Document:

ex10_1.htm

    
      

    

    
      EXHIBIT
10.1

      

      AMENDMENTS
TO THE CARVER BANCORP, INC.

      2006
Stock Incentive Plan

      

      

      Article
II, Section 7(b)   the acquisition of all or substantially all of
the assets of the Company or beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 30% or more of the outstanding
securities of the Company entitled to vote generally in the election of
directors by any person or by any persons acting in concert, or approval by the
stockholders of the Company of a transaction which would result in such
acquisition.

      

      

      Article
X, Miscellaneous  “Section
10.11  Compliance
with the Capital Purchase Program of the Troubled Asset Relief Program
(TARP)

      

      
        	
                 
      

              	
                (i)

              	
                Notwithstanding
      anything in the Plan to the contrary, during the period that the U.S.
      Department of the Treasury (“Treasury”) holds a debt or equity position in
      the Company in connection with the Capital Purchase Program, the Company
      shall be entitled to recover the amount of any Option, Award or Stock
      Appreciation Right granted, paid or credited to any Participant under the
      Plan (and if received by or paid to a Participant shall be voluntarily
      forfeited and returned to the Company) that is reasonably determined at
      any time by the Company to have been calculated or based on materially
      inaccurate financial statements or any other materially inaccurate
      performance metric criteria.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                No
      Participant may receive any Option, Award  or Stock Appreciation
      Right under the Plan (or acceleration of vesting or payment/settlement
      thereof) during the period that the Treasury holds a debt or equity
      position in the Company pursuant to the Capital Purchase Program if the
      receipt of such Option, Award or Stock Appreciation Right under the Plan
      (or acceleration of vesting or payment/settlement thereof) alone or when
      added to any other payment or compensation received or to be received by
      such Participant from the Company would cause such Participant to receive
      an “excess parachute payment” within the meaning of Section 280G (and
      specifically giving effect to subsection (e) thereof) of the
      Code.  The Company shall retain the final authority to reduce or
      eliminate entirely any grants, acceleration of vesting or
      payment/settlement of any Option, Award or Stock Appreciation Right
      pursuant to this Plan to give full effect to the Section 280G limitation
      set forth in this paragraph.ex10_2.htm

    
      

    

    
      EXHIBIT
10.2

      

      AMENDMENTS

      TO THE
CARVER BANCOPR, INC.

      PERFORMANCE
COMPENSATION PLAN

      

      
        	
                Section
      6.

              	
                Vesting.

              

      

      

      Subject
to the forfeiture provisions in this Section 6, each Incentive Payment shall, as
long as the Eligible Employee continues to be employed by an Employer, vest 20%
each year on the specified vesting date, until 100% vested on the specified
vesting date of the fifth year following the Plan Year earned.  If the
Eligible Employee’s employment with the Employer terminates, there shall be no
further increase in the Eligible Employee’s vesting percentage and any portion
of the Eligible Employee’s Incentive Payment that are not vested shall be
forfeited upon such termination.  Notwithstanding the foregoing, (a)
the Account Balance shall become fully vested at the effective time of the
consummation of a Change in Control (as defined in the Stock Plan) as long as
the Employee is employed on such effective date and (b) the Account Balance
shall become fully vested if the Eligible Employee’s employment with an Employer
terminates by reason of death or by reason of Disability of the Eligible
Employee.  The Committee may accelerate vesting and payment using a
performance-accelerated vesting schedule, whereby the vesting can be accelerated
in year three or four if the Bank meets or exceeds the performance measure
defined annually in the award agreement

      

      
        	
                Section
      9.

              	
                Miscellaneous.

              

      

      

       

      (J)           Compliance
with the Capital Purchase Program of the Troubled Asset Relief Program
(“TARP”).

       

      (i)         Notwithstanding
the crediting of a Participant’s account pursuant to Section 5 or a payment to a
Participant pursuant to Section 7, during the period that the U.S. Department of
the Treasury (“Treasury”) holds a debt or equity position in the Company in
connection with the TARP Capital Purchase Program, the Company shall be entitled
to recover the  amount of any payout credited to any Participant under
the Plan (and if received by/distributed to a Participant shall be voluntarily
forfeited and returned to the Company) that is reasonably determined at any time
by the Company to have been calculated or based on materially inaccurate
financial statements or any other materially inaccurate performance metric
criteria.

       

      (ii)        No
Participant may receive a payment under the Plan during the period that the
Treasury holds a debt or equity position in the Company pursuant to the TARP
Capital Purchase Program if the receipt of such payment alone or when added to
any other payment or compensation received or to be received by such Participant
from the Company would cause such Participant to receive an “excess parachute
payment” within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended (and specifically giving effect to subsection (e) thereof) of
the Code.  The Company shall retain the final authority to reduce or
eliminate entirely any payouts pursuant to the Plan to give full effect to the
Section 280G limitations set forth in this paragraph, and be itex10_3.htm

    
      

    

    
      Exhibit
10.3

      

      FIRST
AMENDMENT TO THE

       EMPLOYMENT
AGREEMENT

      ENTERED
INTO AS OF JUNE 1, 1999

      BETWEEN

      CARVER
BANCORP, INC.

      AND
DEBORAH C. WRIGHT

      

      Carver
Bancorp, Inc., a corporation organized and existing under the laws of the state
of Delaware (the “Corporation”) has entered into an Employment Agreement as of
June 1, 1999 (the “Agreement”) with Deborah C. Wright (“Wright”), whereby Wright
is employed as President and Chief Executive Officer of the
Corporation.  The Corporation and Wright now desire to amend the
Agreement by adding a Section 32 to comply with the provisions of the Capital
Purchase Program of the Troubled Asset Relief Program (“TARP”) of the Emergency
Economic Stabilization Act of 2008 to read as follows:

      

      
        	
                 
      

              	
                “30

              	
                Compliance with the
      Capital Purchase Program of the Troubled Asset Relief Program
      (TARP).

              

      

      

      Notwithstanding
anything in this Agreement to the contrary, during the period that the U.S.
Department of Treasury (“Treasury”) holds a debt or equity position in Carver
Bancorp, Inc. (the “Company”) in connection with the Capital Purchase Program,
the Company shall be entitled to recover the amount of any bonus or compensation
credited or paid to any Participant under this Agreement that is reasonably
determined at any time by the Company to have been calculated or based on
materially inaccurate financial statements or other materially inaccurate
performance metric criteria.

      

      No
Participant may receive any payment under this Agreement during the period that
the Treasury holds a debt or equity position in the Company pursuant to the
Capital Purchase Program if the receipt of such payment alone or when added to
any other payment would cause such Participant to receive an “excess parachute
payment” within the meaning of Section 280G (and specifically giving effect to
subsection (e) thereof) of the Internal Revenue Code of 1986, as amended (the
“Section 280G limitation”).  The Company shall retain the final
authority to reduce or eliminate entirely any payouts pursuant to this Plan to
give full effect to the Section 280G limitation set forth in this
paragraph.”

      

      All other
terms and conditions in the Agreement remain in full force and
effect.

      

      IN
WITNESS WHEREOF, the parties hereto have executed this First Amended Employment
Agreement as of the 14th day of
January, 2009.

      

      
        
          
            
              
                	
                        Carver
      Bancorp, Inc.

                      	 
	 
      	 
      	 
	 
      	 
      	 
	
                        By:

                      	
                         /s/

                      	 
	 
      	
                        Mark
      A. Ricca

                      	 
	 
      	
                         Executive
      Vice President, Chief Risk Officer and General Counsel

                      
	 
      	 
      	 
	 
      	
                        /s/

                      	 
	 
      	
                        Deborah
      C. Wrightex10_4.htm

    
      

    

    
      EXHIBIT
10.4

      

      FIRST
AMENDMENT TO THE

      EMPLOYMENT
AGREEMENT

      ENTERED
INTO AS OF JUNE 1, 1999

      BETWEEN

      CARVER
FEDERAL SAVINGS BANK

      AND
DEBORAH C. WRIGHT

      

      Carver
Federal Savings Bank, a federally chartered stock savings bank organized and
existing under the laws of the United States of America (the “Bank”) has entered
into an Employment Agreement as of June 1, 1999 (the “Agreement”) with Deborah
C. Wright (“Wright”), whereby Wright is employed as President and Chief
Executive Officer of the Bank.  The Bank and Wright now desire to
amend the Agreement by adding a Section 30 to comply with the provisions of the
Capital Purchase Program of the Troubled Asset Relief Program (“TARP”) of the
Emergency Economic Stabilization Act of 2008 to read as follows:

      

      
        	
                 
      

              	
                “30

              	
                Compliance with the
      Capital Purchase Program of the Troubled Asset Relief Program
      (TARP).

              

      

      

      Notwithstanding
anything in this Agreement to the contrary, during the period that the U.S.
Department of Treasury (“Treasury”) holds a debt or equity position in Carver
Bancorp, Inc. (the “Company”) in connection with the Capital Purchase Program,
the Company shall be entitled to recover the amount of any bonus or compensation
credited or paid to any Participant under this Agreement that is reasonably
determined at any time by the Company to have been calculated or based on
materially inaccurate financial statements or other materially inaccurate
performance metric criteria.

      

      No
Participant may receive any payment under this Agreement during the period that
the Treasury holds a debt or equity position in the Company pursuant to the
Capital Purchase Program if the receipt of such payment alone or when added to
any other payment would cause such Participant to receive an “excess parachute
payment” within the meaning of Section 280G (and specifically giving effect to
subsection (e) thereof) of the Internal Revenue Code of 1986, as amended (the
“Section 280G limitation”).  The Company shall retain the final
authority to reduce or eliminate entirely any payouts pursuant to this Plan to
give full effect to the Section 280G limitation set forth in this
paragraph.”

      

      All other
terms and conditions in the Agreement remain in full force and
effect.

      

      IN
WITNESS WHEREOF, the parties hereto have executed this First Amended Employment
Agreement as of the 14TH  day
of January, 2009.

      

      
        
          
            
              
                	
                        Carver
      Federal Savings Bank

                      	 
	 
      	 
      	 
	 
      	 
      	 
	
                        By:

                      	
                        /s/

                      	 
	 
      	
                        Mark
      A. Ricca

                      	 
	 
      	
                        Executive
      Vice President, Chief Risk Officer and General Counsel

                      
	 
      	 
      	 
	 
      	 
      	 
	 
      	
                        /s/

                      	 
	 
      	
                         Deborah
      C. Wright

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