be calculated on a pro rata monthly basis as of the last day of the last full month prior to the date the Plan is terminated or suspended. This amount shall
include a pro rata amount computed on a monthly basis of the RRP/ESOP Annual Award and SOP Annual Award for the Fiscal Year in which the Plan is terminated or suspended plus any increases to the Earned Award due to changes in the Seniority Factor
since the prior Calculation Date. The Total Deferred Compensation of each Participant shall be multiplied by the Vested Percentage and the resulting amount shall be distributed in cash within ten business days of the date the Plan is terminated or
suspended. Notwithstanding the foregoing, the Board may amend the Plan any time if, in the Board’s sole discretion, such amendment is needed in order to assure the Plan’s compliance with the Internal Revenue Code of 1986, as amended, the
OTS Regulations, the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. 

  
 13 

  

	 	9.3	Treatment of Awards Vested After December 31, 2004. Notwithstanding anything to the contrary in Section 9.2, the portion of any Award that vested after
December 31, 2004 shall be subject to this Section 9.3, if the Bank terminates this Plan in the following circumstances: 

 (a) the Bank’s termination and liquidation of the Plan pursuant to irrevocable action taken within thirty (30) days before or twelve (12) months after a Change of Control, provided that all
distributions are made no later than twelve (12) months following such termination of the Plan and further provided that all the Bank’s arrangements which are substantially similar to the Plan are terminated so that all participants in
similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements 

(b) the Bank’s termination and liquidation of the Plan within twelve (12) months of a corporate dissolution
taxed under Section 331 of the Code or with the approval of a bankruptcy court provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of the following years (or, if earlier, the
taxable year in which the amount is actually or constructively received): (i) the calendar year in which the Plan terminates; (ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
(iii) the first calendar year in which the distribution is administratively practical; or 
 (c) the
Bank’s termination and liquidation of this and all other account balance plans (as referenced in Section 409A), provided that (i) such action does not occur proximate to a downturn in the financial health of the Bank; (ii) all
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new account balance deferred compensation plans for a minimum of
three (3) years following the date of such termination. In such event, the Bank may distribute the Total Deferred Compensation Account of each Participant, determined as of the date of the termination of the Plan, to the Participant in a lump
sum subject to the above terms. 
  

	 	9.4	Notwithstanding the foregoing, the Board may amend the Plan any time if, in the Board’s sole discretion, such amendment is needed in order to assure the
Plan’s compliance with the Internal Revenue Code of 1986, as amended, including without limitation, Section 409A, the OTS Regulations, the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.

  

	 	9.5	 This Section 9.5 shall only apply to the portion of a Participant’s Total Deferred Compensation Account reflected by the portion of an Award
vested after January 1, 2005. Unless this Plan is terminated pursuant to this Article IX prior to such event, if the Bank and Franklin MHC adopt a plan of Conversion, the Board shall take such action as may be necessary to modify this Plan or
adopt additional plans to the extent necessary to provide each Participant with the opportunity to direct the investment of their account balance under this Plan to an investment in stock issued in the Conversion, subject to the terms and conditions
of the plan of 

  
 14 

	 	 
stock issuance and such other rules as the Board may establish with respect to such investments. Notwithstanding anything in this Plan to the contrary, upon the consummation of a plan of
Conversion, any account maintained in this Plan thereafter shall be credited with interest pending distribution at a rate established from time to time by the Board but, in any event, not less than the tiered rate paid from time to time on the
Bank’s money market savings account. 

  

			
	FRANKLIN FEDERAL SAVINGS BANK
		
	By:	 	/s/ Richard T. Wheeler, Jr.

			
	Title:	 	Chairman of the Board

  
 15

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